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February 4, 2000
Ohio National Announces Another Record Earnings Year

CINCINNATI, OHIO -- Ohio National Financial Services today announced record 1999 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 $124.5 million, a 12.3% increase from $110.8 million recorded in 1998. Since 1993, the company has experienced 19.1% annual compounded earnings growth. Net income in 1999 grew 31.2%, from $67.7 million in 1998 to $88.9 million. Total equity now exceeds $709.6 million. Total assets under management grew to $8.9 billion, a compound annual increase of 12.7% since 1993.

"This has been another significant growth year for Ohio National," O’Maley said. "In addition to strong earnings, our excellent capital growth reflects effective expense management and the high quality of our assets. Additionally, our marketing distribution continued to grow, both within our traditional sales organization and with a significant expansion of our banks and securities brokerage channel."

In the individual life insurance product line, O’Maley reported a 6.0% increase in sales for 1999 -- representing 10 consecutive years of life insurance sales growth and a 10-year growth rate of 16.3% per year. "Few, if any companies, have achieved this measure of consistent, sustained life sales growth," O’Maley noted.

The company also experienced significant growth in its individual annuity line, with an 89.4% increase to $362.2 million of new sales. Of that total, $317.8 million represented variable annuity sales, a 95.9% increase from 1998. ??

During 1999, Ohio National also maintained its strong ratings for financial strength, operating performance 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.

Other highlights of Ohio National’s 1999 financial results included:

  • Dividends paid to policyholders were $29 million.
  • The company paid $980 million in benefits and other insurance contract payments, ?? including $891 million paid in "living" benefits.
  • Life insurance in force totaled a record $38.7 billion, up $3.4 billion from 1998.

Ohio National, a financial services company with more than 600 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.

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, 1999

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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