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The Phoenix Companies, Inc. (PNX) Announces Estimated Third Quarter 2012 Results

Stocks in this article: PNX

Correction due to revisions in the Income Taxes, Net Loss, Operating Loss and Total Stockholders' Equity figures.

The corrected release reads:

THE PHOENIX COMPANIES, INC. (PNX) ANNOUNCES CORRECTED ESTIMATED THIRD QUARTER 2012 RESULTS; CHANGES TO INCOME TAXES, NET LOSS, OPERATING LOSS AND TOTAL STOCKHOLDERS’ EQUITY

  • Third quarter 2012 net loss of $45.8 million, operating loss of $62.6 million and pre-tax operating loss of $80.7 million
  • Loss driven by charge related to annual actuarial assumption review and adverse mortality
  • Phoenix Life Insurance Company statutory surplus and asset valuation reserve at $944.4 million and estimated risk-based capital ratio at 391% at Sept. 30, 2012
  • Holding company liquidity of $124.0 million at Sept. 30, 2012

The Phoenix Companies, Inc. (NYSE:PNX) today reported estimated results for the third quarter of 2012. This report follows the company’s Nov. 8, 2012 announcement that it would restate its previously issued 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. Since there may be changes to prior period results, the company is not providing comparisons of any third quarter or nine-month 2012 results to any prior periods until the restated financial statements have been filed with the Securities and Exchange Commission.

The estimated third quarter 2012 GAAP results represent unaudited interim results prepared by management. The company has not closed its books and records for the third quarter of 2012 and continues to review these estimated results. The amounts disclosed herein are subject to change pending the completion of our previously announced restatement and the closing of our books for the third quarter of 2012, and any such change may be material.

Phoenix reported a third quarter 2012 net loss of $45.8 million, or $8.04 per share, which includes operating losses partially offset by strong realized investment gains.

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