Delaware
|
001-16517
|
06-1599088
|
||
(State or other jurisdiction
|
(Commission File Number)
|
(IRS Employer
|
||
of incorporation)
|
Identification No.)
|
One American Row, Hartford, CT
|
06102-5056
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(a)
|
Not applicable
|
(b)
|
Not applicable
|
(c)
|
Not applicable
|
(d)
|
Exhibits
|
THE PHOENIX COMPANIES, INC. | |||
Date: November 4, 2011
|
By:
|
/s/ Michael E. Hanrahan | |
Name: Michael E. Hanrahan | |||
Title: Vice President and |
The Phoenix Companies, Inc.
|
||||
Financial Supplement
|
||||
Wall Street Coverage
|
Transfer Agent and Registrar
|
|||
Firm
|
Analyst
|
For information or assistance regarding your account, please contact our transfer agent and registrar:
|
||
Credit Suisse Securities (USA)
|
Tom Gallagher
|
|||
JP Morgan
|
Jimmy Bhullar
|
The Phoenix Companies, Inc. C/O BNY Mellon Shareowner Services
|
||
Langen McAlenney
|
Robert Glasspiegel
|
P.O. Box 358015, Pittsburgh, PA 15258
|
||
Raymond James & Associates
|
Steven Schwartz
|
Toll-free: 1-800-490-4258 Int'l: 201-680-6823
|
||
UBS
|
Andrew Kligerman
|
TDD: 800-231-5469, Int'l TDD: 201-680-6610
|
||
E-mail: shrrelations@bnymellon.com
|
||||
Web: www.bnymellon.com/shareowner/isd
|
||||
For More Information
|
||||
To receive additional information, including financial supplements and Securities and Exchange Commission filings along with access to other shareholder services, visit the Investor Relations Section on our Web site at Phoenixwm.com or contact our Investor Relations Department at:
|
||||
Shareholder Information
|
||||
Security Listings
|
The Phoenix Companies, Inc.
|
|||
The common stock of The Phoenix Companies, Inc. is traded on the New York Stock Exchange (NYSE) | Investor Relations | |||
under the symbol "PNX." Our 7.45 percent bond is traded on the NYSE under the symbol "PFX." |
One American Row
|
|||
P.O. Box 5056, Hartford, CT 06102-5056
|
||||
Phone: 1-860-403-7100
|
||||
Fax: 1-860-403-7880
|
||||
e-mail: pnx.ir@phoenixwm.com
|
The Phoenix Companies, Inc.
|
Financial Supplement
|
September 2011 (unaudited)
|
Financial Highlights
|
1 | |||
Consolidated Income Statement
|
2 | |||
Alternate Operating Income Statement Details excluding Regulatory Closed Block
|
4 | |||
Closed Block Assets and Liabilities
|
6 | |||
Variable Universal Life Funds Under Management
|
8 | |||
Universal Life / Interest Sensitive Funds Under Management | 10 | |||
Life Sales | 12 | |||
Annuity Funds Under Management and Annuity Supplementary Information | 14 | |||
Deferred Policy Acquisition Costs | 16 | |||
Consolidated Statement of Income - GAAP Format | 18 | |||
Condensed Consolidated Balance Sheet - Preliminary | 20 | |||
General Account Investment Portfolio Summary | 21 | |||
General Account GAAP Net Investment Income Yields | 22 | |||
General Account Realized Investment Gains and Losses | 24 |
The Phoenix Companies, Inc.
|
|
Financial Highlights
|
|
Third Quarter 2011 (unaudited)
|
|
(amount in millions, except per share data)
|
For the Period Ended:
|
September
|
December 31,
|
||||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||
Balance Sheet Information
|
||||||||||||||||||||
General account invested assets
|
$ | 15,095.0 | $ | 14,288.7 | $ | 13,736.9 | $ | 13,595.7 | $ | 15,706.4 | ||||||||||
Separate account assets
|
3,666.9 | 4,416.8 | 4,418.1 | 3,860.1 | 5,781.2 | |||||||||||||||
Total assets
|
21,035.7 | 21,082.3 | 24,586.2 | 25,813.4 | 30,501.2 | |||||||||||||||
Indebtedness
|
427.7 | 427.7 | 428.0 | 458.0 | 627.7 | |||||||||||||||
Total stockholders' equity
|
1,241.0 | 1,155.5 | 1,131.1 | 865.1 | 2,279.0 | |||||||||||||||
Total stockholders' equity, excluding other accumulated OCI and FIN 46-R
|
$ | 1,321.2 | $ | 1,289.3 | $ | 1,302.4 | $ | 1,665.7 | $ | 2,470.0 | ||||||||||
Average equity, excluding other accumulated OCI, FIN 46-R and discontinued operations (1)
|
$ | 1,301.3 | $ | 1,328.3 | $ | 1,427.0 | $ | 1,808.3 | $ | 2,381.8 | ||||||||||
Total operating return on equity (1)
|
13.15 | % | -0.72 | % | -9.98 | % | -4.51 | % | 5.38 | % | ||||||||||
Average tangible common equity (2)
|
$ | 1,301.4 | $ | 1,327.2 | $ | 1,423.6 | $ | 1,702.2 | $ | 1,703.1 | ||||||||||
Total operating return on average tangible equity (2)
|
13.15 | % | -0.72 | % | -10.00 | % | -4.79 | % | 7.94 | % | ||||||||||
Debt to total capitalization (3)
|
24.5 | % | 24.9 | % | 24.7 | % | 21.6 | % | 20.3 | % | ||||||||||
Book value per share
|
$ | 10.67 | $ | 9.95 | $ | 9.78 | $ | 7.56 | $ | 19.94 | ||||||||||
Book value per share, excluding other accumulated OCI
|
$ | 11.36 | $ | 11.10 | $ | 11.26 | $ | 14.06 | $ | 21.15 | ||||||||||
Book value per share, excluding other accumulated OCI and FIN 46-R
|
$ | 11.36 | $ | 11.10 | $ | 11.26 | $ | 14.56 | $ | 21.61 | ||||||||||
Period-end common shares outstanding
|
116.3 | 116.1 | 115.7 | 114.4 | 114.3 | |||||||||||||||
Indebtedness:
|
||||||||||||||||||||
Surplus notes
|
$ | 174.1 | $ | 174.1 | $ | 174.1 | $ | 174.1 | $ | 174.0 | ||||||||||
Senior unsecured bonds - due 2008
|
--- | --- | --- | --- | 153.7 | |||||||||||||||
Senior unsecured bonds - due 2032
|
253.6 | 253.6 | 253.9 | 283.9 | 300.0 | |||||||||||||||
Total indebtedness
|
$ | 427.7 | $ | 427.7 | $ | 428.0 | $ | 458.0 | $ | 627.7 | ||||||||||
Statutory Financial Data for Phoenix Life Insurance Company (4)
|
||||||||||||||||||||
Capital, surplus and surplus notes
|
$ | 745.0 | $ | 658.5 | $ | 517.2 | $ | 758.9 | $ | 848.2 | ||||||||||
Asset valuation reserve (AVR)
|
119.0 | 104.7 | 57.0 | 94.4 | 192.5 | |||||||||||||||
Capital, surplus, surplus notes and AVR
|
$ | 864.0 | $ | 763.2 | $ | 574.2 | $ | 853.3 | $ | 1,040.7 | ||||||||||
Policyholder dividend liability
|
$ | 259.8 | $ | 256.6 | $ | 312.6 | $ | 324.2 | $ | 355.6 | ||||||||||
Interest maintenance reserve
|
$ | (58.6 | ) | $ | (58.0 | ) | $ | (45.8 | ) | $ | (44.2 | ) | $ | (44.4 | ) | |||||
Statutory gain from operations
|
$ | 103.5 | $ | 147.8 | $ | 29.2 | $ | 53.4 | $ | 115.2 | ||||||||||
Statutory net income (loss)
|
$ | 76.4 | $ | 139.8 | $ | (59.9 | ) | $ | (82.3 | ) | $ | 80.0 | ||||||||
(1)
|
This average equity is used for the calculation of total operating return on equity and represents the average of the monthly average of equity, excluding other accumulated OCI, the effects of FIN 46-R and the equity of discontinued operations.
|
|||||||
(2)
|
This average equity is used for the calculation of total operating return on tangible equity and represents the average of the monthly average of equity, excluding other accumulated OCI, the effects of FIN 46-R, the equity of discontinued operations and the carrying value of goodwill and intangible assets.
|
|||||||
(3)
|
This debt to total capitalization is based on total stockholders' equity, excluding other accumulated OCI and FIN 46-R.
|
|||||||
(4)
|
Phoenix Life Insurance Company is required to file financial statements with state regulatory authorities prepared on an accounting basis prescribed or permitted by the Insurance Department of the State of New York. September 2011 amounts are preliminary.
|
The Phoenix Companies, Inc.
|
||
Consolidated Income Statement
|
||
Third Quarter 2011 (unaudited)
|
||
(amount in millions, except per share data)
|
September
|
December 31,
|
|||||||||||||||||||||||
2011
|
2010
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||||||
Consolidated Income Statement
|
||||||||||||||||||||||||
Premiums (1)
|
$ | 337.7 | $ | 387.5 | $ | 521.4 | $ | 583.9 | $ | 665.1 | $ | 696.7 | ||||||||||||
Fee income
|
456.0 | 476.1 | 629.5 | 648.1 | 600.9 | 499.9 | ||||||||||||||||||
Net investment income
|
610.9 | 616.5 | 844.0 | 785.8 | 906.4 | 1,035.5 | ||||||||||||||||||
Total revenue
|
1,404.6 | 1,480.1 | 1,994.9 | 2,017.8 | 2,172.4 | 2,232.1 | ||||||||||||||||||
Policy benefits and increase in policy liabilities (1)
|
800.0 | 820.7 | 1,090.0 | 1,179.6 | 1,261.5 | 1,210.8 | ||||||||||||||||||
Policyholder dividends
|
188.6 | 214.1 | 300.4 | 267.3 | 327.7 | 375.6 | ||||||||||||||||||
Policy acquisition cost amortization
|
171.2 | 234.3 | 300.4 | 266.5 | 431.7 | 192.7 | ||||||||||||||||||
Interest expense on indebtedness
|
23.8 | 23.9 | 31.7 | 33.1 | 36.7 | 44.2 | ||||||||||||||||||
Operating expenses
|
175.4 | 219.1 | 286.6 | 298.5 | 274.4 | 261.1 | ||||||||||||||||||
Total benefits and expenses
|
1,359.0 | 1,512.1 | 2,009.1 | 2,045.0 | 2,332.0 | 2,084.4 | ||||||||||||||||||
Pre-tax operating income (loss)
|
45.6 | (32.0 | ) | (14.2 | ) | (27.2 | ) | (159.6 | ) | 147.7 | ||||||||||||||
Income tax expense (benefit)
|
4.8 | (14.6 | ) | (4.6 | ) | 115.5 | (75.7 | ) | 27.1 | |||||||||||||||
Operating income (loss)
|
40.8 | (17.4 | ) | (9.6 | ) | (142.7 | ) | (83.9 | ) | 120.6 | ||||||||||||||
Net realized investment gains (losses)
|
(7.0 | ) | 19.4 | (9.9 | ) | (102.2 | ) | (295.8 | ) | (6.0 | ) | |||||||||||||
Net Tax, DAC and PDO impacts
|
3.2 | (17.9 | ) | (5.1 | ) | 48.9 | 207.1 | (2.3 | ) | |||||||||||||||
Earnings on CDOs consolidated under FIN-46R
|
--- | --- | --- | --- | (4.2 | ) | 1.0 | |||||||||||||||||
Discontinued operations
|
(6.9 | ) | 14.9 | 12.0 | (123.0 | ) | (549.2 | ) | 4.3 | |||||||||||||||
Net income (loss)
|
$ | 30.1 | $ | (1.0 | ) | $ | (12.6 | ) | $ | (319.0 | ) | $ | (726.0 | ) | $ | 117.6 | ||||||||
Earnings Per Share
|
||||||||||||||||||||||||
Basic
|
||||||||||||||||||||||||
Weighted-average shares outstanding
|
116.8 | 116.3 | 116.3 | 116.5 | 114.4 | 114.1 | ||||||||||||||||||
Total operating income (loss) per share
|
$ | 0.35 | $ | (0.15 | ) | $ | (0.08 | ) | $ | (1.23 | ) | $ | (0.73 | ) | $ | 1.06 | ||||||||
Net income (loss) per share
|
$ | 0.26 | $ | (0.01 | ) | $ | (0.11 | ) | $ | (2.74 | ) | $ | (6.35 | ) | $ | 1.03 | ||||||||
Diluted
|
||||||||||||||||||||||||
Weighted-average shares outstanding and dilutive potential common shares
|
116.8 | 116.3 | 116.3 | 116.5 | 114.4 | 116.0 | ||||||||||||||||||
Total operating income (loss) per share
|
$ | 0.35 | $ | (0.15 | ) | $ | (0.08 | ) | $ | (1.23 | ) | $ | (0.73 | ) | $ | 1.04 | ||||||||
Net income (loss) per share
|
$ | 0.26 | $ | (0.01 | ) | $ | (0.11 | ) | $ | (2.74 | ) | $ | (6.35 | ) | $ | 1.01 | ||||||||
(1)
|
Prior period amounts have been revised to reflect the correction of an error related to the historical presentation of ceded premiums related to certain reinsurance contracts within the Closed Block. The adjustments reflect the reclassification of ceded premiums from benefits and reserves to revenue. There was no impact to net income(loss), stockholders' equity, or earnings per share.
