Delaware
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001-16517
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06-1599088
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(State or other jurisdiction
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(Commission File Number)
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(IRS Employer
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of incorporation)
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Identification No.)
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One American Row, Hartford, CT
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06102-5056
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code:
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(860) 403-5000
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NOT APPLICABLE
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(Former name or former address, if changed since last report)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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News Release of The Phoenix Companies, Inc. dated May 15, 2013.
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THE PHOENIX COMPANIES, INC.
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Date: May 15, 2013
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By:
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/s/ Bonnie J. Malley
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Name:
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Bonnie J. Malley
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Title:
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Executive Vice President and
Chief Financial Officer
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N E W S R E L E A SE | ![]() |
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For Immediate Release | One American Row | |
PO Box 5056 | ||
Hartford CT 06102-5056 | ||
www.phoenixwm.com | ||
Contacts:
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Media Relations
Alice S. Ericson, 860-403-5946
alice.ericson@phoenixwm.com
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Investor Relations
Naomi Baline Kleinman, 860-403-7100
pnx.ir@phoenixwm.com
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Phoenix Life Insurance Company first quarter 2013 unaudited statutory results filed with state regulators
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Estimated first quarter 2013 operating metrics provided for The Phoenix Companies, Inc.
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Statutory net gain from operations was $26.2 million, and the statutory net loss was $38.9 million for the quarter ended March 31, 2013.
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Statutory surplus and asset valuation reserve was $828.5 million at March 31, 2013 and $922.5 million at Dec. 31, 2012. The March 31, 2013 balance reflects the following actions in the first quarter of 2013:
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o
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PLIC paid a $20 million dividend to the parent holding company.
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o
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PLIC and its subsidiary, PHL Variable Insurance Company, initiated a hedge to protect surplus against the impact of rising interest rates. The hedge also positions The Phoenix Companies, Inc. to utilize tax benefits related to expiring capital loss carryforwards maintained at the holding company. The transaction decreased statutory surplus by $55.2 million and increased holding company assets through an inter-company tax receivable of $48.0 million. This receivable is expected to be settled in the second quarter of 2013, enhancing holding company liquidity and capital flexibility.
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Risk-based capital ratio was estimated to be 357% at March 31, 2013.
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Annuity deposits of $177.9 million for the first quarter of 2013.
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Net annuity flows (deposits less surrenders) of $40.9 million for the first quarter of 2013.
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Annuity funds under management of $5.2 billion at March 31, 2013.
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Life insurance annualized premium of $0.4 million for the first quarter of 2013.
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Gross life insurance in-force of $110.9 billion at March 31, 2013.
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First quarter 2013 mortality was in line with expectations, with favorable experience in the open block, driven by universal life results, and slightly unfavorable experience in the closed block.
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First quarter 2013 total individual life surrenders at an annualized rate of 5.1%, and closed block life policies at an annualized rate of 4.6%.
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First quarter 2013 annuity surrenders at an annualized rate of 10.4%.
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Holding company cash and securities and the $48.0 million tax receivable totaled $190.0 million at March 31, 2013.
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Saybrus Partners EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), including inter-company revenues, was modestly positive for the first quarter of 2013.
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As previously announced, Phoenix will provide an update on both timing and estimated financial impact of its restatement of prior period GAAP financial statements on or before May 31, 2013.
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On Nov. 8, 2012, Phoenix announced it would restate 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. The company provided updates on the process on March 15, 2013 and April 24, 2013.
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On May 10, 2013, Phoenix filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission disclosing that it is unable to complete its restatement process, evaluate its conclusions regarding internal controls, and file its first quarter 2013 Quarterly Report on Form 10-Q on or before the prescribed due date and that it does not expect to file such Form 10-Q within the five day extension period offered by Rule 12b-25 of the Securities Exchange Act of 1934, as amended.
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