NATIONWIDE MUTUAL INSURANCE COMPANY

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1 NATIONWIDE MUTUAL INSURANCE COMPANY Columbus, Ohio A+ Ultimate Parent: Nationwide Mutual Insurance Company NATIONWIDE MUTUAL INSURANCE COMPANY One West Nationwide Blvd, Columbus, OH Web: Tel: AMB#: NAIC#: Ultimate Parent#: FEIN#: BEST S CREDIT RATING Best s Financial Strength Rating: A+ Outlook: Stable Best s Financial Size Category: XV The company s rating reflects its pooling arrangement with other pool members of the RATING RATIONALE Rating Rationale: The ratings reflect Nationwide Group s (Nationwide) solid risk-adjusted capitalization, overall favorable operating results, and extensive business profile featuring significant national market presence and brand-name recognition. These positive rating facrs are the result of Nationwide s capital management strategies, its multi-variant pricing model, strict underwriting guidelines, and diversified product mix distributed through various agency and other channels. The aforementioned rating facrs are partially offset by the group s varying underwriting performance in recent years, largely due the impact of severe weather-related and catastrophic events, despite their mitigation by a comprehensive reinsurance program and wide geographic diversification. In addition, Nationwide s underwriting expense ratio generally exceeds that of other personal lines carriers, primarily due a somewhat elevated level of commission expense. The group carries asbess and environmental (A&E) 2015 A.M. Best Company, Oldwick, NJ Printed June 22, Page 1 of 12

2 reserves that unfavorably influenced older years loss reserve development. The group also remains susceptible competitive personal lines market conditions and regulary and legal decisions that could impact profitability. Despite underwriting losses in some recent years, the group s surplus and capitalization have shown consistent growth. However, management continues face challenges in the near term generate positive underwriting results that will further strengthen its capital position. Nationwide utilizes multiple distribution channels that include exclusive and independent agents, direct sales via telephone and the Internet, as well as directly marketing affinity groups. Management s business acquisition strategy has enabled the group increase its operating scale, provide solid platforms for running its agency distribution network and increase geographic and product diversification. The most recent such acquisition was Harleysville Mutual Insurance Company and its subsidiaries in May 2012, whereby Harleysville Mutual was merged in Nationwide Mutual, and its seven subsidiary companies were added the Nationwide pooling agreement in January Regarding future rating movement, if negative underwriting trends continue, or there is material deterioration in risk-adjusted capitalization, downward rating pressure could occur. FIVE-YEAR RATING HISTORY Date Best s FSR Date Best s FSR 03/19/15 A+ 03/27/12 A+ 04/02/14 A+ 03/16/11 A+ 05/22/13 A+ 03/25/10 A+ KEY FINANCIAL INDICATORS ($000) Statury Data Direct Premiums Written Net Premiums Written Pre-tax Operating Income Net Income Total Admitted Assets Policyholders Surplus ,003,652 12,151, , ,354 29,710,123 11,490, ,763,203 12,326, , ,530 29,149,882 11,294, ,581,373 12,492, ,650 29,551,793 11,343, ,596,738 14,630, , ,835 32,675,758 11,792, ,331,544 14,962, , ,375 34,711,195 12,137,989 Profitability Leverage Liquidity Comb. Ratio Inv. Yield (%) Pre-tax ROR (%) NA Inv Lev NPW PHS Net Lev. Overall Liq. (%) Oper. Cash flow (%) Yr (*) Within several financial tables of this report, this company is compared against the Private Passenger Standard Au & Homeowners Composite. (*) Data reflected within all tables of this report has been compiled from the company-filed statury statement. CORPORATE OVERVIEW Nationwide Mutual Insurance Company (NMIC), Nationwide Mutual Fire Insurance Company (Nationwide Mutual Fire) and Farmland Mutual Insurance Company are affiliated property/casualty insurers. NMIC fully owns the following groups of companies and their respective property/casualty subsidiaries: ALLIED Group, Inc. (five subsidiaries), Scottsdale Insurance Company (five subsidiaries) and THI Holdings Delaware, Inc. (seven subsidiaries). NMIC also owns fourteen other individual property/casualty subsidiaries, including Atlantic Floridian Insurance Company, Crestbrook Insurance Company, Nationwide Indemnity Company and Nationwide Insurance Company of Florida. NMIC and Nationwide Mutual Fire respectively own 95.2% and 4.8% of Nationwide Corporation, parent of Nationwide Financial Services, Inc. (NFS). NFS is the holding company for Nationwide Life Insurance Company (NLIC) and other companies that comprise the life insurance and retirement savings operations of the Nationwide group of companies (Nationwide). This group also includes Nationwide Life Insurance Company of America (NLICA) and its subsidiaries, including the affiliated distribution network (Nationwide Financial Network [NFN]). CORPORATE STRUCTURE AMB# COMPANY NAME DOMICILE % OWN Nationwide Mutual Ins Co OH Allied Holdings (DE), Inc. DE ALLIED Group, Inc IA ALLIED Property & Cas Ins Co IA Nationwide Advantage Mortgage IA AMCO Insurance Company IA Nationwide Advantage Mortgage IA Turks and Caicos