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MONY Reports Higher 4th Quarter Net Income

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NU Online News Service, Feb. 6, 1:27 p.m. – The MONY Group Inc., New York, is reporting $3.6 million in net income for the fourth quarter of 2002 on $554 million in revenue, up from a net loss of $88 million on $525 million in revenue for the fourth quarter of 2001.

Results for the latest quarter include $84 million in investment losses, up from $18 million in realized losses for the comparable quarter in 2001.

Sales of variable annuities fell to $88 million, from $121 million in the fourth quarter of 2001, but sales of fixed annuities increased to $90 million, from none.

Life insurance sales fell to $60 million, from $63 million. Life sales through U.S. Financial Life Insurance Company and sales of bank-owned and corporate-owned life insurance were up, but sales through career agents fell to $14 million, from $26 million.