Nationwide Property & Casualty business actions update
Strong headwinds brought on by the economic environment, catastrophic weather events and the impacts of inflation continue to impact the entire insurance industry. As a result, Nationwide has announced specific business actions it is taking to mitigate risk and manage the personal and commercial lines portfolios in the current environment.
Nationwide is requiring pre-quote documentation for new personal lines business beginning June 14 for some products in select states. Agents are encouraged to visit Agent Center for details about these changes.
Nationwide is also taking some actions to balance risk within its small and middle market commercial lines business. Agents are encouraged to talk to their territory sales manager for details about these changes.
Nationwide is strong, stable and on a path to significant long-term growth and expansion. As a mutual, it has the advantage of being able to take a long-term view, and it is well-capitalized to keep its promises to customers. Nationwide continues to maintain a strong capital position – AAA-level of capital – thanks to a diversified portfolio of insurance and financial products. In 2022, total sales were a record $57 billion, and its key measure of profitability—net operating income—was $1.4 billion. Total adjusted capital grew to $24 billion in 2022, up from $21.9 billion in 2021. Nationwide ranks #83 on the Fortune 500 based on 2022 performance.