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Life Health > Health Insurance

Earnings: Phoenix, Health Net, Sierra Health

By Staff Writer

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Life sales rose sharply at the Phoenix Companies Inc. during the fourth quarter of 2005.

Phoenix, Hartford, is reporting $50 million in net income for the latest quarter on $714 million in revenue, up from $48 million in net income on $743 million in revenue for the fourth quarter of 2004.

Annuity deposits fell to $83 million, from $94 million, but popular universal life products helped push life sales to $85 million, from $41 million.

In other earnings news:

- Health Net Inc., Los Angeles, is reporting an $86 million net loss for the fourth quarter of 2005 on $3 billion in revenue, compared with $21 million in net income on $2.8 billion in revenue for the fourth quarter of 2004.

The managed care company is attributing the loss primarily to a $169 million provider settlement, a $65 million increase in reserves, and $18 million charges for restructuring operations and reducing the stated value of some company assets.

The company ended the quarter providing or administering health coverage for 3.4 million people, down from 3.6 million people a year earlier.

- Sierra Health Services Inc., Las Vegas, is reporting $28 million in net income for the fourth quarter of 2005 on $354 million in revenue, compared with $28 million in net income on $333 million in revenue for the fourth quarter of 2004.

The managed care company ended the year providing or administering health coverage for 637,900 people, up from 560,600 people a year earlier.

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