The Phoenix Cos. in Hartford reported a $19 million net income loss in the first quarter of 2008, down from a $50.6 million profit during the same period in 2007.
“We are very disappointed with the quarter, which reflects a confluence of negative events and factors, some specific to Phoenix and others clearly market-related,” Dona D. Young, chairman, president and CEO of The Phoenix Cos., said in a statement. “The results present a stark contrast to a year ago, when we benefited from the buoyancy of the equity markets, as well as investment income and mortality that were both unusually favorable. These same factors slipped dramatically a year later and drove the quarter’s results. However, from an operational and strategic standpoint, the quarter had its share of successes.”
