Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - PHOENIX COMPANIES INC/DE | ptx_8k.htm |
| EX-99.2 - PHOENIX COMPANIES INC/DE | ptx_ex992.htm |
EXHIBIT 99.1
| The Phoenix Companies, Inc. | ||
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Financial Supplement
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Wall Street Coverage
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Firm
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Analyst | Transfer Agent and Registrar |
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Credit Suisse Securities (USA)
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Tom Gallagher
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For information or assistance regarding your account, please contact our transfer agent and registrar:
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| FBR |
Randy Binner
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The Phoenix Companies, Inc. C/O Computershare |
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JP Morgan
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Jimmy Bhullar |
P.O. Box 358015, Pittsburgh, PA 15258
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Langen McAlenney
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Robert Glasspiegel
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Toll-free: 1-800-490-4258 Int'l: 201-680-6823
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Raymond James & Associates
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Steven Schwartz
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TDD: 800-231-5469, Int'l TDD: 201-680-6610
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UBS
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Andrew Kligerman
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E-mail: shrrelations@bnymellon.com
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Web: www.bnymellon.com/shareowner/isd
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For More Information
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To receive additional information, including financial supplements and Securities and Exchange Commission filings along with access to other shareholder services, visit the Investor Relations Section on our Web site at Phoenixwm.com or contact our Investor Relations Department at:
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Shareholder Information
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Security Listings
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The Phoenix Companies, Inc.
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The common stock of The Phoenix Companies, Inc. is traded on the New York Stock Exchange (NYSE) under the
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Investor Relations
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| symbol "PNX." Our 7.45 percent bond is traded on the NYSE under the symbol "PFX." | One American Row | |
| P.O. Box 5056, Hartford, CT 06102-5056 | ||
| Phone: 1-860-403-7100 | ||
| Fax: 1-860-403-7880 | ||
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e-mail: pnx.ir@phoenixwm.com
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For more information on our products and services, call your Phoenix representative or visit our Web site at Phoenixwm.com.
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In managing our business, we analyze our performance on the basis of “operating income” which does not equate to net income as determined in accordance with GAAP. Rather, it is the measure of profit or loss used by our management to evaluate performance, allocate resources and manage our operations. We believe that operating income, and measures that are derived from or incorporate operating income, are appropriate measures that are useful to investors as well, because they identify the earnings of, and underlying profitability factors affecting, the ongoing operations of our business. Operating income is calculated by excluding realized investment gains (losses) and certain other items because we do not consider them to be related to our operating performance. The size and timing of realized investment gains (losses) are often subject to our discretion. Certain other items are also excluded from operating income if, in our opinion, they are not indicative of overall operating trends. The criteria used to identify an item that will be excluded from operating income include: whether the item is infrequent and is material to our income; or whether it results from a change in regulatory requirements, or relates to other unusual circumstances. Items excluded from operating income may vary from period to period. Because these items are excluded based on our discretion, inconsistencies in the application of our selection criteria may exist. Some of these items may be significant components of net income in accordance with GAAP. Accordingly, operating income, and other measures that are derived from or incorporate operating income, are not substitutes for net income, or measures that are derived from or incorporate net income, determined in accordance with GAAP and may be different from similarly titled measures of other companies.
Total operating return on equity (“ROE”) is an internal performance measure used in the management of our operations, including our planning processes. Our management believes that this measure provides investors with a useful metric to assess our performance and the effectiveness of our use of historic capital. ROE is calculated by dividing (i) total operating income, by (ii) average equity, excluding accumulated OCI, FIN 46-R and discontinued operations.
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Financial Supplement
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March 2012 (unaudited)
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Table of Contents
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Financial Highlights
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1 | |||
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Consolidated Income Statement
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2 | |||
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Alternate Operating Income Statement Details excluding Regulatory Closed Block
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4 | |||
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Closed Block Assets and Liabilities
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6 | |||
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Variable Universal Life Funds Under Management
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8 | |||
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Universal Life / Interest Sensitive Funds Under Management
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10 | |||
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Life Sales
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12 | |||
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Annuity Funds Under Management and Annuity Supplementary Information
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14 | |||
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Fixed Indexed Annuity Funds Under Management
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16 | |||
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Deferred Policy Acquisition Costs
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18 | |||
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Consolidated Statement of Income - GAAP Format
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20 | |||
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Condensed Consolidated Balance Sheet - Preliminary
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22 | |||
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General Account Investment Portfolio Summary
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23 | |||
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General Account GAAP Net Investment Income Yields
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25 | |||
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General Account Realized Investment Gains and Losses
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26 | |||
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Impacts of Adoption of Accounting Standards Updated No. 2010-26
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28 | |||
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The Phoenix Companies, Inc.
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Financial Highlights
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First Quarter 2012 (unaudited)
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(amount in millions, except per share data)
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For the Period Ended:
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March
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December 31,
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2012
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2011
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2010
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2009
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2008
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Balance Sheet Information
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General account invested assets
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$ | 15,642.2 | $ | 15,362.0 | $ | 14,288.7 | $ | 13,736.9 | $ | 13,595.7 | |||||||||||
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Separate account assets
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4,041.6 | 3,817.6 | 4,416.8 | 4,418.1 | 3,860.1 | ||||||||||||||||
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Total assets
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21,692.9 | 21,285.1 | 20,884.5 | 24,316.8 | 25,587.5 | ||||||||||||||||
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Indebtedness
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426.9 | 426.9 | 427.7 | 428.0 | 458.0 | ||||||||||||||||
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Total stockholders' equity
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948.2 | 958.0 | 943.0 | 845.7 | 624.4 | ||||||||||||||||
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Total stockholders' equity, excluding other accumulated OCI and FIN 46-R
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$ | 1,085.0 | $ | 1,092.8 | $ | 1,045.7 | $ | 1,020.1 | $ | 1,406.7 | |||||||||||
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Average equity, excluding other accumulated OCI, FIN 46-R and discontinued operations
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$ | 1,083.7 | $ | 1,069.3 | $ | 1,032.9 | $ | 1,213.4 | $ | 1,977.1 | |||||||||||
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Debt to total capitalization (1)
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28.2 | % | 28.1 | % | 29.0 | % | 29.6 | % | 24.6 | % | |||||||||||
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Book value per share
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$ | 8.15 | $ | 8.24 | $ | 8.12 | $ | 7.31 | $ | 5.46 | |||||||||||
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Book value per share, excluding other accumulated OCI
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$ | 9.33 | $ | 9.40 | $ | 9.01 | $ | 8.82 | $ | 12.30 | |||||||||||
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Book value per share, excluding other accumulated OCI and FIN 46-R
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$ | 9.33 | $ | 9.40 | $ | 9.01 | $ | 8.82 | $ | 12.30 | |||||||||||
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Period-end common shares outstanding
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116.3 | 116.3 | 116.1 | 115.7 | 114.4 | ||||||||||||||||
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Indebtedness:
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Surplus notes
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$ | 174.2 | $ | 174.2 | $ | 174.1 | $ | 174.1 | $ | 174.1 | |||||||||||
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Senior unsecured bonds - due 2032
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252.7 | 252.7 | 253.6 | 253.9 | 283.9 | ||||||||||||||||
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Total indebtedness
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$ | 426.9 | $ | 426.9 | $ | 427.7 | $ | 428.0 | $ | 458.0 | |||||||||||
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Statutory Financial Data for Phoenix Life Insurance Company (2)
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Capital, surplus and surplus notes
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$ | 762.2 | $ | 728.8 | $ | 658.5 | $ | 517.2 | $ | 758.9 | |||||||||||
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Asset valuation reserve (AVR)
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120.2 | 116.9 | 104.7 | 57.0 | 94.4 | ||||||||||||||||
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Capital, surplus, surplus notes and AVR
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$ | 882.4 | $ | 845.7 | $ | 763.2 | $ | 574.2 | $ | 853.3 | |||||||||||
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Policyholder dividend liability
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$ | 224.7 | $ | 223.1 | $ | 256.6 | $ | 312.6 | $ | 324.2 | |||||||||||
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Interest maintenance reserve
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$ | (57.4 | ) | $ | (57.6 | ) | $ | (58.0 | ) | $ | (45.8 | ) | $ | (44.2 | ) | ||||||
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Statutory gain from operations
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$ | 43.2 | $ | 130.5 | $ | 147.8 | $ | 29.2 | $ | 53.4 | |||||||||||
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Statutory net income (loss)
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$ | 39.0 | $ | 95.0 | $ | 139.8 | $ | (59.9 | ) | $ | (82.3 | ) | |||||||||
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(1)
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This debt to total capitalization is based on total stockholders' equity, excluding other accumulated OCI and FIN 46-R.
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(2)
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Phoenix Life Insurance Company is required to file financial statements with state regulatory authorities prepared on an accounting basis prescribed or permitted by the Insurance
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Department of the State of New York. March 2012 amounts are preliminary.
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1
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Consolidated Income Statement
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First Quarter 2012 (unaudited)
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(amount in millions, except per share data)
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March
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December 31,
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2012
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2011
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2011
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2009
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2008
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Consolidated Income Statement
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Premiums (1)
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$ | 100.2 | $ | 111.0 | $ | 459.1 | $ | 521.4 | $ | 583.9 | $ | 665.1 | ||||||||||||
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Fee income
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146.6 | 153.8 | 597.1 | 630.2 | 648.1 | 600.9 | ||||||||||||||||||
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Net investment income
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209.8 | 201.3 | 809.2 | 848.0 | 785.8 | 906.4 | ||||||||||||||||||
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Total revenue
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456.6 | 466.1 | 1,865.4 | 1,999.6 | 2,017.8 | 2,172.4 | ||||||||||||||||||
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Policy benefits and increase in policy liabilities (1)
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254.1 | 260.4 | 1,081.9 | 1,088.7 | 1,178.2 | 1,261.0 | ||||||||||||||||||
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Policyholder dividends
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65.5 | 65.3 | 246.5 | 300.4 | 267.3 | 327.7 | ||||||||||||||||||
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Policy acquisition cost amortization
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47.0 | 50.9 | 171.1 | 248.5 | 208.6 | 315.5 | ||||||||||||||||||
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Interest expense on indebtedness
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7.9 | 7.9 | 31.8 | 31.7 | 33.1 | 36.7 | ||||||||||||||||||
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Operating expenses
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60.5 | 59.7 | 246.5 | 293.5 | 314.2 | 340.4 | ||||||||||||||||||
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Total benefits and expenses
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435.0 | 444.2 | 1,777.8 | 1,962.8 | 2,001.4 | 2,281.3 | ||||||||||||||||||
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Pre-tax operating income (loss)
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21.6 | 21.9 | 87.6 | 36.8 | 16.4 | (108.9 | ) | |||||||||||||||||
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Income tax expense (benefit)
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15.1 | (2.6 | ) | 6.0 | 7.5 | 239.5 | (184.4 | ) | ||||||||||||||||
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Operating income (loss)
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6.5 | 24.5 | 81.6 | 29.3 | (223.1 | ) | 75.5 | |||||||||||||||||
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Net realized investment losses
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(15.6 | ) | (16.2 | ) | (16.4 | ) | (9.9 | ) | (102.2 | ) | (295.8 | ) | ||||||||||||
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Net DAC, PDO, tax and other offsets
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1.5 | (3.2 | ) | 4.5 | (5.1 | ) | 48.9 | 207.1 | ||||||||||||||||
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Earnings on CDOs consolidated under FIN-46R
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--- | --- | --- | --- | --- | (4.2 | ) | |||||||||||||||||
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Discontinued operations
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(0.5 | ) | (1.5 | ) | (22.0 | ) | 12.0 | (123.0 | ) | (549.2 | ) | |||||||||||||
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Net income (loss)
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$ | (8.1 | ) | $ | 3.6 | $ | 47.7 | $ | 26.3 | $ | (399.4 | ) | $ | (566.6 | ) | |||||||||
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Earnings Per Share
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Basic
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Weighted-average shares outstanding
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116.3 | 116.2 | 116.3 | 116.3 | 116.5 | 114.4 | ||||||||||||||||||
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Total operating income (loss) per share
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$ | 0.06 | $ | 0.21 | $ | 0.70 | $ | 0.25 | $ | (1.92 | ) | $ | 0.66 | |||||||||||
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Net income (loss) per share
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$ | (0.07 | ) | $ | 0.03 | $ | 0.41 | $ | 0.23 | $ | (3.43 | ) | $ | (4.95 | ) | |||||||||
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Diluted
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Weighted-average shares outstanding and dilutive potential common shares
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116.3 | 117.7 | 117.7 | 116.3 | 116.5 | 114.4 | ||||||||||||||||||
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Total operating income (loss) per share
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$ | 0.06 | $ | 0.21 | $ | 0.69 | $ | 0.25 | $ | (1.92 | ) | $ | 0.66 | |||||||||||
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Net income (loss) per share
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$ | (0.07 | ) | $ | 0.03 | $ | 0.41 | $ | 0.23 | $ | (3.43 | ) | $ | (4.95 | ) | |||||||||
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(1)
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Prior period amounts have been revised to reflect the correction of an error related to the historical presentation of ceded premiums related to certain reinsurance contracts within the Closed Block.
