ADVERTISEMENT
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

AM Best affirms Ohio National’s ratings

September 30, 2021 GMT

Ratings reflect balance sheet strength and strong operating performance

AM Best views Ohio National’s risk-adjusted capitalization at the strongest level

AM Best affirms stable outlook

AM Best sites growth trends in the core life insurance and disability income product lines

CINCINNATI, Sept. 30, 2021 (GLOBE NEWSWIRE) -- Ohio National Financial Services, Inc. announced today that AM Best has affirmed its Financial Strength Rating of “A” (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of The Ohio National Life Insurance Company and its wholly owned subsidiary, Ohio National Life Assurance Corporation. The outlook of these ratings is stable.

The ‘A’ rating is AM Best’s third-highest rating out of 16 categories. According to AM Best, insurers rated with ‘a’ category have high credit quality and are subject to low credit default risk.

ADVERTISEMENT

In its release, AM Best categorized Ohio National’s balance sheet as “very strong” and stated “ratings reflect Ohio National Life Group’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The group’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is at the strongest level.”

The rating action also considers the company’s planned sponsored demutualization with Constellation Insurance Holdings, Inc. to provide growth opportunities and strengthen its capital position.

AM Best also noted that:

  • “[Ohio National] continues to display favorable premium growth trends in the core life insurance and disability income product lines.”
  • “[Ohio National’s] distribution channels also continue to diversify and expand.”

“We are pleased that AM Best highlights our strong capitalization and favorable premium growth trends in our primary product lines,” stated Barbara A. Turner, CRCP, Ohio National president and chief executive officer. “Further, AM Best recognizes continued diversification and expansion in our distribution channels. We believe our position will be further strengthened through the Constellation transaction we announced earlier this year.”

Following its strategic announcement earlier this year with Constellation, Ohio National’s ratings were unchanged by Moody’s, “A3,” and affirmed by Fitch “A-.“

Turner also said, “We continue to maintain our long-standing financial strength and our focus on serving our policyholders and fulfilling our mission ‘to help you achieve financial security and independence today – and for generations to come.’”

Additional information about the Constellation transaction can be found on AdvancingOhioNational.com.

About Ohio National

ADVERTISEMENT

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, 2020, its affiliated companies have $41.2 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Recognized as a Leader in Gender Equity by Queen City Certified. 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 office
513.218.5519 mobile
lisa_doxsee@ohionational.com

Angela Meehan, CLU, ChFC, RFC
513.794.6337 office
513.444.0566 mobile
angela_meehan@ohionational.com