Ohio National ends 2021 with strong financial position and increased total adjusted capital | News

$1.5 billion in benefits paid to policyholders in 2021

$90 million in dividends paid or credited to eligible policyholders

CINCINNATI, Feb. 11 2022 (GLOBE NEWSWIRE) — Ohio National Financial Services, Inc. today announced that it ended 2021 with $1.5 billion in total statutory adjusted capital (ONLIC1), an increase from the prior year. Benefits paid to policyholders totaled $1.5 billion,2 and the company paid or credited $90 million in dividends to eligible policyholders.3 Statutory base earnings of $168.2 million increased by year to year.

Ohio National reported more than 349,000 life insurance policies in force, representing more than $176 billion in contractual death benefit protection. Individual recurring life insurance premium increased by 2.4%, resulting in a 10-year compound annual growth rate of 7.9%. The recurring disability insurance premium increased by 10.6% for a compound annual growth rate of 8.2% over 5 years.

New sales of the company’s indexed universal life (IUL) product increased 87%, setting a new record.

“Our strong financial results are the result of our strategic direction to grow capital and continue to position our business for the future. Our planned transaction with Constellation will further strengthen our business and provide additional flexibility and access to capital,” said Barbara Turner, president and CEO of Ohio National.

In March 2021, Ohio National announced that it had entered into an agreement to be acquired by Constellation Insurance Holdings, Inc., a U.S. company backed by two of the world’s largest long-term institutional investors, Caisse de depot et placement du Quebec (CDPQ) and Ontario Teachers’ Pension Plan (OTPP). The transaction is expected to close early this year.

“We are excited for what the future holds as we continue to advance our mission and provide the protection and accumulation products our policyholders value and need,” added Turner. 2021 Highlights

Reached $1.5 billion in Total Statutory Adjusted Capital (ONLIC), an increase from last year. resulting in a 10-year compound annual growth rate of 7.9%10.6% increase in recurring disability insurance premium for a 5-year compound annual growth rate of 8.2%Increase in new sales of indexed universal life (IUL) by 87%, setting a product recordPremium reduction on term life products to expand access to quality protectionIncreased fixed index annuity (FIA) premium to $50.7 million Closed year with $40.8 billion in assets under management Added 965 finance professionals to the traditional distribution network and 10 brokerage relationships Increased The ON Equity Sales Co. (ONESCO) gross brokerage concessions up 20.2% to $75.8 million and above All ONESCO assets under management reached a record $14 billion Deployment of robotics, straight-through processing and electronic policy issuance tools Ado option of fluidless underwriting for life and disability insurance policies 39% increase in life insurance sales in the Latin American market

Community Impact 2021

Ohio National continued its tradition of community involvement in 2021 through the Ohio National Foundation with $1.6 million in donations to more than 75 local nonprofit organizations. These contributions bring the Foundation’s total giving to more than $29 million since its inception in 1987.

Major recipients included United Way of Greater Cincinnati, ArtsWave, American Heart Association and Habitat for Humanity of Greater Cincinnati. Additionally, Ohio National associates have worked more than 1,500 company-paid hours for organizations of their choosing.

About Ohio State

Since 1909, Ohio National has been committed to helping individuals, families and businesses protect what matters most. Through our network of financial professionals in 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 to achieve financial security and independence. As of December 31, 2021, its affiliates had total assets under management of $40.8 billion. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Recognized as a leader in workplace equity by Ellequate. Please explore ohionational.com for more information and for the latest company updates, connect with Ohio National at LinkedIn, Facebook and Youtube.

1The National Life Insurance Company of Ohio

2Benefits paid in 2021 to policyholders and beneficiaries include cash payments of life insurance benefits, systematic withdrawal transactions on deferred annuity contracts, monthly disability annuities, pension plan benefits and claims and death benefit disbursements.

3Dividends are not guaranteed.

The financial data presented above is derived from results based on generally accepted accounting principles (GAAP), except for benefits paid, recurring life insurance premiums, disability insurance premiums, adjusted capital statutory total, statutory base income and assets under management. All financial information contained in this press release is considered unaudited as the final audit process has not yet been completed.

Insurance products issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Issuers not licensed to do business in New York.

Contact: John Diether 513.794.6073 john—[email protected] Lisa Doxsee, APR 513.794.6418 lisa—[email protected]

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