Retirement plans and commercial lines boost Nationwide in first half
Nationwide Mutual Insurance Co. reported net income of $875 million on total revenues of $13 billion for the first half of the year, according to a release. Revenues were up 5 percent from same period last year. The Columbus, Ohio-based company said performance was driven by $20 billion in sales in its financial services and commercial and personal lines. The company paid $7.9 billion in claims and other benefits through June 30. Nationwide’s sales of financial services products increased to $10.6 billion over the period, up 4 percent from the year-ago period. Retirement plan sales grew 10 percent to $5.3 billion. During the second quarter, Nationwide’s retirement plans product line reached a milestone $100 billion in assets under management. Nationwide’s affiliated companies include Allied Insurance.