Ohio National Financial Services

What Ohio National Financial Services does

Constellation Insurance, Inc., formerly Ohio National Financial Services, is a diversified financial services group organized into six business units spanning insurance, reinsurance, asset management, and institutional markets. The company traces its origins to the 1909 founding of The Ohio National Life Insurance Company and was restructured in 2023 under Constellation Insurance Holdings, Inc., backed by equal-partner institutional investors La Caisse (Caisse de dépôt et placement du Québec) and Ontario Teachers' Pension Plan Board. Operating subsidiaries are consolidated under the AuguStar brand: AuguStar Retirement distributes fixed, fixed indexed, variable, and registered index-linked annuities; AuguStar Life issues indexed universal life, indexed whole life, term, and bank-owned life insurance; and AuguStar Seguros distributes life and annuity products across Chile, Peru, and Brazil. Constellation Investments manages more than $30 billion in assets under management across general and separate accounts; Constellation Re provides reinsurance and M&A transaction solutions; and Constellation Institutional Markets offers pension risk transfer, stable value, and funding agreement backed notes.

The platform supports its products through a diversified financial services technology stack rather than a single proprietary system, including accelerated benefit riders (LiveNow Access), tiered guaranteed accumulation options (EGAP) on fixed indexed annuities, and a technology partnership with MerQube for next-generation index-linked investing with intraday capabilities. Revenue mechanics span recurring insurance premiums, annuity fees (surrender charges, mortality and expense fees), asset management fees on $30+ billion AUM, transaction fees on reinsurance and block acquisitions ($48.8 billion executed since 2020), and institutional funding agreement backed notes. Distribution combines traditional direct agents, independent marketing organizations, national and independent broker-dealers, banks, and 650+ independent insurance professionals in Latin America.

The company operates across North and South America with approximately 1,000 associates, $48.1 billion in total assets, $2.8 billion in enterprise statutory net worth, and a 200,000+ inforce annuity contract and 280,000+ inforce life policy customer base. It holds financial strength ratings of A (AM Best), A- (S&P), A (Fitch), and Baa1 (Moody's), with Fitch outlook revised to positive in May 2024 and S&P assigning A- in July 2025. Recent strategic actions include the June 2023 closing of a $10 billion block reinsurance transaction with Pruco Life Insurance Company, the December 2024 completion of the $2.1 billion Zurich Insurance Group Chilean annuity portfolio acquisition, multiple product launches across 2024-2026, and the July 2026 re-entry into the pension risk transfer market.

Name

Ohio National Financial Services

Legal name

Constellation Insurance, Inc.

Website

https://constellationinsurance.com

Company type

Private

Founded year

1909

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Constellation Insurance, Inc. (formerly Ohio National Financial Services) is a private diversified financial services group operating through AuguStar Retirement, AuguStar Life, AuguStar Seguros, Constellation Investments, Constellation Re, and Constellation Institutional Markets, serving retail, affluent, and institutional customers across the United States, Chile, Peru, and Brazil.

Ownership category

akta.pro rank

Product category

Life Insurance and Annuities

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Direct Life Insurance Carriers (524113), Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Life Insurance (6311), Insurance Carriers, Nec (6399), Investment Advice (6282)

akta.pro primary industry

Insurance General Accounts (Institutional Asset Owners) (FSAAAGAG)

akta.pro secondary industries

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD), Industry-Specialist / Sector-Focused M&A Advisory (FSAEAGAJ)

Keywords

• Life insurance products
• Fixed indexed annuities
• Pension risk transfer
• Asset management services
• Reinsurance solutions

Headquarters

HQ city

Cincinnati, OH

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Insurance Premiums: Revenue generated from life insurance products including indexed universal life, indexed whole life, term life, and bank-owned life insurance. Premium payments from policyholders constitute primary recurring revenue stream.
2. Annuity Products: Revenue from fixed, fixed indexed, variable and registered index linked annuities. Includes surrender charges, mortality and expense fees, and account value growth.
3. Asset Management Fees: Fees from managing $30+ billion in assets under management across general and separate account assets for insurance clients. Investment management services for private and public corporates, municipal bonds, structured credit, and other asset classes.
4. Reinsurance and M&A Solutions: Revenue from reinsurance transactions and block acquisitions. Executed $48.8 billion in complex M&A and reinsurance transactions since 2020.
5. Institutional Markets Solutions: Revenue from pension risk transfer solutions, funding agreement backed notes, and stable value products for institutional clients including plan sponsors.

