OHIO NATIONAL VARIABLE ACCOUNT A, 485BPOS, 1995-08-01

OHIO NATIONAL VARIABLE ACCOUNT A
485BPOS, 1995-08-01

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<PAGE> 1

File No. 2-91213*
811-1978

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/
Pre-Effective Amendment No. / /

Post-Effective Amendment No. 16 /X/

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/

Amendment No. 21 /X/

__________________________________________________________

(Exact Name of Registrant)
OHIO NATIONAL VARIABLE ACCOUNT A

(Name of Depositor)
THE OHIO NATIONAL LIFE INSURANCE COMPANY
(Address of Depositor's Principal Executive Offices)
237 William Howard Taft Road
Cincinnati, Ohio 45219
(Depositor's Telephone Number)
(513) 861-3600
__________________________________________________________

(Name and Address of Agent for Service)
Ronald L. Benedict, Second Vice President and Counsel
The Ohio National Life Insurance Company
P.O. Box 237
Cincinnati, Ohio 45201

Notice to:
W. Randolph Thompson, Esq.
Jones & Blouch
2100 Pennsylvania Avenue, N.W.
Washington, D.C. 20037
__________________________________________________________

Approximate Date of Proposed Public Offering: As soon after the effective date
of this amendment as is practicable.

Registrant has heretofore registered an indefinite amount of securities under
the Securities Act of 1933 pursuant to Rule 24f-2 and on February 16, 1995
filed its Rule 24f-2 Notice for its most recent fiscal year.**

It is proposed that this filing will become effective (check appropriate
space):

______ immediately upon filing pursuant to paragraph (b)

______ on (date) pursuant to paragraph (b)

______ 60 days after filing pursuant to paragraph (a)(i)

X
______ on October 2, 1995, pursuant to paragraph (a)(i)

______ 75 days after filing pursuant to paragraph (a)(ii)

______ on (date) pursuant to paragraph (a)(ii) of Rule 485.

If appropriate, check the following box:
______ this post-effective amendment designates a new effective date for
a previously filed post-effective amendment.
<PAGE> 2
* The prospectus contained in this registration statement also relates to
variable annuity contracts no longer being sold but for which
additional purchase payments are accepted and which are covered by
earlier registration statements under Files No. 2-36590, 2-73470,
2-68456 and 2-78652.

** Certain contracts filed pursuant to Files No. 2-73470 and 2-68456 contain
a Guarantee of the Depositor. The value of the contracts to which the
Guarantee relates is indeterminable. Pursuant to Rule 456(m) under the
1933 Act, no separate fee is being paid for the Guarantee.

OHIO NATIONAL VARIABLE ACCOUNT A

<TABLE>
<CAPTION>
N-4 Item Caption in Prospectus
-------- ---------------------
<S> <C>
1 Cover Page

2 Glossary of Special Terms

3 Not applicable

4 Accumulation Unit Values

5 The Ohio National Companies

6 Deductions and Expenses

7 Description of Variable Annuity Contracts

8 Annuity Period

9 Death Benefit

10 Accumulation Period

11 Surrender and Partial Withdrawal

12 Federal Tax Status

13 Not applicable

14 Table of Contents

Caption in Statement of Additional Information
----------------------------------------------

15 Cover Page

16 Table of Contents

17 Not applicable

18 Custodian
Independent Certified Public Accountants
<PAGE> 3
19 See Prospectus (Distribution of Variable
Annuity Contracts) Loans Under Tax-Sheltered
Annuities

20 Underwriter

21 Calculation of Money Market Subaccount Yield
Total Return

22 See Prospectus (Annuity Period)

23 Financial Statements

Caption in Part C
-----------------

24 Financial Statements and Exhibits

25 Directors and Officers of the Depositor

26 Persons Controlled by or Under Common Control
with the Depositor or Registrant

27 Number of Contractowners

28 Indemnification

29 Principal Underwriter

30 Location of Accounts and Records

31 Not applicable

32 Not applicable
</TABLE>
<PAGE> 4

PART A

PROSPECTUS
<PAGE> 5
PROSPECTUS
FLEXIBLE PURCHASE PAYMENT
INDIVIDUAL TAX QUALIFIED VARIABLE ANNUITY CONTRACTS
OHIO NATIONAL VARIABLE ACCOUNT A

THE OHIO NATIONAL LIFE INSURANCE COMPANY
237 WILLIAM HOWARD TAFT ROAD
CINCINNATI, OHIO 45219
TELEPHONE (513) 559-6452

This prospectus offers a multiple funded, flexible purchase payment,
individual variable annuity contract, designed for tax qualified
retirement plans, that provides for the accumulation of values and the
payment of annuity benefits on a variable and/or fixed basis. Unless
specifically stated otherwise, only provisions relating to the variable
portion of the contracts are described in this prospectus. The fixed
portion ("Guaranteed Accumulation Account") is briefly described in an
appendix to the Statement of Additional Information.

Variable annuities are designed to provide lifetime annuity payments
which will vary with the investment results of the investment vehicle
chosen. The accumulation value of a contract will vary with the
investment performance of Ohio National Fund, Inc. (the "Fund"), prior
to the annuity payout date, and the amount of each annuity payment will
vary with the Fund's investment performance subsequent to the
commencement of annuity payments. There can be no assurance that the
value of a contract during the years prior to the annuity payout date or
the aggregate amount of annuity payments received after such date will
equal or exceed the purchase payments made therefor.

The variable annuity contracts offered by this prospectus are designed
for (1) annuity purchase plans adopted by public school systems and
certain tax-exempt organizations described in Section 501(c)(3) of the
Internal Revenue Code (the "Code"), qualifying for tax-deferred
treatment pursuant to Section 403(b) of the Code, (2) other employee
pension or profit-sharing trusts or plans qualifying for tax-deferred
treatment under Section 401(a), 401(k) or 403(a) of the Code, (3)
individual retirement annuities qualifying for tax-deferred treatment
under Section 408 of the Code, and (4) state and municipal deferred
compensation plans.

The minimum purchase payment is $25. Payments after the first payment
may be made at any time. Generally the maximum purchase payment is
$10,000 per year.

Purchase payments are allocated to one or more subaccounts of Ohio
National Variable Account A ("VAA") in such portion as the contract
owner may choose. VAA is a separate account established by The Ohio
National Life Insurance Company ("Ohio National Life"). The assets of
VAA are invested in shares of the Fund, a mutual fund having nine
portfolios in which the contracts' assets may be invested: Equity
Portfolio, Money Market Portfolio, Bond Portfolio, Omni Portfolio,
International Portfolio, Capital Appreciation Portfolio, Small Cap
Portfolio, Global Contrarian Portfolio and Aggresive Growth Portfolio.
(See the accompanying prospectus of the Fund.)

All or part of the contract's accumulation value may be withdrawn before
the annuity payout date. Amounts withdrawn may be subject to federal
income tax penalties, and a contingent deferred sales charge may be
assessed equal to 7 3/4% of total purchase payments made during the 96
months immediately preceding the withdrawal, or 7 3/4% of the amount
withdrawn, if less. After the first year, up to 10% of the accumulation
value may be withdrawn each year without this charge. Exercise of
contract rights may be subject to the terms of any qualified employee
trust or annuity plan under which a contract is purchased. This
prospectus contains no information concerning such trusts or plans.

The contracts offered hereby may be revoked by the purchaser without
penalty within 20 days of their delivery.

This prospectus should be retained for future reference. It sets forth
the information about VAA and the variable annuity contracts offered by
this prospectus that you should know before investing. Additional
information about VAA has been filed with the Securities and Exchange
Commission in a Statement of Additional Information dated October 2,
1995. The Statement of Additional Information is incorporated herein by
reference and is available upon request and without charge by writing
or calling Ohio National Life at the above address. The table of
contents for the Statement of Additional Information is on page 2.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
AND EXCHANGE COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY
OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE. THIS PROSPECTUS SHOULD BE ACCOMPANIED BY THE CURRENT
PROSPECTUS OF OHIO NATIONAL FUND, INC.

OCTOBER 2, 1995

FORM V-4820-A
<PAGE> 6

TABLE OF CONTENTS
<TABLE>
<S> <C>
Fee Table ................................... 3
Accumulation Unit Values .................... 4
Financial Statements ................... 5
The Ohio National Companies ................. 5
Ohio National Life ..................... 5
Ohio National Variable Account A ....... 5
Ohio National Fund, Inc. ............... 5
Distribution of Variable Annuity Contracts .. 6
Deductions and Expenses ..................... 6
Contingent Deferred Sales Charge ....... 6
Contract Administration Charge ......... 6
Deduction for Administrative Expenses .. 6
Deduction for Risk Undertakings ........ 7
Transfer Fee ........................... 7
Deduction for State Premium Tax ........ 7
Fund Expenses .......................... 7
Description of Variable Annuity Contracts ... 7
20 Day Free Look ....................... 7
Accumulation Period .................... 7
Annuity Period ......................... 10
Other Contract Provisions .............. 12
Performance Data ....................... 13
Federal Tax Status .......................... 13
Prior Contracts ............................. 16
Accumulation Unit Values for
Prior Contracts ........................ 17
IRA Disclosure Statement .................... 19
___________________________________

Statement of Additional Information
Custodian
Independent Certified Public Accountants
Underwriter
Calculation of Money Market Subaccount Yield
Total Return
Financial Statements for VAA and Ohio National Life
Appendix: Loans Under Tax-Sheltered Annuities
Guaranteed Accumulation Account
</TABLE>

GLOSSARY OF SPECIAL TERMS

Accumulation Period - The period prior to the annuity payout date and
during the lifetime of the annuitant.

Accumulation Unit - A unit of measure used to determine the value of
contracts during the accumulation period.

Accumulation Value - The cash value of an annuity contract before the
annuity payout date.

Annuitant - Any natural person who is to receive or is receiving annuity
payments and upon whose continuation of life annuity payments with life
contingencies depend.

Annuity Payout Date - The date on which annuity payments are to begin.

Annuity Payments - Periodic payments made to an annuitant pursuant to an
annuity contract.

Annuity Unit - A unit of measure used to determine the second and
subsequent variable annuity payments and reflecting the investment
performance of the Fund.

Fund Shares - Shares of Ohio National Fund, Inc., or shares of another
registered open-end investment company substituted therefor.

Owner - During the lifetime of the designated annuitant and prior to the
specified annuity payout date, the owner is the person in whose name the
contract is registered. On and after the annuity payout date the
annuitant becomes the owner. After the death of the annuitant, the
beneficiary becomes the owner.

Purchase Payments - The amount of payments made by the owner or on his
behalf under the annuity contract.

Settlement - The application of the accumulation value of an annuity
contract under the settlement provisions contained therein.

Subaccount - The Equity subaccount, Money Market subaccount, Bond
subaccount, Omni subaccount, International subaccount, Capital
Appreciation subaccount, Small Cap subaccount, Global Contrarian
subaccount, Aggressive Growth subaccount, or such other subaccounts as
may be established under VAA.

Valuation Period - The period of time from one determination of
accumulation unit and annuity unit values to their next determination.
Such determination is made at the same time that the net asset value of
Fund Shares is determined. See page 17 of the accompanying Fund
prospectus.

1940 Act - The Investment Company Act of 1940, as amended, or any
similar successor federal legislation.

2
<PAGE> 7

<TABLE>

FEE TABLE
<CAPTION>
CONTRACTOWNER TRANSACTION EXPENSES

DEFERRED SALES LOAD (AS A PERCENTAGE
OF LESSER OF PAYMENTS MADE
IN THE PRIOR 8 YRS, OR AMOUNT SURRENDERED) 7.75%
(THEREAFTER) 0%
EXCHANGE (TRANSFER) FEE $ 3 (CURRENTLY NO CHARGE FOR THE FIRST 4 TRANSFERS PER YEAR)
ANNUAL CONTRACT FEE $30

MONEY INTER- CAPITAL SMALL GLOBAL AGGRESSIVE
EQUITY MARKET BOND OMNI NATIONAL APPRECIATION CAP CONTRARIAN GROWTH
------ ------ ---- ---- -------- ------------ ---- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
VAA Annual Expenses (as a percentage
of average account value)
Mortality and Expense Risk Fees 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85%
Account Fees and Expenses 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
---- ---- ---- ---- ---- ---- ---- ---- ----
Total VAA Annual Expenses 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10%

Fund Annual Expenses (as a percentage
of the Fund's average net assets)
Management Fees 0.58% 0.25%* 0.60% 0.60% 0.90% 0.80% 0.80% 0.90% 0.80%
Other Expenses 0.17% 0.13% 0.18% 0.18% 0.15% 0.13% 0.12% 0.40%** 0.25%**
---- ---- ---- ---- ---- ---- ---- ---- ----
Total Fund Annual Expenses 0.75% 0.38% 0.78% 0.78% 1.05% 0.93% 0.92% 1.30% 1.05%

EXAMPLE
If you surrendered your 1 Year $88 $85* $88 $88 $91 $90 $89 $93 $91
contract at the end of the
applicable time period, you 3 Years 126 115* 127 127 134 131 131 141 134
would pay the following
aggregate expenses on a $1,000 5 Years 166 148* 168 168 180 175 174 191 180
investment, assuming 5%
annual return: 10 Years 232 190* 235 235 263 250 249 288 263

EXAMPLE
If you do not surrender your 1 Year 20 16* 21 21 23 22 22 26 23
contract or you annuitize at
the end of the applicable 3 Years 62 51* 63 63 72 68 68 79 72
time period, you would
pay the following 5 Years 107 87* 109 109 123 116 116 135 123
aggregate expenses
on the same investment 10 Years 232 190* 235 235 263 250 249 288 263

</TABLE>

The purpose of the above table is to help you to understand the costs
and expenses that a variable annuity contractowner will bear directly or
indirectly. THE EXAMPLE INCLUDED IN THE ABOVE TABLE SHOULD NOT BE
CONSIDERED A REPRESENTATION OF PAST OR FUTURE EXPENSE, AND ACTUAL
EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN. Note that the expense
amounts shown in the example are aggregate amounts for the total number
of years indicated. In the example, the annual fee is treated as if it
were deducted as a percentage of assets, based upon the average account
value for all contracts, including ones from which a portion of the
contract fee may be paid from amounts invested in the general account.

For the surrender of a contract at the end of years 3 or 5, the example reflects
the right of a contract owner to withdraw up to 10% of the accumulation value
without assessment of the contingent deferred sales charge.

Neither the table nor the example reflect any premium taxes that may be
applicable to a contract, which currently range from 0% to 2%. The
above table and example reflect only the charges for contracts currently
offered by this prospectus and not other contracts that may be mentioned
in the discussion of Prior Contracts. For further details, see
DEDUCTIONS AND EXPENSES, page 6.

*For the Money Market Portfolio, management fees in excess of 0.25% are
presently being waived by the Fund's investment adviser. Without the
waiver, the Money Market Portfolio's Management Fee would be 0.30%, its
Total Fund Annual Expenses would be 0.43%, and its expenses would total
$85 for a $1,000 contract surrendered at the end of 1 year, $117 if
surrendered at the end of 3 years, $151 if surrendered at the end of 5
years or $197 if surrendered at the end of 10 years. For a $1,000
contract annuitized or not surrendered, the expenses without the waiver
would be $17 for 1 year, $53 for 3 years, $91 for 5 years or $197 for 10
years.

**Estimated

3
<PAGE> 8
<TABLE>
ACCUMULATION UNIT VALUES*
<CAPTION>
EQUITY SUBACCOUNT
YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS
DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR
----------- ----------------- ------------- ---------------
<S> <C> <C> <C>
1985 $ 9.795562 $11.984721 23,650
1986 11.984721 14.617681 94,765
1987 14.617681 16.023258 262,138
1988 16.023258 18.231104 310,512
1989 18.231104 22.218759 376,442
1990 22.218759 21.128705 589,220
1991 21.128705 25.116964 802,548
1992 25.116964 26.717609 1,048,285
1993 26.717609 30.151694 1,181,609
1994 30.151694 29.897240 1,288,052

<CAPTION>
MONEY MARKET SUBACCOUNT**
YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS
DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR
----------- ----------------- ------------- ---------------
<S> <C> <C> <C>
1985 $10.128220 $10.794386 3,115
1986 10.794386 11.349655 10,934
1987 11.349655 11.931210 38,917
1988 11.931210 12.642674 28,514
1989 12.642674 13.616583 53,959
1990 13.616583 14.530988 92,671
1991 14.530988 15.168901 58,620
1992 15.168901 15.479601 42,940
1993 15.479601 15.731262 50,340
1994 15.731262 16.181828 69,638

<CAPTION>
BOND SUBACCOUNT
YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS
DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR
----------- ----------------- ------------- ---------------
<S> <C> <C> <C>
1985 $10.227978 $12.294766 7,043
1986 12.294766 13.680096 18,099
1987 13.680096 13.640773 25,590
1988 13.640773 14.402246 29,427
1989 14.402246 15.771471 28,554
1990 15.771471 16.819063 34,836
1991 16.819063 18.791755 53,151
1992 18.791755 19.989232 83,991
1993 19.989232 21.885503 118,872
1994 21.885503 20.817057 118,724

<CAPTION>
OMNI SUBACCOUNT
YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS
DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR
----------- ----------------- ------------- ---------------
<S> <C> <C> <C>
1985 $10.315441 $11.794127 73,642
1986 11.794127 13.758795 452,828
1987 13.758795 13.379880 722,341
1988 13.379880 15.223726 575,788
1989 15.223726 17.385702 620,509
1990 17.385702 17.525899 690,864
1991 17.524899 20.479652 689,306
1992 20.479652 21.999497 853,840
1993 21.999497 24.557054 1,156,731
1994 24.557054 24.162172 1,248,250

<CAPTION>
INTERNATIONAL SUBACCOUNT***
YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS
DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR
----------- ----------------- ------------- ---------------
<S> <C> <C> <C>
1993 $10.000000 $12.404596 387,372
1994 12.404596 13.259582 1,626,139
<FN>

*Current series of variable annuity contracts commenced September 10, 1984. For earlier series, see pages 16-18.
**The current annualized yield of the Money Market subaccount for the seven days ended on December 31, 1994, was 4.50%.
***International subaccount commenced on April 30, 1993.

</TABLE>
4
<PAGE> 9
FINANCIAL STATEMENTS
The complete financial statements of VAA and Ohio National Life, and the
Independent Auditors' Reports thereon, may be found in the Statement of
Additional Information.

THE OHIO NATIONAL COMPANIES
OHIO NATIONAL LIFE
Ohio National Life was organized under the laws of Ohio in 1909 as a stock life
insurance company and became a mutual life insurance company in 1959. It
writes life, accident and health insurance and annuities in 45 states and the
District of Columbia. Currently it has admitted assets in excess of $3.8
billion and unassigned surplus and asset valuation reserves in excess of $275
million. Its home office is located at 237 William Howard Taft Road,
Cincinnati, Ohio.

OHIO NATIONAL VARIABLE ACCOUNT A
VAA was established in 1969 by Ohio National Life as a separate account under
Ohio law for the purpose of funding variable annuity contracts. Purchase
payments for the variable annuity contracts are allocated to one or more
subaccounts of VAA. Income, gains and losses, whether or not realized, from
assets allocated to VAA are, as provided in the contracts, credited to or
charged against VAA without regard to other income, gains or losses of Ohio
National Life. The assets maintained in VAA will not be charged with any
liabilities arising out of any other business conducted by Ohio National Life.
Nevertheless, all obligations arising under the contracts, including the
commitment to make annuity payments, are general corporate obligations of Ohio
National Life. Accordingly, all of Ohio National Life's assets are available
to meet its obligations under the contracts. VAA is registered as a unit
investment trust under the 1940 Act.

OHIO NATIONAL FUND, INC.

The assets of each subaccount of VAA are invested at net asset value (without
an initial sales charge) in shares of a corresponding portfolio of the Fund:
the Equity Portfolio, Money Market Portfolio, Bond Portfolio, Omni Portfolio (a
flexible portfolio fund), International Portfolio, Capital Appreciation
Portfolio, Small Cap Portfolio, Global Contrarian Portfolio or Aggressive
Growth Portfolio. The Fund is a diversified, open-end, management investment
company registered under the 1940 Act. The value of the Fund's investments
fluctuates daily and is subject to the risk of changing economic conditions as
well as the risk inherent in the ability of management to anticipate changes
necessary in such investments to meet changes in economic conditions. The Fund
receives investment advice, for a fee, from its investment adviser, O.N.
Investment Management Company, and from Societe Generale Asset Management Corp.
(subadviser to the International and Global Contrarian Portfolios), T. Rowe
Price Associates, Inc. (subadviser to the Capital Appreciation Portfolio),
Founders Asset Management, Inc. (subadviser to the Small Cap Portfolio), and
Strong Capital Management, Inc. (subadviser to the Aggressive Growth
Portfolio). For additional information concerning the Fund, including the
investment objectives of each of its portfolios, see the attached Fund
prospectus. Read the Fund prospectus carefully before investing.

In addition to being offered to VAA, Fund shares are currently offered to other
separate accounts of Ohio National Life in connection with variable annuity
contracts and a separate account of Ohio National Life Assurance Corporation in
connection with variable life insurance contracts. In the future, Fund shares
may be offered to other insurance company separate accounts. It is conceivable
that in the future it may become disadvantageous for both variable life and
variable annuity separate accounts to invest in the Fund. Although neither
Ohio National Life nor the Fund currently foresees any such disadvantage, the
Board of Directors of the Fund will monitor events in order to identify any
material conflict between variable life and variable annuity contractowners
and to determine what action, if any, should be taken in response thereto,
including the possible withdrawal of VAA`s participation in the Fund. Material
conflicts could result from such things as (1) changes in state insurance law;
(2) changes in federal income tax law; (3) changes in the investment management
of any portfolio of the Fund; or (4) differences between voting instructions
given by variable life and variable annuity contractowners.

VOTING RIGHTS
Ohio National Life shall vote Fund shares held in VAA at meetings of Fund
shareholders in accordance with voting instructions received from contract
owners. The number of Fund shares for which an owner is entitled to give
instructions will be determined by Ohio National Life in the manner described
below, not more than 90 days prior to the meeting of the Fund. Fund proxy
material will be distributed to each owner together with appropriate forms for
giving voting instructions. Fund shares held in VAA, for which no timely
instructions are received, will be voted by Ohio National Life in proportion to
the instructions which are received with respect to all contracts participating
in VAA.

5
<PAGE> 10
During the accumulation period, the number of Fund shares for which
instructions may be given to Ohio National Life is determined by
dividing the variable accumulation value of a subaccount of the contract
by the net asset value of a share of the corresponding Fund portfolio as
of the same date. During the annuity payment period, the number of Fund
portfolio shares for which such instructions may be given is determined
by dividing the actuarial liability for variable annuities in the course
of payment by the net asset value of a Fund portfolio share as of the
same date. Generally, the number of votes tends to decrease as annuity
payments progress.

