PHL Variable Insurance Company: Negative Surplus Position
PHL Variable Insurance Company’s (PHLV) filed its year-end 2023 regulatory financial statement in late April 2024, seven weeks after the required filing date of March 1. The company reported a negative surplus1 position of -$92 million at 12/31/23, which was a $177 million deterioration from +$85 million at 12/31/22. The deterioration in surplus was driven by a large after-tax operating loss of $162 million incurred in 2023, which was not balanced by any capital support from PHLV’s parent company.