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Description:
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The Phoenix Companies, Inc. (Phoenix) is a manufacturer of insurance, annuity and asset management products for the accumulation, preservation and transfer of wealth. The Company provides products and services to affluent and high-net-worth individuals through their advisors and to institutions directly and through consultants. Phoenix offers a broad range of life insurance, annuity and asset management products and services through a variety of distributors. The Company distributes its products and services through various financial intermediaries, such as national and regional broker-dealers, banks, financial planning firms, advisor groups and other insurance companies. Phoenix operates in two segments: Life and Annuity, and Asset Management, which include three product lines: life insurance, annuities and asset management. For the three months ended 31 March 2005, The Phoenix Companies, Inc.'s revenues rose 4% to $638.3M. Net income fell 82% to $1.7M. Revenues reflect an increase in revenues from insurance & investment product fees, higher broker dealer commission & distribution fees, an increase in investment gains. Net income was offset by the presence of intangible asset impairments expenses and higher policyholder dividends expense.
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