DISTRIBUTION OF VARIABLE ANNUITY CONTRACTS
The variable annuity contracts will be sold by Ohio National Life
insurance agents who are also registered representatives of The O.N.
Equity Sales Company ("ONESCO''), a wholly-owned subsidiary of Ohio
National Life, registered under the Securities Exchange Act of 1934, and
a member of the National Association of Securities Dealers, Inc. (or
some other broker-dealer). ONESCO is the principal underwriter of the
contracts. As compensation for its sales efforts, ONESCO will receive a
fee from Ohio National Life equal to 6% of purchase payments. ONESCO
will remunerate its registered representatives or other broker/dealers
from its own funds. Purchase payments on which no compensation is paid
to ONESCO registered representatives will not be included in amounts on
which the 6% sales compensation will be paid to ONESCO. To the extent
that the amount of the contingent deferred sales charge received by Ohio
National Life is not sufficient to recover the fee paid to ONESCO, any
deficiency will be made up from Ohio National Life's general account
assets which include, among other things, any profit from the mortality
and expense risk charges. ONESCO is the sole shareholder of O.N.
Investment Management Company, the investment adviser to the Fund.

DEDUCTIONS AND EXPENSES
CONTINGENT DEFERRED SALES CHARGE
No deduction for sales expense is made from purchase payments. A
contingent deferred sales charge may be assessed by Ohio National Life
when a contract is surrendered or a partial withdrawal of accumulation
value is made before the annuity payout date to defray expenses relating
to the sale of the contract, including compensation to sales personnel,
cost of sales literature and prospectuses, and other expenses related to
sales activity. Such charge equals the lesser of (a) 7 3/4% of the total
purchase payments made during the 96 months immediately preceding the
surrender or partial withdrawal, or (b) 7 3/4% of the accumulation value
being surrendered or withdrawn. On or after the first contract
anniversary, a partial withdrawal of not more than 10% of the
accumulation value (as of the date the partial withdrawal is requested)
may be made once each contract year without the imposition of the
contingent deferred sales charge.

CONTRACT ADMINISTRATION CHARGE
Each year on the contract anniversary (or at the time of surrender of
the contract), Ohio National Life will deduct a contract administration
charge of $30 from the accumulation value to reimburse it for the
expenses relating to the maintenance of the contract. Such charge is
not designed to produce a profit and Ohio National Life does not expect
to recover from such charge any amount in excess of accumulated
administrative expenses. Ohio National Life guarantees not to change
the contract administration charge.

DEDUCTION FOR ADMINISTRATIVE EXPENSES
A deduction is made at the end of each valuation period equal to 0.25%
on an annual basis of the contract value for administrative expenses.
This deduction is not designed to produce a profit but to reimburse Ohio
National Life for expenses incurred for accounting, auditing, legal,
contract owner services, reports to regulatory authorities and contract
owners, contract issue, etc., not covered by the contract administration
charge. Because the administrative expense deduction is a percentage of
assets, it is possible that larger contracts may bear a portion of the
cost of administering smaller contracts.

6
<PAGE> 11
DEDUCTION FOR RISK UNDERTAKINGS

Prior to the annuity payout date, Ohio National Life guarantees that the
accumulation value of all contracts will not be affected by any excess
of sales and administrative expenses over the deductions provided
therefor. Ohio National Life also guarantees to pay a death benefit in
the event of the annuitant's death prior to the annuity payout date (see
Death Benefit, page 10). After the annuity payout date, Ohio National
Life guarantees that variable annuity payments will not be affected by
adverse mortality experience or expenses.

For assuming these risks, Ohio National Life, in determining the
accumulation unit values and the annuity unit values for each
subaccount, makes a deduction from the applicable investment results
equal to 0.85% of the contract value on an annual basis. Such deduction
may be decreased by Ohio National Life at any time and may be increased
not more frequently than annually to not more than 1.55% on an annual
basis. Although Ohio National Life views the risk charge as an
indivisible whole, of the amount currently being deducted, it has
estimated that a reasonable allocation would be 0.35% for mortality
risk, and 0.5% for expense risk. Although Ohio National Life hopes to
realize a profit from this charge, if the deduction is insufficient to
cover the actual risk involved, the loss will fall on Ohio National
Life; conversely, if the deduction proves more than sufficient, the
excess will be a gain to Ohio National Life.

TRANSFER FEE

A transfer fee of $3 (which may be increased to $15) is made for each
transfer from one subaccount to another. The fee is charged against the
subaccount from which the transfer is effected. Currently no fee is
charged for the first four transfers each year.

DEDUCTION FOR STATE PREMIUM TAX

State premium taxes presently range from 0% to 2% for these contracts.
In those jurisdictions permitting, such taxes will be deducted when
annuity payments begin. Elsewhere, they will be deducted from purchase
payments.

FUND EXPENSES

There are deductions from, and expenses paid out of, the assets of the
Fund. These are described in the attached Fund prospectus.

DESCRIPTION OF VARIABLE ANNUITY CONTRACTS

20-DAY FREE LOOK

The contract owner may revoke the contract at any time until the end of
20 days after receipt of the contract and receive a refund of the entire
purchase price. To revoke, the owner must return the contract to Ohio
National Life within the 20 day period. In those states where required
by state law, the value of the contract as of the date of cancellation
will be returned in lieu of the entire purchase price in case of
revocation during the 20 day free look period.

ACCUMULATION PERIOD

PURCHASE PAYMENT PROVISIONS

The contracts provide for minimum purchase payments of $25 per payment
and a maximum payment of $10,000 per year. (Larger total payments may
be made with Ohio National Life's consent.) Payments after the first may
be made at any time. Failure to make such payments shall not constitute
a default, but could result in involuntary termination (see Ohio
National Life's Right to Terminate, page 8).

ACCUMULATION UNITS

Prior to the annuity payout date, the contract value is measured by
accumulation units. Each purchase payment results in the crediting of
accumulation units to the contract (see Crediting Accumulation Units,
page 8). The number of accumulation units so credited remains constant
but the dollar value of accumulation units will vary depending upon the
investment results of the particular subaccount to which payments are
allocated.

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<PAGE> 12
CREDITING ACCUMULATION UNITS

Completed application forms, together with a check for the first
purchase payment, are forwarded to the home office of Ohio National Life
for acceptance. Upon acceptance, a contract is issued to the contract
owner, and the first purchase payment is then credited to the contract
in the form of accumulation units. Initial purchase payments are
credited not later than two business days after receipt if the
application and all information necessary for processing the purchase
payment are complete. If an application is not accepted within five
business days, the purchase payment will be returned immediately to the
applicant unless the applicant specifically consents to having Ohio
National Life retain the purchase payment until the application is
completed. After that, the purchase payment will be credited within two
business days. Subsequent purchase payments are sent directly to the
home office of Ohio National Life and are applied to provide that number
of accumulation units (for each subaccount) determined by dividing the
amount of the purchase payment by the value of the appropriate
accumulation unit next computed after the payment is received at the
home office of Ohio National Life.

ALLOCATION OF PURCHASE PAYMENTS

In the contract application, you may direct the allocation of your
purchase payments among the subaccounts of VAA and the general account
of Ohio National Life. The amount allocated to any subaccount or the
general account must equal a whole percentage. The allocation of future
purchase payments may be changed at any time upon written notice to the
home office of Ohio National Life.

ACCUMULATION UNIT VALUE AND ACCUMULATION VALUE

The accumulation unit value of each subaccount of VAA was set at $10
when the first payment was allocated to each such subaccount. The
accumulation unit value for any subsequent valuation period is
determined by multiplying the accumulation unit value for the
immediately preceding valuation period by the net investment factor
(described below) for such subsequent valuation period. The
accumulation value is determined by multiplying the total number of
accumulation units (for each subaccount) credited to the contract by the
accumulation unit value (for such subaccount) for the valuation period
for which the accumulation value is being determined.

NET INVESTMENT FACTOR

The net investment factor is a quantitative measure of the investment
results of each subaccount of VAA. The net investment factor for each
subaccount for any valuation period is determined by dividing (a) by
(b), then subtracting (c) from the result, where:
(a) is -
(1) the net asset value of a share in the appropriate portfolio of the
Fund determined as of the end of a valuation period, plus
(2) The per share amount of any dividends or other distributions
declared for that portfolio by the Fund if the "ex-dividend" date
occurs during the valuation period, plus or minus
(3) per share charge or credit for any taxes paid or reserved for which
is determined by Ohio National Life to result from the maintenance or
operation of that subaccount of VAA; (No federal income taxes are
applicable under present law.)
(b) is the net asset value of a share in the appropriate portfolio of
the Fund determined as the end of the preceding valuation period; and
(c) is the deduction for administrative and sales expenses and risk
undertakings. (See Deduction for Administrative Expenses, page 6, and,
Deduction for Risk Undertakings, page 7.)

OHIO NATIONAL LIFE'S RIGHT TO TERMINATE

Ohio National Life may, at its option, require surrender of a contract
on any anniversary when the accumulation value is less than the lesser
of (a) $1,000 or (b) $250 times the number of years the contract has
been in force. Such termination could have adverse tax consequences.
(See Federal Tax Status, page 13.) Such termination will not be made on
an individual retirement annuity (IRA) if a purchase payment has been
made during the preceding two years, nor will it be made on an annuity
funding a Section 403(b) salary reduction agreement.

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<PAGE> 13
SURRENDER AND PARTIAL WITHDRAWAL

Prior to the annuity payout date, the owner of a contract may surrender
(totally withdraw the value of) his or her contract for its accumulation
value or elect a partial (at least $100) withdrawal therefrom. These
transactions may be subject to the contingent deferred sales charge
described on page 6. Such charge is a percentage of the total amount
withdrawn. For example, if a partial withdrawal of $100 is requested,
Ohio National Life would pay you $100, but the total amount deducted
from the accumulation value would be $108.40 (i.e., $108.40 x 7 3/4% =
$8.40). Unless otherwise specified, the withdrawal will be made pro-
rata from the values of each subaccount. The amount available for
withdrawal is the sum of the subaccount values less the contingent
deferred sales charge, if any. In the case of a complete surrender, the
amount payable is also reduced by the amount of the contract
administration charge. Payment by Ohio National Life shall be made
within seven days from the date of receipt of the request for such
payment except as it may be deferred under the circumstances described
below. Surrenders and partial withdrawals are limited or not permitted
in connection with certain retirement plans. See Texas Optional
Retirement Program, page 10, and Tax Deferred Annuities, page 14. For
tax consequences of a surrender or withdrawal, see Federal Tax Status,
page 13.

Occasionally Ohio National Life may receive a request for a surrender or
partial withdrawal which includes contract values derived from purchase
payments which have not cleared the banking system. Ohio National Life
may delay mailing that portion which relates to such payments until the
check for the purchase payment has cleared. Ohio National Life requires
the return of the contract in the case of a complete surrender.

The right to withdraw may be suspended or the date of payment postponed
(1) for any period during which the New York Stock Exchange is closed
(other than customary weekend and holiday closings) or during which
trading on the Exchange, as determined by the Securities and Exchange
Commission, is restricted; (2) for any period during which an emergency,
as determined by the Commission, exists as a result of which disposal of
securities held in the Fund is not reasonably practical, or it is not
reasonably practical to determine the value of the Fund's net assets; or
(3) or such other periods as the Commission may by order permit for the
protection of security holders.

TRANSFERS AMONG SUBACCOUNTS

Contract values may be transferred from one subaccount to another upon
the request of the owner. Transfers may be made at any time during the
accumulation period. The amount of any such transfer must be at least
$300 (or the entire value of the contract's interest in a subaccount, if
less). Ohio National reserves the right to limit the number, frequency,
method or amount of transfers. Transfers from any portfolio of the Fund
on any one day may be limited to 1% of the previous day's total net
assets of that portfolio if Ohio National Life or the Fund in its or
their descretion, believes that the portfolio might otherwise be
damaged. After the annuity payout date, transfers among subaccounts can
only be made once each calendar quarter. Such transfers may then be
made without a transfer fee. (See Transfer Fee, page 7, and Transfers
After Annuity Payout Date, page 12).

SCHEDULED TRANSFERS (DOLLAR COST AVERAGING)

Ohio National Life administers a scheduled transfer ("DCA") program
enabling you to preauthorize automatic monthly or quarterly transfers of
a specified dollar amount from any variable subaccount(s) to any other
subaccount(s), including the Guaranteed Accumulation Account. Each DCA
transfer must be at least $500 and at least 12 DCA transfers must be
scheduled. No transfer fee is charged for DCA transfers. Ohio National
Life may discontinue the DCA program at any time. You may also
discontinue further DCA transfers by giving Ohio National Life written
notice at least 7 business days before the next scheduled transfer.

DCA generally has the effect of reducing the risk of purchasing at the
top, and selling at the bottom, of market cycles. DCA transfers from a
fund with a stabilized net asset value, such as the Money Market
subaccount, will generally reduce the average total cost of indirectly
purchasing Fund shares because greater numbers of shares will be
purchased when the share prices are lower than when prices are higher.
However, DCA does not assure you of a profit, nor does it protect
against losses in a declining market. Moreover, for transfers from a
subaccount not having a stabilized net asset value, DCA will have the
effect of reducing the average price of the shares being redeemed. DCA
might also be used to systematically transfer accumulation values from
variable subaccounts to the General Accumulation Account, in
anticipation of retirement, in order to reduce the risk of making a
single transfer during a low market.

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<PAGE> 14

TELEPHONE TRANSFERS

If the contract owner first submits a pre-authorization form to Ohio
National Life, transfers may be made by telephoning Ohio National Life
at 1-800-635-3225. Ohio National Life will honor pre-authorized
telephone transfer instructions from anyone who is able to provide the
personal identifying information requested, but reserves the right to
refuse to honor any such request if that seems prudent. Ohio National
Life will use reasonable procedures to confirm that telephone
instructions are genuine. (Otherwise, Ohio National Life may be liable
for any losses due to unauthorized or fraudulent instructions.) A
written confirmation will be sent following each telephone transfer.

DEATH BENEFIT

In the event of the death of the annuitant prior to the annuity payout
date, the contract provides a death benefit to be paid to a designated
beneficiary. The amount of the death benefit will be determined as of
the end of the valuation period in which written notice of death of the
annuitant is received by Ohio National Life. It will be paid in one sum
into an interest-bearing checking account established in the
beneficiary's name with Bank One, Springfield, Illinois, unless the
owner elects settlement under one or more of the settlement options
provided in the contract. The checking account will bear interest based
upon then current money market rates. The beneficiary will then be able
to write checks against such account at any time and in any amount up to
the total in the account. Such checks must be for a minimum of $250.
The amount of death benefit is the accumulation value of the contract
or, if greater, the total purchase payments made less any partial
withdrawals.

OHIO NATIONAL LIFE EMPLOYEE DISCOUNT

Ohio National Life and its affiliated companies offer a credit on the
purchase of contracts by any of their employees, directors or retirees,
or their spouse or the surviving spouse of a deceased retiree, covering
any of the foregoing or any of their minor children, or any of their
children ages 18 to 21 who is either (i) living in the purchaser's
household or (ii) a full-time college student being supported by the
purchaser, or any of the purchaser's minor grandchildren under the
Uniform Gifts to Minors Act. This credit is treated as additional
income under the contract. The amount of the credit equals 3.2% of all
purchase payments made in the first contract year and 5.5% of purchase
payments made in the second through sixth contract years.

TEXAS STATE OPTIONAL RETIREMENT PROGRAM

Under the Texas State Opional Retirement Program (the "Program"),
purchase payments may be excluded from the gross income of state
employees for federal tax purposes to the extent that such purchase
payments do not exceed the exclusion allowance provided by the Code.
The Attorney General of Texas has interpreted the Program as prohibiting
any participating state employee from receiving the surrender value of a
contract funding benefits under the Program prior to termination of
employment or the state employee's retirement, death or total
disability. Therefore, no surrender or partial withdrawal by a
participant in the Program will be allowed until the first of these
events occurs.

ANNUITY PERIOD

ANNUITY PAYOUT DATE

Annuity payments under a contract will begin on the annuity payout date.
This date is selected by the owner at the time the contract is issued
and must be at least 30 days after the contract date. It may be changed
from time to time by the owner so long as the annuity payout date
selected is the first day of any month at least 30 days after the date
of such change. The contract restricts the annuity payout date to not
later than the first of the month following the annuitant's 75th
birthday; however, this restriction may be waived by mutual agreement
between Ohio National Life and the owner.

The contracts include Ohio National Life's assurance that annuity
payments will be paid for the lifetime of the annuitant in accordance
with the annuity rates contained in the contract, regardless of actual
mortality experience.

Once annuity payments commence, the contract cannot be surrendered for
cash except that, upon the death of the annuitant, the beneficiary shall
be entitled to surrender the contract for the commuted value of any
remaining period-certain payments.

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<PAGE> 15
ANNUITY OPTIONS

The owner may elect one or more of the following annuity options, and
may change such election anytime before the annuity payout date.

Option 1(a): Life Annuity with installment payments for the lifetime of
the annuitant (under this option it is possible for the
annuitant to receive only one payment; this could happen if the
annuitant should die before receiving the second payment; there is
no residual value of the contract after annuitant's death).

Option 1(b): Life Annuity with installment payments guaranteed for five
years and continuing thereafter during the remaining lifetime of
the annuitant.

Option 1(c): Life Annuity with installment payments guaranteed for ten
years and continuing thereafter during the remaining lifetime of
the annuitant.

Option 1(d): Installment Refund Life Annuity with payments guaranteed for
a period certain and continuing thereafter during the remaining
lifetime of the annuitant. The number of period-certain payments
is equal to the amount applied under this option divided by the
amount of the first payment.

Option 2(a): Joint & Survivor Life Annuity with installment payments
during the lifetime of an annuitant and continuing during the
lifetime of a designated contingent annuitant (under this option
it is possible for the annuitant and contingent annuitant to
receive only one payment; this could happen if both were to die
before receiving the second payment).

Option 2(b): Joint & Survivor Life Annuity with installment payments
guaranteed for ten years and continuing thereafter during the
remaining lifetime of the annuitant or a designated contingent
annuitant.

Unless the contract owner directs otherwise, as of the annuity payout
date the contract values will be applied to provide annuity payments
pro-rata from each subaccount in the same proportion as the contract
values immediately prior to the annuity payout date.

If no election is in effect on the annuity payout date, the accumulation
value of the contract will be applied under Option 1(c) (except that
certain contracts might require a Joint and Survivor Annuity pursuant to
the Pension Reform Act of 1974, as amended) with the beneficiary as
payee for any remaining period-certain installments payable after the
death of the annuitant. Options 2(a) and 2(b) are available only with
the consent of Ohio National Life if the contingent annuitant is not
related to the annuitant.

Other settlement options are available as agreed to by Ohio National Life.

DETERMINATION OF AMOUNT OF THE FIRST VARIABLE ANNUITY PAYMENT

The first variable annuity payment is determined by applying the
accumulation value for each subaccount in accordance with the settlement
option tables contained in the contract. The rates contained in those
tables depend upon the annuitant's (and any contingent annuitant's) age
and sex and the option selected. Contracts issued to plans sponsored by
employers subject to Title VII of the Civil Rights Act of 1964 or
similar state statutes use annuity tables which do not vary with
annuitant's sex. The accumulation value to be applied is determined at
the end of a valuation period (selected by Ohio National Life and
uniformly applied) not more than 10 valuation periods before the annuity
payout date.

If the amount to be applied under an option is less than $5,000, the
option shall not be available and accumulation value shall be paid in a
single sum to the annuitant. If the first periodic payment under any
option would be less than $25, Ohio National Life reserves the right to
change the frequency of payments so that the first such payment is at
least $25.

ANNUITY UNIT AND THE DETERMINATION OF SUBSEQUENT PAYMENTS

Subsequent variable annuity payments will vary to reflect the investment
performance of each applicable subaccount. The amount of each
subsequent payment is determined by annuity units. The number of
annuity units for each subaccount is determined by dividing the dollar
amount of the first annuity payment from each subaccount by the value of
the subaccount annuity unit for the same valuation period used to
determine the accumulation value of the contract applied to provide
annuity payments. This number of annuity units remains fixed during the
annuity payment period unless changed as provided below.

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<PAGE> 16
The annuity unit value for each subaccount was set at $10 for the
valuation period as of which the first variable annuity payable from
each subaccount of VAA was calculated. The annuity unit value for each
subsequent valuation period equals the annuity unit value for the
immediately preceding valuation period multiplied by the net investment
factor (see page 8) for such subsequent valuation period and by a factor
(0.9998925 for a one-day valuation period) to neutralize the assumed
interest rate discussed below.

The dollar amount of each subsequent variable annuity payment is equal
to the fixed number of annuity units for each subaccount multiplied by
the value of the annuity unit for the valuation period.

The annuity rate tables contained in the contracts are based on the
Progressive Annuity Mortality Table with compound interest at the
effective rate of 4% per year. A higher interest assumption would mean
a higher initial annuity payment but a more slowly rising series of
subsequent annuity payments if annuity unit values were increasing (or a
more rapidly falling series of subsequent annuity payments if annuity
unit values were decreasing). A lower interest assumption would have
the opposite effect. If the actual net investment rate were equal to
the assumed interest rate, annuity payments would be level.

TRANSFERS AFTER ANNUITY PAYOUT DATE

After annuity payments have been made for at least 12 months, the
annuitant can, once each 12 months, change the subaccount(s) on which
variable annuity payments are based. On at least 30 days written notice
to Ohio National Life at its home office, that portion of the periodic
variable annuity payment directed by the annuitant will be changed to
reflect the investment results of a different subaccount. The annuity
payment immediately after such change will be the amount that would have
been paid without such change. Subsequent payments will reflect the new
mix of subaccount allocation.

OTHER CONTRACT PROVISIONS

ASSIGNMENT

Any amount payable in settlement of the contracts may not be commuted,
anticipated, assigned or otherwise encumbered, or pledged as loan
collateral to any person other than Ohio National Life. To the extent
permitted by law, no such amounts shall be subject in any way to any
legal process to subject them to payment of any claims against an
annuitant before the annuity payout date. A contract may not be
assigned before the annuity payout date. Ownership of a contract may
not be transferred except to (1) the annuitant, (2) a trustee or
successor trustee of a pension or profit-sharing trust which is
qualified under Section 401 of the Code, or (3) the employer of the
annuitant provided that the contract after transfer is maintained under
the terms of a retirement plan qualified under Section 403(a) of the
Code for the benefit of the annuitant, or (4) as otherwise permitted by
laws and regulations governing plans for which the contract may be
issued.

PERIODIC REPORTS

Ohio National Life will furnish each owner, at least annually after the
first contract year, and prior to the annuity payout date, a statement
showing the number of accumulation units credited to the contract by
subaccount and the accumulation unit value of each such unit as of a
date not more than four months from the date of furnishing of the
report. In addition, as long as the contract remains in effect, Ohio
National Life will forward such periodic reports as may be furnished it
by the Fund.

