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Rating Action:

Moody's affirms Nationwide Group's ratings (insurance financial strength at A1); changes outlook to negative

07 Nov 2017

Leading property/casualty and life insurance multi-line.

New York, November 07, 2017 -- Moody's Investors Service ("Moody's") has affirmed the A1 insurance financial strength (IFS) ratings of Nationwide Mutual Insurance Company ("Nationwide Mutual") and its property-casualty affiliates as well as its A3 (hyb) surplus note rating. In the same rating action, Moody's affirmed the A1 IFS ratings of Nationwide Life Insurance Company and Nationwide Life & Annuity Insurance Company, along with the short-term debt ratings of Nationwide Life and the long-term rating of Nationwide Financial Services, Inc. ("NFS"), the life group's direct holding company. The rating outlook has been changed to negative from stable for all rated members of Nationwide Group. A complete list of rating actions appears below.

RATINGS RATIONALE

Property and Casualty Insurance Group

According to Moody's, the rating affirmation of Nationwide P&C group reflects the company's solid franchise in personal insurance, excellent brand recognition, leading market positions in small commercial and excess and surplus lines, strong product and geographic diversification, and sound balance sheet with a high quality fixed income portfolio. Other strengths include multiple distribution channels and ownership of life insurance subsidiary Nationwide Financial Services, which provides asset and earnings diversification. These strengths are tempered by weak and volatile profitability reflecting catastrophe losses and continuing challenges in personal auto and a number of commercial lines segments, by substantial exposures to natural catastrophes and to legacy asbestos and environmental liabilities, and by limited access to public capital markets given the group's status as a mutual insurance company.

The shift to a negative outlook reflects Nationwide Mutual's weak and volatile profitability and Moody's expectation that 2017 catastrophe losses will have a significant impact on full year 2017 results for Nationwide's property/casualty operations. Moody's noted that underwriting margins in the automobile lines have been challenges by industry wide heightened claim frequency and severity trends, but have increasingly been offset by rating actions taken to-date by Nationwide Mutual.

Moody's noted that the following factors could lead to a return to a stable outlook: 1) improved profitability with combined ratios consistently below 102%, 2) reduction in gross underwriting leverage (e.g. less than 5x, excluding affiliated investments from capital), and 3) interest coverage consistently above 6x. Factors that could lead to a downgrade include: 1) combined ratios consistently above 102%; 2) the erosion of policyholders' surplus by more than 5% over a twelve month period, 3) gross underwriting leverage above 5x (excluding affiliated investments from capital), 4) significant deterioration in the credit profile of life insurance affiliate NFS, 5) adjusted financial leverage above 30% and interest coverage below 4x.

Life Insurance Group

The rating agency said the affirmation of the ratings of NFS and its operating subsidiaries reflects the group's established positions in the US annuity and retirement market, diversified distribution channels, and strong capitalization at the operating company. NFS remains a leading player in the market for qualified retirement plans sold to employees of state and local governments, as well as a competitive provider of trust pension plans for the private sector. The company's capital adequacy as measured by the NAIC Risk Based Capital (RBC) ratio at 607% (company action level or CAL) at year-end 2016 remains strong even under a stress scenario. These strengths are offset by a growing book of variable annuity (VA) business and the challenges associated with hedging contract guarantees, which expose the company's capital and earnings to equity market and interest rate risks. Other challenges include exposure to other highly competitive, lower-margin asset accumulation products (e.g. pension plans and mutual funds), which add earnings sensitivity to movements in equity markets.

The shift to a negative outlook on NFS is in line with the parent company's outlook and reflects the ownership of NFS by Nationwide Mutual. These two organizations share a common brand name and are financially interdependent. Notwithstanding the negative outlook, Moody's that NFS has reported strong operating performance thus far in 2017.

The rating agency said that the following could lead to a return to a stable outlook at NFS and its subsidiaries: 1) return to a stable outlook on Nationwide Mutual; 2) consolidated NAIC RBC (CAL) ratio more than 425%; and 3) return on capital greater than 6%. Conversely, the following factors could lead to a downgrade of the ratings of NFS and its subsidiaries: 1) a downgrade of Nationwide Mutual; 2) consolidated NAIC RBC ratio (CAL) for the life companies of less than 400%; or 3) significant additional growth in the company's exposure to VAs with guarantees relative to total liabilities.

The following ratings have been affirmed:

Nationwide Mutual Group:

- Nationwide Mutual Insurance Company- insurance financial strength at A1; surplus notes at A3 (hyb);

- Crestbrook Insurance Company - insurance financial strength at A1;

- Farmland Mutual Insurance Company - insurance financial strength at A1;

- Harleysville Insurance Company - insurance financial strength at A1;

- Harleysville Insurance Company of New Jersey - insurance financial strength at A1;

- Harleysville Insurance Company of New York - insurance financial strength at A1;

- Harleysville Lake States Insurance Company - insurance financial strength at A1;

- Harleysville Preferred Insurance Company - insurance financial strength at A1;

- Harleysville Worcester Insurance Company - insurance financial strength at A1;

- Nationwide Agribusiness Insurance Company - insurance financial strength at A1;

- Nationwide Assurance Company - insurance financial strength at A1;

- Nationwide General Insurance Company - insurance financial strength at A1;

- Nationwide Mutual Fire Insurance - insurance financial strength at A1;

- Nationwide Property & Casualty Insurance Company - insurance financial strength at A1;

- Scottsdale Insurance Company - insurance financial strength at A1.

Nationwide Financial Services:

- Nationwide Life Insurance Company - insurance financial strength at A1; commercial paper rating at P-1;

- Nationwide Life & Annuity Insurance Company - insurance financial strength at A1;

- Nationwide Financial Services, Inc. - senior unsecured debt rating at Baa1; junior subordinated debt at Baa2 (hyb);

- Nationwide Financial Services Capital Trust - backed preferred stock at Baa2 (hyb).

The outlook on the ratings is negative.

Nationwide Mutual, headquartered in Columbus Ohio, is one of the top ten largest property and casualty insurance groups in the US. The organization also maintains significant life insurance and annuity businesses through its ownership of Nationwide Financial Services, Inc. For 2016, the consolidated Nationwide Group reported total GAAP revenue of $26.6 billion and net income of $830 million. Policyholders' equity at December 13, 2016 was $21.8 billion.

Nationwide Financial Services, Inc. and its life insurance subsidiaries have been wholly-owned by Nationwide Mutual Insurance Company (NMIC) since January 2009. At December 31, 2016, the company reported consolidated GAAP assets of approximately $162 billion and GAAP shareholders' equity of $9.6 billion.

The principal methodology used in rating Nationwide Life Insurance Company, Nationwide Financial Services, Inc., Nationwide Life & Annuity Insurance Company, and Nationwide Financial Services Capital Trust was Global Life Insurers published in April 2016. The principal methodology used in rating Nationwide Mutual Insurance Company, Nationwide Agribusiness Insurance Company, Nationwide Assurance Company, Nationwide General Insurance Company, Nationwide Mutual Fire Insurance Company, Nationwide Property & Casualty Insurance Company, Harleysville Insurance Company, Harleysville Insurance Company of New York, Harleysville Insurance Company of New Jersey, Harleysville Lake States Insurance Company, Harleysville Worcester Insurance Company, Harleysville Preferred Insurance Company, Crestbrook Insurance Company, Scottsdale Insurance Company, and Farmland Mutual Insurance Company was Global Property & Casualty Insurers published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Alan Murray
Senior Vice President
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Marc R. Pinto, CFA
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
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