CINCINNATI, OH -- (Marketwire) -- 02/15/13 -- Ohio National Financial Services today announced record sales and capital growth, including an unequalled industry record in individual life insurance sales performance.
"Ohio National had an outstanding year," reported Gary T. "Doc" Huffman, CLU, ChFC, chairman, president and chief executive officer, at today's board of directors meeting. "We have an exceptionally strong balance sheet, and the company is very well positioned for the future. Although the protracted low interest rate environment created significant challenges for our entire industry, we set new enterprise records in sales and measures of capital protection."
"We continue to deliver long-term policyholder value by providing the highest quality products with the benefits and protection our customers need," Huffman added. "That type of consistent performance and value is what Ohio National is known for in the marketplace."
The company highlighted the following from its 2012 results:
•For the 23rd consecutive year, Ohio National has grown its individual life insurance sales. This is a record that is unmatched in the industry. In total, a record-breaking $126.6 million of new annual premium was reported for individual life insurance, up 6.6 percent from 2011. U.S. domestic sales increased by nearly 18 percent. With consumers' continued interest in security and guarantees, sales of Ohio National's whole life insurance products grew nearly 30 percent during the year.
•Total assets under management reached $34.7 billion , increasing 13.4 percent.
•The company maintains a very strong capital position. Equity capital (including mark-to-market) grew 9.0 percent to $2.1 billion. Equity capital (excluding mark-to-market) grew 4.4 percent to $1.9 billion.
•Core earnings were $204.8 million, the second highest in company history. Core earnings are a key measure of how the company is achieving its goals.
•For the 89th consecutive year, Ohio National paid dividends to all participating whole life policies. A total of $45.3 million was paid to participating policyholders.
•Variable annuity sales totaled $2.8 billion, a 72.2 percent increase over 2011. The company has been a pioneer in the industry with the introduction of managed volatility portfolios for its variable annuity products.
•The O.N. Equity Sales Co., the company's retail broker/dealer subsidiary, grew gross broker/dealer concessions to $37.2 million. This represents a 6.6 percent increase over 2011.
•New financial representatives were recruited, building a strong network across the United States. Nearly 2,000 new career agents and general agents in the traditional sales channel became affiliated with Ohio National. The PGA channel is now the 4thlargest in the industry, according to LIMRA.
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