The Phoenix Companies has reported a net loss of $74.8m or $0.65 per share for the first quarter of 2011, compared with net income was $13.7m or $0.12 per share last year.
The total revenues for the first quarter of 2011 were $470m, compared to $521m for the same period of 2010.
Operating income for the first quarter was $9.7m, compared with an operating loss of $118.1m in the prior year quarter.
The Phoenix Companies president and CEO James Wehr said they sustained favorable trends that emerged in their 2010 results, with further sales growth in annuity product line, improved operating earnings, better persistency in their life insurance block of business, and appreciation in the investment portfolio, although investment income was lower than expected.
"These fundamentals are essential to accelerating profitable growth, and we have more work to do to improve earnings meaningfully," Wehr said.