$1.5 billion in benefits paid to policyholders in 2023
$90 million in dividends paid or credited to qualifying policyholders
CINCINNATI, Feb. 11, 2023 (GLOBE NEWSWIRE) — Ohio National Financial Services, Inc. announced today it finished 2023 with $1.5 billion in statutory total adjusted capital (ONLIC1), an increase over the previous year. Benefits paid to policyholders totaled $1.5 billion,2 and the company paid or credited $90 million in dividends to eligible policyholders.3 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 2023, 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.
2023 Highlights
- 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%
2023 Community impact
Ohio National continued its tradition of community involvement in 2023 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.
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, 2023, its affiliated companies have $40.8 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Recognized as a Leader in Workplace Equity by Ellequate. Please explore ohionational.com for more information and for the latest company updates, connect with Ohio National on LinkedIn, Facebook and YouTube.
1The Ohio National Life Insurance Company
2Benefits paid in 2021 to policyholders and beneficiaries include cash payments for life insurance benefits, systematic withdrawal transactions on deferred annuity contracts, monthly disability income benefits, retirement plan benefits and annuity lump sum death claims and disbursements.
3Dividends are not guaranteed.
The financial data presented above is derived from results on the basis of Generally Accepted Accounting Principles (GAAP), except benefits paid, recurring life insurance premium, disability income insurance premium, statutory total adjusted capital, statutory core earnings and assets under management. All financial information in this news release is considered unaudited because the final audit process is not yet complete.
Insurance products issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Issuers not licensed to conduct business in NY.
Contact: John Diether
513.794.6073
[email protected]
Lisa Doxsee, APR
513.794.6418
[email protected]