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The adjustments reflect the reclassification of ceded premiums from benefits and reserves to revenue. There was no impact to net income(loss), stockholders' equity, or earnings per share.
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2
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Consolidated Income Statement
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First Quarter 2012 (unaudited)
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(amount in millions, except per share data)
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Quarters ended
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2011
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2012
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March
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June
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September
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December
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March
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Consolidated Income Statement
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Premiums (1)
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$ | 111.0 | $ | 109.3 | $ | 117.4 | $ | 121.4 | $ | 100.2 | ||||||||||
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Fee income
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153.8 | 154.6 | 147.6 | 141.0 | 146.6 | |||||||||||||||
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Net investment income
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201.3 | 211.2 | 198.3 | 198.4 | 209.8 | |||||||||||||||
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Total revenue
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466.1 | 475.1 | 463.3 | 460.8 | 456.6 | |||||||||||||||
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Policy benefits and increase in policy liabilities (1)
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260.4 | 270.8 | 267.8 | 282.9 | 254.1 | |||||||||||||||
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Policyholder dividends
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65.3 | 70.4 | 53.0 | 58.0 | 65.5 | |||||||||||||||
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Policy acquisition cost amortization
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50.9 | 42.7 | 46.0 | 31.3 | 47.0 | |||||||||||||||
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Interest expense on indebtedness
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7.9 | 7.9 | 7.9 | 7.9 | 7.9 | |||||||||||||||
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Operating expenses
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59.7 | 59.2 | 57.6 | 70.1 | 60.5 | |||||||||||||||
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Total benefits and expenses
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444.2 | 451.0 | 432.3 | 450.2 | 435.0 | |||||||||||||||
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Pre-tax operating income
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21.9 | 24.1 | 31.0 | 10.6 | 21.6 | |||||||||||||||
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Income tax expense (benefit)
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(2.6 | ) | 16.2 | (9.0 | ) | 1.5 | 15.1 | |||||||||||||
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Operating income
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24.5 | 7.9 | 40.0 | 9.1 | 6.5 | |||||||||||||||
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Net realized investment gains (losses)
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(16.2 | ) | 3.1 | 6.1 | (9.4 | ) | (15.6 | ) | ||||||||||||
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Net DAC, PDO, tax and other offsets
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(3.2 | ) | 4.9 | 1.4 | 1.4 | 1.5 | ||||||||||||||
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Discontinued operations
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(1.5 | ) | (0.7 | ) | (4.7 | ) | (15.1 | ) | (0.5 | ) | ||||||||||
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Net income (loss)
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$ | 3.6 | $ | 15.2 | $ | 42.8 | $ | (14.0 | ) | $ | (8.1 | ) | ||||||||
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Earnings Per Share
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Basic
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Weighted-average shares outstanding
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116.2 | 116.3 | 116.3 | 116.3 | 116.3 | |||||||||||||||
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Total operating income per share
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$ | 0.21 | $ | 0.07 | $ | 0.34 | $ | 0.08 | $ | 0.06 | ||||||||||
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Net income (loss) per share
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$ | 0.03 | $ | 0.13 | $ | 0.37 | $ | (0.12 | ) | $ | (0.07 | ) | ||||||||
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Diluted
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| Weighted-average shares outstanding and dilutive potential common shares | 117.7 | 117.8 | 117.8 | 116.3 | 116.3 | |||||||||||||||
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Total operating income per share
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$ | 0.21 | $ | 0.07 | $ | 0.34 | $ | 0.08 | $ | 0.06 | ||||||||||
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Net income (loss) per share
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$ | 0.03 | $ | 0.13 | $ | 0.36 | $ | (0.12 | ) | $ | (0.07 | ) | ||||||||
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(1)
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Prior period amounts have been revised to reflect the correction of an error related to the historical presentation of ceded premiums related to certain
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reinsurance contracts within the Closed Block. The adjustments reflect the reclassification of ceded premiums from benefits and reserves to revenue.
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There was no impact to net income(loss), stockholders' equity, or earnings per share.
|
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3
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Alternate Operating Income Statement
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Details excluding Regulatory Closed Block
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|
First Quarter 2012 (unaudited)
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($ in millions)
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March
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December 31,
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2012
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2011
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2011
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2009
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2008
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Premiums
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$ | 8.4 | $ | 7.8 | $ | 34.4 | $ | 29.8 | $ | 37.1 | $ | 46.6 | ||||||||||||
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Cost of insurance charges
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108.2 | 116.1 | 452.3 | 475.5 | 491.2 | 434.7 | ||||||||||||||||||
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Other fees
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34.1 | 33.6 | 129.7 | 136.8 | 130.0 | 151.1 | ||||||||||||||||||
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Surrender charges
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4.3 | 4.1 | 15.1 | 17.9 | 26.9 | 15.1 | ||||||||||||||||||
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Net investment income on assets backing liabilities
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86.3 | 80.6 | 333.8 | 312.8 | 330.2 | 358.8 | ||||||||||||||||||
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Net investment income on assets backing surplus
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9.7 | 3.1 | 24.2 | 32.9 | (2.2 | ) | 24.5 | |||||||||||||||||
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Total revenue
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251.0 | 245.3 | 989.5 | 1,005.7 | 1,013.2 | 1,030.8 | ||||||||||||||||||
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Benefits paid
|
91.8 | 114.3 | 401.8 | 515.7 | 804.7 | 462.6 | ||||||||||||||||||
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Increases (decreases) in reserves
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5.0 | (24.5 | ) | (11.0 | ) | (177.1 | ) | (434.3 | ) | (100.4 | ) | |||||||||||||
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Interest on policyholder funds
|
30.1 | 29.0 | 116.5 | 124.2 | 136.2 | 152.0 | ||||||||||||||||||
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Policyholder dividends
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0.1 | 0.1 | 0.3 | 0.3 | 0.4 | 0.6 | ||||||||||||||||||
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Interest expense on indebtedness
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7.9 | 7.9 | 31.8 | 31.7 | 33.1 | 36.7 | ||||||||||||||||||
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Commissions and sales incentives, net of deferrals
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6.0 | 5.9 | 24.9 | 26.5 | 21.9 | 39.7 | ||||||||||||||||||
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Operating expenses, net of deferrals
|
49.8 | 50.3 | 207.4 | 235.4 | 285.3 | 291.8 | ||||||||||||||||||
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Reinsurance allowance, net of deferrals
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0.3 | (1.0 | ) | (3.5 | ) | 5.8 | (5.7 | ) | (13.0 | ) | ||||||||||||||
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Premium taxes
|
2.7 | 2.9 | 12.4 | 15.4 | 9.4 | 16.8 | ||||||||||||||||||
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Policy acquisition cost amortization
|
47.0 | 51.0 | 171.1 | 248.5 | 208.6 | 315.5 | ||||||||||||||||||