|
|||||||||||
|
Consolidated Income Statement
|
|
Third Quarter 2011 (unaudited)
|
|
(amount in millions, except per share data)
|
|
Quarters ended
|
2010
|
2011
|
|||||||||||||||||||||||||||
March
|
June
|
September
|
December
|
March
|
June
|
September
|
||||||||||||||||||||||
Consolidated Income Statement
|
||||||||||||||||||||||||||||
Premiums (1)
|
$ | 126.9 | $ | 130.8 | $ | 129.8 | $ | 133.9 | $ | 111.0 | $ | 109.3 | $ | 117.4 | ||||||||||||||
Fee income
|
162.5 | 155.6 | 157.9 | 153.4 | 153.8 | 154.6 | 147.6 | |||||||||||||||||||||
Net investment income
|
204.9 | 216.1 | 195.5 | 232.3 | 201.3 | 211.2 | 198.3 | |||||||||||||||||||||
Total revenue
|
494.3 | 502.5 | 483.2 | 519.6 | 466.1 | 475.1 | 463.3 | |||||||||||||||||||||
Policy benefits and increase in policy liabilities (1)
|
263.8 | 292.5 | 264.4 | 269.3 | 260.7 | 271.1 | 268.2 | |||||||||||||||||||||
Policyholder dividends
|
68.3 | 80.4 | 65.4 | 86.3 | 65.3 | 70.4 | 53.0 | |||||||||||||||||||||
Policy acquisition cost amortization
|
67.0 | 67.4 | 99.9 | 66.1 | 62.5 | 51.7 | 56.9 | |||||||||||||||||||||
Interest expense on indebtedness
|
8.0 | 7.9 | 7.9 | 7.9 | 7.9 | 7.9 | 7.9 | |||||||||||||||||||||
Operating expenses
|
80.2 | 74.9 | 64.0 | 72.2 | 59.3 | 58.9 | 57.3 | |||||||||||||||||||||
Total benefits and expenses
|
487.3 | 523.1 | 501.6 | 501.8 | 455.7 | 460.0 | 443.3 | |||||||||||||||||||||
Pre-tax operating income (loss)
|
7.0 | (20.6 | ) | (18.4 | ) | 17.8 | 10.4 | 15.1 | 20.0 | |||||||||||||||||||
Income tax expense (benefit)
|
(2.7 | ) | (0.6 | ) | (11.3 | ) | 10.0 | (4.4 | ) | 18.0 | (9.0 | ) | ||||||||||||||||
Operating income (loss)
|
9.7 | (20.0 | ) | (7.1 | ) | 7.8 | 14.8 | (2.9 | ) | 29.0 | ||||||||||||||||||
Net realized investment gains (losses)
|
3.0 | 30.5 | (14.1 | ) | (29.3 | ) | (16.2 | ) | 3.1 | 6.1 | ||||||||||||||||||
Net Tax, DAC and PDO impacts
|
1.2 | (15.2 | ) | (3.9 | ) | 12.8 | (3.2 | ) | 4.9 | 1.4 | ||||||||||||||||||
Discontinued operations
|
(0.2 | ) | 15.0 | 0.1 | (2.9 | ) | (1.5 | ) | (0.7 | ) | (4.7 | ) | ||||||||||||||||
Net income (loss)
|
$ | 13.7 | $ | 10.3 | $ | (25.0 | ) | $ | (11.6 | ) | $ | (6.1 | ) | $ | 4.4 | $ | 31.8 | |||||||||||
Earnings Per Share
|
||||||||||||||||||||||||||||
Basic
|
||||||||||||||||||||||||||||
Weighted-average shares outstanding
|
116.1 | 116.2 | 116.3 | 116.3 | 116.3 | 116.8 | 116.9 | |||||||||||||||||||||
Total operating income (loss) per share
|
$ | 0.08 | $ | (0.17 | ) | $ | (0.06 | ) | $ | 0.07 | $ | 0.13 | $ | (0.02 | ) | $ | 0.25 | |||||||||||
Net income (loss) per share
|
$ | 0.12 | $ | 0.09 | $ | (0.22 | ) | $ | (0.10 | ) | $ | (0.05 | ) | $ | 0.04 | $ | 0.27 | |||||||||||
Diluted
|
||||||||||||||||||||||||||||
Weighted-average shares outstanding and
|
||||||||||||||||||||||||||||
dilutive potential common shares
|
116.6 | 116.2 | 116.3 | 116.3 | 116.3 | 117.1 | 117.1 | |||||||||||||||||||||
Total operating income (loss) per share
|
$ | 0.08 | $ | (0.17 | ) | $ | (0.06 | ) | $ | 0.07 | $ | 0.13 | $ | (0.02 | ) | $ | 0.25 | |||||||||||
Net income (loss) per share
|
$ | 0.12 | $ | 0.09 | $ | (0.22 | ) | $ | (0.10 | ) | $ | (0.05 | ) | $ | 0.04 | $ | 0.27 | |||||||||||
(1)
|
Prior period amounts have been revised to reflect the correction of an error related to the historical presentation of ceded premiums related to certain reinsurance contracts within the Closed Block. The adjustments reflect the reclassification of ceded premiums from benefits and reserves to revenue. There was no impact to net income(loss), stockholders' equity, or earnings per share. |
The Phoenix Companies, Inc.
|
Alternate Operating Income Statement
|
Details excluding Regulatory Closed Block
|
Third Quarter 2011 (unaudited)
|
($ in millions)
|
September
|
December 31,
|
|||||||||||||||||||||||
2011
|
2010
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||||||
Premiums
|
$ | 24.9 | $ | 21.7 | $ | 29.8 | $ | 37.1 | $ | 46.6 | $ | 52.7 | ||||||||||||
Cost of insurance charges
|
344.0 | 361.9 | 475.5 | 491.2 | 434.7 | 336.0 | ||||||||||||||||||
Other fees
|
100.1 | 100.1 | 136.1 | 130.0 | 151.1 | 148.2 | ||||||||||||||||||
Surrender charges
|
11.9 | 14.1 | 17.9 | 26.9 | 15.1 | 15.7 | ||||||||||||||||||
Net investment income on assets backing liabilities
|
246.7 | 226.5 | 313.5 | 330.2 | 358.8 | 385.1 | ||||||||||||||||||
Net investment income on assets backing surplus
|
19.1 | 21.0 | 32.9 | (2.2 | ) | 24.5 | 78.8 | |||||||||||||||||
Total revenue
|
746.7 | 745.3 | 1,005.7 | 1,013.2 | 1,030.8 | 1,016.5 | ||||||||||||||||||
Benefits paid
|
319.8 | 396.6 | 517.0 | 806.1 | 463.1 | 436.7 | ||||||||||||||||||
Increases (decreases) in reserves
|
(36.5 | ) | (138.4 | ) | (177.1 | ) | (434.3 | ) | (100.4 | ) | (149.1 | ) | ||||||||||||
Interest on policyholder funds
|
88.9 | 94.6 | 124.2 | 136.2 | 152.0 | 155.6 | ||||||||||||||||||
Policyholder dividends
|
0.2 | 0.3 | 0.3 | 0.4 | 0.6 | 0.7 | ||||||||||||||||||
Interest expense on indebtedness
|
23.8 | 23.9 | 31.7 | 33.1 | 36.7 | 44.2 | ||||||||||||||||||
Commissions and sales incentives, net of deferrals
|
18.6 | 19.3 | 26.5 | 21.9 | 39.7 | 33.6 | ||||||||||||||||||
Operating expenses, net of deferrals
|
146.3 | 171.5 | 233.2 | 269.5 | 225.9 | 219.6 | ||||||||||||||||||
Reinsurance allowance, net of deferrals
|
(3.0 | ) | 7.0 | 5.8 | (5.7 | ) | (13.0 | ) | (13.4 | ) | ||||||||||||||
Premium taxes
|
9.1 | 11.4 | 15.4 | 9.4 | 16.8 | 15.1 | ||||||||||||||||||
Policy acquisition cost amortization
|
171.2 | 234.3 | 300.4 | 266.5 | 431.7 | 192.7 | ||||||||||||||||||
Total benefits and expenses
|
738.4 | 820.5 | 1,077.4 | 1,103.1 | 1,253.1 | 935.7 | ||||||||||||||||||
Pre-tax operating income (loss) excl. regulatory closed block
|
8.3 | (75.2 | ) | (71.7 | ) | (89.9 | ) | (222.3 | ) | 80.8 | ||||||||||||||
Pre-tax operating income - regulatory closed block
|
37.3 | 43.2 | 57.5 | 62.7 | 62.7 | 67.0 | ||||||||||||||||||
Total pre-tax operating income (loss)
|
45.6 | (32.0 | ) | (14.2 | ) | (27.2 | ) | (159.6 | ) | 147.8 | ||||||||||||||
Income tax expense (benefit)
|
4.8 | (14.6 | ) | (4.6 | ) | 115.5 | (75.7 | ) | 27.1 | |||||||||||||||
Total operating income (loss)
|
$ | 40.8 | $ | (17.4 | ) | $ | (9.6 | ) | $ | (142.7 | ) | $ | (83.9 | ) | $ | 120.7 | ||||||||
The Phoenix Companies, Inc.
|
||
Alternate Operating Income Statement
|
||
Details excluding Regulatory Closed Block
|
||
Third Quarter 2011 (unaudited)
|
||
($ in millions)
|
||
Quarters ended
|
2010
|
2011
|
|||||||||||||||||||||||||||
March
|
June
|
September
|
December
|
March
|
June
|
September
|
||||||||||||||||||||||
Premiums
|
$ | 7.0 | $ | 6.6 | $ | 8.1 | $ | 8.1 | $ | 7.8 | $ | 5.6 | $ | 11.6 | ||||||||||||||
Cost of insurance charges
|
124.4 | 119.9 | 117.6 | 113.6 | 116.1 | 114.9 | 113.0 | |||||||||||||||||||||
Other fees
|
33.1 | 30.9 | 36.1 | 36.0 | 33.6 | 34.9 | 31.5 | |||||||||||||||||||||
Surrender charges
|
5.0 | 4.8 | 4.3 | 3.8 | 4.1 | 4.8 | 3.0 | |||||||||||||||||||||
Net investment income on assets backing liabilities
|
76.8 | 74.9 | 74.8 | 87.0 | 80.6 | 83.9 | 82.3 | |||||||||||||||||||||
Net investment income on assets backing surplus
|
5.7 | 9.5 | 5.8 | 11.9 | 3.1 | 9.3 | 6.6 | |||||||||||||||||||||
Total revenue
|
252.0 | 246.6 | 246.7 | 260.4 | 245.3 | 253.4 | 248.0 | |||||||||||||||||||||
Benefits paid
|
129.5 | 138.7 | 128.4 | 120.4 | 114.7 | 124.3 | 80.8 | |||||||||||||||||||||
Increases (decreases) in reserves
|
(52.0 | ) | (38.0 | ) | (48.4 | ) | (38.7 | ) | (24.6 | ) | (22.3 | ) | 10.3 | |||||||||||||||
Interest on policyholder funds
|
32.5 | 32.1 | 30.0 | 29.6 | 29.0 | 31.6 | 28.4 | |||||||||||||||||||||
Policyholder dividends
|
0.1 | 0.1 | 0.1 | --- | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||
Interest expense on indebtedness
|
8.0 | 7.9 | 7.9 | 7.9 | 7.9 | 7.9 | 7.9 | |||||||||||||||||||||
Commissions and sales incentives, net of deferrals
|
6.1 | 7.0 | 6.2 | 7.1 | 6.1 | 6.5 | 6.3 | |||||||||||||||||||||
Operating expenses, net of deferrals
|
62.6 | 54.4 | 54.6 | 61.7 | 49.9 | 48.8 | 47.6 | |||||||||||||||||||||
Reinsurance allowance, net of deferrals
|
(1.3 | ) | 9.4 | (1.1 | ) | (1.2 | ) | (1.1 | ) | (0.9 | ) | (1.0 | ) | |||||||||||||||
Premium taxes
|
6.9 | 2.6 | 1.9 | 4.0 | 2.9 | 3.1 | 3.0 | |||||||||||||||||||||
Policy acquisition cost amortization
|
67.0 | 67.4 | 99.9 | 66.1 | 62.5 | 51.7 | 56.9 | |||||||||||||||||||||
Total benefits and expenses
|
259.4 | 281.6 | 279.5 | 256.9 | 247.4 | 250.8 | 240.3 | |||||||||||||||||||||
Pre-tax operating income (loss) excl. regulatory closed block
|
(7.4 | ) | (35.0 | ) | (32.8 | ) | 3.5 | (2.1 | ) | 2.6 | 7.7 | |||||||||||||||||
Pre-tax operating income - regulatory closed block
|
14.4 | 14.4 | 14.4 | 14.3 | 12.5 | 12.5 | 12.3 | |||||||||||||||||||||
Total pre-tax operating income (loss)
|
7.0 | (20.6 | ) | (18.4 | ) | 17.8 | 10.4 | 15.1 | 20.0 | |||||||||||||||||||
Income tax expense (benefit)
|
(2.7 | ) | (0.6 | ) | (11.3 | ) | 10.0 | (4.4 | ) | 18.0 | (9.0 | ) | ||||||||||||||||
Total operating income (loss)
|
$ | 9.7 | $ | (20.0 | ) | $ | (7.1 | ) | $ | 7.8 | $ | 14.8 | $ | (2.9 | ) | $ | 29.0 | |||||||||||
The Phoenix Companies, Inc.
