- Net Loss Attributable to The Phoenix
Companies, Inc. of $15.7 million
- Holding Company Cash and
Non-affiliated Securities at $83.6 million
- Annuity deposits of $185.2 million;
Saybrus Partners EBITDA of $2.0 million
- Preliminary Phoenix Life Insurance
Company (“PLIC”) Statutory Surplus and AVR at $513.9 million,
estimated RBC at 393%
- Preliminary PHL Variable Insurance
Company (“PHL Variable”) Statutory Surplus and AVR at $214.0
million, estimated RBC at 209%
The Phoenix Companies, Inc. (NYSE:PNX) (“Phoenix”) today
announced financial results for the third quarter of 2015 and filed
its Quarterly Report on Form 10-Q for the quarter ended
September 30, 2015 with the U.S. Securities and Exchange
Commission (“SEC”).
CEO Comments
“The previously announced transaction with Nassau is progressing
and remains on track to close in early 2016. At the same time, we
continue to manage the business for sustainable growth over the
long term,” said James D. Wehr, president and chief executive
officer.
“For the third quarter, Phoenix’s net loss was driven primarily
by the decline in equity markets. While mortality overall was a
negative driver, experience in the universal life product line was
favorable to expectations. From a statutory perspective, total
surplus was flat relative to year end,” he said.
“Price and other product changes had the anticipated impact of
increasing annuity profitability and decreasing sales for the third
quarter. Life insurance sales were consistent with the second
quarter and up significantly from a year ago. In addition, Saybrus
continued to grow its third-party business,” Mr. Wehr
concluded.
Third Quarter 2015 Earnings Drivers
The net loss attributable to The Phoenix Companies, Inc. was
$15.7 million for the third quarter of 2015, compared with a net
loss attributable to The Phoenix Companies, Inc. of $22.4 million
for the third quarter of 2014.
Primary drivers of the third quarter 2015 results were:
- Negative impact of the decline in
equity markets of approximately $21 million, primarily the impact
of equity markets on derivative valuations.
- External financial reporting expenses
of $10.4 million, which have declined but remain elevated.
- Open block mortality was approximately
$10 million unfavorable to expectations. Favorable experience in
the universal life (“UL”) product line was more than offset by
unfavorable experience in the variable universal life (“VUL”)
product line.
- Higher net investment income and a tax
benefit partially offset the negative drivers.
Third Quarter 2015 Earnings
Summary
($ in millions, except per share data)
For the QtrEndedSept. 30,
2015
For the QtrEndedJune 30,
2015
For the QtrEndedSept. 30,
2014
Net loss $ (10.2 ) $
(22.4 ) $ (22.5 ) Less: Net
income (loss) attributable to noncontrolling interests 5.5 0.2 (0.1
)
Net loss attributable to The Phoenix Companies, Inc.
$ (15.7 ) $ (22.6 )
$ (22.4 ) EARNINGS PER SHARE
SUMMARY: Net loss attributable to The Phoenix Companies,
Inc. Basic $ (2.73 ) $ (3.93 ) $ (3.90 ) Diluted $ (2.73 ) $
(3.93 ) $ (3.90 )
Weighted average shares outstanding (in
thousands) Basic 5,751 5,751 5,750 Diluted 5,751 5,751 5,750
Realized and Unrealized Gains and Losses
- Net other-than-temporary fixed income
impairment losses for the third quarter 2015 remained well below
long-term averages.
Realized Gains and Losses
($ in millions)
For the QtrEndedSept. 30,
2015
For the QtrEndedJune 30,
2015
For the QtrEndedSept. 30,
2014
Total net realized gain (losses) $ (11.6 ) $ (2.1 ) $ (3.8 )
Net other-than-temporary impairment losses recognized in
earnings $ (4.0 ) $ (1.1 ) $ (3.9 )
Derivative losses $
(11.4 ) $ (7.5 ) $ (5.4 )
Unrealized Investment Gains and Losses
- Net unrealized gains on
available-for-sale debt securities decreased by $266.5 million to
$434.8 million at Sept. 30, 2015 from $701.3 million at Dec.
