8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): December 10, 2007

The Phoenix Companies, Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-16517	06-1599088
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One American Row, Hartford, CT	06102 -5056
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (860) 403-5000

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

The following discussion may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws relating to forward-looking statements. These include statements relating to trends in, or representing management’s beliefs about, our future strategies, operations and financial results, as well as other statements including words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “should” and other similar expressions. Forward-looking statements are made based upon management’s current expectations and beliefs concerning trends and future developments and their potential effects. They are not guarantees of future performance. Actual results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others, those risks and uncertainties described in any of our other filings with the SEC. We undertake no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.

Item 7.01 Regulation FD Disclosure.

The senior management of The Phoenix Companies, Inc. (the “Company”) held a luncheon with sellside analysts in New York on December 10, 2007, to provide an overview of the business and its operating environment. During the meeting, senior management provided the following update regarding estimated net flows in the asset management business for full year 2007:

“During our third quarter conference call we said that we expect modestly positive asset management net flows for the full year, subject to market conditions. Since the third-quarter call, continued market turbulence has tempered our inflows, although outflows have been stable. As a result, we expect net flows to be slightly negative for the full year, but substantially better than 2006 flows. We continue to expect double-digit growth in both life insurance and annuity sales for the year.”

The slides used in connection with the luncheon are attached hereto as Exhibit 99.1 and are incorporated herein by reference. These slides may be used by the Company in various other presentations to investors.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable

(b) Not applicable

(c) Not applicable

(d) Exhibits

The following exhibits are furnished herewith:

99.1 Luncheon presentation slides dated December 10, 2007

* * * * *

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	THE PHOENIX COMPANIES, INC.
Date: December 10, 2007	By:	/s/ Tracy L. Rich
	Name:	Tracy L. Rich
	Title:	Executive Vice President,
		General Counsel and Secretary

EX-99.1

Phoenix Today

December 2007

2

Important Disclosures

This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be

covered by the safe harbor provisions of the federal securities laws relating to forward-looking statements. These include statements relating to trends in, or representing management’s

beliefs about

our

future

strategies,

operations

and

financial

results,

as

well

as

other

statements

including,

but

not

limited

to,

words

such

as

“anticipate,”

“believe,”

“plan,”

“estimate,”

“expect,”

“intend,”

“may,”

“should”

and other similar expressions. Forward-looking statements are made based upon management’s current expectations and beliefs concerning trends and

future developments and their potential effects on us. They are not guarantees of future performance. Actual results may differ materially from those suggested by forward-looking

statements

as

a

result

of

risks

and

uncertainties

which

include,

among

others:

(i)

movements

in

the

equity

markets

and

interest

rates

that

affect

our

investment

results,

the

fees

we

earn

from our

assets

under

management,

the

demand

for

our

variable

products

and

our

pension

funding

obligations;

(ii)

the

possibility

that

mortality

rates

or

persistency

may

differ significantly

from our pricing expectations; (iii) the availability, pricing and adequacy of reinsurance coverage generally and the inability or unwillingness of our reinsurers to meet their obligations to us

specifically;

(iv)

our

dependence

on

non-affiliated

distributors

for

our

product

sales,

(v)

downgrades

in

the

financial

strength

ratings

of

our

subsidiaries

or

in

our

credit

ratings;

(vi)

our

dependence on third parties to maintain critical business and administrative functions; (vii) the ability of independent trustees of our mutual funds and closed-end funds, intermediary

program sponsors, managed account clients and institutional asset management clients to terminate their relationships with us; (viii) our ability to attract and retain key personnel in a

competitive environment; (ix) the poor relative investment performance of some of our equity management strategies and the resulting outflows in our assets under management; (x) the

possibility that the goodwill or intangible assets associated with our asset management business could become impaired, requiring a charge to earnings; (xi) heightened competition,

including

with

respect

to

pricing,

entry

of

new

competitors

and

the

development

of

new

products

and

services

by

new

and

existing

competitors;

(xii)

our

primary

reliance,

as

a

holding

company, on

dividends

and

other

payments

from

its

subsidiaries

to

meet

debt

payment

obligations,

particularly

since

our

insurance

subsidiaries’

ability

to

pay

dividends

is

subject

to

regulatory restrictions; (xiii) the potential need to fund deficiencies in our closed block; (xiv) legislative, regulatory, accounting or tax developments that may affect us directly, or indirectly

through the cost of, or demand for, our products or services; (xv) legal or regulatory actions; and (xvi) other risks and uncertainties described herein or in any of our filings with the SEC.