Islands AGMC Reinsurance, Ltd Deposirs Insurance Company IA Nationwide Advantage Mortgage IA Nationwide Insurance Co of Am WI Harleysville Group Inc DE Harleysville Insurance Company PA Harleysville Insurance Co NY PA Harleysville Ins Co of NJ NJ Harleysville Lake States Ins MI Harleysville Preferred Ins Co PA Harleysville Worcester Ins Co PA Allied Ins Co of America OH Crestbrook Insurance Company OH Lone Star General Agency Inc TX Colonial County Mutual Ins Co TX National Casualty Company WI Natl Cas Co of America Ltd United Kingdom Nationwide Affinity Ins Co Am OH Nationwide Agribusiness Ins Co IA Nationwide Assurance Company WI Nationwide Corporation OH Nationwide Financial Services DE Nationwide Life Ins Co OH Nationwide Life & Annuity Ins OH A.M. Best Company, Oldwick, NJ Printed June 22, Page 2 of 12

3 Nationwide General Ins Co OH Nationwide Indemnity Company OH Nationwide Insurance Co of FL OH Nationwide Lloyds TX Nationwide Prop & Cas Ins Co OH Scottsdale Indemnity Company OH Scottsdale Insurance Company OH Freedom Specialty Insurance Co OH Scottsdale Surplus Lines Ins AZ Veterinary Pet Insurance Co CA Western Heritage Insurance Co AZ THI Holdings (Delaware) Inc DE Titan Indemnity Company TX Titan Insurance Company MI Vicria Fire & Casualty Co OH Vicria Aumobile Ins Co OH Vicria National Ins Co OH Vicria Select Insurance Co OH Vicria Specialty Ins Co OH Harleysville Life Ins Co PA Farmland Mutual Insurance Co IA Nationwide Mutual Fire Ins Co OH BUSINESS PROFILE Nationwide is one of the largest multi-line insurers and financial services organizations in the U.S., with statury assets in excess of $49.0 billion. Its combined operations are serviced by 33,000 employees and by more than 60,000 agents and producers. Through its various affiliates, Nationwide is engaged in two core businesses: Property/Casualty Insurance and Life & Retirement Savings. The Property/Casualty Insurance segment, led by Nationwide Mutual Insurance Company (NMIC), generates approximately 80% of Nationwide s net premiums written. NMIC provides personal and main-street commercial insurance primarily through a national network of exclusive agencies. In addition, Nationwide distributes through direct response and independent agency channels, which were enhanced by the acquisition of the ALLIED group of companies and Nationwide Insurance Company of America. THI Holdings Delaware, Inc. (THI), which is led by Vicria Fire & Casualty Company, includes seven operating companies and specializes in writing non-standard aumobile business. The group s commercial segment includes the Scottsdale companies and Farmland Mutual Insurance Company. Western Heritage Insurance Company, which was acquired along with ALLIED Group, Inc., provides a wide range of commercial insurance products and services. The Scottsdale companies and Western Heritage Insurance Company write property/casualty and specialty classes of insurance on an excess and surplus lines basis. The Harleysville companies write mainly commercial multi-peril and au lines in northeastern states. The specific lines of commercial business for the group s commercial segment include contract property and casualty, professional, transportation and brokerage lines. These lines account for approximately 9% of the group s net premiums written. Nationwide s primary property/casualty lines of business include private passenger aumobile liability and physical damage, homeowners and main-street commercial business. NMIC predominantly writes standard personal aumobile and main-street commercial coverages. Nationwide Mutual Fire specializes in providing homeowners insurance. Nationwide Property and Casualty Insurance Company provides alternative-priced personal aumobile products Nationwide s agents. Nationwide General Insurance Company specializes in providing au insurance for select mid-size employer groups and professional organizations. Nationwide Assurance and its affiliate, Colonial County Mutual Insurance Company, specialize in nonstandard au and morcycle coverages. The ALLIED companies specialize in personal and main-street commercial insurance products primarily written through independent agents in the western U.S. Thirteen service centers are maintained throughout the country issue and service policies, collect premiums and pay claims in their respective terriries. The main rating unit, Nationwide Group, consists of four members of the intercompany reinsurance pool: Nationwide Mutual Insurance Company, 83.7%; Nationwide Mutual Fire Insurance Company, 11.3%; Scottsdale Insurance Company, 4.0%; and Farmland Mutual Insurance Company, 1.0%. The pooling agreement also includes thirty-three affiliates, thirty of which reinsure with either a pool member or another affiliate and qualify for a reinsurance affiliation code. Nationwide Insurance Company of Florida (NICOF), which writes virtually all of the group s homeowners business in the state of Florida, is separately rated. Veterinary Pet Insurance, a provider of individual accident and health insurance coverage for pets, is also rated separately. The fourth rating unit, Nationwide Indemnity Company, since 1998 has primarily served as the runoff entity for Nationwide s discontinued operations, mainly those with exposure asbess and environmental (A&E) claims. As part of its plans