Phoenix Cos. Inc. Friday revised its fourth-quarter results to show a 12.6% increase in net income, reflecting net foreign currency gains principally related to the company's equity investment in Aberdeen Asset Management PLC.
The Hartford, Conn., insurer said that its net income in the quarter increased by $5.4 million, for a total profit of $48.3 million in the period and $86.4 million for the year. The company realized after-tax net gains of $40.4 million in the quarter and $41.2 million for 2004 as a result of its 16.5% equity stake in Aberdeen.
Phoenix sold its stake in Aberdeen in January for $70.4 million of net proceeds. It expects to recognize an after-tax loss of about $7 million on the sale in its first-quarter results.
Phoenix issues life insurance, annuity, and asset management products for the accumulation, preservation, and transfer of wealth.
