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July 28, 2005 at 08:00 PM
Improved mortality experience and higher asset management margins helped drive a 56% increase in earnings at Phoenix Companies Inc. during the second quarter.[@@]
Phoenix, Hartford, is reporting $22 million in net income for the latest quarter on $624 million in revenue, compared with $14 million in net income on $666 million in revenue for the second quarter of 2004.
The life and asset management operations did well “despite a lackluster equity market and low interest rates,” says Phoenix Chairman Dona Young.
Life and annuity pre-tax income increased to $59 million, from $34 million. Life earnings include a $23.6 million benefit related to the effects of improved mortality experience on deferred business acquisition costs, Phoenix says.