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Total benefits and expenses
|
240.7 | 235.9 | 951.7 | 1,026.4 | 1,059.6 | 1,202.3 | ||||||||||||||||||
|
Pre-tax operating income (loss) excl. regulatory closed block
|
10.3 | 9.4 | 37.8 | (20.7 | ) | (46.4 | ) | (171.5 | ) | |||||||||||||||
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Pre-tax operating income - regulatory closed block
|
11.3 | 12.5 | 49.8 | 57.5 | 62.7 | 62.7 | ||||||||||||||||||
|
Total pre-tax operating income (loss)
|
21.6 | 21.9 | 87.6 | 36.8 | 16.3 | (108.8 | ) | |||||||||||||||||
|
Income tax expense (benefit)
|
15.1 | (2.6 | ) | 6.0 | 7.5 | 239.4 | (184.4 | ) | ||||||||||||||||
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Total operating income (loss)
|
$ | 6.5 | $ | 24.5 | $ | 81.6 | $ | 29.3 | $ | (223.1 | ) | $ | 75.6 | |||||||||||
4
|
The Phoenix Companies, Inc.
|
|
Alternate Operating Income Statement
|
|
Details excluding Regulatory Closed Block
|
|
First Quarter 2012 (unaudited)
|
|
($ in millions)
|
|
Quarters ended
|
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2011
|
2012
|
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March
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June
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September
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December
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March
|
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Premiums
|
$ | 7.8 | $ | 5.6 | $ | 11.5 | $ | 9.5 | $ | 8.4 | ||||||||||
|
Cost of insurance charges
|
116.1 | 114.9 | 113.0 | 108.3 | 108.2 | |||||||||||||||
|
Other fees
|
33.6 | 35.0 | 31.6 | 29.5 | 34.1 | |||||||||||||||
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Surrender charges
|
4.1 | 4.7 | 3.0 | 3.3 | 4.3 | |||||||||||||||
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Net investment income on assets backing liabilities
|
80.6 | 83.9 | 82.3 | 87.1 | 86.3 | |||||||||||||||
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Net investment income on assets backing surplus
|
3.1 | 9.3 | 6.6 | 5.1 | 9.7 | |||||||||||||||
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Total revenue
|
245.3 | 253.4 | 248.0 | 242.8 | 251.0 | |||||||||||||||
|
Benefits paid
|
114.4 | 123.9 | 80.5 | 83.0 | 91.8 | |||||||||||||||
|
Increases (decreases) in reserves
|
(24.5 | ) | (22.2 | ) | 10.3 | 25.5 | 5.0 | |||||||||||||
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Interest on policyholder funds
|
29.0 | 31.6 | 28.4 | 27.6 | 30.1 | |||||||||||||||
|
Policyholder dividends
|
0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||
|
Interest expense on indebtedness
|
7.9 | 7.9 | 7.9 | 7.9 | 7.9 | |||||||||||||||
|
Commissions and sales incentives, net of deferrals
|
5.9 | 6.5 | 6.2 | 6.3 | 6.0 | |||||||||||||||
|
Operating expenses, net of deferrals
|
50.3 | 49.1 | 47.8 | 60.1 | 49.8 | |||||||||||||||
|
Reinsurance allowance, net of deferrals
|
(1.1 | ) | (0.9 | ) | (1.0 | ) | (0.5 | ) | 0.3 | |||||||||||
|
Premium taxes
|
2.9 | 3.1 | 3.1 | 3.4 | 2.7 | |||||||||||||||
|
Policy acquisition cost amortization
|
51.0 | 42.7 | 46.0 | 31.3 | 47.0 | |||||||||||||||
|
Total benefits and expenses
|
235.9 | 241.8 | 229.3 | 244.7 | 240.7 | |||||||||||||||
|
Pre-tax operating income (loss) excl. regulatory closed block
|
9.4 | 11.6 | 18.7 | (1.9 | ) | 10.3 | ||||||||||||||
|
Pre-tax operating income - regulatory closed block
|
12.5 | 12.5 | 12.3 | 12.5 | 11.3 | |||||||||||||||
|
Total pre-tax operating income
|
21.9 | 24.1 | 31.0 | 10.6 | 21.6 | |||||||||||||||
|
Income tax expense (benefit)
|
(2.6 | ) | 16.2 | (9.0 | ) | 1.5 | 15.1 | |||||||||||||
|
Total operating income
|
$ | 24.5 | $ | 7.9 | $ | 40.0 | $ | 9.1 | $ | 6.5 | ||||||||||
5
|
Closed Block Assets and Liabilities
|
|
|
First Quarter 2012 (unaudited)
|
|
|
($ in millions)
|
|
|
March
|
December 31,
|
|||||||||||||||||||||||
|
2012
|
2011
|
2011
|
2009
|
2008
|
||||||||||||||||||||
|
Debt securities
|
$ | 6,332.2 | $ | 6,384.6 | $ | 6,353.1 | $ | 6,385.4 | $ | 6,305.1 | $ | 6,011.4 | ||||||||||||
|
Equity securities
|
14.8 | 21.6 | 12.0 | 19.6 | 6.7 | 9.0 | ||||||||||||||||||
|
Limited partnership and other investments
|
363.6 | 341.7 | 352.8 | 339.6 | 329.2 | 350.7 | ||||||||||||||||||
|
Policy loans
|
1,273.5 | 1,315.1 | 1,280.4 | 1,340.8 | 1,378.5 | 1,377.0 | ||||||||||||||||||
|
Fair value options investments
|
11.4 | 11.7 | 10.6 | 16.0 | --- | --- | ||||||||||||||||||
|
Total closed block investments
|
7,995.5 | 8,074.7 | 8,008.9 | 8,101.4 | 8,019.5 | 7,748.1 | ||||||||||||||||||
|
Cash and cash equivalents
|
16.1 | 11.4 | 14.2 | 7.1 | 33.3 | 57.2 | ||||||||||||||||||
|
Accrued investment income
|
95.1 | 96.5 | 94.2 | 97.2 | 105.9 | 113.0 | ||||||||||||||||||
|
Receivables
|
49.0 | 60.1 | 52.2 | 62.5 | 53.3 | 49.5 | ||||||||||||||||||
|
Deferred income taxes
|
225.3 | 232.3 | 223.9 | 236.2 | 270.3 | 418.3 | ||||||||||||||||||
|
Other closed block assets
|
6.6 | 25.3 | 14.5 | 17.8 | 22.6 | 338.0 | ||||||||||||||||||
|
Total closed block assets
|
8,387.6 | 8,500.3 | 8,407.9 | 8,522.2 | 8,504.9 | 8,724.1 | ||||||||||||||||||
|
Policy liabilities and accruals
|
8,573.7 | 8,835.8 | 8,644.5 | 8,903.5 | 9,246.5 | 9,742.7 | ||||||||||||||||||
|
Policyholder dividends payable
|
239.1 | 264.3 | 240.1 | 263.3 | 297.8 | 311.1 | ||||||||||||||||||
|
Policyholder dividend obligation
|
562.3 | 355.8 | 519.7 | 339.0 | --- | --- | ||||||||||||||||||
|
Other closed block liabilities
|
36.8 | 93.5 | 32.8 | 73.6 | 57.9 | 72.0 | ||||||||||||||||||
|
Total closed block liabilities
|
9,411.9 | 9,549.4 | 9,437.1 | 9,579.4 | 9,602.2 | 10,125.8 | ||||||||||||||||||
|
Excess of closed block liabilities over closed block assets
|
$ | 1,024.3 | $ | 1,049.1 | $ | 1,029.2 | $ | 1,057.2 | $ | 1,097.3 | $ | 1,401.7 | ||||||||||||
6
|
Closed Block Assets and Liabilities
|
|
|
First Quarter 2012 (unaudited)
|
|
|
($ in millions)
|
|
2011
|
2012
|
|||||||||||||||||||
|
June
|
September
|
December
|
March
|
|||||||||||||||||
|
Debt securities
|
$ | 6,384.6 | $ | 6,386.1 | $ | 6,395.6 | $ | 6,353.1 | $ | 6,332.2 | ||||||||||
|
Equity securities
|
21.6 | 19.5 | 19.1 | 12.0 | 14.8 | |||||||||||||||
|
Limited partnership and other investments
|
341.7 | 353.8 | 354.8 | 352.8 | 363.6 | |||||||||||||||
|
Policy loans
|
1,315.1 | 1,303.0 | 1,289.4 | 1,280.4 | 1,273.5 | |||||||||||||||
|
Fair value options investments
|
11.7 | 11.8 | 10.8 | 10.6 | 11.4 | |||||||||||||||
|
Total closed block investments
|
8,074.7 | 8,074.2 | 8,069.7 | 8,008.9 | 7,995.5 | |||||||||||||||
|
Cash and cash equivalents
|
11.4 | 14.1 | 13.8 | 14.2 | 16.1 | |||||||||||||||
|
Accrued investment income
|
96.5 | 94.9 | 97.7 | 94.2 | 95.1 | |||||||||||||||
|
Receivables
|
60.1 | 59.3 | 53.0 | 52.2 | 49.0 | |||||||||||||||
|
Deferred income taxes
|
232.3 | 233.5 | 232.8 | 223.9 | 225.3 | |||||||||||||||
|
Other closed block assets
|
25.3 | 15.8 | 12.6 | 14.5 | 6.6 | |||||||||||||||
|
Total closed block assets
|
8,500.3 | 8,491.8 | 8,479.6 | 8,407.9 | 8,387.6 | |||||||||||||||
|
Policy liabilities and accruals
|
8,835.8 | 8,770.3 | 8,701.3 | 8,644.5 | 8,573.7 | |||||||||||||||
|
Policyholder dividends payable
|
264.3 | 261.8 | 261.5 | 240.1 | 239.1 | |||||||||||||||
|
Policyholder dividend obligation
|
355.8 | 433.5 | 499.9 | 519.7 | 562.3 | |||||||||||||||
|
Other closed block liabilities
|
93.5 | 67.6 | 50.4 | 32.8 | 36.8 | |||||||||||||||
|
Total closed block liabilities
|
9,549.4 | 9,533.2 | 9,513.1 | 9,437.1 | 9,411.9 | |||||||||||||||
|
Excess of closed block liabilities over closed block assets
|
$ | 1,049.1 | $ | 1,041.4 | $ | 1,033.5 | $ | 1,029.2 | $ | 1,024.3 | ||||||||||
7
|
Variable Universal Life
|
|
Funds Under Management
|
|
First Quarter 2012 (unaudited)
|
|
($ in millions)
|
|
March
|
December 31,
|
|||||||||||||||||||||||
|
2012
|
2011
|
2011
|
2009
|
2008
|
||||||||||||||||||||
|
Funds Under Management (FUM)
|
||||||||||||||||||||||||
|
Deposits
|
$ | 22.1 | $ | 24.5 | $ | 98.3 | $ | 108.5 | $ | 115.8 | $ | 142.2 | ||||||||||||
|
Surrenders
|
(40.8 | ) | (44.7 | ) | (135.4 | ) | (175.6 | ) | (158.8 | ) | (105.4 | ) | ||||||||||||
|
Net flows
|
(18.7 | ) | (20.2 | ) | (37.1 | ) | (67.1 | ) | (43.0 | ) | 36.8 | |||||||||||||
|
Deaths
|
(0.8 | ) | (2.0 | ) | (5.6 | ) | (4.3 | ) | (2.6 | ) | (4.6 | ) | ||||||||||||
|
Interest credited
|
96.1 | 52.9 | (6.7 | ) | 143.6 | 244.3 | (486.1 | ) | ||||||||||||||||
|
Fees
|
(3.2 | ) | (3.1 | ) | (11.5 | ) | (13.1 | ) | (15.3 | ) | (22.7 | ) | ||||||||||||
|
Cost of insurance
|
(17.5 | ) | (18.4 | ) | (71.6 | ) | (76.0 | ) | (80.0 | ) | (78.6 | ) | ||||||||||||
|
Change in FUM
|
55.9 | 9.2 | (132.5 | ) | (16.9 | ) | 103.4 | (555.2 | ) | |||||||||||||||
|
Beginning balance
|
1,019.1 | 1,151.6 | 1,151.6 | 1,168.5 | 1,065.1 | 1,620.3 | ||||||||||||||||||
|
Ending fund balance
|
$ | 1,075.0 | $ | 1,160.8 | $ | 1,019.1 | $ | 1,151.6 | $ | 1,168.5 | $ | 1,065.1 | ||||||||||||
|
Gross life insurance in force
|
$ | 13,730.0 | $ | 15,498.0 | $ | 14,217.0 | $ | 16,063.0 | $ | 22,780.0 | $ | 24,934.5 | ||||||||||||
|
Less Philadelphia Financial Group (PFG) gross life insurance in force
|
--- | --- | --- | --- | 4,758.1 | 4,665.3 | ||||||||||||||||||
|
Gross life insurance in force (1)
|
$ | 13,730.0 | $ | 15,498.0 | $ | 14,217.0 | $ | 16,063.0 | $ | 18,021.9 | $ | 20,269.2 | ||||||||||||
|
(1) Gross life insurance in force for all periods have been reduced to reflect the sale of Philadelphia Financial Group (PFG) in June 2010.
|
|||||||||||
8
|
Variable Universal Life
|
|
Funds Under Management
|
|
First Quarter 2012 (unaudited)
|
|
($ in millions)
|
|
Quarters ended
|
||||||||||||||||||||
|
2011
|
2012
|
|||||||||||||||||||
|
June
|
September
|
December
|
March
|
|||||||||||||||||
|
Funds Under Management (FUM)
|
||||||||||||||||||||
|
Deposits
|
$ | 24.5 | $ | 22.9 | $ | 23.9 | $ | 27.0 | $ | 22.1 | ||||||||||
|
Surrenders
|
(44.7 | ) | (34.2 | ) | (26.5 | ) | (30.0 | ) | (40.8 | ) | ||||||||||
|
Net flows
|
(20.2 | ) | (11.3 | ) | (2.6 | ) | (3.0 | ) | (18.7 | ) | ||||||||||
|
Deaths
|
(2.0 | ) | (0.6 | ) | (0.7 | ) | (2.3 | ) | (0.8 | ) | ||||||||||
|
Interest credited
|
52.9 | 9.0 | (138.8 | ) | 70.2 | 96.1 | ||||||||||||||
|
Fees
|
(3.1 | ) | (3.1 | ) | (2.6 | ) | (2.7 | ) | (3.2 | ) | ||||||||||