31, 2014, due primarily to higher interest rates. After actuarial
offsets and taxes, accumulated other comprehensive income (“AOCI”)
declined by $1.1 million from $234.4 million at Dec. 31, 2014.
Balance Sheet and Liquidity
- At Sept. 30, 2015, holding company
cash and non-affiliated securities were $83.6 million, compared
with $78.3 million at Dec. 31, 2014. PLIC paid a $30 million
dividend to Phoenix in the third quarter, bringing its year-to-date
total to $59.9 million, its capacity for 2015. Phoenix expects
holding company liquidity to remain above its $50.0 million
internal threshold.
- Total stockholders’ equity attributable
to The Phoenix Companies, Inc. was $213.2 million at Sept. 30,
2015, compared with $326.6 million at Dec. 31, 2014.
- Liquidity in the life companies
remained strong with cash and cash equivalents, short-term
investments, treasuries and agency mortgage-backed securities
totaling $1.5 billion, or 11.2% of the fixed income portfolio, at
Sept. 30, 2015, compared with $1.7 billion, or 12.7% of the
fixed income portfolio, at Dec. 31, 2014.
- The quality of the investment portfolio
remained strong during the third quarter of 2015 with the
proportion of below-investment-grade bonds as a percentage of total
available-for-sale debt securities at 6.6% at Sept. 30, 2015,
within Phoenix’s target range of 6% – 10%, compared with 6.7% at
Dec. 31, 2014.
- Phoenix has no debt maturities until
2032.
Balance Sheet
($ in millions)
Sept. 30, 2015 Dec. 31, 2014
Change
Total Assets $ 21,288.4 $ 21,745.9 $ (457.5 )
Total
Liabilities $ 21,053.4 $ 21,399.3 $ (345.9 )
Indebtedness $ 378.9 $ 378.9 $ —
Accumulated Other
Comprehensive Income (Loss) $ (235.5 ) $ (234.4 ) $ (1.1 )
Total Stockholders’ Equity Attributable to The Phoenix
Companies, Inc. $ 213.2 $ 326.6 $ (113.4 )
Third Quarter 2015 Operating Highlights
- Annuity deposits were $185.2 million,
primarily in fixed indexed annuities, down from both the third
quarter of 2014 and second quarter of 2015.
- Life insurance annualized premium was
$4.8 million, driven primarily by term insurance sales, improved
from the third quarter of 2014 and consistent with the second
quarter of 2015.
- Total annualized life insurance
surrender rate was 3.7%, modestly lower than the third quarter of
2014 and second quarter of 2015.
- Annualized annuity surrender rate was
10.9%, modestly lower than the third quarter of 2014 and second
quarter of 2015.
- Phoenix’s distribution company, Saybrus
Partners’, revenue of $10.2 million was down modestly from the
third quarter of 2014 primarily reflecting lower sales of Phoenix
products. EBITDA of $2.0 million was down modestly from the third
quarter of 2014.
- Overall mortality was unfavorable
compared with expectations. In the open block, favorable UL
mortality was more than offset by unfavorable VUL mortality. Closed
block experience was unfavorable compared with expectations.
- External financial reporting expenses
of $10.4 million were down from $13.4 million for the second
quarter of 2015 and $19.4 million for the third quarter of 2014.
These external financial reporting expenses have included
restatement, SEC reporting catch up, remediation and audit
expenses.
