Nationwide has reported net operating income of $4.3bn for 2025, a rise of 37% year on year, supported by underwriting results and investment returns.
The US mutual insurer said overall performance in 2025 was driven by both its financial services operations and its property and casualty activities.
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Claims and benefits paid to members amounted to more than $20.2bn.
Nationwide CEO Kirt Walker said: “Years like 2025 demonstrate the power of our modern mutual approach, which takes a longterm view while staying relentlessly focused on delivering for customers today and into the future.
“Our diverse portfolio, strong capital position and iconic brand allow us to grow with intention, navigate volatility and remain strong and stable for those who rely on us.”
Total sales and premiums reached $73.2bn, compared with $68.5bn in 2024, representing growth of 7%.
The increase was largely attributed to wider distribution through institutional partners and the addition of new business lines through recent transactions.
Total adjusted capital reached “highest level ever” with $32.8bn, noted the company.
In July 2025, Nationwide closed the acquisition of The Allstate’s employer stop-loss unit in a deal valued at $1.25bn.
The purchase broadened Nationwide’s offering in self-funded and stop-loss products for small and mid-sized employers.
As part of the integration, Lindsey Murray, formerly chief operating officer of Allstate Health, moved to Nationwide to head the new Group Benefits division.
The company, which entered its 100th year in 2026, has also set out plans for technology spending, with a programme totalling $1.5bn through to 2028. This includes annual funding of $100m for AI initiatives.
