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Ohio National announces increased earnings and strong 2017 financials


2017 Community Impact Ohio National’s 17 th and 18 th homes were constructed for Habitat for Humanity in Cincinnati in 2017. Ohio National also pledged $520,000 to build an additional eight homes, bringing the company’s overall commitment to the local ...


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Posted by: Nasdaq NewsFeed in Top News 3 days ago CINCINNATI, Feb09, 2018 (GLOBE NEWSWIRE) — Ohio National Financial Services today announced a 2.7 percent increase in 2017 core earnings and released positive 2017 financial resultsMaintaining its highest levels of GAAP equity (including and excluding mark-to-market) and assets under management, Ohio National finished the year with growth in distribution channels, product offerings and sales. “Ohio National experienced another positive financial year in 2017,” reported Gary T“Doc” Huffman, chairman, president and chief executive officer, at today’s board of directors meeting“We continue to face significant headwinds from low interest rates and changing regulationsIn spite of the challenging external environment, we’ve remained focused on our mission to help our customers achieve financial security and independence today, and for generations to comeWe do this by taking a long-term perspective, building trusted relationships with our network of financial professionals and offering the products and features that meet the changing needs of our customers.” “As a mutual company, we serve our policyholdersOur financial results continue to reflect our long-standing strength and stabilityOur balance sheet and capital position remain strong,” Huffman noted“I’m particularly proud that we maintained our statutory surplus while continuing to invest in our company’s growthOur team works hard every day to provide the highest quality products with the benefits and protection our customers need.” The company highlighted the following from its 2017 results: Enterprise life insurance sales remained strong, with traditional sales channel* growth of 2.6 percent to $139.1 millionWhole life insurance sales reached a record level at $110 millionThe indexed universal life product launched in October built momentum with better than expected 2017 sales. Disability income insurance line broke sales record, more than doubling 2016 salesDriven by the competitive ContinuON II product, DI sales grew 118.6 percent to $6.0 million and multi-life sales exceeded plan at $1.2 million  New fixed indexed annuity sales exceeded goal by 9.4 percentTotal annuity sales were $1.3 billion, down from 2016 and reflecting a decline in variable annuity sales across the industrySales of the ONdex fixed indexed annuity (launched September 2016) exceeded expectations in its first full year in the marketplace. *Ohio National’s traditional sales channel includes both personal producing general agents and career agency organizations. Fourth quarter retirement plans sales reached highest level for the yearDriven by strong equity market appreciation, separate account assets in the retirement plans business grew 13 percent. Ohio National’s Latin America life business exceeded goal with $36.9 million (U.Sdollars), 19.7 percent ahead of 2016. Our network of financial professionals grew in strong numbers, significantly increasing the company’s distribution footprint across the countryThe career agency distribution channel achieved records for sales, number of agencies and number of career agentsIn addition, more than 1,200 new personal producing general agents contracted with the company. Total GAAP revenue (excluding realized gains and losses) increased 10.4 percent to $2.2 billion. GAAP equity grew at record levelsEquity (excluding mark-to-market) grew to $2.3 billion, an increase of 0.1 percentEquity (including mark-to-market) grew to $2.6 billion, a 2.3 percent increase. Core earnings increased 2.7 percent to $181.5 millionThe increase relates to higher than planned fee-related income, offset by higher than planned claims and mortality and less than planned investment income and margins For the 94th consecutive year, Ohio National paid dividends to participating whole life policyholdersA total of $92.0 million was paid or credited to participating policyholders The O.NEquity Sales Co., the company’s retail broker/dealer subsidiary, saw gross broker/dealer concessions at $51.9 million, up 26.2 percent over 2016. 2017 Rating HighlightsOhio National maintained high marks for financial security and claims-paying ability from independent rating analysts: A.MBest: “A+ (Superior),” its second-highest rating of 16 categories, based on the company’s balance sheet strength, operating performance and business profile Moody’s: “A1,” its fifth-highest financial strength rating on a 21-part scale, based on the ability to pay policyholder benefits and repay debt obligations.  Standard & Poor’s: “A+,” its fifth-highest ranking on a 21-part scale, noting both very strong capital and earnings and a very strong competitive position. 