This is an updated version of earlier post.
The Phoenix Cos. Inc.’s main life-insurance unit lost money in the second quarter despite improved financial performance in wealth-products distribution.
For three months ended June, Phoenix Life Insurance Co. lost a statutory $4.1 million vs. a statutory net income of $47.6 million in the first quarter.
Through the first half of this year, the life unit had a statutory net gain from operations of $39.2 million and statutory net income of $43.5 million. Of that, $26.5 million has been paid in dividends to parent Phoenix Cos., the insurer said.
PLIC’s unaudited statutory surplus and asset valuation reserve was $751.7 million at June 30 vs. $735.2 million at Dec. 31, 2013.
The Saybrus Partners division had gross earnings of $2 million before interest, taxes, depreciation and amortization (EBITDA) on $9.6 million in sales during the second quarter, Phoenix Cos. said.
Phoenix Cos. CEO James D. Wehr said in a statement the latest performance underscores the “ongoing strength of the franchise, with strong levels of annuity deposits, modestly favorable mortality, very low life surrender rates and the highest level of quarterly EBITDA Saybrus has ever generated.”
Wehr and finance chief Bonnie Malley reiterated in a one-way conference call with stockholders and Wall Street analysts Friday Phoenix Cos.’ intention to catch up on its delayed filings of past quarterly earnings before yearend.
