The Phoenix Companies, Inc. (PNX)
Credit Suisse Group Financial Services Forum Conference Call
February 10, 2011 9:30 am ET
James D. Wehr – President, Chief Executive Officer & Director
James D. Wehr
Really what you’re going to hear this morning is a turnaround story. We’re going to talk at a very high level. It’s a turnaround that’s in process. It’s clearly heading in the right direction but not complete so as I think about things from an investor perspective I think that’s an interesting time to understand or start to understand the story and it still gives you an opportunity to get involved as things evolve and continue in the right direction.
I’m going to condense this to just a couple of statements. Today’s presentation may contain-forward looking statements within the meaning of the Federal Securities Laws. Actual results may differ materially from those suggested by those forward-looking statements. I want to note that we plan to release fourth quarter earnings next Thursday, February 16
so results discussed today will be based on third quarter 2011 numbers.
So you can see the headline, “Dramatic transformation since 2009,” I’ve used the words comeback. Let me show you where we were when I took over as CEO in April of 2009 in the midst of the financial crisis and contrast those with where we are today. I think folks in the room know that 2009 was a brutal year. It certainly was for Phoenix, multiple rating downgrades, loss of major distributors which translated into further downgrades, a product portfolio with essentially no market. We’ll talk about that a little bit. Our stock price actually hit, in early March of ’09 a low of $0.21, Sam you should have been involved at that point. Large losses, shrinking capital, it really was a very challenging environment as it was for many financial services companies.