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PHOENIX MUTUAL LIFE INSURANCE REPORTS EARNINGS

 PHOENIX MUTUAL LIFE INSURANCE REPORTS EARNINGS
 HARTFORD, Conn., Feb. 24 /PRNewswire/ -- At a time when many


insurance companies are reporting losses, Phoenix Mutual Life Insurance Company is reporting gains. The company today reported strong financial results for 1991 with an increase in assets, assets under management, insurance in force, investment income, dividend payments to policyholders and a strong surplus for the company.
 John Gummere, chairman of the board and chief executive officer of Phoenix Mutual Life Insurance Company, described The Phoenix as "a strong company effectively dealing with this troubled environment."
 Gummere's remarks came at the annual meeting of policyholders, held today at The Phoenix home office, One American Row, in Hartford.
 Financial highlights of the message included:
 -- Total assets of $6.8 billion, rising over last year's $6.6 billion.
 -- Total assets under management of $11.9 billion, well over last year's figure of $9.6 billion.
 -- Total insurance in force of $79.4 billion, an increase of almost 4 percent over 1990's $76.4 billion.
 -- A rise in investment income from $379.1 million in 1990 to $380.7 million in 1991.
 -- An increase in dividend payments to $157.9 million, 6 percent over the previous year.
 -- An increase in the ratio of surplus to adjusted assets of 8.5 percent, one of the highest among mutual life insurance companies.
 -- A $19.4 million increase in surplus, to $380.1 million.
 Gummere summarized each line of Phoenix business:
 Investment Products was one of 1991's big leaders. The Phoenix sold $1.2 billion of mutual funds, about five times the amount sold in 1990. Institutional sales increased by 25 percent over 1990. The Phoenix also gained its first international client, a large pension fund in Holland.
 Group Life and Health was another of The Phoenix's success stories. Group had one of its best years ever, producing new premiums of $91.6 million.
 Positive developments in the individual line include the introduction and sales of Joint Life Protector, a policy which insures two lives at a premium considerably lower than the premiums for two separate policies. This policy protects the fiscal stability of dual- income working couples and provides business partners with the means to buy the other's interests should one of them die.
 The Self Security program had a good year. This program, geared to providing baby boomers with a disciplined approach to buying life insurance while providing the opportunity to invest for their retirement years, is also doing well.
 During 1991, The Phoenix announced its intention to merge with Home Life Insurance Company of New York. The proposed merger with Home Life would join The Phoenix "to a company with a strong reputation and excellent dividend performance," Gummere said. Speaking of the merger, he said, "We foresee a company of greatly enhanced cost effectiveness and efficiency, a company with a much larger and stronger sales capacity, a company with improved asset diversification -- in short, a company that will better than ever be in a position to deliver on its commitments of certain and equitable payment of benefits, low cost to policyholders, and good advice to policyholders both before and after purchase."
 Phoenix Mutual Life Insurance Company, headquartered in Hartford, is the 14th largest mutual life insurance company in the country. The Phoenix offers a diverse portfolio of business and personal life insurance products, institutional investment management, employee benefits, and individual investment products.
 -0- 2/24/92
 /CONTACT: Jo-Anne Leventhal, 203-275-5359, or home, 203-659-2011, of The Phoenix/ CO: Phoenix Mutual Life Insurance Company ST: Connecticut IN: INS SU: ERN DIV


GK-KW -- NY059 -- 1975 02/24/92 14:34 EST
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Publication:PR Newswire
Date:Feb 24, 1992
Words:600
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