Nationwide Mutual Insurance Company has reported a net loss of $292m for the second quarter of 2011, compared to a net income of $88m for the same period in 2010.
Total revenue for the second quarter of 2011 was $4.84bn, compared to $4.74bn for the same period in the previous year.
For the first six months of 2011, net income was $219m, compared to $483m for the same period a year ago.
Total revenue was $10.05bn for the first six months of 2011, compared to $9.83bn for the same period in 2010.
Nationwide posted total assets of $152.6bn in the second quarter odf 2011, up from $148.7bn at the end of 2010. Policyholder equity increased to $17.3bn, up from $16.8bn at the end of 2010.
The property & casualty business reported a net operating loss of $53m for the first six months of 2011, compared to a net operating income of $455m for the same period in 2010.
Nationwide Mutual CEO Steve Rasmussen said weather-related claims through mid-year are among the highest they’ve experienced in their history. Yet, because of their disciplined financial management, they’re able to help their policyholders recover and to pay claims with no significant impact to their overall capital position.