Ohio National Life Insurance Companies: Financial Update as of Year End 2018 Results
U.S. life insurers filed their 2018 statutory financial statements with the state insurance departments and the National Association of Insurance Commissioners on March 1, 2019. This following provides a summary of the financial results and preliminary ALIRT Scores for Ohio National Life Insurance Company (OHLIC) and its subsidiary Ohio National Life Assurance Corporation (ONLAC) as of year end 2018.
AmTrust Financial Services, Inc. Update #6
In November 2018, AmTrust Financial Services, Inc. (AFSI) was taken private by Evergreen Parent, L.P., an entity formed and managed by private equity firms Stone Point Capital LLC and the Karfunkel-Zyskind Family.
Subsequently, in December 2018, reinsurance and run-off specialist Enstar acquired a 7% stake in Evergreen for $200 million.
Great-West Life & Annuity Sells Individual Life Insurance & Annuities to Protective
On January 24, 2019, the Great-West U.S. life insurers (GWUSLI), which include Great-West Life & Annuity Insurance Company (GWL&A) and Great-West Life & Annuity Insurance Company of New York (GWL&ANY), announced that they are selling a substantial portion of their individual life insurance and annuities to Protective Life Insurance Company (PLIC) and Protective Life & Annuity Insurance Company (PL&A).
Voya Financial to Cease Offering Individual Life Insurance Business
Voya Financial, Inc. (VOYA) recently concluded its strategic review of its individual life insurance business, announcing in its third quarter 2018 earnings release that it would cease new individual life insurance sales on 12/31/18. The company noted that it would retain its in-force block of individual life insurance business.
Ohio National Exits the Annuity Business
Ohio National Mutual Holdings, Inc. (ONMH) announced in September 2018 that it will cease offering annuities and retirement plans (group annuities), and will focus its business efforts on its “core” businesses of individual life and disability insurance. This comes after Ohio National’s offer earlier this year whereby certain variable annuity policyholders had the opportunity to transition from their variable annuity products to indexed annuities.
The Hartford Agrees to Sell Run-Off Life and Annuity Business to Investor Group
On December 4, 2017, The Hartford Financial Services Group, Inc. (HIG) announced an agreement to sell its run-off life and annuity business (dubbed “Talcott Resolution”) to six institutional investor groups for a total of $2 billion. The purchase price includes HIG receiving both cash proceeds and a 9.7% stake in the new company, with the new entity assuming $150 million of debt.
AXA Details Plans of Partial Spin Off via IPO of its U.S. Business
Earlier this month, AXA S.A. (AXA) filed an S-1 form with the Securities and Exchange Commission (SEC), in which AXA detailed its plans for a partial spin-off of its U.S. business (AXA Equitable Holdings, Inc. or “AEH”) via an initial public offering (IPO). The IPO will create a separate publicly-traded company (AEH), which will be majority-owned by AXA – at least immediately after the transaction.