Annual Report

2021 Annual Report

A message to our policyholders

At this time last year, we had just emerged from a period marked by a global pandemic, market volatility and sustained downward pressure on interest rates. Many believed that 2021 would be a turnaround year for our industry and economy.

As we have all witnessed, 2021 presented many of the same challenges as 2020. Despite the external environment, we remained focused on our strategic and business objectives. We successfully updated and enhanced our product portfolio, implemented new technology to serve our customers and achieved strong financial results. All the while, we were reminded that the protection and accumulation products and services we offer play a valuable role in the financial security of individuals, families and businesses. I’m very optimistic about the future of our industry and excited about what lies ahead for our company.

Constellation transaction

A top priority throughout 2021 was completing many of the necessary steps to finalize our planned transaction with Constellation Insurance Holdings in March 2022.

In March 2021, Ohio National announced it had entered into an agreement to be acquired by Constellation, a U.S.-based company backed by two of the world’s largest long-term institutional investors, Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan (OTPP).

With the approval of our voting members, Ohio National successfully completed the transaction on March 31, 2022 and is now operating as an independently managed subsidiary of Constellation. Ohio National will maintain its independent identity, brand, operations and culture of service.

At a transformational time for our industry and company, this transaction strengthens Ohio National’s balance sheet and capital access, which will enable us to capitalize on significant growth opportunities. We are now better positioned to fully leverage our historical strengths and become a market leader in protection and retirement solutions. 

What can you expect from Ohio National?  

As our tagline says, Life changes. We’ll be there®. Ohio National will continue to honor your policies and contracts under their existing terms. We will provide you with our quality service and remain steadfast in our commitment to deliver policy benefits to you and your beneficiaries when you need them. Our focus on serving you over the long term remains constant.

We continue to build our independent network of financial professionals to provide an array of protection and accumulation products to more people who need them. We are committed to advancing our mission to help you achieve your financial goals. You can be assured our dedication to helping build strong communities is unwavering.

Fundamental to our values is a commitment to diversity, equity and inclusion throughout our business. We will continue to help protect dreams and secure financial futures — just as we have for 112 years and counting.

Sincerely yours, 
Barbara A. Turner, CRCP
President and Chief Executive Officer 

2021 Highlights


Benefits paid to policyholders and beneficiaries

$1.5 billion1

Life insurance in force

$184 billion

Dividends paid to eligible participating policyholders

$90 million2


Financial results


Assets under management

$40.8 billion

Statutory total adjusted capital (ONLIC3)

$1.5 billion

Statutory core earnings 

$168.2 million


Business results


Recurring individual life insurance premium

Up 2.4% for 2021 
10-year compound annual growth rate: 7.9%

Recurring disability income insurance premium

Up 10.6% for 2021
5-year compound annual growth rate: 8.2%. 

New sales of indexed universal life (IUL) 

Up 87%, setting a new record 

Distribution network 

Added nearly 1,000 financial professionals and 10 brokerage relationships 

The O.N. Equity Sales Co. (ONESCO)

Grew gross broker-dealer concessions by 20.2% to $75.8 million and overall ONESCO assets under management to a record $14 billion

1Benefits paid in 2021 to policyholders and beneficiaries include cash payments for life insurance benefits, systematic withdrawal transactions on deferred annuity contracts, monthly disability income benefits, retirement plan benefits and annuity lump sum death claims and disbursements.

2Dividends are not guaranteed.

3The Ohio National Life Insurance Company

The financial data presented above is derived from results on the basis of Generally Accepted Accounting Principles (GAAP), except benefits paid, recurring life insurance premium, disability income insurance premium, statutory total adjusted capital, statutory core earnings and assets under management. All financial information in this document is considered unaudited because the final audit process is not yet complete.

2021 financial results

Our financial position is strong and reflects ongoing discipline and focus on operations and expense management.


Community impact

$00 million

donated in 2021

00+ hours

volunteered by associates since 2016

$00+ million

donated since 1987

Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Guarantees are based on the claims-paying ability of the issuer. Product, product features and rider availability vary by state. Disability income insurance is not available in CA. Issuers are not licensed to conduct business in NY. New York contracts issued by National Security Life and Annuity Company.

Ohio National Holdings, Inc. | Ohio National Financial Services, Inc. | The Ohio National Life Insurance Company | Ohio National Life Assurance Corporation | National Security Life and Annuity Company | The O.N. Equity Sales Company | Ohio National Equities, Inc. | Ohio National Seguros de Vida S.A., Chile | Ohio National Seguros de Vida S.A., Peru | Centauro-ON