significantly grow its property/casualty revenues, Nationwide continues leverage its multi-channel presence respond changing cusmer preferences. The group utilizes multiple access points attract new cusmers with acquisitions, such as the ALLIED companies and Nationwide Insurance Company of America. While offering new outlets cusmers, the group expects its exclusive and independent agents remain a key part of its growth strategy. Additional growth is planned by expanding existing distribution channels, comprised of exclusive and independent agents, in areas where Nationwide has little or no presence supplemented by using multiple access points, such as direct response, the Internet, and greater employer and affinity group endorsements of Nationwide products. In furtherance of this strategy, in January 2009, the group completed the privatization of Nationwide Financial Services, Inc. (NFS), the intermediate parent holding company of its life insurance subsidiaries. The increased cultural alignment brought about by the privatization is expected strengthen the group s competitive position, facilitate a more integrated, focused cusmer-centric view and enhance delivery of Nationwide s On Your Side promise. The Life & Retirement Savings segment, led by NFS and its subsidiaries, Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company, provides long-term savings and retirement products, including variable annuities, fixed annuities and life insurance as well as 2015 A.M. Best Company, Oldwick, NJ Printed June 22, Page 3 of 12

4 pension products and administrative services. These products are distributed through financial planners, financial institutions, pension plan administrars, sckbrokers and Nationwide s exclusive sales representatives and agency force. Scope of Operations: Nationwide Group and its subsidiary companies provide a wide and comprehensive variety of personal lines and small commercial lines products, available through multiple distribution channels in all fifty states. TOTAL PREMIUM COMPOSITION & GROWTH ANALYSIS Reinsurance Reinsurance DPW Prem Assumed Prem Ceded ($000) (% Chg) ($000) (% Chg) ($000) (% Chg) ,003, ,430, ,282, ,763, ,787, ,224, ,581, ,670, ,759, ,596, ,671, ,637, ,331, ,916, ,285, Yr CAGR NPW NPE ($000) (% Chg) ($000) (% Chg) ,151, ,270, ,326, ,217, ,492, ,405, ,630, ,847, ,962, ,641, Yr CAGR Terriry: The company is licensed in the District of Columbia, U.S. Virgin Islands and all states. It is also licensed in Canada in the provinces of British Columbia and Ontario BY-LINE BUSINESS ($000) Reinsurance Reinsurance DPW Prem Assumed Prem Ceded Product Line ($000) (%) ($000) (%) ($000) (%) Priv Pass Au Liab 1,091, ,375, , Au Physical 808, ,543, , Homeowners 211, ,953, , Com l MultiPeril 349, ,188, , Comm l Au Liab 212, ,325, , Oth Liab Occur 179, ,134, , Workers Comp 82, , , Farmowners 153, , , Allied Lines 105, , , Inland Marine 72, , , All Other 64, , , Total 3,331, ,916, ,285, Business NPW Retention Product Line ($000) (%) (%) Priv Pass Au Liab 3,628, Au Physical 2,706, Homeowners 2,546, Com l MultiPeril 2,003, Comm l Au Liab 1,065, Oth Liab Occur 1,018, Workers Comp 386, Farmowners 333, Allied Lines 282, Inland Marine 190, All Other 802, Total 14,962, BY-LINE RESERVES ($000) Product Line Priv Pass Au Liab 2,642,198 2,609,490 2,610,602 2,737,623 2,821,368 Au Physical 89,337 82,976 55,192 64,642 79,895 Homeowners 515, , , , ,882 Com l MultiPeril 2,013,943 1,924,915 1,205,611 1,318,799 1,395,218 Comm l Au Liab 1,394,928 1,212, , , ,676 Oth Liab Occur 1,788,331 1,660,548 1,483,006 1,517,814 1,641,133 Workers Comp 1,026,156 1,000, , , ,029 Farmowners 93,658 79,987 80,794 79,717 74,468 Allied Lines 62,208 50,692 49,234 35,937 35,439 Inland Marine 35,920 36,951 29,345 15,173 15,189 All Other 587, , , , ,868 Total 10,249,545 9,678,250 7,986,005 8,362,290 8,571,166 Market Share/MarketPresence: Nationwide Group and its subsidiary companies maintain leading market positions in nearly all product lines. The group is the largest writer of farm policies nationally. The group also ranks as 2015 A.M. Best Company, Oldwick, NJ Printed June 22, Page 4 of 12

5 the 8th largest au insurer, 8th largest homeowners insurer, and the 2nd largest E&S insurer nationally. GEOGRAPHIC BREAKDOWN BY DIRECT PREMIUM WRITINGS ($000) North Carolina 467, , , , ,059 Pennsylvania 429, , , , ,865 Ohio 328, , , , ,574 Virginia 275, , , , ,777 California 259, , , , ,504 Maryland 180, , , , ,217 West Virginia 138, , , , ,985 Texas 125, , , , ,824 New York 119, , , , ,849 Delaware 93, , ,711 95,312 92,634 All Other 914,155 1,023,835 1,051,465 1,095,149 1,178,366 Total 3,331,544 3,596,738 3,581,373 3,763,203 4,003,652 RISK MANAGEMENT Nationwide Group maintains a comprehensive and continually developing ERM program, with a dedicated chief risk officer and extensive staff. Risk management teams are independent and embedded in business units, and risk management leaders are also members of business unit management teams. The group sees value in the process in its Risk Transfer Framework, in pricing / product design, and by internally assessing required and available economic capital through its Risk Adjusted Return on Capital (RAROC) program. Risk are formally delegated committees, and the Board of Direcrs manages the intersections of oversight responsibilities. The Board