We undertake

no

obligation

to

update

or

revise

publicly

any

forward-looking

statement,

whether

as

a

result

of

new

information,

future

events

or

otherwise.

In

managing

our

business, we

analyze

our

performance

on

the

basis

of

“operating

income”

which

does

not

equate

to

net

income

as

determined

in

accordance

with

GAAP.

Rather,

it

is

the

measure

of

profit

or

loss

used by our management to evaluate performance, allocate resources and manage our operations. We believe that operating income, and measures that are derived from or incorporate

operating income, are appropriate measures that are useful to investors as well, because they identify the earnings of, and underlying profitability factors affecting, the ongoing operations

of

our

business.

Operating

income

is

calculated

by

excluding

realized

investment

gains

(losses)

and

certain

other

items

because

we

do

not

consider

them

to

be

related

to

our

operating

performance. The size and timing of realized investment gains (losses) are often subject to our discretion. Certain other items are also excluded from operating income if, in our opinion,

they are not indicative of overall operating trends. The criteria used to identify an item that will be excluded from operating income include: whether the item is infrequent and is material to

our income; or whether it results from a change in regulatory requirements, or relates to other unusual circumstances.  Items excluded from operating income may vary from period to

period. Because these items are excluded based on our discretion, inconsistencies in the application of our selection criteria may exist. Some of these items may be significant

components of net income in accordance with GAAP. Accordingly, operating income, and other measures that are derived from or incorporate operating income, are not substitutes for

net income,

or

measures

that

are

derived

from

or

incorporate

net

income,

determined

in

accordance

with

GAAP

and

may

be

different

from

similarly

titled

measures

of

other

companies.

Within our Asset Management segment, we also consider earnings before interest, taxes, depreciation and amortization (“EBITDA”).  Our management believes EBITDA provides

additional perspective on the operating efficiency and profitability of the Asset Management segment. EBITDA represents pre-tax operating income before depreciation and amortization

of goodwill and intangibles. Total operating return on equity (“ROE”) is an internal performance measure used in the management of our operations, including our compensation plans and

planning processes. Our management believes that this measure provides investors with a useful metric to assess our performance and the effectiveness of our use of historic capital.

ROE is

calculated

by

dividing

(i)

total

operating

income,

by

(ii)

average

equity,

excluding

accumulated

OCI,

FIN

46-R

and

discontinued

operations.

Total

operating

return

on

tangible

equity ("return on tangible equity") is also an internal performance measure used in the evaluation of our operations.  Our management believes that this measure provides investors with

a useful metric to assess our performance and the effectiveness of our use of current capital.  Return on tangible equity is calculated by dividing (i) total operating income, by (ii) average

equity, excluding accumulated OCI, FIN 46-R, discontinued operations and the carrying value of goodwill and intangible assets. 

This presentation also refers to Morningstar Ratings TM for certain of our funds.  Morningstar Ratings are for Class A shares only.  Ratings for other share classes may vary.

For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s

monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance.  The top

10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.  (Each

share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)  The Overall Morningstar Rating

for

a

fund

is

derived

from

a

weighted

average

of

the

performance

figures

associated

with

its

3-,

5-

and

10-year

(if

applicable)

Morningstar

Ratings

metrics.

Morningstar

Ratings

are

for

Class A shares only; other classes may have different performance characteristics.  Morningstar Ratings reflect a fund’s past performance, which is no guarantee of future results.

More detailed financial information, including reconciling information regarding our non-GAAP financial measures, can be found in our financial supplement for the third quarter of 2007,

which is

available

on

our

Web

site,

www.phoenixwm.com

in

the

Investor

Relations

section.