SUBSTITUTION FOR FUND SHARES

If investment in the Fund is no longer possible or in Ohio National
Life's judgment becomes inappropriate to the purposes of the contract,
Ohio National Life may substitute another mutual fund. Substitution may
be made with respect to both existing investments and the investment of
future purchase payments. However, no such substitution will be made
without any necessary approval of the Securities and Exchange
Commission. We may also add other investment portfolios of the Fund as
eligible investments of VAA.

CONTRACT OWNER INQUIRIES

Any questions from contract owners should be directed to Ohio National
Life, Variable Annuity Administration, P.O. Box 2669, Cincinnati, Ohio
45201; telephone (513) 559-6452.

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<PAGE> 17
PERFORMANCE DATA

Ohio National Life may advertise performance data for the various Fund
portfolios showing the percentage change in the value of an accumulation
unit based on the performance of the applicable portfolio over a period
of time (usually a calendar year). Such percentage change is determined
by dividing the increase (or decrease) in value for the unit by the
accumulation unit value at the beginning of the period. This percentage
figure will reflect the deduction of any asset-based charges under the
contract but will not reflect the deduction of any applicable contract
administration charge or contingent deferred sales charge. The
deduction of any applicable contract administration charge or contingent
deferred sales charge would reduce any percentage increase or make
greater any percentage decease.

Any such advertising will also include average annual total return
figures calculated as shown in the Statement of Additional Information.
The average annual total return figures will reflect the deduction of
applicable contract administration charges and contingent deferred sales
charges as well as applicable asset-based charges.

Ohio National Life may also distribute sales literature comparing
separate account performance to the Consumer Price Index or to such
established market indexes and the Dow Jones Industrial Average, the
Standard & Poor's 500 Stock Index, Donoghue's Money Market Fund Reports,
Lehman Brothers Bond Indices, the Morgan Stanley Europe Australia Far
East Index, Morgan Stanley World Index, Russell 2000 Index, or other
variable annuity separate accounts.

FEDERAL TAX STATUS

The following discussion of federal income tax treatment of amounts
received under a variable annuity contract is not exhaustive, does not
purport to cover all situations, and is not intended as tax advice. A
qualified tax adviser should always be consulted with regard to the
application of law to individual circumstances. Tax laws can change,
even with respect to contracts that have already been issued. Tax law
revisions, with unfavorable consequences to contracts offered by this
prospectus, could have retroactive effect on previously issued contracts
or on subsequent voluntary transactions in previously issued contracts.

Ohio National Life is taxed as a life insurance company under Subchapter
L of the Internal Revenue Code (the "Code"). Since the operations of
VAA are a part of, and are taxed with, the operations of Ohio National
Life, VAA is not separately taxed as a "regulated investment company"
under Subchapter M of the Code.

No federal income tax is payable under present law on dividend income or
capital gains distribution from Fund shares held in VAA or upon capital
gains realized by VAA on redemption of Fund shares.

The contracts described in this prospectus are considered annuity
contracts under Section 72 of the Code, which generally provides for
taxation of annuities. Under existing provisions of the Code, any
increase in the accumulation value of the contract is not taxable to you
as the owner or annuitant until you receive it, either in the form of
annuity payments, as contemplated by the contract, or in some other form
of distribution.

When annuity payments commence under the contract each payment is
taxable under Section 72 of the Code as ordinary income in the year of
receipt if the annuitant has neither paid any portion of the purchase
payments for the contract nor has previously been taxed on any portion
of the purchase payments. If any portion of the purchase payments has
been paid from or included in your taxable income, this aggregate amount
will be considered your "investment in the contract." You will be
entitled to exclude from your taxable income a portion of each annuity
payment equal to your "investment in the contract" divided by the
period of expected annuity payments, determined by your life expectancy
and the form of annuity benefit. Once your "investment in the
contract" is recovered, the entire portion of each annuity payment will
be included in your taxable income.

If an election is made to receive the accumulated value in a single sum
in lieu of annuity paymnts, any amount received or withdrawn in excess
of the "investment in the contract" will normally be taxed as ordinary
income in the year received. A partial withdrawal of contract values is
taxable as income to the extent that the accumulated value of the
contract immediately before the payment exceeds the "investment in the
contract." Such a withdrawal is treated as a distribution of earnings
first and only second as a recovery of your "investment in the
contract."

<PAGE> 18
There is a penalty tax equal to 10% of any amount that must be included
in gross income for tax purposes. The penalty will not apply to a
redemption that is (1) received on or after the taxpayer reaches age
59 1/2; (2) made to a beneficiary on or after the death of the annuitant;
(3) attributable to the taxpayer's becoming disabled; (4) made as a
series of substantially equal periodic payments for the life of the
annuitant (or joint lives of the annuitant and beneficiary); (5) from a
contract that is a qualified funding asset for purposes of a structured
settlement; or (6) made under an annuity contract that is purchased with
a single premium and with an annuity payout date not later than a year
from the purchase of the annuity. If an election is made not to have
withholding apply to the early withdrawal or if an insufficient amount
is withheld, the contract owner may be responsible for payment of
estimated tax. You may also incur penalties under the estimated tax
rules if the withholding and estimated tax payments are not sufficient.
Failure to provide your taxpayer identification number will
automatically subject any payments under the contract to withholding.

TAX-DEFERRED ANNUITIES

Under the provisions of Section 403(b) of the Code, purchase payments
made for annuity contracts purchased for employees by public educational
institutions and certain tax-exempt organizations which are described in
Section 501(c)(3) of the Code are excludable from the gross income of
such employees to the extent that the aggregate purchase payments plus
any other amounts contributed to the purchase of a contract and toward
benefits under qualified retirement plans do not exceed the exclusion
allowance determined for the employee as set forth in Sections 403(b)
and 415 of the Code. Employee contributions are, however, subject to
social security (FICA) tax withholding. All amounts received by an
employee under a contract, either in the form of annuity payments or
cash withdrawal, will be taxed under Section 72 of the Code as ordinary
income for the year received, except for exclusion of any amounts
representing "investment in the contract." Under certain circumstances,
amounts received may be used to make a "tax-free rollover" into one of
the types of individual retirement arrangements permitted under the
Code. Amounts received that are eligible for "tax-free rollover" will
be subject to an automatic 20% withholding unless such amounts are
directly rolled over from the tax-deferred annuity to the individual
retirement arrangement.

With respect to earnings accrued and purchase payments made after
December 31, 1988, pursuant to a salary reduction agreement under
Section 403(b) of the Code, distributions may be paid only when the
employee (a) attains age 59 1/2, (b) separates from the employer's service,
(c) dies, (d) becomes disabled as defined in the Code, or (e) incurs a
financial hardship as defined in the Code. In the case of hardship,
cash distributions may not exceed the amount of such purchase payments.
These restrictions do not affect rights to transfer investments among
the subaccounts and do not limit the availability of transfers between
tax-deferred annuities or "tax-free rollovers."

QUALIFIED PENSION OR PROFIT-SHARING PLANS

Under present law, purchase payments made by an employer or trustee,
pursuant to a plan or trust qualified under Section 401(a) or 403(a) of
the Code, are generally excludable from gross income of the employee.
The portion, if any, of the purchase payments made by the employee, or
which is considered taxable income to the employee in the year such
payments are made, constitutes an "investment in the contract" under
Section 72 of the Code for the employee's annuity benefits. Salary
reduction payments to a profit sharing plan qualifying under Section
401(k) of the Code are generally excludable from gross income of the
employee.

The Code requires that plans must prohibit any distribution to a plan
participant prior to age 59 1/2, except in the event of death or total
disability. Distributions must commence no later than April 1 of the
calendar year following the year in which the participant reaches age
70 1/2. Premature distribution of benefits or contributions in excess of
those permitted by the Code may result in certain penalties under the
Code.

If an employee, or one or more of the beneficiaries, receives the total
amounts payable with respect to an employee within one taxable year
after age 59 1/2 on account of the employee's death or separation from
service of the employer, any amount received in excess of the employee's
"investment in the contract" may be taxed under special 5-year forward
averaging rules. The taxpayer can elect to have that portion of a lump-
sum distribution attributable to years of participation piror to January
1, 1974 given capital gains treatment. The percentage of pre-1974
distribution subject to capital gains treatment decreases as follows:
100%, 1987; 95%, 1988; 75%, 1989; 50%, 1990; and 25%, 1991.

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<PAGE> 19
For tax years 1992 and thereafter no capital gains treatment is
available. The employee receiving such a distribution may be able to
make a "tax-free rollover" of the distribution less the employee's
"investment in the contract" into another qualified plan in which the
employee is a participant or into one of the types of individual
retirement arrangements permitted under the Code. An employee's
surviving spouse receiving such a distribution may be able to make a
tax-free rollover to one of the types of individual retirement
arrangements permitted under the Code. Amounts received that are
eligible for "tax-free rollover" will be subject to an automatic 20%
withholding unless such amounts are directly rolled over to another
qualified plan or individual retirement arrangement.

INDIVIDUAL RETIREMENT ANNUITIES (IRA)

Section 408(b) of the Code provides that an individual may invest an
amount up to $2,000 per year of earned income in an IRA and claim it as
a personal tax deduction if such person or the person's spouse is not an
"active participant" in an employer maintained qualified retirement
plan or such person has adjusted gross income which does not exceed the
"applicable dollar limit." For a single taxpayer, the applicable dollar
limitation is $25,000, with the amount of IRA contribution which may be
deducted reduced proportionately for Adjusted Gross Income between
$25,000-$35,000. For married couples filing jointly, the applicable
dollar limitation is $40,000, with the amount of IRA contribution which
may be deducted reduced proportionately for Adjusted Gross Income
between $40,000-$50,000. There is no deduction allowed for IRA
contributions when Adjusted Gross Income reaches $35,000 for individuals
and $50,000 for married couples filing jointly. In the alternative, an
individual otherwise qualified for an IRA may elect to contribute to an
IRA for the individual and for the individual's non-working spouse, with
the total deduction limited to $2,250.

Individuals are permitted to make non-deductible IRA contributions to
the extent they are ineligible to make deductible IRA contributions.
Any amount received from another qualified plan (including another
individual retirement arrangement) which is eligible as a "tax-free
rollover" may be invested in an IRA, and is not counted toward the
overall contribution limit. Earnings on nondeductible IRA contributions
are not subject to tax until they are withdrawn. The limit on
designated nondeductible contributions for a tax year is the lesser of
100% of compensation or $2,000 ($2,250 in the case of an additional
contribution to a spousal IRA).

Distributions (all or part) made prior to age 59 1/2 (except in the case of
death or disability) will result in a penalty tax of 10% plus ordinary
income tax treatment of the amount received. Additionally, there is an
excise tax of 6% of the amount contributed in excess of either the
deductible limit or nondeductible limit, as indicated above, if such
amount is not withdrawn prior to the filing of the income tax return for
the year of contribution or applied as an allowable contribution for a
subsequent year. The excise tax will continue to apply each year until
the excess contribution is corrected. Distributions after age 59 1/2 are
treated as ordinary income at the time received. Distributions must
commence before April 1 following the year in which the individual
reaches age 70 1/2. A 50% nondeductible excise tax is imposed on the
excess in any tax year of the amount that should have been distributed
over the amount actually distributed.

SIMPLIFIED EMPLOYEE PENSION PLANS (SEPPS)

Under Section 408 of the Code, employers may establish SEPPs for their
employees. Under these plans the employer may contribute on behalf of
an employee to an individual retirement account or annuity. The amount
of the contribution is excludible from the employee's income.

Certain employees who participate in a SEPP will be entitled to elect to have
the employer make contributions to a SEPP on their behalf or to receive the
contributions in cash. If the employee elects to have contributions made on
the employee's behalf to a SEPP, it is not treated as current taxable income to
the employee. Elective deferrals under a SEPP are subject to an
inflation-indexed limit which is $9,240 for 1995. Salary-reduction SEPPs are
available only if at least 50% of the employees elect to have amounts
contributed to the SEPP and if the employer has 25 or fewer employees at any
time during the preceding year.

An employee may also take a deduction for individual contributions to
the IRA, subject to the limits applicable to IRAs in general.
Withdrawals from the IRAs to which the employer contributes mus be
permitted. These withdrawals, however, are subject to the general rules
with respect to withdrawals from IRAs.

15
<PAGE> 20
WITHHOLDING ON DISTRIBUTION

Distributions from tax-deferred annuities or qualified pension or profit
sharing plans that are eligible for "tax-free rollover" will be
subject to an automatic 20% withholding unless such amounts are directly
rolled over to an individual retirement arrangement or another qualified
plan. Federal income tax withholding on annuity payments is required.
However, recipients of annuity payments are allowed to elect not to have
the tax withheld. Such an election may be revoked at any time with
respect to annuity payments and thereafter withholding would commence.
Failure to provide your taxpayer identification number will
automatically subject any payments under the contract to withholding.

PRIOR CONTRACTS

ANNUAL PAYMENT VARIABLE ANNUITY

Prior to December 15, 1981, Ohio National Life and VAA issued Annual
Payment Variable Annuity contracts, some of which by their terms remain
active and under which payments may still be made. These contracts
called for deductions from purchase payments in the following amounts:
<TABLE>
<CAPTION>
DEDUCTION FOR DEATH TOTAL*
PORTION OF TOTAL DEDUCTION FOR ADMINISTRATIVE BENEFIT COMBINED
PURCHASE PAYMENTS SALES EXPENSE EXPENSE PREMIUM DEDUCTIONS
----------------- ------------- -------------- ------- ----------
<S> <C> <C> <C> <C>
First $10,000........ 6.3% 2.2% 0.5% 9.0%
Next $15,000......... 5.5% 2.0% 0.5% 8.0%
Next $25,000......... 4.8% 1.7% 0.5% 7.0%
Next $50,000......... 4.0% 1.5% 0.5% 6.0%
Balance over $100,000 3.3% 1.2% 0.5% 5.0%
*Plus 50 cent(s) per payment
</TABLE>
These deductions are in lieu of any contingent deferred sales charge,
contract administration charge and deduction for administrative expense
as provided for in the contracts described in this prospectus. The
deduction for mortality and expense risk undertakings is 1% of the
contract value on an annual basis. Such deduction may be decreased by
Ohio National Life at any time and may be increased not more frequently
than annually to not more than 1.5% on an annual basis.

These prior contracts provide for annuity payments on a 3 1/2% assumed
interest rate which results in a somewhat smaller initial annuity
payment, but one that rises more rapidly in a rising market and falls
more slowly in a declining market. These contracts provide for
accumulation of values only in what now constitutes the Equity
subaccount of VAA and/or on a fixed-dollar guaranteed basis within the
general assets of Ohio National Life with limited transfer privileges
between such fixed-dollar accumulation and the Equity subaccount.

VARIABLE INTEREST ANNUITY

From July 15, 1981 until November 2, 1982 Ohio National Life and the
Variable Interest Account, a separate account of Ohio National Life
funded by the Money Market Portfolio of the Fund, issued Variable
Interest Annuity contracts. Under the terms of these contracts,
purchase payments can be continued until the annuity commencement date
specified therein. These contracts are substantially the same as the
contracts described in this prospectus except that there is no right to
transfer the contract values to any other underlying funding media.
These contracts also included a guarantee of the investment performance.
Such investment guarantee is regarded as a separate security offered by
Ohio National Life. The deduction for mortality, expense and investment
risk undertaking is 1.3% of the contract value on an annual basis. Such
deduction may be decreased by Ohio National Life at any time and may be
increased not more frequently than annually to not more than 2% on an
annual basis. These contracts do not provide for a deduction from
contract value for administrative expense. They do provide for a
contract administration charge and a contingent deferred sales charge.

16
<PAGE> 21

FLEXIBLE PAYMENT COMBINATION ANNUITY

From December 1, 1981 until November 2, 1982, Ohio National Life and VAA
issued Flexible Payment Combination Annuity contracts. Under the terms
of these contracts purchase payments can be continued until the annuity
commencement date specified therein. These contracts are substantially
the same as the contracts described in this prospectus except that
values can be accumulated only in what now constitutes the Equity
subaccount of VAA and/or within the general assets of Ohio National Life
on a fixed-dollar guaranteed basis. A deduction is made at the end of
each valuation period for the administrative expense and mortality and
expense risk undertakings equal to 1.1% on an annual basis. Such
deduction may be decreased by Ohio National at any time and may be
increased not more frequently than annually to not more than 1.75% on an
annual basis. Although these contracts provide for limited transfer of
values between the Equity subaccount and the general assets of Ohio
National Life, such transfer is only permitted during the accumulation
period.

MULTIPLE FUNDED COMBINATION ANNUITY

From November 2, 1982 to September 10, 1984, Ohio National Life and VAA
issued Multiple Funded Combination Annuity contracts substantially the
same as the contracts described in this prospectus. However, such prior
contracts include a guarantee of the investment performance of the Money
Market subaccount and a deduction therefor at the end of each valuation
period equal to 0.2% of Money Market assets on an annual basis. Such
investment guarantee is regarded as a separate security offered by Ohio
National Life. In addition, the rate for the contingent deferred sales
charge for such prior contracts is 5% and the deduction for risk
undertakings is 1.3%.

ACCUMULATION UNIT VALUES FOR PRIOR CONTRACTS
<TABLE>
<CAPTION>
ANNUAL PAYMENT VARIABLE ANNUITY
EQUITY SUBACCOUNT OF VAA

YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS
DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR
------------------- ----------------------- --------------------- ----------------------
<S> <C> <C> <C>
1985 $24.985091 $30.599141 89,391
1986 30.599141 37.358517 79,126
1987 37.358517 40.991430 70,260
1988 40.991430 46.658707 63,667
1989 46.685707 56.953326 57,461
1990 56.953326 54.213096 54,987
1991 54.213096 64.510143 51,310
1992 64.510143 68.689335 45,754
1993 68.689335 77.594885 43,892
1994 77.594885 77.016062 40,537
</TABLE>

<TABLE>
<CAPTION>
VARIABLE INTEREST ANNUITY
MONEY MARKET SUBACCOUNT OF VAA

17
<PAGE> 22

<TABLE>
<CAPTION>
FLEXIBLE PAYMENT COMBINATION ANNUITY
EQUITY SUBACCOUNT OF VAA

<CAPTION>
MULTIPLE FUNDED COMBINATION ANNUITY
EQUITY SUBACCOUNT OF VAA

YEAR ENDED UNIT VALUE AT UNIT VALUE AT NUMBER OF UNITS
DECEMBER 31 BEGINNING OF YEAR END OF YEAR AT END OF YEAR
------------------- ----------------------- --------------------- ----------------------
<S> <C> <C> <C>
1985 $11.382861 $13.926764 300,418
1986 13.926764 16.986389 286,231
1987 16.986389 18.619731 293,652
1988 18.619731 21.185366 278,998
1989 21.185355 26.819181 240,896
1990 26.819181 24.552478 227,378
1991 24.552478 29.187005 209,706
1992 29.187005 31.047017 195,926
1993 31.047017 35.037574 189,725
1994 35.037574 34.741902 183,889
<CAPTION>
MONEY MARKET SUBACCOUNT OF VAA
<S> <C> <C> <C>
1985 $11.709152 $12.454656 138,586
1986 12.454656 13.069466 103,338
1987 13.069466 13.712006 105,795
1988 13.712006 14.500960 72,078
1989 14.500960 15.587258 75,856
1990 15.587258 16.600960 66,701
1991 16.600960 17.296617 53,715
1992 17.295517 17.614815 40,163
1993 17.614815 17.865828 32,193
1994 17.865828 18.341334 33,908
<CAPTION>
BOND SUBACCOUNT OF VAA
<S> <C> <C> <C>
1985 $11.308790 $13.593982 66,910
1986 13.593982 15.125711 70,234
1987 15.125711 15.082231 66,045
1988 15.082231 15.924172 46,186
1989 15.924172 17.438080 41,465
1990 17.438080 18.596379 43,782
1991 18.596379 20.777538 38,147
1992 20.777538 22.101548 40,781
1993 22.101548 24.198199 33,461
1994 24.198199 23.016849 32,609
<CAPTION>
OMNI SUBACCOUNT OF VAA
<S> <C> <C> <C>
1985 $10.339070 $11.821143 91,416
1986 11.821143 13.790313 165,401
1987 13.790313 13.410537 167,450
1988 13.410537 15.258611 141,188
1989 15.258611 17.425546 134,346
1990 17.425546 17.565065 143,084
1991 17.565065 20.526604 136,984
1992 20.526604 22.049934 138,165
1993 22.049934 24.613344 151,630
1994 24.613344 24.217555 140,851
<CAPTION>
INTERNATIONAL SUBACCOUNT OF VAA
<S> <C> <C> <C>
1993* $10.000000 $12.404596 36,879
1994 12.404596 13.259582 103,976

</TABLE>
*International Subaccount added April 30, 1993

18
<PAGE> 23

APPENDIX A
IRA DISCLOSURE STATEMENT

This statement is designed to help you understand the requirements of
federal tax law which apply to your individual retirement annuity (IRA),
your simplified employee pension IRA (SEPP-IRA) for employer
contributions, or to one you purchase for your spouse (see "IRA for
Non-working Spouse", page 20). You can obtain more information
regarding your IRA either from your sales representative or from any
district office of the Internal Revenue Service.

FREE LOOK PERIOD

The annuity contract offered by this prospectus gives you the
opportunity to return the contract for a full refund within 20 days
after it is delivered (see page 7). This is a more liberal provision
than is required in connection with IRA's. To exercise this "free-
look" provision write or call the address shown below:

The Ohio National Life Insurance Company
P. O. Box 2669
Cincinnati, Ohio 45201
Telephone: (513) 559-6452 - 8:30 a.m. - 4:30 p.m. (Eastern Time Zone)

ELIGIBILITY REQUIREMENTS

IRAs are intended for all persons with earned compensation whether or
not they are covered under other retirement programs. Additionally if
you have a non-working spouse (and you file a joint tax return), you may
establish an IRA on behalf of your non-working spouse. A working spouse
may establish his or her own IRA. A divorced spouse receiving taxable
alimony (and no other income) may also establish an IRA.

CONTRIBUTIONS AND DEDUCTIONS

Contributions to your IRA will be deductible if you or your spouse is
not an "active participant" in an employer maintained qualified
retirement plan or you have Adjusted Gross Income which does not exceed
the "applicable dollar limit". IRA (or SEPP-IRA) contributions must be
made by no later than the time you file your income tax return for that
year (i.e. April 15 if you are a calendar-year taxpayer). For a single
taxpayer, the applicable dollar limitation is $25,000, with the amount
of IRA contribution which may be deducted reduced proportionately for
Adjusted Gross Income between $25,000-$35,000. For married couples
filing jointly, the applicable dollar limitation is $40,000, with the
amount of IRA contribution which may be deducted reduced proportionately
for Adjusted Gross Income between $40,000-$50,000. There is no
deduction allowed for IRA contributions when Adjusted Gross Income
reaches $35,000 for individuals and $50,000 for married couples filing
jointly.

