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Low Interest Rates Squeeze MONY

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NU Online News Service, May 6, 2004, 5:35 p.m. EDT – Low interest rates hurt earnings at The MONY Group Inc., New York, during the first quarter.[@@]

MONY is reporting a $12.3 million net loss for the quarter on $566.6 million in revenue, compared with $7.6 million in net income on $543.1 million in revenue for the first quarter of 2003.

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Sales of most major types of products other than fixed annuities were up, but low rates cut investment income, MONY says.

AXA S.A., Paris, is trying to acquire MONY, and merger-related activities cost about $20 million, MONY says.