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.