Contributions made by your employer to your SEPP-IRA are excludible from
your gross income for tax purposes in the calendar year for which the
amount is contributed. Certain employees who participate in a SEPP-IRA
will be entitled to elect to have their employer make contributions to
their SEPP-IRA on their behalf or to receive the contributions in cash.
If the employee elects to have contributions made on the employee's
behalf to the SEPP, those funds are not treated as current taxable
income to the employee. Elective deferrals under a SEPP-IRA are subject
to a $7,000 limit. Salary-reduction SEPP-IRAs are available only if at
least 50% of the employees elect to have amounts contributed to the
SEPP-IRA and if the employer has 25 or fewer employees at any time
during the preceding year.

The IRA maximum annual contribution and your tax deduction is limited to
the lesser of: (1) $2,000 or (2) 100% of your earned compensation.
Contributions in excess of the deduction limits may be subject to
penalty. See below.

Under a SEPP-IRA agreement, the maximum annual contribution which your
employer may make to a SEPP-IRA contract is $30,000. An employee who is
a participant in a SEPP-IRA agreement may make after-tax contributions
to the SEPP-IRA contract, subject to the contribution limits applicable
to IRAs in general. Those employee contributions will be deductible
subject to the deductibility rules described above.

The maximum tax deductible annual contribution that a divorced spouse
with no other income may make to an IRA is the lesser of (1) $2,000 or
(2) 100% of taxable alimony.

If you or your employer should contribute more than the maximum
contribution amount to your IRA or SEPP-IRA, the excess amount will be
considered an "excess contribution". You are permitted to withdraw an
excess contribution from your IRA or SEPP-IRA before your tax filing
date without adverse tax consequences. If, however, you fail to
withdraw any such excess contribution before your tax filing date, a 6%
excise tax will be imposed on the excess for the tax year of
contribution.

19
<PAGE> 24

Once the 6% excise tax has been imposed, an additional 6% penalty for
the following tax year can be avoided if the excess is (1) withdrawn
before the end of the following year, or (2) treated as a current
contribution for the following year. (See Pre-mature Distributions,
page 20, for penalties imposed on withdrawal when the contribution
exceeds $2,250).

No contribution may be made to your IRA or SEPP-IRA during or after the
tax year in which you attain age 70.

IRA FOR NON-WORKING SPOUSE

If you establish an IRA for yourself, you will also be eligible to
establish an IRA for your spouse if your spouse receives no earned
compensation for the tax year. Contribution to both IRA's may not
exceed $2,250. If the requirements for deductibility are met, you will
only be able to deduct an amount equal to the least of: (1) amount
contributed, (2) $2,250 or (3) 100% of your compensation. Contributions
in excess of the contribution limits may be subject to penalty. See
above under "Contributions and Deductions."

If you contribute more than the amount you may contribute, the excess
portion will be considered an excess contribution. The rules for
correcting it are the same as discussed above for regular IRAs.

You may not make a contribution to your or your spouse's IRA during or
after the tax year in which you (or your spouse) reach age 70 1/2. If your
spouse attains age 70 1/2. and you have not, you may continue to make
contributions to your own IRA until the year you reach that age.

Other than the items mentioned in this section, all of the requirements
generally applicable to IRAs are also applicable to IRAs established for
non-working spouses.

ROLLOVER CONTRIBUTION

Once every year, you are permitted to withdraw any portion of the value
of your IRA or SEPP-IRA and reinvest it in another IRA or bond.
Withdrawals may also be made from other IRAs and contributed to this
contract. This transfer of funds from one IRA to another is called a
"rollover" IRA. To qualify as a rollover contribution, the entire
portion of the withdrawal must be reinvested in another IRA within 60
days after the date it is received. You will not be allowed a tax-
deduction for the amount of any rollover contribution.

A similar type of rollover to an IRA can be made with the proceeds of a
qualified distribution from a qualified retirement plan or tax-sheltered
annuity. Properly made, such a distribution will not be taxable until
you receive payments from the IRA created with it. Unless you were a
self-employed participant in the distributing plan, you may later
rollover such a contribution to another qualified retirement plan as
long as you have not mixed it with IRA (or SEPP-IRA) contributions you
have deducted from your income. (You may roll less than all of a
qualified distribution into an IRA, but any part of it not rolled over
will be currently includable in your income without any capital gains
treatment.)

PRE-MATURE DISTRIBUTIONS

At no time can your interest in your IRA or SEPP-IRA be forfeited. To
insure that your contributions will be used for your retirement, the
federal tax law does not permit you to use your IRA or SEPP-IRA as
security for a loan. Furthermore, as a general rule, you may not sell
or assign your interest in your IRA or SEPP-IRA to anyone. Use of an
IRA (or SEPP-IRA) as security or assignment of it to another will
invalidate the entire annuity. It then will be includable in your
income in the year it is invalidated and will be subject to a 10%
penalty tax if you are not at least age 59 1/2. or totally disabled. (You
may, however, assign your IRA or SEPP-IRA without penalty to your former
spouse in accordance with the terms of a divorce decree.)

You may surrender any portion of the value of your IRA (or SEPP-IRA).
In the case of a partial surrender which does not qualify as a rollover,
the amount withdrawn will be includable in your income and subject to
the 10% penalty if you are not at least age 59 1/2. or totally disabled.

<PAGE> 25

The 10% penalty tax does not apply to the withdrawal of an excess
contribution as long as not more than $2,250 has been contributed to
your account for the year of the excess contribution. Unless you have
attained age 59 1/2 (or have become totally disabled), a 10% penalty tax
will be imposed on the part of an excess contribution greater than
$2,250 which is withdrawn after your tax filing date. If employer
contributions have been made to a SEPP-IRA, a 10% penalty tax will be
imposed on the part of the excess contribution withdrawn after your tax
filing date which exceeds the lesser of (1) $32,250, or (2) $2,250 plus
the amount of the employer contribution to the SEPP-IRA.

DISTRIBUTION AT RETIREMENT

Once you have attained age 59 1/2. (or have become totally disabled), you
may elect to receive a distribution of your IRA (or SEPP-IRA) regardless
of when you actually retire. You may elect to receive the distribution
in either one sum or under any one of the periodic payment options
available under the contract. The distributions from your IRA under any
one of the periodic payment options or in one sum will be treated as
ordinary income as you receive them.

INADEQUATE OR UNDER DISTRIBUTIONS - 50% TAX

Your IRA or SEPP-IRA is intended to provide retirement benefits over
your lifetime. Thus, federal law requires that you either (1) receive a
lump-sum distribution of your IRA by April 1 of the year following the
year in which you attain age 70 1/2. or (2) start to receive periodic
payments by that date. If you elect to receive periodic payments, those
payments must be sufficient to pay out the entire value of your IRA
during your life expectancy (or over the joint life expectancies of you
and your spouse). If the payments are not sufficient to meet these
requirements, an excise tax of 50% will be imposed on the amount of any
underpayment.

DEATH BENEFITS

If you, (or your surviving spouse) die before receiving the entire value
of your IRA (or SEPP-IRA), the remaining interest must be distributed to
your beneficiary (or your surviving spouse's beneficiary) in one lump-
sum or applied to purchase an immediate annuity for the beneficiary.
This annuity must be payable over the life expectacy of the beneficiary
within one year after your or your spouse's death. A distribution of
the balance of your IRA upon your death will not be considered a gift
for federal tax purposes, but will be included in your gross estate for
purposes of federal estate taxes.

PROTOTYPE STATUS

The Internal Revenue Service has been requested to review the format of
your IRA, and to issue an opinion letter to Ohio National Life stating
that your IRA qualifies as a prototype IRA.

REPORTING TO THE IRS

Whenever you are liable for one of the penalty taxes discussed above (6%
for excess contributions, 10% for pre-mature distributions or 50% for
under payments), you must file Form 5329 with the Internal Revenue
Service. The form is to be attached to your federal income tax return
for the tax year in which the penalty applies. Normal contributions and
distributions must be shown on your income tax return for the year to
which they relate.

21
<PAGE> 26

<TABLE>
ILLUSTRATION OF IRA FIXED ACCUMULATIONS

<CAPTION>
AGE 60 AGE 65 AGE 70
GUARANTEED GUARANTEED GUARANTEED
SURRENDER VALUE SURRENDER VALUE SURRENDER VALUE
--------------- --------------- ---------------
$2,000 $2,000 $2,000
$1,000 ONE TIME $1,000 ONE TIME $1,000 ONE TIME
CONTRACT ANNUAL LUMP SUM ANNUAL LUMP SUM ANNUAL LUMP SUM
ANNIVERSARY CONTRIBUTIONS CONTRIBUTION CONTRIBUTIONS CONTRIBUTION CONTRIBUTIONS CONTRIBUTION
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 $ 933 $ 1,895 $ 933 $ 1,895 $ 933 $ 1,895
2 1,917 1,955 1,917 1,955 1,917 1,955
3 2,933 2,006 2,933 2,006 2,933 2,006
4 3,990 2,058 3,990 2,058 3,990 2,058
5 5,089 2,116 5,089 2,116 5,089 2,116
6 6,234 2,177 6,234 2,177 6,234 2,177
7 7,435 2,240 7,435 2,240 7,435 2,240
8 8,686 2,306 8,686 2,306 8,668 2,306
9 10,069 2,529 10,069 2,529 10,069 2,529
10 11,506 2,600 11,506 2,600 11,506 2,600
15 19,604 3,001 19,604 3,001 19,604 3,001
20 29,456 3,489 29,456 3,489 29,456 3,489
25 41,442 4,082 41,442 4,082 41,442 4,082
30 56,026 4,804 56,026 4,804 56,026 4,804
35 73,769 5,683 73,769 5,683 73,769 5,683
40 95,356 6,751 95,356 6,751 95,356 6,751
45 121,620 8,051 121,620 8,051 121,620 8,051
50 153,574 9,633 153,574 9,633 153,574 9,633
55 192,451 11,558 192,451 11,558 192,451 11,558
60 239,751 13,900 239,751 13,900 239,751 13,900
65 297,298 16,748 297,298 16,748
70 367,313 20,215
<FN>
* Guaranteed Interest Rate: 3.25% is applicable to each contract anniversary.
* The Surrender Value is the Accumulation Values less the Contingent Deferred
Sales Charge.
</TABLE>

22
<PAGE> 27

PART B

STATEMENT OF ADDITIONAL INFORMATION

<PAGE> 28

OHIO NATIONAL VARIABLE ACCOUNT A
OF
THE OHIO NATIONAL LIFE INSURANCE COMPANY

237 William Howard Taft Road
Cincinnati, Ohio 45219
Telephone (513) 559-6452

STATEMENT OF ADDITIONAL INFORMATION

October 2, 1995

This Statement of Additional Information is not a prospectus. It should be
read in conjunction with the prospectus for Ohio National Variable Account A
("VAA") flexible purchase payment individual tax qualified variable annuity
contracts dated October 2, 1995. To obtain a free copy of the VAA prospectus,
write or call The Ohio National Life Insurance Company ("Ohio National Life")
at the above address.

<TABLE>

Table of Contents

<S> <C>
Custodian . . . . . . . . . . . . . . . . . . . . . . . . . . .2
Independent Certified Public Accountants . . . . . . . . . . 2
Underwriter . . . . . . . . . . . . . . . . . . . . . . . . . 2
Calculation of Money Market Subaccount Yield . . . . . . . . . 3
Total Return . . . . . . . . . . . . . . . . . . . . . . . . . 3
Transfer Limitations . . . . . . . . . . . . . . . . . . . . . 4
Financial Statements . . . . . . . . . . . . . . . . . . . . . 5
Appendix:
Loans Under Tax-sheltered Annuities . . . . . . . . . 32
Guaranteed Accumulation Account . . . . . . . . . . . 32
</TABLE>

"TOP II" TAX QUALIFIED
<PAGE> 29
CUSTODIAN

Ohio National Life has executed an agreement with The Provident Bank ("the
Bank"), Cincinnati, Ohio, pursuant to which the shares of Ohio National Fund,
Inc. ("Fund") and other assets credited to VAA will be held in the custody of
the Bank. The agreement provides that the Bank will purchase Fund shares at
their net asset value determined as of the end of the valuation period of VAA
during which the purchase payment is received by Ohio National Life for
outstanding contracts or, in the case of new contracts, the value determined as
of the end of the valuation period during which the contract is issued. The
Bank effects redemptions of Fund shares held by VAA upon instructions from Ohio
National Life at net asset value determined as of the end of the valuation
period of VAA during which a redemption request is received or made by Ohio
National Life. In addition, the Bank maintains appropriate records with
respect to all transactions in Fund shares relative to VAA.

The agreement requires the Bank to have at all times an aggregate capital,
surplus and undivided profit of not less than $2 million and prohibits
resignation by the Bank until (a) a successor custodian bank having the
qualifications enumerated above shall have agreed to serve as custodian, or (b)
VAA has been completely liquidated and the proceeds of such liquidation
properly distributed. Subject to these conditions the agreement of
custodianship may be terminated by either party upon sixty days written notice.
For its services as custodian, the Bank will be paid a fee to be agreed upon
from time to time by the Bank and Ohio National Life.

INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

The financial statements of VAA as of December 31, 1994 and for the periods
indicated herein and of The Ohio National Life Insurance Company and
consolidated subsidiaries as of December 31, 1994 and 1993 and for the periods
indicated herein have been included herein in reliance upon the reports of KPMG
Peat Marwick LLP, independent certified public accountants, appearing elsewhere
herein, and upon the authority of said firm as experts in accounting and
auditing.

The audited financial statements of The Ohio National Life Insurance Company
and consolidated subsidiaries have been prepared in accordance with accounting
practices prescribed or permitted by the Department of Insurance of the State
of Ohio, which are currently considered generally accepted accounting
principles for mutual life insurance companies. Additionally, as discussed in
the notes to the Company's financial statements, the Company changed its method
of accounting for postretirement health care and life insurance benefits to the
accrual method as prescribed by the National Association of Insurance
Commissioners.

UNDERWRITER

The O.N. Equity Sales Company ("ONESCO"), a wholly owned subsidiary of Ohio
National Life, is the principal underwriter of the contracts. The offering of
the contracts is continuous. The aggregate amount of underwriting commissions
paid to ONESCO with respect to contracts issued by VAA, and the amounts
retained by ONESCO, for each of the last three years have been:

-2-
<PAGE> 30
<TABLE>
<CAPTION>
Aggregate Retained
Year Commissions Commissions
---- ------------ -----------
<S> <C> <C>
1994 $1,562,146 $178,330
1993 997,974 122,570
1992 815,467 112,360
</TABLE>

CALCULATION OF MONEY MARKET SUBACCOUNT YIELD

The current yield of the Money Market subaccount for the seven days ended on
December 31, 1994 , was 4.50%. This was calculated by determining the net
change, exclusive of capital changes, in the value of a hypothetical
pre-existing account having a balance of one accumulation unit of the
subaccount at the beginning of the seven-day period, dividing the net change in
subaccount value by the value of the subaccount at the beginning of the base
period to obtain the base period return, and multiplying the difference by
365/7. The resulting figure is carried to the nearest hundredth of one
percent.

TOTAL RETURN

The average annual compounded rate of return for a contract with respect to a
particular subaccount over a given period is found by equating the initial
amount invested to the ending redeemable value using the following formula:

P(1 + T)n = ERV

where: P = a hypothetical initial payment of $1,000,
T = the average annual total return,
n = the number of years, and
ERV = the ending redeemable value of a hypothetical $1,000
beginning-of-period payment at the end of the period
(or fractional portion thereof).

For this purpose, it should be noted that the current series of contracts were
initially offered September 10, 1984. The data based upon the performance of
the subaccounts prior to that date is presented as if the same charges and
deductions applicable to the current contracts had been in effect from the
inception of each corresponding portfolio of the Fund. Note also that, for
purposes of these calculations, the annual contract administration charge of
$30 has been converted to an annualized percentage charge of 0.14%. This is
based upon an average accumulation value of $21,400 for all contracts in this
series. The actual effect that the contract administration charge would have on
total returns would be less than that percentage for contracts having a higher
accumulation value and greater than that percentage for contracts having a
lower accumulation value.

The average annual total returns for current contracts in each of the
subaccounts from the inception of the subaccount and for the one-, five- and
ten-year periods ending on December 31,

-3-
<PAGE> 31

1994, and assuming surrender of the contract on the latter date, are as follows:

<TABLE>
<CAPTION>
One Five Ten From Inception
Year Years Years Inception Date
---- ----- ----- --------- --------
<S> <C> <C> <C> <C> <C>
Equity -0.99% 6.04% 11.79% 8.21% 10-06-69
Money Market 2.76% 3.31% 4.54% 5.80% 03-20-80
Bond -5.08% 5.63% 7.30% 6.54% 11-02-82
Omni -1.77% 6.74% 8.84% 8.28% 09-10-84
International 6.83% N/A N/A 14.97% 04-30-93
Capital Appreciation N/A N/A N/A 3.29% 05-01-94
Small Cap N/A N/A N/A 20.02% 05-01-94
Global Contrarian N/A N/A N/A N/A 03-31-95
Aggressive Growth N/A N/A N/A N/A 03-31-95
</TABLE>

TRANSFER LIMITATIONS

To the extent that transfers, surrenders, partial withdrawals and annuity
payments from a subaccount exceed net purchase payments and transfers into that
subaccount, securities of the corresponding portfolio of the Fund may have to
be sold. Excessive sales of a portfolio's securities on short notice could be
detrimental to that portfolio and to contractowners with values allocated to
the corresponding subaccount. To protect the interests of all contractowners,
Ohio National Life reserves the right to limit the number, frequency, method or
amount of transfers. Transfers from any portfolio of the Fund on any one day
may be limited to 1% of the previous day's total net assets of that portfolio
if Ohio National Life or the Fund, in its or their discretion, believes that
the portfolio might otherwise be damaged.

If and when transfers must be so limited, some transfer requests will not be
made. In determining which requests will be made, scheduled transfers (that
is, those pursuant to a pre-existing dollar cost averaging program) will be
made first, followed by mailed written requests in the order postmarked and,
lastly, telephone and facsimile requests in the order received. Contractowners
whose transfer requests are not made will be so notified. Current SEC rules
preclude Ohio National Life from processing at a later date those requests that
were not made. Accordingly, a new transfer request would have to be submitted
in order to make a transfer that was not made because of these limitations.

-4-

<PAGE> 32

KPMG Peat Marwick LLP [LOGO]

1600 PNC Center
201 East Fifth Street
Cincinnati, OH 45202

Dayton, OH

Independent Auditors' Report
----------------------------

The Board of Directors
The Ohio National Life Insurance Company:

We have audited the accompanying consolidated balance sheets of The Ohio
National Life Insurance Company and consolidated subsidiaries as of December
31, 1994 and 1993 and the related consolidated statements of operations,
surplus and cash flow for each of the years in the three-year period ended
December 31, 1994. These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express
an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of The Ohio National
Life Insurance Company and consolidated subsidiaries as of December 31, 1994
and 1993, and the results of their operations and their cash flow for each of
the years in the three-year period ended December 31, 1994 in conformity with
accounting practices prescribed or permitted by the Department of Insurance of
the State of Ohio, which are currently considered generally accepted accounting
principles for mutual life insurance companies (Note 1).

As discussed in Note 6 to the financial statements, effective January 1, 1993,
the Company changed its method of accounting for postretirement health care and
life insurance benefits to the accrual method as prescribed by the National
Association of Insurance Commissioners (NAIC). Postretirement benefit costs
for 1992, which were recorded on a cash basis, have not been restated.

KPMG Peat Marwick LLP

Cincinnati, Ohio
February 10, 1995

-5-
<PAGE> 33

<TABLE>
THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Consolidated Balance Sheets

December 31, 1994 and 1993
(in thousands)

<CAPTION>
ADMITTED ASSETS 1994 1993
---------- ---------
<S> <C> <C>
Investments - other than investments in affiliates (notes 2 and 10):
Fixed maturities at amortized cost $2,772,889 2,459,380
Preferred stocks, at cost (market - $17,861 in 1994
and $20,256 in 1993) 20,112 20,499
Common stocks, at market (cost - $32,105 in 1994 and
$25,636 in 1993) 41,542 37,706
Mortgage loans on real estate 771,191 794,985
Real estate (less encumbrances of $3,578 in 1994 and
$3,642 in 1993), at cost less accumulated depreciation 39,168 36,332
Policy loans 142,934 142,882
Short-term investments 41,947 206,366
Other invested assets 36,075 28,885
---------- ---------
Total investments 3,865,858 3,727,035
Cash 9,399 57,590
Investment in common stock of unconsolidated subsidiaries,
at equity (cost $840 in 1994 and 1993) 429 675
Accrued investment income 58,151 51,946
Premiums and other considerations deferred and uncollected 26,012 22,412
Other general account assets 23,406 28,890
Separate account assets, at market 307,373 232,648
---------- ---------
Total admitted assets $4,290,628 4,121,196
========== =========

LIABILITIES, RESERVES AND SURPLUS

Reserves for future policy benefits:
Life policies and contracts $1,934,567 1,777,487
Accident and health policies 55,653 49,747
Annuity and other deposit funds 1,121,102 1,274,497
Policy and contract claims (note 4) 18,263 15,350
Other policyholders' funds:
Policyholders' dividend accumulations 65,584 65,350
Provision for policyholders' dividends payable in the
following year 23,272 26,202
Other 392,171 397,689
Federal income taxes (note 7) 11,561 7,986
Other general account liabilities 71,610 55,282
Interest maintenance reserve 22,197 22,316
Asset valuation reserve 43,589 41,810
Separate account liabilities 299,085 219,593
---------- ---------
Total liabilities and reserves 4,058,654 3,953,309
---------- ---------
Surplus (note 8):
Surplus note (note 9) 49,708 -
Surplus 182,266 167,887
---------- ---------
Total surplus 231,974 167,887
Commitments and contingencies (notes 10 and 11)
---------- ---------
Total liabilities, reserves and surplus $4,290,628 4,121,196
========== =========
</TABLE>

See accompanying notes to consolidated financial statements.
<PAGE> 34

<TABLE>
THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Consolidated Statements of Operations

Years ended December 31, 1994, 1993 and 1992
(in thousands)

<CAPTION>
<S> <C> <C> <C>
1994 1993 1992
-------- ------- -------
Premiums and other considerations:
Life and annuity $192,332 178,262 144,607
Accident and health 19,601 18,566 19,271
Annuity and other fund deposits 378,679 442,676 463,031
Supplementary contracts 22,570 17,616 17,466
-------- ------- -------
613,182 657,120 644,375
-------- ------- -------
Investment income:
Interest on fixed maturities 230,209 220,346 192,745
Dividends on stocks 3,011 3,191 1,900
Interest on mortgage loans 75,763 81,239 84,483
Real estate income 6,998 4,710 4,433
Interest on policy loans 9,061 8,510 8,281
Other investment income 10,669 8,247 7,219
-------- ------- -------
Total investment income 335,711 326,243 299,061
Less investment expenses 15,561 12,825 12,607
-------- ------- -------
Net investment income 320,150 313,418 286,454
-------- ------- -------
Total operating income 933,332 970,538 930,829
-------- ------- -------
Death and other benefits:
Death benefits 52,186 45,795 39,224
Accident and health benefits 10,956 9,849 9,058
Annuity benefits, fund withdrawals, and other benefits
to policyholders and beneficiaries 623,576 502,676 410,271
-------- ------- -------
686,718 558,320 458,553

Increase in reserves for future policy benefits and other funds 86,714 266,266 346,068
Commissions 42,263 40,404 37,715
General insurance expenses 41,914 35,899 30,692
Insurance taxes, licenses and fees 7,799 6,759 5,397
-------- ------- -------
865,408 907,648 878,425
-------- ------- -------
Income before dividends to policyholders,
provision for Federal income taxes
and realized capital gains (losses) 67,924 62,890 52,404

Dividends to policyholders 22,126 25,385 23,783
-------- ------- -------
Income before provision for Federal income taxes
and realized capital gains (losses) 45,798 37,505 28,621

Provision for Federal income taxes (note 7) 20,647 17,908 10,197
-------- ------- -------
Income before realized capital gains (losses) 25,151 19,597 18,424
Net realized capital (losses) gains, net of interest maintenance
reserve and taxes (notes 2 and 7) (510) (514) 1,152
-------- ------- -------
Net income $ 24,641 19,083 19,576
======== ======= =======
</TABLE>

See accompanying notes to consolidated financial statements.
<PAGE> 35

<TABLE>
THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Consolidated Statements of Surplus

Years ended December 31, 1994, 1993 and 1992
(in thousands)

<S> <C>
Surplus, December 31, 1991 $138,860
Net income 19,576
Net unrealized capital losses on investments (note 2) (10)
Change in non-admitted assets and other items 2,367
Transfer from mandatory securities valuation reserve 24,020
Transfer to asset valuation reserve (29,790)
--------
Surplus, December 31, 1992 155,023
Net income 19,083
Net unrealized capital gains on investments (note 2) 3,079
Change in non-admitted assets and other items 1,418
Transfer to asset valuation reserve (10,716)
--------
Surplus, December 31, 1993 167,887
Net income 24,641
Surplus note issue (note 9) 49,708
Net unrealized capital losses on investments (note 2) (7,603)
Change in non-admitted assets and other items (881)
Transfer to asset valuation reserve (1,778)
--------
Surplus, December 31, 1994 $231,974
========

</TABLE>

See accompanying notes to consolidated financial statements.