|
Cost of insurance
|
(18.4 | ) | (17.8 | ) | (17.9 | ) | (17.5 | ) | (17.5 | ) | ||||||||||
|
Change in FUM
|
9.2 | (23.8 | ) | (162.6 | ) | 44.7 | 55.9 | |||||||||||||
|
Beginning balance
|
1,151.6 | 1,160.8 | 1,137.0 | 974.4 | 1,019.1 | |||||||||||||||
|
Ending fund balance
|
$ | 1,160.8 | $ | 1,137.0 | $ | 974.4 | $ | 1,019.1 | $ | 1,075.0 | ||||||||||
|
Gross life insurance in force
|
$ | 15,498.0 | $ | 15,090.0 | $ | 14,732.0 | $ | 14,217.0 | $ | 13,730.0 | ||||||||||
9
|
Universal Life / Interest Sensitive Funds Under Management
|
|
First Quarter 2012 (unaudited)
|
|
($ in millions)
|
|
March
|
December 31,
|
|||||||||||||||||||||||
|
2012
|
2011
|
2011
|
2009
|
2008
|
||||||||||||||||||||
|
Funds Under Management (FUM)
|
||||||||||||||||||||||||
|
Deposits
|
$ | 89.3 | $ | 90.2 | $ | 384.5 | $ | 336.2 | $ | 351.4 | $ | 587.5 | ||||||||||||
|
Surrenders
|
(20.4 | ) | (21.9 | ) | (89.5 | ) | (123.4 | ) | (161.6 | ) | (118.8 | ) | ||||||||||||
|
Net flows
|
68.9 | 68.3 | 295.0 | 212.8 | 189.8 | 468.7 | ||||||||||||||||||
|
Deaths
|
(8.3 | ) | (8.5 | ) | (35.8 | ) | (40.2 | ) | (27.3 | ) | (28.4 | ) | ||||||||||||
|
Interest credited
|
19.0 | 20.3 | 79.2 | 85.7 | 96.6 | 97.7 | ||||||||||||||||||
|
Fees
|
(5.6 | ) | (5.7 | ) | (23.8 | ) | (22.5 | ) | (28.3 | ) | (51.5 | ) | ||||||||||||
|
Cost of insurance
|
(90.7 | ) | (97.6 | ) | (380.7 | ) | (397.6 | ) | (406.1 | ) | (354.4 | ) | ||||||||||||
|
Change in FUM
|
(16.7 | ) | (23.2 | ) | (66.1 | ) | (161.8 | ) | (175.3 | ) | 132.1 | |||||||||||||
|
Beginning balance
|
1,852.8 | 1,918.9 | 1,918.9 | 2,080.7 | 2,256.0 | 2,123.9 | ||||||||||||||||||
|
Ending fund balance
|
$ | 1,836.1 | $ | 1,895.7 | $ | 1,852.8 | $ | 1,918.9 | $ | 2,080.7 | $ | 2,256.0 | ||||||||||||
|
Gross life insurance in force
|
$ | 24,912.0 | $ | 27,930.0 | $ | 25,999.0 | $ | 28,769.0 | $ | 32,329.0 | $ | 33,351.1 | ||||||||||||
10
|
Universal Life / Interest Sensitive
|
|
Funds Under Management
|
|
First Quarter 2012 (unaudited)
|
|
($ in millions)
|
|
Quarters ended
|
||||||||||||||||||||
|
2011
|
2012
|
|||||||||||||||||||
|
June
|
September
|
December
|
March
|
|||||||||||||||||
|
Funds Under Management (FUM)
|
||||||||||||||||||||
|
Deposits
|
$ | 90.2 | $ | 100.6 | $ | 94.2 | $ | 99.5 | $ | 89.3 | ||||||||||
|
Surrenders
|
(21.9 | ) | (20.9 | ) | (22.5 | ) | (24.2 | ) | (20.4 | ) | ||||||||||
|
Net flows
|
68.3 | 79.7 | 71.7 | 75.3 | 68.9 | |||||||||||||||
|
Deaths
|
(8.5 | ) | (9.2 | ) | (8.2 | ) | (9.9 | ) | (8.3 | ) | ||||||||||
|
Interest credited
|
20.3 | 20.5 | 19.4 | 19.0 | 19.0 | |||||||||||||||
|
Fees
|
(5.7 | ) | (6.1 | ) | (5.9 | ) | (6.1 | ) | (5.6 | ) | ||||||||||
|
Cost of insurance
|
(97.6 | ) | (97.1 | ) | (95.2 | ) | (90.8 | ) | (90.7 | ) | ||||||||||
|
Change in FUM
|
(23.2 | ) | (12.2 | ) | (18.2 | ) | (12.5 | ) | (16.7 | ) | ||||||||||
|
Beginning balance
|
1,918.9 | 1,895.7 | 1,883.5 | 1,865.3 | 1,852.8 | |||||||||||||||
|
Ending fund balance
|
$ | 1,895.7 | $ | 1,883.5 | $ | 1,865.3 | $ | 1,852.8 | $ | 1,836.1 | ||||||||||
|
Gross life insurance in force
|
$ | 27,930.0 | $ | 27,268.0 | $ | 26,659.0 | $ | 25,999.0 | $ | 24,912.0 | ||||||||||
11
|
March
|
December 31,
|
|||||||||||||||||||||||
|
2012
|
2011
|
2011
|
2009
|
2008
|
||||||||||||||||||||
|
Life Insurance Sales
|
||||||||||||||||||||||||
|
Wholesaler Channel
|
||||||||||||||||||||||||
|
Variable universal life
|
$ | 0.1 | $ | --- | $ | 0.1 | $ | 0.1 | $ | 6.9 | $ | 26.7 | ||||||||||||
|
Universal life/interest sensitive
|
0.2 | 0.6 | 2.1 | 2.6 | 20.8 | 229.9 | ||||||||||||||||||
|
Term life
|
--- | --- | --- | --- | 5.3 | 21.6 | ||||||||||||||||||
|
Life insurance annualized premium (1)
|
0.3 | 0.6 | 2.2 | 2.7 | 33.0 | 278.2 | ||||||||||||||||||
|
Variable universal life
|
--- | --- | --- | 0.2 | 3.2 | 9.3 | ||||||||||||||||||
|
Universal life/interest sensitive
|
--- | 0.3 | 0.7 | 1.1 | 19.2 | 54.2 | ||||||||||||||||||
|
Whole Life
|
0.4 | --- | 1.6 | --- | --- | --- | ||||||||||||||||||
|
Life insurance single premium
|
0.4 | 0.3 | 2.3 | 1.3 | 22.4 | 63.5 | ||||||||||||||||||
|
Variable universal life
|
0.1 | --- | 0.1 | 0.3 | 10.1 | 36.0 | ||||||||||||||||||
|
Universal life/interest sensitive
|
0.2 | 0.9 | 2.8 | 3.7 | 40.0 | 284.1 | ||||||||||||||||||
|
Whole Life
|
0.4 | --- | 1.6 | --- | --- | --- | ||||||||||||||||||
|
Term life
|
--- | --- | --- | --- | 5.3 | 21.6 | ||||||||||||||||||
|
Total wholesaler life insurance premium (2)
|
$ | 0.7 | $ | 0.9 | $ | 4.5 | $ | 4.0 | $ | 55.4 | $ | 341.7 | ||||||||||||
|
Gross life insurance in force
|
$ | 121,471.0 | $ | 132,884.0 | $ | 124,622.0 | $ | 136,239.0 | $ | 155,267.0 | $ | 166,781.0 | ||||||||||||
|
Less Philadelphia Financial Group (PFG) gross life insurance in force
|
--- | --- | --- | --- | 4,758.1 | 4,665.3 | ||||||||||||||||||
|
Gross life insurance in force (3)
|
$ | 121,471.0 | $ | 132,884.0 | $ | 124,622.0 | $ | 136,239.0 | $ | 150,508.9 | $ | 162,115.7 | ||||||||||||
|
Average face amount for life insurance sales
|
$ | 0.2 | $ | 0.5 | $ | 0.5 | $ | 0.6 | $ | 0.9 | $ | 1.0 | ||||||||||||
|
(1) Annualized premium represents first year premiums on an annual basis.
|
||||||||||||
|
(2) Total premium represents annualized and single premiums.
|
||||||||||||
|
(3) Gross life insurance in force for all periods have been reduced to reflect the sale of Philadelphia Financial Group (PFG) in June 2010.
|
||||||||||||
12
|
The Phoenix Companies, Inc.
|
|
Life Sales
|
|
First Quarter 2012 (unaudited)
|
|
($ in millions)
|
|
Quarters ended
|
||||||||||||||||||||
|
2011
|
2012
|
|||||||||||||||||||
|
June
|
September
|
December
|
March
|
|||||||||||||||||
|
Life Insurance Sales
|
||||||||||||||||||||
|
Wholesaler Channel
|
||||||||||||||||||||
|
Variable universal life
|
$ | --- | $ | --- | $ | --- | $ | --- | $ | 0.1 | ||||||||||
|
Universal life/interest sensitive
|
0.6 | 0.7 | 0.4 | 0.6 | 0.2 | |||||||||||||||
|
Life insurance annualized premium (1)
|
0.6 | 0.7 | 0.4 | 0.6 | 0.3 | |||||||||||||||
|
Variable universal life
|
--- | --- | --- | --- | --- | |||||||||||||||
|
Universal life/interest sensitive
|
0.3 | 0.2 | --- | 0.2 | --- | |||||||||||||||
|
Whole life
|
--- | --- | 0.9 | 0.6 | 0.4 | |||||||||||||||
|
Life insurance single premium
|
0.3 | 0.2 | 0.9 | 0.8 | 0.4 | |||||||||||||||
|
Variable universal life
|
--- | 0.1 | --- | --- | 0.1 | |||||||||||||||
|
Universal life/interest sensitive
|
0.9 | 0.8 | 0.4 | 0.8 | 0.2 | |||||||||||||||
|
Whole life
|
--- | --- | 0.9 | 0.6 | 0.4 | |||||||||||||||
|
Total wholesaler life insurance premium (2)
|
$ | 0.9 | $ | 0.9 | $ | 1.3 | $ | 1.4 | $ | 0.7 | ||||||||||
|
Gross life insurance in force
|
$ | 132,884.0 | $ | 130,007.0 | $ | 127,403.0 | $ | 124,622.0 | $ | 121,471.0 | ||||||||||
|
Average face amount for life insurance sales
|
$ | 0.5 | $ | 0.5 | $ | 0.4 | $ | 0.5 | $ | 0.2 | ||||||||||
|
(1) Annualized premium represents first year premiums on an annual basis.
|
||||||||||||||||||||
|
(2) Total premium represents annualized and single premiums.
|
||||||||||||||||||||
13
|
The Phoenix Companies, Inc.
|
|
Annuity Funds Under Management and
|
|
Annuity Supplementary Information
|
|
First Quarter 2012 (unaudited)
|
|
($ in millions)
|
|
March
|
December 31,
|
||||||||||||||||||||||||
|
2012
|
2011
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||||||
|
Funds Under Management (FUM) (1)
|
|||||||||||||||||||||||||
|
Deposits
|
$ | 227.3 | $ | 205.3 | $ | 951.5 | $ | 220.8 | $ | 142.6 | $ | 628.9 | |||||||||||||
|
Surrenders
|
(141.0 | ) | (134.9 | ) | (485.1 | ) | (482.5 | ) | (592.2 | ) | (819.6 | ) | |||||||||||||
|
Net flows
|
86.3 | 70.4 | 466.4 | (261.7 | ) | (449.6 | ) | (190.7 | ) | ||||||||||||||||
|
Deaths
|
(20.3 | ) | (17.0 | ) | (62.7 | ) | (54.8 | ) | (51.2 | ) | (75.4 | ) | |||||||||||||
|
Interest credited
|
257.4 | 146.8 | 15.1 | 440.0 | 738.8 | (1,215.7 | ) | ||||||||||||||||||
|
Bonus
|
4.9 | 14.6 | 48.4 | 12.1 | --- | --- | |||||||||||||||||||
|
Fees
|
(14.9 | ) | (14.4 | ) | (55.1 | ) | (56.2 | ) | (53.7 | ) | (55.5 | ) | |||||||||||||
|
Change in FUM
|
313.4 | 200.4 | 412.1 | 79.4 | 184.3 | (1,537.3 | ) | ||||||||||||||||||
|
Beginning balance
|
4,495.4 | 4,083.3 | 4,083.3 | 4,003.9 | 3,819.6 | 5,356.9 | |||||||||||||||||||
|
Ending fund balance
|
$ | 4,808.8 | $ | 4,283.7 | $ | 4,495.4 | $ | 4,083.3 | $ | 4,003.9 | $ | 3,819.6 | |||||||||||||
|
VA funds in guaranteed interest accounts (2)
|
$ | 427.7 | $ | 449.2 | $ | 436.7 | $ | 459.6 | $ | 502.5 | $ | 664.9 | |||||||||||||
| (1) |
Funds under management (FUM) for all periods have been revised to include group pension product funds.
|
||||||||||||||||||||||||
| (2) |
Amounts are included in the annuity funds under management (FUM) table above.
|
||||||||||||||||||||||||
|
Variable Annuity Guaranteed Minimum Death Benefits
|
|||||||||||||||||||||||||
|
Death benefit in excess of fund value
|
$ | 211.0 | $ | 235.5 | $ | 332.0 | $ | 290.0 | $ | 531.8 | $ | 1,105.5 | |||||||||||||
|
Death benefit in excess of fund value, net of reinsurance
|
66.1 | 78.9 | 150.4 | 116.4 | 291.6 | 709.6 | |||||||||||||||||||
|
Statutory reserve, net of reinsurance
|
5.2 | 5.1 | 6.2 | 5.8 | 8.3 | 39.0 | |||||||||||||||||||
|
Variable Annuity Guaranteed Income Benefits
|
|||||||||||||||||||||||||
|
Account balance
|
$ | 459.7 | $ | 530.1 | $ | 442.1 | $ | 528.4 | $ | 525.8 | $ | 464.1 | |||||||||||||
|
Statutory reserve
|
19.1 | 17.2 | 34.6 | 22.4 | 39.2 | 34.7 | |||||||||||||||||||
|
Variable Annuity Guaranteed Accumulation Benefits
|
|||||||||||||||||||||||||
|
Account balance
|
$ | 412.5 | $ | 445.1 | $ | 385.6 | $ | 440.3 | $ | 417.9 | $ | 335.6 | |||||||||||||
|
Statutory reserve
|
--- | --- | 6.1 | 0.5 | 9.6 | 4.3 | |||||||||||||||||||
|
Variable Annuity Guaranteed Withdrawal Benefits
|
|||||||||||||||||||||||||
|
Account balance
|
$ | 590.3 | $ | 631.6 | $ | 555.4 | $ | 615.7 | $ | 592.2 | $ | 413.2 | |||||||||||||
|
Statutory reserve
|
--- | --- | 3.8 | 0.5 | 12.3 | 3.5 | |||||||||||||||||||
|
Variable Annuity Guaranteed Payout Annuity Floor
|
|||||||||||||||||||||||||
|
Account balance
|
$ | 17.8 | $ | 21.5 | $ | 21.8 | $ | 27.0 | $ | 22.8 | $ | 22.7 | |||||||||||||
|
Statutory reserve
|
2.4 | 2.4 | 4.2 | 3.1 | 5.5 | 11.2 | |||||||||||||||||||
14
The Phoenix Companies, Inc.
