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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
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Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
April 26, 2006 at 08:12 AM
The Phoenix Companies Inc. reports first quarter income of $1.7 million on revenue of $628.3 million, down from $9.4 million in income on $613.4 million in earnings a year earlier.
The decline was largely due to an impairment charge in Phoenix’s asset management business, which suffered a loss of $34.6 million, the company says.
The company’s life and annuity segment income fell from $44 million in the first quarter last year to $38.3 million in the same period this year.
Higher fee income and favorable life persistence for the life-annuity segment was offset by lower net investment income and a small number of large universal life claims, the company says.
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