This week, both State Farm and the National Life Group announced that they will stop selling Phoenix Companies annuities. Diane Levick writes in the Hartford Courant that those firms, which combined made up 82% of Phoenix’s 2008 annuity sales, have made this decision because of Phoenix’s recent ratings downgrade from Hartford.
The firm is already struggling, given its 37% decrease in annuity sales (based on customer depositsw) in Q4 2008.
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