NU Online News Service, May 15, 2:45 p.m. – The Phoenix Companies Inc., Hartford, is reporting a $101 million net loss for the first quarter on $593 million in revenue, compared with a $157 million net loss on $564 million in revenue for the first quarter of 2001.
Net results for the latest quarter include $35 million in investment losses realized during the quarter and a $130 million, non-cash charge for readjusting the stated value of past acquisitions. Operating results, which includes those charges, increased to $13 million in income, from a loss of $89 million for the comparable quarter in 2001.
Phoenix sells life insurance and annuities along with other financial services.
Life insurance premium revenue fell to $57 million, from $66 million, because of a drop in large, single-premium private placement sales, Phoenix says.
Revenue from sales of other types of life products increased to $38 million in annualized premiums, from $22 million.
The annuity unit increased annuity deposits to $575 million, from $287 million, thanks to an increase in sales of fixed annuities, variable annuities and private-placement annuities.