Ratings reflect balance sheet strength and strong operating performance
CINCINNATI, Sept. 10, 2020 (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+” of The Ohio National Life Insurance Company and its wholly owned subsidiary, Ohio National Life Assurance Corporation. The outlook of these ratings is stable.
In its announcement, AM Best categorized Ohio National's balance sheet as "very strong" and commented on Ohio National's "strong operating performance, neutral business profile and appropriate enterprise risk management (ERM)." It goes on to note:
- “The group’s balance sheet strength assessment is based on its risk-adjusted capitalization being at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR), while maintaining strong liquidity.”
- “The assessment of the group’s operating performance considers its long-term positive trend in individual life insurance sales prior to the current disruptions driven by the COVID-19 pandemic, and its stable adjusted GAAP operating results, while the assessment of the group’s ERM recognizes its strong risk management framework, including front-end risk management practices and sound governance structure.”
“We are pleased that AM Best has recognized our balance sheet strength and our capital position by affirming our ratings,” noted Gary T. “Doc” Huffman, CLU, ChFC, Ohio National chairman and chief executive officer. “We have a hard working team who is successfully executing our strategy, always focused on delivering on our promises to our policyholders first.”
Earlier this summer, Ohio National’s ratings were affirmed by Moody’s, “A3,” and Fitch assigned the “A-“ Insurer Financial Strength rating. Ohio National also has an "A-" rating from Standard & Poor's.
About Ohio National Financial Services
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, 2019, its affiliated companies have $40.5 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. 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