($ in millions,
unless noted otherwise)
As of or for theQtr
EndedSept. 30, 2015
As of or for theQtr
EndedJune 30, 2015
As of or for theQtr
EndedSept. 30, 2014
Annuity deposits $ 185.2 $ 221.4 $ 221.7
Net annuity
flows (deposits less surrenders) $ 29.3 $ 61.2 $ 64.6
Annuity funds under management ($ in billions) $ 5.6 $ 5.8 $
5.6
Life insurance annualized premium $ 4.8 $ 4.8 $ 1.1
Total individual life surrenders (annualized) 3.7 % 3.8 %
3.8 %
Total closed block life surrenders (annualized) 3.6 %
3.7 % 3.7 %
Total annuity surrenders (annualized) 10.9 %
11.1 % 11.2 %
Holding company cash and non-affiliated
securities $ 83.6 $ 64.5 $ 152.0
Saybrus Partners EBITDA (Earnings
Before Interest, Taxes,Depreciation and
Amortization)
$ 2.0 $ 2.7 $ 2.4
Saybrus Partners revenue $ 10.2 $ 11.1 $
10.3
External financial reporting expenses1 $ 10.4 $
13.4 $ 19.4
1 External financial reporting
expenses is a component of other operating expenses.
Third Quarter 2015 Preliminary Statutory Results
As previously announced, Phoenix de-stacked its insurance
company subsidiaries, effective July 1, 2015, which made all
insurance company subsidiaries direct subsidiaries of Phoenix.
Prior to the de-stacking, PLIC, already a direct subsidiary of
Phoenix, was the indirect parent of PHL Variable , American Phoenix
Life and Reassurance Company (“APLAR”) and Phoenix Life and Annuity
Company (“PLAC”). The de-stacking was completed through an
extraordinary dividend of PHL Variable, APLAR and PLAC from PLIC to
Phoenix, based on the June 30, 2015 statutory carrying value
of the three subsidiaries, which totaled $228.2 million.
PLIC and PHL Variable expect to file their unaudited statutory
financial statements for the quarter ended Sept. 30, 2015 with
the New York State Department of Financial Services and Connecticut
Insurance Department, respectively, by November 13, 2015.
Preliminary highlights from those filings:
- PLIC reported a statutory net loss from
operations of $3.7 million and a statutory net loss (excluding the
impact of the de-stacking on realized capital losses) of $3.4
million for the quarter ended Sept. 30, 2015, compared with a
statutory net gain from operations of $36.1 million and statutory
net income of $41.5 million for the quarter ended Sept. 30,
2014.
- PLIC’s statutory surplus and asset
valuation reserve was $513.9 million at Sept. 30, 2015,
compared with $752.2 million at Dec. 31, 2014. The decrease was
driven by a $262.2 million impact from the de-stacking that
includes the carrying value of the de-stacked subsidiaries and
related reduction of admitted deferred tax assets, as well as $59.9
million in dividends PLIC paid to the parent holding company. These
negative drivers were partially offset by the favorable impact of
the intercompany reinsurance treaty between PLIC and PHL Variable
executed in the second quarter.
- PLIC’s estimated risk-based capital
(“RBC”) ratio was 393% at Sept. 30, 2015, compared with 334%
at Dec. 31, 2014, primarily driven by the impact of the
de-stacking.
- PHL Variable reported a statutory net
loss from operations of $7.4 million and statutory net loss of $7.1
million for the quarter ended Sept. 30, 2015, compared with a
statutory net loss from operations of $10.3 million and a statutory
net loss of $14.2 million for the quarter ended Sept. 30,
2014.
- PHL Variable’s statutory surplus and
asset valuation reserve was $214.0 million at Sept. 30, 2015,
compared with $213.7 million at Dec. 31, 2014.
- PHL Variable had an estimated RBC ratio
of 209% at Sept. 30, 2015, compared with 218% at Dec. 31,
2014.
Agreement and Plan of Merger with Nassau
On Sept. 29, 2015, Phoenix and Nassau Reinsurance Group
Holdings L.P. (“Nassau”) announced that they had entered into a
definitive agreement in which Nassau will acquire Phoenix for
$37.50 per share in cash, or aggregate equity purchase price of
$217.2 million. The transaction is expected to close in early 2016,
subject to approval by Phoenix stockholders, approvals by
regulatory authorities including Connecticut and New York insurance
regulators and FINRA, as well as other closing conditions.
The following is an update on progress toward completing the
transaction:
- Phoenix filed a preliminary proxy
statement on Oct. 30, 2015 and will file with the SEC and mail
to stockholders a definitive proxy statement in connection with the
transaction. Phoenix expects to hold a special meeting of
stockholders in the fourth quarter of 2015.
