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February 09, 2007 at 07:00 PM
Feb. 9, 2007
Ohio National Financial Services, Cincinnati, has announced records in sales and revenues for 2006, including $88.5 million in new annual premium for individual life insurance sales and a 43.9% increase in variable annuity sales. Additionally, revenues climbed beyond $3.1 billion, up 27.7%, and assets under management grew more than 10.1% to $22.5 billion.
“Ohio National is performing extremely well, despite continuing challenges impacting the retail financial services marketplace,” reported David B. O’Maley, chairman, president and chief executive officer, at today’s board of directors meeting. “We are very proud of our consistent success to profitably grow our company while providing high-value, low-cost products to our customers. As we near our second century of service in 2009, we continue to execute our strategy and demonstrate excellent performance.”
In his remarks, O’Maley also noted the company’s strategic investment of additional capital into the accelerated growth of the company’s distribution channels. “This was a primary factor leading to constrained annual earnings for 2006, which was recognized and planned,” he reported.
2006 Financial Highlights
o GAAP equity (excluding FAS 115) was reported at $1.29 billion, a 7.6% increase.
o Total statutory revenues, including premiums, investment income and deposits, were reported at $3.1 billion, up 27.7%.
o Total assets under management were reported at $22.5 billion, up 10.1%.
2006 Sales Highlights
