# Nationwide Mutual Insurance Company

**Nationwide Mutual Insurance Company** is a [Fortune](https://www.edgepedia.org/fortune-magazine) 100 mutual insurance and financial services company headquartered in [Columbus, Ohio](https://www.edgepedia.org/columbus-ohio), founded in 1926 as a farm-bureau auto insurer and now writing auto, home, farm, commercial, life, annuity, and employer-benefit lines across the United States<sup>[1](https://news.nationwide.com/nationwide-enters-centennial-year-stronger-than-ever/)</sup><sup> • </sup><sup>[2](https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/nationwide-company-profile.pdf)</sup>. In 2025, it recorded $73.2 billion in total sales and premiums, up 7% from 2024, and net operating income of $4.3 billion<sup>[1](https://news.nationwide.com/nationwide-enters-centennial-year-stronger-than-ever/)</sup>.

| Key fact | Detail |
|---|---|
| Structure | Mutual structure: policyholders collectively own the mutual parent; the life subsidiary Nationwide Life is a stock company owned by Nationwide Financial Services, Inc.<sup>[3](https://www.sec.gov/Archives/edgar/data/1127203/000119312526134770/d101058dnvpfs.htm)</sup> |
| Scale | Total assets of $359.8 billion at 12/31/25; $73.2 billion in 2025 sales and premiums<sup>[4](https://espanol.nationwide.com/cps/annual-report/strength-and-stability.html)</sup><sup> • </sup><sup>[1](https://news.nationwide.com/nationwide-enters-centennial-year-stronger-than-ever/)</sup> |
| P&C rank | 10th among U.S. P&C groups with $19.77 billion direct premiums written and a 2.07% share (NAIC 2024)<sup>[5](https://agencychecklists.com/2024/03/04/top-25-u-s-pc-insurers-naic-2024-market-share-report-70053/)</sup> |
| Life/annuity rank | 7th among U.S. life/annuity writers with $42.84 billion direct premiums written, 3.5% share (2025)<sup>[6](https://www.iii.org/node/32064)</sup> |
| Capital | Total adjusted capital of $32.8 billion in 2025, described by the company as above AAA-level rating requirements<sup>[1](https://news.nationwide.com/nationwide-enters-centennial-year-stronger-than-ever/)</sup> |
| Ratings | S&P A+; AM Best A (Excellent) for the P&C group and A+ (Superior) for the life companies; Moody's A2<sup>[1](https://news.nationwide.com/nationwide-enters-centennial-year-stronger-than-ever/)</sup><sup> • </sup><sup>[7](https://news.ambest.com/newscontent.aspx?AltSrc=23&RefNum=270503)</sup><sup> • </sup><sup>[4](https://espanol.nationwide.com/cps/annual-report/strength-and-stability.html)</sup> |
| Origin | Founded 1926 by the Ohio Farm Bureau Federation as Farm Bureau Mutual Automobile Insurance Co.; the Nationwide name was adopted in 1955<sup>[8](https://www.insurancenewsnet.com/innarticle/nationwide-marks-100-years-as-a-modern-mutual)</sup> |

## Mutual ownership and governance

As a mutual, Nationwide is owned collectively by its policyholders rather than by shareholders. Ownership rights in a mutual can only be exercised collectively and cannot be sold individually the way shares can, and policyholders must approve any conversion of the company into a stock insurer<sup>[9](https://www.namic.org/wp-content/uploads/legacy/publicpolicy/1703_WhatItMeansToBeMutual.pdf)</sup>. The company frames this as a focus on members and their needs rather than returns to shareholders<sup>[10](https://www.nysdcp.com/mm/pdf/news_annualreport2013.pdf)</sup>. CEO Kirt Walker has described the approach as running Nationwide as a "modern mutual," adding that the company is "really an enigma, we're unique"<sup>[11](https://www.bizjournals.com/columbus/news/2025/04/03/nationwide-2024-annual-report.html)</sup>.

The structure is a hybrid. Nationwide Life Insurance Company is an Ohio-domiciled stock life insurance company whose outstanding common shares are all owned by Nationwide Financial Services, Inc., a holding company formed by Nationwide Corporation, within the group headed by the mutual parent<sup>[3](https://www.sec.gov/Archives/edgar/data/1127203/000119312526134770/d101058dnvpfs.htm)</sup>. CFO Tim Frommeyer has said that not being publicly traded gives the company more independence and more room to "venture into other areas"<sup>[12](https://bluewaterhealthyliving.com/news/national-news/iowa/nationwide-goes-into-100th-year-with-record-breaking-sales-ai-plans/)</sup>.

