CINCINNATI, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Ohio National Financial Services, Inc. today announced a 5.9% increase in statutory total adjusted capital and an 8.4% increase in GAAP equity (including accumulated other comprehensive income, or AOCI) reaching $1.2 billion and $2.8 billion, respectively, while assets under management grew by 1.8%, on an enterprise basis.

During this unprecedented and challenging year, marked by a global pandemic, economic downturn, market volatility and continued low interest rates, Ohio National continued to serve policyholders by paying more than $1.4 billion in benefits¹ and continuing to pay dividends to eligible policyholders for the 97^th consecutive year².

“This was a year like no other we’ve experienced. Through it we remained laser focused on our Mission and serving our policyholders, our associates, field partners and our communities,” says Barbara A. Turner, CRCP, president and chief executive officer, at the recent board of directors meeting. “Our team quickly and safely transitioned to a work-from-home environment, while maintaining the service and support our customers desire. Our enhanced capital position reinforces our claims-paying ability in high stress scenarios. We continued our focus to deliver a very competitive life and disability income (DI) insurance product lineup and launched a fixed indexed annuity (FIA) to meet the needs of our target markets.”

“In uncertain times, the greatest benefit we can provide is helping individuals achieve financial security, especially when life and income seem fragile,” continued Turner. “Our product portfolio is as strong as ever with a new FIA product and new riders to enhance our whole life products. Our DI product continues to hit record sales.” At year-end, the company had more than 362,000 life insurance policies in force representing more than $180 billion in death benefit protection.

Core to Ohio National's Mission is providing quality protection products and services to more individuals and business owners to meet their needs. “In 2020, the company added nearly 1,500 new financial professionals to its network in a year that provided extreme limitations on travel,” said Turner. “We begin 2021 remaining a strong and well-capitalized company as we continue to execute our strategy and profitably grow our core businesses.”

The company’s Latin American operations continue to serve the growing needs for protection products in these emerging markets. Our value proposition is attracting new independent intermediaries (financial professionals) in Peru and Chile and, through its joint venture, Centauro-ON, the builder agency model is gaining traction in Brazil.

The company highlighted the following from its 2020 results:

• Reached a record $1.2 billion in statutory total adjusted capital (ONLIC), up by $66.6 million.
• Grew GAAP equity (including AOCI) 8.4% to $2.8 billion.
• Rolled out the Protector Plus and Level-premium Paid-up Additions (PUA) riders to its whole life portfolio.
• Achieved another record year of DI sales, surpassing 2019 by 1.7%.
• Launched the ONdex fixed indexed annuity, which finished at $27.8 million in new sales, exceeding expectations.
• Despite lower year-over-year life insurance sales in this environment, recurring individual life insurance premium grew by 3.7%. The 10-year compound annual growth rate was 8.7%.
• Paid or credited more than $100 million in dividends to participating whole life policyholders.
• Added nearly 1,500 financial professionals to the Traditional* distribution channel.
• Ranked #9 with Million Dollar Round Table for U.S. companies.
• Grew The O.N. Equity Sales Co. (ONESCO) gross broker-dealer concessions to $63.0 million, up 2.6% over 2019, and overall ONESCO assets under management reached an all-time high at $12.7 billion. 
• Latin American operations continued to grow its builder agency model with its Brazilian joint venture.
• Recognized as a Leader in Gender Equity by Queen City Certified, the first data-informed and cohort-based leadership program for gender equity in the United States.

*Ohio National's Traditional sales channel includes both personal producing general agents and career agency organizations.

2020 Community impact
More than 75 charitable organizations throughout the Greater Cincinnati community benefited from the volunteer and financial support of Ohio National and its associates in 2020. The Ohio National Foundation donated $1.6 million to local and regional organizations including United Way, Habitat for Humanity of Greater Cincinnati, University of Cincinnati and the Cancer Center of Excellence, Cincinnati Children’s Hospital Medical Center, Freestore Foodbank and by matching associate and field partner gifts to accredited colleges and universities throughout the country. This year, the Foundation also gave support to COVID relief funds throughout the area. In 2020, Ohio National completed the construction of its 23^rd home for Habitat for Humanity, which is part of a long-standing total commitment of $1.8 million through 2021. Ohio National’s corporate United Way campaign ranked 8^th in the city by raising more than $810,000 by the company and its associates. Ohio National associates continued to volunteer in the community despite the pandemic.

Equity and inclusion
Ohio National is committed to equity and inclusion. In 2020, Ohio National was recognized as a Leader in Gender Equity by Queen City Certified, the first data-informed and cohort-based leadership program for gender equity in the United States. Ohio National has committed to increasing awareness and embracing diversity, equity and inclusion in our culture, benefits, policies and hiring practices. Additionally, Ohio National’s corporate sponsorships and associate engagement opportunities also highlight the company’s dedication to advancing equity and inclusion for all.

OHIO NATIONAL MUTUAL HOLDINGS, INC.
Affiliated companies:
Ohio National Financial Services, Inc.
The Ohio National Life Insurance Company (ONLIC)
Ohio National Life Assurance Corporation (ONLAC)
(Consolidated)
Summary Results as of December 31, 2020

*Accumulated other comprehensive income

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, 2020, its affiliated companies have $41.2 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 Gender Equity by Queen City Certified. Please visit ohionational.com for more information and for the latest company updates, connect with Ohio National on LinkedIn, Facebook and YouTube.

¹Benefits paid in 2020 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.

²Dividends 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 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. Disability income insurance is not available in California.

Contact: Lisa Doxsee, APR
513.794.6418 office
513.218.5519 mobile

Angela Meehan, CLU®, ChFC®, RFC
513.794.6337 office
513.444.0566 mobile