Phoenix Cos. overstates 4Q and 2008 net losses

Financial planner and life insurer The Phoenix Cos. said Wednesday its fourth-quarter loss was $46 million, or 40 cents per share, less than earlier reported due to an accounting error for income taxes.

The company also said State Farm Mutual Automobile Insurance Co. has suspended sale of its products as it reevaluates their business relationship.

Shares of the company fell 5 cents, or 13 percent, to 33 cents. The day's low of 28 cents was a new 52-week low.

Phoenix said it lost $378.3 million, or $3.31 per share, in the fourth quarter. On Feb. 27, Phoenix reported it lost $424.3 million, or $3.71, per share.

For the year, the company posted a net loss of $726 million, or $6.35 per share, compared to the previously reported loss of $772 million, or $6.75 per share.

Phoenix said its total shareholder's equity and book value per share did not change.

The company said it will be delayed in filing its annual financial statement to the Securities and Exchange Commission due to the accounting error. It expects to file as promptly and as practicable.