- Nassau made the required filings
requesting approval from the New York Department of Financial
Services and from the Connecticut Insurance Department on
Nov. 6, 2015.
- Phoenix is preparing to file its
applications for change of control of equity ownership with FINRA
with respect to its two broker dealers.
- Both companies have filed the required
notifications under the Hart-Scott-Rodino Act, and the Federal
Trade Commission granted early termination of the waiting period on
Oct. 26, 2015.
In addition, Phoenix is preparing to conduct a solicitation in
January 2016 seeking consent of holders of its retail bonds
(NYSE:PFX) to amend the bond indenture.
No Third Quarter Investor Conference Call
In light of the transaction with Nassau, Phoenix will not hold
an investor conference call to review the third quarter 2015
results. Phoenix is filing a financial supplement and an investor
presentation with the SEC today, and all materials relating to
third quarter 2015 financial information will be available on the
company’s website, www.phoenixwm.com, in the Investor Relations
section.
About Phoenix
The Phoenix Companies, Inc. (NYSE:PNX) helps financial
professionals provide solutions, including income strategies and
insurance protection, to families and individuals planning for or
living in retirement. Founded as a life insurance company in 1851,
Phoenix offers products and services designed to meet financial
needs in the middle income and mass affluent markets. Its
distribution subsidiary, Saybrus Partners, Inc., offers
solutions-based sales support to financial professionals and
represents Phoenix’s products among key distributors, including
independent marketing organizations and brokerage general agencies.
Phoenix is headquartered in Hartford, Connecticut, and has two
insurance company operating subsidiaries: Phoenix Life Insurance
Company, which has its statutory home office in East Greenbush, New
York, and PHL Variable Insurance Company, which has its statutory
home office in Hartford, Connecticut. For more information, visit
www.phoenixwm.com.
Important Information For Investors And Stockholders
This communication does not constitute an offer to buy or sell
or the solicitation of an offer to buy or sell any securities or a
solicitation of any vote or approval. This communication relates to
a proposed acquisition of The Phoenix Companies, Inc. by Nassau
Reinsurance Group Holdings L.P. In connection with this proposed
acquisition, Phoenix has filed a preliminary proxy statement on
October 30, 2015 on Schedule 14A. Phoenix will also file with
the Securities and Exchange Commission (the “SEC”) and mail to its
stockholders a definitive proxy statement and may file other
documents in connection with the proposed acquisition. This
communication is not a substitute for any proxy statement or other
document Phoenix may file with the SEC in connection with the
proposed transaction. INVESTORS AND SECURITY HOLDERS OF PHOENIX ARE
URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS
THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. The definitive proxy statement (when available) will
be mailed to stockholders of Phoenix. Investors and security
holders will be able to obtain free copies of these documents (when
available) and other documents filed with the SEC by Phoenix
through the website maintained by the SEC at http://www.sec.gov.
Copies of the documents filed with the SEC by Phoenix will be
available free of charge on Phoenix’s internet website at
http://www.phoenixwm.com or by contacting Phoenix’s Investor
Relations Director by email at pnx.ir@phoenixwm.com or by phone at
860-403-7100.
Participants in Solicitation
Phoenix, its directors and certain of its executive officers may
be considered participants in the solicitation of proxies in
connection with the proposed transaction. Information regarding the
persons who may, under the rules of the SEC, be deemed participants
in the solicitation of the stockholders of Phoenix in connection
with the proposed merger will be set forth in the definitive proxy
statement when it is filed with the SEC. Information about the
directors and executive officers of Phoenix is set forth in its
Annual Report on Form 10-K for the year ended December 31,
2014, which was filed with the SEC on March 31, 2015, its
proxy statement for its 2015 annual meeting of stockholders, which
was filed with the SEC on April 2, 2015, its Quarterly Report
on Form 10-Q for the quarter ended June 30, 2015 which was
filed with the SEC on August 10, 2015 and its Current Reports
on Form 8-K, which were filed with the SEC on August 10, 2015,
August 11, 2015, September 29, 2015 and
September 30, 2015.