|
|||||||||||||
Closed Block Assets and Liabilities
|
|||||||||||||
Third Quarter 2011 (unaudited)
|
|||||||||||||
($ in millions) | |||||||||||||
September
|
December 31,
|
|||||||||||||||||||||||
2011
|
2010
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||||||
Debt securities
|
$ | 6,395.6 | $ | 6,581.3 | $ | 6,385.4 | $ | 6,305.1 | $ | 6,011.4 | $ | 6,919.4 | ||||||||||||
Equity securities
|
19.1 | 19.4 | 19.6 | 6.7 | 9.0 | 134.0 | ||||||||||||||||||
Mortgage loans
|
2.9 | 4.5 | 4.1 | 6.2 | 8.9 | 12.7 | ||||||||||||||||||
Venture capital partnerships
|
221.6 | 199.4 | 210.0 | 180.2 | 188.5 | 157.3 | ||||||||||||||||||
Policy loans
|
1,289.4 | 1,349.1 | 1,340.8 | 1,378.5 | 1,377.0 | 1,357.1 | ||||||||||||||||||
Other investments
|
130.3 | 122.6 | 125.5 | 142.8 | 153.3 | 123.7 | ||||||||||||||||||
Fair value options investments
|
10.8 | 15.1 | 16.0 | --- | --- | --- | ||||||||||||||||||
Total closed block investments
|
8,069.7 | 8,291.4 | 8,101.4 | 8,019.5 | 7,748.1 | 8,704.2 | ||||||||||||||||||
Cash and cash equivalents
|
13.8 | 27.5 | 7.1 | 33.3 | 57.2 | 67.8 | ||||||||||||||||||
Accrued investment income
|
97.7 | 102.1 | 97.2 | 105.9 | 113.0 | 112.1 | ||||||||||||||||||
Receivables
|
53.0 | 72.5 | 62.5 | 53.3 | 49.5 | 44.7 | ||||||||||||||||||
Deferred income taxes
|
232.8 | 246.9 | 236.2 | 270.3 | 418.3 | 329.3 | ||||||||||||||||||
Other closed block assets
|
12.6 | 14.1 | 17.8 | 22.6 | 338.0 | 10.0 | ||||||||||||||||||
Total closed block assets
|
8,479.6 | 8,754.5 | 8,522.2 | 8,504.9 | 8,724.1 | 9,268.1 | ||||||||||||||||||
Policy liabilities and accruals
|
8,701.3 | 8,975.2 | 8,903.5 | 9,246.5 | 9,742.7 | 9,811.2 | ||||||||||||||||||
Policyholder dividends payable
|
261.5 | 294.8 | 263.3 | 297.8 | 311.1 | 332.8 | ||||||||||||||||||
Policyholder dividend obligation
|
499.9 | 457.3 | 339.0 | --- | --- | 246.0 | ||||||||||||||||||
Other closed block liabilities
|
50.4 | 93.4 | 73.6 | 57.9 | 72.0 | 49.3 | ||||||||||||||||||
Total closed block liabilities
|
9,513.1 | 9,820.7 | 9,579.4 | 9,602.2 | 10,125.8 | 10,439.3 | ||||||||||||||||||
Excess of closed block liabilities over closed block assets
|
$ | 1,033.5 | $ | 1,066.2 | $ | 1,057.2 | $ | 1,097.3 | $ | 1,401.7 | $ | 1,171.2 | ||||||||||||
The Phoenix Companies, Inc.
|
||
Closed Block Assets and Liabilities
|
||
Third Quarter 2011 (unaudited)
|
||
($ in millions)
|
2010
|
2011
|
|||||||||||||||||||||||||||
March
|
June
|
September
|
December
|
March
|
June
|
September
|
||||||||||||||||||||||
Debt securities
|
$ | 6,371.5 | $ | 6,480.7 | $ | 6,581.3 | $ | 6,385.4 | $ | 6,384.6 | $ | 6,386.1 | $ | 6,395.6 | ||||||||||||||
Equity securities
|
9.9 | 12.3 | 19.4 | 19.6 | 21.6 | 19.5 | 19.1 | |||||||||||||||||||||
Mortgage loans
|
5.7 | 5.2 | 4.5 | 4.1 | 3.7 | 3.3 | 2.9 | |||||||||||||||||||||
Venture capital partnerships
|
191.2 | 197.9 | 199.4 | 210.0 | 215.3 | 218.3 | 221.6 | |||||||||||||||||||||
Policy loans
|
1,380.0 | 1,371.0 | 1,349.1 | 1,340.8 | 1,315.1 | 1,303.0 | 1,289.4 | |||||||||||||||||||||
Other investments
|
141.5 | 148.3 | 122.6 | 125.5 | 122.7 | 132.2 | 130.3 | |||||||||||||||||||||
Fair value options investments
|
--- | --- | 15.1 | 16.0 | 11.7 | 11.8 | 10.8 | |||||||||||||||||||||
Total closed block investments
|
8,099.8 | 8,215.4 | 8,291.4 | 8,101.4 | 8,074.7 | 8,074.2 | 8,069.7 | |||||||||||||||||||||
Cash and cash equivalents
|
24.6 | 22.6 | 27.5 | 7.1 | 11.4 | 14.1 | 13.8 | |||||||||||||||||||||
Accrued investment income
|
107.4 | 102.1 | 102.1 | 97.2 | 96.5 | 94.9 | 97.7 | |||||||||||||||||||||
Receivables
|
55.5 | 61.5 | 72.5 | 62.5 | 60.1 | 59.3 | 53.0 | |||||||||||||||||||||
Deferred income taxes
|
264.1 | 261.1 | 246.9 | 236.2 | 232.3 | 233.5 | 232.8 | |||||||||||||||||||||
Other closed block assets
|
17.1 | 37.0 | 14.1 | 17.8 | 25.3 | 15.8 | 12.6 | |||||||||||||||||||||
Total closed block assets
|
8,568.5 | 8,699.7 | 8,754.5 | 8,522.2 | 8,500.3 | 8,491.8 | 8,479.6 | |||||||||||||||||||||
Policy liabilities and accruals
|
9,167.0 | 9,077.0 | 8,975.2 | 8,903.5 | 8,835.8 | 8,770.3 | 8,701.3 | |||||||||||||||||||||
Policyholder dividends payable
|
299.2 | 296.3 | 294.8 | 263.3 | 264.3 | 261.8 | 261.5 | |||||||||||||||||||||
Policyholder dividend obligation
|
114.8 | 248.5 | 457.3 | 339.0 | 355.8 | 433.5 | 499.9 | |||||||||||||||||||||
Other closed block liabilities
|
71.5 | 152.9 | 93.4 | 73.6 | 93.5 | 67.6 | 50.4 | |||||||||||||||||||||
Total closed block liabilities
|
9,652.5 | 9,774.7 | 9,820.7 | 9,579.4 | 9,549.4 | 9,533.2 | 9,513.1 | |||||||||||||||||||||
Excess of closed block liabilities over closed block assets
|
$ | 1,084.0 | $ | 1,075.0 | $ | 1,066.2 | $ | 1,057.2 | $ | 1,049.1 | $ | 1,041.4 | $ | 1,033.5 | ||||||||||||||
Variable Universal Life
|
Funds Under Management
|
Third Quarter 2011 (unaudited)
|
($ in millions) |
September
|
December 31,
|
|||||||||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||||||
Funds Under Management (FUM)
|
||||||||||||||||||||||||
Deposits
|
$ | 71.3 | $ | 82.5 | $ | 108.5 | $ | 115.8 | $ | 142.2 | $ | 153.8 | ||||||||||||
Surrenders
|
(105.4 | ) | (128.7 | ) | (175.6 | ) | (158.8 | ) | (105.4 | ) | (102.1 | ) | ||||||||||||
Net flows
|
(34.1 | ) | (46.2 | ) | (67.1 | ) | (43.0 | ) | 36.8 | 51.7 | ||||||||||||||
Deaths
|
(3.3 | ) | (3.4 | ) | (4.3 | ) | (2.6 | ) | (4.6 | ) | (12.0 | ) | ||||||||||||
Interest credited
|
(76.9 | ) | 58.0 | 143.6 | 244.3 | (486.1 | ) | 121.5 | ||||||||||||||||
Fees
|
(8.8 | ) | (9.8 | ) | (13.1 | ) | (15.3 | ) | (22.7 | ) | (26.1 | ) | ||||||||||||
Cost of insurance
|
(54.1 | ) | (57.3 | ) | (76.0 | ) | (80.0 | ) | (78.6 | ) | (75.2 | ) | ||||||||||||
Change in FUM
|
(177.2 | ) | (58.7 | ) | (16.9 | ) | 103.4 | (555.2 | ) | 59.9 | ||||||||||||||
Beginning balance
|
1,151.6 | 1,168.5 | 1,168.5 | 1,065.1 | 1,620.3 | 1,560.4 | ||||||||||||||||||
Ending fund balance
|
$ | 974.4 | $ | 1,109.8 | $ | 1,151.6 | $ | 1,168.5 | $ | 1,065.1 | $ | 1,620.3 | ||||||||||||
Gross life insurance in force
|
$ | 14,732.0 | $ | 16,589.0 | $ | 16,063.0 | $ | 22,780.0 | $ | 24,934.5 | $ | 24,714.2 | ||||||||||||
Less Philadelphia Financial Group (PFG) gross life insurance in force
|
--- | --- | --- | 4,758.1 | 4,665.3 | 4,259.4 | ||||||||||||||||||
Gross life insurance in force (1)
|
$ | 14,732.0 | $ | 16,589.0 | $ | 16,063.0 | $ | 18,021.9 | $ | 20,269.2 | $ | 20,454.8 | ||||||||||||
(1)
|
Gross life insurance in force for all periods have been reduced to reflect the sale of Philadelphia Financial Group (PFG) in June 2010.
