Nationwide Financial Services Inc. said its second-quarter earnings rose 82.3% from a year earlier, to $257.8 million, or $1.72 per diluted share.
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The Columbus, Ohio, company, a provider of long-term-care and retirement products, said the results included $114.2 million of tax reserves that were released into earnings after the completion of a routine Internal Revenue Service audit of the 2000 to 2002 tax years.
The results were announced Wednesday. Jerry Jurgensen, Nationwide's chief executive, said in the earnings announcement that the board of directors on Wednesday approved a $500 million of share buyback that "reflects the strength of our capital position and our confidence in the long-term outlook for Nationwide Financial."