These documents can be obtained free of charge from the sources
indicated above. Additional information regarding the participants
in the proxy solicitation and a description of their direct and
indirect interests, by security holdings or otherwise, is contained
in the preliminary proxy statement that was filed with the SEC on
October 30, 2015 and will be contained in the definitive proxy
statement and other relevant materials to be filed with the SEC
when they become available.
The Phoenix Companies, Inc.
One American Row
PO Box 5056 Hartford, CT 06102-5056
Tel. 860-403-7100
www.phoenixwm.com
Cautionary Statement Regarding Forward-Looking
Statements
The foregoing contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. We
intend for these forward-looking statements to be covered by the
safe harbor provisions of the federal securities laws relating to
forward-looking statements. These forward-looking statements
include statements relating to regulatory approvals and the
expected timing, completion and effects of the proposed merger, as
well as other statements representing management’s beliefs about,
future events, transactions, strategies, operations and financial
results, including, without limitation, our expectation to provide
information within anticipated timeframes and otherwise in
accordance with law, the outcome of litigation and claims as well
as regulatory examinations, investigations, proceedings and orders
arising out of restatements of financial statements and the failure
by Phoenix and its wholly owned subsidiary, PHL Variable Insurance
Company, to file SEC reports on a timely basis, potential penalties
that may result from failure to timely file statutory financial
statements with state insurance regulators, and Phoenix’s ability
to satisfy its requirements under, and maintain the listing of its
shares on, the NYSE. Such forward-looking statements often contain
words such as “assume,” “will,” “anticipate,” “believe,” “predict,”
“project,” “potential,” “contemplate,” “plan,” “forecast,”
“estimate,” “expect,” “intend,” “is targeting,” “may,” “should,”
“would,” “could,” “goal,” “seek,” “hope,” “aim,” “continue” and
other similar words or expressions or the negative thereof or other
variations thereon. Forward-looking statements are made based upon
management’s current expectations and beliefs and are not
guarantees of future performance. Such forward-looking statements
involve numerous assumptions, risks and uncertainties that may
cause actual results to differ materially from those expressed or
implied in any such statements. These risks and uncertainties
include the occurrence of any event, change or other circumstances
that could give rise to the termination of the merger agreement,
which could have a material adverse effect on us and our stock
price; the inability to consummate the proposed merger or the
inability to consummate the merger in the timeframe or manner
currently anticipated, due to the failure to obtain stockholder
approval or the failure to satisfy other conditions to completion
of the proposed merger, including that a governmental entity may
prohibit, delay or refuse to grant approval for the consummation of
the transaction could have a material adverse effect on us and our
stock price. Our ability to maintain a timely filing schedule with
respect to our SEC filings is subject to a number of contingencies,
including but not limited to, whether existing systems and
processes can be timely updated, supplemented or replaced, and
whether additional filings may be necessary in connection with the
restatements. Our actual business, financial condition or results
of operations may differ materially from those suggested by
forward-looking statements as a result of risks and uncertainties
which include, among others, those risks and uncertainties
described in any of our filings with the SEC. Certain other factors
which may impact our business, financial condition or results of
operations or which may cause actual results to differ from such
forward-looking statements are discussed or included in our
periodic reports filed with the SEC and are available on our
website at www.phoenixwm.com under “Investor Relations.” You are
urged to carefully consider all such factors. Although it is
believed that the expectations reflected in such forward-looking
statements are reasonable and are expressed in good faith, no
assurance can be given that such expectations will prove to have
been correct and persons reading this news release are therefore
cautioned not to place undue reliance on these forward-looking
statements which speak only as of the date of this announcement.
Except as required by law, we do not undertake or plan to update or
revise forward-looking statements to reflect actual results,
changes in plans, assumptions, estimates or projections, or other
circumstances occurring after the date of this news release, even
if such results, changes or circumstances make it clear that any
forward-looking information will not be realized. If we make any
future public statements or disclosures which modify or impact any
of the forward-looking statements contained in or accompanying this
news release, such statements or disclosures will be deemed to
modify or supersede such statements in this news release.
