Securities and Exchange Commission
Washington, D.C. 20549
-----------------------------------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 3, 2005
The Phoenix Companies, Inc.
- ---------------------------------------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 1-16517 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)
Registrant's telephone number, including area code: (860) 403-5000
--------------------------
NOT APPLICABLE
-----------------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:
[ ] 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))
Item 2.02. Results of Operations and Financial Condition
On May 3, 2005, The Phoenix Companies, Inc. issued a press release announcing its financial results for the
quarter ended March 31, 2005. This is furnished as Exhibit 99.1 hereto.
Item 9.01 Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
The following exhibit is furnished herewith:
99.1 News release of The Phoenix Companies, Inc. dated May 3, 2005, regarding the matters described in
Item 2.02.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE PHOENIX COMPANIES, INC.
Date: May 3, 2005 By: /s/ Scott R. Lindquist
------------------------------------------------
Name: Scott R. Lindquist
Title: Senior Vice President and Chief
Accounting Officer
The Phoenix Companies, Inc. ... 1
EXHIBIT 99.1
[Logo]Phoenix
The Phoenix Companies, Inc. N E W S R E L E A S E
One American Row
PO Box 5056
Hartford CT 06102-5056
PhoenixWealthManagement.com
Contacts:
Media Relations Investor Relations
Alice S. Ericson Peter A. Hofmann
860-403-5946 860-403-7100
FOR IMMEDIATE RELEASE
The Phoenix Companies, Inc. Reports First Quarter 2005 Earnings; Core Operating Segment Earnings
Improved; Venture Capital Reduces Total Segment Earnings
HARTFORD, Conn., May 3, 2005 - The Phoenix Companies, Inc. (NYSE: PNX) today reported first quarter 2005
earnings. Earnings from the company's two core businesses were significantly ahead of the prior year's
quarter and exceeded management's expectations despite challenging market conditions. Life and Annuity
drove the results with its third consecutive quarter of record segment earnings.
HIGHLIGHTS FOR THE FIRST QUARTER 2005:
• Net income was $9.4 million, or $0.09 per diluted share, compared with net income of $16.6 million, or
$0.16 per share, in the 2004 first quarter.
• Total segment income was $16.8 million, or $0.16 per diluted share, compared with $17.5 million, or
$0.17 per share, in the 2004 first quarter. The current quarter result was affected by lower venture
capital income.
• Life and Annuity pre-tax segment income of $44.0 million was up 71 percent from $25.8 million in the
2004 first quarter. Phoenix Life Insurance Company had a statutory net gain from operations of $16.3
million, compared with a $14.1 million loss in the 2004 first quarter.
• The Asset Management segment posted a $1.7 million pre-tax loss, compared with $0.1 million in pre-tax
income in the 2004 first quarter.
Consistent with its strategy to convert its asset management business to a 100 percent-owned model,
Phoenix announced yesterday that Seneca Capital Management, LLC has become a wholly owned subsidiary.
Terms of the transaction were not disclosed, but the consideration was previously expensed. The
transaction is not material to the company's financial statements.
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The Phoenix Companies, Inc. ... 2
FIRST QUARTER 2005 RESULTS
Earnings Summary First First
(millions except per share data) Quarter Quarter
2005 2004 Change
------------- ------------ -----------
Life Insurance $40.4 $23.0 $17.4
Annuities 3.6 2.8 0.8
------------- ------------ -----------
Life and Annuity Segment 44.0 25.8 18.2
Asset Management Segment (1.7) 0.1 (1.8)
------------- ------------ -----------
Operating Segment Income 42.3 25.9 16.4
Venture Capital Segment (2.2) 11.6 (13.8)
Corporate and Other Segment (16.3) (12.7) (3.6)
------------- ------------ -----------
Total Segment Income, Before Income Taxes 23.8 24.8 (1.0)
Applicable Income Taxes 7.0 7.3 (0.3)
------------- ------------ -----------
Total Segment Income 1 16.8 17.5 (0.7)
Realized Gains (Losses), Net (5.9) 1.8 (7.7)
Restructuring Costs and Other Nonrecurring Items (1.5) (2.7) 1.2
------------- ------------ -----------
Net Income $9.4 $16.6 $(7.2)
============= ============ ===========
Earnings Per Share Summary
Total Segment Income Per Share 1
Basic $.18 $.19 $(.01)
Diluted $.16 $.17 $(.01)
Net Income Per Share
Basic $.10 $.18 $(.08)
Diluted $.09 $.16 $(.07)
Weighted Average Shares Outstanding
Basic 94.9 94.5
Diluted 102.3 102.0
1 Total segment income is a non-GAAP financial measure that is presented in a manner consistent with
the way management evaluates operating results. A reconciliation of non-GAAP financial measures to GAAP
is provided in the tables at the end of this release.