Annuity Funds Under Management and
Annuity Supplementary Information
First Quarter 2012 (unaudited)
($ in millions)
Quarters ended
|
2011
|
2012
|
||||||||||||||||||||
|
June
|
September
|
December
|
March
|
||||||||||||||||||
|
Funds Under Management (FUM) (1)
|
|||||||||||||||||||||
|
Deposits
|
$ | 205.3 | $ | 191.3 | $ | 279.0 | $ | 275.9 | $ | 227.3 | |||||||||||
|
Surrenders
|
(134.9 | ) | (125.0 | ) | (120.4 | ) | (104.8 | ) | (141.0) | ||||||||||||
|
Net flows
|
70.4 | 66.3 | 158.6 | 171.1 | 86.3 | ||||||||||||||||
|
Deaths
|
(17.0 | ) | (14.6 | ) | (14.5 | ) | (16.6 | ) | (20.3) | ||||||||||||
|
Interest credited
|
146.8 | 38.5 | (362.4 | ) | 192.2 | 257.4 | |||||||||||||||
|
Bonus
|
14.6 | 12.0 | 11.9 | 9.9 | 4.9 | ||||||||||||||||
|
Fees
|
(14.4 | ) | (14.2 | ) | (13.0 | ) | (13.5 | ) | (14.9) | ||||||||||||
|
Change in FUM
|
200.4 | 88.0 | (219.4 | ) | 343.1 | 313.4 | |||||||||||||||
|
Beginning balance
|
4,083.3 | 4,283.7 | 4,371.7 | 4,152.3 | 4,495.4 | ||||||||||||||||
|
Ending fund balance
|
$ | 4,283.7 | $ | 4,371.7 | $ | 4,152.3 | $ | 4,495.4 | $ | 4,808.8 | |||||||||||
|
VA funds in guaranteed interest accounts (2)
|
$ | 449.2 | $ | 444.3 | $ | 437.2 | $ | 436.7 | $ | 427.7 | |||||||||||
|
(1)
|
Funds under management (FUM) for all periods have been revised to include group pension product funds.
|
||||||||||||||||||||
|
(2)
|
Amounts are included in the annuity funds under management (FUM) table above.
|
||||||||||||||||||||
|
Variable Annuity Guaranteed Minimum Death Benefits
|
|||||||||||||||||||||
|
Death benefit in excess of fund value
|
$ | 235.5 | $ | 229.0 | $ | 461.6 | $ | 332.0 | $ | 211.0 | |||||||||||
|
Death benefit in excess of fund value, net of reinsurance
|
78.9 | 75.4 | 247.1 | 150.4 | 66.1 | ||||||||||||||||
|
Statutory reserve, net of reinsurance
|
5.1 | 5.3 | 7.5 | 6.2 | 5.2 | ||||||||||||||||
|
Variable Annuity Guaranteed Income Benefits
|
|||||||||||||||||||||
|
Account balance
|
$ | 530.1 | $ | 513.8 | $ | 433.3 | $ | 442.1 | $ | 459.7 | |||||||||||
|
Statutory reserve
|
17.2 | 18.1 | 47.3 | 34.6 | 19.1 | ||||||||||||||||
|
Variable Annuity Guaranteed Accumulation Benefits
|
|||||||||||||||||||||
|
Account balance
|
$ | 445.1 | $ | 434.4 | $ | 365.6 | $ | 385.6 | $ | 412.5 | |||||||||||
|
Statutory reserve
|
--- | --- | 18.3 | 6.1 | --- | ||||||||||||||||
|
Variable Annuity Guaranteed Withdrawal Benefits
|
|||||||||||||||||||||
|
Account balance
|
$ | 631.6 | $ | 623.5 | $ | 530.4 | $ | 555.4 | $ | 590.3 | |||||||||||
|
Statutory reserve
|
--- | --- | 10.8 | 3.8 | --- | ||||||||||||||||
|
Variable Annuity Guaranteed Payout Annuity Floor
|
|||||||||||||||||||||
|
Account balance
|
$ | 21.5 | $ | 19.8 | $ | 20.4 | $ | 21.8 | $ | 17.8 | |||||||||||
|
Statutory reserve
|
2.4 | 2.4 | 5.5 | 4.2 | 2.4 | ||||||||||||||||
15
The Phoenix Companies, Inc.
Fixed Indexed Annuity Funds Under Management
First Quarter 2012 (unaudited)
($ in millions)
|
March
|
December 31,
|
|||||||||||||||||||||||
|
2012
|
2011
|
2011
|
2009
|
2008
|
||||||||||||||||||||
|
Funds Under Management (FUM)
|
||||||||||||||||||||||||
|
Deposits
|
$ | 208.8 | $ | 194.7 | $ | 890.8 | $ | --- | $ | --- | $ | --- | ||||||||||||
|
Surrenders
|
(13.6) | (4.9 | ) | (24.6 | ) | --- | --- | --- | ||||||||||||||||
|
Net Flows
|
195.2 | 189.8 | 866.2 | --- | --- | --- | ||||||||||||||||||
|
Interest credited - fixed accounts
|
1.5 | 0.6 | 2.9 | --- | --- | --- | ||||||||||||||||||
|
Interest credited - index credits
|
1.7 | 0.8 | 3.4 | --- | --- | --- | ||||||||||||||||||
|
Bonus
|
4.9 | 14.6 | 48.4 | --- | --- | --- | ||||||||||||||||||
|
Fees
|
(2.1) | (0.1 | ) | (1.8 | ) | --- | --- | --- | ||||||||||||||||
|
Deaths
|
(5.2) | (0.2 | ) | (5.7 | ) | --- | --- | --- | ||||||||||||||||
|
Change in FUM
|
196.0 | 205.5 | 913.4 | --- | --- | --- | ||||||||||||||||||
|
Beginning Balance
|
1,139.4 | 226.0 | 226.0 | --- | --- | --- | ||||||||||||||||||
|
Ending Fund Balance
|
$ | 1,335.4 | $ | 431.5 | $ | 1,139.4 | $ | --- | $ | --- | $ | --- | ||||||||||||
16
The Phoenix Companies, Inc.
Fixed Indexed Annuity Funds Under Management
First Quarter 2012 (unaudited)
($ in millions)
Quarters ended
|
2011
|
2012
|
|||||||||||||||||||
|
June
|
September
|
December
|
March
|
|||||||||||||||||
|
Funds Under Management (FUM)
|
||||||||||||||||||||
|
Deposits
|
$ | 194.7 | $ | 176.3 | $ | 262.1 | $ | 257.7 | $ | 208.8 | ||||||||||
|
Surrenders
|
(4.9 | ) | (6.8 | ) | (4.8 | ) | (8.1 | ) | (13.6) | |||||||||||
|
Net Flows
|
189.8 | 169.5 | 257.3 | 249.6 | 195.2 | |||||||||||||||
|
Interest credited - fixed accounts
|
0.6 | 0.8 | 1.0 | 0.5 | 1.5 | |||||||||||||||
|
Interest credited - index credits
|
0.8 | 0.8 | 0.8 | 1.0 | 1.7 | |||||||||||||||
|
Bonus
|
14.6 | 12.0 | 11.9 | 9.9 | 4.9 | |||||||||||||||
|
Fees
|
(0.1 | ) | (0.4 | ) | (0.3 | ) | (1.0 | ) | (2.1) | |||||||||||
|
Deaths
|
(0.2 | ) | (1.3 | ) | (2.3 | ) | (1.9 | ) | (5.2) | |||||||||||
|
Change in FUM
|
205.5 | 181.4 | 268.4 | 258.1 | 196.0 | |||||||||||||||
|
Beginning Balance
|
226.0 | 431.5 | 612.9 | 881.3 | 1,139.4 | |||||||||||||||
|
Ending Fund Balance
|
$ | 431.5 | $ | 612.9 | $ | 881.3 | $ | 1,139.4 | $ | 1,335.4 | ||||||||||
17
The Phoenix Companies, Inc.
Deferred Policy Acquisition Costs
First Quarter 2012 (unaudited)
($ in millions)
|
March
|
December 31,
|
|||||||||||||||||||||||
|
2012
|
2011
|
2011
|
2009
|
2008
|
||||||||||||||||||||
|
Deferred Policy Acquisition Costs:
|
||||||||||||||||||||||||
|
Variable universal life
|
$ | 154.2 | $ | 176.9 | $ | 158.0 | $ | 181.8 | $ | 208.3 | $ | 246.3 | ||||||||||||
|
Universal life
|
341.9 | 450.6 | 377.4 | 487.8 | 677.7 | 798.4 | ||||||||||||||||||
|
Variable annuities
|
126.1 | 142.5 | 127.3 | 148.1 | 169.0 | 154.1 | ||||||||||||||||||
|
Fixed annuities
|
175.4 | 63.6 | 157.3 | 31.4 | 5.4 | 6.0 | ||||||||||||||||||
|
Traditional life
|
402.8 | 406.1 | 406.9 | 409.0 | 418.4 | 434.7 | ||||||||||||||||||
|
Offset for unrealized investment gains or losses
|
(78.3) | (21.8 | ) | (64.1 | ) | (11.6 | ) | 157.8 | 713.4 | |||||||||||||||
|
Total deferred policy acquisition costs
|
$ | 1,122.1 | $ | 1,217.9 | $ | 1,162.8 | $ | 1,246.5 | $ | 1,636.6 | $ | 2,352.9 | ||||||||||||
|
Deferred Policy Acquisition Costs:
|
||||||||||||||||||||||||
|
Policy acquisition costs deferred
|
$ | 26.1 | $ | 34.0 | $ | 139.7 | $ | 24.8 | $ | 51.8 | $ | 273.7 | ||||||||||||
|
Costs amortized to expenses:
|
||||||||||||||||||||||||
|
Recurring costs
|
(46.4) | (50.9 | ) | (171.2 | ) | (248.5 | ) | (208.5 | ) | (315.6 | ) | |||||||||||||
|
Realized investment gains or losses
|
(3.8) | (0.2 | ) | 0.1 | 2.2 | 5.8 | 25.8 | |||||||||||||||||
|
Offsets to net unrealized investment gains or losses
|
||||||||||||||||||||||||
|
included in AOCI (1)
|
(16.6) | (11.5 | ) | (52.3 | ) | (167.0 | ) | (572.2 | ) | 660.6 | ||||||||||||||
|
Cumulative effect of adoption of new guidance
|
--- | --- | --- | (1.6 | ) | 11.9 | --- | |||||||||||||||||
|
Other
|
--- | --- | --- | --- | (5.1 | ) | 14.8 | |||||||||||||||||
|
Change in deferred policy acquisition costs
|
(40.7) | (28.6 | ) | (83.7 | ) | (390.1 | ) | (716.3 | ) | 659.3 | ||||||||||||||
|
Deferred policy acquisition costs, beginning of period
|
1,162.8 | 1,246.5 | 1,246.5 | 1,636.6 | 2,352.9 | 1,693.6 | ||||||||||||||||||
|
Deferred policy acquisition costs, end of period
|
$ | 1,122.1 | $ | 1,217.9 | $ | 1,162.8 | $ | 1,246.5 | $ | 1,636.6 | $ | 2,352.9 | ||||||||||||
|
(1) An offset to deferred policy acquisition costs and AOCI is recorded each period to the extent that, had unrealized holding gains or losses from securities classified as available-for-sale actually been realized, an adjustment to deferred policy acquisition costs amortized using gross profits or gross margins would result.
|
18
The Phoenix Companies, Inc.