<PAGE> 36

<TABLE>
THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Consolidated Statements of Cash Flow

Years ended December 31, 1994, 1993 and 1992
(in thousands)

<CAPTION>
1994 1993 1992
-------- ------- ---------
<S> <C> <C> <C>
Cash from operations:
Premiums, annuity considerations, and
fund deposits $547,472 603,693 624,524
Investment income 312,683 311,169 278,971
-------- ------- ---------
860,155 914,862 903,495
-------- ------- ---------
Less:
Death and other benefits 680,871 558,043 458,287
Commissions, taxes and other expenses 106,558 109,812 84,073
Dividends paid to policyholders 25,242 23,358 25,525
Increase in policy loans 52 4,533 5,777
-------- ------- ---------
812,723 695,746 573,662
-------- ------- ---------
Net cash from operations 47,432 219,116 329,833
-------- ------- ---------
Proceeds from investments sold, matured or repaid:
Fixed maturities 221,344 589,727 511,344
Stocks 10,905 15,871 4,653
Mortgage loans 129,816 76,666 73,080
Real estate 6,634 3,611 5,067
Other invested assets 3,685 3,129 35,357
-------- ------- ---------
372,384 689,004 629,501
-------- ------- ---------
Less cost of investments acquired:
Fixed maturities 541,481 623,744 1,013,033
Stocks 15,951 42,118 14,136
Mortgage loans 110,871 41,409 56,685
Real estate 5,679 4,548 4,220
Other invested assets 7,736 (3,866) 17,345
-------- ------- ---------
681,718 707,953 1,105,419
-------- ------- ---------
Net cash used for investments (309,334) (18,949) (475,918)
-------- ------- ---------
Net proceeds from issuance of surplus notes 49,708 - -
Other, net (416) 3,453 (1,434)
-------- ------- ---------
49,292 3,453 (1,434)
-------- ------- ---------
Net (decrease) increase in cash and
short-term investments (212,610) 203,620 (147,519)
Cash and short-term investments:
Beginning of year 263,956 60,336 207,855
-------- ------- ---------
End of year $51,346 263,956 60,336
======= ======= =========
</TABLE>

See accompanying notes to consolidated financial statements.
<PAGE> 37

THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements

December 31, 1994, 1993 and 1992

(1) BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The consolidated financial statements include the accounts of the
Company and its wholly-owned subsidiaries, Ohio National Life
Assurance Corporation (ONLAC) and The Pennsylvania National Life
Insurance Company (PNLIC). All significant intercompany balances
and transactions have been eliminated in consolidation. Certain
other subsidiaries not engaged in the business of life insurance
(which are not significant in relation to the Company) are
reflected in the financial statements on the equity basis.

On July 1, 1993, the Company purchased all of the issued and
outstanding shares of The Pennsylvania National Life Insurance
Company (PNLIC) located in Harrisburg, Pennsylvania. The
purchase price approximated $16,700,000 plus $200,000 in finders
fees. PNLIC's adjusted surplus at July 1, 1993 was approximately
$9,700,000, leaving approximately $7,200,000 as goodwill
associated with the acquisition; PNLIC's total assets
approximated $150,000,000 at July 1, 1993. The goodwill amount
will be amortized on a straight-line basis over a ten-year
period. The results of PNLIC operations for the 6 months ended
December 31, 1993 of approximately $482,800 are included in the
consolidated statement of operations.

On July 1, 1994, assets of $4.6 million and all of the
outstanding PNLIC common stock plus paid-in capital and surplus
totaling $4.6 million were sold to an unrelated party for $5
million. All of the remaining assets, liabilities and
obligations of PNLIC were transferred to ONLAC. The goodwill
determined as described above will continue under the original
amortization schedule.

The accompanying financial statements have been prepared
principally in accordance with accounting practices prescribed or
permitted by the Department of Insurance of the State of Ohio,
which practices are considered generally accepted accounting
principles for mutual life insurance companies. For purposes of
filing the annual statement with regulatory authorities,
wholly-owned subsidiaries are carried on the equity method
rather than consolidated.

In April 1993, the Financial Accounting Standards Board (FASB)
issued Interpretation No. 40, Applicability of Generally Accepted
Accounting Principles to Mutual Life Insurance and Other
Enterprises. The Interpretation requires mutual life insurance
enterprises that have traditionally issued statutory basis
financial statements that have been reported to be in conformity
with generally accepted accounting principles (GAAP), to apply
all authoritative accounting pronouncements in preparing those
statements, effective for periods beginning after December 15,
1994. The effective date of Interpretation 40 was extended by
Statement of Financial Accounting Standards No. 120, Accounting
and Reporting by Mutual Life Insurance Enterprises for Certain
Long-Duration Participating Contracts, to years beginning of the
December 15, 1995. The effects of applying the provisions of the
Interpretation may result in policyholder surplus and net income
differing from amounts as reported under the existing accounting
practices. However, these differences have not yet been
determined. If the Company elects to continue to prepare
financial statements on the basis of statutory accounting
practices after 1995, it will no longer be described as prepared
in conformity with GAAP.

-10-
<PAGE> 38

THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued

(1) BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES, CONTINUED

The significant accounting policies follow:

(a) REVENUES AND EXPENSES

Premiums are credited to revenue over the premium-paying
period of the policies. Expenses, including acquisition
costs related to acquiring new business, are charged to
operations as incurred. Investment income is recognized
as earned.

(b) VALUATION OF INVESTMENTS

Bonds and stocks are valued as prescribed by the National
Association of Insurance Commissioners (NAIC). Bonds are
generally carried at amortized cost, preferred stocks at
cost, common stocks of unaffiliated companies at market
value, and mortgage and policy loans at the amount of
outstanding receivables. Short-term investments are carried
at amortized cost, which approximates market value.
Investments in unconsolidated subsidiaries are carried at
the equity in their net assets with changes in net assets,
other than amounts invested and dividends declared,
recognized as net unrealized capital gains. Real estate is
generally carried at depreciated cost, net of encumbrances.

During 1992, pursuant to changes in statutory requirements,
the mandatory securities valuation reserve was replaced by
the asset valuation reserve (AVR) and interest maintenance
reserve (IMR). The AVR is a formula reserve which addresses
specific asset risk areas and consists of two
components--the default component and the equity component.
The default component provides for future credit-related
losses on fixed income investments including corporate debt
securities and preferred stock and mortgages. The equity
component covers all types of equity investments. The two
components are designed to address the default and equity
risks of the Company's assets by calculating maximum reserve
targets and controlling the flow of the reserve from and
into surplus. Realized capital gains and losses for all
types of fixed income investments that result from changes
in the overall level of interest rates are credited or
charged to the IMR, and these capital gains or losses are
amortized into income over the remaining life of the
investment sold. Management believes that the balance of
the default component of the AVR at December 31, 1994 is
adequate to absorb potential credit and market losses on
investments.

Valuations of mortgage loans and net real estate acquired in
satisfaction of mortgage loans (included in other general
account assets in the accompanying consolidated balance
sheet) are periodically performed by management, and the
carrying value of such assets is reduced by a charge to
realized capital losses if the carrying value exceeds the
estimated net realizable value (see Note 2). The carrying
value of mortgage loans and real estate currently owned had
cumulatively been reduced by $2,133,000 and $8,387,000 at
December 31, 1994, and $1,098,000 and $12,324,000 at
December 31, 1993, respectively.

(Continued)

-11-

<PAGE> 39

THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued

(1) BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES, CONTINUED

Unrealized capital gains and losses are reflected as direct
credits and charges to surplus. Under the guidelines for
the IMR, realized capital gains and losses, net of tax,
attributed to interest rate changes as defined under
established guidelines (see Note 1(b)) are credited or
charged to the IMR. These realized capital gains and losses
are amortized into investment income as permitted under
established guidelines in order to allocate income over
remaining years based on original maturity dates of
investments.

(d) RESERVES FOR FUTURE POLICY BENEFITS

Reserves for traditional life products are based on
statutory mortality and interest requirements without
consideration for withdrawals. The mortality table and
interest assumptions currently being used for the majority
of new policies issued are the 1980 CSO table with 4% to 6%
interest. With respect to older policies, the mortality
table and interest assumptions vary from the American
Experience table with 3% interest to the 1958 CSO table with
2.25% to 4.5% interest. Approximately 77% and 76% of the
reserves were calculated on a net level reserve basis at
December 31, 1994 and 1993, respectively.

Reserves for universal life and variable universal life
policies have been calculated based on participants' net
contributions plus interest credited less applicable
contract charges, less an initial allowance according to the
Commissioner's Reserve Valuation Method (CRVM).

The reserves and deposit liabilities for deferred annuity
products have been established based on the participants'
net contributions, policy term, interest rates and various
contract provisions. The average interest rate credited on
these annuity policies was 7.4% for the year ended December
31, 1994 (7.9% for the year ended December 31, 1993). The
reserves for individual annuity policies issued after 1991
have been adjusted for possible future surrender charges in
accordance with the Commissioner's Annuity Reserve Valuation
Method (CARVM).

Reserves for immediate annuities are determined primarily on
either the 1971 Individual Annuity and Mortality Table
(interest rates 6% to 7.5%) or the 1983 Annuity Table
(interest rates 6.5% to 9.25%). Group immediate annuity
reserves are based primarily on the 1983 Group Annuity and
Mortality Table at 7.5% to 9.25% interest.

The aggregate reserves for individual accident and health
policies consist of active life reserves, disabled life
reserves and unearned premium reserves. The active life
reserves are calculated on a two year preliminary term basis
at 3% to 5.5% interest, using either the 1964 Commissioner's
Disability Table (policies issued prior to 1990) or the 1985
Commissioner's Individual Disability Table A (policies
issued after 1989).
(Continued)

-12-

<PAGE> 40

THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued

(1) BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES, CONTINUED

(d) RESERVES FOR FUTURE POLICY BENEFITS, CONTINUED

The disabled life reserves are calculated using either the
1985 Commissioner's Individual Disability Table A, at 5% to
5.5% interest (claims incurred after 1989) or the 1971
modification of the 1964 Commissioner's Disability Table, at
3.5% interest (claims incurred prior to 1990).

The aggregate reserves for group accident and health policies
consist of active life reserves and unearned premium
reserves. The active life reserves are calculated on the
1987 Commissioner's Group Disability Table, at 6% interest.

(e) FEDERAL INCOME TAXES

Federal income taxes are charged to operations based on
operating income that is currently taxable. No charge to
operations is made or liability established for the tax
effect of temporary differences between financial reporting
and taxable income.

(f) SEPARATE ACCOUNTS

Separate account assets represent contractholders' funds which
have been segregated into accounts with specific investment
objectives. The investment income and gains or losses of
these accounts accrue directly to the contractholders.
Separate account liabilities for individual annuities
issued in 1992 and after represent contractholders' funds
adjusted for possible future surrender charges in
accordance with CARVM. The difference between full account
value and CARVM is reflected in other liabilities, as
prescribed by the NAIC, on the statutory statement of
admitted assets, liabilities, reserves and surplus. The
annual change in the difference between full account value
and CARVM is reflected in the statutory statements of
operations as part of the net transfers to separate
accounts.

(g) NON-ADMITTED ASSETS

Certain assets designated as "non-admitted assets"
(principally furniture, equipment, and certain receivables)
have been excluded from total admitted assets by a direct
charge to surplus.

(h) OTHER

Under Statement of Financial Accounting Standards No. 107,
Disclosures about Fair Value of Financial Instruments, (SFAS
No. 107), the Company is required to disclose fair value
information about financial instruments, whether or not
recognized in the consolidated balance sheets as of December
31, 1994 and 1993. SFAS No. 107 excludes certain financial
instruments such as insurance contracts (other than
financial guarantees and investment contracts) and all
nonfinancial instruments from its disclosure requirements.
Accordingly, the aggregate fair value

(Continued)
-13-
<PAGE> 41

THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued

(1) BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES, CONTINUED

(h) OTHER, CONTINUED

amount presented do not represent the underlying value of the
Company. The carrying amounts reported in the consolidated
balance sheet approximate fair value for the following
financial instruments: cash, short-term investments, policy
loans and separate account assets.

(2) INVESTMENTS

(a) STOCKS, BONDS, NOTES AND OTHER DEBT SECURITIES

These debt and equity securities are held for investment
purposes, and fair values are based on quoted market prices
or dealer quotes. If a quoted market price is not available,
fair value is estimated by discounting the future cash flows
of the financial instrument at rates comparable to similar
financial instruments of issuers with similar credit
worthiness.

The amortized cost and estimated market values of investments
in debt securities at December 31, 1994 and 1993 are as
follows (in thousands):

<TABLE>
<CAPTION>
Gross Gross Estimated
Amortized unrealized unrealized market
1994 cost gains losses value
---- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C>
US Treasury securities and
obligations of US government
corporations and agencies $ 251,723 1,823 (18,629) 234,917
Obligations of states and political
subdivisions 25,410 54 (1,309) 24,155
Debt securities issued by foreign
governments 78,220 1,285 (8,552) 70,953
Corporate securities 2,171,191 41,654 (94,486) 2,118,359
Mortgage-backed securities 288,292 2,617 (17,689) 273,220
---------- ------ ------- ---------
2,814,836 47,433 (140,665) 2,721,604
Less short-term investments 41,947 - - 41,947
---------- ------ ------- ---------
Totals $2,772,889 47,433 (140,665) 2,679,657
========== ====== ======= =========
</TABLE>
(Continued)

-14-

<PAGE> 42
THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued

(2) INVESTMENTS, CONTINUED

(a) STOCKS, BONDS, NOTES AND OTHER DEBT SECURITIES, CONTINUED

<TABLE>
<CAPTION>
Gross Gross Estimated
Amortized unrealized unrealized market
1993 cost gains losses value
---- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C>
US Treasury securities and
obligations of US government
corporations
and agencies $262,720 13,529 (753) 275,496
Obligations of states and
political subdivisions 17,159 1,200 (8) 18,351
Debt securities issued by
foreign governments 49,047 4,045 (241) 52,851
Corporate securities 2,070,000 194,683 (8,717) 2,255,966
Mortgage-backed securities 266,820 12,357 (1,742) 277,435
------- ------- --------- ---------
2,665,746 225,814 (11,461) 2,880,099
Less short-term investments 206,366 - - 206,366
---------- ------- ------- ---------

Totals $2,459,380 225,814 (11,461) 2,673,733
========== ======= ======= =========
</TABLE>

The amortized cost and estimated market value of debt securities
at December 31, 1994, by contractual maturity, are shown below (in
thousands). Expected maturities will differ from contractual
maturities because borrowers may have the right to call or prepay
obligations with or without call or prepayment penalties.

<TABLE>
<CAPTION>
Estimated
Amortized market
cost value
---------- ---------
<S> <C> <C>
Due in one year or less $ 100,557 101,335
Due after one year through five years 307,000 309,450
Due after five years through ten years 886,882 868,731
Due after ten years 1,520,397 1,442,088
---------- ---------
$2,814,836 2,721,604
========== =========
</TABLE>

Proceeds from sales, calls and maturities of investments in debt
securities during 1994 and 1993 were $221,344,000 and
$589,727,000, respectively. Gross gains of $2,357,000 and
$29,667,000 and gross losses of $377,000 and $5,760,000 in 1994
and 1993, respectively, were realized on those transactions.

At December 31, 1994 and 1993, 92.7% and 92.8%, respectively, of
the statement value of the Company's total bonds and short-term
investments are rated investment grade (a 1 or 2 designation by
the NAIC).

(Continued)

-15-

<PAGE> 43
THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued

(2) INVESTMENTS, CONTINUED

(b) MORTGAGE LOANS

The fair value of these residential and commercial mortgage
loans is estimated by discounting the future cash flows using
current rates at which similar loans would be made to
borrowers with similar credit ratings and for the same
remaining maturities.

The net carrying value and estimated fair value of mortgage
loans at December 31, 1994 and 1993 are as follows (in
thousands):

<TABLE>
<CAPTION>
1994 1993
------- -------
<S> <C> <C>
Carrying value 771,191 794,985
Estimated fair value 756,740 817,104
</TABLE>

The fair value of other invested assets, consisting primarily
of investments in limited partnerships, is determined by an
independent third party management group and is carried on
the financial statement on an equity basis approximating fair
value.

(d) INVESTMENT GAINS AND LOSSES

The following is a summary of recorded investment gains and
losses in 1994, 1993 and 1992 (in thousands):

<TABLE>
<CAPTION>
Change in Total
Realized unrealized investment
gains gains gains
1994 (losses) (losses) (losses)
---- ------- ------ ------
<S> <C> <C> <C>
Bonds $ 1,980 (4,005) (2,025)
Stocks:
Preferred 34 - 34
Common 2,006 (3,598) (1,592)
Mortgage loans (391) - (391)
Real estate (2,068) - (2,068)
Other 698 - 698
------- ------ ------
Total 2,259 (7,603) (5,344)

Less amount credited to interest
maintenance reserve (2,314) - (2,314)
------- ------ ------
Net loss before tax (55) (7,603) (7,658)
Taxes on capital gains (455) - (455)
------- ------ ------
$ (510) (7,603) (8,113)
======= ====== ======
</TABLE>

(Continued)

-16-

<PAGE> 44

THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued

(2) INVESTMENTS, CONTINUED

(d) INVESTMENT GAINS AND LOSSES CONTINUED

<TABLE>
Change in Total
Realized unrealized investment
gains gains gains
1993 (losses) (losses) (losses)
---- ------- ------ ------
<S> <C> <C> <C>
Bonds $23,907 4,571 28,478
Stocks:
Preferred 186 - 186
Common 1,591 (1,492) 99
Mortgage loans (1,749) - (1,749)
Real estate (3,200) - (3,200)
Other (192) - (192)
------- ------ ------
Total 20,543 3,079 23,622
Less amount credited to interest
maintenance reserve (16,260) - (16,260)
------- ------ ------
Net gain before tax 4,283 3,079 7,362
Taxes on capital gains (4,797) - (4,797)
------- ------ ------
$ (514) 3,079 2,565
======= ====== ======

1992
----

Bonds $15,050 (1,954) 13,096
Stocks:
Preferred 868 - 868
Common (239) 979 740
Mortgage loans (867) - (867)
Real estate (1,473) - (1,473)
Other 15 965 980
------- ------ ------
Net gain before tax 13,354 (10) 13,344
Taxes on capital gains (4,572) - (4,572)
------- ------ ------
$ 1,152 (10) 1,142
======= ====== ======
</TABLE>
(Continued)
-17-

<PAGE> 45
THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued

(3) ADDITIONAL DISCLOSURES ABOUT FAIR VALUES OF FINANCIAL INSTRUMENTS

(a) DEPOSIT LIABILITIES

The fair value of guaranteed investment contracts is estimated
using the rates currently offered for deposits of similar
remaining maturities. The fair value of deferred annuities
are estimated by discounting at the current rate offered
for deposits of similar contracts the future cash flows at
the contract guaranteed interest rates until contract
maturity.

The estimated fair values of the company's deposit liabilities
at December 31, 1994 and 1993 are as follows (in thousands):

<TABLE>
<CAPTION>
1994 1993
--------------------- -----------------------
Carrying Estimated Carrying Estimated
amount fair value amount fair value
-------- ----------- --------- -----------
<S> <C> <C> <C> <C>
Guaranteed investment contracts $861,006 835,974 1,032,596 1,078,677
Individual deferred annuities 912,191 909,337 820,464 831,729
Immediate and other annuity
deposits 778,790 738,181 764,866 798,558
</TABLE>

(b) CREDIT COMMITMENTS AND FINANCIAL GUARANTEES

The fair value of commitments is estimated using the fees
currently charged to enter into similar agreements, taking
into account the remaining terms of the agreements and the
present creditworthiness of the counterparties. For
fixed-rate loan commitments, fair value also considers the
difference between current levels of interest rates and
committed rates. The fair value of guarantees is based on
fees currently charged for similar agreements or on the
estimated cost to terminate them or otherwise settle the
obligations with the counterparties at the reporting date.
The fair value approximated the commitment amount at December
31, 1994 (see Note 10).

(Continued)

-18-

<PAGE> 46
<TABLE>
THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued

(4) LIABILITY FOR POLICY AND CONTRACT CLAIMS

Activity in the liability for policy and contract claims is summarized
below (in thousands):

<CAPTION>
1994 1993
------- ------
<S> <C> <C>
Balance at January 1 $ 15,350 13,851
------- ------
Incurred related to:
Current year 55,102 53,877
Prior years 8,042 2,276
------- ------
Total incurred 63,144 56,153
------- ------
Paid related to:
Current year 52,417 52,626
Prior years 7,814 2,028
------- ------
Total paid 60,231 54,654
------- ------
Balance at December 31 $18,263 15,350
======= ======
</TABLE>

Amounts recoverable from reinsurers totaled $938,000 and
$3,619,000 at December 31, 1994 and 1993, respectively.

