NU Online News Service, July 29, 2004, 6:33 p.m. EDT
Life and annuity results held up reasonably well at The Phoenix Companies Inc., Hartford, during the second quarter despite the sale of the company’s retail broker-dealer operations.[@@]
Phoenix recently sold its broker-dealer operations to Linsco/Private Ledger Corp., San Diego, in an effort to focus more on manufacturing products and less on wholesaling.
About 45% of the former broker-dealer unit advisors shifted to Linsco/Private Ledger, and Phoenix has arrangements to sell its products through Linsco/Private Ledger’s 5,500 registered representatives, Phoenix says.
Phoenix is reporting $14 million in net income for the latest quarter on $667 million in revenue, compared with a $50 million net loss on $559 million in revenue for the second quarter of 2003.
Investment results were better, and life and annuity profits increased to $34 million, from $28 million. Life sales through wholesalers edged down to $36.5 million, from $257 million.
Annuity sales fell to $138 million, from $257 million, but that is due partly to a decision made in October 2003 to discontinue sales of deferred fixed annuities, Phoenix says.