|
Variable Universal Life
|
Funds Under Management
|
Third Quarter 2011 (unaudited)
|
($ in millions)
|
Quarters ended
|
2010
|
2011
|
|||||||||||||||||||||||||||
June
|
September
|
December
|
March
|
June
|
September
|
|||||||||||||||||||||||
Funds Under Management (FUM)
|
||||||||||||||||||||||||||||
Deposits
|
$ | 28.7 | $ | 27.6 | $ | 26.2 | $ | 26.0 | $ | 24.5 | $ | 22.9 | $ | 23.9 | ||||||||||||||
Surrenders
|
(46.3 | ) | (42.7 | ) | (39.7 | ) | (46.9 | ) | (44.7 | ) | (34.2 | ) | (26.5 | ) | ||||||||||||||
Net flows
|
(17.6 | ) | (15.1 | ) | (13.5 | ) | (20.9 | ) | (20.2 | ) | (11.3 | ) | (2.6 | ) | ||||||||||||||
Deaths
|
(2.1 | ) | (0.4 | ) | (0.9 | ) | (0.9 | ) | (2.0 | ) | (0.6 | ) | (0.7 | ) | ||||||||||||||
Interest credited
|
41.6 | (81.5 | ) | 97.9 | 85.6 | 52.9 | 9.0 | (138.8 | ) | |||||||||||||||||||
Fees
|
(3.3 | ) | (3.4 | ) | (3.1 | ) | (3.3 | ) | (3.1 | ) | (3.1 | ) | (2.6 | ) | ||||||||||||||
Cost of insurance
|
(19.2 | ) | (19.1 | ) | (19.0 | ) | (18.7 | ) | (18.4 | ) | (17.8 | ) | (17.9 | ) | ||||||||||||||
Change in FUM
|
(0.6 | ) | (119.5 | ) | 61.4 | 41.8 | 9.2 | (23.8 | ) | (162.6 | ) | |||||||||||||||||
Beginning balance
|
1,168.5 | 1,167.9 | 1,048.4 | 1,109.8 | 1,151.6 | 1,160.8 | 1,137.0 | |||||||||||||||||||||
Ending fund balance
|
$ | 1,167.9 | $ | 1,048.4 | $ | 1,109.8 | $ | 1,151.6 | $ | 1,160.8 | $ | 1,137.0 | $ | 974.4 | ||||||||||||||
Gross life insurance in force
|
$ | 22,483.0 | $ | 17,183.0 | $ | 16,589.0 | $ | 16,063.0 | $ | 15,498.0 | $ | 15,090.0 | $ | 14,732.0 | ||||||||||||||
Less Philadelphia Financial Group (PFG) gross life insurance in force
|
4,738.3 | --- | --- | --- | --- | --- | --- | |||||||||||||||||||||
Gross life insurance in force (1)
|
$ | 17,744.7 | $ | 17,183.0 | $ | 16,589.0 | $ | 16,063.0 | $ | 15,498.0 | $ | 15,090.0 | $ | 14,732.0 | ||||||||||||||
(1)
|
Gross life insurance in force for all periods have been reduced to reflect the sale of Philadelphia Financial Group (PFG) in June 2010.
|
The Phoenix Companies, Inc.
|
Universal Life / Interest Sensitive Funds Under Management
|
Third Quarter 2011 (unaudited)
|
($ in millions)
|
September
|
December 31,
|
|||||||||||||||||||||||
2011
|
2010
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||||||
Funds Under Management (FUM)
|
||||||||||||||||||||||||
Deposits
|
$ | 285.0 | $ | 240.2 | $ | 336.2 | $ | 351.4 | $ | 587.5 | $ | 540.9 | ||||||||||||
Surrenders
|
(65.3 | ) | (98.4 | ) | (123.4 | ) | (161.6 | ) | (118.8 | ) | (77.0 | ) | ||||||||||||
Net flows
|
219.7 | 141.8 | 212.8 | 189.8 | 468.7 | 463.9 | ||||||||||||||||||
Deaths
|
(25.9 | ) | (31.5 | ) | (40.2 | ) | (27.3 | ) | (28.4 | ) | (22.9 | ) | ||||||||||||
Interest credited
|
60.2 | 65.3 | 85.7 | 96.6 | 97.7 | 86.3 | ||||||||||||||||||
Fees
|
(17.7 | ) | (16.6 | ) | (22.5 | ) | (28.3 | ) | (51.5 | ) | (48.6 | ) | ||||||||||||
Cost of insurance
|
(289.9 | ) | (302.9 | ) | (397.6 | ) | (406.1 | ) | (354.4 | ) | (258.9 | ) | ||||||||||||
Change in FUM
|
(53.6 | ) | (143.9 | ) | (161.8 | ) | (175.3 | ) | 132.1 | 219.8 | ||||||||||||||
Beginning balance
|
1,918.9 | 2,080.7 | 2,080.7 | 2,256.0 | 2,123.9 | 1,904.1 | ||||||||||||||||||
Ending fund balance
|
$ | 1,865.3 | $ | 1,936.8 | $ | 1,918.9 | $ | 2,080.7 | $ | 2,256.0 | $ | 2,123.9 | ||||||||||||
Gross life insurance in force
|
$ | 26,659.0 | $ | 29,705.0 | $ | 28,769.0 | $ | 32,329.0 | $ | 33,351.1 | $ | 27,358.2 | ||||||||||||
The Phoenix Companies, Inc.
|
Universal Life / Interest Sensitive Funds Under Management
|
Third Quarter 2011 (unaudited)
|
($ in millions)
|
Quarters ended
|
2010
|
2011
|
|||||||||||||||||||||||||||
March
|
June
|
September
|
December
|
March
|
June
|
September
|
||||||||||||||||||||||
Funds Under Management (FUM)
|
||||||||||||||||||||||||||||
Deposits
|
$ | 84.3 | $ | 75.1 | $ | 80.8 | $ | 96.0 | $ | 90.2 | $ | 100.6 | $ | 94.2 | ||||||||||||||
Surrenders
|
(35.6 | ) | (29.0 | ) | (33.8 | ) | (25.0 | ) | (21.9 | ) | (20.9 | ) | (22.5 | ) | ||||||||||||||
Net flows
|
48.7 | 46.1 | 47.0 | 71.0 | 68.3 | 79.7 | 71.7 | |||||||||||||||||||||
Deaths
|
(9.8 | ) | (13.0 | ) | (8.7 | ) | (8.7 | ) | (8.5 | ) | (9.2 | ) | (8.2 | ) | ||||||||||||||
Interest credited
|
23.1 | 21.5 | 20.7 | 20.4 | 20.3 | 20.5 | 19.4 | |||||||||||||||||||||
Fees
|
(6.1 | ) | (5.1 | ) | (5.4 | ) | (5.9 | ) | (5.7 | ) | (6.1 | ) | (5.9 | ) | ||||||||||||||
Cost of insurance
|
(104.3 | ) | (100.4 | ) | (98.2 | ) | (94.7 | ) | (97.6 | ) | (97.1 | ) | (95.2 | ) | ||||||||||||||
Change in FUM
|
(48.4 | ) | (50.9 | ) | (44.6 | ) | (17.9 | ) | (23.2 | ) | (12.2 | ) | (18.2 | ) | ||||||||||||||
Beginning balance
|
2,080.7 | 2,032.3 | 1,981.4 | 1,936.8 | 1,918.9 | 1,895.7 | 1,883.5 | |||||||||||||||||||||
Ending fund balance
|
$ | 2,032.3 | $ | 1,981.4 | $ | 1,936.8 | $ | 1,918.9 | $ | 1,895.7 | $ | 1,883.5 | $ | 1,865.3 | ||||||||||||||
Gross life insurance in force
|
$ | 31,690.0 | $ | 30,679.0 | $ | 29,705.0 | $ | 28,769.0 | $ | 27,930.0 | $ | 27,268.0 | $ | 26,659.0 | ||||||||||||||
The Phoenix Companies, Inc.
|
||
Life Sales
|
||
Third Quarter 2011 (unaudited)
|
||
($ in millions)
|
||
September
|
December 31,
|
|||||||||||||||||||||||
2011
|
2010
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||||||
Life Insurance Sales
|
||||||||||||||||||||||||
Wholesaler Channel
|
||||||||||||||||||||||||
Variable universal life
|
$ | --- | $ | 0.1 | $ | 0.1 | $ | 6.9 | $ | 26.7 | $ | 21.9 | ||||||||||||
Universal life/interest sensitive
|
1.6 | 1.8 | 2.6 | 20.8 | 229.9 | 308.2 | ||||||||||||||||||
Term life
|
--- | --- | --- | 5.3 | 21.6 | 22.2 | ||||||||||||||||||
Life insurance annualized premium (1)
|
1.6 | 1.9 | 2.7 | 33.0 | 278.2 | 352.3 | ||||||||||||||||||
Variable universal life
|
--- | 0.1 | 0.2 | 3.2 | 9.3 | 8.0 | ||||||||||||||||||
Universal life/interest sensitive
|
0.5 | 1.0 | 1.1 | 19.2 | 54.2 | 65.0 | ||||||||||||||||||
Whole Life
|
0.9 | --- | --- | --- | --- | --- | ||||||||||||||||||
Life insurance single premium
|
1.4 | 1.1 | 1.3 | 22.4 | 63.5 | 73.0 | ||||||||||||||||||
Variable universal life
|
--- | 0.2 | 0.3 | 10.1 | 36.0 | 29.9 | ||||||||||||||||||
Universal life/interest sensitive
|
2.1 | 2.8 | 3.7 | 40.0 | 284.1 | 373.2 | ||||||||||||||||||
Whole Life
|
0.9 | --- | --- | --- | --- | --- | ||||||||||||||||||
Term life
|
--- | --- | --- | 5.3 | 21.6 | 22.2 | ||||||||||||||||||
Total wholesaler life insurance premium (2)
|
$ | 3.0 | $ | 3.0 | $ | 4.0 | $ | 55.4 | $ | 341.7 | $ | 425.3 | ||||||||||||
Gross life insurance in force
|
$ | 127,403.0 | $ | 139,512.0 | $ | 136,239.0 | $ | 155,267.0 | $ | 166,781.0 | $ | 156,889.0 | ||||||||||||
Less Philadelphia Financial Group (PFG) gross life insurance in force
|
--- | --- | --- | 4,758.1 | 4,665.3 | 4,259.4 | ||||||||||||||||||
Gross life insurance in force (3)
|
$ | 127,403.0 | $ | 139,512.0 | $ | 136,239.0 | $ | 150,508.9 | $ | 162,115.7 | $ | 152,629.6 | ||||||||||||
Average face amount for life insurance sales
|
$ | 0.5 | $ | 0.6 | $ | 0.6 | $ | 0.9 | $ | 1.0 | $ | 1.3 | ||||||||||||
(1)
|
Annualized premium represents first year premiums on an annual basis.
|
(2)
|
Total premium represents annualized and single premiums.
|
(3)
|
Gross life insurance in force for all periods have been reduced to reflect the sale of Philadelphia Financial Group (PFG) in June 2010.
|
The Phoenix Companies, Inc.
|
||
Life Sales
|
||
Third Quarter 2011 (unaudited)
|
||
($ in millions)
|
||
Quarters ended
|
2010
|
2011
|
|||||||||||||||||||||||||||
March
|
June
|
September
|
December
|
March
|
June
|
September
|
||||||||||||||||||||||
Life Insurance Sales
|
||||||||||||||||||||||||||||
Wholesaler Channel
|
||||||||||||||||||||||||||||
Variable universal life
|
$ | --- | $ | 0.1 | $ | --- | $ | --- | $ | --- | $ | --- | $ | --- | ||||||||||||||
Universal life/interest sensitive
|
0.9 | 0.3 | 0.6 | 0.8 | 0.6 | 0.7 | 0.4 | |||||||||||||||||||||
Life insurance annualized premium (1)
|
0.9 | 0.4 | 0.6 | 0.8 | 0.6 | 0.7 | 0.4 | |||||||||||||||||||||
Variable universal life
|
--- | --- | 0.1 | 0.1 | --- | --- | --- | |||||||||||||||||||||
Universal life/interest sensitive
|
0.8 | 0.1 | 0.1 | 0.1 | 0.3 | 0.2 | --- | |||||||||||||||||||||
Whole life
|
--- | --- | --- | --- | --- | --- | 0.9 | |||||||||||||||||||||
Life insurance single premium
|
0.8 | 0.1 | 0.2 | 0.2 | 0.3 | 0.2 | 0.9 | |||||||||||||||||||||
Variable universal life
|
--- | 0.1 | 0.1 | 0.1 | --- | 0.1 | --- | |||||||||||||||||||||
Universal life/interest sensitive
|
1.7 | 0.4 | 0.7 | 0.9 | 0.8 | 0.8 | 0.4 | |||||||||||||||||||||
Whole life
|
--- | --- | --- | --- | --- | --- | 0.9 | |||||||||||||||||||||
Total wholesaler life insurance premium (2)
|
$ | 1.7 | $ | 0.5 | $ | 0.8 | $ | 1.0 | $ | 0.8 | $ | 0.9 | $ | 1.3 | ||||||||||||||
Gross life insurance in force
|
$ | 151,669.0 | $ | 143,085.0 | $ | 139,512.0 | $ | 136,239.0 | $ | 132,884.0 | $ | 130,007.0 | $ | 127,403.0 | ||||||||||||||
Less Philadelphia Financial Group (PFG) gross life insurance in force
|
4,738.3 | --- | --- | --- | --- | --- | --- | |||||||||||||||||||||
Gross life insurance in force (3)
|
$ | 146,930.7 | $ | 143,085.0 | $ | 139,512.0 | $ | 136,239.0 | $ | 132,884.0 | $ | 130,007.0 | $ | 127,403.0 | ||||||||||||||
Average face amount for life insurance sales
|
$ | 0.8 | $ | 0.3 | $ | 0.3 | $ | 0.7 | $ | 0.5 | $ | 0.5 | $ | 0.4 | ||||||||||||||
(1)
|
Annualized premium represents first year premiums on an annual basis.