is also ultimately responsible for all risk management oversight, and for any risks not specifically delegated these committees. The group s comprehensive risk management strategy, as an example in action, is illustrated by the initiatives implemented reduce its NICOF subsidiary s Florida catastrophe exposure. A morarium was placed on the writing of new homeowners business in 2005 and, in early 2006, the company began the process of non-renewing approximately 90,000 policies over the course of approximately the next three years. An additional 66,000 Florida homeowners policies were targeted for non-renewal beginning July After completion of the latest nonrenewal initiative, Nationwide expects maintain approximately 44,000 homeowners policies in the state going forward. Stress Tests Performed: Nationwide Group s risk adjusted capital is stressed a 100 year probable maximum loss for a hurricane event ensure capital stability. Additional stress tests are run consider various deficit in earnings scenarios. Catastrophe Exposure and Management: Nationwide underwrites and monirs its hurricane risk in a number of ways. Corporate underwriting guidelines are used in all coastal states, and state specific adjustments applied where permitted. Additionally, risk assessment ols may be employed in certain geographies for specific lines of business during the underwriting process. Hurricane modeling is performed semi-annually by a team of experienced catastrophe modeling professionals in the group s Product and Pricing Risk Management Department. Additional modeling, including for other perils such as rnado/hail, earthquake and winter freeze, is performed throughout the year as required, for purposes such as concentration and exposure management, pricing applications, strategic analysis, and relativity modeling. In all cases, coastal exposure levels are managed and monired monthly ensure compliance with established target levels. Policy provision management, including the use of minimum wind/hurricane deductibles where permitted, are also employed extensively. OPERATING PERFORMANCE Operating Results: Nationwide s earnings fluctuated over the past five years due underwriting losses, interest rate fluctuations and the variability of its affiliated investments. The group s average five-year pre-tax operating and tal returns on revenue lagged the composite. Total returns have been somewhat influenced by variability in unrealized capital gains/losses on the group s common sck portfolio and its affiliated investments, primarily NFS. Operating results reflect management s adherence strict underwriting principles and increased rates, primarily on its personal lines book of business. Consequently, earnings in the group s core lines of business improved as rate increases developed through earned premiums. Management also implemented underwriting and agency management strategies that included re-underwriting initiatives, risk segmentation and technological enhancements that were designed sustain positive underwriting results. In addition, the group continued expand its cusmer access points, diversify its spread of risk the Midwest and western portions of the U.S. and re-focused on its core competencies. However, earnings were impacted by the additional, albeit declining level of, A&E reserving performed in each of the past five years, and more notably by the significant underwriting losses suffered from the frequent and severe weather-related losses over the same time. The group s diversified fixed-income portfolio produced average five-year pre-tax investment yields and tal investment returns that were comparable the composite and a robust stream of investment income that has offset underwriting losses in three of the past five years. In addition, while realized capital gains have minimally supported operating earnings over the past five years, significant unrealized losses were reported in Nationwide s common scks and sizable affiliated holdings somewhat limited its average return on invested assets, and the volatility in the value of its NFS ownership impacted capitalization over the past five years A.M. Best Company, Oldwick, NJ Printed June 22, Page 5 of 12

6 PROFITABILITY ANALYSIS ($000) multiple distribution network and geographic diversification strategy throughout the United States. Furthermore, the group has acquired small- Company medium-size insurance organizations which have enhanced the group s Pre-tax After-tax product distribution network. The increased cultural alignment brought about Operating Operating Net Total by the privatization of NFS in January 2009 has strengthened the group s Income Income Income Return competitive position, facilitated a more integrated, focused cusmer-centric , , ,354 1,239,263 view and enhanced delivery of Nationwide s On Your Side promise. The , , , ,077 group s underwriting results will continue be influenced by weather-related ,512 21, ,904 events, competitive market conditions and legislative decisions , , , , , , , ,084 UNDERWRITING EXPERIENCE 5-Yr Total 669, , ,683 1,541,830 Net Undrw Loss Ratios Expense Ratios Ind Income Pure Net Other Total Div. Comb. Company Industry Composite ($000) Loss LAE LAE & Comm. Exp. Exp. Pol. Ratio Ratio Pre-tax Return Operating Pre-tax Return Operating , ROR (%) on PHS (%) Ratio (%) ROR (%) on