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): October 27, 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 October 27, 2005, The Phoenix Companies, Inc. issued a press release announcing its financial results for
the quarter ended September 30, 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 October 27, 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: October 27, 2005 By: /s/ Katherine P. Cody
------------------------------------------------
Name: Katherine P. Cody
Title: Senior Vice President and Chief Accounting Officer
[logo]Phoenix
The Phoenix Companies, Inc. N E W S R E L E A S E
One American Row EXHIBIT 99.1
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 Third Quarter 2005 Earnings;
Net Income Nearly Quadrupled Year-Over-Year
Hartford, Conn., October 27, 2005 - The Phoenix Companies, Inc. (NYSE: PNX) today reported third quarter
2005 earnings.
• Net income was $26.4 million, or $0.26 per diluted share, almost quadruple the $7.1 million, or $0.07
per share, reported in the 2004 third quarter.
• Total segment income was $26.4 million, or $0.26 per diluted share, a 29 percent rise from $20.5
million, or $0.21 per share, in the 2004 third quarter.
• Life and Annuity pre-tax segment income was $45.0 million, a 10 percent rise from $40.8 million in the
2004 third quarter.
• Asset Management reported earnings before interest, depreciation, amortization and taxes (EBITDA) of
$9.2 million, about even with $9.0 million in the 2004 third quarter, and a pre-tax segment loss of
$10.1 million, compared with a break-even result in the 2004 third quarter. The segment loss included
a non-cash charge of $10.6 million ($6.6 million after-tax) related to an impairment of an identified
intangible asset.
The company also announced today that it has entered into an agreement to sell approximately
three-quarters of its Venture Capital segment assets. The transaction will close in phases during the
fourth quarter of 2005 and first quarter of 2006, pending general partner consents.
"We had a successful quarter and made meaningful progress in several important areas," said Dona D.
Young, chairman, president and chief executive officer. "Life and Annuity earnings and life insurance
sales were both strong. In addition, we engaged in two transactions that addressed remaining legacy
issues. The first was the final restructuring of our Asset Management business. The second was the sale
we announced today of a substantial portion of our venture capital portfolio.
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The Phoenix Companies, Inc. ... 2
"The Life and Annuity segment continued to show solid earnings growth, driven by strong profitability
in life insurance and improving performance in annuities. Life insurance sales were up substantially from
the first half of the year, but annuity sales remain unsatisfactory. Although flows in Asset Management
were negative, sales of mutual funds were strong and margins improved this quarter. Now that we have
completed the restructuring of our Asset Management business to a 100-percent-owned model, we can start to
realize its full potential," Mrs. Young said.
"Clearly, our core businesses are moving forward, albeit at different rates. We also made significant
headway in improving long-term earnings quality through the venture capital transaction, which will reduce
our equity sensitivity and earnings volatility," she said.
THIRD QUARTER 2005 RESULTS
Earnings Summary Third Third
(Millions Except Per Share Data) Quarter Quarter
2005 2004 Change
------------- ------------ -----------
Life and Annuity Segment $45.0 $40.8 $4.2
Asset Management Segment (10.1) -- (10.1)
------------- ------------ -----------
Operating Segment Income $34.9 40.8 (5.9)
Venture Capital Segment 12.7 (3.9) 16.6
Corporate and Other Segment (18.7) (15.9) (2.8)
------------- ------------ -----------
Total Segment Income, Before Income Taxes 28.9 21.0 7.9
Applicable Income Taxes 2.5 .5 2.0
------------- ------------ -----------
Total Segment Income 1 26.4 20.5 5.9
Realized Gains (Losses), Net 1.1 (0.2) 1.3
Restructuring Costs and Other Nonrecurring Items, Net (1.1) (13.2) 12.1
------------- ------------ -----------
Net Income $26.4 $7.1 $19.3
============= ============ ===========
Earnings Per Share Summary
Total Segment Income Per Share 1
Basic $.28 $.22 $.06
Diluted $.26 $.21 $.05
Net Income Per Share
Basic $.28 $.07 $.21
Diluted $.26 $.07 $.19
Weighted Average Shares Outstanding
Basic 95.1 94.7
Diluted 102.4 99.2
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.
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The Phoenix Companies, Inc. ... 3
SUMMARY OF SEGMENT RESULTS
Life and Annuity
Summary Third Third
(Millions) Quarter Quarter
2005 2004 Change
------------- ------------ -----------
Life Insurance Income (pre-tax) $38.1 $36.9 $1.2
Annuity Income (pre-tax) 6.9 3.9 3.0
------------- ------------ -----------
Life and Annuity Segment Income (pre-tax) $45.0 $40.8 $4.2
============= ============ ===========
Life Insurance Sales (Annualized + Single Premium) $42.9 $32.1 $10.8
Annuity Deposits $82.7 $99.5 $(16.8)
Annuity Net Deposits $(157.5) $(105.7) $(51.8)
• Life and Annuity segment income reflects year-over-year improvement in life sales, strong investment
performance, and continued favorable mortality and strong persistency.
