For the third year in a row, Nationwide announced record sales. According to a news release, total sales in 2023 exceeded $60 billion, $3 billion more than in 2022.

Nationwide’s net operating income was steady at $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,” CEO Kirt Walker said in a prepared statement. “We faced many challenges and, through it all, our associates persevered and delivered on our promise of protection for our customers and our communities.”

The news release highlighted other notable factors from the year:

• The company’s financial services arm continues to lead in overall profitability.
• Nationwide paid out nearly $23 billion in claims in 2023. Across the property and casualty insurance industry, severe weather events and high inflation led to higher losses.
• The company launched two new insurance products: CareMatters Together, which offers long-term care coverage for two people, and Life Essentials, which allows customers to buy coverage without a medical exam.
• Nationwide’s Financial Alliance for Racial Equity (FARE) awarded more than $80,000 in scholarships to help 21 Black professionals and students prepare for careers in the financial services industry.
• The Nationwide Foundation donated more than $40.1 million in 2023.

Nationwide made some real estate moves following the company’s transition to hybrid work. The Business Record reported in July that Nationwide completed the sale of its local office building to the city of Des Moines for use as the new police headquarters. In Ohio, the firm partnered with the United Way of Central Ohio to repurpose its downtown building into office space for the YMCA and other nonprofits.

“We are positioned to adapt, innovate and thrive for years to come,” Chief Financial Officer Tim Frommeyer said in the statement. “As we head toward our centennial in 2026, we are strong and stable and committed to protecting people, businesses and futures with extraordinary care. With our enduring financial strength backing our promise, we are building the protection company of the future.”