Moody's Investors Service Reaffirms Ohio National's "A1" Rating

| Source: Ohio National Financial Services Ohio National Financial Services

CINCINNATI, OH--(Marketwire - July 6, 2009) - Ohio National Financial Services is pleased to announce that Moody's Investors Service today reaffirmed the very strong "A1" rating for insurance financial strength of its core insurance subsidiaries, The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation, with stable outlook. In reaffirming the rating, Moody's noted Ohio National's "prudent risk management measures... low unit costs and efficient operations... strong product development capability... and solid asset/liability management."

Since the market downturn in late 2008, all of Ohio National's ratings have been reaffirmed by the major rating analysts, including: 

--  Standard & Poor's: "AA" (Very Strong), reaffirmed February 2009, its
    third-highest ranking on a 21-part scale, for financial security
    characteristics
--  A.M. Best: "A+ (Superior)", reaffirmed June 2009, its second-highest
    ranking of 16 categories, based on balance sheet strength, operating
    performance and business profile
--  Moody's: "A1", reaffirmed today, its fifth-highest ranking on a 21-
    part scale

"In the current economic environment in which almost all of the major financial institutions including banks have experienced rating downgrades, it is particularly significant to have Moody's reaffirm our very strong rating," said David B. O'Maley, Ohio National Chairman and Chief Executive Officer. "Moody's independent research has long been well regarded for its depth of analysis, knowledge of the financial services industry and overall methodology. Ohio National's ratings from Moody's, A.M. Best and S & P have remained unchanged since 1991, nearly 20 years. Relative to the industry, our ratings are higher than they were a decade ago."

In today's statement, Moody's specifically noted Ohio National's "prudent risk management measures -- highly robust liquidity and a comprehensive hedging program for its variable annuity guarantees -- as well as a stable block of inforce life insurance, which, in combination should enable the operating companies to maintain strong regulatory capital levels in the event of a stress scenario."

Moody's also detailed the company's "excellent risk-based capital of approximately 450 percent at the end of 2008." Moody's commented favorably on Ohio National's preparation for adverse effects of down markets and its management of capital and liquidity, including holding over $1 billion in cash to protect against adverse events.

"Despite one of the most volatile economic climates anyone can remember, Ohio National continues to produce excellent financial and sales results, and our balance sheet is exceptionally strong," O'Maley added. "Our momentum continues to grow, as new distributors and clients become affiliated with Ohio National. We are very well positioned for the future as we celebrate 100 years of service this year."

Tracing its corporate origins to 1909, Ohio National today markets a variety of insurance and financial products through more than 40,000 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, 2008, its affiliated companies have $21.6 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 (November 2003) and "25 Best Medium-Sized Companies to Work for in America" by the Great Place to Work Institute (June 2004), Ohio National has more than 850 corporate headquarters associates. Visit www.ohionational.com for more information.

All information according to reports published on www.moodys.com/insurance

Ohio National has received high marks for financial strength and claims paying ability from major rating agencies; however, such ratings do not refer to the performance of our variable accounts nor imply approval of our variable contracts or their portfolios.

Contact Information: Contact: Adrienne Gutbier, APR 513.794.6254 office 513.520.1612 cellular

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