In a near-repeat of its performance at this time last year, The Phoenix Companies posted a second quarter loss, the company discloses in its financial results for the first half of 2015.
For the quarter that ended June 30, the insurer had a net loss of $22.6 million ($3.93 million per share). The red ink exceeds the $22.4 million the company suffered in the year-ago period.
The Q2 negative net income is, however, an improvement over that of the first quarter: $74 million or $12.87 million per share.
In the wake of the hemorrhaging, The Phoenix Companies’ president and CEO, James Wehr, characterized the company’s performance as “mixed.” That’s because the financial services provider also enjoyed a marked improvement in its statutory capital reserves and business metrics.