Ohio national life insurance

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The Ohio National Life Insurance Company, is headquartered in Cincinnati, Ohio. It was originally founded as a stock company in 1909 but converted to mutual company status in 1959.

In 1998, Ohio National reorganized as a mutual insurance holding company. Its mutual insurance holding company is Ohio National Mutual Holdings, Inc.

Mutual life insurance companies were originally organized to provide insurance-at-cost. Despite that fundamental fact, they have managed to accumulate massive profits over the years by overcharging policyowners for insurance and paying them too little in dividends.

At the beginning of the 21st century numerous mutuals such as Prudential, MetLife, and John Hancock decided to demutualize and return to policyowners all the profits earned over the years. Policyowners were awarded cash, stock and policy credits exceeding $100 billion in these demutualizations, which have been regarded as socially desirable. Ohio National Life is among the few mutual life insurance organizations that have not recently demutualized.

Ohio National Life’s whole life policyowners would receive an estimated $26,417 per policy and its other policyowners would receive $2,122 per policy in a demutualization according to financial data contained in Ohio National Life’s 2006 Annual Statement to the National Association of Insurance Commissioners (NAIC), the company’s 2006 Annual Report and shown at http://policyownersfordemutualization.blogspot.com.

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