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April 3, 2000
Ohio National to Acquire Chilean Insurance and Annuity Provider

Cincinnati, Ohio -- Ohio National Financial Services, Inc., announced today that it has signed an agreement to purchase one of the top 20 Chilean insurance and annuity providers, BHIFAmérica Seguros de Vida. The purchase price was not disclosed.

Ohio National, headquartered in Cincinnati, will acquire BHIFAmérica and two related companies from its current owners, Reinsurance Group of America, Incorporated, and a group of local Chilean investors. BHIFAmérica -- which will become Ohio National Seguros de Vida, S.A., upon closing of the acquisition - sells life insurance and annuities in the personal market. In 1999, the company ranked in the top 20 of Chilean life and annuity providers, with more than $30 million of written premiums and nearly $190 million of consolidated assets. The purchase includes the life and annuity company, a reinsurance company - RGA Reinsurance Company Chile, S.A. - and a related holding company, RGA Sudamérica, S.A.

David B. O'Maley, Ohio National's chairman, president, and CEO, said, "This acquisition is well-positioned within our growth strategy of expanding Ohio National's core life and annuity competencies into attractive markets, including emerging markets such as Latin America. We believe the medium- to long-term prospects for the Latin American insurance industry are very attractive. We further believe Chile is particularly strong due to a stable economy, its expanding private pension marketplace, and a growing acceptance and desire for life insurance."

The transaction is expected to close at the end of April. Headquartered in Santiago, Chile, BHIFAmérica sells annuities through its brokerage arm and life insurance through its career agent distribution. It also has recently expanded into retail outlets.

"BHIFAmérica is a strong and vital company and has benefited from strong local management," added O'Maley. "We look forward to growing the company in this important marketplace."

This represents the first acquisition for Ohio National outside the United States. The company is licensed to do business in 47 states, the District of Columbia and Puerto Rico, where it is affiliated with a major San Juan insurance agency. At year-end 1999, Ohio National reported its sixth consecutive year of double-digit earnings gains and more than $8.9 billion of assets under management. The company reported total revenues of $1.6 billion (statutory basis).

The acquisition is the second for Ohio National since it restructured under a mutual insurance holding company - Ohio National Mutual Holdings, Inc. -- in August 1998. Ohio National Financial Services, Inc., is the organization's intermediate holding company. Through its affiliated insurance companies, Ohio National sells a wide variety of individual and group life, annuity and retirement planning products.

Ohio National Financial Services
Acquisition of Chilean Life and Annuity Provider
April 3, 2000
Fact Sheet

Definitive agreement signed between Ohio National Financial Services, Inc., to purchase BHIFAmérica Seguros de Vida, a life insurance and annuity provider, and two related companies, RGA Sudamérica, S.A., and RGA Reinsurance Company Chile, S.A. Closing expected around late April 2000.

Ohio National Financial Services is a group of insurance and financial services companies helping individuals, groups and businesses meet their financial goals. Through its insurance affiliates, the organization markets a comprehensive variety of competitive insurance and annuity products in 47 states, the District of Columbia and Puerto Rico. Ohio National Financial Services markets its products through affiliated agents and brokers, stock brokerages and banks, and the Internet.

BHIFAmérica markets individual annuities through a brokerage distribution and individual life insurance through a career agency distribution. The company is headquartered in Santiago, Chile.

Within its corporate family founded in 1909, Ohio National has $8.9 billion of assets under management and more than $38.7 billion of life insurance in force. Ohio National reported revenues of more than $1.6 billion (statutory basis) at year-end 1999. Ohio National is headquartered in Cincinnati, Ohio, with more than 600 associates located at its corporate facility.

At year-end 1999, BHIFAmérica had written premiums totaling more than $30 million - placing it #17 among the top 20 life insurance and annuity providers in Chile. The combined assets of the companies represent nearly $190 million.

Ohio National is rated "A+ (Superior)" by A.M. Best Company (based on financial strength and operating performance), "AA" from Standard and Poor's (for financial strength) and "AA" from Duff and Phelps (for claims-paying ability.)

Ohio National Chairman, President and Chief Executive Officer: David B. O'Maley

BHIFAmérica Seguros de Vida President: Ignacio Montes

Diane Hagenbuch

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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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