Western & Southern announces record 2023 financial results

CINCINNATI – March 12, 2024 – Western & Southern Financial Group’s 2023 financial results showcase several records and growth in strategic areas. The company generated $753.8 million of net income on a record $7.2 billion of revenue, up from $6.2 billion in 2022. Operating gain came in at $651.3 million, surpassing the previous record ($535.2 million in 2021) by more than 20%.

Life and health premiums and annuity sales totaled a record $10.9 billion, topping the previous high ($10.4 billion) set in 2022. This was largely driven by annuity sales, which remained an area of strength and growth.

Western & Southern’s balance sheet also ended 2023 at an all-time high, as the company’s owned assets reached $75.1 billion and managed assets grew to $37.1 billion, totaling $112.2 billion of assets owned and managed – another all-time high. With capital of $10.9 billion, the company’s capital-to-asset ratio – a key indicator of financial strength – rose to a year-end 14.6%, which continues to far exceed the average of the 15 largest publicly traded life insurance companies doing business in the U.S.

“Western & Southern ended 2023 on the strongest financial footing in its 135-year history,” said John F. Barrett, chairman, president and chief executive officer of Western & Southern Financial Group. “Our company continues to reach new heights as a business, a steady advance reflecting our incredible culture and commitment to serving customers.”

Western & Southern’s fiscal performance was accompanied by success in other areas as well. “We’re proud of all that we achieved in 2023, and that our impact on Greater Cincinnati continues to expand,” said Barrett.

Below is a list of notable accomplishments and news involving Western & Southern in 2023.

• Western & Southern rose to No. 314 in the Fortune 500, up 58 spots from 2022. It was the company’s sixth straight year of advancement on the list.
• According to a 2023 study from the Alpaugh Family Economics Center at the University of Cincinnati, Western & Southern generated $27.4 billion of economic impact in Greater Cincinnati between 2008 and 2022.
• An independent study conducted by the Harvard Business School, Schultz Family Foundation and Burning Glass Institute found that Western & Southern was among the top Fortune 500 companies for career growth. It ranked No. 29 of the 396 companies evaluated and was the top-rated company in Greater Cincinnati.² No other Cincinnati-based company was in the top 100.
• Leaders from Western & Southern worked alongside local stakeholders to help keep the region’s longtime professional tennis tournament in Greater Cincinnati for the next 25 years. The event, which was first played in Cincinnati in 1899, is the nation’s oldest tennis tournament still played in its original city.
• Western & Southern helped raise a record $1.5 million for cancer research as part of Ride Cincinnati, and it presented a record check of $126,414 to The Salvation Army as part of its annual Crib of the Nativity donation.³
• Chairman, President and Chief Executive Officer John F. Barrett was named a 2024 Great Living Cincinnatian by the Cincinnati USA Regional Chamber.
• Western & Southern announced a partnership with the Cincinnati Bengals of the National Football League.
• Western & Southern led the transformation of downtown Cincinnati’s historic Lytle Park, which is expected to fully open to the public in spring 2024.