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."
Mutual fund sales rose 12% from the same period last year and 26% from the previous quarter. Deposits in the Phoenix-Goodwin Multi-Sector Short Term Bond Fund drove the sales, the firm said. Retail sales were down overall, mostly because of the high volume of sales of managed accounts in the second quarter of last year from Kayne Anderson Rudnick Investment Management.