The Phoenix Companies said its losses widened in the second quarter, slipping to a loss of $49.5 million, or 53 cents a share. The firm lost $37.2 million, or 37 cents a share in the second quarter of last year. Included in this years loss is a non-cash charge of $60.4 million, relating to the firms investment in UK asset manager Aberdeen Asset Management.
"Our core businesses showed improvement over the first quarter, reflecting the initiatives we have implemented since late last year to restore the company to consistent, profitable growth," said Dona D. Young, chairman, president and chief exec. "Our efforts resulted in a steadily improving capital position, increases in segment earnings and lower expenses."