Deferred Policy Acquisition Costs
First Quarter 2012 (unaudited)
($ in millions)
Quarters ended
|
2011
|
2012
|
|||||||||||||||||||
|
June
|
September
|
December
|
March
|
|||||||||||||||||
|
Deferred Acquisition Costs:
|
||||||||||||||||||||
|
Variable universal life
|
$ | 176.9 | $ | 171.8 | $ | 161.3 | $ | 158.0 | $ | 154.2 | ||||||||||
|
Universal life
|
450.6 | 421.6 | 399.9 | 377.4 | 341.9 | |||||||||||||||
|
Variable annuities
|
142.5 | 138.1 | 127.4 | 127.2 | 126.1 | |||||||||||||||
|
Fixed annuities
|
63.6 | 90.3 | 124.1 | 157.2 | 175.4 | |||||||||||||||
|
Traditional life
|
406.1 | 401.4 | 402.8 | 404.2 | 402.8 | |||||||||||||||
|
Offset for unrealized investment gains or losses
|
(21.8 | ) | (38.2 | ) | (48.1 | ) | (61.2 | ) | (78.3) | |||||||||||
|
Total deferred policy acquisition costs
|
$ | 1,217.9 | $ | 1,185.0 | $ | 1,167.4 | $ | 1,162.8 | $ | 1,122.1 | ||||||||||
|
Deferred Policy Acquisition Costs:
|
||||||||||||||||||||
|
Policy acquisition costs deferred
|
$ | 34.0 | $ | 29.0 | $ | 40.2 | $ | 36.3 | $ | 26.1 | ||||||||||
|
Costs amortized to expenses:
|
||||||||||||||||||||
|
Recurring costs
|
(50.9 | ) | (42.6 | ) | (46.0 | ) | (31.5 | ) | (46.4) | |||||||||||
|
Realized investment gains or losses
|
(0.2 | ) | (0.1 | ) | (0.5 | ) | 0.9 | (3.8) | ||||||||||||
|
Offsets to net unrealized investment gains or losses
|
||||||||||||||||||||
|
included in AOCI (1)
|
(11.5 | ) | (19.2 | ) | (11.3 | ) | (10.3 | ) | (16.6) | |||||||||||
|
Change in deferred policy acquisition costs
|
(28.6 | ) | (32.9 | ) | (17.6 | ) | (4.6 | ) | (40.7) | |||||||||||
|
Deferred policy acquisition costs, beginning of period
|
1,246.5 | 1,217.9 | 1,185.0 | 1,167.4 | 1,162.8 | |||||||||||||||
|
Deferred policy acquisition costs, end of period
|
$ | 1,217.9 | $ | 1,185.0 | $ | 1,167.4 | $ | 1,162.8 | $ | 1,122.1 | ||||||||||
|
(1) An offset to deferred policy acquisition costs and AOCI is recorded each period to the extent that, had unrealized holding gains or losses from securities classified as available-for-sale actually been realized, an adjustment to deferred policy acquisition costs amortized using gross profits or gross margins would result.
|
19
The Phoenix Companies, Inc.
Consolidated Statement of Income - GAAP Format (1)
First Quarter 2012 (unaudited)
($ in millions)
|
March
|
December 31,
|
|||||||||||||||||||||||
|
2011
|
2011
|
2009
|
2008
|
|||||||||||||||||||||
|
REVENUES
|
||||||||||||||||||||||||
|
Premiums (2)
|
$ | 100.2 | $ | 111.0 | $ | 459.1 | $ | 521.4 | $ | 583.9 | $ | 664.3 | ||||||||||||
|
Fee income
|
146.6 | 153.8 | 597.1 | 630.2 | 648.1 | 601.3 | ||||||||||||||||||
|
Net investment income
|
207.9 | 200.8 | 809.9 | 844.6 | 786.7 | 912.5 | ||||||||||||||||||
|
Net realized investment losses:
|
||||||||||||||||||||||||
|
Total other-than-temporary impairment ("OTTI") losses
|
(11.7) | (7.4 | ) | (64.6 | ) | (105.2 | ) | (201.5 | ) | (245.0 | ) | |||||||||||||
|
Portion of OTTI losses recognized in other comprehensive income
|
5.5 | 1.7 | 38.9 | 55.6 | 93.1 | --- | ||||||||||||||||||
|
Net OTTI losses recognized in earnings
|
(6.2) | (5.7 | ) | (25.7 | ) | (49.6 | ) | (108.4 | ) | (245.0 | ) | |||||||||||||
|
Net realized investment gains (losses), excluding OTTI losses
|
(9.4) | (10.5 | ) | (9.3 | ) | 39.7 | 6.2 | (50.8 | ) | |||||||||||||||
|
Net realized investment (losses)
|
(15.6) | (16.2 | ) | (16.4 | ) | (9.9 | ) | (102.2 | ) | (295.8 | ) | |||||||||||||
|
Total revenues
|
439.1 | 449.4 | 1,849.7 | 1,986.3 | 1,916.5 | 1,882.3 | ||||||||||||||||||
|
BENEFITS AND EXPENSES
|
||||||||||||||||||||||||
|
Policy benefits, excluding policyholder dividends (2)
|
254.1 | 260.4 | 1,081.9 | 1,088.7 | 1,178.2 | 1,260.2 | ||||||||||||||||||
|
Policyholder dividends
|
65.1 | 63.7 | 246.9 | 309.8 | 226.8 | 207.5 | ||||||||||||||||||
|
Policy acquisition cost amortization
|
50.2 | 51.1 | 170.9 | 246.3 | 202.7 | 289.8 | ||||||||||||||||||
|
Interest expense on indebtedness
|
7.9 | 7.9 | 31.8 | 31.8 | 33.1 | 36.7 | ||||||||||||||||||
|
Interest expense on non-recourse collateralized obligations
|
--- | --- | --- | --- | --- | 11.8 | ||||||||||||||||||
|
Other operating expenses
|
60.5 | 59.7 | 246.5 | 293.4 | 319.3 | 320.8 | ||||||||||||||||||
|
Total benefits and expenses
|
437.8 | 442.8 | 1,778.0 | 1,970.0 | 1,960.1 | 2,126.8 | ||||||||||||||||||
|
Income (loss) from continuing operations before income taxes
|
1.3 | 6.6 | 71.7 | 16.3 | (43.6 | ) | (244.5 | ) | ||||||||||||||||
|
Income tax expense (benefit)
|
8.9 | 1.5 | 2.0 | 2.0 | 232.8 | (227.1 | ) | |||||||||||||||||
|
Income (loss) from continuing operations
|
(7.6) | 5.1 | 69.7 | 14.3 | (276.4 | ) | (17.4 | ) | ||||||||||||||||
|
Income (loss) from discontinued operations, net of income taxes
|
(0.5) | (1.5 | ) | (22.0 | ) | 12.0 | (123.0 | ) | (549.2 | ) | ||||||||||||||
|
Net income (loss)
|
$ | (8.1) | $ | 3.6 | $ | 47.7 | $ | 26.3 | $ | (399.4 | ) | $ | (566.6 | ) | ||||||||||
|
(1)
|
Certain reclassifications have been made to prior periods to conform with the current presentation.
|
|
(2)
|
Prior period amounts have been revised to reflect the correction of an error related to the historical presentation of ceded premiums related to certain reinsurance contracts within the Closed Block. The adjustments reflect the reclassification of ceded premiums from benefits and reserves to revenue. There was no impact to net income(loss), stockholders' equity, or earnings per share.
|
20
The Phoenix Companies, Inc.
Consolidated Statement of Income - GAAP Format (1)
First Quarter 2012 (unaudited)
($ in millions)
Quarters Ended
|
2011
|
2012
|
|||||||||||||||||||
|
June
|
September
|
December
|
March
|
|||||||||||||||||
|
REVENUES
|
||||||||||||||||||||
|
Premiums (2)
|
$ | 111.0 | $ | 109.3 | $ | 117.4 | $ | 121.4 | $ | 100.2 | ||||||||||
|
Fee income
|
153.8 | 154.6 | 147.6 | 141.1 | 146.6 | |||||||||||||||
|
Net investment income
|
200.8 | 210.8 | 201.0 | 197.3 | 207.9 | |||||||||||||||
|
Net realized investment losses:
|
||||||||||||||||||||
|
Total other-than-temporary impairment ("OTTI") losses
|
(7.4 | ) | (6.6 | ) | (31.0 | ) | (19.6 | ) | (11.7) | |||||||||||
|
Portion of OTTI losses recognized in other comprehensive income
|
1.7 | 3.6 | 22.6 | 11.0 | 5.5 | |||||||||||||||
|
Net OTTI losses recognized in earnings
|
(5.7 | ) | (3.0 | ) | (8.4 | ) | (8.6 | ) | (6.2) | |||||||||||
|
Net realized investment gains (losses), excluding OTTI losses
|
(10.5 | ) | 6.1 | 14.5 | (0.8 | ) | (9.4) | |||||||||||||
|
Net realized investment gains (losses)
|
(16.2 | ) | 3.1 | 6.1 | (9.4 | ) | (15.6) | |||||||||||||
|
Total revenues
|
449.4 | 477.8 | 472.1 | 450.4 | 439.1 | |||||||||||||||
|
|
||||||||||||||||||||
|
BENEFITS AND EXPENSES
|
||||||||||||||||||||
|
Policy benefits, excluding policyholder dividends (2)
|
260.4 | 270.8 | 267.8 | 282.9 | 254.1 | |||||||||||||||
|
Policyholder dividends
|
63.7 | 73.6 | 51.5 | 58.2 | 65.1 | |||||||||||||||
|
Policy acquisition cost amortization
|
51.1 | 42.8 | 46.5 | 30.5 | 50.2 | |||||||||||||||
|
Interest expense on indebtedness
|
7.9 | 7.9 | 7.9 | 7.9 | 7.9 | |||||||||||||||
|
Other operating expenses
|
59.7 | 59.2 | 57.6 | 70.1 | 60.5 | |||||||||||||||
|
Total benefits and expenses
|
442.8 | 454.3 | 431.3 | 449.6 | 437.8 | |||||||||||||||
|
Income from continuing operations before income taxes
|
6.6 | 23.5 | 40.8 | 0.8 | 1.3 | |||||||||||||||
|
Income tax expense (benefit)
|
1.5 | 7.6 | (6.7 | ) | (0.3 | ) | 8.9 | |||||||||||||
|
Income (loss) from continuing operations
|
5.1 | 15.9 | 47.5 | 1.1 | (7.6) | |||||||||||||||
|
Loss from discontinued operations, net of income taxes
|
(1.5 | ) | (0.7 | ) | (4.7 | ) | (15.1 | ) | (0.5) | |||||||||||
|
Net income (loss)
|
$ | 3.6 | $ | 15.2 | $ | 42.8 | $ | (14.0 | ) | $ | (8.1) | |||||||||
|
(1)
|
Certain reclassifications have been made to prior periods to conform with the current presentation.
|
|
(2)
|
Prior period amounts have been revised to reflect the correction of an error related to the historical presentation of ceded premiums related to certain reinsurance contracts within the Closed Block. The adjustments reflect the reclassification of ceded premiums from benefits and reserves to revenue. There was no impact to net income(loss), stockholders' equity, or earnings per share.
|
21
The Phoenix Companies, Inc.
