Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Annuities

Phoenix Reports 1st Quarter Net Loss

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

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.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.