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February 9, 2007
Ohio National Announces Record 2006 Earnings and Revenues

Cincinnati -- Ohio National Financial Services today announced records in sales and revenues for 2006, including    $88.5 million in new annual premium for individual life insurance sales and a 43.9 percent increase in variable annuity sales.

Additionally, revenues climbed beyond $3.1 billion, up 27.7 percent, and assets under management grew more than 10.1 percent to $22.5 billion.

“Ohio National is performing extremely well, despite continuing challenges impacting the retail financial services marketplace,” reported David B. O’Maley, chairman, president and chief executive officer, at today’s board of directors meeting. “We are very proud of our consistent success to profitably grow our company while providing high-value, low-cost products to our customers. As we near our second century of service in 2009, we continue to execute our strategy and demonstrate excellent performance.”

In his remarks, O’Maley also noted the company’s strategic investment of additional capital into the accelerated growth of the company’s distribution channels. “This was a primary factor leading to constrained annual earnings for 2006, which was recognized and planned,” he reported.

2006 Financial Highlights
• GAAP equity (excluding FAS 115) was reported at $1.29 billion, a 7.6 percent increase.

• Total statutory revenues, including premiums, investment income and deposits, were reported at $3.1 billion, up 27.7 percent.

• Total assets under management were reported at $22.5 billion, up 10.1 percent.

2006 Sales Highlights
• A record $88.5 million of new annual premium was reported for individual life insurance, a 2.8 percent increase in sales from 2005.  This is the 17th consecutive year the company has grown its individual life insurance sales, a record unmatched in the industry.

• Individual variable annuity sales were up 43.9 percent, to $1.2 billion of new premium.

• Group pension sales grew to $90.2 million, a 9.2 percent increase.

• The company's full service broker-dealer, The O.N. Equity Sales Company, increased gross broker-dealer concessions by 13.3 percent, to $34.5 million.

Rating Highlights
Independent industry analysts in the past year reaffirmed the affiliated companies’ very strong financial security ratings and stable outlook. These included:

• Standard & Poor’s: “AA” (very strong), its third highest ranking on a 21-part scale, for financial security characteristics. The report noted that the rating “reflected the company’s extremely strong capital, improved risk profile in the past three years and very strong earnings.”

• Moody’s: “A1,” its fifth-highest financial strength rating on a 21-part scale (based on the ability to repay punctually senior policyholder claims and obligations). The report noted “the company’s lean cost structure and traditionally high asset returns.”

• A. M. Best: “A+ (Superior),” its second-highest rating of 16 categories (based on the company’s balance sheet strength, operating performance and business profile). The report noted the company’s “strong organic sales growth, diversified distribution, improving operating returns and high-quality investment portfolio.”

Additional 2006 Information
• Dividends paid to participating policyholders were $35.1 million.

OHIO NATIONAL MUTUAL HOLDINGS, INC.
Affiliated companies:
Ohio National Financial Services, Inc.
The Ohio National Life Insurance Company
Ohio National Life Assurance Corporation
(Consolidated)
Summary Results: Through December 2006

 

12/06

12/05

change

Total Equity (billions)

(excluding FAS 115)

$1.29

$1.20

7.6%

Total Assets Under Management (billions)

$22.5

$20.4

10.1%

Total Statutory Revenue (billions)

(includes premiums, investment income and deposits)

$3.1

$2.4

27.7%

Total Equity (billions)

(including FAS 115)

$1.37 $1.34 2.1%

Total Capital (billions)

 

$1.73

$1.69

1.7%

Adjusted Pre-Tax Operating Earnings (millions)

$150.2

$169.4

(11.4%)

 

Net After-Tax Operating Earnings (millions)

$102.6

$120.0

(14.6%)

 

The financial data presented above is on the basis of Generally Accepted Accounting Principles (GAAP), except for Total Statutory Revenue and dividends. In addition, all financial information in this news release is unaudited and all percentages are based on unrounded figures.

-30-

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, 2007, its affiliated companies have $24.7 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Voted Cincinnati’s “Best Place to Work” (large category) by the Business Courier and “25 Best Medium-Sized Companies to Work for in America” by the Great Place to Work Institute, Ohio National has more than 850 corporate headquarters associates. Visit www.ohionational.com for more information.

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Adrienne Gutbier, APR
513.794.6254 (office) or 513.508.9436 (mobile)


 
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©2014 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
513.794.6100