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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 06, 2026 09:39 AM (EST)
AM Best has revised the outlooks to positive from stable and 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). Additionally, AM Best has revised the outlooks to positive from stable and affirmed the Long-Term Issue Credit Ratings (Long-Term IR) of “a-” (Excellent) of the surplus notes issued by Nationwide Mutual Insurance Company, member of 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 are collectively known as Nationwide Life Group. Additionally, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) and all the existing Long-Term IRs of NFS. In addition, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Titan Insurance Company (Titan). Likewise, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Nationwide Life and Benefits Insurance Company (Charleston, 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 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. These actions include targeted decreases in risk exposures and concentrations, non-renewing unprofitable business, significant rate actions, as well as enhanced pricing sophistication and governance. As a result, Nationwide P&C's underwriting performance has improved substantially in recent years with year-over-year improvements noted in both 2024 and 2025. This trend has continued through 2026, thus far, and AM Best expects continued stabilization in underwriting to support overall profitability going forward. Over the last several years, Nationwide P&C Group has materially reduced its share of business exposed to catastrophic weather events while expanding into specialty and excess & surplus market. This has resulted in a stronger and more diversified business profile which provides long-term foundation for earnings stability and organic surplus growth.
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 continues to experience robust premium growth from annuities, with most other products making a positive contribution to growth. The group pursues both organic and non-organic diverse product growth across the life, annuity and accident and health lines with most exceeding earnings estimates and targeted capital returns. The group’s risk-adjusted capitalization as measured by Best’s Capital Adequacy Ratio (BCAR) did decrease slightly through 2026, as a result of higher capital requirements to support the rapidly growing annuity block. This is consistent with industry trends, and is expected to reverse as positive cash flows continue to bolster overall available capital. The group continues to exercise advanced capital and risk management programs that are aligned with being an industry leader.
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. While Titan has purposefully slowed the growth of its book of business over the most recent five-year period, the company continues to report overall profitability. Profitability has largely been driven by solid net investment income; although, AM Best notes results were positively impacted by profitable underwriting results in 2025, and through the first six months of 2026.
The ratings of Nationwide Life and Benefits 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. The company continues to expand its medical stop-loss program that serves as a positive complement to Nationwide’s existing business. Overall and risk-adjusted capitalization levels remain high, which indicates the ability to assume additional underwriting risk as the book of business continues to grow. Although the company is a relatively new venture for the organization, it continues to be profitable, and Nationwide’s management remains committed to making it an important component of the overall enterprise.
A complete listing of Nationwide’s FSRs, Long-Term ICRs and Long-Term IRs also is available at the attached rating supplement link.
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.