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Ohio National exiting annuities, retirement businesses

Ohio National Financial Services Inc. is exiting its annuities and retirement plan businesses, which will lead to approximately 300 job cuts.

The company will stop accepting applications connected to the two businesses effective Sept. 15, but will continue to serve existing clients.

Ohio National is turning its strategic focus to its life and disability income insurance product lines. The company said the decision came after a review of its businesses that considered the changing regulatory landscape, the low-interest-rate environment and the increasing cost of doing business, among others.

Chairman and CEO Gary Huffman said the company will also continue to grow its Latin American operations. Recently elected President and COO Christopher Carlson will lead the implementation of the new strategy.