2017 Company RecognitionOhio National was recognized as a Top Workplace in Cincinnati by Enquirer Media for the eighth year in a rowThe Top Workplace honor was based on confidential associate surveys related to leadership, direction, environment, communications, trust, work/life flexibility, appreciation and benefits 2017 Community ImpactOhio National’s 17th and 18th homes were constructed for Habitat for Humanity in Cincinnati in 2017Ohio National also pledged $520,000 to build an additional eight homes, bringing the company’s overall commitment to the local Habitat for Humanity group to $1.8 million since 2009Additionally, The Ohio National Foundation donated more than $2 million during 2017 to nonprofit organizations in the Greater Cincinnati areaAs part of a community service day benefit, 740 associates logged more than 4,900 volunteer hours in service to local organizations. OHIO NATIONAL MUTUAL HOLDINGS, INC.Affiliated companies:Ohio National Financial Services, Inc.The Ohio National Life Insurance CompanyOhio National Life Assurance Corporation(Consolidated)Summary Results as of December 31, 2017     12/17 12/16 % change Total GAAP Equity* (billions)(excluding mark-to-market) $ 2.3 $ 2.3 0.1 % Total GAAP Equity* (billions)(including mark-to-market) $ 2.6 $ 2.5 2.3 % Total Revenue (billions)(excluding realized gains and losses) $ 2.2 $ 2.0 10.4 % Total Assets Under Management (billions) $ 42.0 $ 41.8 0.5 % Core Earnings (millions) $ 181.5 $ 176.7  2.7 % Total Life Insurance New Premium (millions) $ 180.6 $ 187.7 (3.8 %) Total Annuity Sales (billions) $ 1.3 $ 1.5 (13.3 %) Retirement Plan Sales (millions) $ 88.7 $ 165.9 (46.5 %) Disability Income Insurance New Premium (millions) $ 6.0 $ 2.7 118.6 % International (millions) – Life Sales $ 36.9 $ 30.8 19.7 %               The financial data presented above is derived from results on the basis of Generally Accepted Accounting Principles (GAAP), except life insurance new premium, variable annuity sales, retirement plan sales and disability income insurance premiumAll financial information in this news release is considered unaudited because the final audit process is not yet complete. *Total equity remains at its highest levels in company history since reporting on a GAAP basis in 1997. About Ohio NationalTracing its corporate origins to 1909, Ohio National markets a variety of insurance and financial products through more than 50,000 representatives in 49 states (all except New York), the District of Columbia, Puerto Rico and through affiliated operations in South AmericaAn additional subsidiary operates in New YorkAs of December 31, 2017, its affiliated companies have $42.0 billion total assets under managementProducts are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance CorporationOhio National is proud to be named a “Top Workplace” in Cincinnati for eight consecutive years by Enquirer Media (June 2010-2017) and employs nearly 1,300 associatesVisit www.ohionational.com for more information. Ohio National has received high marks for financial strength and claims paying ability from major rating agencies; however, such ratings do not refer to the performance of our variable accounts nor imply approval of our variable contracts or their portfoliosAll ratings information is according to reports published on: www.standardandpoors.com, www.ambest.com/ratings and www.moodys.com/insuranceRatings are accurate as of 12/31/17For the most current ratings, see www.ohionational.comDividend scales are subject to change at the discretion of the Board of Directors.   Contact: Lisa Doxsee, APR513.794.6418 office 513.218.5519 mobile Susan McDonald, ALMI513.794.6325 office 513.633.1277 mobile About Latest Posts Nasdaq NewsFeedGlobeNewswire, a Nasdaq company, is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public Latest posts by Nasdaq NewsFeed (see all) Potential applications & Growth of Dermatomyositis Drug Market in Pharmaceutical Industry - February 13, 2018 Sandoz announces US FDA approval and launch of Glatopa® 40 mg/mL three times-a-week generic option for relapsing forms of multiple sclerosis - February 13, 2018 Intertrust N.Vshare repurchase periodic update (5 – 9 February 2018) - February 13, 2018 2018-02-09 Nasdaq NewsFeed window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getElementById(id)) {return;} js = d.createElement(s); js.src = url; js.id = id; fjs.parentNode.insertBefore(js, fjs); }; load('//connect.facebook.net/en/all.js#xfbml=1', 'fbjssdk'); load('https://apis.google.com/js/plusone.js', 'gplus1js'); load('//platform.twitter.com/widgets.js', 'tweetjs'); } if (w.addEventListener) { w.addEventListener("load", go, false); } else if (w.attachEvent) { w.attachEvent("onload",go); } }(window, document, 'script')); tweet Previous: UPDATE: United Tech shares turn lower on new report of problem with Pratt & Whitney engines Next: BioCanCell Presents Final Data from Its Phase 2 Study of BC-819 for Early Stage Bladder Cancer at the 2018 ASCO Genitourinary Cancers Symposium Related Articles Potential applications & Growth of Dermatomyositis Drug Market in Pharmaceutical Industry 9 mins ago Sandoz announces US FDA approval and launch of Glatopa® 40 mg/mL three times-a-week generic option for relapsing forms of multiple sclerosis 12 mins ago Intertrust N.Vshare repurchase periodic update (5 – 9 February 2018) 13 mins ago var disqus_url = 'https://forextv.com/top-news/ohio-national-announces-increased-earnings-and-strong-2017-financials/'; var disqus_identifier = '666355 https://forextv.com/top-news/ohio-national-announces-increased-earnings-and-strong-2017-financials/'; var disqus_container_id = 'disqus_thread'; var disqus_shortname = 'forextv1'; var disqus_title = "Ohio National announces increased earnings and strong 2017 financials"; var disqus_config_custom = window.disqus_config; var disqus_config = function () { /* All currently supported events: onReady: fires when everything is ready, onNewComment: fires when a new comment is posted, onIdentify: fires when user is authenticated */ this.language = '; if (disqus_config_custom) { disqus_config_custom.call(this); } }; (function() { var dsq = document.createElement('script'); dsq.type = 'text/javascript'; dsq.async = true; dsq.src = '//' + disqus_shortname + '.disqus.com/embed.js'; (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(dsq); })(); (adsbygoogle = window.adsbygoogle || []).push({}); Need A Business Loan? 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