The Phoenix Cos. Inc. returned to black in 2013, netting $5.1 million, according to the Hartford insurer’s delayed filing of its annual report with securities regulators.
Phoenix netted 82 cents a diluted share in the 12 months ended Dec. 31, 2013, reversing its net loss of $168.5 million, or $29.10 a diluted share, in 2012, the insurer said its 2013 10K filing with the U.S. Securities and Exchange Commission.
The company’s 2013 assets at Dec. 31 were $21.2 billion, virtually unchanged from a year earlier.
The latest annual report, along with some of its regular quarterly income filings, have been delayed while Phoenix and its outside auditors review its financial performance dating back several years.
Phoenix delivered its 10K the day of an Aug. 6 SEC-ordered deadline for filing its mandatory annual report. Its PHL Variable Insurance Co. affiliate has until Aug. 22 to deliver its annual earnings report to securities overseers.
Both also must file past-due first, second, and third-quarter 2013 filings by September, while 2014 quarterly filings must begin in October, or face fines of at least $20,000 a week until they do.
The delayed filings also jeopardized Phoenix’s listing on the New York Stock Exchange, a threat the company says it believes has been removed with this latest filing. It also said it expects to be back on track with all its past-due filings by the end of this year.
“Filing the 2013 Form 10-K is a significant milestone as we continue to catch up with our delayed filings and remain focused on becoming a current SEC filer this year,” Phoenix CEO James D. Wehr said in a statement.
The SEC order came just days after Reuters reported that Phoenix was exploring a possible sale, citing anonymous sources.
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