3

Phoenix Today

•

Improved Financial Performance

•

Substantial Market Opportunities to Sustain Growth

•

Focused Strategies to Seize Those Opportunities

•

Life and Annuity

•

Asset Management

•

Financial Goals: Continued Earnings Growth and Competitive ROE

4

Financial Performance

Phoenix in 2002-03

•

Depressed Profitability

Phoenix Today

•

Substantially Improved Profitability

•

Inconsistent Earnings

•

Concentrated Balance Sheet

Exposures

•

Uneven Performance by Business

•

Sustained Double-Digit (~20%)

Earnings Growth

•

“Double A”

Balance Sheet

•

Improvement Across All Businesses

5

Total Operating Income

-$6.2

$86.4

$108.4

$99.9

$55.6

$119.4

2003

2004

2005

2006

YTD

Q306

YTD

Q307

$57.3

$80.6

$101.7

$88.2

$51.9

$106.7

2003

2004

2005

2006

YTD

Q306

YTD

Q307

Total Net Income

Strong Earnings Growth

$ in millions

6

Improvement Across All Businesses

$ in millions

Life and Annuity

$138.1

$163.3

Asset

Management

Corporate /

Other

$(26.7)

$5.5

($35.0)

$(45.6)

YTD 3Q06

YTD 3Q07

YTD 3Q06

YTD 3Q07

YTD 3Q06

YTD 3Q07

Operating Income, Before Income Taxes

7

2004

2005

2006

YTD

Q306

YTD

Q307

2004

2005

2006

YTD

Q306

YTD

Q307

Structured Products

Institutional

Improvement Across All Businesses

2004

2005

2006

YTD

Q306

YTD

Q307

2004

2005

2006

YTD

Q306

YTD

Q307

1. Life and annuity sales exclude private placements

2. Annuity deposits exclude discontinued products

Institutional & Structured Product Sales

Life Sales¹

Annuity Deposits

1, 2

Retail Sales

$ in millions

Annualized Premium

Single Premium

Managed Accounts

Mutual Funds

$145

$193

$329

$230

$256

11%

$423

$313

$415

$294

$430

46%

$2,887

$6,547

$4,033

$3,015

$3,196

$3,791

$3,783

$2,649

$3,986

$3,709

6%

50%

8

6.675% senior

notes maturing 02/08

310%

339%

418%

439%

>400%

2003

2004

2005

2006

3Q07

PLIC Risk-Based Capital Ratio

21.4%

23.5%

27.3%

25.5%

24.7%

2003

2004

2005

2006

YTD 3Q07

Strengthened Balance Sheet

$962

$1,028

$1,096

$1,120

$1,123

2003

2004

2005

2006

3Q07

PLIC Statutory Surplus + AVR

Debt / Capital

Goodwill / Intangibles as a % of Equity

$ in millions

39%

36%

38%

32%

30%

2003

2004

2005

2006

3Q07

9

Public

74%

Private

26%

Well-Positioned Investment Portfolio

Bonds $12,161

78%

Policy Loans $2,367

15%

Cash & Short-Term

$363

2%

Venture Capital

$165

1%

Stock

$204

1%

Mortgages & Real Estate

$65

1%

Other Invested Assets

$339

2%

September 30, 2007

$ in millions

Invested Assets: $15.7 Billion

BIG

7.7%

Corporate

Bonds

45%

RMBS

11%

CMBS

9%

ABS

7%

Other

6%

10

Aaa, Aa

0.60%

0.42%

A

0.40

0.31

Baa

0.30

0.27

Ba

0.15

0.15

B

0.10

0.08

Issuer

Corporate Bond

Exposure

Largest

Quality Rating

Limits¹

Holding¹

Bond Portfolio Diversified by Issuer

September 30, 2007

1.  Percentages relative to fixed income portfolio

11

Residential MBS Exposure High Quality and

Diversified

September 30, 2007

Percentages based on market value

$ in millions

0.1%

2.6%

1.7%

3.7%

91.9%

13.2%

$2,057.4

$2,135.1

Total

0.5%

1.9%

0.7%

2.7%

94.2%

1.7%

271.6

281.9

Subprime

-

2.9%

6.9%

13.8%

76.4%

2.0%

311.9

333.3

ALT-A

-

6.0%

1.7%

3.7%

88.6%

4.4%

682.6

710.5

Prime

-

-

-

-

100.0%

5.1%

$791.3

$809.4

Agency

Ba and

below

Baa

A

Aa

Aaa

% General

Account

Market

Value

Book

Value

Collateral

•

Subprime exposure is modest at 1.7% of assets

•

Holdings are very high quality

•

Lower quality, recent vintage exposure is minimal

12

Phoenix Today

•

Improved Financial Performance

•

