The annuity business of Nationwide has been led by Eric Henderson for nearly four decades, with him serving as president since 2019. According to a Tuesday announcement, Henderson will be departing the firm at the end of the year.
Nationwide will be conducting an internal and external search for his replacement. Under Henderson’s leadership, Nationwide’s annuity business has grown to produce $150 billion in sales for the company between 2007 and 2023, making it Nationwide’s most profitable business line despite facing volatile market and interest-rate environments.
Henderson began his career at Nationwide as an actuarial assistant in 1985 and held positions of increasing responsibility until assuming leadership of the annuity team in 2007. He will continue to lead the annuity team until his retirement and “help ensure a smooth leadership transition when his successor is named.”
“Throughout his career, Eric has displayed tremendous resiliency and courage to successfully manage risk and lead teams through challenging economic conditions and turbulent markets,” said John Carter, president and COO of Nationwide Financial, in a press release. “When headwinds began to impact the variable annuity business during the pandemic, Eric and his leadership team quickly pivoted focus to our portfolio of fixed products. That shift paid off, with nearly $10 billion in fixed annuity sales in 2023, at a time when others in the industry were forced to exit business lines.”
“A hallmark of admired leaders is their ability to recruit and develop high-performing leadership teams and organizations,” Carter stated. Henderson also serves as a board member on the Insured Retirement Institute and the LIMRA Annuity Executive Advisory Board.