AM Best upgrades Nationwide P&C outlook to positive

AM Best has changed its outlook for Nationwide's property and casualty business to positive from stable.

The rating agency also affirmed its A (Excellent) rating for Nationwide Mutual Insurance Co. and its P&C affiliates, as well as an A+ (Superior) rating for Nationwide Life Insurance Co. and its subsidiary financial services businesses, with a stable outlook.

"AM Best's outlook is a validation of the incredible work Nationwide's P&C associates and distribution partners have been engaged in over the last several years," said Mark Berven, president and chief operating officer of Nationwide Property & Casualty.

"This is now the second rating agency outlook improvement in recent months, and our focus on the customer through an enhanced claims experience, data-informed underwriting and strong governance is how we will continue to operate," Berven said.

AM Best said the positive outlooks reflect Nationwide P&C Group's improving underwriting and operating performance, which has benefited from corrective actions implemented by management in recent years. The agency said those actions have resulted in a stronger and more diversified business profile, providing a foundation for earnings stability and organic surplus growth.

The outlook change follows a similar decision by Moody's Ratings in October, when it also changed Nationwide's P&C business outlook from stable to positive.

AM Best also affirmed Nationwide Life's ratings, citing its balance sheet strength, favorable business profile and operating performance.

The agency assessed Nationwide Life's balance sheet as strongest and noted the company's product growth across life, annuity, and accident and health lines, along with its capital and risk management programs.

For more information about Nationwide and its ratings, visit Nationwide's website or its company ratings page.