Phoenix Loss exaggerated; Halting State Farm Sales
Monday, Mar 09,2009, 12:24:07 PM Click:
MarketWatch
4 March 2009 Wednesday 6:26 am EST
LENGTH: 152 words
TITLE: Phoenix overestimated the loss, State Farm halt sales
Signature: Simon Kennedy
LONDON (MarketWatch) - Phoenix Companies Inc (PNX) said Wednesday that it overstated its fourth quarter net loss of approximately $ 46 million as he also says State Farm Mutual Automobile Insurance to suspend sale of products of Phoenix. The group said it now expects to report a loss of $ 378.3 million, or $ 3.31 per share for the fourth quarter, after the discovery of an error in accounting for income taxes. of life insurance and annuity provider had said it lost $ 424.3 million, or $ 3.71 per share during the quarter. Phoenix said it has delayed filing its annual Form 10-K with the Securities and Exchange Commission and do so as soon as possible. She added that the State Farm decision is pending a reassessment of the relationship between the companies. "
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