The Phoenix Companies Inc. said today it lost $111.2 million in the second quarter, crippled by the cost of shedding businesses and employees.
The Hartford-based life insurer and financial services provider lost 96 cents a share in the three months ended June 30. A year earlier. Phoenix earned $6.2 million, or 5 cents a share.
Revenues fell to $439.7 million from $566 million last year.
The company said $11.5 million, or 10 cents a share, of the loss stemmed from worker severance costs and the expense of eliminating parts of the company’s operations.
James D. Wehr, serving his first full quarter as president and CEO since taking over for retired  Dona D. Young in April, said earnings also were hurt by higher than usual universal life insurance claims.
Despite those setbacks, Phoenix made progress in several key areas during the quarter, Wehr said.
The biggest was that net unrealized losses in its investment portfolio improved by $502 million, leaving the portfolio $1.1 billion in the red at June 30.
