The Phoenix Cos. Inc. lost money in the first quarter as rising equity and credit markets swamped the value of hedged positions held by the Hartford insurance and financial services provider.
Phoenix lost $6.1 million, or a nickel a share, in the three months ended March 31. It earned $13.7 million, or 12 cents a share, the same period a year ago.
Yet, the insurer’s $14.8 million in core operating income in the latest quarter rose from $9.7 million last year.
“We sustained … further sales growth in our annuity product line, improved operating earnings, better persistency in our life insurance block of business, and appreciation in the investment portfolio …,” said President and CEO James D. Wehr.
Wehr said Phoenix Life’s risk-based capital ratio exceeded 300 percent for the first time since 2008.