(5) PENSION AND RETIREMENT PLANS

The Company maintains a qualified non-contributory defined benefit
pension plan and a qualified contributory defined contribution
progress sharing plan covering substantially all of its employees.
In addition, the Company has a qualified non-contributory defined
contribution pension plan covering career agents. All of the
plans are funded through insurance contracts issued by the
Company. The defined benefit pension plan was fully funded as of
December 31, 1994.

The pension plan covering employees provides pension benefits that are
based on the employee's years of service and compensation during
five consecutive years in the last 10 years of employment
preceding retirement. Contributions are made to the plan as needed
to meet actuarially computed plan benefits in compliance with
minimum funding standards of ERISA. The expense reported for
contributions to the plan for 1994 and 1993 were $1, 345,000 and
$0, respectively.

Contributions to the Career Agent's Pension Plan is subject to the
minimum funding required under Internal Revenue Code Section 412.
The expense reported for contributions to the plan for 1994 and
1993 were $420,000 and $403,000, respectively.

(Continued)

-19-

<PAGE> 47
THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued

(5) PENSION AND RETIREMENT PLANS, CONTINUED

Company contributions to the Progress Sharing Plan are in part based
on the net earnings of the Company and are payable at the sole
discretion of management. The expense reported for contributions
to the plan for 1994 and 1993 were $1,355,000 and $1,321,000,
respectively.

(6) OTHER BENEFIT PLANS

The Company currently offers eligible retirees the opportunity to
participate in a health plan. The Company has two health plans,
one is offered to home office employees, the other is offered to
career agents.

HOME OFFICE EMPLOYEE HEALTH PLAN

The Company provides a declining service schedule.
Substantially all home office employees may become eligible
for these benefits provided that the employee meets the age
and years of service requirements. The plan states that an
employee becomes eligible as follows: 55 years of age with
20 years of credited service at retirement, age 56 with 18
years of service, age 57 with 16 years of service and age 64
with two years of service. The health plan is contributory
with retirees contributing approximately 15% of premium for
coverage.

CAREER AGENTS HEALTH PLAN

Substantially all career agents may become eligible for these
benefits provided that the agent be at least 55 years of age
and have 15 years of credited service at retirement. The
health plan is contributory, with retirees contributing
approximately 47% of medical costs.

Effective January 1, 1993, the Company changed its method of
accounting for postretirement health care and life insurance
benefits to the accrual method, as prescribed by the NAIC.
The expense and liability related to these plans are
reflected on the Company's financial statements and do not
appear on the financial statements of the Company's
fully-owned subsidiaries. Postretirement benefit costs for
1992, which were recorded on a cash basis, have not been
restated. Retiree health insurance plans are not funded.
The Company is amortizing the transition obligation of
$7,584,000 on the straight-line method over a period of 20
years.

(Continued)

-20-

<PAGE> 48
<TABLE>
THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued

(6) OTHER BENEFIT PLANS, CONTINUED

The following table sets forth the plans' accumulated postretirement
benefit obligation reconciled with the amount included in the
consolidated balance sheet as of December 31, 1994 and 1993
(in thousands):

<CAPTION>
1994 1993
------ -----
<S> <C> <C>
Accumulated postretirement benefit obligation:
Retirees $6,617 5,627
Fully eligible active plan participants 2,373 2,491
------ -----
Accumulated postretirement benefit obligation 8,990 8,118
Plan assets - -
Unrecognized transition obligation (6,457) (7,205)
Unrecognized net loss from changes in
assumptions (673) -
------ -----
Accrued postretirement benefit cost in the
balance sheet $1,860 913
====== =====
</TABLE>

The expected obligation for active plan participants not
yet eligible to retire was $8,801,000 and $9,625,000 at
December 31, 1994 and 1993, respectively.

Postretirement expense for fiscal 1994 and 1993 includes the
following components (in thousands):

<TABLE>
<CAPTION>
1994 1993
------ -----
<S> <C> <C>
Service cost $ 334 316
Interest cost 634 607
Net amortization and deferral 401 379
------ -----
Postretirement expense $1,369 1,302
</TABLE>

The weighted-average annual assumed rate of increase in the per
capita cost of covered health care benefits is 13% and 14% for
1994 and 1993, respectively, and is assumed to decrease gradually
to 5% in 2002 and remain at that level thereafter. The health
care cost trend rate assumption has a significant effect on the
amounts reported. Increasing the assumed health care cost trend
rates by one percentage point in each year would increase the
accumulated postretirement benefit obligation as of December 31,
1994 and 1993 by approximately $690,000 and $628,000,
respectively. The weighted-average discount rate used in
determining the accumulated postretirement benefit obligation and
expense was 7.5% and 8% at December 31, 1994 and 1993,
respectively.

(7) FEDERAL INCOME TAXES

Life insurance companies are, in general, taxed under provisions
of the Tax Reform Act of 1984 (1984 Act) and the Revenue
Reconciliation Act of 1993 (1993 Act). The 1984 Act requires
taxable income of mutual life insurance companies to be increased
by a "differential earnings amount", which serves as an equity tax
designed to limit the deduction for policyholder dividends. The
1984 Act also requires life insurance companies to recompute
policy reserves for tax purposes.

(Continued)

-21-

<PAGE> 49
THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued

(7) FEDERAL INCOME TAXES, CONTINUED

The 1993 Act made certain changes to the laws governing the taxation
of life insurers and increased the maximum Federal income tax
rate from 34% to 35% in 1993 and later years. The Company is
also subject to the 20% corporate alternative minimum tax that
became effective in 1987.

The reasons for the difference between total tax expense and the
amount computed by applying the maximum Federal income tax rate
(35% in 1994 and 1993 and 34% in 1992) to operating income before
tax are set forth as follows (in thousands):

<TABLE>
<CAPTION>
1994 1993 1992
------- ------ ------
<S> <C> <C> <C>
Federal income tax at statutory rate $16,680 13,127 9,731
Differential earnings amount 3,094 2,366 2,094
Difference between statutory and tax policy
reserves 1,369 1,143 29
Difference between statutory and tax
investment income (704) (843) (513)
Difference between statutory and tax
general expenses (30) (68) (969)
Deferred acquisition costs for tax 2,254 2,950 2,629
Other (2,016) (767) (2,804)
------- ------ ------
$20,647 17,908 10,197
======= ====== ======
</TABLE>

Net realized capital gains are reflected in operations, net of taxes
of $455,000, $4,797,000 and $4,572,000 for 1994, 1993 and 1992,
respectively (see Note 2(d)).

(8) CAPITAL AND SURPLUS

The Company's and ONLAC's capital and surplus exceed the NAICs
risk based capital requirements for life and health insurance
companies at the end of 1994.

The Company has designated special surplus funds for separate
account contingencies and investment guarantees totaling
$1,497,000 and $1,229,000 at December 31, 1994 and 1993,
respectively.

The payment of dividends by the Company to its participating
policyholders is based on the dividend scale declared at least
annually by the Company's Board of Directors.

(Continued)

-22-

<PAGE> 50
THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued

(9) SURPLUS NOTES

On July 11, 1994, the Company issued $50,000,000, 8 7/8% surplus notes,
due July 15, 2004. The notes have been issued in accordance
with Section 3941.13 of the Ohio Revised Code. The net proceeds
of $49,708,000 from the issuance of the notes were recorded by
the Company as additional admitted assets. However, except as
provided in Section 3941.13, the notes are not part of the legal
liabilities of the Company and are not a liability or claim
against the Company or any of its assets. Interest payments
are scheduled semi-annually but must be approved for payment by
the Director of the Department of Insurance of the State of Ohio.
Principal payments must also be approved by the Director. All
issuance costs have been capitalized and will be amortized over
the terms of the notes. These capitalized costs are non-admitted
for statutory accounting purposes.

(10) FINANCIAL INSTRUMENTS DISCLOSURE

(a) CONCENTRATIONS OF CREDIT RISK

Mortgage loans are collateralized by the underlying properties.
Collateral must meet or exceed 125% of the loan at the time the
loan is made. The Company grants mainly commercial mortgage loans
to customers throughout the United States. The Company has a
diversified loan portfolio. The summary below depicts loan
exposure of remaining principal balances by geographic area and by
type at December 31, 1994 and 1993 (in thousands):

<TABLE>
<CAPTION>
1994 1993
-------- -------
<S> <C> <C>
MORTGAGE ASSETS BY STATE

California $135,222 145,702
Michigan 85,918 94,039
Texas 66,886 61,342
Ohio 63,356 68,881
Florida 53,925 56,606
All others (none greater than $50 million) 365,884 368,415
-------- -------
$771,191 794,985
======== =======
MORTGAGE ASSETS BY TYPE

Office $221,278 225,513
Retail 188,977 190,968
Industrial 145,974 157,611
Other 214,962 220,893
-------- -------
$771,191 794,985
======== =======
</TABLE>
(Continued)

-23-

<PAGE> 51

THE OHIO NATIONAL LIFE INSURANCE COMPANY
AND CONSOLIDATED SUBSIDIARIES

Notes to Consolidated Financial Statements, Continued

(10) FINANCIAL INSTRUMENTS DISCLOSURE, CONTINUED

(b) FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK

The Company had outstanding commitments to fund mortgage loans,
bonds and venture capital partnerships of approximately
$111.6 million and $54.6 million at December 31, 1994 and
1993, respectively. These commitments involve, in varying
degrees, elements of credit and market risk in excess of
amounts recognized in the financial statements. The credit
risk of all financial instruments, whether on- or
off-balance sheet, is controlled through credit approvals,
limits, and monitoring procedures.

As of December 31, 1994 and 1993, the Company had a
$10,000,000 unsecured line of credit which has not been
utilized.

(11) CONTINGENCIES

The Company and its subsidiaries are defendants in various legal
actions arising in the normal course of business. While the
outcome of such matters cannot be predicted with certainty,
management believes such matters will be resolved without material
adverse impact on the financial condition of the Company.

The Company routinely enters into reinsurance transactions with
other insurance companies. This reinsurance involves either
ceding certain risks to or assuming risks from other insurance
companies. The primary purpose of ceded reinsurance is to protect
the Company from potential losses in excess of levels that it is
prepared to accept. Reinsurance does not discharge the Company
from its primary liability to policyholders and to the extent that
a reinsureer should be unable to meet its obligations, the Company
would be liable to policyholders. Ceded reserves approximated
$35,900,000 and $33,500,000 at December 31, 1994 and 1993,
respectively.

The Company and all other solvent life insurance companies, are
periodically assessed by certain state guaranty funds to cover
losses to policyholders of insolvent or rehabilitated companies.
Some of these assessments are partially recoverable through a
reduction in future premium taxes in some states. The Company
recognizes its obligation for guaranty fund assessments when it
receives notice that an amount is payable. The Company also
recognizes an admitted asset to the extent that the assessment
can be recovered. At December 31, 1994, the Company is not able
to reasonably estimate the potential amounts of any future
assessments and accordingly, the accompanying financial statements
do not include any provision for such assessments.

-24-

<PAGE> 52

OHIO NATIONAL VARIABLE ACCOUNT A

INDEPENDENT AUDITORS' REPORT

The Board of Directors
The Ohio National Life Insurance Company

The Contract Owners
Ohio National Variable Account A

We have audited the accompanying statements of assets and contract owners'
equity of Ohio National Variable Account A as of December 31, 1994, and the
related statement of operations and changes in contract owners' equity for each
of the two years then ended. These financial statements are the
responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of December 31, 1994, by
correspondence with the custodian and the transfer agent of the underlying
mutual fund. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Ohio National
Variable Account A at December 31, 1994, and the results of its operations for
each of the two years then ended, in conformity with generally accepted
accounting principles.

Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information included
in Schedule 1 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.

KPMG PEAT MARWICK LLP

Cincinnati, Ohio
January 20, 1995
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

OHIO NATIONAL VARIABLE ACCOUNT A

STATEMENTS OF ASSETS AND CONTRACT OWNERS' EQUITY

DECEMBER 31, 1994

<TABLE>

<CAPTION>
CAPITAL
MONEY INTER- APPRE- SMALL
EQUITY MARKET BOND OMNI NATIONAL CIATION CAP
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets - Investments at market
value (note 2) . . . . . . . . . $50,427,194 $ 3,610,097 $ 3,330,186 $35,169,332 $25,318,772 $ 547,897 $ 916,455
=========== =========== =========== =========== =========== =========== ===========

Contract owners' equity:
Contracts in accumulation
period (note 3) . . . . . . . $50,119,272 $ 3,482,210 $ 3,320,950 $35,074,054 $25,318,772 $ 547,897 $ 916,455
Anuity reserves for contracts
in payment period . . . . . . . 307,922 127,887 9,236 95,278 - - -
----------- ----------- ----------- ----------- ----------- ---------- -----------
Total contract
owners' equity $50,427,194 $ 3,610,097 $ 3,330,186 $35,169,332 $25,318,772 $ 547,897 $ 916,455
=========== =========== =========== =========== =========== =========== ===========
<FN>
The accompanying notes are an integral part of these financial statemetns.
</TABLE>

-25-

<PAGE> 53

<TABLE>

Ohio National Variable Account A

STATEMENT OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY

FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993

<CAPTION>
----------------------------------------------------------------------------------
Money Market
Equity Subaccount Subaccount Bond Subaccount
1994 1993 1994 1993 1994 1993
----------- ------------ ----------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Investment activity
Reinvestment capital gains and
dividends . . . . . . . . . . . . . . $ 1,572,122 $ 1,312,330 $ 108,479 $ 71,439 $ 249,396 $ 190,253
----------- ------------ ----------- ----------- ---------- -----------
Realized and unrealized gain (loss)
on investments:
Realized gain (loss) . . . . . . . . 625,295 295,099 -- -- (20,500) 29,037
Unrealized gain (loss) . . . . . . . (2,080,712) 4,088,324 -- -- (361,480) 71,989
----------- ------------ ----------- ----------- ---------- -----------
Net gain (loss)
on investments . . . . . . . . . (1,455,417) 4,383,423 -- -- (381,980) 101,026
----------- ------------ ----------- ----------- ---------- -----------
Net investment activity . . . . 116,765 5,695,753 108,479 71,439 (132,584) 291,279
----------- ------------ ----------- ----------- ---------- -----------
Equity transactions:
Sales
Contact purchase payments . . . . . 7,622,777 6,284,397 1,691,091 738,715 758,640 960,054
Transfers from fixed and other
subaccounts . . . . . . . . . . . . 1,842,285 787,678 767,783 5,094 144,860 48,741
----------- ------------ ----------- ----------- ---------- -----------
9,465,062 7,072,075 2,458,874 743,809 903,500 1,008,795
----------- ------------ ----------- ----------- ---------- -----------
Redemptions:
Withdrawals and surrenders . . . . . . 1,898,657 1,372,916 266,569 357,639 104,763 216,064
Annuity and death benefit
payments . . . . . . . . . . . . . . 133,152 211,944 101,118 20,696 869 2,856
Transfers to lined and other
subcontracts . . . . . . . . . . . . 3,886,956 1,874,162 977,212 647,985 724,239 212,947
----------- ------------ ----------- ----------- ---------- -----------
5,918,765 3,459,022 1,344,899 1,026,320 829,871 431,862
----------- ------------ ----------- ----------- ---------- -----------
Net equity transactions . . . . . . 3,546,297 3,613,053 1,113,975 (282,511) 73,629 576,933
----------- ------------ ----------- ----------- ---------- -----------
Risk and administrative expense
(note 4) . . . . . . . . . . . . . . 530,943 462,912 31,442 32,692 36,370 33,298
----------- ------------ ----------- ----------- ---------- -----------
Net change in contract owners'
equity . . . . . . . . . . . . . . 3,132,059 8,845,894 1,191,012 (243,764) (95,325) 834,914
Contract owners' equity
Beginning of period . . . . . . . . . 47,295,135 38,449,241 2,419,085 2,662,849 3,425,511 2,590,597
----------- ------------ ----------- ----------- ---------- -----------
End of period . . . . . . . . . . . . $50,427,194 $47,295,135 $ 3,610,097 $ 2,419,085 $ 3,330,186 $ 3,425,511
=========== =========== =========== =========== =========== ============
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
Capital
International(a) Appr.(b) Small Cap(b)
Omni Subaccount Subaccount Subaccount Subaccount
1994 1993 1994 1993 1994 1994
----------- ------------ ----------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Investment activity
Reinvestment capital gains and
dividends . . . . . . . . . . . . . . $ 1,270,091 $ 996,213 $ 182,743 $ 1,466 $ 6,015 $ 7,996
----------- ------------ ----------- ----------- ---------- -----------
Realized and unrealized gain (loss)
on investments:
Realized gain (loss) . . . . . . . . 312,399 99,066 71,841 37,131 782 7,406
Unrealized gain (loss) . . . . . . . (1,756,305) 2,107,841 282,260 451,732 (905) 42,149
----------- ------------ ----------- ----------- ---------- -----------
Net gain (loss)
on investments . . . . . . . . . (1,443,906) 2,206,907 364,109 488,863 (123) 49,555
----------- ------------ ----------- ----------- ---------- -----------
Net investment activity . . . . (173,815) 3,203,120 546,652 490,329 5,892 57,551
----------- ------------ ----------- ----------- ---------- -----------
Equity transactions:
Sales
Contact purchase payments . . . . . 7,029,736 7,760,935 11,195,111 2,213,020 504,692 825,873
Transfers from fixed and other
subaccounts . . . . . . . . . . . . 973,373 1,489,257 9,158,421 2,961,915 81,436 97,996
----------- ------------ ----------- ----------- ---------- -----------
8,003,109 9,250,192 20,353,532 5,174,935 586,128 923,869
----------- ------------ ----------- ----------- ---------- -----------
Redemptions:
Withdrawals and surrenders . . . . . . 1,447,772 764,284 244,707 7,194 -- 250
Annuity and death benefit
payments . . . . . . . . . . . . . . 21,726 23,990 50,543 2,305 28,112 22,573
Transfers to lined and other
subcontracts . . . . . . . . . . . . 3,468,899 573,486 740,320 5,556 14,943 38,171
----------- ------------ ----------- ----------- ---------- -----------
4,938,397 1,361,760 1,035,570 15,055 43,055 60,994
----------- ------------ ----------- ----------- ---------- -----------
Net equity transactions . . . . . . 3,064,712 7,888,432 19,317,962 5,159,880 543,073 862,875
----------- ------------ ----------- ----------- ---------- -----------
Risk and administrative expense
(note 4) . . . . . . . . . . . . . . 380,705 294,447 182,911 13,340 1,068 3,971
----------- ------------ ----------- ----------- ---------- -----------
Net change in contract owners'
equity . . . . . . . . . . . . . . 2,510,192 10,797,105 19,681,903 5,636,869 547,897 916,455
Contract owners' equity
Beginning of period . . . . . . . . . 32,659,140 21,862,035 5,636,869 -- -- --
----------- ------------ ----------- ----------- ---------- -----------
End of period . . . . . . . . . . . . $35,169,332 $32,659,140 $25,318,772 $ 5,636,869 $ 547,897 $ 916,455
=========== ============ =========== =========== ========== ===========
<FN>
(a) Commenced operations April 30, 1993
(b) Commenced operations May 1, 1994

The accompanying notes are an integral part of these financial statements
</TABLE>

<PAGE> 54

OHIO NATIONAL VARIABLE ACCOUNT A

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 1994

(1) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Ohio National Variable Account A (the Account) is a separate account of
The Ohio National Life Insurance Company (ONLIC) and all obligations
arising under variable annuity contracts are general corporate obligations
of ONLIC. The account has been registered as a unit investment trust
under the Investment Company Act of 1940.

Assets of the Account are invested in shares of Ohio National Fund,
Inc. (the Fund), a diversified open-end management investment company.
The Fund's investments are subject to varying degrees of market, interest
and financial risks; the issuers' abilities to meet certain obligations may
be affected by economic developments in their respective industries.

Annuity reserves are computed for currently payable contracts according
to the Progressive Annuity Mortality Table. The assumed interest rate is
3.5 and 4.0 percent depending on the contract selected by the annuitant.
Charges to annuity reserves for adverse mortality and expense risks
experience are reimbursed to the Account by ONLIC.

Investments are valued at the net asset value of fund shares held.
Share transactions are recorded on the trade dates. Income and capital
gains distributions are recorded on the ex-dividend dates. Net realized
capital gain or loss is determined on the basis of average cost.

(2) INVESTMENTS
At December 31, 1994 the aggregate cost and number of shares of Ohio
National Fund, Inc. owned by the respective subaccounts were:

<TABLE>
<CAPTION>
MONEY CAPITAL SMALL
EQUITY MARKET BOND OMNI INTERNATIONAL APPRECIATION CAP
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ---------- ---------- ---------- ------------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Aggregate cost . . . . . . . . $42,960,851 $3,610,097 $3,551,844 $32,617,506 $24,574,772 $548,802 $874,306
Number of shares . . . . . . . 2,174,054 361,099 343,566 2,383,554 1,903,238 53,464 76,435

</TABLE>

(3) CONTRACTS IN ACCUMULATION PERIOD
At December 31, 1994 the accumulation units and value per unit of the
respective subaccounts were:

<TABLE>
<CAPTION>
ACCUMULATION UNITS VALUE PER UNIT
------------------ --------------
<S> <C> <C>
Equity Subaccount:
Series I . . . . . . . . . . . . . . . 40,536.638 $77.016062
Series II . . . . . . . . . . . . . . 20,038.868 43.409203
Series III . . . . . . . . . . . . . . 183,889.081 34.741902
Series IV . . . . . . . . . . . . . . 1,288,051.827 29.897240
Series V . . . . . . . . . . . . . . . 120,866.680 10.173015
Money Market Subaccount:
Series I . . . . . . . . . . . . . . 30,701.701 24.205890
Series II . . . . . . . . . . . . . . 33,908.369 18.341334
Series III . . . . . . . . . . . . . 69,638.316 16.181828
Series IV . . . . . . . . . . . . . . 95,638.163 10,354108
Bond Subaccount:
Series I . . . . . . . . . . . . . . 32,608.821 23.016849
Series II . . . . . . . . . . . . . . 118,723.818 20.817057
Series III . . . . . . . . . . . . . 10,472.208 9.445623
Omni Subaccount:
Series I . . . . . . . . . . . . . . 140,850.567 24.217555
Series II . . . . . . . . . . . . . . 1,248,249.631 24.162172
Series III . . . . . . . . . . . . . 150,262.727 9.999661
International Subaccount:
Series I . . . . . . . . . . . . . . 103,976.217 13.259582
Series II . . . . . . . . . . . . . . 1,626,138.566 13.259582
Series III . . . . . . . . . . . . . 204,939.453 11.604279
Capital Appreciation Subaccount:
Series I . . . . . . . . . . . . . . 52,732.395 10.390128
Small Cap Subaccount:
Series I . . . . . . . . . . . . . . 76,032.650 12.053440
(continued)
</TABLE>

-27-
<PAGE> 55
OHIO NATIONAL VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1994

(4) RISK AND ADMINISTRATIVE EXPENSE
A deduction is made at the end of each valuation period on an annual basis
from the contract value for administrative expenses, based on premiums
established at the time the contracts are issued.

