Bad weather eats into 2011 earnings at Nationwide
Nationwide Insurance Co.s operating earnings fell 49 percent in 2011 on weather-driven losses in its property and casualty business, the company said Friday.
Theres no question 2011 was an extremely difficult year, but were strong, stable, and ready for whatever the market and Mother Nature can throw at us in 2012, Chief Executive Officer Steve Rasmussen said in a statement. As a mutual insurance company, it is our mission to be there for our members when they need us most.
The company, which is not publicly traded, reported a strong year for its financial services division, whose operating income was $737 million, buoyed by record sales of variable annuities. Premium written in the property and casualty division also grew, but that division lost $203 million in operating income thanks to a series of disasters across the U.S. that cut into all insurance company earnings.
Nationwide, like most insurance companies, is trying to further diversify its risk, and hoping for better weather in 2012. A warm winter has been helpful, said Mark Thresher, Nationwides chief financial officer.
We just continue to try to look to diversify our risks across the country, Thresher told the Register.
Nationwides annual operating income, which represents the companys performance excluding one-time gains and losses, was $585 million.
The mutual companys bottom line at the end of 2011 was worse.
Nationwide posted a $582 million loss in the net income column, compared with a $959 million profit in 2010.
Revenue was $20.7 billion in both 2010 and 2011, but in 2011, the Columbus, Ohio-based insurer and financial services company paid more than $13.2 billion to customers and business partners in the form of property and casualty claims, life insurance and other benefits.
The company employs 4,000 people in central Iowa at Allied, AMCO Insurance, Depositors Insurance, Farmland Mutual Insurance and Nationwide Agribusiness.
Amco Insurance Auto - News
The company employs 4000 people in central Iowa at Allied, AMCO Insurance, Depositors Insurance, Farmland Mutual Insurance and Nationwide Agribusiness. The weather problems in 2011 should not affect the Des Moines work force.
AMCO Insurance Company et al., v. Contractors Northwest Inc., et al., seeking damages in excess of $10000. North Idaho Credit Corporation v. Alfred P. Steen, was awarded judgment of $19613.20. Benjamin Enterprises LLC, v. Mark Trujillo et al.,
The creator of McKenzie, Barry Humphries, plays the insurance tycoon and President of the South Melbourne Football Club, Colonel Ball-Miller Ad libbing and re inventing scenes Humphries revels in the role of loudmouth 'benefactor'.
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