Columbus, Ohio, February 28, 2022 /PRNewswire/ –Nationwide, one of the largest and most diversified insurance and financial services companies in the United States, today announced strongest 2021 results in company history. Fortune 100 company. These results were achieved while paying more than $18 billion claims and benefit payments to its members in a year marked by catastrophic storms, wildfires and continued economic disruption due to the ongoing pandemic.
As the company continues to accelerate execution of its strategy, it is prioritizing capital deployment for targeted growth in financial services, commercial lines, and surplus and surplus/specialty markets in 2022.
Total sales for the Columbusmutual insurance and financial services $52.9 billionup close $6.3 billion over 2020. Nationwide’s primary measure of profitability – net operating income – was $2.8 billion. Total adjusted capital increased to $21.9 billion in 2021, against $21 billion in 2020.
“These are exceptional, record-breaking results. Despite the uncertainties in 2021, we exceeded $50 billion total sales and bonuses for the first time in our company’s history. It’s proof of a solid strategy at work,” Nationwide’s CEO said. kirt walker. “The past year has brought unique challenges for all of us, but Nationwide has emerged strong and stable by leveraging a focused strategy and doing what we have done since 1926: provide protection and reassurance to our customers and partners. ”
Details were outlined in the company’s 2021 annual report posted online today, providing highlights for the past 12 months.
“Early results were driven by strong growth in our financial services and property and casualty insurance businesses,” said Nationwide’s chief financial officer. Tim Frommeyer. “This year’s record earnings were driven by favorable investment and fee income from the strong rebound in the stock market, as well as healthy business fundamentals across the company. In financial services, full-year sales set new records for each of our business segments. , sales popularity was dominated by our line of variable annuity products, which offer members income security, growth potential and a way to bridge income gaps in retirement. P&C underwriting performance improved despite the continued impact of inflation on standard auto claims.
Among the highlights of the impact on businesses, customers and the community:
- The company’s financial services business has become an important driver of Nationwide’s overall performance, with record sales and net profits accounting for more than half of Nationwide’s growth and profitability.
- Nationwide’s annuity business had a banner year and was a significant driver of the company’s performance in 2021, providing a popular solution for savers looking to secure a lifetime income they cannot outlive. The company was well positioned to provide innovative annuity-based solutions aligned with clients’ risk appetite and older savers’ desire to lock in the gains of the market recovery. This included his first Registered indexed annuity, defined protection annuityproviding even more retirement income security and market earnings protection.
- Nationwide’s leading telematics products continue to be popular with consumers, with nearly a third of all new customers signing up for SmartRide and Smart Miles. Drivers can earn up to 40% discounts for safe driving. In 2021, Nationwide also incorporated driver coaching and feedback, resulting in a 10 percent decrease in distracted driving for users.
- Strategic partnerships continue to be a priority for Nationwide, as the company has successfully expanded its distribution with one of the nation’s largest and most recognized brokerage firms to provide life insurance and annuity solutions. life to its advisors, financial professionals and clients.
- The company has accelerated its growth and profitability through several recent property and casualty insurance joint ventures, including Geneva Rea partnership with Ryan Specialty Group providing reinsurance solutions to complex insurance markets, and N2G, a partnership with the Italian insurer Generali to serve clients with international insurance needs.
- Nationwide also announced new partnerships with walmart and sam’s clubas well as the sponsorship of National Women’s Soccer League.
- The company continued to increase its venture capital investments, expanding its portfolio to more than 30 companies while increase total capital capacity $350 million. Main investments included Dental Beam, Fortellix and To assure.
- To address the mental health and addictions challenges posed by the ongoing pandemic, Nationwide has launched a new education campaign in partnership with the Ohio Opioid Education Alliance and RecoveryOhio. The well-received new campaign, titled Overcome the stigma, aims to change perceptions about the stigma surrounding mental health issues and addiction. The campaign, funded by the state of Ohio and corporate philanthropy, was driven by the same creatives who produced Nationwide’s national ad campaigns.
- Nationwide continues to position itself as a destination of choice for top talent. In 2021, the company continued to implement a hybrid working model to meet employees’ desire for increased flexibility in where and how they perform their work. Fifty percent of Nationwide’s workforce is now permanently remote, with 40% operating in a hybrid format and around 10% of positions permanently working in the office. The company also leads the way with competitive compensation and an award-winning culture.
- The National Alliance Financial Alliance Racial Equity (FARE) partnership continued to grow in 2021. The initiative was created in 2020 to bring together financial services firms, historically black colleges and universities (HBCUs), and other partners across the industry to increase racial diversity, foster greater equity and foster inclusion within the financial services industry and the communities we serve. The company recruited and hired its first FARE participant and added business partners. The program has received several industry awards, including top honors for Diversity, Equity and Inclusion at Wealth management Industry Awards, the Diversity Champion Award of Investment News and the ThinkAdvisor Luminaries Awards for Diversity and Inclusion. A scholarship component for HBCU students and finance professionals is expected to launch in 2022.
“Our company’s performance is certainly worth celebrating in a year that has tested so many,” added Frommeyer. “Our results provide a solid foundation for what we plan to accomplish in 2022 and beyond. The combination of our strong strategy, disciplined planning and execution, and talented associates will allow us to compete well for clients. and partners in each of our various activities.”
Walker echoed that sentiment, expressing his optimism that Nationwide can grow in the coming year. The company currently employs approximately 25,000 associates across the country and had nearly 1,400 vacancies as of February 1, 2022. Many jobs are early career technology positions. Others include service center-based sales and customer service positions, as well as claims, underwriting, data and analytics, and finance positions. Many open roles are hybrid/remote eligible.
“There are so many reasons to be excited at Nationwide,” Walker concluded. “We look forward to what we can accomplish in 2022 and beyond. We have a strong mission, vision, strategy and culture, and incredible opportunities for continued growth in our unique and diverse portfolio.
About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohiois one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by AM Best and Standard & Poor’s. An industry leader in customer-focused innovation, Nationwide offers a full suite of insurance products and financial services, including auto, business, home, farm and life insurance; public and private sector pension plans, annuities, mutual funds and ETFs; excess & excess, specialty and surety; and pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow the company on Facebook and Twitter.
Nationwide, Nationwide N and Eagle and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. ©2022 Nationwide
NFM-21755AO
Contact:
Joe’s case
614-249-6349
[email protected]
SOURCE Nationwide