• Year-to-date segment income rose 47 percent from the prior year, 23 percent excluding the second
quarter 2005 deferred acquisition cost (DAC) unlocking.
• Total life sales of $42.9 million rose 34 percent from the prior year's quarter and include a 75
percent rise in annualized premium, from $16.8 million to $29.5 million. On a year-to-date basis, the
comparable growth rates are 4 percent and 24 percent.
• The year-over-year decrease in annuity deposits reflects a decline in follow-on deposits into
discontinued products and lower-than-anticipated sales from new product introductions.
• Life sales and annuity deposits exclude private placement deposits. Total private placement life and
annuity deposits were $13.3 million in the third quarter of 2005, compared with $44.0 million in the
prior year's third quarter. Year-to-date private placement deposits totaled $538.4 million, compared
with $175.6 million for the same period in 2004.
Asset Management
Summary Third Third
(Millions) Quarter Quarter
2005 2004 Change
------------- ------------ -----------
Asset Management EBITDA $9.2 $9.0 $0.2
Asset Management Segment Income (Loss) (pre-tax) $(10.1) $0.0 $(10.1)
Asset Management Inflows $1,433.9 $1,809.4 $(375.5)
Asset Management Net Flows $(3,465.5) $(764.2) $(2,701.3)
Assets Under Management (end of period) $38,840.0 $42,321.1 $(3,481.1)
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The Phoenix Companies, Inc. ... 4
• Asset Management EBITDA reflects lower revenues from asset outflows, partially offset by higher
performance fees and lower expenses.
• Segment income includes a non-cash charge of $10.6 million ($6.6 million after-tax) for an impairment
of an identified intangible asset related to certain investment contracts that have experienced
significant outflows. As part of the restructuring of its West Coast asset managers, the company is
taking steps to retain the remaining business.
• Open-end mutual fund sales continued to grow, rising 77 percent from the 2004 third quarter to $559.2
million.
• Overall net outflows were driven by continued redemptions in institutional products including the
dissolution of the Phoenix-Mistic CBO, Ltd., which was redeemed in August and accounted for $1.0
billion of the outflows.
• For the five-year period ended September 30, 2005, 59 percent of assets under management out-performed
their respective benchmarks.
• Pre-tax operating margin, before intangible amortization and minority interest, was 17.1 percent for
the quarter and 16.4 percent year-to-date.
Venture Capital Segment
The Venture Capital segment had pre-tax earnings of $12.7 million in the 2005 third quarter, compared
with a $3.9 million loss in the prior year's third quarter. The current results reflect increased
activity in the portfolio.
According to the agreement announced today, approximately three-quarters of this segment's assets will
be sold at a price equal to 100 percent of the partnership values at December 31, 2004, adjusted for
contributions and distributions in 2005. As a result of the transaction, this segment will be eliminated,
effective January 1, 2006, and earnings from the remaining venture capital assets will be allocated to the
Life and Annuity segment.
Corporate and Other Segment
The Corporate and Other segment had a pre-tax loss of $18.7 million in the 2005 third quarter,
compared with a $15.9 million loss in the prior year's third quarter. The result reflects a reallocation
of overhead and slightly higher interest expense.
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The Phoenix Companies, Inc. ... 5
Other Items
• Restructure charges for the 2005 third quarter of $1.3 million after-tax relate principally to
initiatives at West Coast asset managers.
• During the quarter, the Phoenix-Mistic CBO, Ltd. was redeemed, producing a total return of $12.5
million that consisted of prepayment fees, realized investment gains, management fees, and a reversal
of impairments taken previously under FIN 46-R when it was consolidated on Phoenix's balance sheet.
• Third quarter 2005 net realized investment gains of $1.1 million included $3.9 million of net
impairments ($2.6 million after offsets) in the corporate investment portfolio, compared with $4.6
million in net impairments ($0 after offsets) in the 2004 third quarter. The net bond impairments
include gross impairments of $4.5 million and $9.8 million, respectively, adjusted for gains and
additional losses on the sales of previously impaired assets.
• Phoenix Life Insurance Company had a statutory net gain from operations of $30.4 million in the 2005
third quarter, compared with $22.0 million in the 2004 third quarter. Statutory surplus grew by 12
percent from the prior year to $1,048.3 million at September 30, 2005. Year-to-date statutory gain
from operations was $63.6 million, and the estimated risk-based capital ratio remained well over 350
percent at the end of the third quarter.
