Nationwide posts first quarter profits for 2011, says major storm cut into earnings

Nationwide Mutual Insurance Co. has released their earnings for the first half of 2011. The acclaimed insurance company posted profits just shy of $400 million, a marked decline from last year in which the company earned over a billion. Profit diminished by 48% in just the first quarter, a fact the insurer is quick to blame on the violent storms and other natural disasters wreaking havoc earlier this year. The company has also released its earnings for the second quarter, reporting further losses due to weather related issues. The previous…

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