Nationwide reports $1.3 billion in net operating income

Nationwide reported a year of record sales in 2023, driven primarily by the performance of its financial services business group.

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

During 2023, the insurer paid out nearly $23 billion in claims and benefits to members while recording a net operating income of $1.3 billion.

Total adjusted capital in 2023 rose to $25 billion, up almost 5% from the prior year.

“I’m proud of what we accomplished in 2023 — capital growth, record top-line growth and strong net operating income. 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.” – Nationwide Chief Executive Officer Kirt Walker.

“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. 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.” – Nationwide Chief Financial Officer Tim Frommeyer.