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Phoenix Reports Higher Net Income

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NU Online News Service, May 6, 2004, 1:35 p.m. EDT – Improving results for annuities and asset-management services contributed to an increase in first-quarter earnings at The Phoenix Companies Inc., Hartford.[@@]

Phoenix is reporting $16.6 million in net income for the quarter on $673.8 million in revenue, up from $1.3 million in net income on $659.2 million in revenue for the first quarter of 2003.

New annuity sales increased less than 2%, but annuity earnings increased to $25.8 million, from $18 million, because of growth in in-force business and expanding investment margins, Phoenix says.