The Phoenix Cos. Inc. says it found more material errors in the Hartford insurer’s past quarterly and annual earnings statements, this time dating to 2012.
Phoenix announced in a regulatory filing late last week that it found errors in its financial statements for the fourth quarter and full year 2013, and for the second quarter of 2014.
Those are material errors, Phoenix said in its Securities and Exchange Commission filing, but it also must fix misstatements in other periods dating to 2012 that are not material, the insurer said.
This latest restatement setback comes months after Phoenix in 2014 publicly declared it had finally finished its lookback and restatement of earnings dating to 2009 and caught up with all delayed filings of earnings statements with the SEC.
“We recognize the importance of having current financial information available in the marketplace and are confident we can make the necessary corrections and file our 2014 Annual Report by March 31, 2015,” said CEO James D. Wehr. “While we are still addressing our previously reported material weaknesses, we have made progress over the last two years in strengthening our people, processes and technology that will help us complete this restatement quickly.”
For the quarter and year ended Dec. 31, 2013, the restatement would increase fourth quarter and full year 2013 net income by an estimated $15 to $20 million, the company said.
For the quarter ended June 30, 2014, the restatement would decrease second quarter 2014 net income by an estimated $10 to $15 million.
The company says it has not identified any material errors in the financial statements for the full year 2012, the first three quarters of 2013, or the first or third quarters of 2014.
