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.