Nationwide Reports Strong Property and Casualty Sales Growth through First Quarter 2012
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Nationwide today reported net operating income of
Nationwide, a mutual insurance company, is a leading provider of personal and commercial property & casualty insurance and long-term retirement savings products. The company paid out a total of
Total operating revenue of
"Coming off the worst weather year in the history of the company, Nationwide continues to be well positioned to serve our customers and to grow," said Chief Executive Officer
Since the beginning of the year,
A table of financial highlights (http://static.nationwide.com/pdf/Q112-Financial-Highlights.pdf) is available at www.nationwide.com.
Property and Casualty Business Highlights
Nationwide provides personal and commercial property & casualty protection products through five operating brands:
First quarter property & casualty net operating income was
Direct written premium was
Approximately 25 percent of Nationwide's new standard auto business came from direct and affinity distribution channels during the quarter, reflecting Nationwide's ongoing investment of resources in these distribution methods.
"We continue to see momentum in personal lines sales due to stronger performance across all distribution channels and to an improving economy," said Chief Financial Officer
Financial Services Business Highlights
Nationwide offers individual and employer-sponsored retirement savings, banking and insurance products through four operating brands: Nationwide Financial,
First quarter net operating income for the financial services business was
Excluding sales of variable annuities with living benefit guarantees, overall financial services sales were up 9 percent over first quarter 2011. Retirement plan sales of
Kirt Walker, President and Chief Operating Officer of Nationwide Financial. "We will continue to offer competitively priced retirement planning products while balancing our overall risk so we can be here long-term for our business partners and their clients. We are confident that our product line-up, offered through a multi-channel distribution system, provides us a distinct competitive advantage. We are also excited about additional opportunities to expand our market reach through new independent insurance partners."
Investments and Capital
Statutory surplus--a measure of financial strength and claims-paying ability evaluated by regulators and rating agencies--was
"Nationwide's unique distribution capabilities, product diversity and commitment to great customer service differentiate us in the market and position us well to gain market share," Rasmussen added. "We have the capital strength and risk management capabilities that are critical for balanced growth and stability over the long term."
TNS C 71NayakRashmita 120510-MJ88-3869158 StaffFurigay
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