"Earnings in our core operations are ahead of our expectations for this point in the year, despite the
challenging market environment. Total segment earnings, however, were adversely impacted by venture
capital," said Dona D. Young, chairman, president and chief executive officer. "We continue to benefit
from the actions we took last year, which resulted in expense reductions, a lowered risk profile and
increased strategic focus. As important, we are on track to execute our 2005 plans - we have introduced a
number of new products and expanded our distribution reach."
She continued, "There is still much for us to do to accelerate the turnaround of asset management.
However, I am very encouraged by the positive net flows in the quarter, and, with yesterday's
announcement of the transaction with Seneca Capital Management, we have taken a major step toward
permanently restructuring our asset management business and making it a growing, profitable contributor
to Phoenix."
GUIDANCE
Phoenix today announced the following targets for 2005:
• A total segment return on equity of 5.0 percent to 5.5 percent for the year, compared with 4.1 percent
achieved in 2004 and 3.4 percent in the first quarter of 2005
• Double-digit growth in total life insurance sales
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The Phoenix Companies, Inc. ... 3
• Positive net flows in Asset Management and variable annuities
• An 18 percent pre-tax operating margin, before intangible amortization and minority interest, in its
Asset Management segment
These targets are based on a number of planning assumptions and other factors, including equity
returns (dividends and market appreciation) of 5 percent, gradually rising interest rates to a year-end
level of 4.75 for 5-year Treasury Bonds, and an investment income return of 8 percent on venture capital
investments.
Consistent with the company's planning methodology, the first quarter's venture capital earnings
reduce the full-year planned venture capital return to 8 percent from 12 percent. In addition, the weak
equity markets in the first quarter of 2005 reduced the total assumed equity market return to 5 percent
from 10 percent. However, Phoenix believes its new product introductions, expanded distribution and
ongoing expense management will offset some of the potential impact of lower equity returns. These targets
represent forward-looking statements and are subject to the risks and uncertainties outlined at the end of
this news release. Specifically, to the extent that actual interest rates or equity and venture capital
returns differ from the assumptions outlined above, the company's performance could differ materially from
the targeted levels. Total segment return on equity and operating margin, which are non-GAAP financial
measures, are further described in the tables above and in the reconciliation table at the end of this
news release.
SEGMENT RESULTS
Phoenix has two operating segments, "Life and Annuity" and "Asset Management," and two reporting
segments, "Venture Capital" and "Corporate and Other." The Corporate and Other segment includes
unallocated capital, interest expense and other expenses, and certain businesses not of sufficient scale
to report independently.
Life and Annuity Segment
The Life and Annuity segment had pre-tax income of $44.0 million in the first quarter of 2005, a 71
percent increase from the $25.8 million reported for the prior year's first quarter, and the third
consecutive quarter of record earnings. The life insurance business had first quarter 2005 pre-tax income
of $40.4 million, a 76 percent increase from the $23.0 million reported for the 2004 first quarter. The
annuity business had $3.6 million in pre-tax income in the quarter, a 29 percent increase from the $2.8
million reported in the first quarter of 2004.
The earnings improvements reflect strong investment gains, improving mortality and investment margins,
and the benefit of expense reductions, particularly those related to the second quarter 2004 sale of
Phoenix's affiliated retail distribution to Linsco/Private Ledger (LPL). Persistency remained favorable
in the quarter.
