The Phoenix Companies is back in the black.
The Phoenix Companies, Inc. (NYSE:PNX), Hartford, Conn., reported net income of $31.8 million, or $0.27 per diluted share, and operating income of $29.0 million, or $0.25 per diluted share, for the third quarter of 2011.
These results compare with a net loss of $25.0 million, or $0.22 per share, and an operating loss of $7.1 million, or $0.06 per share, for the third quarter of 2010.
Excluding a $9.0 million tax benefit and a net $1.4 million deferred acquisition cost (DAC) unlocking charge, third quarter 2011 operating income was $21.4 million, or $0.18 per diluted share, the company says. Third quarter 2010 operating income was $17.9 million, or $0.15 per diluted share net of taxes and DAC unlocking charges.
Phoenix’s revenue for the third quarter of 2011 totaled $463.3 million, down from $483.2 million for the year-ago period, a 4% decline.
“Mortality in particular was favorable this quarter and more than offset the negative effects of the equity markets and low interest rates,” says Phoenix Companies President and CEO James Wehr. “We continue to generate capital, adding to the strength of our balance sheet, and sustain risk-based capital above 300%.”