SOURCE: Ohio National Financial Services

Ohio National Financial Services

September 09, 2009 09:12 ET

Ohio National Celebrates 100 Years

CINCINNATI, OH--(Marketwire - September 9, 2009) - On the ninth day of the ninth month, in the ninth year of a new century, a life insurance company opened for business in Cincinnati.

On the same day 100 years later, in the midst of the greatest financial stress and economic uncertainty America has seen since the Great Depression, the company flourishes.

The managing principles established on the Sept. 9, 1909 founding of The Ohio National Life Insurance Company remain firmly in place for the company at its 100th anniversary: Invest conservatively. Grow organically rather than by acquisition. Manage for the long term. Keep the interests of policyholders first.

The company's theme -- "Life Changes. We'll Be There" -- is more than a marketing message. It's a promise to stay the course with consistent growth, solid financial strength, and a sense of obligation to customers and community.

A look at recent performance confirms the wisdom of Ohio National's founders and the commitment of those who manage the company today. Some noteworthy facts:

--  Financial strength ratings reaffirmed in 2009, and every year for
    nearly 20 consecutive years, by three major independent rating agencies:
    A.M. Best, Moody's, and Standard & Poor's.
--  Nineteen consecutive years of increases in individual life sales (1990
    through 2008), a record unparalleled in the industry.
--  Dividends paid on all participating whole life policies, for 85 years
    in a row.
--  A consistent record of strong financial results, competitive products,
    and conservative investment management that has served the company well
    during the recent turmoil in the overall economy and the investment
    markets.
    

"As we celebrate this milestone, we are committed to the tenets of security and protection for our policyholders. These have, and continue to be, the cornerstones of our business," said David B. O'Maley, chairman, president and chief executive officer of Ohio National. "No matter the time, or the economic climate, we believe that success starts by staying true to your core values and then keeping the focus on what you do best. That's always been how Ohio National has operated."

What the Experts Say About Ohio National

The independent rating agencies who regularly monitor insurance companies have assigned high ratings to Ohio National. All three ratings were reaffirmed in 2009 (S&P in February, A.M. Best in June, and Moody's in July), while a number of major insurance organizations have been downgraded in recent months. It is especially noteworthy that Ohio National's ratings from these major analysts have not changed since 1991.

-- A.M. Best: A+ (Superior), second-highest rating on a 16-part scale.

The company noted that the rating reflected "consistently favorable operating performance, solid competitive position built on diverse distribution channels, very strong capitalization, and strong life insurance underwriting discipline."

-- Moody's Investors Service: A1, fifth highest on a 21-part scale.

Moody's cited "prudent risk management measures ... low unit costs and efficient operations ... strong product development capability ...and solid asset/liability management" in awarding this rating.

-- Standard & Poor's Ratings Services: AA (Very Strong), third-highest on a 21-part scale.

For their rating, the S&P analysts saw "very strong capitalization ... consistently favorable operating performance, solid competitive position ... risk management culture characterized by conservatism regarding most significant risks and efficient execution of operating fundamentals."

"Consistency in performance and constancy in our service to policyholders -- those are the hallmarks of Ohio National," O'Maley said. "Those traits have carried us for our first century and put us in a great position for our second."

In addition to the ratings reaffirmations, Ohio National was recognized among the Top 50 Performing Insurance Companies in July 2009 by the Ward Group, which analyzes the financial performance of more than 800 life and health insurance companies every year. Each "Ward's 50" company must pass all safety and consistency screens and achieve superior performance over a five-year period to qualify for this elite group.

Investing In Community

Business success depends in part on a supportive community, and anniversaries are a time for gifts. Ohio National is recognizing that with a $780,000 donation to Cincinnati Habitat for Humanity, to fund the construction of 10 homes over the next five years, through 2013 -- one home for each decade of the company's history. It is the largest one-time gift ever made to Cincinnati Habitat for Humanity. Construction began on the first home in May and was completed last month, and the second home is currently under construction.

"Our partnership with Cincinnati Habitat for Humanity is a living representation of Ohio National's tagline, 'Life Changes. We'll be there,'" said O'Maley.

Tracing its corporate origins to 1909, Ohio National today markets a variety of insurance and financial products through more than 40,000 representatives in 47 states (all except Alaska, Hawaii and New York), the District of Columbia, Puerto Rico and through subsidiary operations in Santiago, Chile. As of December 31, 2008, its affiliated companies have $21.6 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Voted Cincinnati's "Best Place to Work" (large category) by the Business Courier (November 2003) and "25 Best Medium-Sized Companies to Work for in America" by the Great Place to Work Institute (June 2004), Ohio National has more than 850 corporate headquarters associates. Visit www.ohionational.com for more information.

All information according to reports published on www.moodys.com/insurance, www.standardandpoors.com and www.ambest.com

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.

Contact Information

  • Contact:
    Adrienne Gutbier, APR
    513.794.6254 office
    513.520.1612 mobile