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August 06, 2002 at 08:00 PM
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.
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