Weather played a part in Nationwide's big turnaround in fourth-quarter property and casualty operating income, but CFO Mark Thresher takes more pride in the company's active initiatives to improve results.
Nationwide, he says, has focused on improving efficiencies by reducing expenses so the insurer can offer better prices to customers, and also on centralizing more of the claims organization under one individual. “We want to provide the best customer service,” Thresher says, but also accomplish that in an effective and efficient manner.
The insurer reports 2013 fourth-quarter net income of $499 million, up from $176 million in 2012's fourth quarter. Total net operating income climbed to $347 million compared to $18 million over that same period, and P&C operating income swung to $181 million compared to a $90 million net operating loss in 2012's fourth quarter.
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