Ohio National finishes 2021 with strong financial position and increased total adjusted capital – QNT Press Release

[ad_1]

$1.5 billion in benefits paid to policyholders in 2021

$90 million in dividends paid or credited to qualifying policyholders

CINCINNATI, Feb. 11, 2022 (GLOBE NEWSWIRE) — Ohio National Financial Services, Inc. announced today it finished 2021 with $1.5 billion in statutory total adjusted capital (ONLIC1), an increase over the previous year. Benefits paid to policyholders totaled $1.5 billion,2 and the company paid or credited $90 million in dividends to eligible policyholders.3 Statutory core earnings at $168.2 million increased year over year.

Ohio National reported more than 349,000 life policies in force, representing over $176 billion in contracted death benefit. Recurring individual life insurance premium increased by 2.4%, resulting in a 10-year compound annual growth rate of 7.9%. Recurring disability income insurance premium went up by 10.6% for a 5-year compound annual growth rate of 8.2%.

New sales of the company’s indexed universal life (IUL) product grew by 87%, setting a new record.

“Our strong financials are the result of our strategic focus to grow capital and continue to position our company for the future. Our planned transaction with Constellation will further strengthen our company and provide additional flexibility and access to capital,” said Barbara Turner, president and CEO of Ohio National.

In March 2021, Ohio National announced it had entered into an agreement to be acquired by Constellation Insurance Holdings, Inc., a US-based company backed by two of the world’s largest long-term institutional investors, Caisse de dépôt et placement du Québec ( CDPQ) and Ontario Teachers’ Pension Plan (OTPP). The transaction …

Full story available on Benzinga.com

[ad_2]

Source link

Recommended For You

About the Author: News Center