Moody’s changes Nationwide’s P&C business outlook to “positive”

Moody's changes Nationwide's P&C business outlook to "positive"

Moody's Ratings announced today that it has changed its outlook for Nationwide's P&C business to "positive" from "stable." The global ratings agency also affirmed its A1 rating for Nationwide's financial services (NFS) business, and A2 rating for Nationwide Mutual Insurance Company and Nationwide's P&C affiliates.

"Moody's positive outlook for Nationwide P&C is encouraging recognition of the progress our associates and distribution partners are making together," said Mark Berven, President & COO, Nationwide Property & Casualty. "Our focus on the claims experience, technical excellence, data-informed underwriting, strong governance and disciplined pricing is helping us improve profitability while delivering the specialized protection and insight our distribution partners and members need. The positive outlook from Moody's reinforces the value of that work."

Moody's specifically notes that Nationwide's P&C business has "improved its profitability in recent years by enhancing its technical capabilities and governance processes as well as taking pricing and underwriting actions."

The affirmation of NFS reflects Nationwide's financial services business' "strong position and brand recognition in U.S. life insurance, annuity and retirement plan markets; its diversified distribution channels; and its consistently strong profitability."

Moody's noted "NFS' strong capitalization, including a relatively high regulatory risk-based capital (RBC) ratio, and its strategic importance to Nationwide Enterprise support continued growth across its target products."

For more information about Nationwide and Nationwide's ratings, visit www.nationwide.com or Company Ratings.