Nationwide Global Acquires 25% Direct Stake in Thai Prasit, 8th Largest Life Insurance Firm in Thailand COLUMBUS, Ohio, April 11 /PRNewswire-AsiaNet/ -- Nationwide Global has announced that it has acquired a 25% direct stake in the life operations of Thai Prasit Insurance Company, Ltd. (TPI). In accordance with Thai insurance regulation, TPI recently split its life and non-life operations. The transaction creates Thai Prasit Nationwide Company, Ltd. (TPN), an entity that is separate and distinct from the rest of TPI's businesses. Nationwide Global and the Chansrichawla family, which has owned Thai Prasit, will share managerial responsibilities. Mr. Soontorn Boonsai will serve as president of Thai Prasit Nationwide. Prior to the partnership, he served as president (life operations) of Thai Prasit Insurance. Craig Alvey, Nationwide Global's vice president and business development director in Asia, will serve as the joint venture's chairman. The infusion of capital boosts TPN's competitiveness and gives it access to Nationwide Global's technological resources. Nationwide Global gains entry to a new market through a well-established and respected business in Thailand. TPN is the 8th largest life insurer in Thailand in terms of premium. Its market share is 1% of total life insurance industry premiums. The company will continue to be headquartered in Bangkok. "One of Nationwide's major goals is to build a global business presence. Through this strategic partnership, Nationwide Global gains immediate scale and brand name credibility in Southeast Asia, backed by excellent management and employees," said Dimon R. McFerson, Nationwide's chairman and chief executive officer. Alvey said that Thailand's economy was one of the first to begin recovery from the Asian financial crisis of 1997. "Thailand is the 30th largest life insurance market in the world. Currently, it has only 26 providers, and about 12% of its 61 million people have life insurance coverage. It is a growth market in every sense of the term," said Alvey. "Thai Prasit Nationwide's respected brand, established distribution and nationally recognized management team means this acquisition complements Nationwide Global's long-term strategy of becoming a leader in the international financial services industry," said Alvey. Nationwide Global is the international subsidiary of Nationwide, the world's 30th largest insurance and financial services company. Nationwide ranks 128th on the Fortune 500. The company recently acquired Gartmore Investment Management, bringing its total to more than $200 billion in assets under management. Nationwide is the 6th largest life insurer in the U.S., is ranked third in the number of 401(k) retirement plans written and is the largest provider of U.S. deferred compensation programs for public employees. Nationwide has 31,000 employees. SOURCE Nationwide NOTES TO EDITORS INFORMATION ON NATIONWIDE: Key Facts * Mutual company with more than $200 billion in assets under management, including $86 billion in assets from the pending acquisition of Gartmore Investment Management. * Listed in the Fortune 500. * 30th largest insurance and financial company in the world by assets as determined by Dow Jones Indexes. Based on 1998 fiscal year results. * 1998 combined revenues of $25.3 billion, an increase of 11 percent over 1997 results. * More than 31,000 employees, 4,263 exclusive agents, 3,500 independent agencies. * 16.1 million policies in force. Significant U.S. Rankings * 5th largest auto insurer * 4th largest homeowner insurer * 6th largest property-casualty insurer * 12th largest life insurer based on assets * 6th largest life insurer based on statutory premiums and deposits * 3rd ranked in 401(k) plans written * largest provider of deferred compensation plans to public-sector employees Growth In Assets 1999 $115.8 billion 1998 $98.3 billion 1997 $83.2 billion 1996 $67.6 billion 1995 $57.4 billion 1994 $47.7 billion 1993 $42.2 billion Core Businesses * Personal property and casualty * Long-term savings and life insurance * Commercial services Background Nationwide was founded in Columbus, Ohio, 1925 as the Farm Bureau Mutual Automobile Insurance Company. The company opened for business with a three- person staff and 20 volunteer agents in April 1926, and initially sold auto insurance to Ohio farmers. In 1955, the company adopted the name Nationwide Mutual Insurance Company. Senior Management Dimon R. McFerson is chief executive officer and chairman of Nationwide. McFerson began his Nationwide career in 1979 as vice president of internal audits, was elevated to president of the property-casualty companies in 1988, was elected CEO in December 1992, and chairman in April 1996. Galen R. Barnes is president and chief operating officer and board member of the Nationwide Mutual Insurance Company. He was elected to this position in 1999. Joseph J. Gasper is president and chief operating officer and board member of Nationwide Financial Services, Inc., Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company. He was elected to those positions in 1996. In addition, he is vice chairman of Nationwide Global Holdings, Inc. and serves on the Nationwide Mutual Insurance Company. Key Companies and Subsidiaries Nationwide Insurance consists of Nationwide Mutual Insurance Co., Nationwide Property Casualty Insurance, Nationwide General Insurance, and Nationwide Direct. Nationwide Financial (NYSE: NFS), a Nationwide Mutual subsidiary, is the publicly traded holding company for Nationwide's retirement savings operations. NFS is 81.5% owned by Nationwide Mutual. Nationwide Global, a Nationwide Mutual subsidiary, was founded in 1997 to export Nationwide's expertise in offering life insurance and long-term savings products. Nationwide Global is currently engaged in multiple business and partnerships in selected markets in Asia, Europe and Latin America. The company offers a broad portfolio of life insurance, mutual funds and employer- sponsored pension plans. Villanova Capital, a Nationwide Financial subsidiary, was formed in 1999. The asset management firm has total net assets under management of more than $22 billion and serves as investment advisor to the Nationwide Family of Funds. CONTACT: Media, Bob Beasley, 614-249-3623, or Bryan Haviland, 614-677-7767,or John Millen, 614-249-6348, all of NationwideWeb site: http://www.nationwide.com