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MONY Reports Lower 1st Quarter Net Income

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NU Online News Service, May 8, 2003, 12:11 p.m. EDT – The MONY Group Inc., New York, is reporting $7.6 million in net income for the first quarter on $543 million in revenue, compared with $14 million in net income on $537 million in revenue for the first quarter of 2002.

Net results for the latest quarter include $49 million in losses on investments sold, written down or written off, down from a $2 million net realized gain on investments for the comparable quarter in 2002.

Individual life sales were flat in the first quarter, but sales of corporate-owned and bank-owned life insurance were up, MONY says.

At the asset accumulation unit, sales of mutual funds were down, but the addition of fixed annuity products helped increase total annuity sales to $146 million, from $100 million for the first quarter of 2002, MONY says.