Ohio National Life Insurance Company

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Ohio National Life Insurance Company
Company type Public Company
Industry Financial services
FoundedSeptember 9, 1909;116 years ago (1909-09-09) in Cincinnati, Ohio, United States
Headquarters Cincinnati, Ohio, U.S.
Area served
 United States and parts of South America
Key people
Gary T. “Doc” Huffman, CEO , Barbara A. Turner, President & COO [1]
Products Insurance, Annuities, Investments
AUM US$ 42 billion (2017)
Number of employees
1,000+ (2018)
Website ohionational.com

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

Contents

Ohio National had an international presence as well, and maintained an office in Fort Lauderdale, Florida, where it managed its operations in South America. It owned a South American subsidiary headquartered in Santiago, Chile, and sold products in Chile, Brazil, and Peru. [2]

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

History

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. [3]

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, [4] 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. [5]

In March 2021, the Board of Directors of Ohio National voted to demutualize in anticipation of a sale to Constellation Insurance Holdings. [6] Constellation rebranded as AuguStar Life Insurance and AuguStar Retirement in July 2023. [7]

Philanthropy

In 1987, the company started The Ohio National Foundation, which donated more than $22 million to nonprofit organizations through 2017. [8] Primary recipients included 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 had collected over 15 tons of donated food for charity. [9]

References

  1. ↑ "Ohio National elects Barbara A. Turner president and chief operating officer". Archived from the original on 2018-12-06. Retrieved 2018-12-06.
  2. ↑ "D&B Hoovers Company Profiles: Ohio National Mutual Holdings, Inc" . Retrieved 2018-05-08.
  3. ↑ Alltucker, Ken (1 August 2000). "Airport Expansions Facing Delay". Cincinnati Enquirer. p. B1. Retrieved 29 August 2023.
  4. ↑ "Ohio National To Lay Off 300, Drop Annuity Lines" . Retrieved 2018-10-26.
  5. ↑ "AM Best comments on credit ratings of members of Ohio National Life Group". Archived from the original on 2018-12-06. Retrieved 2018-12-06.
  6. ↑ "Ohio National To Demutualize In Response To 'Challenging' Conditions". Life Insurance News. 23 March 2021.
  7. ↑ "AuguStar sheds Ohio National legacy with 'all products in all channels' bid". Life Insurance News. 20 July 2023.
  8. ↑ "The Ohio National Foundation" . Retrieved 2018-05-08.
  9. ↑ "Victorian Holiday Village" . Retrieved 2018-05-17.

39°14′51″N84°21′50″W / 39.247563°N 84.363899°W / 39.247563; -84.363899

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