NU Online News Service, Nov. 8, 2:18 p.m. – The MONY Group Inc., New York, is reporting $8.7 million in net losses for the third quarter on $497 million in revenue, compared with $66 million in net income on $531 million in revenue for the third quarter of 2000.
The latest earnings figures include $1.4 million in losses on investments sold and re-valued during the quarter, and $10 million in venture capital portfolio losses. The portfolio generating $30 million in profits during the comparable period in 2000.
Premium revenues from sales of new corporate-owned life insurance policies fell by more than two-thirds, but premiums from sales of new insurance products sold through the career agency system and U.S. Financial Life Insurance Company increased to $34 million, from $30 million.
Although sales of mutual funds fell to $316 million, from $433 million, sales of variable annuities increased to $98 million, from $90 million.
MONY continued to consolidate its operations with those of Advest, a recently acquired investment advisory firm. The company confirmed earlier announcements that it intends to spend about $100 million in the current quarter to eliminate 450 jobs and restructure its operations.