Nationwide last week reported net operating income of $274 million for the first quarter ending March 31, 2012, compared to $467 million during the same period in 2011. First quarter 2012 results reflect an increase in property & casualty premiums, offset by her claims payments and a one-time charge related to customer acquisition costs. Commercial business, an area of increased emphasis, led Nationwide's continued top-line growth.
Nationwide, a mutual insurance company, is a leading provider of personal and commercial property & casualty insurance and long-term retirement savings products. The company paid out a total of $2.9 billion in property & casualty claims, life insurance and other benefits to policyholders during the quarter.
Total operating revenue of $5.2 billion for the quarter was up over first quarter 2011.2 Total policyholder equity increased to $17.0 billion compared to $16.2 billion at the end of 2011.2
"Coming off the worst weather year in the history of the company, Nationwide continues to be well positioned to serve our customers and to grow," said Chief Executive Officer Steve Rasmussen. "Our customers and business partners put their trust in us every day, and they can rest assured that Nationwide will be here for them long-term. Our financial strength continues to be validated by rating agencies, our customer service has been recognized as industry-leading and our associates remain focused on providing great service to our customers."
Since the beginning of the year, A.M. Best affirmed Nationwide's A+ financial strength rating, J.D. Power and Associates ranked Nationwide as one of the top carriers in terms of satisfaction with property claims service and auto policy purchase experience3 and Gallup recently presented its Great Workplace Award to Nationwide.