Best’s News & Research Service - November 07, 2025 09:02 AM (EST)
AM Best Affirms Credit Ratings of Nationwide Mutual Insurance Company and Its Key Operating Subsidiaries
- November 07, 2025 09:02 AM (EST)
//BestWire// - AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the members of Nationwide Property and Casualty Group (Nationwide P&C Group). Concurrently, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of Nationwide Life Insurance Company and its subsidiaries, Nationwide Life and Annuity Insurance Company and Jefferson National Life Insurance Company. These companies are the key life/annuity subsidiaries of Nationwide Financial Services Inc. (NFS) and collectively known as Nationwide Life Group.
Additionally, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of NFS and all of its existing Long-Term Issue Credit Ratings (Long-Term IRs). In addition, AM Best has affirmed the Long-Term IRs of “a-” (Excellent) of the surplus notes issued by Nationwide Mutual Insurance Company. Finally, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Titan Insurance Company (Titan). Lastly, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Direct General Life Insurance Company (Orangeburg, SC). The outlook of all these Credit Ratings (ratings) is stable. All companies are headquartered in Columbus, OH, unless otherwise specified. (See link below for a detailed listing of all the companies and ratings.)
The ratings of Nationwide P&C Group reflect its balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, favorable business profile and appropriate enterprise risk management (ERM). The group has implemented underwriting disciplines and capital management strategies in recent years to improve underwriting profitability and target specialty lines of business. They aim to have all lines of business be self-sustaining. Although the group’s premium growth has tempered in recent years, favorable underwriting and operating results were achieved in 2024 and through the first nine months of 2025. Management looks to continue to deploy this strategy and expand its business in segments with a sustained trend of positive operating results.
The ratings of Nationwide Life Group reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate ERM. The group has been experiencing strong growth in premium over the past few years, with most of it coming from fixed and variable annuity products. Growth has exceeded projections in its Life Insurance, Corporate Solutions, and Investment Management Group operating segments. All products within the group are displaying levels of net operating income that are aligned with or exceeding targets.
The ratings of Titan reflect its balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and appropriate ERM. Despite reduced in premium volume through the first half of 2025, the company is continuing its trend in operating growth. Underwriting losses in recent years have been offset by investment income as the company’s trend of profitability continues.
The ratings of Direct General Life Insurance Company reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. This entity was acquired from The Allstate Corporation earlier this year and serves as a medical stop-loss writer that is complementary to Nationwide’s existing financial solutions business. The company received a capital contribution from Nationwide of $177 million upon the close to support the company’s rapidly expanding business. Profitable growth is projected to continue in the immediate future.
A complete listing of Nationwide’s FSRs, Long-Term ICRs and Long-Term IRs also is available.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings (BCR), Best’s Performance Assessments (PA), Best’s Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.