THE PHOENIX COMPANIES, INC. Consolidated
Interim Unaudited Statements of Operations and Comprehensive
Income Three Months Ended September 30,
Nine Months Ended September
30,
($ in millions, except per share data)
2015
2014 2015 2014 REVENUES:
Premiums $ 86.1 $ 78.1 $ 251.1 $ 240.9 Fee income 135.1 135.2 404.1
404.2 Net investment income 227.5 204.9 639.1 607.9 Net realized
gains (losses): Total other-than-temporary impairment (“OTTI”)
losses (4.4 ) (3.7 ) (12.3 ) (4.7 )
Portion of OTTI losses recognized inother
comprehensive income (“OCI”)
0.4 (0.2 ) (1.2 ) (0.4 ) Net OTTI losses recognized in
earnings (4.0 ) (3.9 ) (13.5 ) (5.1 )
Net realized gains (losses), excluding
OTTI losses
(7.6 ) 0.1 (16.3 ) (21.4 ) Net realized gains (losses) (11.6
) (3.8 ) (29.8 ) (26.5 )
Total revenues 437.1
414.4 1,264.5 1,226.5
BENEFITS AND EXPENSES: Policy benefits 296.4 263.6
875.7 795.2 Policyholder dividends 60.6 57.0 155.7 171.8 Policy
acquisition cost amortization 30.1 29.4 71.8 73.1 Interest expense
on indebtedness 7.0 7.0 21.2 21.2 Other operating expenses 70.1
77.0 276.7 258.6
Total benefits and
expenses 464.2 434.0 1,401.1
1,319.9 Income (loss) from continuing
operations before income taxes (27.1 ) (19.6 ) (136.6 ) (93.4 )
Income tax expense (benefit) (17.0 ) 2.6 (32.2 ) (21.8 )
Income (loss) from continuing operations (10.1
) (22.2 ) (104.4 ) (71.6
) Income (loss) from discontinued operations, net of income
taxes (0.1 ) (0.3 ) (1.2 ) (1.5 )
Net income (loss)
(10.2 ) (22.5 ) (105.6 )
(73.1 ) Less: Net income (loss) attributable to
noncontrolling interests 5.5 (0.1 ) 6.7 (0.2 )
Net income (loss) attributable
toThe Phoenix Companies, Inc.
$ (15.7 ) $ (22.4 )
$ (112.3 ) $ (72.9 )
THE PHOENIX COMPANIES, INC. Consolidated
Interim Unaudited Statements of Operations and Comprehensive
Income (Continued from previous page)
Three Months Ended September 30,
Nine Months Ended September 30, ($ in millions,
except per share data)
2015 2014 2015
2014 COMPREHENSIVE INCOME (LOSS):
Net income (loss) attributable
toThe Phoenix Companies, Inc.
$ (15.7 ) $ (22.4 )
$ (112.3 ) $ (72.9 ) Net
income (loss) attributable to noncontrolling interests 5.5
(0.1 ) 6.7 (0.2 )
Net income (loss) (10.2
) (22.5 ) (105.6 ) (73.1
) Other comprehensive income (loss) before income taxes:
Unrealized investment gains (losses), net of related offsets 3.9
(14.4 ) (47.4 ) 61.2 Net pension liability adjustment 4.0
1.7 7.1 5.1
Other comprehensive income
(loss) before income taxes 7.9 (12.7
) (40.3 ) 66.3 Less: Income tax
expense (benefit) related to: Unrealized investment gains (losses),
net of related offsets (21.8 ) (5.5 ) (39.2 ) 60.6 Net pension
liability adjustment — — — —
Total
income tax expense (benefit) (21.8 ) (5.5
) (39.2 ) 60.6 Other
comprehensive income (loss), net of income taxes 29.7
(7.2 ) (1.1 ) 5.7
Comprehensive income (loss) 19.5 (29.7
) (106.7 ) (67.4 )
Less: Comprehensive income (loss)
attributable tononcontrolling interests
5.5 (0.1 ) 6.7 (0.2 )
Comprehensive income (loss)
attributable toThe Phoenix Companies, Inc.