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

Ohio National Financial Services (now operating under Constellation Insurance, Inc.) is a diversified financial services group that sells life insurance (indexed universal life, indexed whole life, term, and bank-owned life insurance), annuities (fixed, fixed indexed, variable, and registered index-linked), asset management services, reinsurance and M&A solutions, and institutional markets solutions (pension risk transfer, funding agreement backed notes, stable value). Products and services are delivered through wholly owned subsidiaries including AuguStar Life, AuguStar Retirement, AuguStar Seguros, Constellation Investments, Constellation Re, and Constellation Institutional Markets.

Product overview

Constellation Insurance Inc. (formerly Ohio National Financial Services) is a diversified financial services group organized into six business units spanning insurance, reinsurance, asset management, and institutional markets. The core insurance operations are conducted under the AuguStar brand: AuguStar Retirement offers fixed, fixed indexed, variable, and registered index linked annuities through multiple distribution channels; AuguStar Life provides indexed universal life, indexed whole life, term, and bank-owned life insurance; and AuguStar Seguros operates in Latin America (Chile, Peru, Brazil) with life insurance and annuity products. Constellation Investments manages over $30 billion in assets across general and separate accounts. Constellation Re provides M&A advisory and reinsurance solutions with $48.8 billion in transactions since 2020. Constellation Institutional Markets handles pension risk transfer and funding agreements for institutional clients. Recent product launches include the StarStream Variable Annuity (May 2026), Orbiter Growth FIA with EGAP (April 2025), OrionShield FIA with enhanced premium bonuses (April 2025), Virtus IUL III income IUL (May 2025), Virtus Protection IUL (August 2024), and the LiveNow Access rider with critical illness feature (June 2026). The institutional markets unit re-entered the pension risk transfer market in July 2026.

Differentiator

Problem solved

Functional benefit

Brands

• StarStream Variable Annuity: Variable annuity product offering flexible income planning options with four distinct income designs for retirement planning.
• OrionShield Annuities
• Orbiter Growth FIA
• Virtus IUL III
• Virtus Protection IUL
• LiveNow Access Rider

Products and services

• AuguStar Retirement Retirement solutions business unit offering fixed, fixed indexed, variable and registered index-linked annuities through banks, broker-dealers, independent marketing organizations, and insurance professionals.
• AuguStar Life Life insurance business unit offering indexed universal life, indexed whole life, term, and bank-owned life insurance through direct agent distribution and independent marketing organizations.
• AuguStar Seguros Latin American insurance business marketing individual, group and credit life insurance and annuities through subsidiaries in Chile and Peru and a strategic partnership in Brazil (Centauro).
• Constellation Investments Asset management solutions for insurance platforms with over $30 billion in assets under management across general and separate accounts, offering multi-asset investment, custom strategic asset allocation, and risk management.
• Constellation Re M&A and reinsurance platform offering tailored reinsurance solutions and M&A transaction support. Has executed $48.8 billion in complex M&A and reinsurance transactions since 2020.
• Constellation Institutional Markets Institutional markets solutions addressing the needs of institutional clients with pension risk transfer solutions, stable value, and funding agreement backed notes.
• StarStream Variable Annuity A variable annuity offering four distinct income benefit designs (Level, Protector, Boost, Daily) on a single product chassis, supporting flexible retirement income planning with access to a diversified investment lineup.
• Orbiter Growth Fixed Indexed Annuity A fixed indexed annuity offering Enhanced Guaranteed Accumulation Protection for guaranteed growth potential, along with five new index options developed in partnership with MerQube for risk-adjusted returns.
• OrionShield Fixed Indexed Annuity A 10-year fixed indexed annuity offering tiered premium bonus options (up to 24%) for ages 0-85, with multiple index options including S&P 500, Nasdaq Night Owl, S&P MARC 5, and MerQube indices.
• Virtus IUL III An indexed universal life insurance product positioned as a top-tier income IUL, combining accumulation potential with superior income distribution and protection features, designed for personal and business financial planning needs.
• Virtus Protection Indexed Universal Life Insurance A protection-forward indexed universal life product featuring low-cost death benefit protection, extended no-lapse guarantee (55 years or to age 90), and cash value growth through three index accounts and one fixed interest account, each with a 0% floor.
• Prestige Indexed Whole Life Insurance A 20-pay indexed whole life insurance product providing life insurance coverage with accumulation potential tied to index performance.

