Moody’s Ratings Update for Nationwide
Moody’s Ratings has changed its outlook for Nationwide’s Property and Casualty (P&C) business to “positive” from “stable.” The agency also reaffirmed its A1 rating for Nationwide’s financial services (NFS) and A2 rating for Nationwide Mutual Insurance Company and its P&C affiliates.
Key Points:
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Positive Outlook: President & COO Mark Berven of Nationwide P&C highlighted the significance of this positive outlook, emphasizing their focus on enhancing claims experience, technical excellence, and disciplined pricing, which have boosted profitability.
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Profitability Improvement: Moody’s acknowledged that Nationwide’s P&C business has improved its profitability through better technical capabilities, governance processes, and strategic pricing and underwriting actions.
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Financial Strength: The affirmation of the NFS rating reflects its strong position in the U.S. life insurance, annuity, and retirement plan markets, combined with strong profitability and brand recognition.
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Capitalization: Moody’s noted the strong capitalization of NFS, marked by a high regulatory risk-based capital (RBC) ratio, contributing to continued growth in targeted products.
For further details, visit Nationwide’s website or check their Company Ratings.
