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February 10, 2004
Ohio National and Security Mutual Join Forces

Cincinnati and Binghamton, NY -- The Ohio National Life Insurance Company and Security Mutual Life Insurance Company of New York today announced the signing of a definitive agreement under which Security Mutual will join the Ohio National family of companies. Financial terms were not disclosed.

Company officials expect to close the transaction before the end of 2004, following satisfaction of customary closing conditions, including a required public hearing and the approval of eligible policyowners of Security Mutual and the New York State Insurance Department.

The Board of Directors of Security Mutual has agreed to adopt a plan of reorganization under which the company will demutualize in order to convert from a mutual insurance company to a stock company and become a wholly owned subsidiary of The Ohio National Life Insurance Company. In the plan, eligible policyowners of Security Mutual will receive consideration in the form of cash payments. (Policies owned by qualified plans will receive policy credits.)

“This agreement enhances the strengths and opportunities for both of our companies,” said David B. O’Maley, chairman, president and chief executive officer of Ohio National. “Security Mutual’s quality portfolio of whole life insurance, its leadership position in worksite marketing and its pension operations will enhance our enterprise, in both products and distribution. It’s an outstanding strategic fit for both companies.”

“We are very pleased to be joining with Ohio National, a proven leader in the market. This organization has superior financial strength, and we anticipate additional opportunities for our distributors and associates,” said Bruce W. Boyea, chairman, president and chief executive officer of Security Mutual. “Ohio National’s mutual insurance heritage and our current joint working relationship make a winning combination.”

At the end of December 2003, Cincinnati-based Ohio National had more than $18.2 billion of assets under management; Binghamton-based Security Mutual had assets of $1.7 billion.

Ohio National and Security Mutual joined together in January 2002 to jointly own National Security Life and Annuity Company. National Security sells variable products through the existing Security Mutual distribution channels and through Ohio National’s institutional sales channel in New York.

“We could not be more delighted than to be able to join with Ohio National, a company with which we have an ongoing cooperative affiliation. This will bring added value to our customers and field associates in the coming years,” Boyea added.

Under New York law, the transaction requires the approval of the New York Insurance Superintendent and the approval of Security Mutual’s eligible policyowners.

The transaction will not change premiums or reduce policy benefits, guaranteed values or other policy obligations for Security Mutual policyowners. Also, policy dividends will continue to be paid as declared annually (although, as always, policyholder dividends are not guaranteed and may vary from year to year). As an added layer of protection, certain assets of Security Mutual will be set aside in a “closed block” to provide for the payment of benefits and dividends on participating policies owned by eligible individual policyholders.

At the successful conclusion of the transaction, it is expected that Security Mutual will continue to maintain an important presence and significant employment base in Binghamton, and Boyea will remain as CEO of the reorganized company. “We foresee that Security Mutual will continue to operate as a separate entity, maintaining the core and continuity of its name, and continuing to serve the interests of its policyholders and beneficiaries for years to come,” O’Maley said. “Also, we foresee strategic and operational value in maintaining an additional underwriting and administrative service center for Ohio National in Binghamton, serving our Northeast customers.”

“During the coming months, we look forward to communicating the value offered to Security Mutual policyholders, distributors, and associates and the opportunities which will be created as a result of its affiliation with Ohio National,” O’Maley added.

“For more than 117 years, Security Mutual has had an exceptional heritage of service to its customers and our field associates, as does Ohio National,” added Boyea. “This opportunity before us provides a bridge of history, strength and knowledge on which we can continue to provide these critical values.”


Tracing its corporate origins to 1909, Ohio National today markets a variety of insurance and financial products through more than 30,000 representatives in 47 states (all except Alaska, Hawaii and New York), the District of Columbia, Puerto Rico and through subsidiary operations in Santiago, Chile. As of December 31, 2003, its affiliated companies have more than $18 billion of total assets under management. Voted Cincinnati's "Best Place to Work" (large category) by the Business Courier, Ohio National has more than 750 corporate headquarters associates. 

Susan McDonald
513.794.6325 (office); 513.633.1277 (mobile)

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Product Issuers: The Ohio National Life Insurance Company
and Ohio National Life Assurance Corporation
Registered Products Distributed by: Ohio National Equities, Inc.
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