A life insurer says it will reduce the amount of dividents it expects to pay holders of participating life insurance policies in 2009.
Phoenix Companies Inc., Hartford, says the board of its Phoenix Life Insurance Company unit plans to have the company pay about $337 million in dividends to the policyholders in 2009, down from a $340 million payout for the currrent year.
“The adjustments will result in a dividend reduction for most of the life insurance policies in the closed block of business, as well as the open block,” the company says.
Phoenix set up the closed block when the company demutualized in June of 2001.