On Thursday, insurer Nationwide reported Q3 2014 results, noting a 7% increase in total operating revenue through the first nine months of the year. The company credited the results to continued premium growth in commercial and personal lines, as well as sales growth in financial services.
“Our results through the third quarter reflect our continued efforts to fulfill the broad protection and financial needs of our members,” Nationwide CEO Steve Rasmussen said in a statement. “During the last several months we have taken deliberate steps to more fully align as one company. As we begin the transition to one brand, our goal is to be known as one business – one Nationwide – with operations in all 50 states.”
In the P&C space, though, Nationwide has had a mixed year, with net operating income dropping to $221 million through the first nine months of the year, as compared to $527 million for the same period in 2013. Year-over-year weather claims increased to $1.5 billion for the period, up from $923 million for for the same period in 2013, primarily driven by the severe storms that pummelled much of the country during the first half of the year.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
