Hartford-based insurance and asset management firm The Phoenix Cos. has reported second quarter net income of $6.2 million, down 80 percent year-over-year, a loss it blames mostly on expenses related to the spin-off of its asset management business and a costly proxy battle earlier this year.

As reported previously, the company’s asset management arm, Phoenix Investment Partners, will spin-off and be re-branded as Virtus Investment Partners.

Through June 30, the company reported a net loss of $8.2 million, a 110 percent drop from the $79.6 million in net income reported for the same period last year.