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The Phoenix Companies, Inc. ... 4
Phoenix Life Insurance Company had a statutory net gain from operations of $16.3 million in the 2005
first quarter, compared with a $14.1 million loss in the 2004 first quarter. Statutory surplus grew by 5
percent from the prior year to $1.1 billion at March 31, 2005. The risk-based capital ratio also rose to
over 350 percent at the end of the quarter, well above the company's 300 percent threshold.
Total wholesaled life sales were $30.1 million in the 2005 first quarter, compared with $35.1 million
in the prior year's first quarter. However, excluding formerly affiliated distribution and LPL for both
periods, sales rose 6 percent.
During the quarter, Phoenix continued executing on its product development strategy with the launch of
enhancements to its flagship variable universal life product, Phoenix Edge®-VUL (PE-VUL), offering lower
mortality and expense charges, lower rates for many risk classes and improvements to the product's advisor
illustration system. Phoenix's newest offering, Phoenix Express VULSM, was made available for sale in
late April. With this simplified variable life insurance product, Phoenix is offering clients a face
amount up to $1 million without a medical exam, contingent on answers given in the application, and an
underwriting decision within hours.
Wholesaled annuity deposits were $92.6 million in the first quarter of 2005, compared with $186.2
million in the prior year's first quarter. The year-over-year decrease reflects the sale of affiliated
retail distribution. Deposits in the first quarter were about even with the fourth quarter 2004.
Wholesaled life and annuity sales exclude private placement deposits.
Total private placement life and annuity deposits were $487.6 million in the first quarter of 2005,
compared with $28.8 million in the prior year's first quarter. Deposits from private placement sales can
vary widely quarter to quarter, because they involve fewer, but significantly larger, cases.
Asset Management Segment
The Asset Management segment reported a pre-tax loss of $1.7 million for the first quarter of 2005,
compared with pre-tax income of $0.1 million in the prior year's first quarter. The decline reflects
lower revenues resulting from 2004 net outflows and weak markets in the 2005 first quarter. Benefits from
further expense reductions were partially offset by investments in product quality, product development
and institutional distribution.
March 31, 2005 assets under management for the segment were $43.2 billion, compared with $46.7 billion
on March 31, 2004.
Net flows were positive $1.5 billion in the first quarter of 2005 (inflows of $5.1 billion; outflows
of $3.6 billion), compared with negative net flows of $0.4 million in the prior year's first quarter
(inflows of $1.9 billion; outflows of $2.3 billion).
The improvement in net flows was driven primarily by institutional products, an area of strategic
focus. Both institutional and retail inflows were at their highest level since the 2002 third quarter,
and
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The Phoenix Companies, Inc. ... 5
mutual fund sales rose 12 percent from the 2004 fourth quarter. More than 70 percent of assets under
management out-performed their respective benchmarks for the five-year period ended March 31, 2005.
The company continued to increase focus on its strongest performing strategies, including leveraging
its strong multi-sector short term bond strategy into an institutional product and its utilities
capabilities into an open-end global utilities fund.
Venture Capital Segment
The Venture Capital segment had a pre-tax loss of $2.2 million in the 2005 first quarter, compared
with income of $11.6 million in the prior year's first quarter. The prior year's quarter reflects gains
resulting from true-ups to the partnerships' audited year-end valuations.
Corporate and Other Segment
The Corporate and Other segment had a pre-tax loss of $16.3 million in the 2005 first quarter,
compared with a $12.7 million loss in the prior year's first quarter. The result reflects higher interest
expenses from the fourth quarter 2004 surplus notes refinance transaction, higher allocated expenses, and
lower corporate investment income.
INVESTMENT PORTFOLIO
The company reported net realized investment losses of $5.9 million for the first quarter of 2005,
compared with net realized gains of $1.8 million for the prior year's first quarter.
First quarter 2005 net bond impairments were $12.4 million, compared with $6.5 million in net
impairments in the 2004 first quarter. The net bond impairments include gross impairments of $11.3
million and $13.1 million, respectively, adjusted for gains and additional losses on the sales of
previously impaired assets.