|
(2)
|
Total premium represents annualized and single premiums.
|
(3)
|
Gross life insurance in force for all periods have been reduced to reflect the sale of Philadelphia Financial Group (PFG) in June 2010.
|
The Phoenix Companies, Inc.
|
|||||||||||||||||||||||||||
Annuity Funds Under Management and
|
|||||||||||||||||||||||||||
Annuity Supplementary Information
|
|||||||||||||||||||||||||||
Third Quarter 2011 (unaudited)
|
|||||||||||||||||||||||||||
($ in millions)
|
|||||||||||||||||||||||||||
September
|
December 31,
|
||||||||||||||||||||||||
2011
|
2010
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||||||
Funds Under Management (FUM) (1)
|
|||||||||||||||||||||||||
Deposits
|
$ | 675.6 | $ | 84.8 | $ | 220.8 | $ | 142.6 | $ | 628.9 | $ | 630.6 | |||||||||||||
Surrenders
|
(380.3 | ) | (364.0 | ) | (482.5 | ) | (592.2 | ) | (819.6 | ) | (953.8 | ) | |||||||||||||
Net flows
|
295.3 | (279.2 | ) | (261.7 | ) | (449.6 | ) | (190.7 | ) | (323.2 | ) | ||||||||||||||
Deaths
|
(46.1 | ) | (41.3 | ) | (54.8 | ) | (51.2 | ) | (75.4 | ) | (75.9 | ) | |||||||||||||
Interest credited
|
(177.1 | ) | 198.5 | 440.0 | 738.8 | (1,215.7 | ) | 344.7 | |||||||||||||||||
Bonus
|
38.5 | 2.6 | 12.1 | --- | --- | --- | |||||||||||||||||||
Fees
|
(41.6 | ) | (41.9 | ) | (56.2 | ) | (53.7 | ) | (55.5 | ) | (61.1 | ) | |||||||||||||
Change in FUM
|
69.0 | (161.3 | ) | 79.4 | 184.3 | (1,537.3 | ) | (115.5 | ) | ||||||||||||||||
Beginning balance
|
4,083.3 | 4,003.9 | 4,003.9 | 3,819.6 | 5,356.9 | 5,472.4 | |||||||||||||||||||
Ending fund balance
|
$ | 4,152.3 | $ | 3,842.6 | $ | 4,083.3 | $ | 4,003.9 | $ | 3,819.6 | $ | 5,356.9 | |||||||||||||
VA funds in guaranteed interest accounts (2)
|
$ | 437.2 | $ | 468.6 | $ | 459.6 | $ | 502.5 | $ | 664.9 | $ | 809.3 | |||||||||||||
(1) | Funds under management (FUM) for all periods have been revised to include group pension product funds. | ||||||||||||||||||||||||
(2) | Amounts are included in the annuity funds under management (FUM) table above. | ||||||||||||||||||||||||
Variable Annuity Guaranteed Minimum Death Benefits
|
|||||||||||||||||||||||||
Death benefit in excess of fund value
|
$ | 461.6 | $ | 418.0 | $ | 290.0 | $ | 531.8 | $ | 1,105.5 | $ | 202.4 | |||||||||||||
Death benefit in excess of fund value, net of reinsurance
|
247.1 | 209.8 | 116.4 | 291.6 | 709.6 | 46.6 | |||||||||||||||||||
Statutory reserve, net of reinsurance
|
7.5 | 7.2 | 5.8 | 8.3 | 39.0 | 12.9 | |||||||||||||||||||
Variable Annuity Guaranteed Income Benefits
|
|||||||||||||||||||||||||
Account balance
|
$ | 433.3 | $ | 505.4 | $ | 528.4 | $ | 525.8 | $ | 464.1 | $ | 716.8 | |||||||||||||
Statutory reserve
|
47.3 | 36.1 | 22.4 | 39.2 | 34.7 | 6.9 | |||||||||||||||||||
Variable Annuity Guaranteed Accumulation Benefits
|
|||||||||||||||||||||||||
Account balance
|
$ | 365.6 | $ | 413.5 | $ | 440.3 | $ | 417.9 | $ | 335.6 | $ | 389.8 | |||||||||||||
Statutory reserve
|
18.3 | 7.1 | 0.5 | 9.6 | 4.3 | 2.3 | |||||||||||||||||||
Variable Annuity Guaranteed Withdrawal Benefits
|
|||||||||||||||||||||||||
Account balance
|
$ | 530.4 | $ | 584.8 | $ | 615.7 | $ | 592.2 | $ | 413.2 | $ | 214.6 | |||||||||||||
Statutory reserve
|
10.8 | 4.8 | 0.5 | 12.3 | 3.5 | 0.7 | |||||||||||||||||||
Variable Annuity Guaranteed Payout Annuity Floor
|
|||||||||||||||||||||||||
Account balance
|
$ | 20.4 | $ | 20.0 | $ | 27.0 | $ | 22.8 | $ | 22.7 | $ | 43.4 | |||||||||||||
Statutory reserve
|
5.5 | 4.6 | 3.1 | 5.5 | 11.2 | 2.2 | |||||||||||||||||||
Annuity Funds Under Management and
|
Annuity Supplementary Information
|
Third Quarter 2011 (unaudited)
|
($ in millions)
|
Quarters ended
|
2010
|
2011
|
||||||||||||||||||||||||||||
June
|
September
|
December
|
March
|
June
|
September
|
||||||||||||||||||||||||
Funds Under Management (FUM) (1)
|
|||||||||||||||||||||||||||||
Deposits
|
$ | 19.3 | $ | 26.8 | $ | 38.7 | $ | 136.0 | $ | 205.3 | $ | 191.3 | $ | 279.0 | |||||||||||||||
Surrenders
|
(124.3 | ) | (129.1 | ) | (110.6 | ) | (118.5 | ) | (134.9 | ) | (125.0 | ) | (120.4 | ) | |||||||||||||||
Net flows
|
(105.0 | ) | (102.3 | ) | (71.9 | ) | 17.5 | 70.4 | 66.3 | 158.6 | |||||||||||||||||||
Deaths
|
(15.7 | ) | (12.8 | ) | (12.8 | ) | (13.5 | ) | (17.0 | ) | (14.6 | ) | (14.5 | ) | |||||||||||||||
Interest credited
|
125.5 | (208.8 | ) | 281.8 | 241.5 | 146.8 | 38.5 | (362.4 | ) | ||||||||||||||||||||
Bonus
|
0.3 | 0.8 | 1.5 | 9.5 | 14.6 | 12.0 | 11.9 | ||||||||||||||||||||||
Fees
|
(14.6 | ) | (14.0 | ) | (13.3 | ) | (14.3 | ) | (14.4 | ) | (14.2 | ) | (13.0 | ) | |||||||||||||||
Change in FUM
|
(9.5 | ) | (337.1 | ) | 185.3 | 240.7 | 200.4 | 88.0 | (219.4 | ) | |||||||||||||||||||
Beginning balance
|
4,003.9 | 3,994.4 | 3,657.3 | 3,842.6 | 4,083.3 | 4,283.7 | 4,371.7 | ||||||||||||||||||||||
Ending fund balance
|
$ | 3,994.4 | $ | 3,657.3 | $ | 3,842.6 | $ | 4,083.3 | $ | 4,283.7 | $ | 4,371.7 | $ | 4,152.3 | |||||||||||||||
VA funds in guaranteed interest accounts (2)
|
$ | 489.8 | $ | 477.5 | $ | 468.6 | $ | 459.6 | $ | 449.2 | $ | 444.3 | $ | 437.2 | |||||||||||||||
(1) |
Funds under management (FUM) for all periods have been revised to include group pension product funds.
|
||||||||||||||||||||||||||||
(2) |
Amounts are included in the annuity funds under management (FUM) table above.
|
||||||||||||||||||||||||||||
Variable Annuity Guaranteed Minimum Death Benefits
|
|||||||||||||||||||||||||||||
Death benefit in excess of fund value
|
$ | 453.3 | $ | 612.5 | $ | 418.0 | $ | 290.0 | $ | 235.5 | $ | 229.0 | $ | 461.6 | |||||||||||||||
Death benefit in excess of fund value, net of reinsurance
|
233.8 | 351.9 | 209.8 | 116.4 | 78.9 | 75.4 | 247.1 | ||||||||||||||||||||||
Statutory reserve, net of reinsurance
|
7.4 | 9.4 | 7.2 | 5.8 | 5.1 | 5.3 | 7.5 | ||||||||||||||||||||||
Variable Annuity Guaranteed Income Benefits
|
|||||||||||||||||||||||||||||
Account balance
|
$ | 530.2 | $ | 476.4 | $ | 505.4 | $ | 528.4 | $ | 530.1 | $ | 513.8 | $ | 433.3 | |||||||||||||||
Statutory reserve
|
33.1 | 55.2 | 36.1 | 22.4 | 17.2 | 18.1 | 47.3 | ||||||||||||||||||||||
Variable Annuity Guaranteed Accumulation Benefits
|
|||||||||||||||||||||||||||||
Account balance
|
$ | 425.4 | $ | 381.2 | $ | 413.5 | $ | 440.3 | $ | 445.1 | $ | 434.4 | $ | 365.6 | |||||||||||||||
Statutory reserve
|
7.4 | 23.0 | 7.1 | 0.5 | --- | --- | 18.3 | ||||||||||||||||||||||
Variable Annuity Guaranteed Withdrawal Benefits
|
|||||||||||||||||||||||||||||
Account balance
|
$ | 601.1 | $ | 543.6 | $ | 584.8 | $ | 615.7 | $ | 631.6 | $ | 623.5 | $ | 530.4 | |||||||||||||||
Statutory reserve
|
6.0 | 14.0 | 4.8 | 0.5 | --- | --- | 10.8 | ||||||||||||||||||||||
Variable Annuity Guaranteed Payout Annuity Floor
|
|||||||||||||||||||||||||||||
Account balance
|
$ | 22.6 | $ | 19.0 | $ | 20.0 | $ | 27.0 | $ | 21.5 | $ | 19.8 | $ | 20.4 | |||||||||||||||
Statutory reserve
|
4.3 | 5.7 | 4.6 | 3.1 | 2.4 | 2.4 | 5.5 | ||||||||||||||||||||||
Deferred Policy Acquisition Costs
|
Third Quarter 2011 (unaudited)
|
($ in millions)
|
September
|
December 31,
|
|||||||||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||||||
Deferred Policy Acquisition Costs:
|
||||||||||||||||||||||||
Variable universal life
|
$ | 211.0 | $ | 246.9 | $ | 238.5 | $ | 275.1 | $ | 324.2 | $ | 355.0 | ||||||||||||
Universal life
|
480.7 | 646.1 | 591.8 | 820.2 | 970.4 | 796.7 | ||||||||||||||||||
Variable annuities
|
130.7 | 164.7 | 183.9 | 172.7 | 155.6 | 270.8 | ||||||||||||||||||
Fixed annuities
|
125.8 | 0.3 | 0.4 | 6.2 | 6.5 | 12.8 | ||||||||||||||||||
Traditional life
|
443.9 | 447.4 | 445.1 | 455.8 | 478.6 | 566.9 | ||||||||||||||||||
Offset for unrealized investment gains or losses
|
(61.8 | ) | (33.7 | ) | (15.4 | ) | 186.0 | 773.0 | 63.7 | |||||||||||||||
Total deferred policy acquisition costs
|
$ | 1,330.3 | $ | 1,471.7 | $ | 1,444.3 | $ | 1,916.0 | $ | 2,708.3 | $ | 2,065.9 | ||||||||||||
Deferred Policy Acquisition Costs:
|
||||||||||||||||||||||||
Policy acquisition costs deferred
|
$ | 104.4 | $ | 8.4 | $ | 27.0 | $ | 67.6 | $ | 339.6 | $ | 461.3 | ||||||||||||
Costs amortized to expenses:
|
||||||||||||||||||||||||
Recurring costs
|
(171.2 | ) | (234.3 | ) | (300.4 | ) | (266.4 | ) | (431.8 | ) | (192.7 | ) | ||||||||||||
Realized investment gains or losses
|
(0.8 | ) | 0.5 | 2.2 | 5.8 | 25.8 | (0.2 | ) | ||||||||||||||||
Offsets to net unrealized investment gains or losses
|
||||||||||||||||||||||||
included in AOCI (1)
|
(46.4 | ) | (217.3 | ) | (198.9 | ) | (603.6 | ) | 709.3 | 63.4 | ||||||||||||||
Cumulative effect of adoption of new guidance
|
--- | (1.6 | ) | (1.6 | ) | 11.9 | --- | --- | ||||||||||||||||
Other
|
--- | --- | --- | (7.6 | ) | (0.5 | ) | --- | ||||||||||||||||
Change in deferred policy acquisition costs
|
(114.0 | ) | (444.3 | ) | (471.7 | ) | (792.3 | ) | 642.4 | 331.8 | ||||||||||||||
Deferred policy acquisition costs, beginning of period
|
1,444.3 | 1,916.0 | 1,916.0 | 2,708.3 | 2,065.9 | 1,734.1 | ||||||||||||||||||
Deferred policy acquisition costs, end of period
|
$ | 1,330.3 | $ | 1,471.7 | $ | 1,444.3 | $ | 1,916.0 | $ | 2,708.3 | $ | 2,065.9 | ||||||||||||
