COLUMBUS, Ohio, April four — Nationwide Mutual Insurance coverage issued the next information launch:
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– Breadth of options and concentrate on innovation drives robust outcomes
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Nationwide reported $47 billion in complete gross sales, up almost $500 million from 2017, in its 2018 annual report, launched as we speak. The corporate posted $26.9 billion in working income and $1.three billion in internet working earnings (NOI) – greater than doubling its NOI from 2017. On the identical time, the corporate paid $16.6 billion in complete claims and advantages to policyholders.
“In 2018, we had many alternatives to ship on our promise to assist our members put together for the longer term and rebuild their lives in occasions of want,” stated Nationwide CEO Steve Rasmussen. “We helped 1000’s of our members who have been affected by extreme climate and wildfires start the restoration course of. When the monetary markets skilled volatility, we helped our members keep centered on their long-term objectives.”
Nationwide drove worthwhile gross sales and maintained an exceptionally robust capital place, regardless of vital storms and wildfires in 2018. Many monetary, business and private traces merchandise carried out nicely, serving to offset these few areas that have been pressured in the course of the 12 months.
“Our robust gross sales and internet working earnings final 12 months are an excellent reflection of our monetary energy and stability, particularly essential throughout a 12 months of great climate losses,” stated Nationwide Chief Monetary Officer Mark Thresher.
Whole policyholders’ fairness was $21.four billion in 2018.
Nationwide innovation efforts achieve momentum
Whereas persevering with to reinforce its core companies and current product traces, Nationwide additionally ramped up its concentrate on innovation in 2018.
“We’re doubling down on our innovation efforts to anticipate our members’ wants and create useful options for them,” stated Rasmussen. “Consider a services or products folks did not know they needed, however after they use it they cannot think about going again. That’s the kind of innovation we’re centered on creating.”
In latest months, Nationwide’s enterprise capital crew has introduced investments in rising corporations Vestwell and Socotra, with earlier investments in Betterview, Nexar, BlueVine, blooom, Insurify, Subsequent Insurance coverage, Matic and Positive. Moreover, the corporate will open a brand new innovation heart within the Area District close to its Columbus headquarters in 2019.
“As we glance to the longer term, our trade is altering at a speedy tempo. To achieve success, corporations like Nationwide want to remain forward of the adjustments,” stated Thresher. “From new product options to new methods of reaching our members, we now have a number of thrilling work underway to place ourselves for continued success.”