STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

EXHIBIT 12

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

($ amounts in millions)

Nine Months Ended September 30, 2006 and 2005

2006

2005

Income from continuing operations before income taxes, minority interest and

  earnings attributed to mandatorily redeemable noncontrolling interests ⁽¹⁾

$

72.2

$

81.4

Less:

Equity in earnings of venture capital partnership investments

1.1

13.2

Add:

Distributed earnings of venture capital partnership investments

4.2

51.9

Income from continuing operations before income taxes, minority interest and

  equity in undistributed earnings of affiliates and venture capital

  partnership investments

$

75.3

$

120.1

Fixed Charges:

  Interest expense on indebtedness ⁽²⁾

$

36.8

$

34.2

  Stock purchase contract adjustment payments

—

6.1

  Rental expense

0.5

0.7

Fixed charges, exclusive of interest credited on policyholder contract balances

$

37.3

$

41.0

  Interest credited on policyholder contract balances

131.0

144.6

Total fixed charges, inclusive of interest credited on policyholder contract balances

$

168.3

$

185.6

Income from continuing operations before income taxes, minority interest,

  equity in undistributed earnings of affiliates and venture capital

  partnership investments and fixed charges

$

243.6

$

305.7

Ratio of earnings to fixed charges

1.4

1.6

Additional earnings required to achieve 1:1 ratio coverage

$

—

$

—

SUPPLEMENTAL RATIO — ratio of earnings to fixed charges

exclusive of interest credited on policyholder contract balances: ⁽³⁾

Income from continuing operations before income taxes, minority interest and

  equity in undistributed earnings of affiliates and venture capital

  partnership investments

$

75.3

$

120.1

Fixed Charges:

  Total fixed charges, as above

$

37.3

$

41.0

Income from continuing operations before income taxes, minority interest and

  equity in undistributed earnings of affiliates and venture capital partnership

  investments and fixed charges

$

112.6

$

161.1

Ratio of earnings to fixed charges

3.0

3.9

Additional earnings required to achieve 1:1 ratio coverage

$

—

$

—

⁽¹⁾ Earnings attributed to mandatorily redeemable noncontrolling interests included in Other operating expenses for

    the nine months ended September 2006 and 2005 were $0.0 million and $6.7 million respectively.

⁽²⁾ Interest expense on collateralized obligations is not included as these are non-recourse liabilities to Phoenix and

    the interest expense is solely funded by assets pledged as collateral consolidated on our balance sheet.

⁽³⁾ This ratio is disclosed for the convenience of investors and may be more comparable to the ratios disclosed by

    other issuers of fixed income securities.


STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ amounts in millions)
Nine Months Ended September 30, 2006 and 2005

	2006		2005

Income from continuing operations before income taxes, minority interest and
earnings attributed to mandatorily redeemable noncontrolling interests ⁽¹⁾	$	72.2	$	81.4

Less: Equity in earnings of venture capital partnership investments		1.1		13.2

Add: Distributed earnings of venture capital partnership investments		4.2		51.9

Income from continuing operations before income taxes, minority interest and
equity in undistributed earnings of affiliates and venture capital
partnership investments	$	75.3	$	120.1

Fixed Charges:
Interest expense on indebtedness ⁽²⁾	$	36.8	$	34.2
Stock purchase contract adjustment payments		—		6.1
Rental expense		0.5		0.7
Fixed charges, exclusive of interest credited on policyholder contract balances	$	37.3	$	41.0
Interest credited on policyholder contract balances		131.0		144.6
Total fixed charges, inclusive of interest credited on policyholder contract balances	$	168.3	$	185.6

Income from continuing operations before income taxes, minority interest,
equity in undistributed earnings of affiliates and venture capital
partnership investments and fixed charges	$	243.6	$	305.7

Ratio of earnings to fixed charges		1.4		1.6

Additional earnings required to achieve 1:1 ratio coverage	$	—	$	—


SUPPLEMENTAL RATIO — ratio of earnings to fixed charges
exclusive of interest credited on policyholder contract balances: ⁽³⁾

Income from continuing operations before income taxes, minority interest and
equity in undistributed earnings of affiliates and venture capital
partnership investments	$	75.3	$	120.1

Fixed Charges:
Total fixed charges, as above	$	37.3	$	41.0

Income from continuing operations before income taxes, minority interest and
equity in undistributed earnings of affiliates and venture capital partnership
investments and fixed charges	$	112.6	$	161.1

Ratio of earnings to fixed charges		3.0		3.9

Additional earnings required to achieve 1:1 ratio coverage	$	—	$	—


⁽¹⁾ Earnings attributed to mandatorily redeemable noncontrolling interests included in Other operating expenses for
the nine months ended September 2006 and 2005 were $0.0 million and $6.7 million respectively.

⁽²⁾ Interest expense on collateralized obligations is not included as these are non-recourse liabilities to Phoenix and
the interest expense is solely funded by assets pledged as collateral consolidated on our balance sheet.

⁽³⁾ This ratio is disclosed for the convenience of investors and may be more comparable to the ratios disclosed by
other issuers of fixed income securities.