Guidance
Phoenix today provided the following updated 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 4.9 percent achieved year-to-date
• Double-digit growth in total life insurance sales
• A 17 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 for the full year, gradually rising interest rates
to a year-end level of 4.75 percent for 5-year Treasury Bonds, and an investment income return of 10 percent
on venture capital investments. Given year-to-date asset management and annuity net flows, the company no
longer expects to achieve its guidance of positive net flows in those areas.
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The Phoenix Companies, Inc. ... 6
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.
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 third quarter financial results. The conference call will be
broadcast live over the Internet at www.PhoenixWealthManagement.com in the Investor Relations section.
The call can also be accessed by telephone at 973-321-1020. A replay of the call will be available
through November 10, 2005 by telephone at 973-341-3080 (passcode 6464745) and on Phoenix's Web site,
www.PhoenixWealthManagement.com in the Investor Relations section.
About Phoenix
The Phoenix Companies, Inc. is a leading provider 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, which, by their nature, are subject to risks and uncertainties. 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
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The Phoenix Companies, Inc. ... 7
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 or investment 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 success and timing of the company's implementation of its strategies; (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 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.
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The Phoenix Companies Inc....8
Financial Highlights
Three and Nine Months Ended September 30, 2005 and 2004
(Unaudited)
Three Months Nine Months
------------------------ -------------------------
2005 2004 2005 2004
----------- ----------- ----------- ------------
Income Statement Summary ($ in Millions)
Revenues $ 657.4 $ 660.5 $ 1,894.7 $ 1,999.9
Total Segment Income (1) 26.4 20.5 74.1 54.6
Net Income $ 26.4 $ 7.1 $ 58.2 $ 38.1
- -----------------------------------------------------
Earnings Per Share
Weighted Average Shares Outstanding (in thousands)
Basic 95,100 94,733 95,371 94,624
Diluted 102,420 99,234 102,477 100,930
=========== =========== ============ ============
Total Segment Income Per Share (1)
Basic $ 0.28 $ 0.22 $ 0.78 $ 0.58
Diluted $ 0.26 $ 0.21 $ 0.72 $ 0.54
=========== =========== ============ ============
Net Income Per Share
Basic $ 0.28 $ 0.07 $ 0.61 $ 0.40
Diluted $ 0.26 $ 0.07 $ 0.57 $ 0.38
=========== =========== ============ ============
- -----------------------------------------------------
Balance Sheet Summary September December
($ in millions, except share and per share data) 2005 2004
----------- ------------
Invested Assets $17,015.6 $17,334.6
Separate Account Assets 7,358.8 6,950.3
Total Assets 27,666.2 28,362.6
Indebtedness 762.9 690.8
Total Stockholders' Equity $ 2,044.7 $ 2,022.4
Common Shares outstanding (in thousands) 95,104 94,878
----------- -------------
Book Value Per Share $ 21.50 $ 21.32
Book Value Per Share, excluding Accumulated OCI
and FIN 46-R 21.75 21.27
Third Party Assets Under Management $38,840.0 $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.
The Phoenix Companies Inc....9
Consolidated Balance Sheet
September 30, 2005 (Preliminary Unaudited) and December 31, 2004
(in millions, except share data)
2005 2004
------------------ -------------------
ASSETS:
Available-for-sale debt securities, at fair value $ 13,510.8 $ 13,476.3
Available-for-sale equity securities, at fair value 318.4 304.3
Trading equity securities, at fair value - 87.3
Mortgage loans, at unpaid principal balances 154.8 207.9
Venture capital partnerships, at equity in net assets 251.9 255.3
Policy loans, at unpaid principal balances 2,214.1 2,196.7
Other investments 321.0 371.8
------------------ -------------------
16,771.0 16,899.6
Available-for-sale debt and equity securities pledged
as collateral, at fair value 319.6 1,278.8
------------------ -------------------
Total investments 17,090.6 18,178.4
Cash and cash equivalents 244.6 435.0
Accrued investment income 236.3 222.3
Receivables 141.8 135.8
Deferred policy acquisition costs 1,532.1 1,429.9
Deferred income taxes 16.2 30.7
Intangible assets 304.2 308.4
Goodwill 466.4 427.2
Other assets 275.2 244.6
Separate account assets 7,358.8 6,950.3
------------------ -------------------
Total assets $ 27,666.2 $ 28,362.6
================== ===================
LIABILITIES:
Policy liabilities and accruals $13,179.2 $13,132.3
Policyholder deposit funds 3,219.4 3,492.4
Stock purchase contracts 126.2 131.9
Indebtedness 762.9 690.8
Other liabilities 580.7 546.3
Non-recourse collateralized obligations 390.4 1,355.2
Separate account liabilities 7,358.8 6,950.3
------------------ -------------------
Total liabilities 25,617.6 26,299.2
------------------ -------------------
MINORITY INTEREST:
Minority interest in net assets of subsidiaries 3.9 41.0
------------------ -------------------
STOCKHOLDERS' EQUITY:
Common stock, $0.01 par value, 106,417,862 and
106,394,959 shares issued 1.0 1.0
Additional paid-in capital 2,438.5 2,435.2
Deferred compensation on restricted stock units (3.1) (3.6)
Accumulated deficit (243.4) (285.6)
Accumulated other comprehensive income 30.7 58.0
Treasury stock, at cost: 11,313,564 and 11,517,387 shares (179.0) (182.6)
------------------ -------------------
Total stockholders' equity 2,044.7 2,022.4
------------------ -------------------
Total liabilities, minority interest and stockholders' equity $ 27,666.2 $ 28,362.6
================== ===================
Certain reclassifications have been made to the 2004 financial statements to conform with the 2005
presentation.
