NU Online News Service, Nov. 4, 2003, 4:05 p.m. EST – The Phoenix Companies Inc., Hartford, says job cuts and improved investment results helped it swing into the black in the third quarter.
The financial services company is reporting $14 million in net income for the latest quarter on $682 million in revenue, up from a net loss of $93 million on $655 million in revenue for the third quarter of 2002.
Premium revenue fell 3%, to $287 million. But gains in stock prices and investment spreads helped push investment income up 11%, to $254 million, and reduce losses on investments sold, written down or written off during the quarter to $2.6 million. Phoenix reported $10.5 million in realized investment losses for the third quarter of 2002.