Close Close

Life Health > Life Insurance

MONY Reports 2nd Quarter Net Loss

Your article was successfully shared with the contacts you provided.

NU Online News Service, Aug. 6, 2:54 p.m. – The MONY Group Inc., New York, is reporting an $11 million net loss for the second quarter on $513 million in revenue, compared with $22 million in net income on $569 million in revenue for the second quarter of 2001.

Operating income for the latest quarter, which excludes $15 million in investment losses, fell to $5 million, from $22 million, MONY says.

The net flow of cash into mutual funds and annuities increased, and the productivity of MONY Life’s career life insurance agents increased almost 30%, the company says.

Several life insurers have reported weak sales of corporate-owned and bank-owned life insurance, but MONY says its COLI and BOLI sales increased to $28 million during the quarter, from $13 million, thanks in part to the introduction of a cash-enhancement rider.


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