Question-and-Answer Session
[Operator Instructions]
And so, our first question comes from Andrew Kligerman from UBS. Please go ahead.
Andrew Kligerman - UBS
Hey, good morning, quick question first on variable annuity sales. They were down 3% in the quarter yet you are holding up guidance to 7% to 12% growth for the year. So, I am just curious as to what you are seeing either marketwise and/or is that nationwide specifically that would? we’d get to see that more optimistic outlook in the first quarter. Then, I have another question?
John L. Carter - Senior Vice President of Non-Affiliated Sales
Okay, on the first question. This is John and what we are seeing.. I mean our strategy that we talked about on previous calls was the targeting those advisors that in the past really didn’t do a lot of VA sales and in that segmented sales plan and annuities being part of their process of moving their customers from asset accumulation to income harvesting, we see a lot of opportunity with that. So primarily, our expectations is that we are going to reach those advisors, that typically have not done annuity business in the past but will be willing to do that as part of their retirement income planning.
Andrew Kligerman - UBS
Okay. But I’m sure there are many others trying to reach those advisors as well, so what would give you the optimism that given that you were down to 3% in the quarter that you could see that nice pick up. Do you that the industry issues will mitigate, is that it?
Mark R. Thresher - President and Chief Operating Officer
Andrew, this is Mark. I think it’s just our belief in the focused firm strategy that we’ve put in place, the segmentation work that we’re doing with those firms to target the right advisors. We believe it’s achievable. It’s aggressive, but we believe it’s achievable.
Andrew Kligerman - UBS
Okay. Mark. I just heard of Nationwide Financial and when you took over as Head of the Operation, you set some objectives, it seems like you are getting very close to it achieving those objectives. In my view, you’ve got a wonderful business mix of retirement and another asset accumulation and protection businesses. I know you can’t comment on the process of what your special committee is doing, but a 1.2 times booked take-out multiples is probably the lowest I’ve seen in a very, very long time. And so as head of the company representing the shareholders, what are your views on what you would like to get for shareholders? What are your views of value in Nationwide in terms of a multiple or valuation of the company?
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