The Phoenix Cos. said it’s planning to keep the same dividend scales for its closed block policies in 2014, which will amount to payouts of approximately $174 million.
The Hartford insurer has maintained its dividend scale for the block of policies —made up of policies and contracts that were in force when the company demutualized in 2001 — in eight of the past 13 years.
Phoenix altered the scale for this year, reducing dividends on most closed block policies. The company cited prolonged low interest rates and other market conditions that were depressing the investment yields that support the dividend payouts.
