Claims and expenses took a bite out of Nationwide's first-quarter earnings as the mutual insurance company says net income was down by 5 percent over the same period last year.
The Columbus, Ohio-based carrier says net income was $484 million, driven down by $3.2 billion in P&C claims, life insurance and other benefits paid to policyholders. Q1 weather-related claims came in at $263 million, compared to $201 million last year. The increase was largely the result of a March hailstorm in the U.S. that struck throughout the Midwest and South.
On the plus side, net operating income grew 52 percent to $417 million, while total revenues increased by 6 percent to $5.8 billion.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
