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Western & Southern 2025 Annual Report and Financial Results

Explore Western & Southern’s 2025 Annual Report for key financial results, business highlights, ratings and a closer look at the company’s financial strength.

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2025 Annual Report

Key Takeaways

Western & Southern Financial Group delivered its finest year yet, achieving strong performance across nearly every key financial measure.
Investments in people and technology continued to help make it easy and simple for customers and business partners to get what they need when they need it.
New systems and processes enhanced the company’s ability to operate its business more efficiently and help ensure it is there through every economic cycle when people need it most.
Funding support for giving back programs and local community organizations reached $14.7 million.

A Human Institution Serving Human Needs

The Western and Southern Life Insurance Company was founded more than 137 years ago to provide life insurance to industrial workers in Cincinnati.

We have grown into a trusted financial services leader because we stay committed to our purpose: to use our financial strength to help provide financial security to those we serve. We earn your trust by operating with integrity, making sensible decisions, and faithfully honoring our promises today, tomorrow and always.

Our family of companies continues to grow and diversify, fortifying our financial foundation and embracing new opportunities to meet your needs through superior service and an ever-expanding range of insurance, retirement and investment solutions.

We have always been a human institution serving human needs, committed to helping you live the life you want to live. Together, we will continue to build a brighter future.

Download the 2025 Annual Report (PDF)

Record Results

Western & Southern achieved record results in many areas in 2025.

$7.7 Billion

total revenue

$3.8 Billion

net investment income

$802.4 Million

operating income

$15.4 Billion

total equity

$88.0 Billion

assets owned

$132.5 Billion

assets owned and managed

Our Ratings

Financial ratings from independent rating agencies — AM Best, Standard & Poor’s, Fitch and Moody’s — are solid indicators of our financial strength and stability.

Western & Southern’s life insurance companies — The Western and Southern Life Insurance Company, Western-Southern Life Assurance Company, Columbus Life Insurance Company, Gerber Life Insurance Company, Integrity Life Insurance Company, National Integrity Life Insurance Company and The Lafayette Life Insurance Company — maintain very strong financial ratings.

Gerber Life Insurance Company is rated only by AM Best, and Lafayette Life is not rated by Moody’s and has a Comdex Ranking of 95.

Company Financials

Financial strength is critical to organizations like ours that strive to deliver solid results for you. With a heritage dating back to 1888, the disciplined way we approach our business delivers financial strength that is among the highest in the life insurance industry.

The global and U.S. economies in 2025 faced persistent inflation, higher interest rates, geopolitical uncertainty, conflict and market volatility. Despite these headwinds, Western & Southern performed well, remaining disciplined, managing risk carefully, controlling expenses, and staying focused on long-term strength. We continued investing in technology and artificial intelligence to operate more efficiently and serve customers better, all while remaining grounded in our core values.

In 2025 total revenue reached a record $7.7 billion

In 2025 net investment income reached a record $3.8 billion

In 2025 operating income reached a record $802.4 million

In 2025 total equity reached a record $15.4 billion

In 2025 assets owned and managed reached a record $132.5 billion

17.5% capital-to-asset ratio. Significantly higher than the average capital-to-asset ratio of the 15 largest publicly traded life insurers doing business in the U.S. (3.9% as of Dec 31, 2025).

Detailed Financial Results

Message from Our Chairman

“Our results reflect our consistent, time-tested, performance-proven approach to managing our business through every economic cycle.”

- John F. Barrett, Chairman, President and Chief Executive Officer

Download John Barrett's Message (PDF)

Member Company Highlights

The financial solutions delivered by each of our member companies were key to our success in 2025.

Columbus Life Insurance Company

Partnered with Lafayette Life’s Retirement Services Team to help its agents better serve their clients with integrated protection and retirement strategies.

Eagle Realty Group, LLC

Doubled the size of the Private Credit portfolio in just its third year of financing private-equity-backed buyouts among lower middle-market businesses.

Fabric by Gerber Life

Applied digital expertise on foundational work to build a unified direct-to-consumer experience across the Western & Southern family of companies.

Fort Washington Investment Advisors, Inc.

Grew total assets under management to $95 billion with nearly $3 billion in new third-party assets in 2025.

Gerber Life Insurance Company

Issued more than 205,000 policies to new and existing customers and deepened investments in digital capabilities and call centers to help families make more informed decisions.

The Lafayette Life Insurance Company

Piloted a concierge service to deliver elite service to and fast-track new business for top-performing producers.

Touchstone Investments^®

Introduced three new ETFs to expand the ETF lineup to nine, while total assets under management grew to more than $31 billion.

W&S Financial Group Distributors, Inc.

Achieved annuity sales and renewals in excess of $8.9 billion.

Western & Southern Life

Named a Military-Friendly Employer for the 13^th consecutive year and Military-Friendly Spouse Employer for the 11^th year.

Meet Our Family of Companies

Grandfather and grandson watching the sunset at a lake

Our Solutions

We are a human institution serving human needs, offering a wide range of life insurance, retirement and investment solutions that help deliver a secure financial future to our customers.

Learn More About Our Products

Giving Back

We invest in programs and organizations that put people first and advance the common good. Our charitable contributions help support major Cincinnati traditions and health care, education, human services, the arts and our community.

Learn More About Our Community Involvement

Our Culture

Culture is a way of life shared by a group of people — how we act, what we believe, how we treat one another, and what we value. At Western & Southern, where we focus on creating value through everything we do, we believe our culture sets us apart.

Learn More About Our Culture

Our Careers

We are somewhere to grow, lead, win and do good for others. Our supportive culture, wide-ranging development opportunities, continuous learning and advancement programs, and a rooted connection to the Cincinnati community make us a great place for a career.

Explore Our Careers

Our Leadership

Our leadership team brings a wealth of knowledge and deep experience in the financial services industry that guides every step we take to help deliver financial security to you, your families and business partners.

Meet Our Leadership Team

2025 Annual Report

Our consistent performance and financial strength make our company well suited to help provide the financial security Americans can count on. Take a comprehensive look at our year.