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Last $16.18 USD
Change Today +0.17 / 1.06%
Volume 3.4K
PNX On Other Exchanges
Symbol
Exchange
New York
Stuttgart
As of 11:08 AM 09/3/15 All times are local (Market data is delayed by at least 15 minutes).

phoenix companies inc (PNX) Key Developments

The Phoenix Companies Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

The Phoenix Companies Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenue of $422.0 million compared with $413.1 for the same quarter of last year. Loss from continuing operations before income taxes was $34.8 million compared with $41.4 million for the same quarter of last year. Loss from continuing operations were $21.8 million or $3.83 per basic and diluted share compared with $21.8 million or $3.80 per basic and diluted share for the same quarter of last year. Net loss attributable to the company was $22.6 million or $3.93 per basic and diluted share compared with $22.4 million or $3.90 per basic and diluted share for the same period of last year. The company reported a statutory net gain from operations of $23.9 million and statutory net income of $22.3 million for the quarter ended June 30, 2015, compared with a statutory net loss from operations of $4.5 million and a statutory net loss of $4.1 million for the quarter ended June 30, 2014. Book value per share decreased in the quarter, driven by the net loss and the impact of higher interest rates on AOCI. Net investment income increased year-over-year, driven by higher debt security income and increases in private equity and mezzanine fund income. These increases were offset by a decline in other assets, which includes fair value option bonds negatively impacted by higher rates during the quarter. For the six months, the company reported total revenue of $827.4 million against $812.1 million for the same period of last year. Loss from continuing operations before income taxes was $109.5 million compared with $73.8 million for the same period of last year. Loss from continuing operations was $94.3 million or $16.61 per basic and diluted share compared with $49.4 million or $8.58 per basic and diluted share for the same period of last year. Net loss attributable to the company was $96.6 million or $16.80 per basic and diluted share compared with $50.5 million or $8.79 per basic and diluted share for the same period of last year. The net loss was driven primarily by unfavorable mortality and financial reporting expenses that remain elevated but are beginning to decline. These factors were partially offset by the positive impact of higher interest rates.

The Phoenix Companies Inc. to Report Q2, 2015 Results on Aug 10, 2015

The Phoenix Companies Inc. announced that they will report Q2, 2015 results at 5:00 PM, Eastern Standard Time on Aug 10, 2015

The Phoenix Companies Inc., Q2 2015 Earnings Call, Aug 11, 2015

The Phoenix Companies Inc., Q2 2015 Earnings Call, Aug 11, 2015

The Phoenix Companies Inc. Elects Andrew J. McMahon to its Board of Directors

The Phoenix Companies Inc. announced the election of Andrew J. McMahon to its Board of Directors, effective July 16, 2015. Mr. McMahon most recently founded Vitae Analytics Inc. Previously, he spent nine years with AXA, including as president and a board member of AXA Equitable Life Insurance Company, an AXA Global Life and Savings Board member, head of the Wealth Management and Financial Protection Businesses, chairman of AXA Advisors, and head of the Strategic Initiatives Group.

The Phoenix Companies Inc. Announces Executive Changes

The Phoenix Companies Inc. announced that Gina Collopy O’Connell, senior vice president, has been named chief risk officer. She will be responsible for overall leadership and direction for enterprise risk management and will report to James D. Wehr, president and chief executive officer. She will succeed Mark Griffin, who is resigning from the company effective July 17, 2015. Ms. O’Connell is currently senior vice president, Financial Planning and Analysis, and most recently played a significant role in the company’s restatement and remediation efforts.

 

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