Ohio National Life Insurance Company

Ohio National Life Insurance Company
Company typePublic Company
IndustryFinancial services
FoundedSeptember 9, 1909; 115 years ago (1909-09-09) in Cincinnati, Ohio, United States
HeadquartersCincinnati, Ohio, U.S.
Area served
United States and parts of South America
Key people
Gary T. “Doc” Huffman, CEO, Barbara A. Turner, President & COO
ProductsInsurance, Annuities, Investments
AUMUS$ 42 billion (2017)
Number of employees
1,000+ (2018)
Websiteohionational.com

The Ohio National Life Insurance Company is a mutual insurance company. The Ohio National Life Insurance Company is headquartered in Cincinnati, Ohio, United States. Along with its affiliated companies, the Ohio National group offers life insurance, annuities, disability insurance, group retirement plans, and investment products. It sells products in all fifty states, the District of Columbia, and Puerto Rico.

The CEO is Gary T. “Doc” Huffman, and the President and COO is Barbara A. Turner.[1] The company currently employs over 1,000 associates. Ohio National was named as one of the best 15 places to work in Cincinnati in 2017 by The Cincinnati Enquirer.[2] It was ranked #126 on the Forbes list of America's Best Midsize Employers in 2018, placing it 8th among Ohio companies and 1st among Cincinnati-area companies, and 11th nationally for midsize Banking and Financial Services companies.[3]

Ohio National has an international presence as well, and maintains an office in Fort Lauderdale, Florida, where it manages its operations in South America. It owns a South American subsidiary headquartered in Santiago, Chile, and sells products in Chile, Brazil, and Peru.[4]

The company is currently rated A by Standard & Poor’s (Sep. 2018), A+ (Superior) by A.M. Best (Dec. 2018), and A1 by Moody’s (Oct. 2016).[5]

Ohio National Mutual Holdings, Inc. is parent to the following companies:

  • The Ohio National Life Insurance Company
  • Ohio National Life Assurance Corporation
  • Ohio National Equities, Inc.
  • The O.N. Equity Sales Company
  • Ohio National Investments, Inc.
  • National Security Life and Annuity Company
  • Ohio National Seguros de Vida, S.A.

History

[edit]

Ohio National was founded as a stock company in 1909 but converted to mutual company status in 1959. In 1998, Ohio National reorganized as a mutual insurance holding company (Ohio National Mutual Holdings, Inc.), with an intermediate holding company (Ohio National Financial Services, Inc.).

The company signed a contract to take over a facility at Lunken Airport from Executive Jet Management around 2000.[6]

In September 2018, Ohio National announced an exit from most of the annuity market, and the layoff of approximately 300 of its then 1300 employees,[7] as part of a new focused growth strategy targeting the life insurance market. Ohio National continues to sell life insurance, disability insurance, and immediate annuities, and reaffirmed its commitment to the Latin American market. As a result of the change in strategy, Standard & Poor's lowered its rating from A+ to A, while Moody's reaffirmed its A1 rating and A.M. Best reaffirmed its A+ rating.[8]

Philanthropy

[edit]

In 1987, the company started The Ohio National Foundation, which has donated more than $22 million to nonprofit organizations through 2017.[9] Primary recipients include the United Way; the Duncanson Artist-in-Residence Program at the Taft Museum of Art recognizing contemporary African-American artists; Habitat for Humanity; and the Make-a-Wish Foundation. In 2001, Ohio National started displaying a Victorian Holiday Village on the grounds of the headquarters each winter, and through 2017 has collected over 15 tons of donated food for charity.[10]

References

[edit]
  1. ^ "Ohio National elects Barbara A. Turner president and chief operating officer". Retrieved 2018-12-06.
  2. ^ "Top Workplaces: The Best 15 Large Companies in the Cincinnati Region". Retrieved 2018-05-08.
  3. ^ "America's Best Midsize Employers". Forbes. Retrieved 2018-05-11.[dead link]
  4. ^ "D&B Hoovers Company Profiles: Ohio National Mutual Holdings, Inc". Retrieved 2018-05-08.
  5. ^ "Financials and Ratings". Retrieved 2018-10-26.
  6. ^ Alltucker, Ken (1 August 2000). "Airport Expansions Facing Delay". Cincinnati Enquirer. p. B1. Retrieved 29 August 2023.
  7. ^ "Ohio National To Lay Off 300, Drop Annuity Lines". Retrieved 2018-10-26.
  8. ^ "AM Best comments on credit ratings of members of Ohio National Life Group". Retrieved 2018-12-06.
  9. ^ "The Ohio National Foundation". Retrieved 2018-05-08.
  10. ^ "Victorian Holiday Village". Retrieved 2018-05-17.
[edit]

39°14′51″N 84°21′50″W / 39.247563°N 84.363899°W / 39.247563; -84.363899

Retrieved from "https://en.wikipedia.org/w/index.php?title=Ohio_National_Life_Insurance_Company&oldid=1188407499"