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August 05, 2003 at 08:00 PM
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.
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