Nationwide Shrugs Off Sandy Losses; Posts Solid Q4 Net-Income Gain

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.

By Chad Hemenway | Updated on February 14, 2013

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.

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