Shefi Ben-Hutta
Editor at Coverager
AuguStar Life

Ohio National To Exclusively Focus on Life & Disability Insurance

Ohio National has announced it will exclusively focus on growing its life and disability income insurance product lines going forward. The decision follows a comprehensive strategic review of Ohio National’s businesses, taking into account the continuously changing regulatory landscape, the sustained low interest rate environment, and the increasing cost of doing business, as well as growth opportunities and the company’s competitive strengths.

 

“As part of our strategic planning process, we have completed a comprehensive evaluation of our entire business to determine the best path forward to deliver the long-term growth and financial strength necessary to support our policyholders, customers, business partners, associates and the communities in which we operate. Based on this evaluation, we will be focusing Ohio National to build on our strengths in life and disability income insurance. We will also continue to grow our Latin American operations.” – Ohio National Chairman and CEO Gary T. Huffman, CLU, ChFC.

 

The rollout, implementation and execution of the company’s new focused growth strategy will be led by recently elected President and COO, Christopher Carlson.

 

Under the new plan, effective September 15, the company will no longer accept applications for annuities or new retirement plans, while continuing to service and support existing clients in both businesses. As a result of this decision, the company will reduce its workforce by approximately 300 positions.

 

“We strongly believe this strategy will provide us with greater long-term financial flexibility to invest in product, technology and services that provide value to our policyholders and customers,” – Carlson.

 

BottomL Line: Not everybody is a believer.

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