COLUMBUS, Ohio, April 4 -- Nationwide Mutual Insurance issued the following news release:
* * *
- Breadth of solutions and focus on innovation drives strong results
* * *
Nationwide reported $47 billion in total sales, up nearly $500 million from 2017, in its 2018 annual report, released today. The company posted $26.9 billion in operating revenue and $1.3 billion in net operating income (NOI) - more than doubling its NOI from 2017. At the same time, the company paid $16.6 billion in total claims and benefits to policyholders.
"In 2018, we had many opportunities to deliver on our promise to help our members prepare for the future and rebuild their lives in times of need," said Nationwide CEO Steve Rasmussen. "We helped thousands of our members who were affected by severe weather and wildfires begin the restoration process. When the financial markets experienced volatility, we helped our members stay focused on their long-term goals."
Nationwide drove profitable sales and maintained an exceptionally strong capital position, despite significant storms and wildfires in 2018. Many financial, commercial and personal lines products performed well, helping offset those few areas that were pressured during the year.
"Our strong sales and net operating income last year are a great reflection of our financial strength and stability, especially important during a year of significant weather losses," said Nationwide Chief Financial Officer Mark Thresher.
Total policyholders' equity was $21.4 billion in 2018.
Nationwide innovation efforts gain momentum
While continuing to enhance its core businesses and existing product lines, Nationwide also ramped up its focus on innovation in 2018.
"We're doubling down on our innovation efforts to anticipate our members' needs and create valuable solutions for them," said Rasmussen. "Think of a product or service people didn't know they wanted, but after they use it they can't imagine going back. That is the type of innovation we're focused on creating."
In recent months, Nationwide's venture capital team has announced investments in emerging companies Vestwell and Socotra, with previous investments in Betterview, Nexar, BlueVine, blooom, Insurify, Next Insurance, Matic and Sure. Additionally, the company will open a new innovation center in the Arena District near its Columbus headquarters in 2019.
"As we look to the future, our industry is changing at a rapid pace. To be successful, companies like Nationwide need to stay ahead of the changes," said Thresher. "From new product solutions to new ways of reaching our members, we have a lot of exciting work underway to position ourselves for continued success."