Net income for the 2011 fourth quarter was $50 million compared to $390 million during the same period in 2010 as Nationwide experienced some momentum with 2 percent growth in property and casualty direct written premiums over the 2010 fourth quarter.

Earnings in the company's financial-services business bolstered earnings for the last year and year.

P&C premiums generated by the insurer's direct and affinity channels eclipsed $1 billion for the first time in 2011 as premiums increased “strongly” in the excess and surplus, “Main Street” commercial, and agribusiness lines, says Mark Thresher, chief executive officer.

Nationwide's E&S subsidiary, Scottsdale Insurance, had a “very strong year,” says Thresher, adding that commercial business is “seeing growth in exposures with new writings,” which could be a sign of economic improvement.

Depending on the line of business, Nationwide is witnessing some rate improvement, with differences in new business versus renewals. Commercial business remains “pretty competitive,” Thresher says.

Nationwide reports modest declines in personal lines, but that is an “improvement from where we've been,” says Thresher. Some of the decline can be explained by planned actions to manage risk, he adds.