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Phoenix Reports 2nd Quarter Net Loss

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NU Online News Service, Aug. 8, 5:06 p.m. – The Phoenix Companies Inc., Hartford, is reporting a $37 million net loss for the second quarter on $592 million in revenue, compared with a $17 million net loss on $628 million in revenue for the second quarter of 2001.

Net results for the latest quarter include a $19 million loss on venture-capital operations; an $11 million loss on investments in companies such as WorldCom Inc., Clinton, Miss.; and a $22 million charge to cover the cost of eliminating jobs and restructuring the company.

Although earnings were weak, sales of new variable-universal life, universal life and survivorship life products were strong, as were sales of fixed annuities, Phoenix says.

Total annualized life insurance sales increased to $56 million in the second quarter, from $46 million in the comparable quarter in 2001.

Annuity deposits increased to $661 million, from $377 million.