The Phoenix Cos. narrowed its losses in what is likely to be its final third quarter of independence.
For three months ended Sept. 30, Phoenix said Tuesday it posted a net loss of $15.7 million, or $2.73 a diluted share, down from the net loss of $22.4 million, or $3.90 a diluted share, suffered the same quarter of 2014.
“For the third quarter, Phoenix’s net loss was driven primarily by the decline in equity markets,” CEO James D. Wehr said. “While mortality overall was a negative driver, experience in the universal life product line was favorable to expectations. From a statutory perspective, total surplus was flat relative to year end.”
Meantime, Wehr declared that Phoenix’s pending $217.2 million cash sale to New York’s Nassau Reinsurance Holdings L.P. “remains on track to close in early 2016.”
Afterwards, The Phoenix becomes a private company, but corporate headquarters are expected to stay in Hartford.
