Fitch affirms stable outlook, reflecting Ohio National’s strong risk-adjusted capitalization
Fitch views Ohio National as well positioned in its primary markets
CINCINNATI, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Ohio National Financial Services announced today that Fitch Ratings has affirmed ratings for the financial strength of The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation at ‘A-‘ with stable outlook.
The ‘A-’ rating is Fitch’s seventh-highest rating on a 21-part scale. According to Fitch, insurers rated with ‘a’ category have high credit quality and are subject to low credit default risk.
In its statement, Fitch acknowledges the affirmation of the rating reflects in part the company’s strong risk-adjusted capitalization, moderate business profile, muted but stable financial performance and conservative investment portfolio. The rating also considers the company's recently completed demutualization and acquisition by Constellation Insurance, LP (Constellation).
In its release, Fitch notes the following:
- Ohio National’s risk-adjusted capitalization as strong: “Based on YE 2021 data, [Ohio National] is expected to score in the 'Very Strong' category of Fitch's Prism capital model.”
- “Over the near term, Fitch expects that the company’s capital position will improve following the reinsurance of [Ohio National’s] whole life business to Hannover Re and the injection of $500 million of capital from Constellation beginning in 2023.”
- “Fitch ranks [Ohio National’s] business profile in the moderate category and in line with that of the broader U.S. life insurance industry.”
“We are pleased in today’s action by Fitch to affirm our ratings,” stated Barbara A. Turner, CRCP, Ohio National president and chief executive officer. “Fitch acknowledges our strong capitalization and business profile and recognizes the anticipated long-term positive impact from the Constellation transaction we completed in March 2022.”
Turner also said, “We remain focused on our long-term financial strength and executing our strategy to grow our business, support our policyholders and deliver on our mission.”
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, 2021, 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. The O.N. Equity Sales Company (“ONESCO”) is a full-service broker dealer and Ohio National Financial Services affiliate. Ohio National is 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.
Contact: Lisa Doxsee, APR
513.794.6418 (o)
513.218.5519 (m)
Lisa_doxsee@ohionational.com