Substantial Market Opportunities to Sustain Growth

•

Focused Strategies to Seize Opportunities

•

Life and Annuity

•

Asset Management

•

Financial Goals: Continued Earnings Growth and Competitive ROE

13

9.6

10.9

13.2

13.7

13.3

9.6

9.1

10.5

13

14.1

14.7

4.9

5.3

6.7

7.1

6.3

6.1

5.5

6.2

8.2

8.9

9.3

0

5

10

15

1996

1998

2000

2002

2004

2006

Sources:  TNS Global, 2006, Phoenix Wealth Survey

Affluent/HNW1

HNW/Affluent Market: Opportunity from

Favorable Demographics

HNW1

12%

14%

33%

33%

36%

42%

43%

Unforeseen healthcare expenses

Inflation erodes income

Poor investments diminish assets

Outliving my assets

Needing to change lifestyle

Hardship due to premature death

Inefficient passing of wealth due to death

HNW/Affluent Households

Top Retirement Concerns

1. High

net

worth

defined

as

households

with

$1

million

or

more,

affluent

as

$500,000

or

more,

of

net

worth

excluding

primary

residence

14

Life Expectancy

Asset Accumulation

Health Insurance and

Long Term Disability

Wealth Transfer

Life Insurance

Asset Monetization

Wealth Preservation

Health Insurance and

Long Term Care

Income Benefits

Annuities

HNW/Affluent Market: Opportunity from

Changing Needs

15

Phoenix Today

•

Improved Financial Performance

•

Substantial Market Opportunities to Sustain Growth

•

Focused Strategies to Seize Opportunities

•

Life and Annuity

•

Asset Management

•

Financial Goals: Continued Earnings Growth and Competitive ROE

16

Focused Strategy

Focus on High

Net Worth /

Affluent Market

Pure

Manufacturer

Partnering

Capabilities

Sweet

Spot

17

Life Insurance Performance

An Emerging Market Leader

Phoenix in 2002-03

•

Strong Market Niche

•

Solid Insurance Fundamentals

•

Limited Investment in New Products

•

Expensive Captive Distribution

Phoenix Today

•

Robust Life Sales Growth

•

Solid Insurance Fundamentals

•

New Products Launched Quarterly

•

Successful State Farm Relationship,

Agreement Through 2016

•

Broad, Expanding Distribution

•

Improving Time to Offer/Issue to Gain

Competitive Advantage

•

Strong Reliance on PPGAs

•

Industry-Level Time to Offer/Issue

18

Revitalized Annuity Performance

Phoenix in 2002-03

•

Declining Deposits

•

Low-Margin Fixed Annuities/RPE

•

Outdated Product Portfolio

Phoenix Today

•

Growing Deposits

•

Higher-Margin Variable Annuities

•

Complete Range of Living Benefits with

Three-Greek Hedging Capabilities

•

Sales Driven by Differentiated Strategic

Alliances

•

Sales Driven by Captive/Limited

Wirehouse Distribution

19

Life and Annuity Growth Drivers

•

Product Excellence and Innovation

•

Broad and Expanding Distribution

•

Partnering Capabilities

•

Operational Excellence

20

Growth Driver:

Product Excellence and Innovation

•

Maintain competitive core portfolio

•

UL: Current Assumption, Guaranteed, Survivorship w/Guarantee,

Indexed

•

VUL

•

Term

•

Offer unique products and features for specific markets or distributors

•

First to Die

•

Right to Bid

•

VUL: Living Benefits, Simplified Issue

•

Monitor and maintain competitive pricing

•

Ensure underwriting quality

21

Variable Universal Life

Insurance

Margin¹

57.2%

60.4%

65.3%

Surrender

Ratio²

5.8%

5.7%

6.5%

Universal Life

Insurance

Margin¹

51.8%

49.4%

53.7%

Investment

Margin³

2.02%

1.97%

1.99%

Surrender

Ratio²

4.6%

4.9%

3.9%

Annuities

Investment

Margin

4

1.92%

1.86%

1.96%

Surrender

Ratio

5

16.9%

17.2%     14.5%  

1.  Net death benefits as a percentage of cost of insurance charges. 2006 full year ratios exclude the effects of 4Q UL & VUL unlocking