(1)
|
An offset to deferred policy acquisition costs and AOCI is recorded each period to the extent that, had unrealized holding gains or losses from securities classified as available-for-sale actually been realized, an adjustment to deferred policy acquisition costs amortized using gross profits or gross margins would result. |
Deferred Policy Acquisition Costs
|
Third Quarter 2011 (unaudited)
|
($ in millions)
|
|
Quarters ended
|
2010
|
2011
|
|||||||||||||||||||||||||||
June
|
September
|
December
|
March
|
June
|
September
|
|||||||||||||||||||||||
Deferred Acquisition Costs:
|
||||||||||||||||||||||||||||
Variable universal life
|
$ | 267.0 | $ | 258.0 | $ | 246.9 | $ | 238.5 | $ | 231.6 | $ | 224.5 | $ | 211.0 | ||||||||||||||
Universal life
|
773.4 | 728.1 | 646.1 | 591.8 | 545.6 | 510.1 | 480.7 | |||||||||||||||||||||
Variable annuities
|
168.6 | 158.0 | 164.7 | 183.9 | 210.4 | 141.5 | 130.7 | |||||||||||||||||||||
Fixed annuities
|
6.3 | 6.5 | 0.3 | 0.4 | 0.6 | 91.9 | 125.8 | |||||||||||||||||||||
Traditional life
|
450.4 | 448.9 | 447.4 | 445.1 | 443.2 | 440.9 | 443.9 | |||||||||||||||||||||
Offset for unrealized investment gains or losses
|
77.3 | 38.5 | (33.7 | ) | (15.4 | ) | (28.1 | ) | (50.0 | ) | (61.8 | ) | ||||||||||||||||
Total deferred policy acquisition costs
|
$ | 1,743.0 | $ | 1,638.0 | $ | 1,471.7 | $ | 1,444.3 | $ | 1,403.3 | $ | 1,358.9 | $ | 1,330.3 | ||||||||||||||
Deferred Policy Acquisition Costs:
|
||||||||||||||||||||||||||||
Policy acquisition costs deferred
|
$ | 3.8 | $ | (0.3 | ) | $ | 4.9 | $ | 18.6 | $ | 34.4 | $ | 29.4 | $ | 40.6 | |||||||||||||
Costs amortized to expenses:
|
||||||||||||||||||||||||||||
Recurring costs
|
(67.0 | ) | (67.3 | ) | (100.0 | ) | (66.1 | ) | (62.5 | ) | (51.7 | ) | (57.0 | ) | ||||||||||||||
Realized investment gains or losses
|
(1.2 | ) | 1.4 | 0.3 | 1.7 | (0.2 | ) | (0.1 | ) | (0.5 | ) | |||||||||||||||||
Offsets to net unrealized investment gains or losses
|
||||||||||||||||||||||||||||
included in AOCI (1)
|
(108.6 | ) | (38.8 | ) | (69.9 | ) | 18.4 | (12.7 | ) | (22.0 | ) | (11.7 | ) | |||||||||||||||
Cumulative effect of adoption of new guidance
|
--- | --- | (1.6 | ) | --- | --- | --- | --- | ||||||||||||||||||||
Change in deferred policy acquisition costs
|
(173.0 | ) | (105.0 | ) | (166.3 | ) | (27.4 | ) | (41.0 | ) | (44.4 | ) | (28.6 | ) | ||||||||||||||
Deferred policy acquisition costs, beginning of period
|
1,916.0 | 1,743.0 | 1,638.0 | 1,471.7 | 1,444.3 | 1,403.3 | 1,358.9 | |||||||||||||||||||||
Deferred policy acquisition costs, end of period
|
$ | 1,743.0 | $ | 1,638.0 | $ | 1,471.7 | $ | 1,444.3 | $ | 1,403.3 | $ | 1,358.9 | $ | 1,330.3 | ||||||||||||||
(1) | An offset to deferred policy acquisition costs and AOCI is recorded each period to the extent that, had unrealized holding gains or losses from securities classified as available-for-sale actually been realized, an adjustment to deferred policy acquisition costs amortized using gross profits or gross margins would result. |
Consolidated Statement of Income - GAAP Format (1)
|
||
Third Quarter 2011 (unaudited)
|
||
($ in millions)
|
September
|
December 31,
|
|||||||||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||||||
REVENUES
|
||||||||||||||||||||||||
Premiums (2)
|
$ | 337.7 | $ | 387.5 | $ | 521.4 | $ | 583.9 | $ | 664.3 | $ | 697.5 | ||||||||||||
Fee income
|
456.0 | 476.1 | 630.2 | 648.1 | 601.3 | 499.4 | ||||||||||||||||||
Net investment income
|
612.6 | 615.7 | 844.6 | 786.7 | 912.5 | 1,056.7 | ||||||||||||||||||
Net realized investment losses:
|
||||||||||||||||||||||||
Total other-than-temporary impairment ("OTTI") losses
|
(45.0 | ) | (80.2 | ) | (105.2 | ) | (201.5 | ) | (245.0 | ) | (51.9 | ) | ||||||||||||
Portion of OTTI losses recognized in other comprehensive income
|
27.9 | 41.4 | 55.6 | 93.1 | --- | --- | ||||||||||||||||||
Net OTTI losses recognized in earnings
|
(17.1 | ) | (38.8 | ) | (49.6 | ) | (108.4 | ) | (245.0 | ) | (51.9 | ) | ||||||||||||
Net realized investment gains (losses), excluding OTTI losses
|
10.1 | 58.2 | 39.7 | 6.2 | (50.8 | ) | 45.9 | |||||||||||||||||
Net realized investment (losses)
|
(7.0 | ) | 19.4 | (9.9 | ) | (102.2 | ) | (295.8 | ) | (6.0 | ) | |||||||||||||
Total revenues
|
1,399.3 | 1,498.7 | 1,986.3 | 1,916.5 | 1,882.3 | 2,247.6 | ||||||||||||||||||
BENEFITS AND EXPENSES
|
||||||||||||||||||||||||
Policy benefits, excluding policyholder dividends (2)
|
800.0 | 820.7 | 1,090.0 | 1,179.6 | 1,260.7 | 1,211.6 | ||||||||||||||||||
Policyholder dividends
|
188.7 | 224.9 | 309.8 | 226.8 | 207.5 | 380.0 | ||||||||||||||||||
Policy acquisition cost amortization
|
172.0 | 233.8 | 298.2 | 260.6 | 406.0 | 192.9 | ||||||||||||||||||
Interest expense on indebtedness
|
23.8 | 23.9 | 31.7 | 33.1 | 36.7 | 44.2 | ||||||||||||||||||
Interest expense on non-recourse collateralized obligations
|
--- | --- | --- | --- | 11.8 | 15.4 | ||||||||||||||||||
Other operating expenses
|
175.4 | 219.1 | 291.3 | 303.5 | 254.9 | 270.1 | ||||||||||||||||||
Total benefits and expenses
|
1,359.9 | 1,522.4 | 2,021.0 | 2,003.6 | 2,177.6 | 2,114.2 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes
|
39.4 | (23.7 | ) | (34.7 | ) | (87.1 | ) | (295.3 | ) | 133.4 | ||||||||||||||
Income tax expense (benefit)
|
2.4 | (7.8 | ) | (10.1 | ) | 108.9 | (118.5 | ) | 20.1 | |||||||||||||||
Income (loss) from continuing operations
|
37.0 | (15.9 | ) | (24.6 | ) | (196.0 | ) | (176.8 | ) | 113.3 | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes
|
(6.9 | ) | 14.9 | 12.0 | (123.0 | ) | (549.2 | ) | 4.3 | |||||||||||||||
Net income (loss)
|
$ | 30.1 | $ | (1.0 | ) | $ | (12.6 | ) | $ | (319.0 | ) | $ | (726.0 | ) | $ | 117.6 | ||||||||
(1)
|
Certain reclassifications have been made to prior periods to conform with the current presentation.
|
(2)
|
Prior period amounts have been revised to reflect the correction of an error related to the historical presentation of ceded premiums related to certain reinsurance contracts within the Closed Block. The adjustments reflect the reclassification of ceded premiums from benefits and reserves to revenue. There was no impact to net income(loss), stockholders' equity, or earnings per share.
|
Consolidated Statement of Income - GAAP Format (1)
|
||
Third Quarter 2011 (unaudited)
|
||
($ in millions)
|
||
Quarters Ended
|
2010
|
2011
|
|||||||||||||||||||||||||||
June
|
September
|
December
|
March
|
June
|
September
|
|||||||||||||||||||||||
REVENUES
|
||||||||||||||||||||||||||||
Premiums (2)
|
$ | 126.9 | $ | 130.8 | $ | 129.8 | $ | 133.9 | $ | 111.0 | $ | 109.3 | $ | 117.4 | ||||||||||||||
Fee income
|
162.5 | 155.6 | 157.9 | 154.2 | 153.8 | 154.6 | 147.6 | |||||||||||||||||||||
Net investment income
|
204.6 | 216.8 | 194.3 | 228.9 | 200.8 | 210.8 | 201.0 | |||||||||||||||||||||
Net realized investment losses:
|
||||||||||||||||||||||||||||
Total other-than-temporary impairment ("OTTI") losses
|
(31.4 | ) | (23.8 | ) | (25.0 | ) | (25.0 | ) | (7.4 | ) | (6.6 | ) | (31.0 | ) | ||||||||||||||
Portion of OTTI losses recognized in other comprehensive income
|
16.9 | 11.4 | 13.1 | 14.2 | 1.7 | 3.6 | 22.6 | |||||||||||||||||||||
Net OTTI losses recognized in earnings
|
(14.5 | ) | (12.4 | ) | (11.9 | ) | (10.8 | ) | (5.7 | ) | (3.0 | ) | (8.4 | ) | ||||||||||||||
Net realized investment gains (losses), excluding OTTI losses
|
17.5 | 42.9 | (2.2 | ) | (18.5 | ) | (10.5 | ) | 6.1 | 14.5 | ||||||||||||||||||
Net realized investment gains (losses)
|
3.0 | 30.5 | (14.1 | ) | (29.3 | ) | (16.2 | ) | 3.1 | 6.1 | ||||||||||||||||||
Total revenues
|
497.0 | 533.7 | 467.9 | 487.7 | 449.4 | 477.8 | 472.1 | |||||||||||||||||||||
BENEFITS AND EXPENSES
|
||||||||||||||||||||||||||||
Policy benefits, excluding policyholder dividends (2)
|
263.8 | 292.5 | 264.4 | 269.3 | 260.7 | 271.1 | 268.2 | |||||||||||||||||||||
Policyholder dividends
|
62.7 | 97.5 | 64.7 | 84.9 | 63.7 | 73.6 | 51.5 | |||||||||||||||||||||
Policy acquisition cost amortization
|
68.2 | 65.9 | 99.7 | 64.4 | 62.7 | 51.8 | 57.5 | |||||||||||||||||||||
Interest expense on indebtedness
|
8.0 | 7.9 | 7.9 | 7.9 | 7.9 | 7.9 | 7.9 | |||||||||||||||||||||
Other operating expenses
|
80.2 | 74.9 | 64.0 | 72.2 | 59.3 | 58.9 | 57.2 | |||||||||||||||||||||
Total benefits and expenses
|
482.9 | 538.7 | 500.7 | 498.7 | 454.3 | 463.3 | 442.3 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes
|
14.1 | (5.0 | ) | (32.8 | ) | (11.0 | ) | (4.9 | ) | 14.5 | 29.8 | |||||||||||||||||
Income tax expense (benefit)
|
0.2 | (0.2 | ) | (7.7 | ) | (2.3 | ) | (0.3 | ) | 9.4 | (6.7 | ) | ||||||||||||||||
Income (loss) from continuing operations
|
13.9 | (4.8 | ) | (25.1 | ) | (8.7 | ) | (4.6 | ) | 5.1 | 36.5 | |||||||||||||||||
Income (loss) from discontinued operations, net of income taxes
|
(0.2 | ) | 15.1 | 0.1 | (2.9 | ) | (1.5 | ) | (0.7 | ) | (4.7 | ) | ||||||||||||||||
Net income (loss)
|
$ | 13.7 | $ | 10.3 | $ | (25.0 | ) | $ | (11.6 | ) | $ | (6.1 | ) | $ | 4.4 | $ | 31.8 | |||||||||||
(1)
|
Certain reclassifications have been made to prior periods to conform with the current presentation.