The Phoenix Companies Inc....10
Consolidated Statement of Income (Unaudited)
Three and Nine Months Ended September 30, 2005 and 2004
(in millions)
Three Months Nine Months
------------------------ -------------------------
2005 2004 2005 2004
----------- ----------- ----------- ------------
REVENUES:
Premiums $ 236.6 $ 268.8 $ 692.5 $ 739.7
Insurance and investment product fees 127.0 130.1 383.4 400.2
Broker-dealer commission and distribution fees 7.5 5.7 21.4 50.2
Investment income, net of expenses 284.1 265.0 820.9 802.0
Net realized investment gains (losses) 2.2 (9.1) (23.5) 7.8
---------- ---------- ---------- ----------
Total revenues 657.4 660.5 1,894.7 1,999.9
---------- ---------- ---------- ----------
BENEFITS AND EXPENSES:
Policy benefits, excluding policyholder dividends 344.4 373.3 1,027.7 1,060.2
Policyholder dividends 98.6 98.6 265.8 309.8
Policy acquisition cost amortization 29.0 30.6 67.1 76.3
Intangible asset amortization 8.4 8.5 25.6 25.1
Intangible asset impairments 10.6 - 10.6 -
Interest expense on indebtedness 11.7 10.1 34.2 29.8
Interest expense on non-recourse collateralized
obligations 5.5 9.1 24.7 25.5
Other operating expenses 119.8 123.9 364.3 423.2
---------- ---------- ---------- ----------
Total benefits and expenses 628.0 654.1 1,820.0 1,949.9
---------- ---------- ---------- ----------
Income from continuing operations before income taxes,
minority interest and equity in earnings of affiliates 29.4 6.4 74.7 50.0
Applicable income taxes 2.2 (0.6) 15.2 12.7
---------- ---------- ---------- ----------
Income from continuing operations before income taxes,
minority interest and equity in earnings of affiliates 27.2 7.0 59.5 37.3
Minority interest in net income of subsidiaries (0.1) - (0.6) -
Equity in undistributed earnings (losses) of affiliates - 0.1 - 0.7
---------- ---------- ---------- ----------
Income from continuing operations 27.1 7.1 58.9 38.0
Income (loss) from discontinued operations (0.7) (0.0) (0.7) 0.1
---------- ---------- ---------- ----------
Net income $ 26.4 $ 7.1 $ 58.2 $ 38.1
========== ========== ========== ==========
The Phoenix Companies Inc....11
Reconciliation of Income Measures (Unaudited)
Three and Nine Months Ended September 30, 2005 and 2004
(in millions)
Three Months Nine Months
------------------------ -------------------------
2005 2004 2005 2004
----------- ----------- ----------- ------------
Segment Income (loss)
Life insurance $ 38.1 $ 36.9 $ 144.4 $ 89.0
Annuities 6.9 3.9 3.3 11.5
----------- ----------- ----------- ------------
Life and annuity segment 45.0 40.8 147.7 100.5
Asset management segment (10.1) 0.0 (11.7) 0.2
Venture capital segment 12.7 (3.9) 13.2 12.1
Corporate and other segment (18.7) (15.9) (51.4) (44.7)
----------- ----------- ----------- ------------
Total segment income, before income taxes 28.9 21.0 97.8 68.1
Applicable income taxes 2.5 0.5 23.7 13.5
----------- ----------- ----------- ------------
Total Segment Income 26.4 20.5 74.1 54.6
Realized investment gains (losses), after income taxes
and other offsets 1.1 (0.2) (5.4) 10.2
Realized gain (losses) from collateralized debt obligations 0.9 (8.3) 0.1 (12.9)
Income from discontinued operations, net of income taxes (0.7) - (0.7) 0.1
Restructuring charges and other non-recurring items, net
of income taxes (1.3) (4.9) (9.9) (13.9)
----------- ----------- ----------- ------------
Net income $ 26.4 $ 7.1 $ 58.2 $ 38.1
=========== =========== =========== ============
Note: For additional information, see our financial supplement at PhoenixWealthManagement.com.
