CINCINNATI, OH--(Marketwired - Feb 13, 2015) - Ohio National Financial Services today announced record capital growth, assets under management and sales, including an unequalled industry record in individual life insurance sales performance.
"Ohio National experienced an outstanding year in 2014," reported Gary T. "Doc" Huffman, chairman, president and chief executive officer, at today's board of directors meeting. "We grew our foundational line of life insurance for the 25th consecutive year -- a record in the industry. Moreover, our growth in sales continues to outpace the industry.
"Although the protracted low interest rate environment continues to present challenges for our entire industry, Ohio National has continued to significantly grow our financial strength, our product lines and distribution capabilities and deliver long-term policyholder value.
"Our balance sheet and capital position are excellent," Huffman noted. "Ohio National's mutual company heritage allows us to take a long-term strategic view and provides a foundation of strength that benefits our policyholders now, and for generations to come."
The company highlighted the following from its 2014 results:
2014 Rating Highlights
Independent industry analysts in the past year reaffirmed Ohio National's very strong financial security ratings. All ratings were also noted as "stable." These included:
2014 Company Recognition
Ohio National was recognized as the #1 Top Workplace in Cincinnati (Large Company) by Enquirer Media in 2014. This represents the third consecutive year for this honor and is the fourth of the last five years for this recognition. The Top Workplace acknowledgment was based on confidential surveys to all associates, including questions related to leadership, direction, environment, communications, trust, work/life flexibility, appreciation and benefits.
2014 Community Stewardship
Ohio National's 11th and 12th Habitat for Humanity homes were constructed in Cincinnati during 2014. The company's overall contribution to the local Habitat for Humanity group since 2009 exceeds $1.2 million. Additionally, The Ohio National Foundation donated more than $1.4 million during 2014 to nonprofit organizations in the Greater Cincinnati area.
|OHIO NATIONAL MUTUAL HOLDINGS, INC.|
|Ohio National Financial Services, Inc.|
|The Ohio National Life Insurance Company|
|Ohio National Life Assurance Corporation|
|Summary Results: Through Dec. 2014|
|Total Assets Under Management (billions)||$41.4||$38.8||6.6%|
|Core Earnings (millions)||$197.4||$205.7||(4.0)%|
|Total Equity (billions) |
|Total Life Insurance New Premium (millions)||$150.7||$135.4||11.3%|
|Total Equity (billions)
|Statutory Surplus (billions)||$1.1||$1.0||9.6%|
The financial data presented above is derived from results on the basis of Generally Accepted Accounting Principles (GAAP), except life insurance new premium and statutory surplus. All financial information in this news release is considered unaudited because the final audit process is not yet complete.
*Including mark to market shows the effect of our bonds designated as available for sale at fair value.
Tracing its corporate origins to 1909, Ohio National markets a variety of insurance and financial products through more than 50,000 representatives in 47 states (all except Alaska, Hawaii and New York), the District of Columbia, Puerto Rico and through affiliated operations in South America. Additional subsidiaries operate in New York and Connecticut. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Ohio National has more than 1,200 associates. Visit www.ohionational.com for more information.
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 2/13/15. For the most current ratings, see www.ohionational.com.
Dividend scales are subject to change at the discretion of the Board of Directors.
Adrienne Gutbier, APR