CINCINNATI, Jan. 09, 2018 (GLOBE NEWSWIRE) -- Ohio National Financial Services is pleased to announce that Standard & Poor’s (S&P) has reaffirmed its “A+” insurance financial strength rating for The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation.
The “A+” rating is S&P’s fifth-highest rating on a 21-part scale.
In its announcement, S&P said the rating reflects “a very strong competitive position supported by a long track record of year-over-year consecutive sales growth.”
The report also stated, “We consider Ohio National’s competitive position very strong and supportive of the rating. Its well-established profit-sharing plan with its life distribution has produced favorable mortality results and consistent year-over-year sales growth for many years. This plan is a clear strength to the competitive position. Its variable cost structure has allowed Ohio National to maintain lower expense ratios consistently, well below those of peers and fostered growth, which further strengthens our view of its competitive position.”
The announcement also noted that the stable outlook reflects S&P’s expectation that “Ohio National will maintain 'AA' capital adequacy and continue its consistent track record of life insurance sales growth while maintaining historically favorable lapse and mortality metrics.”
“Our overall financial strength, capital position and performance are all very strong and unchanged,” noted Gary T. “Doc” Huffman, CLU, ChFC, Ohio National chairman, president and chief executive officer. “Additionally, we continue to outperform the industry in year-over-year sales growth, including increases in our disability income insurance line and an unprecedented 27 consecutive years of individual life insurance sales growth since 1990. No one else in the industry has such an exceptional record of life sales performance.”
Ohio National’s Traditional channel life insurance sales are up 5 percent compared to the industry’s 2 percent* and its Career channel is up 23 percent through September 30, 2017.
“We are committed to providing the highest value to our clients, sales associates and distribution partners,” said Huffman. “They can continue to place the utmost confidence in Ohio National as we remain strategically focused on delivering long-term value to each of our customers.”
In August 2017, A.M. Best also reaffirmed Ohio National’s “A+ (Superior)” rating, which is the second-highest on a 16-part scale.
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. As of December 31, 2016, its affiliated companies have $41.8 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Ohio National is proud to be named a “Top Workplace” in Cincinnati for eight consecutive years by Enquirer Media (June 2010-2017) and has 1,295 associates. Please visit ohionational.com for more information and for the latest company updates, connect with Ohio National on LinkedIn, Facebook, Twitter and Instagram.
*Source: LIMRA 2017
Contact: Lisa Doxsee, APR
513.794.6418 office
513.218.5519 mobile
Angela Meehan
513.794.6337 office
513.444.0566 mobile