As previously announced, in January Phoenix closed the sales of its two largest remaining
non-strategic assets, Aberdeen Asset Management plc and Lombard International Assurance S.A. It
recognized a $7.0 million after-tax loss related to Aberdeen and a $9.3 million after-tax gain related to
Lombard in the first quarter.
CONFERENCE CALL
The Phoenix Companies, Inc. will host a conference call today at 11:00 a.m. Eastern time to discuss
with the investment community Phoenix's first quarter financial results. The conference call will be
broadcast live over the Internet at www.PhoenixWealthManagement.com in the Investor Relations section. To
listen to the live call, please go to the Web site at least fifteen minutes prior to register, and to
download and install any necessary audio software. The call also can be accessed by telephone at
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The Phoenix Companies, Inc. ... 6
1-973-321-1020. A replay of the call will be available through May 17, 2005 by telephone at
1-973-341-3080 (passcode 5854460) and on Phoenix's Web site, www.PhoenixWealthManagement.com in the
Investor Relations section.
The Phoenix Companies, Inc. is a leading manufacturer of life insurance, annuity and asset
management products for the accumulation, preservation and transfer of wealth. With a history dating to
1851, The Phoenix Companies, Inc. has two principal operating subsidiaries, Phoenix Life Insurance Company
and Phoenix Investment Partners, Ltd. Through a variety of advisors and financial services firms, the
company provides products and services to affluent and high-net-worth individuals and to institutions.
Phoenix has corporate offices in Hartford, Connecticut.
FORWARD-LOOKING STATEMENT
This release may contain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. The company intends these forward-looking statements to be covered by the
safe harbor provisions of the federal securities laws relating to forward-looking statements. These
include statements relating to trends in, or representing management's beliefs about, the company's future
strategies, operations and financial results, as well as other statements including words such as
"anticipate", "believe," "plan," "estimate," "expect," "intend," "may," "should" and other similar
expressions. Forward-looking statements are made based upon management's current expectations and beliefs
concerning trends and future developments and their potential effects on the company. They are not
guarantees of future performance. Actual results may differ materially from those suggested by
forward-looking statements as a result of risks and uncertainties which include, among others: (i) changes
in general economic conditions, including changes in interest and currency exchange rates and the
performance of financial markets; (ii) heightened competition, including with respect to pricing, entry of
new competitors and the development of new products and services by new and existing competitors; (iii)
the company's primary reliance, as a holding company, on dividends and other payments from its
subsidiaries to meet debt payment obligations, particularly since the company's insurance subsidiaries'
ability to pay dividends is subject to regulatory restrictions; (iv) regulatory, accounting or tax
developments that may affect the company or the cost of, or demand for, its products or services; (v)
downgrades in financial strength ratings of the company's insurance subsidiaries or in the company's
credit ratings; (vi) discrepancies between actual claims experience and assumptions used in setting prices
for the products of insurance subsidiaries and establishing the liabilities of such subsidiaries for
future policy benefits and claims relating to such products; (vii) movements in the equity markets that
affect our investment results, including those from venture capital, the fees we earn from assets under
management and the demand for our variable products; (viii) the company's continued success in achieving
planned expense reductions; (ix) the effects of closing the company's retail brokerage operations; and (x)
other risks and uncertainties described in any of the company's filings
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The Phoenix Companies, Inc. ... 7
with the Securities and Exchange Commission. The company undertakes no obligation to update or revise
publicly any forward-looking statement, whether as a result of new information, future events or
otherwise.
PRODUCT DISCLOSURES
Investors should carefully consider the investment objectives, charges, expenses and risks of Phoenix
mutual funds and variable products before investing. Call 1-800-417-4769 to obtain a current product
prospectus and, for the variable products, also the underlying investment option prospectuses, which
contain this information and other information. Please read the prospectuses carefully before investing.
The Phoenix Edge - VUL (Policy Form #V613) and Phoenix Express VUL (Policy Form #V615) are issued by
PHL Variable Insurance Company (PHLVIC) (Hartford, CT). PHLVIC is not authorized to conduct business in
NY and ME.
In Maine and New York, Phoenix Express VUL (Policy Form #V616) is issued by Phoenix Life Insurance
Company (East Greenbush, NY).