$ 14.0 $ (29.6 ) $
(113.4 ) $ (67.2 )
EARNINGS (LOSS) PER SHARE: Income (loss) from continuing
operations – basic (2.71 ) (3.85 ) (19.32 ) (12.42 ) Income (loss)
from continuing operations – diluted (2.71 ) (3.85 ) (19.32 )
(12.42 ) Income (loss) from discontinued operations – basic (0.02 )
(0.05 ) (0.21 ) (0.26 ) Income (loss) from discontinued operations
– diluted (0.02 ) (0.05 ) (0.21 ) (0.26 )
Net income (loss) attributable toThe
Phoenix Companies, Inc. – basic
(2.73 ) (3.90 ) (19.53 ) (12.68 )
Net income (loss) attributable toThe
Phoenix Companies, Inc. – diluted
(2.73 ) (3.90 ) (19.53 ) (12.68 )
Basic weighted-average common shares
outstanding(in thousands)
5,751 5,750 5,751 5,747
Diluted weighted-average common shares
outstanding(in thousands)
5,751 5,750 5,751 5,747
THE PHOENIX COMPANIES, INC.
Consolidated Interim Unaudited Balance
Sheets
($ in millions, except share data)
September 30, 2015
December 31,2014
ASSETS: Available-for-sale debt securities, at fair value
(cost of $12,155.9 and $11,978.0) $ 12,590.7 $ 12,679.3
Available-for-sale equity securities, at fair value (cost of $151.2
and $156.0) 170.9 179.5 Short-term investments 229.5 149.7 Limited
partnerships and other investments 544.5 542.8 Policy loans, at
unpaid principal balances 2,350.5 2,352.1 Derivative instruments
67.1 161.3 Fair value investments 185.6 235.4
Total investments 16,138.8 16,300.1 Cash and
cash equivalents 465.2 450.0 Accrued investment income 219.3 176.7
Reinsurance recoverable 575.9 559.1 Deferred policy acquisition
costs 895.3 848.6 Deferred income taxes, net 73.5 34.2 Other assets
342.4 311.3 Discontinued operations assets 44.8 45.2 Separate
account assets 2,533.2 3,020.7
Total assets
$ 21,288.4 $ 21,745.9
LIABILITIES: Policy liabilities and accruals $
12,350.4 $ 12,417.6 Policyholder deposit funds 4,319.5 3,955.0
Dividend obligations 813.0 916.8 Indebtedness 378.9 378.9 Pension
and post-employment liabilities 369.3 380.0 Other liabilities 249.3
289.8 Discontinued operations liabilities 39.8 40.5 Separate
account liabilities 2,533.2 3,020.7
Total
liabilities 21,053.4 21,399.3
CONTINGENCIES AND COMMITMENTS STOCKHOLDERS’
EQUITY: Common stock, $.01 par value: 5.8 million and 5.8
million shares outstanding 0.1 0.1 Additional paid-in capital
2,632.8 2,632.8 Accumulated other comprehensive income (loss)
(235.5 ) (234.4 ) Retained earnings (accumulated deficit) (2,001.3
) (1,889.0 ) Treasury stock, at cost: 0.7 million and 0.7 million
shares (182.9 ) (182.9 )
Total The Phoenix Companies, Inc.
stockholders’ equity 213.2 326.6 Noncontrolling
interests 21.8 20.0
Total stockholders’ equity
235.0 346.6 Total liabilities and
stockholders’ equity $ 21,288.4 $
21,745.9
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151109006776/en/
The Phoenix Companies, Inc.Media
RelationsAlice S. Ericson,
860-403-5946alice.ericson@phoenixwm.comorInvestor
RelationsNaomi Baline Kleinman,
860-403-7100pnx.ir@phoenixwm.com
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