The Phoenix’s life insurance division reported a 39 percent drop in statutory net income in its second fiscal quarter.
Phoenix Life Insurance Co. (PLIC), which is located in New York but owned by the Hartford-based life insurance and annuity company, reported a net of $14.9 million in the quarter ended June 30, down from $24.3 million in the second quarter of 2012.
PLIC’s parent continues to work on restating its financials for fiscal years 2009 through 2011 and the first half of fiscal 2012. The company said it has identified errors during that process which could materially and adversely impact the financials it previously made available for 2012.
