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Phoenix Reports A Net Loss

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NU Online News Service, Nov. 13, 2:38 p.m. – The Phoenix Companies Inc., Hartford, is reporting a net loss of $21 million for the third quarter on $608 million in revenue, compared with a net loss of $26 million on $738 million in revenue for the third quarter of 2000.

The latest results include $17 million in losses on investments sold or marked down during the quarter.

Phoenix says that, if reinsurance agreements work as expected, it will be recording $4.6 million in claims resulting from the Sept. 11 attacks.

A closed block of policies that is excluded from net income calculations will absorb $2.1 million of the attack-related losses, Phoenix says.

Phoenix sells life insurance and investment products and services.

Life sales increased to $52 million for the quarter, from $43 million for the third quarter of 2000.

The mutual fund and institutional money management operations are both reporting net withdrawals for the quarter.

Net mutual fund withdrawals increased to $276 million, from $120 million.

Institutions withdrew $86 million more than they put in, after depositing $67 million more than they took out during the third quarter of 2000.