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The Phoenix Companies, Inc. (NYSE: PNX) Today Issues Statement in Response to Moodys Announcement
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| Copyright: | Business Wire | | Source: | Business Wire | | Wordcount: | |
HARTFORD, Conn.--(BUSINESS WIRE)-- James D. Wehr, president and chief executive officer of The Phoenix Companies, Inc. (NYSE: PNX), issues the following statement regarding Moody's announcement today about The Phoenix Companies, Inc.:
"We respectfully disagree with Moody's action. However, given the environment in which rating agencies are now operating, we are not surprised by it. Phoenix is a work in progress and we are making progress. We are committed to maintaining a healthy balance sheet and policyholder security, while we reduce expenses and pursue a new business strategy that recognizes the realities of these ratings. We remain confident that we will succeed in re-positioning Phoenix."
ABOUT PHOENIX
With a history dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) provides financial solutions using life insurance and annuities, with particular expertise in the high-net-worth and affluent market. In 2008, Phoenix had annual revenues of $2.0 billion and total assets of $25.8 billion. More detailed financial information can be found in Phoenix's financial supplement for the second quarter of 2009, which is available on Phoenix's Web site, www.phoenixwm.com, in the Investor Relations section.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which, by their nature, are subject to risks and uncertainties.
We intend for these forward-looking statements to be covered by the safe harbor provisions of the
federal securities laws relating to forward-looking statements.
These include statements relating to trends in, or representing management's beliefs about, our future transactions, strategies, operations and financial results, as well as other statements including words such as "anticipate," "believe," "plan," "estimate,"
"expect," "intend," "may," "should" and other similar expressions.
Forward-looking statements are made based upon our current expectations and beliefs concerning trends and future developments and their potential effects on the company.
They are not guarantees of future performance.
Our actual business, financial condition and results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties, which include, among others:
(i) unfavorable general economic developments including, but not limited to, specific related factors such as the performance of the debt and equity markets and changes in interest rates; (ii) the effect of continuing adverse capital and credit market conditions on our ability to meet our liquidity needs, our access to capital and our cost of capital; (iii) the possibility of losses due to defaults by others including, but not limited to, issuers of fixed income securities; (iv) changes in our investment valuations based on changes in our valuation methodologies, estimations and assumptions; (v) the effect of guaranteed benefits within our products; (vi) the consequences related to variations in the amount of our statutory capital due to factors beyond our control; (vii) downgrades in our debt or financial strength ratings; (viii) the possibility that mortality rates, persistency rates, funding levels or other factors may differ significantly from our pricing expectations; (ix) the availability, pricing and terms of reinsurance coverage generally and the inability or unwillingness of our reinsurers to meet their obligations to us specifically; (x) our dependence on non-affiliated distributors for our product sales; (xi) our dependence on third parties to maintain critical business and administrative functions; (xii) our ability to attract and retain key personnel in a competitive environment; (xiii) the strong competition we face in our business from banks, insurance companies and other financial services firms; (xiv) our reliance, as a holding company, on dividends and other payments from our subsidiaries to meet our financial obligations and pay future dividends, particularly since our insurance subsidiaries' ability to pay dividends is subject to regulatory restrictions; (xv) the potential need to fund deficiencies in our Closed Block; (xvi) tax developments that may affect us directly, or indirectly through the cost of, the demand for or profitability of our products or services; (xvii) the possibility that the actions and initiatives of the U.S. Government, including those that we elect to participate in, may not improve adverse economic and market condition generally or our business, financial condition and results of operations specifically; (xviii) other legislative or regulatory developments; (xix) legal or regulatory actions; (xx) changes in accounting standards; (xxi) the potential effects of the spin-off of our former asset management subsidiary; (xxii) the potential effect of a material weakness in our internal control over financial reporting on the accuracy of our reported financial results; and (xxiii) the risks related to a man-made or natural disaster; and (xxiv) other risks and uncertainties described herein or in any of our filings with the SEC.
We undertake no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
The Phoenix Companies, Inc.
Media Relations
Michele Farley, 860-403-5393
michele.farley@phoenixwm.com
or
Investor Relations, 860-403-7100
pnx.ir@phoenixwm.com
Source: The Phoenix Companies, Inc.
This is a news service of Thomson Business Intelligence Service ©2006. This content is for your personal use only, subject to Terms and Conditions. No redistribution allowed.
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