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February 5, 1999
Ohio National Announces Record Earnings Year

CINCINNATI -- Ohio National Financial Services today announced record 1998 sales, earnings and capital growth.

Our earnings increased to the highest level ever and our overall financial results were excellent, reported David B. O’Maley, Chairman, President and Chief Executive Officer. O’Maley reported that pre-tax operating earnings totaled $112.8 million, a 12.1% increase from $100.7 million recorded in 1997. Since 1993, the company has experienced 20.9% annual compounded earnings growth. Adjusted net income in 1998 grew 9.6%, from $66.8 million in 1997 to $73.2 million. Total equity now exceeds $710.5 million.

"This has been a truly historic year for Ohio National," Mr. O’Maley said."During 1998, we completed our reorganization under a mutual insurance holding company structure, providing us important future strategic flexibility. In addition to strong earnings, our excellent capital growth reflects effective expense management and the high quality of our assets. Without question, our superior growth rate and new organizational structure positions us well for the future."

Total assets under management grew to $8.2 billion, an increase of 27.3%, with the October acquisition of Fiduciary Capital Management, a Connecticut-based investment adviser.

In the individual life insurance product line, O’Maley reported an 11.6% increase in sales for 1998 -- representing nine consecutive years of life insurance sales growth and a nine-year growth rate of 17.5% per year. "Of the top 10 growth life insurance companies, none has achieved this measure of consistent, sustained growth," O’Maley noted. The company also experienced excellent growth in its individual annuity line, with sales up 8%. During 1998, Ohio National also maintained its strong ratings for financial strength and claims-paying ability: "A+ Superior" from A. M. Best, "AA" from Duff & Phelps and "AA" from Standard & Poor’s. Ohio National is among only 3% of all life insurers to maintain such ratings.

Another highlight during 1998 was the announcement in late December that the company was named -- for the second consecutive year -- one of the "100 Best Companies to Work For In America" by FORTUNE magazine (January 11, 1999 issue)

Other highlights of Ohio National’s 1998 financial results included:

  • Dividends paid to policyholders were $26 million.
  • The company paid $861 million in benefits and other insurance contract payments, including $771 million paid in "living" benefits.
  • Life insurance in force totaled a record $35.3 billion, up $3.2 billion from 1997.

Ohio National, a financial services company with more than 575 employees in Cincinnati and offices throughout the country, markets a variety of insurance and financial products in 47 states, the District of Columbia and Puerto Rico.

Affiliated companies:
Ohio National Financial Services, Inc.,
The Ohio National Life Insurance Company andOhio National Life
Assurance Corporation (Consolidated)

Diane Hagenbuch

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©2017 Ohio National Financial Services, Inc.
Product Issuers: The Ohio National Life Insurance Company
and Ohio National Life Assurance Corporation
Registered Products Distributed by: Ohio National Equities, Inc.
Member FINRA
One Financial Way | Cincinnati, Ohio 45242