Ohio National exits annuity market, shifts to exclusive focus on life and disability income lines

Sep 10, 2018

  1. Brian Anderson
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    Brian Anderson Executive Editor

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    Brian Anderson submitted a new article

    Ohio National exits annuity market, shifts to exclusive focus on life and disability income lines
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  2. ATM
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    ATM Super Genius

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    Next move will be selling the B/D. Then selling off the annuity block. Then selling the whole thing...... Sad
     
    ATM, Sep 11, 2018
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  3. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I doubt they'd sell the B/D ONESCO. They have a captive career agency network and I'm sure it is profitable selling outside products such as approved indexed annuities, variable annuities, variable life, mutual funds, managed money, etc.
     
    DHK, Sep 11, 2018
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  4. VolAgent
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    VolAgent Guru

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    Exactly. Basically no risk at all to the balance sheet, but it can definitely be a profit center if large enough to overcome the fixed costs.
     
    VolAgent, Sep 12, 2018
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  5. benneaf
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    benneaf Super Genius

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    Just before this decision they were going to roll out their Fixed Indexed Annuity to all agents (previously you had to be Securities Licensed with them...yes, to sell their FIA). That would have spread costs out dramatically. They keep saying the block of business was too expensive, but it just doesn't make sense.
     
    benneaf, Jan 2, 2019
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  6. Golfnut2112
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    Golfnut2112 Guru

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    They do not have a career captive agency, the contract you receive with them is based on the state you live in. I am in WV and literally 1 mile from PA and 4 miles from Ohio and I had to take a career contract while PA and Ohio agents can get a broker’s contract. I have not written a case with them in over 2 years and my broker dealer is not ONESCO but I still have a career contract.
     
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