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Phoenix Companies Q3 net loss narrows

The Phoenix Companies has reported a net loss of $25m, or $0.22 per share for the third quarter of 2010, compared to net loss of $26.6m or $0.23 per share for the same quarter of the 2009.

The company’s net loss for the third quarter 2010 included $14.1m in realized losses driven primarily by credit impairments.

The total revenues for the third quarter of 2010 were $506m compared to $537m for the same period of 2009.

The company posted an operating loss of $7.1m for the third quarter of 2010, compare to an operating income of $24.3m in the corresponding quarter a year ago.

The Phoenix president and CEO James Wehr said, the business fundamentals improved in the third quarter, particularly mortality, overall persistency, investment results and expense management.

“This quarter we conducted our annual comprehensive DAC review and took a charge primarily driven by increased lapses in portions of our universal life business and the impact of the low interest rate environment.

There was further progress on our growth initiatives. Annuity sales continued to increase at a measured pace, particularly in the middle market, and Saybrus Partners is steadily gaining traction in its sales of third-party insurance products, Wehr said.