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February 6, 2004
Ohio National Announces Record Revenues and Sales

Cincinnati -- Ohio National Financial Services today announced records in capital growth, revenues and new sales, including surpassing $3 billion in total revenues.

“Despite continuing challenges in the 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.

“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.

Financial Highlights

- Total statutory revenues – including premiums, investment income and deposits – were reported at a record $3.2 billion, an increase of 37.7 percent.
- Pre-tax operating earnings were $155.3 million, an increase of 29.9 percent.
- Total capital was reported at $1.5 billion, an increase of 18.6 percent.
- Total assets under management were reported at $18.2 billion, up 18.2 percent from last year’s $15.4 billion.

Sales Highlights

- A total of $75.6 million of new individual life insurance sales, an 11 percent increase from 2002 was reported. In comparison, individual life sales in the industry were
-4 percent (through third quarter, 2003).
- This is the 14th consecutive year the company has grown its life insurance sales, a record few, if any, companies can match.
- Sales in the organization’s highly rated universal life portfolio increased 37 percent during the year.
- In the rapidly growing PGA distribution channel, general agents sold more than $40.3 million of new life insurance, an increase of 20 percent from the previous year.
- A total of $1.8 billion of new annuity sales was reported, of which $1.1 billon came from the sale of variable annuities, an increase of 39 percent.
- The company’s expanding bank and securities brokerage distribution channel accounted for $940.4 million in variable annuity sales, up 38 percent.

Other Highlights

- Total number of career agents and general agents under contract increased nearly 28 percent in 2003.
- Dividends paid to participating policyholders were $30.4 million.
- The company paid $2.5 billion in benefits and other insurance contract payments.

Affiliated companies:
Ohio National Financial Services, Inc.
The Ohio National Life Insurance Company
Ohio National Life Assurance Corporation
Summary Results: Through December 2003

   12/03  12/02  % Change
Total Statutory Revenue (billions)
(includes premiums, investment income and deposits) 
 $ 3.2   $ 2.3


Total Equity (millions)
(excluding FAS 115)
 $ 986.8  $887.1  11.2%

Total Equity (millions)
(including FAS 115) 

  $1,068.0  $942.4  13.3%
Total Capital (millions)  $1,461.0  $1,227.4  19.0%

Total Assets Under Management (billions) 

 $ 18.2   $15.4  18.2%

Pre-tax Operating Earnings (millions) 

 $ 155.3  $119.5  29.9%
Adjusted Pre-Tax Operating Earnings (millions)
(income before tax, net realized losses, partnership returns and market-related charges)
  $ 153.6  $147.4  4.1%

The financial data presented for above is on the basis of Generally Accepted Accounting Principles (GAAP), except for Total Statutory Revenue.


Susan McDonald
513.794.6325 (office); 513.633.1277 (mobile)

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©2017 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