Although variable annuity payments differ according to the investment
performance of the Accounts, they are not affected by mortality or expense
experience because ONLIC assumes the expense risk and the mortality risk
under the contracts. ONLIC charges the Accounts' assets for assuming
those risks, based on premiums established at the time the contracts are
issued.

The expense risk assumed by ONLIC is the risk that the deductions for sales
and administrative expenses provided for in the variable annuity contract
may prove insufficient to cover the cost of those terms.

The mortality risk results from a provision in the contract in which ONLIC
agrees to make annuity payments regardless of how long a particular
annuitant or other payee lives and how long all annuitants or other payees
as a class live if payment options involving life contingencies are chosen.
Those annuity payments are determined in accordance with annuity purchase
rate provisions established at the time the contracts are issued.

(5) CONTRACT
Charges No deduction for a sales charge is made from purchase payments. A
contingent deferred sales charge may be assessed by ONLIC when a contract
is surrendered or a partial withdrawal of accumulation value is made before
the annuity payout date.

Each year on the contract anniversary (or at the time of surrender of the
contract), ONLIC will deduct a contract administration charge from the
accumulation value.

A transfer fee is charged for each transfer from one subaccount to another.
The fee is charged against the contract owner's equity in the subaccount
from which the transfer is effected.

State premium taxes presently range from 0% to 2% for these contracts. In
those jurisdictions permitting, such taxes will be deducted when annuity
payments begin. Elsewhere, they will be deducted from purchase payments.

(6) FEDERAL INCOME TAXES
Operations of the Account form part of, and are taxed with, operations of
ONLIC which is taxed as a life insurance company under the Internal Revenue
Code. Taxes are the responsibility of the contract owner upon termination
or withdrawal. No Federal income taxes are payable under present law on
dividend income or capital gains distribution from the Fund shares held in
the Account or on capital gains realized by the Account on redemption of
the Fund shares.

(7) SCHEDULE 1
Schedule 1 presents the components of the change in the unit values, which
are the basis for determining contract owners' equity. This schedule is
presented for each series, as applicable, in the following format:
- Beginning unit value
- Reinvested capital gains and dividends
(This amount reflects the increase in the unit value due to capital gain
and dividend distributions from the underlying mutual fund.)
- Unrealized gain (loss)
(This amount reflects the increase (decrease) in the unit value resulting
from the market appreciation (depreciation) of the fund.)
- Contract charges
(This amount reflects the decrease in the unit value due to the charges
discussed in note 5.)
- Ending unit value
- Percentage increase (decrease) in unit value.

-28-
<PAGE> 56

<TABLE>
Schedule 1
OHIO NATIONAL VARIABLE ACCOUNT A
EQUITY SUBACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUES
FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993

<CAPTION>
<S> <C> <C> <C> <C> <C>
1994 SERIES 1 SERIES 2 SERIES 3 SERIES 4 SERIES 5
Beginning unit value . . . . . . . . . . . . 77.594885 43.778939 35.037574 30.151694 10.239365
Reinvested capital gains and dividends . . . 2.496152 1.404845 1.127235 0.969523 0.328195
Unrealized loss . . . . . . . . . . . . . . -2.299093 -1.293507 -0.967881 -0.802416 -0.302664
Contract charges . . . . . . . . . . . . . . -0.775882 -0.481074 -0.455026 -0.421561 -0.091881
Ending unit value . . . . . . . . . . . . . 77.016062 43.409203 34.741902 29.897240 10.173015
Percentage decrease in unit value* . . . . . -0.7% -0.8% -0.8% -0.8% -0.6%

1993 SERIES 1 SERIES 2 SERIES 3 SERIES 4 SERIES 5
Beginning unit value . . . . . . . . . . . . 68.689335 38.792521 31.047017 26.717609 10.000000**
Reinvested capital gains and dividends . . . 2.249223 1.266875 1.015628 0.874224 0.076856
Unrealized gain . . . . . . . . . . . . . . 7.382390 4.170067 3.401341 2.955039 0.254214
Contract charges . . . . . . . . . . . . . . -0.726063 -0.450824 -0.426412 -0.395178 -0.091705
Ending unit value . . . . . . . . . . . . . 77.594885 43.778639 35.037574 30.151694 10.239365
Percentage increase in unit value* . . . . . 13.0% 12.9% 12.9% 12.9% 2.4%
<FN>
*An annualized rate of return cannot be determined as contract charges do not include the contract charges discussed in note (5).
**Commenced operations October 7, 1993.
</TABLE>

<TABLE>
OHIO NATIONAL VARIABLE ACCOUNT A
MONEY MARKET SUBACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUES
FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993

<CAPTION>
<S> <C> <C> <C> <C>
1994 SERIES 1 SERIES 2 SERIES 3 SERIES 4
Beginning unit value . . . . . . . . . . . . 23.578345 17.865828 15.731262 10.045964
Reinvested dividends . . . . . . . . . . . . 0.937322 0.746447 0.625838 0.400336
Contract charges . . . . . . . . . . . . . . -0.309777 -0.270941 -0.175272 -0.092192
Ending unit value . . . . . . . . . . . . . 24.205890 18.341334 16.181828 10.354108
Percentage increase in unit value* . . . . . 2.7% 2.7% 2.9% 3.1%

1993 SERIES 1 SERIES 2 SERIES 3 SERIES 4
Beginning unit value . . . . . . . . . . . . 23.247080 17.614815 15.479601 10.000000**
Reinvested dividends . . . . . . . . . . . . 0.635422 0.516971 0.423342 0.136378
Contract charges . . . . . . . . . . . . . . -0.304157 -0.265958 -0.171681 -0.090414
Ending unit value . . . . . . . . . . . . . 23.578345 17.865828 15.731262 10.045964
Percentage increase in unit value* . . . . . 1.4% 1.4% 1.6% 0.5%
<FN>
*An annualized rate of return cannot be determined as contract charges do not include the contract charges
discussed in note (5).
**Commenced operations October 7, 1993.
(continued)
</TABLE>

-29-
<PAGE> 57
<TABLE>
SCHEDULE 1 (CONTINUED)
OHIO NATIONAL VARIABLE ACCOUNT A
BOND SUBACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUES
FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993
<CAPTION>
1994 SERIES 1 SERIES 2 SERIES 3
<S> <C> <C> <C>
Beginning unit value ............................. 24.198199 21.885503 9.910842
Reinvested capital gains and dividends ........... 1.746308 1.579523 0.708722
Unrealized loss .................................. -2.623909 -2.415482 -1.088608
Contract charges ................................. -0.303749 -0.232487 -0.085333
Ending unit value ................................ 23.016849 20.817057 9.445623
Percentage decrease in unit value* ............... -4.9% -4.9% -4.7%

1993 SERIES 1 SERIES 2 SERIES 3
Beginning unit value ............................. 22.101548 19.989232 10.000000**
Reinvested capital gains and dividends ........... 1.472108 1.337280 0.174582
Unrealized gain (loss) ........................... 0.930203 0.793958 -0.174652
Contract charges ................................. -0.305660 -0.234967 -0.089088
Ending unit value ................................ 24.198199 21.885503 9.910842
Percentage increase (decrease) in unit value* .... 9.5% 9.5% -0.9%
<FN>
*An annualized rate of return cannot be determined as contract charges do not include the contract charges discussed in note (5).
**Commenced operations October 7, 1993.
</TABLE>

<TABLE>
OHIO NATIONAL VARIABLE ACCOUNT A
OMNI SUBACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUES
FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993
<CAPTION>
1994 SERIES 1 SERIES 2 SERIES 3
<S> <C> <C> <C>
Beginning unit value ............................. 24.613344 24.557054 10.143037
Reinvested capital gains and dividends ........... 0.881879 0.879802 0.363174
Unrealized loss .................................. -0.961947 -1.008268 -0.416697
Contract charges ................................. -0.315721 -0.266416 -0.089853
Ending unit value ................................ 24.217555 24.162172 9.999661
Percentage decrease in unit value* ............... -1.6% -1.6% -1.4%

1993 SERIES 1 SERIES 2 SERIES 3
Beginning unit value ............................. 22.049934 21.999497 10.000000**
Reinvested capital gains and dividends ........... 0.868373 0.868549 0.086251
Unrealized gain .................................. 2.000179 1.947157 0.147564
Contract charges ................................. -0.305142 -0.258149 -0.090778
Ending unit value ................................ 24.613344 24.557054 10.143037
Percentage increase in unit value* ............... 11.6% 11.6% 1.4%
<FN>
*An annualized rate of return cannot be determined as contract charges do not include the
contract charges discussed in note (5).
**Commenced operations October 7, 1993.

</TABLE>
(continued)
-30-
<PAGE> 58

<TABLE>

SCHEDULE 1 (CONTINUED)

OHIO NATIONAL VARIABLE ACCOUNT A
INTERNATIONAL SUBACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUES
FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993

<CAPTION>
<S> <C> <C> <C>
1994 SERIES 1 SERIES 2 SERIES 3
Beginning unit value . . . . . . . . . . . . 12.404596 12.404596 10.834626
Reinvested capital gains and dividends . . . 0.144311 0.144501 0.126543
Unrealized gain . . . . . . . . . . . . . . 0.884327 0.827577 0.748505
Contract charges . . . . . . . . . . . . . . -0.173652 -0.117092 -0.105395
Ending unit value . . . . . . . . . . . . . 13.259582 13.259582 11.604279
Percentage increase in unit value* . . . . . 6.9% 6.9% 7.1%

1993 SERIES 1 SERIES 2 SERIES 3
Beginning unit value . . . . . . . . . . . . 10.000000** 10.000000** 10.000000***
Reinvested capital gains and dividends . . . 0.007576 0.007642 0.002577
Unrealized gain . . . . . . . . . . . . . . 2.548023 2.525789 0.927393
Contract charges . . . . . . . . . . . . . . -0.151003 -0.128835 -0.095344
Ending unit value . . . . . . . . . . . . . 12.404596 12.404596 10.834626
Percentage increase in unit value* . . . . . 24.0% 24.0% 8.3%
<FN>
*An annualized rate of return cannot be determined as contract charges do not include the
contract charges discussed in note (5).
**Commenced operations April 30, 1993.
***Commenced operations October 7, 1993.
</TABLE>

<TABLE>
OHIO NATIONAL VARIABLE ACCOUNT A OHIO NATIONAL VARIABLE ACCOUNT A
CAPITAL APPRECIATION SUBACCOUNT SMALL CAP SUBACCOUNT
SCHEDULE OF CHANGES IN UNIT VALUES SCHEDULE OF CHANGES IN UNIT VALUES
FOR THE YEAR ENDED DECEMBER 31, 1994 FOR THE YEAR ENDED DECEMBER 31, 1994

<CAPTION>
<S> <C> <C> <C>
1994 SERIES 1 1994 SERIES 1
Beginning unit value . . . . . . . . . . . 10.000000** Beginning unit value . . . . . . . . . . . 10.000000**
Reinvested capital gains and dividends . . 0.210108 Reinvested capital gains and dividends . . 0.231663
Unrealized gain . . . . . . . . . . . . . 0.273704 Unrealized gain . . . . . . . . . . . . . 1.927952
Contract charges . . . . . . . . . . . . . -0.093684 Contract charges . . . . . . . . . . . . . -0.106175
Ending unit value . . . . . . . . . . . . 10.390128 Ending unit value . . . . . . . . . . . . 12.053440
Percentage increase in unit value* . . . . 3.9% Percentage increase in unit value* . . . . 20.5%
<FN>

*An annualized rate of return cannot be determined as contract charges do not
include the contract charges discussed in note (5).
**Commenced operations May 1, 1994.
See accompanying independent auditor's report.

</TABLE>

-31-

<PAGE> 59
APPENDIX

LOANS UNDER TAX-SHELTERED ANNUITIES

Contracts issued as tax-sheltered annuities pursuant to plans qualifying under
Section 403(b) of the Code, and allowing for voluntary contributions only, are
eligible for loans secured by a security interest in the contract. Any such
loan must be for at least $1,000 and may only be made from guaranteed
accumulation values (see Guaranteed Accumulation Account, below). The loan
amount is limited by the maximum loan formula described in the contract.

The annual effective rate of interest charged for loans will not exceed 7%.
Loans must generally be repaid within 5 years (or 20 years if the loan is used
for the purchase of the contract owner's principal residence).

The amount of the death benefit, the amount payable on a full surrender and the
amount that will be applied to provide an annuity on the annuity payout date
will be reduced by the amount of outstanding loan balance, including accrued
interest, as of the date of any such transaction.

GUARANTEED ACCUMULATION ACCOUNT

The Guaranteed Accumulation Account guarantees a fixed return for a specified
period of time and guarantees the principal against loss. Any portion of a
contract relating to the Guaranteed Accumulation Account is not registered
under the Securities Act of 1933. The Guaranteed Accumulation Account is not
registered as an investment company under the 1940 Act. Accordingly, neither
the Guaranteed Accumulation Account nor any interests in it are subject to the
provisions or restrictions of either such Act, and the disclosures in this
appendix have not been reviewed by the staff of the Securities and Exchange
Commission.

The Guaranteed Accumulation Account consists of all of Ohio National Life's
general assets other than those allocated to a separate account. Purchase
payments and accumulation values under a contract will be allocated between the
Guaranteed Accumulation Account and VAA. The allocation will be as elected by
the owner at the time of purchase or as subsequently changed.

Ohio National Life will invest its general assets in its discretion as allowed
by applicable state law. Investment income from Ohio National Life's general
assets will be allocated to those contracts having guaranteed accumulation
values in accordance with the terms of such contracts.

The amount of investment income allocated to the contracts will vary from year
to year in Ohio National Life's sole discretion. However, Ohio National Life
guarantees that it will credit interest at a rate of not less than 3.25% per
year, compounded annually, to contract values allocated to the Guaranteed
Accumulation Account. Ohio National Life may credit interest at a rate in
excess of 3.25%, but any such excess interest credit will be in Ohio National
Life's sole discretion.

-32-
<PAGE> 60
Ohio National Life guarantees that the guaranteed accumulation value of a
contract will never be less than (a) the amount of purchase payments allocated
to, and transfers into, the Guaranteed Accumulation Account, plus (b) interest
credited at the rate of 3.25% per year compounded annually, plus (c) any
additional excess interest Ohio National Life may credit to guaranteed
accumulation values, and less (d) any partial withdrawals, loans and transfers
from the guaranteed accumulation values, and less (e) any contingent deferred
sales charges on partial withdrawals, loan interest, state premium taxes,
transfer fees, and the portion of the $30 annual contract administration charge
allocable to the Guaranteed Accumulation Account. No deductions are made from
the Guaranteed Accumulation Account for administrative expenses or risk
undertakings. (See "Deductions and Expenses" in the prospectus.)

As provided by applicable state law, Ohio National Life reserves the right to
defer the payment of amounts withdrawn from the Guaranteed Accumulation Account
for a period not to exceed six months from the date written request for such
withdrawal is received by Ohio National Life.

VAASAIFL
-33-
<PAGE> 61

OHIO NATIONAL VARIABLE ACCOUNT A

FORM N-4

PART C

OTHER INFORMATION
<PAGE> 62

ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS

The following financial statements of the Registrant are included in Part B of
this Registration Statement:

Independent Auditors' Report of KPMG Peat Marwick LLP dated January 20, 1995

Statements of Assets and Contract Owners' Equity dated December 31, 1994

Statement of Operations and Changes in Contract Owners' Equity for the
Years Ended December 31, 1994 and 1993

Notes to Financial Statements dated December 31, 1994

Schedules of Changes in Unit Values for the Years Ended December 31, 1994
and 1993

The following consolidated financial statements of the Depositor and its
subsidiaries are also included in Part B of this Registration Statement:

Independent Auditors' Report of KPMG Peat Marwick LLP dated February 10,
1995.

Consolidated Balance Sheets dated December 31, 1994 and 1993

Consolidated Statements of Operations for the Years Ended December 31,
1994, 1993 and 1992

Consolidated Statements of Surplus for the Years Ended December 31, 1994,
1993 and 1992

Consolidated Statements of Cash Flow for the Years Ended December 31,
1994, 1993 and 1992

Notes to Consolidated Financial Statements dated December 31, 1994, 1993
and 1992

The following financial information is included in Part A of this Registration
Statement:

Accumulation Unit Values

Accumulation Unit Values for Prior Contracts

Consents of the Following Persons:

KPMG Peat Marwick LLP

Exhibits:

All relevant exhibits, which have previously been filed with the Commission and
are incorporated herein by reference, are as follows:

-1-
<PAGE> 63
(1) Resolution of Board of Directors of the Depositor authorizing
establishment of the Registrant was filed as Exhibit A(1) of the
Registrant's registration statement on Form S-6 on August 3, 1982
(File no. 2-78652).

(2) Agreement of Custodianship between the Depositor and The Provident Bank
was filed as Exhibit 3 of the Registrant's Form N-4, Post-effective
Amendment no. 5 on April 27, 1988 (File no. 2-91213).

(3)(a) Distribution Agreement between the Depositor and The O.N. Equity Sales
Company was filed as Exhibit A(3)(a) of the Registrant's registration
statement on Form S-6 on October 25, 1982 (File no. 2-78652).

(3)(b) Registered Representative's Sales Contract with Variable Annuity
Supplement was filed as Exhibit (3)(b) of the Registrant's Form N-4,
Post-effective Amendment no. 9 on February 27, 1991 (File no. 2-91213).

(3)(c) Variable Annuity Sales Commission Schedule was filed as Exhibit A(3)(c)
of the Registrant's registration statement on Form S-6 on May 18, 1984
(File no. 2-91213).

(4) Combination Annuity Contract, Form 90-VA-1, and Tax-Sheltered Annuity
Loan Provision Endorsement, form 90-VAL-1, were filed as Exhibit (4) of
the Registrant's Form N-4, Post-effective Amendment no. 9 on February
27, 1991 (File no. 2-91213).

(5) Tax-Qualified Variable Annuity Application, Form V-4890-A, was filed as
Exhibit (5) of the Registrant's registration statment on Form N-4 ,
Post-effective Amendment no. 11 on April 29, 1992 (File No. 2-91213).

(6)(a) Articles of Incorporation of the Depositor were filed as Exhibit A(6)(a)
of Ohio National Variable Interest Account registration statement on
Form N-8B-2 on July 11, 1980 (File no. 811-3060).

(6)(b) Code of Regulations (by-laws) of the Depositor were filed as Exhibit
A(6)(b) of Ohio National Variable Interest Account registration
statement on Form N-8B-2 on July 11, 1980 (File no. 811-3060).

(8) Powers of Attorney by certain Directors of the Depositor were
filed as Exhibit (8) of the Registrant's Form N-4, Post-effective
Amendment no. 15 on March 27, 1995 (File no. 2-91213).

(13) Computation of Performance Data was filed as Exhibit (13) of the
Registrant's Form N-4, Post-effective Amendment no. 15 on March
27, 1995 (File no. 2-91213).

-2-
<PAGE> 64
ITEM 25. DIRECTORS AND OFFICERS OF THE DEPOSITOR

<TABLE>
<CAPTION>
NAME AND PRINCIPAL POSITIONS AND OFFICES
BUSINESS ADDRESS WITH DEPOSITOR
------------------ ---------------------
<S> <C>
Trudy K. Backus* Vice President, Individual Insurance Services

Howard C. Becker* Vice President, Corporate and Human Resources

Paul L. Bergmann* Vice President, Financial Control (Treasurer)

Michael A. Boedeker* Vice President, Fixed Income Securities

Tom D. Bowman* Vice President, Group and Pensions

Joseph P. Brom* Senior Vice President & Chief Investment Officer

Dale P. Brown Director
36 East Seventh Street
Cincinnati, Ohio 45202

Jack E. Brown Director
50 E. Rivercenter Blvd.
Covington, Kentucky 41011

William R. Burleigh Director
One West Fourth Street
Suite 1100
Cincinnati, Ohio 45202

Victoria B. Buyniski Director
2343 Auburn Avenue
Cincinnati, Ohio 45219

Raymond R. Clark Director
201 East Fourth Street
Cincinnati, Ohio 45202

David W. Cook* Senior Vice President and Actuary

Dr. Alvin H. Crawford Director
Children's Hospital Medical Center
Department of Orthopedics
Elland and Bethesda Avenues
Cincinnati, Ohio 45229

Robert M. DiTommaso* Vice President, Career Marketing

Ronald J. Dolan* Senior Vice President and Chief Financial Officer
</TABLE>

-3-
<PAGE> 65
<TABLE>
<CAPTION>
NAME AND PRINCIPAL POSITIONS AND OFFICES
BUSINESS ADDRESS WITH DEPOSITOR
------------------ ---------------------
<S> <C>
Bannus B. Hudson Director
One Eastwood Drive
Cincinnati, Ohio 45227

Daniel W. LeBlond Director
7680 Innovation Way
Mason, Ohio 45040

David G. McClure* Vice President, Variable Product Sales

Charles S. Mechem, Jr. Director
One East Fourth Street
Cincinnati, Ohio 45202

Joan E. Mettey* Vice President, Claims

James I. Miller, II* Vice President, Marketing Support

James W. Nethercott Director
8431 Concord Hills Circle
Cincinnati, Ohio 45243

Thomas O. Olson* Vice President, Underwriting

David B. O'Maley* Director, Chairman, President and Chief Executive Officer

George B. Pearson, Jr.* Vice President, PGA Marketing

Dallas L. Pennington* Vice President, Information Systems

J. Donald Richardson* Regional Vice President

D. Gates Smith* Senior Vice President, Sales

Michael D. Stohler* Vice President, Mortgages and Real Estate

Stuart G. Summers* Senior Vice President and General Counsel

Oliver W. Waddell Director
425 Walnut Street
Cincinnati, Ohio 45202

Bradley L. Warnemunde Director and Chairman Emeritus
250 William Howard Taft Road
Cincinnati, Ohio 45219

Donald J. Zimmerman* Director and Senior Vice President, Insurance Operations
and Secretary
<FN>

*The principal business address for these individuals is 237 William Howard
Taft Road, Cincinnati, Ohio 45219

</TABLE>

-4-
<PAGE> 66

<TABLE>
============================================================================================================================
T H E O H I O N A T I O N A L L I F E INSURANCE COMPANY / CINCINNATI
A MUTUAL LIFE INSURANCE COMPANY INCORPORATED UNDER THE LAWS OF OHIO
============================================================================================================================
| | S E P A R A T E A C C O U N T S |
| | --------------------------------- |
| | A B C D E F |
| | ----------------------------- |
<CAPTION> | | | |
| | | |
------------------------------- ------------------------------- | -----------------------------------
ENTERPRISE PARK - INC. THE O.N EQUITY SALES COMPANY | OHIO NATIONAL LIFE
| ASSURANCE CORPORATION
|
| An Ohio Corporation
A Georgia Corporation An Ohio Corporation | A stock life insurance company
Real Estate Development Company A Broker/Dealer | capitalized by ONU @ $32,000,000
Capatilized by ONU $50,000 Capitalized by ONU @ $790,000 | Incorporated under the laws of Ohio
------------------------------- ------------------------------- | -----------------------------------
<S> <C> <C> <C> | <C> <C>
Pres. & Dir. M. Stohler Pres. & Dir. D. O'Maley | Chm./Pres./CEO & Dir. D. O'Maley
V P & Dir. J. Brom V.P. & Dir. T. Bowman | Sr. VP & Dir. R. Dolan
Secy. & Dir. T. Tews V.P. COO & Dir. D. McClure | Sr. VP/Secy. & Dir. D. Zimmerman
Treas. & Dir. P. Bergmann Secy. & Dir. R. Benedict | Sr. VP & Dir. S. Summers
Director S. Summers | Sr. VP & Dir. J. Brom
Director D. Zimmerman | Sr. Vice Pres. D. Cook
Treasurer K. Jaeger | Sr. Vice Pres. G. Smith
Asst. Secretary B. Hopewell | Vice Pres. P. Bergmann
Compliance Director A. Starkey | Vice Pres. M. Boedeker
| Vice Pres. N. DiTomasso
| Vice Pres. G. Pearson
| Vice Pres. D. Pennington
| Vice Pres. M. Stohler
| Asst. Secretary R. Benedict
| Asst. Secretary T. Tews
| Asst. Actuary K. Flischel
------------------------------- ------------------------------- | -----------------------------------
| |------------ Separate Account
| ------------------
| | R
| ----------
| |
<CAPTION> |
| |
------------------------------- ------------------------------- -----------------------------------
ONE FUND, INC. O.N. INVESTMENT MANAGEMENT CO. | OHIO NATIONAL FUND, INC.