Quantifiable outcome

• $48.8 billion in complex M&A and reinsurance transactions executed since 2020
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered minor.

• Zurich Insurance GroupminorOthers · 8 May 2023Zurich Insurance Group sold its Chilean annuity portfolio of approximately US$2.1 billion (US$2.6 billion in reserves) to Ohio National Seguros de Vida S.A. (now AuguStar Seguros Chile) as part of Constellation's acquisition strategy. Zurich is a leading multi-line insurer founded 150 years ago that entered the Chilean market in 1991.
• Pruco Life Insurance Company (Prudential Financial)minorOthersAffiliate of Prudential Financial that entered into agreement with Constellation subsidiary The Ohio National Life Insurance Company (ONLIC) to reinsure a $10 billion block of variable annuities. Transaction closed June 30, 2023 with effective date April 1, 2023.
• Centauro (Brazil)minorStrategic or Co-development PartnerStrategic partnership in Brazil offering group life, individual life and endowment products. This joint venture has served the people of Brazil since 2014, providing a nationally trusted name in financial services with products distributed through Centauro's network.

Scale indicators17 records

Recent moves4 records

Expansion highlights6 records

Direct peers

• Voya Financial: Retirement-focused financial services firm with individual annuities, group retirement, and asset management. Comparable across retirement-focused product mix and institutional markets.
• Brighthouse Financial: Variable annuity and life insurance specialist spun out of MetLife. Directly comparable in annuity and life insurance product mix and distribution through financial advisors.
• Jackson Financial: Primarily variable annuity provider with retail life and fixed annuity products. Directly comparable in VA, fixed indexed annuity, and IUL offerings, with similar financial professional distribution.
• Corebridge Financial: Spun out of AIG's life and retirement business, Corebridge is a direct peer in individual retirement, variable annuities, fixed annuities, and institutional group retirement, with comparable distribution channels.
• Sammons Financial Group: Privately held life insurance and annuity holding company with North American Life and Midland National. Directly comparable as a private, multi-channel life and annuity carrier and asset manager.
• Lincoln National Corporation: Direct competitor in variable annuities, indexed universal life, indexed fixed annuities, and group retirement. Operates similar distribution through financial advisors and broker-dealers.
• Athene Holding: Leading fixed and fixed indexed annuity provider, with significant pension risk transfer and reinsurance operations. Highly comparable in FIA product design and institutional retirement strategy.
• Nationwide Financial: Mutual-style life insurance and annuity provider with strong IUL, fixed indexed annuity, and retirement income products. Comparable in retail protection and accumulation-focused product mix.

Broad incumbents

• MetLife: Major US life insurance and annuity provider with global operations including Latin America. Comparable across life insurance, group benefits, retirement income, and asset management, with substantially larger scale.
• Prudential Financial: One of the largest US life insurers and the counterparty in Constellation's $10B block reinsurance transaction. Comparable as a multi-line life insurance and annuity carrier with institutional retirement and asset management operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights8 records

Customer concentration

• LinkedInlinkedin.com/company/augustarlife

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ohio National Financial Services