Nationwide narrows first half losses 11%

The Brazilian unit of US insurer Nationwide narrowed net losses 11% to 12.4mn reais (US$4.1mn) in the first half compared to 14mn reais in the same period last year, local daily Gazeta Mercantil reported. Life insurance premiums grew 67% year on year to 25.2mn reais, while pension contributions grew 69% to 16.5mn reais and administrative expenses stayed steady at 23mn reais. Assets managed by Nationwide grew 194% over the 12 months to end-June, reaching 70.4mn reais. The company plans to have 101mn reais under management by year-end and break even by end-2005, country manager Philip Healey was quoted as saying.