PHS (%) Ratio (%) ,374, , , , Yr Total/Avg -3,398, Yr Avg BY-LINE LOSS RATIO Underwriting Results: Nationwide s underwriting performance continues Product Line Yr Avg be impacted by competitive market conditions, escalating loss costs, Priv Pass Au Liab significant weather-related losses and asbess and environmental (A&E) Au Physical reserve changes that caused its average five-year combined ratio lag the Homeowners composite. Underwriting performance has lagged each year since 2010 due Com l MultiPeril significant frequent and severe weather-related losses, particularly rnadoes, Comm l Au Liab concentrated hail events, and tropical srms such as Hurricane Irene and Oth Liab Occur Supersrm Sandy. Workers Comp The group s operating expenses reflect its decentralized operating structure Farmowners while loss and loss adjustment expenses are closely controlled. Core Allied Lines underwriting results were impacted by increased aumobile loss costs which, Inland Marine several times during this period, outpaced premium rate increases. However, All Other the group steadily increased aumobile rates and tightened underwriting Total guidelines, which tempered the loss experience. In addition, loss frequency and severity related its commercial property book of business increased DIRECT LOSS RATIO BY STATE during the past five years. This commercial business was subject rate Yr Avg increases, re-underwriting initiatives and refined risk segmentation. These North Carolina actions, as well as management s efforts focus on Nationwide s core Pennsylvania personal and main-street commercial lines of business had a positive influence Ohio on the group s underwriting results. Virginia However, the additional reserving of A&E claims continued impact the California group s underwriting results. These reserves are recorded on Nationwide Maryland Indemnity Company which allows management better monir this aspect West Virginia of the group s loss reserve development. Also, the majority of the group s Texas Florida hurricane exposure, while significantly reduced via recent years New York ongoing non-renewal initiatives, is confined Nationwide Insurance Delaware Company of Florida (NICOF). All Other Due its decentralized organizational structure, the group has been able focus on specific target markets and establish solid platforms for running its Total A.M. Best Company, Oldwick, NJ Printed June 22, Page 6 of 12

7 Investment Results: Nationwide s invested asset base generates a reliable stream of investment income that helped offset the tal underwriting losses reported in three of the past five years. Pre-tax investment yields and tal investment returns were impacted by the group s substantial holdings of fixed income securities and the level of affiliated investments and slightly lagged the composite average of the past five years. The group s investment portfolio primarily consists of high-quality bonds followed by affiliated investments and real estate and mortgages. Affiliated investments represent approximately 20% of invested assets, primarily due the group s ownership of Nationwide Financial Services, Inc. (NFS), the intermediate holding company of its life insurance subsidiaries. Investment income has been significant but variable since 2010 due financial market conditions coupled with the lower invested asset base following the funding of the NFS privatization, with a high point of $1.1 billion in INVESTMENT GAINS ($000) Company Net Realized Unrealized Inv Capital Capital Year Income Gains Gains ,964 15, , ,596-80, , ,794-20, , ,656 11,101 28, ,291,828-68, ,709 5-Yr Total 3,483, , ,147 Company Industry Composite Pre-tax Invest Inv Inc Inv Return on Total Inv Inc Inv Growth Yield Inv Assets Return Growth Yield Year (%) (%) (%) (%) (%) (%) Yr Avg BALANCE SHEET STRENGTH Capitalization: Nationwide Group s risk-adjusted capitalization, as evidenced by its Best s Capital Adequacy Ratio (BCAR) comfortably supports the current rating. This capital position reflects the equity embedded in Nationwide s unearned premium and loss reserves offset slightly by its moderate underwriting and investment leverage positions. Comprehensive reinsurance coverage and a surplus note program help maintain Nationwide s net, after-tax probable maximum loss (PML) expected arise from a 100-year hurricane event less than 10% of reported policyholders surplus. In prior years, the group s surplus was adversely impacted by realized and unrealized capital losses on both affiliated and unaffiliated equity holdings; however, improved operating performance and capital gains produced increases in surplus in three of the past five years. The 2010 surplus increase was driven primarily by operating income and capital investment gains, and slight declines were noted in 2011 and 2012 mainly due weather related losses. Surplus grew by over 4% in 2013 due improvement in operating performance, and over 3% in 2014 due mainly investment income and unrealized investment gains.. Nationwide Mutual currently has five surplus notes outstanding with an aggregate value of $2.2 billion, the proceeds of which were used fund new business growth and for other general business purposes. Nationwide Mutual may consider issuing additional notes and/or establish other contingent note programs in support of the group s ongoing insurance operations. Current BCAR: CAPITAL GENERATION ANALYSIS ($000) Source of Surplus Growth Pre-tax Realized Unrealized Operating Capital Income Capital Year Income Gains Taxes Gains ,512 15,186-17, , ,802-80, , , ,861-42, , ,757 11,101-8,976 28, ,792-68, , ,709 5-Yr Total 669, , , ,147 Source of Surplus Growth Net Change % Chg Contrib. Other in in Year Capital Changes PHS PHS ,056 1,188, , , , ,577 49, , , , , , , Yr Total -9, ,269 1,835, QUALITY OF SURPLUS ($000) Surplus Other Contributed Unassigned Year Notes Debt Capital Surplus ,200, ,743 9,022, ,200, ,198 8,647, ,142,621 9,201, ,164,869 9,627, ,190,559 9,947, A.M. Best Company, Oldwick, NJ Printed June 22, Page 7 of 12