Consolidated Balance Sheet - Preliminary
First Quarter 2012 (unaudited)
($ in millions)
|
March
|
December 31,
|
|||||||||||||||||||
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
|
ASSETS:
|
||||||||||||||||||||
|
Available-for-sale debt securities, at fair value
|
$ | 12,132.9 | $ | 11,890.0 | $ | 10,893.8 | $ | 10,333.0 | $ | 9,817.4 | ||||||||||
|
Available-for-sale equity securities, at fair value
|
42.1 | 35.7 | 47.5 | 25.2 | 25.2 | |||||||||||||||
|
Limited partnerships and other investments
|
613.0 | 601.3 | 600.0 | 188.6 | 200.8 | |||||||||||||||
|
Policy loans, at unpaid principal balances
|
2,374.8 | 2,379.3 | 2,386.5 | 2,324.4 | 2,477.5 | |||||||||||||||
|
Derivative instruments
|
180.6 | 174.8 | 136.9 | 539.7 | 616.9 | |||||||||||||||
|
Fair value option investments
|
89.2 | 86.6 | 102.1 | 69.3 | 84.1 | |||||||||||||||
| 15,432.6 | 15,167.7 | 14,166.8 | 13,480.2 | 13,221.9 | ||||||||||||||||
|
Available-for-sale debt and equity securities pledged
|
||||||||||||||||||||
|
as collateral, at fair value
|
--- | --- | --- | --- | 148.0 | |||||||||||||||
|
Total investments
|
15,432.6 | 15,167.7 | 14,166.8 | 13,480.2 | 13,369.9 | |||||||||||||||
|
Cash and cash equivalents
|
209.6 | 194.3 | 121.9 | 256.7 | 373.8 | |||||||||||||||
|
Accrued investment income
|
182.5 | 175.6 | 169.5 | 176.3 | 203.2 | |||||||||||||||
|
Receivables
|
398.6 | 415.1 | 405.7 | 356.6 | 358.0 | |||||||||||||||
|
Deferred policy acquisition costs
|
1,122.1 | 1,162.8 | 1,246.5 | 1,636.6 | 2,352.8 | |||||||||||||||
|
Deferred income taxes
|
93.6 | 118.2 | 116.4 | 176.1 | 564.8 | |||||||||||||||
|
Other assets
|
144.5 | 164.6 | 180.5 | 195.8 | 211.0 | |||||||||||||||
|
Discontinued operations assets
|
67.8 | 69.2 | 60.4 | 3,620.4 | 4,293.9 | |||||||||||||||
|
Separate account assets
|
4,041.6 | 3,817.6 | 4,416.8 | 4,418.1 | 3,860.1 | |||||||||||||||
|
Total assets
|
$ | 21,692.9 | $ | 21,285.1 | $ | 20,884.5 | $ | 24,316.8 | $ | 25,587.5 | ||||||||||
|
|
||||||||||||||||||||
|
LIABILITIES:
|
||||||||||||||||||||
|
Policy liabilities and accruals
|
$ | 12,971.0 | $ | 12,981.1 | $ | 13,007.1 | $ | 13,167.0 | $ | 13,947.8 | ||||||||||
|
Policyholder deposit funds
|
2,602.5 | 2,429.4 | 1,494.1 | 1,342.7 | 1,616.6 | |||||||||||||||
|
Indebtedness
|
426.9 | 426.9 | 427.7 | 428.0 | 458.0 | |||||||||||||||
|
Other liabilities
|
645.3 | 613.8 | 546.4 | 529.9 | 651.0 | |||||||||||||||
|
Discontinued operations liabilities
|
57.4 | 58.3 | 49.4 | 3,585.4 | 4,184.4 | |||||||||||||||
|
Non-recourse collateralized debt obligations
|
--- | --- | --- | --- | 245.2 | |||||||||||||||
|
Separate account liabilities
|
4,041.6 | 3,817.6 | 4,416.8 | 4,418.1 | 3,860.1 | |||||||||||||||
|
Total liabilities
|
20,744.7 | 20,327.1 | 19,941.5 | 23,471.1 | 24,963.1 | |||||||||||||||
|
STOCKHOLDERS' EQUITY:
|
||||||||||||||||||||
|
Common stock, $.01 par value: 116.3 million and 116.1 million shares outstanding
|
1.3 | 1.3 | 1.3 | 1.3 | 1.3 | |||||||||||||||
|
Additional paid-in capital
|
2,630.8 | 2,630.5 | 2,631.0 | 2,627.3 | 2,626.4 | |||||||||||||||
|
Accumulated other comprehensive loss
|
(136.8) | (134.8 | ) | (102.7 | ) | (174.4 | ) | (782.3 | ) | |||||||||||
|
Accumulated deficit
|
(1,367.6) | (1,359.5 | ) | (1,407.1 | ) | (1,429.0 | ) | (1,041.5 | ) | |||||||||||
|
Treasury stock, at cost: 11.3 million and 11.3 million shares
|
(179.5) | (179.5 | ) | (179.5 | ) | (179.5 | ) | (179.5 | ) | |||||||||||
|
Total stockholders' equity
|
948.2 | 958.0 | 943.0 | 845.7 | 624.4 | |||||||||||||||
|
Total liabilities and stockholders' equity
|
$ | 21,692.9 | $ | 21,285.1 | $ | 20,884.5 | $ | 24,316.8 | $ | 25,587.5 | ||||||||||
22
The Phoenix Companies, Inc.
General Account Investment Portfolio Summary (1)
First Quarter 2012 (unaudited)
($ millions)
| Total Debt Securities | Public Debt Securities | Private Debt Securities | ||||||||||||||||||||||
|
3/31/2012
|
12/31/2011
|
3/31/2012
|
12/31/2011
|
3/31/2012
|
12/31/2011
|
|||||||||||||||||||
|
Debt Securities by Credit Quality (Carrying Value)
|
||||||||||||||||||||||||
|
AAA/AA/A
|
$ | 6,958.8 | $ | 7,008.1 | $ | 5,238.8 | $ | 5,285.0 | $ | 1,720.0 | $ | 1,723.1 | ||||||||||||
|
BBB
|
4,149.0 | 3,916.1 | 2,588.6 | 2,385.5 | 1,560.4 | 1,530.6 | ||||||||||||||||||
| Total Investment Grade | 11,107.8 | 10,924.2 | 7,827.4 | 7,670.5 | 3,280.4 | 3,253.7 | ||||||||||||||||||
|
BB
|
619.2 | 568.1 | 525.2 | 478.3 | 94.0 | 89.8 | ||||||||||||||||||
|
B
|
209.1 | 207.9 | 109.0 | 110.0 | 100.1 | 97.9 | ||||||||||||||||||
|
CCC and Lower
|
132.1 | 124.4 | 75.4 | 63.8 | 56.7 | 60.6 | ||||||||||||||||||
|
In or Near Default
|
64.7 | 65.4 | 37.4 | 35.1 | 27.3 | 30.3 | ||||||||||||||||||
|
Total Debt Securities
|
$ | 12,132.9 | $ | 11,890.0 | $ | 8,574.4 | $ | 8,357.7 | $ | 3,558.5 | $ | 3,532.3 | ||||||||||||
|
% Below Investment Grade
|
8.4 | % | 8.1 | % | 8.7 | % | 8.2 | % | 7.8 | % | 7.9 | % | ||||||||||||
|
Unrealized Gains and Losses on Debt and Equity Securities
|
||||||||||||||||||||||||
|
As of 3/31/12
|
||||||||||||||||||||||||
| Total | Outside Closed Block | Closed Block | ||||||||||||||||||||||
|
Gains
|
Losses
|
Gains
|
Losses
|
Gains
|
Losses
|
|||||||||||||||||||
|
Total Debt Securities
|
$ | 884.6 | $ | (267.7 | ) | $ | 322.8 | $ | (179.4 | ) | $ | 561.8 | $ | (88.3 | ) | |||||||||
|
Equity Securities
|
15.0 | (7.4 | ) | 9.7 | (3.6 | ) | 5.3 | (3.8 | ) | |||||||||||||||
|
Total Unrealized Gains (Losses)
|
899.6 | (275.1 | ) | 332.5 | (183.0 | ) | 567.1 | (92.1 | ) | |||||||||||||||
|
Applicable PDO
|
567.1 | (92.1 | ) | --- | --- | 567.1 | (92.1 | ) | ||||||||||||||||
|
Applicable DAC (Credit)
|
179.1 | (84.7 | ) | 179.1 | (84.7 | ) | --- | --- | ||||||||||||||||
|
Applicable Deferred Income Tax (Benefit)
|
53.7 | (34.4 | ) | 53.7 | (34.4 | ) | --- | --- | ||||||||||||||||
|
Total Offsets to Net Unrealized Gains (Losses)
|
799.9 | (211.2 | ) | 232.8 | (119.1 | ) | --- | --- | ||||||||||||||||
|
Net Unrealized Gains (Losses)
|
$ | 99.7 | $ | (63.9 | ) | $ | 99.7 | $ | (63.9 | ) | $ | --- | $ | --- | ||||||||||
|
Net Unrealized Gains
|
$ | 35.8 | $ | 35.8 | $ | --- | ||||||||||||||||||
|
(1) Excludes debt and equity securities pledged as collateral.
|
23
The Phoenix Companies, Inc.
General Account GAAP Net Investment Income Yields (1)
First Quarter 2012 (unaudited)
($ in millions)
|
March
|
December 31,
|
|||||||||||||||||||||||
|
2011
|
2009
|
2008
|
||||||||||||||||||||||
|
GAAP Net Investment Income
|
||||||||||||||||||||||||
|
Debt securities
|
150.7 | $ | 147.6 | $ | 612.8 | $ | 602.1 | $ | 649.4 | $ | 707.1 | |||||||||||||
|
Equity securities
|
0.7 | 0.6 | 1.1 | 2.4 | 0.4 | 4.3 | ||||||||||||||||||
|
Limited partnerships and other investments
|
16.7 | 10.5 | 36.8 | 74.3 | (36.2 | ) | 13.5 | |||||||||||||||||
|
Policy loans
|
42.7 | 42.0 | 171.8 | 171.7 | 183.6 | 187.0 | ||||||||||||||||||
|
Fair value option investments
|
1.8 | 2.4 | (2.3 | ) | 7.2 | 1.5 | --- | |||||||||||||||||
|
Cash and cash equivalents
|
--- | --- | --- | 0.1 | 0.3 | 7.5 | ||||||||||||||||||
|
Total cash and invested assets
|
212.6 | 203.1 | 820.2 | 857.8 | 799.0 | 919.4 | ||||||||||||||||||
|
Less: Discontinued operations
|
0.7 | 0.5 | 2.1 | 5.0 | 4.8 | 6.0 | ||||||||||||||||||
|
Less: Investment expenses
|
4.0 | 1.8 | 8.2 | 8.2 | 7.5 | 8.2 | ||||||||||||||||||
|
Total net investment income
|
$ | 207.9 | $ | 200.8 | $ | 809.9 | $ | 844.6 | $ | 786.7 | $ | 905.2 | ||||||||||||
|
Annualized Yields
|
||||||||||||||||||||||||
|
Debt securities
|
5.1% | 5.5 | % | 5.3 | % | 5.7 | % | 6.4 | % | 7.1 | % | |||||||||||||
|
Equity securities
|
7.6% | 4.9 | % | 2.7 | % | 5.2 | % | 1.7 | % | 4.6 | % | |||||||||||||
|
Limited partnerships and other investments(2)
|
11.7% | 7.3 | % | 6.3 | % | 13.2 | % | -6.3 | % | -0.7 | % | |||||||||||||
|
Policy loans
|
7.4% | 7.3 | % | 7.5 | % | 7.6 | % | 8.0 | % | 7.7 | % | |||||||||||||
|
Fair value option investments
|
8.7% | 10.4 | % | -2.6 | % | 7.5 | % | -2.2 | % | 0.0 | % | |||||||||||||
|
Cash and cash equivalents
|
0.0% | 0.0 | % | 0.0 | % | 0.1 | % | 0.2 | % | 2.2 | % | |||||||||||||
|
Total cash and invested assets
|
5.7% | 5.9 | % | 5.6 | % | 6.2 | % | 6.0 | % | 6.8 | % | |||||||||||||
|
Investment expenses and discontinued operations
|
0.1% | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | |||||||||||||
|
Total net investment income yields
|
5.6% | 5.8 | % | 5.5 | % | 6.1 | % | 5.9 | % | 6.7 | % | |||||||||||||
|
(1) Excludes debt and equity securities pledged as collateral.
(2) Yield calculation excludes derivatives.
|
24
The Phoenix Companies, Inc.
General Account GAAP Net Investment Income Yields (1)
First Quarter 2012 (unaudited)
($ in millions)
Quarters ended
|
2011
|
2012
|
|||||||||||||||||||
|
June
|
September
|
December
|
March
|
|||||||||||||||||
|
GAAP Net Investment Income
|
||||||||||||||||||||
|
Debt securities
|
$ | 147.6 | $ | 155.4 | $ | 157.4 | $ | 152.4 | $ | 150.7 | ||||||||||
|
Equity securities
|
0.6 | --- | 0.5 | --- | 0.7 | |||||||||||||||
|
Limited partnerships and other investments
|
10.5 | 13.9 | 5.3 | 7.1 | 16.7 | |||||||||||||||
|
Policy loans
|
42.0 | 43.6 | 42.5 | 43.7 | 42.7 | |||||||||||||||
|
Fair value option investments
|
2.4 | (0.2 | ) | (2.2 | ) | (2.3) | 1.8 | |||||||||||||
|
Total cash and invested assets
|
203.1 | 212.7 | 203.5 | 200.9 | 212.6 | |||||||||||||||
|
Less: Discontinued operations
|
0.5 | 0.5 | 0.5 | 0.6 | 0.7 | |||||||||||||||
|
Less: Investment expenses
|
1.8 | 1.4 | 2.0 | 3.0 | 4.0 | |||||||||||||||
|
Total net investment income
|
$ | 200.8 | $ | 210.8 | $ | 201.0 | $ | 197.3 | $ | 207.9 | ||||||||||
|
Annualized Yields
|
||||||||||||||||||||
|
Debt securities
|
5.5 | % | 5.7 | % | 5.6 | % | 5.3% | 5.1% | ||||||||||||
|
Equity securities
|
4.9 | % | 0.0 | % | 4.2 | % | 0.0% | 7.6% | ||||||||||||
|
Limited partnerships and other investments(2)
|
7.3 | % | 9.7 | % | 3.5 | % | 4.8% | 11.7% | ||||||||||||
|
Policy loans
|
7.3 | % | 7.6 | % | 7.5 | % | 7.7% | 7.4% | ||||||||||||
|
Fair value option investments
|
10.4 | % | -0.9 | % | -9.3 | % | -10.0% | 8.7% | ||||||||||||
|
Cash and cash equivalents
|
0.0 | % | 0.0 | % | 0.0 | % | 0.0% | 0.0% | ||||||||||||
|
Total cash and invested assets
|
5.9 | % | 6.0 | % | 5.7 | % | 5.5% | 5.7% | ||||||||||||
|
Investment expenses and discontinued operations
|
0.1 | % | 0.1 | % | 0.1 | % | 0.1% | 0.1% | ||||||||||||
|
Total net investment income yields
|
5.8 | % | 5.9 | % | 5.6 | % | 5.4% | 5.6% | ||||||||||||
|
(1) Excludes debt and equity securities pledged as collateral.
