The Phoenix Companies, Inc. Q1 2009 Earnings Call Transcript

"...Clearly, Phoenix has disappointed investors with our financial performance and declining share price... I’m keenly aware of investor frustration and I share that frustration...

Let me turn to the first quarter and I will start with a summary of the key business drivers. Mortality remained consistent with our expectations. Surrenders rose, but were well within manageable levels. Sales were lower as a result of a number of our distributors stopping selling Phoenix products due to our recent rating downgrades and major expense initiatives have not yet delivered financial benefits in this quarter, but will by the fourth quarter of the year.

Overall, our business fundamentals remain solid including mortality and surrenders. Surrenders were elevated, but still manageable. We believe the rise reflects a combination of consumer anxiety and personal needs for cash, as well as concerns about our recent rating downgrades. We are actively managing them through enhanced outreach to producers and policyholders and by maintaining a higher level of cash and liquid assets..."

Seeking Alpha: The Phoenix Companies, Inc. Q1 2009 Earnings Call Transcript