The Phoenix Cos. Inc. narrowed its loss in the second quarter and first half of this year, the Hartford insurer’s delayed filing shows.
Phoenix filed Friday its Form 10-Q quarterly financial report with the Securities and Exchange Commission that was originally due on Oct. 24. Phoenix said on Oct. 28 that it would file second-quarter financials for both the parent and its PHL Variable Life unit as soon as the reports were completed.
PHL Variable’s second-quarter filing shows it netted $2.8 million in the period vs. $4.6 million netted the same quarter last year.
For three months ended June 30, Phoenix Cos. lost a net $14.3 million, or $2.49 a diluted share, vs. $32.8 million, or $5.71 a diluted share, lost the same quarter a year ago.
Phoenix’s six-month net loss was $47.6 million, or $8.29 a diluted share, vs. $101.7 million, or $17.68 a diluted share, lost the first-half of 2013.
“Despite the loss for the first half of 2014, driven primarily by expenses related to the restatement and SEC reporting catch-up work, the business performed well with year-over-year sales growth, strong investment performance, favorable overall mortality and excellent persistency,” CEO James D. Wehr said.
Wehr said Phoenix still expects to return to current SEC filer status no later than Dec. 5, with the filing of its third-quarter 10-Q.
