Ohio National Announces Increased Earnings

Ohio National Financial Services has announced a 6% increase in 2018 core earnings and released positive 2018 financial results as it closes out a five-year strategy. The company also grew total revenue (excluding realized gains and losses) by 9% and increased sales in core product lines.

“As a mutual company, no matter the economic and external environment, we remain strategically focused on serving our policyholders first. We’re embarking on a more focused strategy building on our historic strengths of life and disability income (DI) insurance where we can deliver the greatest long-term value. We are also growing our Latin American operations, taking advantage of opportunities in these under-penetrated life insurance markets. I’m particularly proud of the way our team identified opportunities and successfully transitioned to a new strategy all while maintaining our long-standing financial strength.” – Gary T. “Doc” Huffman, chairman and chief executive officer.

Ohio National finished the year with growth in its core network of financial professionals while also reaching record sales in DI insurance products; exceeding first full-year sales goals by more than 30% of its new indexed universal life (IUL) product; and paying dividends to eligible policyholders for the 95th consecutive year. Our Latin America business continues to see year-over-year sales growth and we entered into the Peruvian individual life insurance market as the only U.S. company with a presence there.

“With a 110-year history providing life insurance products and one of the leading DI product portfolios in the industry, we remain committed to our Mission: to make a difference in your life by helping you achieve financial security and independence today – and for generations to come. Our financial results remain strong and we have put a talented team and a strategy in place to continue to provide the quality products and service our customers need.” – Barbara A. Turner, CRCP, president and chief operating officer.


The company highlighted the following from its 2018 results:

  • Core earnings increased 6% to $192.7 million.
  • Total GAAP revenue (excluding realized gains and losses) increased 9% to $2.4 billion.
  • GAAP equity (excluding mark-to-market) grew to $2.4 billion, an increase of 3%. Equity (including mark-to-market) was down slightly to $2.5 billion.
  • First full-year sales goals for the IUL product were exceeded by more than 30 percent.
  • DI insurance sales increased 6 percent over 2017 and more than tripled over a five-year period.
  • Ohio National’s Latin America life sales were strong at $37.3 million, an increase over last year.
  • 2018 was a solid year for growing the traditional distribution* footprint with the addition of 1,477 new agents in our PGA and career organizations. The career channel finished the year with record sales and career agencies.
  • Recurring individual life insurance premium grew by 9.7 percent. The five-year compound annual growth rate was 10.3 percent.
  • Ohio National paid dividends to participating whole life policyholders. A total of $100.6 million was paid or credited to participating policyholders. This is the highest level in the 95 consecutive-year history of paying dividends.
  • The O.N. Equity Sales Co., the company’s retail broker/dealer subsidiary, saw gross broker/dealer concessions at $54.7 million, up 14 percent over 2017.


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

In 2018, Ohio National announced its strategic plan to exclusively focus on life and DI insurance businesses to drive long-term growth. The company no longer issues annuities or offers new retirement plans, however, it continues to service and support these policyholders. The annuity portfolio remains an important business for the company, accounting for $23 billion in assets under management.


2018 Community impact 

In 2018, Ohio National announced its continued funding of Habitat for Humanity of Greater Cincinnati for a total donation of $520,000 through 2021 and completed the building of its 20th home. Additionally, The Ohio National Foundation donated more than $1.8 million to more than 100 nonprofit organizations in the Greater Cincinnati area, including the United Way of Greater Cincinnati, ArtsWave, American Heart Association of Greater Cincinnati, Cincinnati Children’s and many others.