8 Year-End Conditional Adjusted Year PHS Reserves PHS ,490,538 35,708 11,526, ,294,704 28,737 11,323, ,343,998 31,951 11,375, ,792,529 41,027 11,833, ,137,989 33,846 12,171,835 LEVERAGE ANALYSIS Company Industry Composite Res. Res. NPW PHS PHS Net Lev. Gross Lev. NPW PHS PHS Net Lev. Gross Lev CEDED REINSURANCE ANALYSIS ($000) Company Bus. Reins. Ceded Ret. Recov. Reins. (%) PHS (%) PHS (%) Industry Composite Bus. Reins. Ceded Ret. Recov. Reins. (%) PHS (%) PHS (%) Ceded Reins. Total ,621, ,470, ,411, ,388, ,316, REINSURANCE RECOVERABLES ($000) Paid & Unpaid Losses IBNR Unearned Premiums Other Recov* Total Reins Recov US Affiliates... 1,891,026 1,474,094 1,610,178 44,754 5,020,052 US Insurers ,538 29,693 11, ,138 Pools/Associations , ,250 67, ,229 Other Non-US... 21,736 24,077 3,159 48,972 Total (ex US Affils) , ,020 82, ,339 Grand Total... 2,587,810 1,643,114 1,692,719 44,748 5,968,391 * Includes Commissions less Funds Withheld Loss Reserves: Nationwide s hisrical loss and LAE reserve development was somewhat disrted due the inclusion of both ongoing and discontinued business. NIC s runoff A&E operations and NICOF s largely unfavorable loss maturation adversely affected the overall group s loss development; however, their impact has declined in recent years. Ongoing operations resulted in the reporting of some adverse development over the past three years. According A.M. Best s estimates, Nationwide Group ranks among the p five insurers in the nation with an approximate 2.2% hisrical market share in commercial lines that are exposed ongoing A&E claims emergence. Much of Nationwide s potential A&E liability exposure stems from policies assumed through various reinsurance agreements and from a former affiliate. On December 31, 1998, Nationwide Indemnity assumed loss and loss adjustment expense (LAE) reserves taling $2 billion as a result of two loss portfolio transfers. First, the company assumed from the Wausau Companies, liability for all losses and LAE related its discontinued operations taling nearly $1.4 billion, including A&E reserves of approximately $646 million. In addition, the company assumed from Nationwide Mutual Insurance Company liability for all losses and LAE related business Nationwide Mutual assumed from National Casualty Company, an affiliate, and certain other assumed contracts as defined in the reinsurance contract. The tal amount transferred, which is primarily reserves for A&E claims, was approximately $676 million. Assumption of these two portfolios established Nationwide Indemnity as the runoff entity for Nationwide s discontinued operations. Management continues closely monir its A&E loss development; however, in light of the ongoing litigation surrounding A&E claims, the potential for further adverse development remains. LOSS & ALAE RESERVE DEVELOP.: CALENDAR YEAR ($000) Orig. Loss Reserves Developed Reserves Thru 14 Develop. Orig. (%) Develop. PHS (%) Develop. NPE (%) Unpaid Unpaid Res. Develop. (%) Calendar Year ,831,975 8,806, ,394, ,454,258 8,742, ,758, ,235,445 8,957, ,510, ,295,231 9,162, ,713, ,325,981 9,409, ,768, ,893,844 9,893, ,893, LOSS & ALAE RESERVE DEVELOP.: ACCIDENT YEAR ($000) Accident Year Orig. Loss Reserves Developed Reserves Thru 14 Develop. Orig. (%) Unpaid Acc. Yr Loss Ratio Acc. Yr Comb. Ratio ,870,811 3,505, , ,580,500 3,399, , ,682,281 3,736, , ,753,358 3,743, ,203, ,741,841 3,815, ,055, ,125,070 4,125,070 4,125, ASBESTOS & ENVIRONMENTAL (A&E) RESERVE ANALYSIS Company Industry Composite Reserve Net Comb. Comb. Comb. Comb. Net A&E Retention IBNR Survival Ratio Ratio Survival Ratio Ratio Reserve Mix Ratio Impact Impact Ratio Impact Impact ($000) (%) (%) (3 yr) (1 yr) (3 yr) (3 yr) (1 yr) (3 yr) Year , XX 0.0 XX XX 0.1 XX , XX 0.0 XX XX 0.0 XX , , , A.M. Best Company, Oldwick, NJ Printed June 22, Page 8 of 12

9 Liquidity: All of Nationwide s measures of liquidity (the quick, current and overall ratios) lagged the composite average over the past five years. However, liquidity was enhanced by the positive operating cash flows reported in four of the last five years. The group s invested assets are predominantly held in the form of fixed-income securities that provide an adequate rate of return and with maturities that closely match the expected payout of losses and expenses. In addition, Nationwide Mutual could potentially issue surplus notes and/or establish contingent note programs, should the need arise. LIQUIDITY ANALYSIS Company Industry Composite Gross Gross Quick Current Overall Agents Bal. Quick Current Overall Agents Bal. Liq. (%) Liq. (%) Liq. (%) PHS (%) Liq. (%) Liq. (%) Liq. (%) PHS (%) CASH FLOW ANALYSIS ($000) Company Industry Composite Underw Oper Net Underw Oper Underw Oper Cash Cash Cash Cash Cash Cash Cash Year Flow Flow Flow Flow (%) Flow (%) Flow (%) Flow (%) , , , , , , ,957, , , , , , , ,047 9, Yr Total -3,731, , ,090 Investments: Nationwide s current holdings of other investments, real estate and common sck result in non-affiliated investment leverage that is comparable the composite. This includes non-traditional investment formats as indicated on Schedule BA. However, primarily due the group s ownership of Nationwide Financial Services, Inc. (NFS), the intermediate holding company of its life insurance subsidiaries, its hisrically elevated level of affiliated investment leverage remains at 45% of policyholders surplus. INVESTMENT LEVERAGE ANALYSIS (% OF PHS) Industry Company Composite Class 3-6 Bonds Real Estate/ Mtg. Other Invested Assets Common Scks Non-Affil. Inv. Lev. Affil. Inv. Class 3-6 Bonds Common Scks INVESTMENTS - SECURITIES Current Year Distribution of Bonds By Maturity Years Yrs-Avg Maturity Government Gov t Agencies & Muni Industrial & Misc Hybrid Securities Total Bonds (000) 11,459,137 11,085,768 8,327,756 9,201,635 10,754,847 US Government Foreign Government Foreign - All Other State/Special Revenue - US Industrial & Misc - US Credit Tenant Lns - US 1.5 Private Issues Public Issues Bond Quality (%) Class Class Class Class Class Class INVESTMENTS - EQUITIES Scks (000) 8,424,743 7,956,008 7,861,556 7,454,418 7,571,393 Unaffiliated Common Affiliated Common Unaffiliated Preferred Affiliated Preferred A.M. Best Company, Oldwick, NJ Printed June 22, Page 9 of 12

10 INVESTMENTS - MORTGAGE LOANS & REAL ESTATE Mortgage Loans & Real Estate (000) 1,315,903 1,093,989 1,162,844 1,137,733 1,180,739 Mortgage Loans Property Occupied by Co Property Held for Inc Property Held for Sale INVESTMENTS - OTHER INVESTED ASSETS Other Inv Assets (000) 4,192,979 4,078,612 3,958,978 3,777,275 3,275,284 Cash Short-Term Schedule BA Assets All Other Rommel, Amy T. Shore, Shelley B. Temple, Guruprasad C. Vasudeva, Andrew Walker, Terrance Williams; Vice President and Secretary, Robert W. Horner, III. Direcrs: Lewis J. Alphin, James B. Bachmann, Arthur I. Bell, Timothy J. Corcoran, Yvonne M. Curl, Kenneth D. Davis, Daniel T. Kelley, M. Diane Koken, Lydia M. Marshall, Terry W. McClure, Barry J. Nalebuff, Brent R. Porteus, Suku Radia, Stephen S. Rasmussen, Michael J. Toelle, Jeffrey W. Zellers. REGULATORY An examination of the financial condition was made as of December 31, 2011, by the insurance department of Ohio. The 2014 annual independent audit of the company was conducted by KPMG, LLP. The annual statement of actuarial opinion is provided by G. Chris Nyce, FCAS, KPMG, LLP. REINSURANCE HISTORY This company, incorporated on December 16, 1925, under the laws of Ohio, began business on April 14, 1926, under the sponsorship of The Ohio Farm Bureau Federation provide aumobile insurance for Farm Bureau members at cost. Operations were conducted under the title Farm Bureau Mutual Aumobile Insurance Company until September 1, On that date, the present corporate title was adopted. MANAGEMENT Officers: Chairman of the Board, Timothy J. Corcoran; Chief Executive Officer, Stephen S. Rasmussen; Presidents and Chief Operating Officers, W. Kim Austen, Mark A. Berven (Nationwide PC Operations), Mark A. Pizzi (Nationwide Direct & Member Solutions), Kirt A. Walker (Nationwide Financial); Executive Vice President and Chief Financial Officer, Mark R. Thresher; Executive Vice President and Chief Information Officer, Michael C. Keller; Executive Vice President and Chief Marketing Officer, Matthew Jauchius; Executive Vice President and Chief Administrative Officer, Gale V. King; Executive Vice President and Chief Legal Officer, Patricia R. Hatler; Senior Vice President and Chief Investment Officer, Harry H. Hallowell; Senior Vice President and Treasurer, David LaPaul; Senior Vice Presidents, J. Lynn Anderson, David G. Arango, Ann L. Arvia, David A. Bano, James D. Benson, David W. Berson, Pamela A. Biesecker, William J. Burke, Thomas E. Clark, Tammy Craig, Gary A. Douglas, Steven M. English, Scott E. Failor, Terry L. Forgy, Timothy G. Frommeyer, Mark A. Gaetano, Peter A. Gola, Susan J. Gueli, Melissa D. Gutierrez, Jennifer M. Hanley, Eric S. Henderson, Peter J. Hersha, Terri L. Hill, Gregory S. Jordan, Gregory S. Jordan, James Korcykoski, Michael D. Kozub, Craig E. Landi, Michael P. Leach, Michael A. Lex, Katherine M. Liebel, Karne Macke, Jennifer B. Mackenze, Michael W. Mahaffey, Michael D. Miller, Kai V. Monahan, Gregory S. Moran, Sandra L. Neely, James M. Pedersen, Sandra L. Rich, Michael R. Richardson, Jeff M. Nationwide Group maintains various reinsurance agreements with both affiliates and non-affiliates. Reinsurance agreements with non-affiliates are designed protect the group from potential losses in excess of what management concludes are reasonable retentions of risk. Nationwide s comprehensive reinsurance program provides excess coverage for individual property and casualty losses and for property catastrophe loss. The group also maintains various quota share agreements and purchases facultative reinsurance for its largest risks. Enterprise-wide per risk excess of loss reinsurance treaties provide liability (clash) coverage of $90 million excess a $10 million retention