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MONY Reports Higher Profits, Higher Annuity Sales, Steady COLI Sales

By Staff Writer

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NU Online News Service, Aug. 5, 2003, 5:06 p.m. EDT – The MONY Group Inc., New York, is reporting $21 million in net income for the second quarter on $604 million in revenue, up from an $11 million net loss on $513 million in revenue for the second quarter of 2002.

MONY benefited from strong sales of life insurance and $44 million in sales of a fixed annuity product that was introduced in mid-2002.

Combined sales of fixed and variable annuities increased to $141 million, from $132 million for the second quarter of 2002.

Some other companies have reported softness in their sales of corporate-owned and bank-owned life insurance, but MONY COLI and BOLI sales held steady at $28 million.