OneAmerica reports record year in 2009
Contact:
Beth King, APR, Media Relations Manager
(317) 285-4168 or beth.king@oneamerica.com
For Immediate Release:
Indianapolis (April 28, 2010) – Despite volatile markets and continued economic turbulence in 2009, the OneAmerica companies’ financial results defied the challenging environment and set new marks in a variety of performance categories.
Achieving records in sales, assets, capital, earnings, and distribution positioned the enterprise for growth and financial strength, allowing for further investments in distribution, product and operational capabilities to better serve customers.
“Our customers benefit most from OneAmerica’s strength and growth,” said Dayton H. Molendorp, chairman president and CEO. “During the toughest of times, customers and financial professionals search for stability and security. In 2009, they found it in the OneAmerica companies, further proving that we’re there when needed most.”
Highlights of OneAmerica’s unprecedented year include:
• Assets reached a record $21.8 billion.
• Record sales growth far outpaced the industry in all core products, led by a 33 percent increase in individual life insurance sales. Annuity sales grew by 17 percent, 401(k) sales and 403(b) contributions increased by 1 percent and 7 percent, respectively, group life sales grew by 14 percent and medical stop loss sales grew 11 percent. By comparison, industry sales were down for life, annuity and 401(k), and were up only 1 percent for 403(b) contributions and group life sales
• OneAmerica’s investment portfolio generated $10.9 million in net capital gains in 2009. Gross losses and impairments were the lowest in the industry at .11 percent.
• Achieved record earnings as pre-tax operating income was $134.6 million, an increase of 179 percent over 2008. Net income was $102.7 million, a 260 percent improvement.
• Statutory capital and surplus grew 18 percent to $1.1 billion. Capital adequacy remains extremely strong, providing peace of mind for customers and a further platform for growth.
• Career agency force grew by a record 56 percent as a number of new agencies joined the OneAmerica family.
• While more than 80 percent of large life insurers have been subject to negative ratings actions during the past two years, the financial strength ratings for the OneAmerica companies were affirmed in 2009.
“Our success in 2009 was the result of our mutual organization values, conservative financial management, a deep commitment to putting customers first and building long-term relationships,” said Dayton H. Molendorp, chairman president and CEO, “and we could not have done it without the dedicated efforts of our employees and financial professionals.”
About OneAmerica
OneAmerica Financial Partners, Inc. is headquartered in Indianapolis, IN. The companies of OneAmerica® can trace their solid foundations back more than 130 years in the insurance and financial services marketplace.
OneAmerica’s nationwide network of companies offers a variety of products to serve the financial needs of their policyholders and other clients. These products include retirement plan products and services; individual life insurance, annuities, long-term care solutions and employee benefits. The goal of OneAmerica is to blend the strengths of each company to achieve greater collective results.
The products of the OneAmerica companies are distributed through a network of employees, agents, brokers and other distribution sources that are committed to increasing value to our policyholders by helping them plan to meet their financial goals.
We deliver on our promises when customers need us most.
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