The recent weakness in the stock market has hurt mutual fund asset totals at The Phoenix Companies Inc.
Phoenix, Hartford, is reporting $20 million in net income for the second quarter on $629 million in revenue, compared with $22 million in net income on $624 million in revenue for the second quarter of 2005.
Annuity deposits rose 30% in the second quarter, to $104 million, but the company’s asset management unit lost $2.7 billion more assets than it attracted during the quarter. The net cash outflow figure increased from $1.8 billion in the second quarter of 2005.
Assets flowed out partly because of a poor match between the kinds of investment strategies investors were looking for and the kinds of strategies Phoenix typically offers, Phoenix says.
Phoenix notes that it is looking at a variety of “strategic initiatives” that could help the company’s performance.
In other earnings news:
- StanCorp Financial Group Inc., Portland, Ore., is reporting $43 million in net income for the second quarter on $612 million in revenue, up from $53 million in net income on $577 million in revenue for the second quarter of 2005.
Individual disability claims fell to levels closer to management expectations during the quarter, but group life and group disability claims were higher than expected, according to StanCorp, the parent of Standard Insurance Company.
The variations in claims seem to be the result of the usual fluctuation in claims, StanCorp says.
- Aetna Inc., Hartford, is reporting $390 million in net income for the second quarter on $6.3 billion in revenue, compared with $395 million in net income on $5.5 billion in revenue for the second quarter of 2005.
The managed care company ended the quarter providing or administering health coverage for 15 million people, up from 14 million people a year earlier.
Claims for a large government case the company’s medical stop-loss program were higher than expected, and competition in the small group market has heated up in some markets, Aetna says.