A Maryland Corporation An Ohio Corporation |-------- A Maryland Corporation
An open and diversified A Financial Advisory service An open end diversified
management investment company Capatilized by ONESCO $145,000 management investment company
------------------------------- ------------------------------- -----------------------------------
<S> <C> <C> <C> <C> <C>
Pres. & Dir. D. Zimmerman Pres. & Dir. J. Brom Pres. & Dir. D. Zimmerman
Vice Pres. M. Boedeker V.P. & Dir. M. Boedeker Vice Pres. M. Boedeker
Vice Pres. J. Brom Advisor V.P. & Dir. D. McClure Advisor Vice Pres. J. Brom
Vice Pres. D. McClure to V.P. & Dir. S. Williams to Vice Pres. S. Williams
Vice Pres. S. Williams Treasurer D. Taney Treasurer D. Taney
Treasurer D. Taney Secretary R. Benedict Secy. & Dir. R. Benedict
Secy. & Dir. R. Benedict Treas. & Dir. P. Bergmann Asst. Secy. B. Hopewell
Asst. Secy. B. Hopewell Asst. Secy. B. Hopewell Director J. Baker
Director J. Baker Director G. Castrucci
Director G. Castrucci Director M. Kirby
Director M. Kirby
------------------------------- ------------------------------- -----------------------------------

</TABLE>

-4A-

<PAGE> 67
ITEM 26. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE DEPOSITOR OR
REGISTRANT

The Organization Chart showing the relationships among the Depositor, the
Registrant and their affiliated entities is on page 4A hereof.

ITEM 27. NUMBER OF CONTRACTOWNERS

As of July 12, 1995, the Registrant's contracts were owned by 14,808 owners.

ITEM 28. INDEMNIFICATION

The sixth article of the Depositor's Articles of Incorporation, as amended,
provides as follows:

Each former, present and future Director, Officer or Employee of the
Corporation (and his heirs, executors or administrators), or any such
person (and his heirs, executors or administrators) who serves at the
Corporation's request as a director, officer, partner, member or employee
of another corporation, partnership or business organization or
association of any type whatsoever shall be indemnified by the
Corporation against reasonable expenses, including attorneys' fees,
judgments, fine and amounts paid in settlement actually and reasonably
incurred by him in connection with the defense of any contemplated,
pending or threatened action, suit or proceeding, civil, criminal,
administrative or investigative, other than an action by or in the right
of the corporation, to which he is or may be made a party by reason of
being or having been such Director, Officer, or Employee of the
Corporation or having served at the Corporation's request as such
director, officer, partner, member or employee of any other business
organization or association, or in connection with any appeal therein,
provided a determination is made by majority vote of a disinterested
quorum of the Board of Directors (a) that such a person acted in good
faith and in a manner he reasonably believed to be in or not opposed to
the best interests of the Corporation, and (b) that, in any matter the
subject of criminal action, suit or proceeding, such person had no
reasonable cause to believe his conduct was unlawful. The termination of
any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, shall
not, of itself create a presumption that the person did not act in good
faith in any manner which he reasonably believed to be in or not opposed
to the best interests of the Corporation, and with respect to any
criminal action or proceeding, he had reasonable cause to believe that
his conduct was unlawful. Such right of indemnification shall not be
deemed exclusive of any other rights to which such person may be
entitled. The manner by which the right to indemnification shall be
determined in the absence of a disinterested quorum of the Board of
Directors shall be set forth in the Code of Regulations or in such other
manner as permitted by law. Each former, present, and future Director,
Officer or Employee of the Corporation (and his heirs, executors or
administrators) who serves at the Corporation's request as a director,
officer, partner, member or employee of another corporation, partnership
or business organization or association of any type whatsoever shall be
indemnified by the Corporation against reasonable expenses, including
attorneys' fees, actually and reasonably incurred by him in connection
with the defense or settlement of any contemplated, pending or threatened
action, suit or proceeding, by or in the right of the Corporation to
procure a judgment in its favor, to which he is or may be a party by
reason of being or having been such Director, Officer or Employee of the
Corporation or having served at the Corporation's request as such
director, officer, partner, member or employee of any other business
organization or association, or in connection with any appeal therein,
provided a determination is made by majority vote of a disinterested
quorum of the Board of Directors (a) that such person was not, and has
not been adjudicated to have been negligent or guilty of misconduct in
the performance of his duty to the Corporation or to such other business
organization or association, and (b) that such person acted in good faith
and in a manner he reasonably believed to be in or not opposed to the
best interests of the Corporation.

-5-
<PAGE> 68
Such right of indemnification shall not be deemed exclusive of any
other rights to which such person may be entitled. The manner by which
the right of indemnification shall be determined in the absence of a
disinterested quorum of the Board of Directors shall be as set forth in
the Code of Regulations or in such other manner as permitted by law.

In addition, Article XII of the Depositor's Code of Regulations states as
follows:

If any director, officer or employee of the Corporation may be entitled
to indemnification by reason of Article Sixth of the Amended Articles of
Corporation, indemnification shall be made upon either (a) a
determination in writing of the majority of disinterested directors
present, at a meeting of the Board at which all disinterested directors
present constitute a quorum, that the director, officer or employee in
question was acting in good faith and in a manner he reasonably believed
to be in or not opposed to the best interests of this Corporation or of
such other business organization or association in which he served at the
Corporation's request, and that, in any matter which is the subject of a
criminal action, suit or proceeding, he had no reasonable cause to
believe that his conduct was unlawful and in an action by or in the right
of the Corporation to procure a judgment in its favor that such person
was not and has not been adjudicated to have been negligent or guilty of
misconduct in the performance of his duty to the Corporation or to such
other business organization or association; or (b) if the number of all
disinterested directors would not be sufficient at any time to constitute
a quorum, or if the number of disinterested directors present at two
consecutive meetings of the Board has not been sufficient to constitute a
quorum, a determination to the same effect as set forth in the foregoing
clause (a) shall be made in a written opinion by independent legal
counsel other than an attorney, or a firm having association with it an
attorney, who has been retained by or who has performed services for this
Corporation, or any person to be indemnified within the past five years,
or by the majority vote of the policyholders, or by the Court of Common
Pleas or the court in which such action, suit or proceeding was brought.
Prior to making any such determination, the Board of Directors shall
first have received the written opinion of General Counsel that a number
of directors sufficient to constitute a quorum, as named therein, are
disinterested directors. Any director who is a party to or threatened
with the action, suit or proceeding in question, or any related action,
suit or proceeding, or has had or has an interest therein adverse to that
of the Corporation, or who for any other reason has been or would be
affected thereby, shall not be deemed a disinterested director and shall
not be qualified to vote on the question of indemnification. Anything in
this Article to the contrary notwithstanding, if a judicial or
administrative body determines as part of the settlement of any action,
suit or proceeding that the Corporation should indemnify a director,
officer or employee for the amount of the settlement, the Corporation
shall so indemnify such person in accordance with such determination.
Expenses incurred with respect to any action, suit or proceeding which
may qualify for indemnification may be advanced by the Corporation prior
to final disposition thereof upon receipt of an undertaking by or on
behalf of the director, officer or employee to repay such amount if it is
ultimately determined hereunder that he is not entitled to
indemnification or to the extent that the amount so advanced exceeds the
indemnification to which he is ultimately determined to be entitled.

ITEM 29. PRINCIPAL UNDERWRITERS

The principal underwriter of the Registrant's securities is The O.N. Equity
Sales Company ("ONESCO"). ONESCO is a wholly-owned subsidiary of the
Depositor. ONESCO also serves as the principal underwriter of securities
issued by Ohio National Variable Accounts B and D, other separate accounts of
the Depositor which are registered as unit investment trusts; and Ohio National
Variable Account R, a separate account of the Depositor's subsidiary, Ohio
National Life Assurance Corporation, which separate account is also registered
as a unit investment trust; and ONE Fund, Inc., an open-end investment company
of the management type.

-6-
<PAGE> 69

The directors and officers of ONESCO are:

<TABLE>
<CAPTION>
Name Positions with Underwriter
---- --------------------------
<S> <C>
David B. O'Maley Chairman and Director
Donald J. Zimmerman President and Director
David G. McClure Vice President, Chief Operating Officer and Director
Ronald L. Benedict Secretary and Director
Tom D. Bowman Vice President and Director
Stuart G. Summers Director
Kenneth M. Jaeger Treasurer
Amy D. Starkey Compliance Director
Barbara A. Hopewell Assistant Secretary
</TABLE>

The principal business address of each of the foregoing is 237 William Howard
Taft Road, Cincinnati, Ohio 45219.

During the last fiscal year, ONESCO received the following commissions and
other compensation, directly or indirectly, from the Registrant:

<TABLE>
<CAPTION>
Net Underwriting Compensation
Discounts and on Redemption Brokerage
Commissions or Annuitization Commissions Compensation
---------------- ---------------- ----------- ------------
<S> <C> <C> <C>
$1,562,146 None None None
</TABLE>

ITEM 30. LOCATION OF ACCOUNTS AND RECORDS

The books and records of the Registrant which are required under Section 31(a)
of the 1940 Act and Rules thereunder are maintained in the possession of the
following persons:

(1) Journals and other records of original entry:

The Ohio National Life Insurance Company ("Depositor")
237 William Howard Taft Road
Cincinnati, Ohio 45219

The Provident Bank ("Custodian")
One East Fourth Street
Cincinnati, Ohio 45269

(2) General and auxiliary ledgers:

Depositor and Custodian

(3) Securities records for portfolio securities:

Custodian

(4) Corporate charter, by-laws and minute books:

Registrant has no such documents.

(5) Records of brokerage orders:

Not applicable.
-7-
<PAGE> 70
(6) Records of other portfolio transactions:

Custodian

(7) Records of options:

Not applicable

(8) Records of trial balances:

Custodian

(9) Quarterly records of allocation of brokerage orders and commissions:

Not applicable

(10) Records identifying persons or group authorizing portfolio
transactions:

Depositor

(11) Files of advisory materials:

Not applicable

(12) Other records

Custodian and Depositor

ITEM 31. MANAGEMENT SERVICES

Not applicable.

ITEM 32. UNDERTAKINGS

Not applicable.

-8-
<PAGE> 71

SIGNATURES

As required by the Securities Act of 1933 and the Investment Company Act of
1940, the registrant, Ohio National Variable Account A, has caused this
post-effective amendment to the registration statement to be signed on its
behalf in the City of Cincinnati and the State of Ohio on this 27th day of
July, 1995.

OHIO NATIONAL VARIABLE ACCOUNT A
(Registrant)

By THE OHIO NATIONAL LIFE INSURANCE COMPANY
(Depositor)

By /s/ Donald J. Zimmerman
-----------------------------------
Donald J. Zimmerman, Senior Vice
President, Insurance Operations

Attest:

/s/ Ronald L. Benedict
---------------------------------
Ronald L. Benedict
Second Vice President and Counsel
and Assistant Secretary

As required by the Securities Act of 1933 and the Investment Company Act of
1940, the depositor, The Ohio National Life Insurance Company, has caused this
post-effective amendment to the registration statement to be signed on its
behalf in the City of Cincinnati and the State of Ohio on the 27th day of July,
1995.

THE OHIO NATIONAL LIFE INSURANCE COMPANY
(Depositor)

By /s/ Donald J. Zimmerman
-----------------------------------
Donald J. Zimmerman, Senior Vice
President, Insurance Operations

Attest:

/s/ Ronald L. Benedict
-------------------------------------
Ronald L. Benedict
Second Vice President and Counsel
and Assistant Secretary

<PAGE> 72

As required by the Securities Act of 1933, this post-effective amendment to the
registration statement has been signed below by the following persons in the
capacities and on the dates indicated.

<TABLE>
<CAPTION>
Signature Title Date
--------- ----- ----
<S> <C> <C>
s/David B. O'Maley Chairman, President, July 27, 1995
----------------------------- Chief Executive Officer
David B. O'Maley and Director

*s/Dale P. Brown Director July 27, 1995
-----------------------------
Dale P. Brown

*s/Jack E. Brown Director July 27, 1995
-----------------------------
Jack E. Brown

*s/William R. Burleigh Director July 27, 1995
-----------------------
William R. Burleigh

*s/Victoria B. Buyniski Director July 27, 1995
----------------------
Victoria B. Buyniski

*s/Raymond R. Clark Director July 27, 1995
-----------------------------
Raymond R. Clark

*s/Alvin H. Crawford Director July 27, 1995
-----------------------
Alvin H. Crawford

*s/Bannus B. Hudson Director July 27, 1995
-----------------------------
Bannus B. Hudson

*s/Daniel W. LeBlond Director July 27, 1995
-----------------------------
Daniel W. LeBlond

*s/Charles S. Mechem, Jr. Director July 27, 1995
------------------------
Charles S. Mechem, Jr.

*s/James W. Nethercott Director July 27, 1995
------------------------
James W. Nethercott
</TABLE>

<PAGE> 73

<TABLE>
<S> <C> <C>
*s/Oliver W. Waddell Director July 27, 1995
------------------------
Oliver W. Waddell

*s/Bradley L. Warnemunde Chairman Emeritus and July 27, 1995
------------------------ Director
Bradley L. Warnemunde

s/Donald J. Zimmerman Senior Vice President, July 27, 1995
------------------------ Insurance Operations &
Donald J. Zimmerman Secretary and Director

</TABLE>

*By s/Donald J. Zimmerman
--------------------------------
Donald J. Zimmerman, Attorney in Fact pursuant to Powers of Attorney, copies
of which have previously been filed as exhibits to the Registrant's
registration statement.

<PAGE> 74

INDEX OF CONSENTS AND EXHIBITS

<TABLE>
<CAPTION>
Page Number in
Exhibit Sequential
Number Description Numbering System
------- ----------- ----------------
<S> <C> <C>
Consent of KPMG Peat Marwick LLP

</TABLE>

VAAN4FL
<PAGE> 75

CONSENTS

<PAGE> 76

Independent Auditor's Consent
-----------------------------

The Board of Directors
The Ohio National Life Insurance Company:

We consent to the inclusion of our reports included herein and to the reference
to our firm under the heading "Independent Certified Public Accountants" in the
Statement of Additional Information.

The audited financial statements of The Ohio National Life Insurance Company
and consolidated subsidaries have been prepared in accordance with accounting
practices prescribed or permitted by the Department of Insurance of the State
of Ohio, which are currently considered generally accepted accounting
principles for mutual life insurance companies. Additionally, as discussed in
the notes to The Ohio National Life Insurance Company financial statements, The
Ohio National Life Insurance Company changed its method of accounting for
postretirement health care and life insurance benefits to the accrual method as
prescribed by the National Association of Insurance Commissioners.

KPMG Peat Marwick LLP

July 26, 1995

<ARTICLE> 6
<CIK> 0000073981
<NAME> OHIO NATIONAL VARIABLE ACCOUNT A
<SERIES>
<NUMBER> 1
<NAME> EQUITY

<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 42,960,851
<INVESTMENTS-AT-VALUE> 50,427,194
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 50,427,194
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 307,922
<TOTAL-LIABILITIES> 307,922
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 1,653,383
<SHARES-COMMON-PRIOR> 1,464,013
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 50,119,272
<DIVIDEND-INCOME> 1,572,122
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 530,943
<NET-INVESTMENT-INCOME> 1,041,179
<REALIZED-GAINS-CURRENT> 625,295
<APPREC-INCREASE-CURRENT> (2,080,712)
<NET-CHANGE-FROM-OPS> (414,238)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,465,062
<NUMBER-OF-SHARES-REDEEMED> 5,918,765
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0

</TABLE>

<ARTICLE> 6
<CIK> 0000073981
<NAME> OHIO NATIONAL VARIABLE ACCOUNT A
<SERIES>
<NUMBER> 2
<NAME> MONEY MARKET

<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-1-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 3,610,097
<INVESTMENTS-AT-VALUE> 3,610,097
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,610,097
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 127,887
<TOTAL-LIABILITIES> 127,887
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 229,887
<SHARES-COMMON-PRIOR> 124,571
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,482,210
<DIVIDEND-INCOME> 108,479
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 31,442
<NET-INVESTMENT-INCOME> 77,037
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 77,037
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,458,874
<NUMBER-OF-SHARES-REDEEMED> 1,344,899
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0

</TABLE>

<ARTICLE> 6
<CIK> 0000073981
<NAME> OHIO NATIONAL VARIABLE ACCOUNT A
<SERIES>
<NUMBER> 3
<NAME> BOND

<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-1-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 3,551,844
<INVESTMENTS-AT-VALUE> 3,330,186
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,330,186
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,236
<TOTAL-LIABILITIES> 9,236
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 161,805
<SHARES-COMMON-PRIOR> 152,711
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,320,950
<DIVIDEND-INCOME> 249,396
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 36,370
<NET-INVESTMENT-INCOME> 213,026
<REALIZED-GAINS-CURRENT> (20,500)
<APPREC-INCREASE-CURRENT> (361,480)
<NET-CHANGE-FROM-OPS> (168,954)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 903,500
<NUMBER-OF-SHARES-REDEEMED> 829,871
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
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<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0

</TABLE>

<ARTICLE> 6
<CIK> 0000073981
<NAME> OHIO NATIONAL VARIABLE ACCOUNT A
<SERIES>
<NUMBER> 4
<NAME> OMNI

<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 32,617,506
<INVESTMENTS-AT-VALUE> 35,169,332
<RECEIVABLES> 0
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<TOTAL-ASSETS> 35,169,332
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 95,278
<TOTAL-LIABILITIES> 95,278
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 1,539,363
<SHARES-COMMON-PRIOR> 1,350,709
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 35,074,054
<DIVIDEND-INCOME> 1,270,091
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 380,705
<NET-INVESTMENT-INCOME> 889,386
<REALIZED-GAINS-CURRENT> 312,399
<APPREC-INCREASE-CURRENT> (1,756,305)
<NET-CHANGE-FROM-OPS> (554,520)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,003,109
<NUMBER-OF-SHARES-REDEEMED> 4,938,397
<SHARES-REINVESTED> 0
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0

</TABLE>

<ARTICLE> 6
<CIK> 0000073981
<NAME> OHIO NATIONAL VARIABLE ACCOUNT A
<SERIES>
<NUMBER> 5
<NAME> INTERNATIONAL

<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 24,574,772
<INVESTMENTS-AT-VALUE> 25,318,772
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<DIVIDEND-INCOME> 182,743
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 182,911
<NET-INVESTMENT-INCOME> (168)
<REALIZED-GAINS-CURRENT> 71,841
<APPREC-INCREASE-CURRENT> 292,268
<NET-CHANGE-FROM-OPS> 363,941
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 20,353,532
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<PER-SHARE-NAV-END> 0
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0

</TABLE>

<ARTICLE> 6
<CIK> 0000073981
<NAME> OHIO NATIONAL VARIABLE ACCOUNT A
<SERIES>
<NUMBER> 6
<NAME> CAPITAL APPRECIATION

<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 548,802
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<NET-INVESTMENT-INCOME> 4,947
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<APPREC-INCREASE-CURRENT> (905)
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0

</TABLE>

<ARTICLE> 6
<CIK> 0000073981
<NAME> OHIO NATIONAL VARIABLE ACCOUNT A
<SERIES>
<NUMBER> 7
<NAME> SMALL CAP

<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 874,306
<INVESTMENTS-AT-VALUE> 916,455
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<NET-ASSETS> 916,455
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<EXPENSES-NET> 3,971
<NET-INVESTMENT-INCOME> 4,025
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<AVG-DEBT-PER-SHARE> 0

</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<ARTICLE> 7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONSOLIDATED
BALANCE SHEET AND STATEMENT OF OPERATIONS OF THE OHIO NATIONAL LIFE INSURANCE
COMPANY AND CONSOLIDATED SUBSIDIARIES, DECEMBER 31, 1994 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000073980
<NAME> THE OHIO NATIONAL LIFE INSURANCE COMPANY
<MULTIPLIER> 1,000

<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<DEBT-HELD-FOR-SALE> 0
<DEBT-CARRYING-VALUE> 0
<DEBT-MARKET-VALUE> 0
<EQUITIES> 0
<MORTGAGE> 771,191
<REAL-ESTATE> 39,168
<TOTAL-INVEST> 3,865,858
<CASH> 9,399
<RECOVER-REINSURE> 938
<DEFERRED-ACQUISITION> 0
<TOTAL-ASSETS> 4,290,628
<POLICY-LOSSES> 3,110,635
<UNEARNED-PREMIUMS> 687
<POLICY-OTHER> 18,263
<POLICY-HOLDER-FUNDS> 481,027
<NOTES-PAYABLE> 0
<COMMON> 0
0
0
<OTHER-SE> 231,974
<TOTAL-LIABILITY-AND-EQUITY> 4,290,628
613,182
<INVESTMENT-INCOME> 320,150
<INVESTMENT-GAINS> (510)
<OTHER-INCOME> 0
<BENEFITS> 686,718
<UNDERWRITING-AMORTIZATION> 0
<UNDERWRITING-OTHER> 84,177
<INCOME-PRETAX> 45,798
<INCOME-TAX> 20,647
<INCOME-CONTINUING> 24,641
<DISCONTINUED> 0
<EXTRAORDINARY> 0
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<EPS-PRIMARY> 0
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<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0

</TABLE>