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FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 03, 2018 12:53 PM (EST)
A.M. Best has commented that the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-ˮ of The Ohio National Life Insurance Company and its wholly owned subsidiary, Ohio National Life Assurance Corporation (together referred to as the Ohio National Life Group) are unchanged following a series of recent developments, including litigation initiated by certain distributors related to the company’s recent exit from the annuity market, as well as three notable senior management changes. The stable outlook of these Credit Ratings (ratings) is also unchanged. Both companies are domiciled in Cincinnati, OH.
In September, the company stopped accepting applications for the purchase of annuity products to focus its resources on its core life insurance and disability income businesses. Subsequently at the end of September, the company announced that it was terminating payments of trail commissions on certain of its variable annuity products. During this time, three members of senior management left the company, including the recently elected president and chief operating officer.
A.M. Best has met with the chairman and the current senior management team to discuss these recent events and evaluate any potential impact to the group’s current ratings. As a result of these discussions, A.M. Best has concluded that these events as described above are not expected to have a meaningful near-term impact on A.M. Best’s view of the credit profile of the Ohio National Life Group. Nevertheless, A.M. Best will monitor the impact of these and any future developments and take any necessary rating actions as warranted.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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