NU Online News Service, Feb. 9, 2004, 6:03 p.m. EST – Strong private-placement activity helped The Phoenix Companies Inc., Hartford, cut its net loss in the fourth quarter of 2003.[@@]
The company is reporting a $3 million net loss for the latest quarter on $698.5 million in revenue, compared with a $14.5 million net loss on $611.4 million in revenue for the fourth quarter of 2002.
The company’s asset-management operations lost $678 million more in client assets than they attracted, due in part to a decision to shut down the company’s Hollister Investment Management division.
But deposits from private placements of large life insurance policies and annuity contracts increased to $544.4 million, from $365.1 million, and life insurance sales through wholesaling operations increased 33%, to $78.4 million.