Policyholder engagement in mutual governance is generally weak across the sector. A 1998 New York report found that of 19,014,820 eligible policyholders across eight mutual life insurers, only 48,702 votes were cast, fewer than three votes per 1,000 policyholders<sup>[9](https://www.namic.org/wp-content/uploads/legacy/publicpolicy/1703_WhatItMeansToBeMutual.pdf)</sup>.

## History

Nationwide began as Farm Bureau Mutual Automobile Insurance Co., created by the Ohio Farm Bureau Federation (founded 1919) to sell auto insurance to farmers<sup>[8](https://www.insurancenewsnet.com/innarticle/nationwide-marks-100-years-as-a-modern-mutual)</sup>. The company entered life insurance in 1935 by forming Farm Bureau Life Insurance Co., separated from the Farm Bureau in 1948, and adopted the Nationwide name in 1955<sup>[8](https://www.insurancenewsnet.com/innarticle/nationwide-marks-100-years-as-a-modern-mutual)</sup>. In 1997 it formed Nationwide Financial Services and took it public in an IPO on the [New York Stock Exchange](https://www.edgepedia.org/new-york-stock-exchange)<sup>[8](https://www.insurancenewsnet.com/innarticle/nationwide-marks-100-years-as-a-modern-mutual)</sup>.

**Mergers and distribution.** In May 2012, Harleysville Insurance formally joined Nationwide, creating a national independent agency footprint that complemented Allied Insurance<sup>[10](https://www.nysdcp.com/mm/pdf/news_annualreport2013.pdf)</sup>. The P&C business has operated through six brands: Nationwide [Insurance](https://www.edgepedia.org/insurance), Allied, Harleysville, Titan, Nationwide Agribusiness, and Scottsdale Insurance<sup>[10](https://www.nysdcp.com/mm/pdf/news_annualreport2013.pdf)</sup>. In 2018 Nationwide converted its exclusive agents to independent agents, and more than 99% of former captive agents chose to continue working with the company through the independent channel<sup>[8](https://www.insurancenewsnet.com/innarticle/nationwide-marks-100-years-as-a-modern-mutual)</sup>.

## Business lines and market position

Nationwide's largest measured business is property and casualty. In the NAIC 2024 market share report, Nationwide Corp Group ranked 10th among U.S. P&C insurers with $19.77 billion in direct premiums written and a 2.07% share<sup>[5](https://agencychecklists.com/2024/03/04/top-25-u-s-pc-insurers-naic-2024-market-share-report-70053/)</sup>. In homeowners it ranked 9th with $3.73 billion in direct premiums written and a 2.2% share, against [State Farm](https://www.edgepedia.org/state-farm)'s leading $31.46 billion (18.2%)<sup>[6](https://www.iii.org/node/32064)</sup>.

On the life side, Nationwide ranked 7th among U.S. life/annuity writers by direct premiums written in 2025 with $42.84 billion and a 3.5% market share<sup>[6](https://www.iii.org/node/32064)</sup>, and 7th in LIMRA's 2025 annuity rankings at $21.9 billion, with balanced strength across fixed, indexed, and variable lines<sup>[8](https://www.insurancenewsnet.com/innarticle/nationwide-marks-100-years-as-a-modern-mutual)</sup>. AM Best notes that Nationwide Life Group's premium growth has mostly come from fixed and variable annuity products<sup>[7](https://news.ambest.com/newscontent.aspx?AltSrc=23&RefNum=270503)</sup>.

**Specialty and employer lines.** The 2013 annual report placed Nationwide as the 3rd largest domestic excess and surplus lines insurer and the #1 writer of farmowner insurance in 2012<sup>[10](https://www.nysdcp.com/mm/pdf/news_annualreport2013.pdf)</sup>. Businesses serving large and small employers now account for over a third of Nationwide's total growth, more than double their size a few years ago<sup>[4](https://espanol.nationwide.com/cps/annual-report/strength-and-stability.html)</sup>. In July 2025 the company acquired Allstate Benefits' group health business, expanding its ability to offer self-funded and stop-loss solutions for employers; the acquired medical stop-loss writer, Direct General Life Insurance Company, received a $177 million capital contribution from Nationwide at close<sup>[1](https://news.nationwide.com/nationwide-enters-centennial-year-stronger-than-ever/)</sup><sup> • </sup><sup>[7](https://news.ambest.com/newscontent.aspx?AltSrc=23&RefNum=270503)</sup>.

