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BULLETIN: Nationwide Financial Services Accelerates Amortization of DAC Oct 02
Standard & Poors, Oct 2002
Abstract
Standard & Poor's Ratings Services today commented on the announcement made by Nationwide Financial Services Inc. (A-/Stable/--) and its wholly owned life insurance subsidiaries (Nationwide Life Insurance Co., Nationwide Life & Annuity Insurance Co., Nationwide Life Insurance Co. of America, and Nationwide Life & Annuity Co. of America) that because of the sustained weakness in the equity markets, Nationwide intends to include in third-quarter operating earnings an acceleration in the amortization of deferred policy acquisition costs. The after-tax amount of the accelerated amortization is expected to be $225.6 million, which is $1.88 per share. This charge was fully taken in account when Standard & Poor's lowered the ratings on Nationwide on Oct. 16, 2002. Therefore no further rating action is...
Companies mentioned in this report are: Nationwide Financial Services Inc.,Nationwide Life Insurance Co.,Nationwide Life Insurance Co. of America,Nationwide Life & Annuity Co. of America,Nationwide Life & Annuity Insurance Co.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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