Leading
with strong
results

Building on our purpose

2025 reaffirmed the qualities that have carried Nationwide through its first century. For 100 years, we have navigated changing markets and evolving risks by staying grounded in financial strength, operational excellence and customer focus. Those same fundamentals shaped our results this year. While economic and industry conditions supported growth across our businesses, intermittent volatility continued to remind us that clear strategy, discipline and diversification remain essential.

Nationwide’s disciplined approach and strategic advantages positioned us to lead. The breadth of our portfolio and deepening partnerships delivered top-line growth of 7% to $73.2 billion, operating income growth of 37% to $4.3 billion and strong capital growth to $32.8 billion, well in excess of AAA levels. These extraordinary results reflect the power of our modern mutuality: a diverse portfolio supported by sophisticated risk management, an iconic brand and trusted reputation, and a performance culture that balances underwriting discipline with best-in-class specialized products.

Our modern mutual structure gives us flexibility to accelerate where and when we have the advantage. We’ve done this in businesses serving the unique needs of large and small employers, which now account for over a third of our total growth — more than double its size a few years ago. Our corporate development and business teams have been critical in establishing strategic alliances and broadening our intentionally diverse business portfolio. These strategic partnerships delivered Markel’s reinsurance business and significant expansion in our annuity and pension risk transfer businesses. Our highlight was acquiring Allstate’s stop loss business and integrating its operations and associates into Nationwide.

This performance reflects continued investments in underwriting, actuarial, technology and risk management capabilities, matched with investments in our talented associates. Modern mutuality is a living strategy, embedded in our culture and embodied by the dedication and expertise of our associates.

As we celebrate Nationwide’s centennial in 2026, we reach this milestone with a broad portfolio of high-performing businesses, a clear strategy and an enduring performance discipline that will keep our promises of protection relevant for years to come.

Nationwide’s next century begins now. Together, we will lead with purpose and expertise, underpinned by relentless delivery of extraordinary care to our customers.