## By the numbers

- **Total assets:** $359.8 billion as of 12/31/25<sup>[4](https://espanol.nationwide.com/cps/annual-report/strength-and-stability.html)</sup>.
- **Sales and premiums:** $73.2 billion in 2025, up 7% from $68.5 billion in 2024, which itself surpassed $60.5 billion in 2023 and was up 47% ($21.9 billion) over 2020<sup>[1](https://news.nationwide.com/nationwide-enters-centennial-year-stronger-than-ever/)</sup><sup> • </sup><sup>[13](https://news.nationwide.com/nationwide-2024-operating-results/)</sup>.
- **Net operating income:** $4.3 billion in 2025, up 37%; the 2025 release states the 2024 figure as $3.13 billion, while the 2024 release reported $3.2 billion, a 295% increase since 2020<sup>[1](https://news.nationwide.com/nationwide-enters-centennial-year-stronger-than-ever/)</sup><sup> • </sup><sup>[13](https://news.nationwide.com/nationwide-2024-operating-results/)</sup>.
- **Total adjusted capital:** $32.8 billion in 2025, up from $28.3 billion in 2024, which was a 13% increase over 2023 and 35% over 2020<sup>[1](https://news.nationwide.com/nationwide-enters-centennial-year-stronger-than-ever/)</sup><sup> • </sup><sup>[13](https://news.nationwide.com/nationwide-2024-operating-results/)</sup>.
- **Investments:** $172 billion total in 2025, with net investment income of $7.3 billion, up from $6.5 billion; the 2024 portfolio was $150.0 billion<sup>[4](https://espanol.nationwide.com/cps/annual-report/strength-and-stability.html)</sup><sup> • </sup><sup>[2](https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/nationwide-company-profile.pdf)</sup>.
- **Claims and benefits:** more than $20.2 billion paid to members in 2025, after $20.7 billion in 2024<sup>[1](https://news.nationwide.com/nationwide-enters-centennial-year-stronger-than-ever/)</sup><sup> • </sup><sup>[13](https://news.nationwide.com/nationwide-2024-operating-results/)</sup>.

## How it compares with State Farm, Liberty Mutual, and Progressive

In U.S. P&C, Nationwide is a mid-tier national writer among much larger peers. The NAIC 2024 report placed State Farm Group first with $93.79 billion in direct premiums written (9.82% share), followed by Progressive ($62.71 billion, 6.57%), [Berkshire Hathaway](https://www.edgepedia.org/berkshire-hathaway) ($59.67 billion, 6.25%), Allstate ($50.04 billion, 5.24%), and [Liberty Mutual](https://www.edgepedia.org/liberty-mutual) ($43.53 billion, 4.56%); the top 10 held 48.07% cumulative share<sup>[5](https://agencychecklists.com/2024/03/04/top-25-u-s-pc-insurers-naic-2024-market-share-report-70053/)</sup>.

Among P&C mutuals specifically, the 2025 AM Best rankings show State Farm far ahead, with net premiums written up 5.6% to $113.79 billion, more than one-third of the $308 billion written by all U.S. P&C mutuals. Liberty Mutual remained No. 2 at $37.23 billion (down 3.3%), American Family No. 3 at $17.34 billion (down 2.5%), and Auto-Owners overtook Nationwide P&C Group for fourth place, growing 7.6% to $16.6 billion while Nationwide's premiums dropped 4.2% to $16.5 billion<sup>[14](https://news.ambest.com/newscontent.aspx?altsrc=23&refnum=275599)</sup>.

Mutuals as a class differ measurably from stock insurers. In 2023 mutuals held 40% of the U.S. P&C market versus 59% for stock and other segments, but recorded loss and loss adjustment expenses of 84.0% of premium versus 71.1% for stock companies (the mutual five-year average was 77.3%), grew capital and surplus 3.2% versus 8.1%, and held $1.13 in surplus per $1 of net written premium versus $1.20 for stock insurers<sup>[15](https://www.namic.org/wp-content/uploads/2024/09/24_the_mutual_factor.pdf)</sup>. Mutuals paid policyholder dividends equal to 0.8% of net premiums versus 0.1% for stock companies, and 89% of mutuals carried AM Best "Strongest" or "Very Strong" balance sheet strength assessments versus 81% of stock companies<sup>[15](https://www.namic.org/wp-content/uploads/2024/09/24_the_mutual_factor.pdf)</sup>. Research findings on efficiency run in both directions: a study of U.S. life insurers for 1995 to 2004 found the stock form's efficiency dominated and that operational efficiency improved after conversion<sup>[16](https://onlinelibrary.wiley.com/doi/10.1111/j.1538-4616.2010.00318.x)</sup>, while a 2023 study of property-liability insurers found mutuals outperform stock insurers in reputational and investment efficiency<sup>[17](https://ideas.repec.org/a/eee/finlet/v53y2023ics1544612323000053.html)</sup>.

