( June 2, 2026, 3:41 PM EDT) -- WATERBURY, Conn. — The Connecticut insurance commissioner, as rehabilitator of PHL Variable Insurance Co. and subsidiaries Concord Re Inc. and Palisado Re Inc., reported that audited financial statements show that PHL and its subsidiaries remain deeply insolvent, with $6.05 billion in total liabilities, negative capital and surplus of $2.294 billion and substantial doubt about their ability to continue as a going concern, while the rehabilitator continues to pursue a liquidation plan requiring guaranty association participation in the court-supervised rehabilitation proceeding....