A successful venture capital portfolio sale should help Phoenix Companies Inc. improve future earnings, analysts say.[@@]
Phoenix, Hartford, is reporting $26 million in net income for the latest quarter on $657 million in revenue, up from $7.1 million in net income on $660 million in revenue in the third quarter of 2004.
The company managed to wring $10 million in operating earnings out of its asset-management business, even though $3.5 billion in cash flowed away.
Thanks to a 44% increase in sales of fixed universal life products, wholesale sales were up 34%.