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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.

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