The insurers referenced above are separate entities and each is responsible only for its own financial
condition and contractual obligations.
Mutual funds and variable products distributed by Phoenix Equity Planning Corporation, 56 Prospect
Street, Hartford, CT 06115.
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The Phoenix Companies Inc....8
Financial Highlights
Three Months Ended March 31, 2005 and 2004
(Unaudited)
Three Months
------------------------
2005 2004
---------- ----------
Income Statement Summary ($ in millions)
Revenues $ 613.4 $ 671.0
Total Segment Income (1) 16.8 17.5
Net Income From Continuing Operations 9.4 16.3
Net Income $ 9.4 $ 16.6
- --------------------------------------------------
Earnings Per Share
Weighted Average Shares Outstanding (in thousands)
Basic 94,930 94,512
Diluted 102,301 102,008
========== ==========
Total Segment Income Per Share (1)
Basic $ 0.18 $ 0.19
Diluted $ 0.16 $ 0.17
========== ==========
Net Income From Continuing Operations
Basic $ 0.10 $ 0.17
Diluted $ 0.09 $ 0.16
========== ==========
Net Income Per Share
Basic $ 0.10 $ 0.18
Diluted $ 0.09 $ 0.16
========== ==========
- --------------------------------------------------
Balance Sheet Summary March December
($ in millions, except share and per share data) 2005 2004
---------- ----------
Invested Assets $ 17,143.7 $ 17,334.6
Separate Account Assets 7,073.2 6,950.3
Total Assets 28,365.9 28,362.6
Indebtedness 688.2 690.8
Total Stockholders' Equity $ 2,003.9 $ 2,022.4
Common Shares outstanding (in thousands) 94,975 94,878
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Book Value Per Share $ 21.10 $ 21.32
Book Value Per Share, excluding
Accumulated OCI and FIN 46-R 21.37 21.27
Third Party Assets Under Management $ 43,224.8 $ 42,908.4
(1) In addition to net income presented in accordance with Generally Accepted Accounting Principles ("GAAP"),
Phoenix considers total segment income in evaluating its financial performance. A reconciliation of these
measures is provided at the end of this release. Total segment income is an internal performance measure
used by Phoenix in the management of its operations, including its compensation plans and planning
processes. Management believes that segment income provides additional insight into the underlying trends
in Phoenix's operations.
Total segment income represents income from continuing operations (which is a GAAP measure) before
realized investment gains and losses and certain other items.
* Net realized investment gains and losses are excluded from total segment income because their size and
timing are frequently subject to our discretion.
* Certain other items are excluded from total segment income because we believe they are (i) not
indicative of overall operating trends; and (ii) infrequent and material and result from a business
restructuring, a change in regulatory requirements, or other unusual circumstances.
Because certain of these items are excluded based on our discretion and involve judgments by management,
inconsistencies in their determination may exist and total segment income may differ from similarly titled
measures of other companies.
