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Last $24.52 USD
Change Today -1.54 / -5.91%
Volume 111.6K
PNX On Other Exchanges
Symbol
Exchange
New York
Stuttgart
As of 8:04 PM 05/6/15 All times are local (Market data is delayed by at least 15 minutes).

phoenix companies inc (PNX) Key Developments

The Phoenix Cos. Settles Two Class-Action Lawsuits Related to Rate Hikes in 2010 and 2011

The Phoenix Cos. has agreed to pay $48.5 million to settle two class-action lawsuits related to rate hikes in 2010 and 2011. The agreement was reached April 30, 2015 with SPRR LLC; Martin Fleisher, as trustee of the Michael Moss Irrevocable Life Insurance Trust II; and Jonathan Berck, as trustee of the John L. Loeb Jr. Insurance Trust. The lawsuits were filed over the cost-of-insurance rate increases made in 2010 and 2011 on some policies with Phoenix Life Insurance Co. and PHL Variable Insurance Co., both subsidiaries of The Phoenix Cos. Phoenix will file the formal settlement agreement with the U.S. District Court for the Southern District of New York. The agreement is subject to court approval. The settlement applies to all policyholders subject to cost-of-insurance rate adjustments in 2010 and 2011, and it is structured to allow people in the settlement class to opt out. Phoenix will take a $48.5 million charge in the first quarter of 2015 in connection with the settlement to establish a fund. The fund can be reduced proportionally depending on who opts out. The fund also pays for lawyer fees for the plaintiffs if the settlement is approved.

Augustus K. Oliver, II Withdraws his Name as Nominee for Election as Director

On May 4, 2015, Augustus K. Oliver, II, who has served as a director of The Phoenix Companies Inc. since 2008, informed the company that he is withdrawing his name as a nominee for election as a director at the 2015 Annual Meeting of Shareholders to be held on May 14, 2015. Mr. Oliver will continue to serve as a director, member of the Board's Audit Committee and Executive Committee and Chairman of the Finance Committee until the 2015 Annual Meeting.

The Phoenix Companies Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

The Phoenix Companies Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the fourth quarter, the company reported net investment income of $223.0 million compared to $206.1 million a year ago. Total revenues were $440.4 million compared to $463.8 million a year ago. Loss from continuing operations before income taxes was $101.8 million compared to income from continuing operations before income taxes of $142.1 million a year ago. Loss from continuing operations was $134.1 million or $24.05 per diluted share compared to income from continuing operations of $145.3 million or $25.05 per diluted share a year ago. Net Loss attributable to the company was $140.3 million or $24.40 per diluted share compared to net income attributable to the company of $143.1 million or $24.84 per diluted share a year ago. For the year, the company reported net investment income of $830.9 million compared to $789.7 million a year ago. Total revenues were $1,666.9 million compared to $1,707.6 million a year ago. Loss from continuing operations before income taxes was $195.2 million compared to income from continuing operations before income taxes of $38.1 million a year ago. Loss from continuing operations was $205.7 million or $36.48 per diluted share compared to income from continuing operations of $29.6 million or $5.01 per diluted share a year ago. Net Loss attributable to the company was $213.2 million or $37.09 per diluted share compared to net income attributable to the company of $26.7 million or $4.51 per diluted share a year ago.

The Phoenix Companies Inc., Q4 2014 Earnings Call, Mar 31, 2015

The Phoenix Companies Inc., Q4 2014 Earnings Call, Mar 31, 2015

The Phoenix Companies Inc. Announces Restatement of Earnings Results for the Quarter and Year Ended December 31, 2013 and the Quarter Ended June 30, 2014

The Phoenix Companies Inc. announced it will restate earnings results for the quarter and year ended December 31, 2013 and the quarter ended June 30, 2014 due to the identification of errors determined to be material. For the quarter and year ended December 31, 2013, the restatement will correct certain errors relating to the annual actuarial assumption review for 2013. This annual review and reset of actuarial assumptions originally resulted in a $108.1 million benefit (the 2013 unlock), driven primarily by improved mortality assumptions. The corrected 2013 unlock benefit is approximately $19 million greater than the previously reported benefit. Taken together with taxes and other adjustments, the correction would increase fourth quarter and full year 2013 net income by an estimated $15 to $20 million. For the quarter ended June 30, 2014, the restatement will correct $6.2 million of previously recorded and disclosed out-of-period adjustments as well as recently discovered immaterial errors. When aggregated, these items have been determined to be material, and the correction would decrease second quarter 2014 net income by an estimated $10 to $15 million.

 

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