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February 11, 2005
Ohio National Announces Record Earnings and Revenues

Cincinnati --  

Ohio National Financial Services today announced records in capital growth, earnings and revenues, including $80 million in new annual premium for individual life insurance sales.

“Despite continuing challenges impacting the retail financial services marketplace, our overall sales and financial results were excellent,” 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 effectively managing expenses.

“Coupled with the significant growth of our distribution channels, we continue to execute our strategy and demonstrate excellent performance, significantly outperforming the industry during the past year and over the past 10 years,” O’Maley said. “Additionally, we have enhanced our financial position as reflected in the recent announcements by both Standard & Poor’s and Moody’s raising our ratings’ outlook to ‘stable.’” (See ratings information below.)

Financial Highlights

• Pre-tax GAAP operating earnings were a record $168.6 million, an increase of 8.6 percent.

• Total capital was reported at $1.6 billion, an increase of 10.7 percent.

• GAAP equity increased by 18.0 percent to $1.3 billion.

• GAAP revenues excluding realized gains and losses were $1.0 billion, an increase of 8.0 percent.

• Total assets under management were reported at $19.0 billion, up 4.0 percent.

Sales Highlights

• A record $80 million of new annual premium was reported for individual life insurance, a 10 percent increase in U.S. sales from 2003.

• This is the 15th consecutive year the company has grown its individual life insurance sales, a record unmatched in the industry.

• Group pension sales grew 18 percent, to nearly $74 million, during 2004.

• The company's full service broker-dealer, The O.N. Equity Sales Company, increased gross broker-dealer concessions by 53 percent, to more than $24 million.

Rating Highlights

Independent industry analysts in the past month reaffirmed the affiliated companies' very strong financial security ratings and raised the ratings' outlook to "stable." These included:

Standard & Poor's: "AA," 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 third-highest financial strength rating on a nine-part scale (based on the ability to repay punctually senior policyholder claims and obligations). The report noted "the company's low unit costs and efficient operations; variable cost distribution which has been successfully expanded during the past several years; strong product development capability ... and strong asset/liability management."

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, effective asset/liability matching, improving operating returns and solid investment performance."

Additional 2004 Information

• Dividends paid to participating policyholders were $28.9 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 2004

  12/04 12/03
% change
Total Equity (millions)

(excluding FAS 115)

$1,091.1 $986.8 10.6%
Total Equity (millions)

(including FAS 115)

$1,260.5 $1,068.2 18.0%
Total Capital (millions) $1,614.1 $1,461.0 10.7%
Total Assets Under Management (billions) $ 19.0 $18.2 4.0%
Pre-tax Operating Earnings (millions) $ 168.6 $155.3 8.6%
Total Revenue Excluding Realized Gains and Losses (millions) $1,015.2 $939.6 8.0%

The financial data presented above is on the basis of Generally Accepted Accounting Principles (GAAP).

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, 2004, its affiliated companies had $19 billion of total assets under management. Voted one of the  "25 Best Medium-Sized Companies to Work for in America" (June 2004) by the Great Place to Work Institute, Ohio National has more than 750 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