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Phoenix Reports 1st Quarter Net Loss

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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.