(2) Yield calculation excludes derivatives.
|
25
The Phoenix Companies, Inc.
General Account Realized Investment Gains and Losses
First Quarter 2012 (unaudited)
($ Millions)
|
March
|
December 31,
|
|||||||||||||||||||||||
|
2011
|
2011
|
2009
|
2008
|
|||||||||||||||||||||
|
Realized Investment Gains and Losses
|
||||||||||||||||||||||||
|
Debt security
|
$ | (6.2) | $ | (5.7 | ) | $ | (25.7 | ) | $ | (49.0 | ) | $ | (93.0 | ) | $ | (224.0 | ) | |||||||
|
Equity security
|
--- | --- | --- | (0.6 | ) | (5.2 | ) | (2.7 | ) | |||||||||||||||
|
Debt and equity securities pledged as collateral
|
--- | --- | --- | --- | --- | (2.3 | ) | |||||||||||||||||
|
Other invested asset
|
--- | --- | --- | --- | (10.2 | ) | (16.0 | ) | ||||||||||||||||
|
Total impairment losses
|
(6.2) | (5.7 | ) | (25.7 | ) | (49.6 | ) | (108.4 | ) | (245.0 | ) | |||||||||||||
|
Debt security net transaction
|
1.2 | 2.0 | 7.9 | 45.4 | (23.8 | ) | (9.8 | ) | ||||||||||||||||
|
Equity security net transaction
|
--- | --- | 3.7 | --- | 2.2 | (29.5 | ) | |||||||||||||||||
|
Limited partnerships and other investments net transaction
|
0.8 | (1.6 | ) | 0.2 | (1.3 | ) | (2.2 | ) | (1.6 | ) | ||||||||||||||
|
Debt and equity securities pledged as collateral
|
--- | --- | --- | --- | --- | 2.2 | ||||||||||||||||||
|
Sale of Goodwin Capital Advisers, Inc.
|
--- | --- | 4.0 | --- | --- | --- | ||||||||||||||||||
|
CDO deconsolidation
|
--- | --- | --- | --- | 57.0 | --- | ||||||||||||||||||
|
Total net transactions
|
2.0 | 0.4 | 15.8 | 44.1 | 33.2 | (38.7 | ) | |||||||||||||||||
|
Realized gains (losses) on fair value option securities
|
1.9 | (0.4 | ) | (0.6 | ) | 3.5 | 4.0 | (18.4 | ) | |||||||||||||||
|
Realized gains (losses) on derivative assets and liabilities (1)
|
(13.3) | (10.5 | ) | (5.9 | ) | (7.9 | ) | (31.0 | ) | 6.3 | ||||||||||||||
|
Net realized losses
|
(15.6) | (16.2 | ) | (16.4 | ) | (9.9 | ) | (102.2 | ) | (295.8 | ) | |||||||||||||
|
Closed block applicable PDO (reduction)
|
0.5 | 1.6 | (0.3 | ) | (9.4 | ) | 40.5 | 120.2 | ||||||||||||||||
|
Applicable deferred acquisition costs (credit)
|
--- | (0.2 | ) | --- | 2.2 | 5.8 | 25.7 | |||||||||||||||||
|
Applicable income tax expense (benefit)
|
6.2 | (4.1 | ) | 4.2 | 5.6 | 6.6 | 42.7 | |||||||||||||||||
|
Debt and equity securities pledged as collateral
|
--- | --- | --- | --- | --- | 0.1 | ||||||||||||||||||
|
Realized gains (losses) on def. comp. portion fair value option securities
|
(1.9) | (0.5 | ) | 0.6 | (3.5 | ) | (4.0 | ) | 18.4 | |||||||||||||||
|
Net realized investment losses included in net income (loss)
|
$ | (10.8) | $ | (19.4 | ) | $ | (11.9 | ) | $ | (15.0 | ) | $ | (53.3 | ) | $ | (88.7 | ) | |||||||
|
(1)
|
Beginning in the second quarter 2011, changes in fair value of fixed indexed annuity contract embedded derivatives are recorded in policy benefits, excluding policyholder dividends.
|
26
The Phoenix Companies, Inc.
General Account Realized Investment Gains and Losses
First Quarter 2012 (unaudited)
($ Millions)
Quarters ended
|
2011
|
2012
|
|||||||||||||||||||
|
June
|
September
|
December
|
March
|
|||||||||||||||||
|
Realized Investment Gains and Losses
|
||||||||||||||||||||
|
Debt security
|
$ | (5.7 | ) | $ | (3.0 | ) | $ | (8.4 | ) | $ | (8.6 | ) | $ | (6.2) | ||||||
|
Total impairment losses
|
(5.7 | ) | (3.0 | ) | (8.4 | ) | (8.6 | ) | (6.2) | |||||||||||
|
Debt security net transaction
|
2.0 | 4.3 | 3.1 | (1.5 | ) | 1.2 | ||||||||||||||
|
Equity security net transaction
|
--- | 0.1 | (0.1 | ) | 3.7 | --- | ||||||||||||||
|
Limited partnerships and other investments net transaction
|
(1.6 | ) | --- | (0.3 | ) | 2.1 | 0.8 | |||||||||||||
|
Sale of Goodwin Capital Advisers, Inc.
|
--- | --- | --- | 4.0 | --- | |||||||||||||||
|
Total net transactions
|
0.4 | 4.4 | 2.7 | 8.3 | 2.0 | |||||||||||||||
|
Realized gains (losses) on fair value option securities
|
(0.4 | ) | 1.4 | (2.7 | ) | 1.1 | 1.9 | |||||||||||||
|
Realized gains (losses) on derivative assets and liabilities (1)
|
(10.5 | ) | 0.3 | 14.5 | (10.2 | ) | (13.3) | |||||||||||||
|
Net realized gains (losses)
|
(16.2 | ) | 3.1 | 6.1 | (9.4 | ) | (15.6) | |||||||||||||
|
Closed block applicable PDO (reduction)
|
1.6 | (3.2 | ) | 0.8 | 0.5 | 0.5 | ||||||||||||||
|
Applicable deferred acquisition costs (credit)
|
(0.2 | ) | (0.1 | ) | 0.1 | 0.2 | --- | |||||||||||||
|
Applicable income tax expense (benefit)
|
(4.1 | ) | 8.7 | (2.1 | ) | 1.8 | 6.2 | |||||||||||||
|
Realized gains (losses) on def. comp. portion fair value option securities
|
(0.5 | ) | (0.4 | ) | 2.6 | (1.1 | ) | (1.9) | ||||||||||||
|
Net realized investment gains (losses) included in net income (loss)
|
$ | (19.4 | ) | $ | 8.1 | $ | 7.5 | $ | (8.0 | ) | $ | (10.8) | ||||||||
|
(1)
|
Beginning in the second quarter 2011, changes in fair value of fixed indexed annuity contract embedded derivatives are recorded in policy benefits, excluding policyholder dividends.
|
27
The Phoenix Companies, Inc.
Impacts of Adoption of Accounting Standards Update No. 2010-26
($ in millions)
|
In October 2010, the FASB issued amended guidance to ASC 944, Financial Services – Insurance, to address the diversity in practice for accounting for costs associated with acquiring or renewing insurance contracts. The amendment clarifies the definition of acquisition costs (i.e., costs which qualify for deferral) to incremental direct costs that result directly from, and are essential to, a contract and would not have been incurred by the insurance entity had the contract transaction not occurred. Therefore, only costs related to successful efforts of acquiring a new, or renewal, contract should be deferred.
The selected financial information shown herein reflects the retrospective adoption of Accounting Standards Update No. 2010-26, "Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts" ("ASU 2010-26"), effective January 1, 2012. The effect of retrospective adoption reduced deferred policy acquisition costs and beginning stockholders’ equity in each period primarily related to lower deferrals associated with expenses not directly related to new policy sales.
All prior period amounts related to the adoption of ASU 2010-26 have been revised accordingly within this Financial Supplement.
|
|
Quarters ended
|
Years ended
|
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|
March 31,
2011
|
June 30,
2011
|
September 30, 2011
|
December 31, 2011
|
December 31, 2011
|
December 31, 2010
|
December 31, 2009
|
December 31, 2008
|
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|
Impacts to Total Stockholders' Equity
|
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|
Stockholders' Equity as previously reported
|
$ | 1,146.5 | $ | 1,163.1 | $ | 1,241.0 | $ | 1,126.2 | $ | 1,126.2 | $ | 1,155.5 | $ | 1,131.1 | $ | 865.1 | ||||||||||||||||
|
Impact of adoption of ASU 2010-26 on stockholders' equity
|
(199.9 | ) | (188.0 | ) | (176.6 | ) | (168.2 | ) | (168.2 | ) | (212.5 | ) | (285.4 | ) | (240.7 | ) | ||||||||||||||||
|
Stockholders' Equity as currently reported
|
$ | 946.6 | $ | 975.1 | $ | 1,064.4 | $ | 958.0 | $ | 958.0 | $ | 943.0 | $ | 845.7 | $ | 624.4 | ||||||||||||||||
|
Impacts to Policy Cost Amortization
|
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|
Policy Cost Amortization as previously reported
|
$ | 62.7 | $ | 51.8 | $ | 57.5 | $ | 38.7 | $ | 210.6 | $ | 298.2 | $ | 260.6 | $ | 406.0 | ||||||||||||||||
|
Impact of adoption of ASU 2010-26 on policy cost amortization
|
(11.6 | ) | (9.0 | ) | (11.0 | ) | (8.1 | ) | (39.7 | ) | (51.9 | ) | (57.9 | ) | (116.2 | ) | ||||||||||||||||
|
Policy Cost Amortization as currently reported
|
$ | 51.1 | $ | 42.8 | $ | 46.5 | $ | 30.6 | $ | 170.9 | $ | 246.3 | $ | 202.7 | $ | 289.8 | ||||||||||||||||
|
Impacts to To Pre-Tax Operating Income
|
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|
Pre-Tax Operating Income as previously reported
|
$ | 10.4 | $ | 15.1 | $ | 20.0 | $ | 2.6 | $ | 48.1 | $ | (14.2 | ) | $ | (27.2 | ) | $ | (159.6 | ) | |||||||||||||
|
Impact of adoption of ASU 2010-26 on pre-tax operating income
|
11.5 | 9.0 | 11.0 | 8.0 | 39.5 | 51.0 | 43.6 | 50.7 | ||||||||||||||||||||||||
|
Pre -Tax Operating Income as currently reported
|
$ | 21.9 | $ | 24.1 | $ | 31.0 | $ | 10.6 | $ | 87.6 | $ | 36.8 | $ | 16.4 | $ | (108.9 | ) | |||||||||||||||
|
Impacts to Net Income
|
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|
Net Income as previously reported
|
$ | (6.1 | ) | $ | 4.4 | $ | 31.8 | $ | (22.0 | ) | $ | 8.1 | $ | (12.6 | ) | $ | (319.0 | ) | $ | (726.0 | ) | |||||||||||
|
Impact of adoption of ASU 2010-26 on net income
|
9.7 | 10.8 | 11.0 | 8.0 | 39.6 | 38.9 | (80.4 | ) | 159.4 | |||||||||||||||||||||||
|
Net Income as currently reported
|
$ | 3.6 | $ | 15.2 | $ | 42.8 | $ | (14.0 | ) | $ | 47.7 | $ | 26.3 | $ | (399.4 | ) | $ | (566.6 | ) | |||||||||||||
28