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CINCINNATI, Feb. 08, 2019 (GLOBE NEWSWIRE) -- Ohio National Financial Services today announced a 6 percent increase in 2018 core earnings and released positive 2018 financial results as it closes out a five-year strategy. The company also grew total revenue (excluding realized gains and losses) by 9 percent and increased sales in core product lines.
“As a mutual company, no matter the economic and external environment, we remain strategically focused on serving our policyholders first. We're embarking on a more focused strategy building on our historic strengths of life and disability income (DI) insurance where we can deliver the greatest long-term value. We are also growing our Latin American operations, taking advantage of opportunities in these underpenetrated life insurance markets," reported Gary T. “Doc” Huffman, chairman and chief executive officer, at today’s Board of Directors meeting. “I'm particularly proud of the way our team identified opportunities and successfully transitioned to a new strategy all while maintaining our long-standing financial strength.”
“We continue to expand our network of financial professionals by fostering valued relationships and offering the products and features that meet the changing needs of our customers,” said Barbara A. Turner, CRCP, president and chief operating officer, elected November 2018.
Ohio National finished the year with growth in its core network of financial professionals while also reaching record sales in DI insurance products; exceeding first full-year sales goals by more than 30 percent of its new indexed universal life (IUL) product; and paying dividends to eligible policyholders for the 95th consecutive year. Our Latin America business continues to see year-over-year sales growth and we entered into the Peruvian individual life insurance market as the only U.S. company with a presence there.
“With a 110-year history providing life insurance products and one of the leading DI product portfolios in the industry, we remain committed to our Mission: to make a difference in your life by helping you achieve financial security and independence today – and for generations to come,” Turner continued. “Our financial results remain strong and we have put a talented team and a strategy in place to continue to provide the quality products and service our customers need.”
The company highlighted the following from its 2018 results:
In 2018, Ohio National announced its strategic plan to exclusively focus on life and DI insurance businesses to drive long-term growth. The company no longer issues annuities or offers new retirement plans, however, it continues to service and support these policyholders. The annuity portfolio remains an important business for the company, accounting for $23 billion in assets under management.
2018 Community impact
In 2018, Ohio National announced its continued funding of Habitat for Humanity of Greater Cincinnati for a total donation of $520,000 through 2021 and completed the building of its 20th home. Additionally, The Ohio National Foundation donated more than $1.8 million to more than 100 nonprofit organizations in the Greater Cincinnati area, including the United Way of Greater Cincinnati, ArtsWave, American Heart Association of Greater Cincinnati, Cincinnati Children’s and many others.
Ohio National earned high marks for financial security and claims-paying ability from independent rating analysts:
OHIO NATIONAL MUTUAL HOLDINGS, INC.
Ohio National Financial Services, Inc.
The Ohio National Life Insurance Company
Ohio National Life Assurance Corporation
Summary Results as of December 31, 2018
Core Earnings (millions)
Total Revenue (billions)
(excluding realized gains and losses)
Total GAAP Equity** (billions)
Total GAAP Equity (billions)
Total Assets Under Management (billions)
Total Life Insurance New Premium *** (millions)
Disability Income Insurance New Premium
International Life Sales (millions)
About Ohio National
Since 1909, Ohio National has been committed to helping individuals, families and businesses protect what matters most. Through our network of financial professionals across 49 states (all except New York), the District of Columbia and Puerto Rico and through affiliated operations in South America, we provide the insurance products that help our policyholders achieve financial security and independence. As of December 31, 2018, its affiliated companies have $39.3 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Please visit ohionational.com for more information and for the latest company updates, connect with Ohio National on LinkedIn, Facebook, Twitter and Instagram.
*Ohio National's traditional sales channel includes both personal producing general agents and career agency organizations.
** Total equity remains at its highest levels in company history since reporting on a GAAP basis in 1997.
*** Total life insurance new premium includes international life sales.
The financial data presented above is derived from results on the basis of Generally Accepted Accounting Principles (GAAP), except life insurance new premium, disability income insurance premium and international life sales. All financial information in this news release is considered unaudited because the final audit process is not yet complete.
Ohio National has received high marks for financial strength and claims paying ability from major rating agencies; however, such ratings do not refer to the performance of our variable accounts nor imply approval of our variable contracts or their portfolios. All ratings information is according to reports published on: www.standardandpoors.com, www.ambest.com/ratings and www.moodys.com/insurance. Ratings are accurate as of 12/31/18. For the most current ratings, see www.ohionational.com. Dividend scales are subject to change at the discretion of the Board of Directors.
Contact: Lisa Doxsee, APR
Susan McDonald, ALMI