The Phoenix Companies, Inc. (NYSE:PNX) today provided full year 2013
unaudited statutory results for its principal operating subsidiary,
Phoenix Life Insurance Company (PLIC), and fourth quarter and full year
2013 estimated operating metrics.
"Phoenix demonstrated strength across our business in 2013," said James
D. Wehr, president and chief executive officer. "Mortality, persistency
and investment results were solid for the year, and sales of our core
annuity product line were nearly $700 million. Although our statutory
surplus declined, we managed our capital to maintain financial strength
and flexibility for both the holding company and life companies. At the
same time, the company's GAAP restatement continues to be a significant
undertaking, and we remain committed to completing it by the end of
FULL YEAR 2013 STATUTORY RESULTS FOR PHOENIX LIFE INSURANCE COMPANY
PLIC today filed its unaudited statutory financial results for the year
ended Dec. 31, 2013 with the New York Department of Financial Services.
The following are highlights from that filing:
FOURTH QUARTER AND FULL YEAR 2013 ESTIMATED OPERATING METRICS FOR THE
PHOENIX COMPANIES, INC.
The following are currently estimated operating metrics for the fourth
quarter and full year 2013 for The Phoenix Companies, Inc.:
YEAR-OVER-YEAR CHANGE TO PHOENIX LIFE INSURANCE COMPANY STATUTORY
SURPLUS AND ASSET VALUATION RESERVE
PLIC's statutory surplus and asset valuation reserve was $735.2 million
at Dec. 31, 2013 and $922.5 million at Dec. 31, 2012. The change in
statutory surplus and asset valuation reserve primarily reflects the
following actions in 2013:
The Phoenix Companies, Inc. today advised that the 2013 unaudited
statutory financial results for its insurance company subsidiaries filed
with their domiciliary state insurance regulators should be relied upon
as the most current assessment of their respective financial conditions.
The Phoenix Companies, Inc. noted that statutory results of its
insurance company subsidiaries are not indicative of, and are not a
replacement for, its consolidated GAAP results. Variances between the
statutory financial results of its insurance company subsidiaries and
their or The Phoenix Companies, Inc.'s GAAP financial information are
likely to be material.
Due to the differences between the statutory and GAAP accounting
principles, the statutory adjustments discussed above may not be
the same as the adjustments made to the GAAP financial statements as a
result of the restatement, and such differences could be material.
RESTATEMENT AND FILING OF GAAP FINANCIAL STATEMENTS
As previously reported, The Phoenix Companies, Inc. is restating
historical annual and interim GAAP financial statements and has not yet
filed with the Securities and Exchange Commission (SEC) its third
quarter 2012 Form 10-Q and its subsequent periodic reports.
On Jan. 17, 2014, the company said it expects to file its 2012 Form 10-K
with the SEC by March 31, 2014 and become a timely SEC filer with the
filing of its second quarter 2014 Form 10-Q. The 2012 Form 10-K will
contain audited financial statements for the years ended Dec. 31, 2012,
2011 and 2010 and interim unaudited financial statements for each
quarter during 2012 and 2011. It also will restate and correct selected
financial data for each of the years ended Dec. 31, 2011, 2010, 2009 and
On Feb. 28, 2014, the company filed a Notification of Late Filing on
Form 12b-25 with the SEC disclosing that it will not file its 2013 Form
10-K on or before the March 17, 2014 due date and that it does not
expect to file it within the fifteen day extension period offered by
Rule 12b-25 of the Securities Exchange Act of 1934, as amended.
On Feb. 20, 2014, the company reported that it had received the consent
of bondholders holding the majority in principal amount of its 7.45%
Quarterly Interest Bonds Due 2032 (NYSE:PFX) to amend the indenture
governing the bonds and provide a related waiver. The amendments to the
terms of the indenture, executed on Feb. 21, 2014, allow the company to
extend to March 16, 2015 the deadline for all SEC reports required to be
delivered to the bond trustee prior to that date.
The Phoenix Companies, Inc. (NYSE:PNX) helps financial professionals
provide solutions, including income strategies and insurance protection,
to families and individuals planning for or living in retirement.
Founded as a life insurance company in 1851, Phoenix offers products and
services designed to meet financial needs in the middle income and mass
affluent markets. Its distribution subsidiary, Saybrus Partners, Inc.
offers solutions-based sales support to financial professionals and
represents Phoenix's products among key distributors, including
independent marketing organizations and brokerage general agencies.
Phoenix is headquartered in Hartford, Connecticut, and its principal
operating subsidiary, Phoenix Life Insurance Company, has its statutory
home office in East Greenbush, New York. As of Dec. 31, 2013, Phoenix
had 5.7 million outstanding shares of common stock. For more
information, visit www.phoenixwm.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The foregoing contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. We
intend for these forward-looking statements to be covered by the safe
harbor provisions of the federal securities laws relating to
forward-looking statements. These forward-looking statements
include statements relating to, or representing management's beliefs
about, our future transactions, strategies, operations and financial
results, including, without limitation, our expectation to provide
information within anticipated timeframes and potential penalties that
may result from failure to timely file statutory financial statements
with state insurance regulators, and the Company's ability to satisfy
its requirements under, and maintain the listing of its shares on, the
NYSE. Such forward-looking statements often contain words such as
"will," "anticipate," "believe," "plan," "estimate," "expect," "intend,"
"is targeting," "may," "should" and other similar words or expressions.
Forward-looking statements are made based upon management's current
expectations and beliefs and are not guarantees of future performance.
Our ability to provide updated information about the restatement in
the anticipated timeframe, complete the restatement and resume a timely
filing schedule with respect to our SEC filings reflecting the
restatement is subject to a number of contingencies, including but not
limited to, whether we continue to identify errors in our consolidated
financial statements, whether existing systems and processes can be
timely updated, supplemented or replaced, and the number and complexity
of, and periods covered by, the periodic reports that we will have to
file with the SEC to reflect the restatement. Our actual business,
financial condition or results of operations may differ materially from
those suggested by forward-looking statements as a result of risks and
uncertainties which include, among others, those risks and uncertainties
described in any of our other filings with the SEC. Certain other
factors which may impact our business, financial condition or results of
operations or which may cause actual results to differ from such
forward-looking statements are discussed or included in our periodic
reports filed with the SEC and are available on our website at www.phoenixwm.com
under "Investor Relations." You are urged to carefully consider
all such factors. We do not undertake or plan to update or revise
forward-looking statements to reflect actual results, changes in plans,
assumptions, estimates or projections, or other circumstances occurring
after the date of this news release, even if such results, changes or
circumstances make it clear that any forward-looking information will
not be realized. If we make any future public statements or
disclosures which modify or impact any of the forward-looking statements
contained in or accompanying this news release, such statements or
disclosures will be deemed to modify or supersede such statements in
this news release.
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