MONY Reports Third-Quarter Loss

“The decline in accumulation assets under management led to the acceleration of deferred policy acquisition cost amortization, an increase in guaranteed minimum death benefit reserves and lower fees – all of which affected earnings,” says Michael I. Roth, chairman and CEO of MONY. “However, our life insurance and annuity sales increased, and we experienced favorable mortality in our life insurance business. In addition, retail brokerage revenues increased due to higher fixed income and municipal bond sales and trading activity.”

“While equity market performance is impossible to gauge, we are actively managing our business, adapting to the changing market conditions and we will improve our operating performance,” adds Mr. Roth.