|
(2)
|
Prior period amounts have been revised to reflect the correction of an error related to the historical presentation of ceded premiums related to certain reinsurance contracts within the Closed Block. The adjustments reflect the reclassification of ceded premiums from benefits and reserves to revenue. There was no impact to net income(loss), stockholders' equity, or earnings per share.
|
Condensed Consolidated Balance Sheet - Preliminary
|
Third Quarter 2011 (unaudited)
|
($ in millions)
|
September
|
December 31,
|
|||||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||
ASSETS:
|
||||||||||||||||||||
Available-for-sale debt securities, at fair value
|
$ | 11,676.3 | $ | 10,893.8 | $ | 10,333.0 | $ | 9,817.4 | $ | 11,959.4 | ||||||||||
Available-for-sale equity securities, at fair value
|
47.8 | 47.5 | 25.2 | 25.2 | 191.8 | |||||||||||||||
Venture capital partnerships, at equity in net assets
|
231.8 | 220.0 | 188.6 | 200.8 | 173.7 | |||||||||||||||
Policy loans, at unpaid principal balances
|
2,352.4 | 2,386.5 | 2,324.4 | 2,477.5 | 2,346.8 | |||||||||||||||
Other investments
|
549.7 | 516.9 | 539.7 | 616.9 | 507.3 | |||||||||||||||
Fair value option investments
|
88.2 | 102.1 | 69.3 | 84.1 | --- | |||||||||||||||
14,946.2 | 14,166.8 | 13,480.2 | 13,221.9 | 15,179.0 | ||||||||||||||||
Available-for-sale debt and equity securities pledged
|
||||||||||||||||||||
as collateral, at fair value
|
--- | --- | --- | 148.0 | 219.1 | |||||||||||||||
Total investments
|
14,946.2 | 14,166.8 | 13,480.2 | 13,369.9 | 15,398.1 | |||||||||||||||
Cash and cash equivalents
|
148.8 | 121.9 | 256.7 | 373.8 | 527.4 | |||||||||||||||
Accrued investment income
|
203.8 | 169.5 | 176.3 | 203.2 | 209.4 | |||||||||||||||
Receivables
|
413.2 | 405.7 | 356.6 | 358.0 | 279.3 | |||||||||||||||
Deferred policy acquisition costs
|
1,330.3 | 1,444.3 | 1,916.0 | 2,708.3 | 2,065.9 | |||||||||||||||
Deferred income taxes
|
121.0 | 116.4 | 166.2 | 435.2 | 33.5 | |||||||||||||||
Other assets
|
150.6 | 180.5 | 195.7 | 211.0 | 174.3 | |||||||||||||||
Discontinued operations assets
|
54.9 | 60.4 | 3,620.4 | 4,293.9 | 6,032.1 | |||||||||||||||
Separate account assets
|
3,666.9 | 4,416.8 | 4,418.1 | 3,860.1 | 5,781.2 | |||||||||||||||
Total assets
|
$ | 21,035.7 | $ | 21,082.3 | $ | 24,586.2 | $ | 25,813.4 | $ | 30,501.2 | ||||||||||
|
||||||||||||||||||||
LIABILITIES:
|
||||||||||||||||||||
Policy liabilities and accruals
|
$ | 12,978.8 | $ | 12,992.5 | $ | 13,151.1 | $ | 13,932.9 | $ | 13,952.0 | ||||||||||
Policyholder deposit funds
|
2,156.5 | 1,494.1 | 1,342.7 | 1,616.6 | 1,808.9 | |||||||||||||||
Indebtedness
|
427.7 | 427.7 | 428.0 | 458.0 | 627.7 | |||||||||||||||
Other liabilities
|
517.7 | 546.3 | 529.8 | 651.1 | 473.8 | |||||||||||||||
Discontinued operations liabilities
|
47.1 | 49.4 | 3,585.4 | 4,184.4 | 5,260.7 | |||||||||||||||
Non-recourse collateralized debt obligations
|
--- | --- | --- | 245.2 | 317.9 | |||||||||||||||
Separate account liabilities
|
3,666.9 | 4,416.8 | 4,418.1 | 3,860.1 | 5,781.2 | |||||||||||||||
Total liabilities
|
19,794.7 | 19,926.8 | 23,455.1 | 24,948.3 | 28,222.2 | |||||||||||||||
STOCKHOLDERS' EQUITY:
|
||||||||||||||||||||
Common stock, $.01 par value: 116.3 million and 116.1 million shares outstanding
|
1.3 | 1.3 | 1.3 | 1.3 | 1.3 | |||||||||||||||
Additional paid-in capital
|
2,632.8 | 2,631.0 | 2,627.3 | 2,626.4 | 2,616.1 | |||||||||||||||
Accumulated deficit
|
(1,133.4 | ) | (1,163.5 | ) | (1,146.7 | ) | (839.5 | ) | (20.7 | ) | ||||||||||
Accumulated other comprehensive loss
|
(80.2 | ) | (133.8 | ) | (171.3 | ) | (743.6 | ) | (138.2 | ) | ||||||||||
Treasury stock, at cost: 11.3 million and 11.3 million shares
|
(179.5 | ) | (179.5 | ) | (179.5 | ) | (179.5 | ) | (179.5 | ) | ||||||||||
Total stockholders' equity
|
1,241.0 | 1,155.5 | 1,131.1 | 865.1 | 2,279.0 | |||||||||||||||
Total liabilities and stockholders' equity
|
$ | 21,035.7 | $ | 21,082.3 | $ | 24,586.2 | $ | 25,813.4 | $ | 30,501.2 | ||||||||||
The Phoenix Companies, Inc.
|
||
General Account Investment Portfolio Summary (1)
|
||
Third Quarter 2011 (unaudited)
|
||
($ millions)
|
||
Total Debt Securities
|
Public Debt Securities
|
Private Debt Securities
|
|||||||||||||||||||||||
9/30/2011
|
12/31/2010
|
9/30/2011
|
12/31/2010
|
9/30/2011
|
12/31/2010
|
||||||||||||||||||||
Debt Securities by Credit Quality (Carrying Value)
|
|||||||||||||||||||||||||
AAA/AA/A
|
$ | 6,995.3 | $ | 6,408.9 | $ | 5,447.2 | $ | 5,029.1 | $ | 1,548.1 | $ | 1,379.8 | |||||||||||||
BBB
|
3,792.0 | 3,531.7 | 2,251.8 | 2,069.2 | 1,540.2 | 1,462.5 | |||||||||||||||||||
Total Investment Grade | 10,787.3 | 9,940.6 | 7,699.0 | 7,098.3 | 3,088.3 | 2,842.3 | |||||||||||||||||||
BB
|
525.1 | 472.2 | 403.7 | 347.4 | 121.4 | 124.8 | |||||||||||||||||||
B | 173.4 | 265.8 | 88.8 | 145.6 | 84.6 | 120.2 | |||||||||||||||||||
CCC and Lower
|
123.0 | 149.7 | 61.4 | 68.4 | 61.6 | 81.3 | |||||||||||||||||||
In or Near Default
|
67.5 | 65.5 | 38.5 | 39.3 | 29.0 | 26.2 | |||||||||||||||||||
Total Debt Securities
|
$ | 11,676.3 | $ | 10,893.8 | $ | 8,291.4 | $ | 7,699.0 | $ | 3,384.9 | $ | 3,194.8 | |||||||||||||
% Below Investment Grade
|
7.6 | % | 8.7 | % | 7.1 | % | 7.8 | % | 8.8 | % | 11.0 | % | |||||||||||||
Unrealized Gains and Losses on Debt and Equity Securities
|
|||||||||||||||||||||||||
As of 9/30/11
|
|||||||||||||||||||||||||
Total
|
Outside Closed Block
|
Closed Block
|
|||||||||||||||||||||||
Gains
|
Losses
|
Gains
|
Losses
|
Gains
|
Losses
|
||||||||||||||||||||
Total Debt Securities
|
$ | 856.2 | $ | (343.5 | ) | $ | 293.7 | $ | (217.1 | ) | $ | 562.5 | $ | (126.4 | ) | ||||||||||
Equity Securities
|
17.0 | (2.6 | ) | 10.8 | (0.4 | ) | 6.2 | (2.2 | ) | ||||||||||||||||
Total Unrealized Gains (Losses)
|
873.2 | (346.1 | ) | 304.5 | (217.5 | ) | 568.7 | (128.6 | ) | ||||||||||||||||
Applicable PDO
|
568.7 | (128.6 | ) | --- | --- | 568.7 | (128.6 | ) | |||||||||||||||||
Applicable DAC (Credit)
|
183.9 | (122.8 | ) | 183.9 | (122.9 | ) | --- | --- | |||||||||||||||||
Applicable Deferred Income Tax (Benefit)
|
42.2 | (33.1 | ) | 42.2 | (33.1 | ) | --- | --- | |||||||||||||||||
Total Offsets to Net Unrealized Gains (Losses)
|
794.8 | (284.5 | ) | 226.1 | (155.9 | ) | 568.7 | (128.6 | ) | ||||||||||||||||
Net Unrealized Gains (Losses)
|
$ | 78.4 | $ | (61.6 | ) | $ | 78.4 | $ | (61.6 | ) | $ | --- | $ | --- | |||||||||||
Net Unrealized Gains
|
$ | 16.8 | $ | 16.8 | $ | --- |
(1)
|
Excludes debt and equity securities pledged as collateral.
|
The Phoenix Companies, Inc.
|
||
General Account GAAP Net Investment Income Yields (1)
|
||
Third Quarter 2011 (unaudited)
|
||
($ in millions)
|
||
September
|
December 31,
|
|||||||||||||||||||||||
2010
|
2010
|
2007
|
||||||||||||||||||||||
GAAP Net Investment Income
|
||||||||||||||||||||||||
Debt securities
|
$ | 460.4 | $ | 451.8 | $ | 602.1 | $ | 649.4 | $ | 707.1 | $ | 775.0 | ||||||||||||
Equity securities
|
1.1 | 0.7 | 2.4 | 0.4 | 4.3 | 8.2 | ||||||||||||||||||
Venture capital partnerships
|
12.2 | 14.8 | 24.5 | (25.9 | ) | (4.7 | ) | 27.0 | ||||||||||||||||
Policy loans
|
128.1 | 128.5 | 171.7 | 183.6 | 187.0 | 179.5 | ||||||||||||||||||
Other investments (2)
|
17.5 | 30.0 | 49.8 | (10.3 | ) | 18.2 | 53.9 | |||||||||||||||||
Fair value option investments
|
--- | 0.2 | 7.2 | 1.5 | --- | --- | ||||||||||||||||||
Cash and cash equivalents
|
--- | 0.1 | 0.1 | 0.3 | 7.5 | 18.8 | ||||||||||||||||||
Total cash and invested assets
|
619.3 | 626.1 | 857.8 | 799.0 | 919.4 | 1,062.4 | ||||||||||||||||||
Less: Discontinued operations
|
1.5 | 4.4 | 5.0 | 4.8 | 6.0 | 11.2 | ||||||||||||||||||
Less: Investment expenses
|
5.2 | 6.0 | 8.2 | 7.5 | 8.2 | 9.6 | ||||||||||||||||||
Total net investment income
|
$ | 612.6 | $ | 615.7 | $ | 844.6 | $ | 786.7 | $ | 905.2 | $ | 1,041.6 | ||||||||||||
Annualized Yields
|
||||||||||||||||||||||||
Debt securities
|
5.5 | % | 5.7 | % | 5.7 | % | 6.4 | % | 7.1 | % | 6.6 | % | ||||||||||||
Equity securities
|
3.1 | % | 2.2 | % | 5.2 | % | 1.7 | % | 4.6 | % | 4.1 | % | ||||||||||||
Venture capital
|
7.3 | % | 10.0 | % | 12.1 | % | -12.9 | % | -2.3 | % | 17.3 | % | ||||||||||||
Policy loans
|
7.5 | % | 7.7 | % | 7.6 | % | 8.0 | % | 7.7 | % | 7.9 | % | ||||||||||||
Other investments (2)
|
4.6 | % | 7.4 | % | 9.5 | % | -2.5 | % | 2.4 | % | 11.6 | % | ||||||||||||
Fair value option investments
|
0.0 | % | 0.3 | % | 7.5 | % | -2.2 | % | 0.0 | % | 0.0 | % | ||||||||||||
Cash and cash equivalents
|
0.0 | % | 0.1 | % | 0.1 | % | 0.2 | % | 2.2 | % | 4.1 | % | ||||||||||||
Total cash and invested assets
|
5.7 | % | 6.0 | % | 6.2 | % | 6.0 | % | 6.8 | % | 7.0 | % | ||||||||||||
Investment expenses and discontinued operations
|
0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | ||||||||||||
Total net investment income yields
|
5.6 | % | 5.9 | % | 6.1 | % | 5.9 | % | 6.7 | % | 6.9 | % | ||||||||||||
(1) |
Excludes debt and equity securities pledged as collateral.
