The Phoenix Cos. narrowed its losses for the fourth quarter of 2009, as the Hartford life insurer tries to rebound from more than a year of major investment losses and ratings downgrades.
Phoenix reported Thursday a net loss of $106.4 million, or 91 cents a share, for the three months ended Dec. 31, down from a loss of $378.3 million, or $3.31 a share, the same period a year earlier.
The company’s performance was hurt by a $65.4 million loss from discontinued operations, including the sale of its private-placement insurance business.
For all of 2009, Phoenix lost $319 million, or $2.74 a share, down from a loss of $726 million, or $6.35 a share, in 2008.
James D. Wehr, Phoenix’s president and chief executive officer, said the company’s investment portfolio rebounded from the turbulent markets earlier in the year, and that the company has made progress in its capital management initiatives.
“Our 2009 operating results reflected the challenges of a company in transition, as well as the difficult economic environment, but the fundamentals of our business are sound, including mortality, persistency, expenses and investment income,” Wehr said.
Wehr said he will continue to focus the company on “four strategic pillars,” to enhance shareholder value, including balance sheet strength, policyholder security, expense reductions, and new sources of sustainable growth.
“The steps we took in 2009 to strengthen and reposition Phoenix are beginning to have an impact, and we expect them to emerge more fully in 2010,” he said.
