Despite $400 million in claims payments and other costs related to Superstorm Sandy, fourth-quarter net income at Nationwide jumped to $176 million in 2012 from $35 million in the prior year.
CFO Mark Thresher says Nationwide saw "very solid growth" in direct-written premiums, especially in Main Street commercial, specialty commercial and agribusiness lines of business. P&C direct-written premiums grew to $4.03 billion during the last quarter of 2012, compared to $3.53 billion during the same time in 2011—the result of a combination of rate increases and an increase in exposures, such as in Main Street commercial.
"These business are continuing to do better," Thresher says. Additionally, he called out new writings in agribusiness. "This business is doing very well," says Thresher, who adds that retention also improved.
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