OneAmerica Maintains Financial Strength, Achieves Strong Growth During First Half of 2009
Contact:
Beth King, APR, Media Relations Manager
(317) 285-4168 or beth.king@oneamerica.com
For Immediate Release:
Indianapolis (Sept. 9, 2009) –The OneAmerica enterprise continued to build on its extraordinary financial strength during the first half of 2009 despite ongoing challenges in the economy and capital markets. Customers and distributors have increasingly come to value our commitment to unquestioned stability and long-term value. Highlights of our 2009 results to date include:
- We continue to hold one of the most solid investment portfolios in the industry. OneAmerica successfully avoided most of the investments that dominated the headlines over the last few months. As a result, our investment write-downs have been among the smallest in the industry as a percentage of total invested assets. As of July 31, 2009, the market value of our portfolio was higher than book value.
- Our capital strength is unquestioned. We continue to hold capital in excess of what is required for our current ratings.
- We achieved record earnings in the second quarter. GAAP pre-tax operating income for the quarter was nearly $48 million, an increase of 41 percent over the second quarter of 2008. Year-to-date operating earnings were $67 million, a 3 percent increase over last year. Strong earnings enable us to continue to build capital strength and invest in growth.
- The OneAmerica insurance companies have maintained their strong ratings at a time when more than 80 percent of large life insurance companies have been subject to negative rating actions. Our financial strength ratings are as follows:
o Standard and Poor’s: AA- “Very Strong” (AUL; State Life)
o A.M. Best: A “Excellent” (AUL; State Life; Pioneer Mutual Life)
- Growth has been strong. GAAP assets grew 7 percent during the first six months of the year while total sales grew 6 percent over the same period. In addition, we have grown our distribution forces in all three lines of business.
We expect the economic climate to remain volatile during the next few quarters. Through it all, our commitment remains the same-- to be there when our customers need us most. We believe that our long-term view and focus on the customer are timeless values that will enable our success in any market environment.
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 plans, 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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