CINCINNATI, Feb. 11, 2022 (GLOBE NEWSWIRE) -- Ohio National Financial Services, Inc. announced today it finished 2021 with $1.5 billion in statutory total adjusted capital, an increase over the previous year. Benefits paid to policyholders totaled $1.5 billion, and the company paid or credited $90 million in dividends to eligible policyholders. Statutory core earnings at $168.2 million increased year over year.
Ohio National reported more than 349,000 life policies in force, representing over $176 billion in contracted death benefit protection. Recurring individual life insurance premium increased by 2.4%, resulting in a 10-year compound annual growth rate of 7.9%. Recurring disability income insurance premium went up by 10.6% for a 5-year compound annual growth rate of 8.2%.
New sales of the company’s indexed universal life (IUL) product grew by 87%, setting a new record.
“Our strong financials are the result of our strategic focus to grow capital and continue to position our company for the future. Our planned transaction with Constellation will further strengthen our company and provide additional flexibility and access to capital,” said Barbara Turner, president and CEO of Ohio National.
In March 2021, Ohio National announced it had entered into an agreement to be acquired by Constellation Insurance Holdings, Inc., a U.S.-based company backed by two of the world’s largest long-term institutional investors, Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan (OTPP). The transaction is expected to close early this year.
“We are excited about what the future holds as we continue to advance our mission and provide the protection and accumulation products our policyholders value and need,” added Turner.
Achieved $1.5 billion in statutory total adjusted capital (ONLIC), an increase over last year
Increased statutory core earnings to $168.2 million
Paid policy benefits totaling $1.5 billion and dividends to qualifying policyholders for the 98th consecutive year totaling $90 million
Increased individual life insurance recurring premium by 2.4%, resulting in a 10-year compound annual growth rate of 7.9%
Realized a 10.6% increase in recurring disability income insurance premium for a 5-year compound annual growth rate of 8.2%
Grew new indexed universal life (IUL) sales by 87%, setting a product record
Lowered premiums on term life insurance products to expand access to quality protection
Grew fixed index annuity (FIA) premium to $50.7 million
Closed year with $40.8 billion in assets under management
Added 965 financial professionals to Traditional distribution network and 10 brokerage relationships
Grew The O.N. Equity Sales Co. (ONESCO) gross broker-dealer concessions by 20.2% to $75.8 million and overall ONESCO assets under management to a record $14 billion
Deployed robotics, straight through processing and electronic policy delivery tools
Adopted fluidless underwriting for life and disability income policies
Increased life insurance sales in the Latin American market by 39%
2021 Community Impact
Ohio National continued its tradition of community involvement in 2021 through The Ohio National Foundation with $1.6 million in donations to more than 75 local nonprofits. These contributions bring the Foundation’s total giving to more than $29 million since its inception in 1987.
Major recipients included United Way of Greater Cincinnati, ArtsWave, American Heart Association and Habitat for Humanity of Greater Cincinnati. In addition, Ohio National associates worked more than 1,500 company-paid hours for organizations of their choice.