The Phoenix Companies, Inc. (PNX), which de-mutualized and went public in 2001, provides a diverse array of life insurance and wealth management products and services to affluent and high net-worth individuals and corporations across the U.S. Its principal subsidiaries are Phoenix Investment Partners, Phoenix National Trust Company, and Philadelphia Financial Group. The company currently classifies its operations into three segments: Life and Annuity (pretax earnings increased 11.0% to $213.7 million for 2006, representing all of the company's $124.8 million of pretax earnings), Investment Management (-22.9% of 2005 pretax operating earnings segment generated a loss), and Venture Capital (which it effectively exited at the beginning of 2007). The Life and Annuity segment forms the core of Phoenix's operations, and includes the entire gamut of life insurance (variable universal life, term life, and others) and annuities (fixed and variable) products. The Investment Management segment offers asset management, money management, and wealth accumulation services. The Venture Capital segment had consisted of Phoenix's limited partnership interests in venture capital funds, leveraged buyout funds (LBO), and other third-party sponsored private equity partnerships.