Best affirms “A” rating and stable outlook, reflecting Ohio National’s balance sheet strength, operating performance, business profile and enterprise risk management
CINCINNATI, Oct. 06, 2022 (GLOBE NEWSWIRE) — Ohio National Financial Services announced today that AM Best has affirmed its ratings for the financial strength of The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation at ‘A‘ (Excellent) with stable outlook.
The ‘A’ rating is AM Best’s third-highest ranking out of 16 categories. According to AM Best, insurers rated ‘A’ have “an excellent ability to meet their ongoing insurance obligations.”
AM Best noted Ohio National’s balance sheet strength, strong operating performance, neutral business profile and appropriate enterprise risk management in its rating of the company and subsidiaries.
In its release, AM Best notes the following:
- “The balance sheet strength is assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR) and is supportive of the stable outlooks.”
- Best expects the recent completed demutualization and acquisition by Constellation “to provide ONLIC with more financial flexibility.”
- “Constellation has committed an additional $500 million in capital support over the next four years to support Ohio National Life Group’s current life and annuity liabilities and the maintenance of its strongest level of risk-adjusted capitalization.”
“We are pleased with today’s action by AM Best to affirm our ratings,” stated Barbara A. Turner, CRCP, Ohio National president and chief executive officer. “This affirmation acknowledges our continued strategic execution through operating performance and business profile and recognizes the anticipated long-term positive impact from the Constellation transaction we completed in March 2022.”
Turner also said, “We continue to execute our strategy to grow our business and remain committed to our mission and long-term financial strength in support of our policyholders.”
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