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The Phoenix Companies Inc....9
Consolidated Balance Sheet
March 31, 2005 (Preliminary) and December 31, 2004
(in millions, except share data)
2005 2004
---------- ----------
ASSETS:
Available-for-sale debt securities, at fair value $ 13,454.4 $ 13,476.3
Available-for-sale equity securities, at fair value 277.6 304.3
Trading equity securities, at fair value 65.9 87.3
Mortgage loans, at unpaid principal balances 181.1 207.9
Venture capital partnerships, at equity in net assets 250.5 255.3
Policy loans, at unpaid principal balances 2,207.6 2,196.7
Other investments 334.5 371.8
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16,771.6 16,899.6
Available-for-sale debt and equity securities
pledged as collateral, at fair value 1,235.1 1,278.8
---------- ----------
Total investments 18,006.7 18,178.4
Cash and cash equivalents 372.1 435.0
Accrued investment income 226.5 222.3
Receivables 169.9 135.8
Deferred policy acquisition costs 1,494.3 1,429.9
Deferred income taxes 34.9 30.7
Intangible assets 300.1 308.4
Goodwill 427.2 427.2
Other assets 261.0 244.6
Separate account assets 7,073.2 6,950.3
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Total Assets $ 28,365.9 $ 28,362.6
========== ==========
LIABILITIES:
Policy liabilities and accruals $ 13,082.2 $ 13,132.3
Policyholder deposit funds 3,425.8 3,492.4
Stock purchase contracts 129.8 131.9
Indebtedness 688.2 690.8
Other liabilities 623.4 546.3
Non-recourse collateralized obligations 1,301.4 1,355.2
Separate account liabilities 7,073.2 6,950.3
---------- ----------
Total Liabilities 26,324.0 26,299.2
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MINORITY INTEREST:
Minority interest in net assets of subsidiaries 38.0 41.0
---------- ----------
STOCKHOLDERS' EQUITY:
Common stock, $0.01 par value, 106,401,157 and
106,394,959 shares issued 1.0 1.0
Additional paid-in capital 2,436.6 2,435.2
Deferred compensation on restricted stock units (4.0) (3.6)
Accumulated deficit (276.5) (285.6)
Accumulated other comprehensive income 27.7 58.0
Treasury stock, at cost: 11,425,972 and
11,517,387 shares (180.9) (182.6)
---------- ----------
Total stockholders' equity 2,003.9 2,022.4
---------- ----------
Total liabilities, minority interest and
stockholders' equity $ 28,365.9 $ 28,362.6
========== ==========
Certain reclassifications have been made to the 2004 financial statements to conform with the 2005
presentation.
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The Phoenix Companies Inc....10
Consolidated Statement of Income (Unaudited)
Three Months Ended March 31, 2005 and 2004
(in millions)
Three Months
------------------------
2005 2004
---------- ----------
REVENUES:
Premiums $ 226.8 $ 232.7
Insurance and investment product fees 129.0 136.1
Broker-dealer commission and distribution fees 6.8 24.3
Investment income, net of expenses 268.7 275.4
Net realized investment gains (losses) (17.9) 2.5
---------- ----------
Total revenues 613.4 671.0
---------- ----------
BENEFITS AND EXPENSES:
Policy benefits, excluding policyholder dividends 343.3 345.6
Policyholder dividends 83.8 105.9
Policy acquisition cost amortization 28.2 22.6
Intangible asset amortization 8.4 8.3
Interest expense on indebtedness 11.1 9.8
Interest expense on non-recourse collateralized
obligations 8.9 8.9
Other operating expenses 117.2 149.1
---------- ----------
Total benefits and expenses 600.9 650.2
---------- ----------
Income from continuing operations before income
taxes, minority interest and equity in earnings
of affiliates 12.5 20.8
Applicable income taxes 2.8 6.3
---------- ----------
Income from continuing operations before income
taxes, minority interest and equity in earnings
of affiliates 9.7 14.5
Minority interest in net income of subsidiaries (0.3) -
Equity in undistributed earnings of affiliates - 1.8
---------- ----------
Income from continuing operations 9.4 16.3
Income from discontinued operations - 0.3
---------- ----------
Net income $ 9.4 $ 16.6
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The Phoenix Companies Inc....11
Reconciliation of Income Measures (Unaudited)
For the Three Months Ended March 31, 2005 and 2004
(in millions)
Three Months
------------------------
2005 2004
---------- ----------
Segment Income
Life insurance $ 40.4 $ 23.0
Annuities 3.6 2.8
---------- ----------
Life and annuity segment 44.0 25.8
Asset management segment (1.7) 0.1
Venture capital segment (2.2) 11.6
Corporate and other segment (16.3) (12.7)
---------- ----------
Total segment income, before income taxes 23.8 24.8
Applicable income taxes 7.0 7.3
---------- ----------
Total segment income 16.8 17.5
Realized investment gains (losses), after
income taxes and other offsets (5.9) 1.8
Realized gain (losses) from collateralized
debt obligations 0.4 (1.0)
Income from discontinued operations, net of
income taxes - 0.3
Restructuring charges and other non-recurring items,
net of income taxes (1.9) (2.0)
---------- ----------
Net income $ 9.4 $ 16.6
========== ==========
Note: For additional information, see our financial supplement at PhoenixWealthManagement.com.
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