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  • Nationwide notches third consecutive year of record sales in 2023 and delivers strong operating income

    March 6, 2024 by Nationwide

    Key points

    • $60.3B in sales; third consecutive year of record sales
    • $1.3B in net operating income
    • $25B billion in total adjusted capital and highest level recorded
    • Nearly $23B in claims and benefits paid to customers
    • Financial services continues to drive overall growth with financial performance accelerating in all lines
    • Excess & surplus/specialty and agribusiness lines leading P&C performance

    COLUMBUS, OhioMarch 5, 2024 /PRNewswire/ — Nationwide—one of the largest and most diversified financial services and insurance companies in the Unites States—reported another year of record sales in 2023, driven primarily by the impressive performance of its financial services business group.

    The company marked that achievement while paying out nearly $23 billion in claims and benefits to members in a year marked by stubbornly high inflation, increasing interest rates and severe weather.

    Another one for the record books

    Total sales exceeded $60 billion$3 billion over 2022—the third year in a row for record high growth.

    Nationwide’s key measurement of profitability—net operating income—was steady at $1.3 billion. Total adjusted capital in 2023 rose to $25 billion, up almost 5 percent from the prior year.

    “I’m proud of what we accomplished in 2023 — capital growth, record top-line growth and strong net operating income,” said Nationwide Chief Executive Officer Kirt Walker. “We faced many challenges and, through it all, our associates persevered and delivered on our promise of protection for our customers and our communities. That’s the mark of a resilient company. Some of those challenges we faced were industry-wide, like in P&C where the overall industry experienced one of the costliest years on record, driven by record levels of severe weather and persistent inflation. For Nationwide, our diverse portfolio of businesses enabled us to thrive while many peers struggled to deliver bottom-line results.”

    The key to future growth

    2023 results reflected both the strength of Nationwide’s financial services business and the challenging environment facing the property and casualty industry. Nationwide’s broad portfolio of financial services and property and casualty business lines performed very well with 7 of 9 achieving their expected returns on capital.

    “Nationwide’s diversification, strong risk-management capabilities, iconic brand and mutual structure proved to be important competitive advantages, fueling financial performance and AAA-level capital protection, which kept us strong and stable for our partners and members,” said Chief Financial Officer Tim Frommeyer. “Managing 2023 demanded agility and business-decision velocity, and we continue to double down on these strengths in 2024. We took advantage of opportunities the markets provided, we shifted capital toward businesses achieving their return-on-capital targets and we continued to drive operating efficiencies at levels that achieved our multi-year expense reduction goal.”

    2023 Highlights

    • A financial services powerhouse: The company’s financial services business continues to significantly contribute to Nationwide’s record top-line performance and overall profitability. As many peers have struggled with volatile financial markets and shareholder expectations, Nationwide’s financial services business achieved sales records and exceeded its return on capital targets, while deepening its alignment with national distribution partners by leveraging its broad portfolio of corporate and individual solutions.
    • Industry challenges in property & casualty: The entire P&C industry was challenged by severe weather events and the impact of inflation on claims payments. Loss settlement costs in personal lines were amplified by stubbornly high inflation for much of the year and record levels of severe convective storms losses. Excess Surplus & Specialty lines and Nationwide Agribusiness lines excelled in this environment and achieved performance expectations. Significant rate and underwriting actions drove a strong fourth quarter and will accelerate performance into 2024.
    • Innovating for more secure retirements: In response to the escalating demand for secure retirement income in a market with fewer traditional pensions and increasing life expectancy, Nationwide’s retirement solutions business—the No. 1 provider of public sector plans—led the way in creating new markets for adoption of protected retirement solutions. The company established many significant relationships and serves as an industry leader in providing products that produce a guaranteed stream of income for retirees.
    • Innovative solutions for life: As a top 10 provider of life insurance solutions, Nationwide launched innovative solutions based on consumer need like the first-of-its-kind long-term care solution called CareMatters Together that offers a shared pool for two individuals under the same policy—making it more cost effective while simplifying the customer experience. In addition, Nationwide Life EssentialsSM, was introduced, allowing customers to buy coverage in as little as 15 minutes and eliminating the need for a medical exam. 
    • Opening career doors for diverse students:  In 2023, the Financial Alliance for Racial Equity (FARE) awarded more than $80,000 in scholarships through the FARE CFP® Certification Diversity Scholarship and the FARE HBCU Scholarship Program to help 21 Black professionals and students prepare for the Certified Financial Planner (CFP) certification and Securities Industry Essentials (SIE®) Exam, respectively. A founding member of FARE and contributor to these awards, the company is proud to invest in the next generations of diverse leaders in the financial services industry.
    • Advocating for stronger building codes: Homeowners and businesses across the country are facing escalating challenges related to the increased frequency and severity of extreme weather. Nationwide is using its position as a leading protection company to advocate for the adoption and enforcement of modern building codes, aimed at safeguarding homes, businesses and communities from the impact of extreme weather events.
    • Repurposing office space based on unique community needs:  Following a successful transition to a hybrid work environment, Nationwide partnered with the United Way of Central Ohio to repurpose office space in a meaningful way that meets the unique needs of the community while contributing to the vitality of downtown. In 2023, United Way of Central Ohio and other nonprofits occupied the 9-story, 150,000 square foot Community Impact Center at 215 North Front Street. Along with United Way, partner tenants include the YMCA Stable Families Administrative Offices, Per Scholas, I Know I Can, Future Ready, Communities and Schools, and Corporation for Supportive Housing, among others. In Iowa, the company also completed the sale of one of its facilities to the City of Des Moines, which will be used to house city services in a central location.
    • Community giving tops $40M: In 2023, contributions from the Nationwide Foundation— the 501(c)(3) private foundation to which Nationwide is the primary donor —stood at $40.1 million. Associates contributed an additional $7.3M in contributions to non-profit organizations while logging more than 70,000 hours of volunteer time across the country.

    Building the protection company of the future

    Focusing on the year ahead, Walker pointed to Nationwide’s diverse portfolio, capital strength and iconic brand as advantages moving into 2024.

    “We are positioned to adapt, innovate and thrive for years to come,” he said. “As we head toward our centennial in 2026, we are strong and stable and committed to protecting people, businesses and futures with extraordinary care. With our enduring financial strength backing our promise, we are building the protection company of the future.”

    About Nationwide

    Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide is rated A+ by Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance.

    For more information, visit www.nationwide.com.

    Subscribe today to receive the latest news from Nationwide and follow Nationwide PR on X.

    Nationwide, Nationwide is on your side and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2024

    Contact:

    Joe Case  

    (614) 249-6349

    joe.case@nationwide.com 

    Subscribe to Nationwide News

    SOURCE Nationwide

    Originally Posted at PR Newswire on March 5, 2024 by Nationwide.

    Categories: Industry Articles
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