OneAmerica Financial Market Research Report
Background
OneAmerica Financial is a national financial services organization with a history spanning over 145 years. The company is dedicated to helping individuals and businesses achieve financial security through a comprehensive suite of products and services, including life insurance, retirement plans, employee benefits, and long-term care solutions. As a mutual organization, OneAmerica Financial prioritizes the interests of its policyholders, focusing on long-term value and financial stability.
Key Strategic Focus
OneAmerica Financial's strategic focus encompasses:
- Life Insurance: Offering term and whole life insurance products to provide financial protection and peace of mind to individuals and families.
- Retirement Services: Providing a range of retirement plan products and recordkeeping services tailored to both individuals and employers, with a particular emphasis on 401(k), 403(b), and 457 markets.
- Employee Benefits: Delivering group life and disability insurance products, along with access to employee assistance programs, to support workforce well-being.
- Long-Term Care Solutions: Through its Care Solutions® product suite, offering asset-based long-term care products that help protect assets while preparing for potential long-term care needs.
Financials and Funding
In 2023, OneAmerica Financial reported:
- Revenue: $3.8 billion, marking a 30% year-over-year growth in core adjusted revenue.
- Net Income: $126.8 million.
- Assets Under Administration: Exceeding $90 billion, with a compounded annual growth rate of 5.8% over the past three years.
- Customer Retention Rate: Maintained at 94%.
The company's strong financial performance is further underscored by its robust capital position and high ratings from major rating agencies. A.M. Best affirmed an A+ (Superior) rating, and S&P Global Ratings maintained an AA- rating for OneAmerica Financial's life insurance companies, American United Life Insurance Company® (AUL) and The State Life Insurance Company® (State Life).
Technological Platform and Innovation
OneAmerica Financial has demonstrated a commitment to innovation and modernization:
- Brand Refresh: In January 2024, the company unveiled a refreshed brand identity as OneAmerica Financial℠, featuring a modernized logo and redesigned website to enhance user experience and reflect its evolution in a digital-first environment.
- Non-Qualified Deferred Compensation Plans: In June 2024, OneAmerica Financial expanded its Retirement Services portfolio by introducing non-qualified deferred compensation plan solutions, catering to the growing demand for flexible retirement savings options.
Leadership Team
- Scott Davison: Chairman, President, and CEO. Under his leadership, OneAmerica Financial has achieved significant growth and maintained strong financial ratings.
- Richard M. Ellery: General Counsel and Secretary.
- Andrew Michie: Chief Financial Officer.
- Sandy McCarthy: President, Retirement Services.
Leadership Changes
In June 2024, OneAmerica Financial announced the promotion of two internal leaders to senior vice president positions:
- Bud Graessle: Promoted to Senior Vice President.
- Heather Hutchinson: Promoted to Senior Vice President.
Competitor Profile
Market Insights and Dynamics
The financial services industry is characterized by:
- Market Size and Growth Potential: A substantial and growing market driven by increasing consumer awareness of financial planning and the need for retirement solutions.
- Industry Trends: A shift towards digitalization, personalized financial products, and integrated service offerings.
Competitor Analysis
Key competitors include:
- Voya Financial: A leading health, wealth, and investment company. In January 2025, Voya Financial completed the acquisition of OneAmerica Financial's retirement plan business, expanding its client base to nearly 8 million participants.
- Allianz Life: Offers a range of financial services, including life insurance and annuities.
- Symetra Life Insurance Company: Provides life insurance, annuities, and employee benefits.
- Securian Financial: Offers insurance, investment, and retirement solutions.
Strategic Collaborations and Partnerships
- Acquisition by Voya Financial: In January 2025, Voya Financial completed the acquisition of OneAmerica Financial's full-service retirement plan business. This strategic move allowed Voya to expand its Wealth Solutions business, serving approximately 60,000 retirement plans and nearly 8 million participants.
Operational Insights
OneAmerica Financial's operational strategy focuses on:
- Customer-Centric Approach: As a mutual organization, prioritizing policyholders' interests over shareholders.
- Financial Strength: Maintaining strong financial ratings and a robust capital position to fulfill commitments to customers.
- Product Diversification: Offering a comprehensive suite of financial products to meet diverse customer needs.
Strategic Opportunities and Future Directions
Looking ahead, OneAmerica Financial aims to:
- Enhance Digital Capabilities: Continue investing in digital platforms to improve customer experience and operational efficiency.
- Expand Product Offerings: Develop new financial products and services to address emerging market needs.
- Strengthen Market Position: Leverage its strong financial foundation and customer-centric approach to capture additional market share.
Contact Information
- Website: OneAmerica Financial
- LinkedIn: OneAmerica Financial on LinkedIn
- Facebook: OneAmerica Financial on Facebook
- Twitter: OneAmerica Financial on Twitter
- Instagram: OneAmerica Financial on Instagram