## Recent developments

The company's own reporting shows four consecutive record sales years, with sales up 60% over the decade<sup>[11](https://www.bizjournals.com/columbus/news/2025/04/03/nationwide-2024-annual-report.html)</sup>. From 2023 to 2025, sales rose from $60.5 billion to $73.2 billion, and net operating income and total adjusted capital rose from their 2024 levels of $3.2 billion and $28.3 billion to $4.3 billion and $32.8 billion in 2025<sup>[13](https://news.nationwide.com/nationwide-2024-operating-results/)</sup><sup> • </sup><sup>[1](https://news.nationwide.com/nationwide-enters-centennial-year-stronger-than-ever/)</sup>.

Strategically, the period brought the July 2025 acquisition of Allstate Benefits' group health business for employer stop-loss solutions<sup>[1](https://news.nationwide.com/nationwide-enters-centennial-year-stronger-than-ever/)</sup>, a $1.5 billion technology investment through 2028 with $100 million annually dedicated to AI<sup>[1](https://news.nationwide.com/nationwide-enters-centennial-year-stronger-than-ever/)</sup>, and new retirement products in 2025, the CareMatters Annuity and the RetireAssist retirement plan suite<sup>[1](https://news.nationwide.com/nationwide-enters-centennial-year-stronger-than-ever/)</sup>. 2026 marks the company's 100th year of operation<sup>[18](https://www.insurancejournal.com/news/national/2026/04/07/864774.htm)</sup>.

## References

1. [Nationwide enters centennial year stronger than ever, Nationwide newsroom](https://news.nationwide.com/nationwide-enters-centennial-year-stronger-than-ever/)
2. [Nationwide Mutual Insurance Company profile, Fidelity-hosted document](https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/nationwide-company-profile.pdf)
3. [SEC filing, Nationwide Life Insurance Company (BOA Platinum Edge)](https://www.sec.gov/Archives/edgar/data/1127203/000119312526134770/d101058dnvpfs.htm)
4. [Strength and Stability, 2025 Nationwide Annual Report](https://espanol.nationwide.com/cps/annual-report/strength-and-stability.html)
5. [NAIC 2024 Market Share Report: Top 25 U.S. P&C Insurers, Agency Checklists](https://agencychecklists.com/2024/03/04/top-25-u-s-pc-insurers-naic-2024-market-share-report-70053/)
6. [Facts + Statistics: Insurance company rankings, Insurance Information Institute](https://www.iii.org/node/32064)
7. [AM Best Affirms Credit Ratings of Nationwide Mutual Insurance Company and Its Key Operating Subsidiaries](https://news.ambest.com/newscontent.aspx?AltSrc=23&RefNum=270503)
8. [Nationwide marks 100 years as a modern mutual, InsuranceNewsNet](https://www.insurancenewsnet.com/innarticle/nationwide-marks-100-years-as-a-modern-mutual)
9. [What It Means to be Mutual, NAMIC](https://www.namic.org/wp-content/uploads/legacy/publicpolicy/1703_WhatItMeansToBeMutual.pdf)
10. [Nationwide Annual Report 2013](https://www.nysdcp.com/mm/pdf/news_annualreport2013.pdf)
11. [Nationwide posts fourth consecutive year of record sales, Columbus Business Journal](https://www.bizjournals.com/columbus/news/2025/04/03/nationwide-2024-annual-report.html)
12. [Nationwide goes into 100th year with record-breaking sales, AI plans, syndicated report](https://bluewaterhealthyliving.com/news/national-news/iowa/nationwide-goes-into-100th-year-with-record-breaking-sales-ai-plans/)
13. [Nationwide 2024 Operating Results, Nationwide newsroom](https://news.nationwide.com/nationwide-2024-operating-results/)
14. [2026 Best's Rankings: State Farm Heads P/C Mutuals, AM Best](https://news.ambest.com/newscontent.aspx?altsrc=23&refnum=275599)
15. [The Mutual Factor 2024, NAMIC](https://www.namic.org/wp-content/uploads/2024/09/24_the_mutual_factor.pdf)
16. [The Demise of the Mutual Organizational Form, Journal of Risk and Insurance](https://onlinelibrary.wiley.com/doi/10.1111/j.1538-4616.2010.00318.x)
17. [Efficiency: Mutual vs. Stock P-L Insurers, Finance Research Letters (2023)](https://ideas.repec.org/a/eee/finlet/v53y2023ics1544612323000053.html)
18. [Insurer Nationwide Operating Income Up 37% in 2025, Insurance Journal](https://www.insurancejournal.com/news/national/2026/04/07/864774.htm)

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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Insurance*

*Initially written Sep 17, 2026 · Reviewed: Oct 10, 2026 · Edited: Oct 10, 2026; Oct 11, 2026; Oct 15, 2026 · Last review: Oct 10, 2026*

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License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license