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Phoenix Companies reports net loss for Q4

IBR Staff Writer Published 04 March 2009

Phoenix Companies reported a net loss of $424.3m for Q4 08 compared to a net income of $3.1m Q4 07

The Phoenix Companies, a provider of life insurance, annuity and investment products, has reported a net loss of $424.3 million, or $3.71 per diluted share, for the fourth quarter ended December 31, 2008, compared to a net income of $3.1 million, or $0.03 per diluted share, for the fourth quarter ended December 31, 2007.

Adjusted operating income was $11 million, or $0.10 per diluted share, for the fourth quarter of 2008 versus $18.7 million, or $0.16 per diluted share, for the same quarter in 2007.

For the full year ended December 31, 2008, the company reported a net loss of $772 million, or $6.75 per diluted share, compared to a net income of $117.6 million, or $1.01 per diluted share, for the full year ended December 31, 2007.

For the year 2008, adjusted operating income was $57.8 million, or $0.51 per diluted share, compared to $123.9 million, or $1.07 per diluted share, for the year 2007.

Dona Young, chairman, president and CEO, said: Our headline loss reflects a brutal economy in which all businesses have had to operate in uncharted territory. The volatile markets affected many aspects of our business, particularly our decisions on deferred acquisition cost and charges connected with the Virtus spin-off.

While the Virtus spin-off is now behind us, the economic and market challenges remain. But we start 2009 better prepared as a direct result of our 2008 initiatives, including the spin-off and our work to maintain capital and liquidity and reduce expenses. We are further addressing the economic realities with decisive actions to retain financial strength and pursue new market opportunities.