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A.M. Best Co. has commented that the ratings of
The Phoenix Companies, Inc. (Phoenix) (Hartford, CT) [NYSE: PNX] and its key subsidiaries will remain unchanged following the company’s recent announcement that it will delay the filing of its third quarter 2012 financial results for up to two weeks. Additionally, Phoenix will restate certain of its GAAP financial statements for the years ended December 31, 2011, 2010 and 2009, the interim periods for 2011, and the first and second quarters of 2012. The outlook for all ratings is positive. (See A. M. Best’s press release dated January 12, 2012 for further information.)
The announced delayed SEC filing and the restatement reclassifying certain items on the consolidated statement of cash flows of prior periods is not expected to have a material impact on Phoenix’s GAAP or statutory results. Beginning and ending balances or the total change in cash and cash equivalents that were previously reported for the periods are not expected to change materially.