|
|
(2) |
Includes real estate, affiliates and other invested assets.
|
The Phoenix Companies, Inc.
|
General Account GAAP Net Investment Income Yields (1)
|
Third Quarter 2011 (unaudited)
|
($ in millions)
|
Quarters ended
|
2010
|
2011
|
|||||||||||||||||||||||||||
June
|
September
|
December
|
March
|
June
|
September
|
|||||||||||||||||||||||
GAAP Net Investment Income
|
||||||||||||||||||||||||||||
Debt securities
|
$ | 154.3 | $ | 150.2 | $ | 147.2 | $ | 150.3 | $ | 147.6 | $ | 155.4 | $ | 157.4 | ||||||||||||||
Equity securities
|
0.1 | 0.6 | --- | 1.7 | 0.6 | --- | 0.5 | |||||||||||||||||||||
Venture capital partnerships
|
5.3 | 11.9 | (2.4 | ) | 9.7 | 9.8 | 1.2 | 1.2 | ||||||||||||||||||||
Policy loans
|
43.4 | 42.1 | 43.0 | 43.2 | 42.0 | 43.6 | 42.5 | |||||||||||||||||||||
Other investments (2)
|
4.6 | 15.5 | 9.9 | 19.8 | 0.7 | 12.7 | 4.1 | |||||||||||||||||||||
Fair value option investments
|
0.7 | 0.2 | (0.7 | ) | 7.0 | 2.4 | (0.2 | ) | (2.2 | ) | ||||||||||||||||||
Cash and cash equivalents
|
--- | 0.1 | --- | --- | 0.0 | --- | --- | |||||||||||||||||||||
Total cash and invested assets
|
208.4 | 220.6 | 197.0 | 231.7 | 203.1 | 212.7 | 203.5 | |||||||||||||||||||||
Less: Discontinued operations
|
1.7 | 1.8 | 0.8 | 0.6 | 0.5 | 0.5 | 0.5 | |||||||||||||||||||||
Less: Investment expenses
|
2.1 | 2.0 | 1.9 | 2.2 | 1.8 | 1.4 | 2.0 | |||||||||||||||||||||
Total net investment income
|
$ | 204.6 | $ | 216.8 | $ | 194.3 | $ | 228.9 | $ | 200.8 | $ | 210.8 | $ | 201.0 | ||||||||||||||
Annualized Yields
|
||||||||||||||||||||||||||||
Debt securities
|
6.2 | % | 5.9 | % | 5.6 | % | 5.7 | % | 5.5 | % | 5.7 | % | 5.6 | % | ||||||||||||||
Equity securities
|
1.4 | % | 7.0 | % | 0.0 | % | 15.6 | % | 4.9 | % | 0.0 | % | 4.2 | % | ||||||||||||||
Venture capital
|
11.6 | % | 26.5 | % | -4.5 | % | 19.9 | % | 19.2 | % | 2.1 | % | 2.1 | % | ||||||||||||||
Policy loans
|
7.7 | % | 7.5 | % | 7.7 | % | 7.6 | % | 7.3 | % | 7.6 | % | 7.5 | % | ||||||||||||||
Other investments (2)
|
3.5 | % | 12.2 | % | 7.3 | % | 15.5 | % | 0.6 | % | 10.9 | % | 3.2 | % | ||||||||||||||
Fair value option investments
|
4.1 | % | 1.2 | % | -3.5 | % | 32.9 | % | 10.4 | % | -0.9 | % | -9.3 | % | ||||||||||||||
Cash and cash equivalents
|
0.0 | % | 0.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||
Total cash and invested assets
|
6.2 | % | 6.5 | % | 5.7 | % | 6.7 | % | 5.8 | % | 6.0 | % | 5.6 | % | ||||||||||||||
Investment expenses and discontinued operations
|
0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | ||||||||||||||
Total net investment income yields
|
6.1 | % | 6.4 | % | 5.6 | % | 6.6 | % | 5.7 | % | 5.9 | % | 5.5 | % | ||||||||||||||
(1) |
Excludes debt and equity securities pledged as collateral.
|
|
(2) |
Includes real estate, affiliates and other invested assets.
|
General Account Realized Investment Gains and Losses
|
Third Quarter 2011 (unaudited)
|
($ Millions)
|
September
|
December 31,
|
|||||||||||||||||||||||
2010
|
2010
|
2009
|
2007
|
|||||||||||||||||||||
Realized Investment Gains and Losses
|
||||||||||||||||||||||||
Debt security
|
$ | (17.1 | ) | $ | (38.2 | ) | $ | (49.0 | ) | $ | (93.0 | ) | $ | (224.0 | ) | $ | (46.7 | ) | ||||||
Equity security
|
--- | (0.6 | ) | (0.6 | ) | (5.2 | ) | (2.7 | ) | (0.5 | ) | |||||||||||||
Debt and equity securities pledged as collateral
|
--- | --- | --- | --- | (2.3 | ) | (0.8 | ) | ||||||||||||||||
Other invested asset
|
--- | --- | --- | (10.2 | ) | (16.0 | ) | (3.9 | ) | |||||||||||||||
Total impairment losses | (17.1 | ) | (38.8 | ) | (49.6 | ) | (108.4 | ) | (245.0 | ) | (51.9 | ) | ||||||||||||
Debt security net transaction
|
9.4 | 44.8 | 45.4 | (23.8 | ) | (9.8 | ) | 11.6 | ||||||||||||||||
Equity security net transaction
|
--- | 0.1 | --- | 2.2 | (29.5 | ) | 9.5 | |||||||||||||||||
Venture capital net investment
|
--- | (0.3 | ) | (0.3 | ) | (3.6 | ) | (3.0 | ) | --- | ||||||||||||||
Mortgage loan net transaction
|
--- | 0.2 | 0.2 | (0.1 | ) | (0.1 | ) | 1.4 | ||||||||||||||||
Affiliate equity security transaction
|
--- | --- | --- | --- | --- | 13.7 | ||||||||||||||||||
Real estate net transaction
|
--- | --- | --- | --- | 2.4 | 1.4 | ||||||||||||||||||
Other invested asset net transactions
|
(1.9 | ) | --- | (1.2 | ) | 1.5 | (0.9 | ) | 3.7 | |||||||||||||||
Debt and equity securities pledged as collateral
|
--- | (1.5 | ) | --- | --- | 2.2 | 1.8 | |||||||||||||||||
CDO deconsolidation
|
--- | --- | --- | 57.0 | --- | --- | ||||||||||||||||||
Total net transactions | 7.5 | 43.3 | 44.1 | 33.2 | (38.7 | ) | 43.1 | |||||||||||||||||
Realized gains (losses) on fair value option securities
|
(1.7 | ) | 1.1 | 3.5 | 4.0 | (18.4 | ) | 3.8 | ||||||||||||||||
Realized gains (losses) on derivative assets and liabilities (1)
|
4.3 | 13.8 | (7.9 | ) | (31.0 | ) | 6.3 | (1.0 | ) | |||||||||||||||
Net realized gains (losses)
|
(7.0 | ) | 19.4 | (9.9 | ) | (102.2 | ) | (295.8 | ) | (6.0 | ) | |||||||||||||
Closed block applicable PDO (reduction)
|
(0.8 | ) | (10.8 | ) | (9.4 | ) | 40.5 | 120.2 | (4.4 | ) | ||||||||||||||
Applicable deferred acquisition costs (credit)
|
(0.2 | ) | 0.5 | 2.2 | 5.8 | 25.7 | (0.2 | ) | ||||||||||||||||
Applicable income tax expense (benefit)
|
2.5 | (6.5 | ) | 5.6 | 6.6 | 42.7 | 5.3 | |||||||||||||||||
Debt and equity securities pledged as collateral
|
--- | --- | --- | --- | 0.1 | 0.8 | ||||||||||||||||||
Realized gains (losses) on def. comp. portion fair value option securities
|
1.7 | (1.1 | ) | (3.5 | ) | (4.0 | ) | 18.4 | (3.8 | ) | ||||||||||||||
Net realized investment gains (losses) included in net income (loss)
|
$ | (3.8 | ) | $ | 1.5 | $ | (15.0 | ) | $ | (53.3 | ) | $ | (88.7 | ) | $ | (8.3 | ) | |||||||
(1)
|
Beginning in the second quarter 2011, changes in fair value of fixed indexed annuity contract embedded derivatives are recorded in policy benefits, excluding policyholder dividends.
|
General Account Realized Investment Gains and Losses
|
Third Quarter 2011 (unaudited)
|
($ Millions)
|
Quarters ended
|
2010
|
2011
|
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June
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September
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December
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March
|
June
|
September
|
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Realized Investment Gains and Losses
|
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Debt security
|
$ | (14.2 | ) | $ | (12.2 | ) | $ | (11.8 | ) | $ | (10.8 | ) | $ | (5.7 | ) | $ | (3.0 | ) | $ | (8.4 | ) | |||||||
Equity security
|
(0.3 | ) | (0.2 | ) | (0.1 | ) | --- | --- | --- | --- | ||||||||||||||||||
Total impairment losses | (14.5 | ) | (12.4 | ) | (11.9 | ) | (10.8 | ) | (5.7 | ) | (3.0 | ) | (8.4 | ) | ||||||||||||||
Debt security net transaction
|
17.9 | 21.0 | 5.9 | 0.6 | 2.0 | 4.3 | 3.1 | |||||||||||||||||||||
Equity security net transaction
|
--- | --- | 0.1 | (0.1 | ) | --- | 0.1 | (0.1 | ) | |||||||||||||||||||
Venture capital net investment
|
--- | --- | (0.3 | ) | --- | --- | --- | --- | ||||||||||||||||||||
Mortgage loan net transaction
|
--- | 0.2 | --- | --- | --- | --- | --- | |||||||||||||||||||||
Other invested asset net transactions
|
(4.2 | ) | 2.6 | 0.1 | 0.3 | (1.6 | ) | --- | (0.3 | ) | ||||||||||||||||||
Total net transactions | 13.7 | 23.8 | 5.8 | 0.8 | 0.4 | 4.4 | 2.7 | |||||||||||||||||||||
Realized gains (losses) on fair value option securities
|
0.2 | (0.6 | ) | 1.5 | 2.4 | (0.4 | ) | 1.4 | (2.7 | ) | ||||||||||||||||||
Realized gains (losses) on derivative assets and liabilities (1)
|
3.6 | 19.7 | (9.5 | ) | (21.7 | ) | (10.5 | ) | 0.3 | 14.5 | ||||||||||||||||||
Net realized gains (losses)
|
3.0 | 30.5 | (14.1 | ) | (29.3 | ) | (16.2 | ) | 3.1 | 6.1 | ||||||||||||||||||
Closed block applicable PDO (reduction)
|
5.6 | (17.0 | ) | 0.6 | 1.4 | 1.6 | (3.2 | ) | 0.8 | |||||||||||||||||||
Applicable deferred acquisition costs (credit)
|
(1.2 | ) | 1.5 | 0.2 | 1.7 | (0.2 | ) | (0.1 | ) | 0.1 | ||||||||||||||||||
Applicable income tax expense (benefit)
|
(3.0 | ) | (0.3 | ) | (3.2 | ) | 12.1 | (3.5 | ) | 8.7 | (2.1 | ) | ||||||||||||||||
Realized gains (losses) on def. comp. portion fair value option securities
|
(0.2 | ) | 0.6 | (1.5 | ) | (2.4 | ) | (1.1 | ) | (0.4 | ) | 2.6 | ||||||||||||||||
Net realized investment gains (losses) included in net income (loss)
|
$ | 4.2 | $ | 15.3 | $ | (18.0 | ) | $ | (16.5 | ) | $ | (19.4 | ) | $ | 8.1 | $ | 7.5 | |||||||||||
(1)
|
Beginning in the second quarter 2011, changes in fair value of fixed indexed annuity contract embedded derivatives are recorded in policy benefits, excluding policyholder dividends.
|