Ohio National Financial Services recentlyannounced an unequalled industry record in increased life insurance sales. In addition to a very strong financial report for 2015, the company exceeded 2014 sales or met 2015 sales targets in all of its business categories.
“Ohio National experienced an outstanding year in 2015,” reported Gary T. “Doc” Huffman, chairman, president and chief executive officer, at a recent board of directors meeting. “We grew our foundational line of life insurance for the 26th consecutive year—a record in the industry. Moreover, our sales continue to outpace the industry.”
“The headwinds in today’s marketplace are considerable. Our industry faces changing regulations in addition to volatile equity markets and persistent low interest rates. Despite these challenges, Ohio National has continued to significantly grow our financial strength, our product lines and our distribution capabilities,” Huffman added. “We deliver long-term policyholder value today and for generations to come.”
“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. Our company was built for times like these. Our distributors and policyholders can rest assured in the decision they’ve made to do business with us.”
The company highlighted the following from its 2015 results:
• For the 26th consecutive year, Ohio National has grown its individual life insurance sales. This is a record that is unmatched in the industry. In total, a record-breaking $156.1 million of new annual premium was reported for individual life insurance, up 3.6 percent from 2014. Noteworthy were the sales of Ohio National’s whole life insurance products which grew by 20 percent compared to 2014, showing consumers’ continued interest in security and guarantees.
• In addition to growth in Ohio National’s core life insurance line, its other business lines met 2015 sales targets or exceeded 2014 sales. Disability income insurance new annual premium grew 19 percent over 2014 to $2.7 million. Variable annuities sales were $2.0 billion, on target with the 2015 sales target. Retirement plans growth was 1 percent ahead of 2014 at $142.3 million.
• Total GAAP revenue (excluding realized gains and losses) increased 7.1 percent to $1.9 billion.
• Equity capital (excluding mark-to-market) grew to $2.0 billion, an increase of 4.2 percent.
• Core earnings were $190.7 million, 9.0 percent ahead of the corporate goal established for the year. The planned decrease from 2014 represented strategic investments in business and corporate technology assets.
• For the 92nd consecutive year, Ohio National paid dividends to all participating whole life policies. A total of $68.1 million was paid or credited to participating policyholders.
• The O.N. Equity Sales Co., the company’s retail broker/dealer subsidiary, grew gross broker/dealer concessions to $49.6 million. This represents an 8.3 percent increase from 2014.
• A total of 105 new positions were added by Ohio National during 2015. Since the beginning of the Great Recession in 2008, the Cincinnati-based company has grown its number of associates to more than 1,300, approximately a 50 percent increase.
• New financial representatives were recruited in strong numbers. This includes a record number of new builder general agencies across the United States and more than 1,300 new producing general agents, significantly increasing the company’s distribution network across the country.
2015 Community Stewardship
Ohio National’s 13th and 14th Habitat for Humanity homes were constructed in Cincinnati during 2015. 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 $1.5 million during 2015 to nonprofit organizations in the Greater Cincinnati area.
Tracing its corporate origins to 1909, Ohio National markets a variety of insurance and financial products through more than 50,000 representatives in 49 states (all except 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 1,300 associates. Visit www.ohionational.com for more information.
