NU Online News Service, Aug. 7, 12:35 p.m. – The MONY Group Inc., New York, is reporting $22 million in net income for the second quarter on $569 million in revenue, compared with $48 million in net income on $523 million for the second quarter of 2000.
Operating income fell to $22 million, from $48 million.
“Market conditions and an uncertain economic environment continued to affect the demand for our equity-based products and services and consequently, our earnings,” MONY Chairman Michael Roth said in a statement.
The company sells life insurance, annuities, mutual funds and brokerage services.
MONY mutual funds took in $53 million more new cash during the quarter than they lost, and new sales of variable annuities through career agents fell only 15%, to $102 million. But sales of mutual funds through outside organizations fell 18%, to $256 million, and fund sales hrough career agents fell 41%, to $100 million.
The annuity and mutual fund unit ended the quarter managing $9.3 billion in assets, down 12% from June 30, 2000.
The insurance and group pension unit is reporting $27 million in operating income for the second quarter on $376 million in revenue, down from $55 million on $412 million in revenue. Premium revenue was down slightly, but the main reason for decline in performance was a 17% drop in net investment income, to $151 million.