and property per risk coverage of $115 million excess a $10 million retention. Nationwide s national property catastrophe treaty provides coverage attaching at $1.0 billion and exhausting at $3.0 billion per occurrence. Included in this coverage are two multi-peril catastrophe bond with a combined $590 million of limit. Separate treaties attach at $500 million and provide an additional $350 million per occurrence protection each for northeastern states and for southeastern coastal states, excluding Florida. These three programs cover all Nationwide legal entities with the exception of the Scottsdale group of companies, which maintains separate per occurrence coverage attaching at $300 million exhausting at $400 million. Nationwide Insurance Company of Florida (NICOF), a wholly owned subsidiary of Nationwide Mutual that sells homeowners insurance in Florida, is reinsured through the Florida Hurricane Catastrophe Fund (FHCF) and through an internal treaty with Nationwide Mutual, which provide combined reinsurance protection of $79.3 million excess retention of $14.2 million. Florida catastrophe losses are also covered by the national property catastrophe treaty and the catastrophe bonds. Affiliated agreements include the participation in the Nationwide pooling agreement by seventeen affiliated companies, eleven 100% quota share reinsurance agreements between affiliates and the aforementioned property catastrophe agreement between NICOF and Nationwide Mutual A.M. Best Company, Oldwick, NJ Printed June 22, Page 10 of 12

11 BALANCE SHEET ADMITTED ASSETS ($000) 12/31/14 12/31/13 14% 13% Bonds... 11,459,137 11,085, Preferred sck... 3, Common sck , , Cash & short-term invest , , Real estate, investment... 35,588 45, Derivatives... 10,238 43, Other non-affil inv asset... 2,529,271 2,266, Investments in affiliates... 9,884,439 9,663, Real estate, offices , , Total invested assets... 25,392,762 24,214, Premium balances... 5,132,425 4,798, Accrued interest , , All other assets... 4,042,995 3,528, Total assets... 34,711,195 32,675, LIABILITIES & SURPLUS ($000) 12/31/14 12/31/13 14% 13% Loss & LAE reserves... 10,249,545 9,678, Unearned premiums... 6,027,752 5,706, Conditional reserve funds... 33,846 41, Derivatives... 84,734 82, All other liabilities... 6,177,330 5,375, Total liabilities... 22,573,206 20,883, Surplus notes... 2,190,559 2,164, Unassigned surplus... 9,947,430 9,627, Total policyholders surplus... 12,137,989 11,792, Total liabilities & surplus... 34,711,195 32,675, SUMMARY OF 2014 OPERATIONS ($000) Funds Provided from Statement of Income 12/31/14 Operations 12/31/14 Premiums earned... 14,641,281 Premiums collected... 14,687,771 Losses incurred... 8,952,190 Benefit & loss-related pmts 8,309,909 LAE incurred... 1,458,856 Undrw expenses incurred 4,950,589 LAE & undrw expenses paid 6,349,026 Div policyholders... 13,513 Div policyholders... 10,502 Net underwriting income -733,868 Undrw cash flow... 18,334 Net investment income... 1,291,828 Investment income ,366 Other income/expense ,832 Other income/expense ,313 Pre-tax cash operations Pre-tax oper income , ,013 Realized capital gains ,182 Income taxes incurred ,765 Income taxes pd (recov)... 35,966 Net income ,375 Net oper cash flow , A.M. Best Company, Oldwick, NJ Printed June 22, Page 11 of 12

12 Why is this Best s Rating Report important you? A Best s Rating Report from the A.M. Best Company showcases the opinion from the leading provider of insurer ratings of a company s financial strength and ability meet its obligations policyholders, as well as its relative credit risk. The A.M. Best Company is the oldest, most experienced rating agency in the world and has been reporting on the financial condition of the insurance companies since A Best s Financial Strength Rating is an independent opinion of an insurer s financial strength and ability meet its ongoing insurance policy and contract obligations. The Financial Strength Rating opinion addresses the relative ability of an insurer meet its ongoing insurance policy and contract obligations. The rating is not assigned specific insurance policies or contracts and does not address any other risk, including, but not limited, an insurer s claims-payment policies or procedures; the ability of the insurer dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. The rating is not a recommendation purchase, hold or terminate any insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. In arriving at a rating decision, A.M. Best relies on third-party audited financial data and/or other information provided it. While this information is believed be reliable, A.M. Best does not independently verify the accuracy or reliability of the information. The company information appearing in this pamphlet is an extract from the complete company report prepared by the A.M. Best Company or A.M. Best Europe Rating Services Limited. For the latest Best s Financial Strength Ratings along with their definitions and A.M. Best s Terms of Use, visit the A.M. Best website at You may also obtain AMB Credit Reports by visiting our site or calling our Cusmer Service department at , ext To expedite your request, please provide the company s identification number (AMB#) A.M. Best Company, Oldwick, NJ Printed June 22, Page 12 of 12

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