2.  Surrenders as a percentage of average fund balances; annualized

3.  Interest earned less interest credited as a percentage of average fund balances; annualized

4.  Fees plus interest minus interest credited as a percentage of average fund balances; annualized

5.  Surrenders as a percentage of average fund balances; annualized;  excludes PFG, RPE and fixed annuities

Full Year

YTD Sept 30,

2006

2007

2006

Life and Annuity: Sound Fundamentals

22

Product Innovation: Life Solutions

•

Phoenix at forefront of efforts to help people best meet their needs for

retirement income, including possible monetization of insurance

•

Will offer range of solutions

•

Extension of core skills

-

Mortality underwriting

-

Actuarial pricing

-

Product structuring

•

Partnership opportunities abound

-

Investors

-

Distributors

-

Investment banks

•

Natural hedge to core business

23

Product Innovation: Alternative Products

•

Customers are looking for simple, transparent, low-cost, flexible products

that address retirement income needs and risks

•

Phoenix is developing products that extend features of life and annuity

products to other financial products

•

No conflict with existing inforce or distribution

•

Leverages our core skill set, including investment in hedging capabilities

•

Patents filed

24

Shifting Distribution Landscape

•

Partner with alternative distribution outlets

-

Associations

-

Group and work site companies

-

Banks

•

Key channels not fully exploited

-

Direct

-

Work site

-

Banks

•

Develop BGA channel

•

Leverage HNW expertise

•

Develop tailored product offerings

•

Growth of independent advisors

•

Fully leverage wholesaling model

•

Further cultivate State Farm relationship

•

Diminishing role of career distribution

Opportunities

Trends

25

Growth Driver: Partnering Capabilities

Unique Alliance with State Farm

•

Combined life and annuity sales through State Farm increased 359%

from 2002 to 2006 and 31% from YTD 3Q06 to YTD 3Q07

•

Currently doing

business

with

about

45%

of

11,000

eligible

State

Farm

agents

•

State Farm has decided it will no longer offer their VUL and VA at the

end of 2008, relying on Phoenix for their affluent and HNW customer

needs

•

We target doubling of life sales with State Farm over next four years

26

Growth Driver: Broad and Expanding

Distribution

•

Brokerage general agents (BGAs) represent new channel to access brokerage

for Phoenix

•

BGA sales make up 46% of total first-year life insurance sales in the industry¹

•

Compound annual growth rate in 2001-06 of 16% vs. industry growth of 5%

•

Provides multi-carrier support for emerging advisers

1. LIMRA YTD Sept 30, 2007

27

Growth Driver: Partnering Capabilities

Differentiated Annuity Relationships

National Life Group of Vermont

•

Alliance to co-market Phoenix variable annuity products with living

benefits

•

National Life Group’s Sentinel funds offered as investment options

in Phoenix variable annuities

Jefferson National

•

Alliance to develop low-cost, no-load variable annuities with living

benefits and broad investment options

•

To be sold and serviced to broker dealers with large registered

investment adviser (RIA) populations using Jefferson National’s

technology platform

•

Average deposit amount of $250,000 of Jefferson National

Monument Advisor fits our high-net-worth focus

•

No conflict with existing inforce or distribution

28

Growth Driver: Operational Excellence

•

Service sells

•

Structural change: Moving to distributor-focused organization

•

Functional change: Implementing Lean processes to improve operational

speed and productivity to drive market share

-

In State Farm pilot, underwriter productivity increased by 75%, speed to

issue cut almost in half

-

Plan to start BGA/Independent pilot on informals in 2008; placement rate for

informals would more than double with our targeted reduction in speed to

offer, leapfrogging the competition

Contracting

Application

Completion

Submission

Processing/

Data Entry

Appointment

Case

Management

Underwriting

Policy Issue

Compensation

Payment

29

Phoenix Today

•

Improved Financial Performance

•

Substantial Market Opportunities to Sustain Growth

•

Focused Strategies to Seize Opportunities

•

Life and Annuity

•

Asset Management

•

Financial Goals: Continued Earnings Growth and Competitive ROE

30

Asset Management Performance

Phoenix in 2002-03

•

Multiple Operating Agreements, Less

Than 100% Ownership

•

Poor Relative Investment

Performance

•

Large Net Outflows

•

Overconcentration in Large-Cap

Growth Equity

•

Emphasis on Managed Accounts

Phoenix Today

•

Single Business, 100% Owned

•

Proprietary Strategies Only

•

Superior Relative Investment

Performance

•

Stable Net Flows

•

Equity/Fixed Income Balance

•

Leveraged Managed Account

Distribution to Grow Mutual Funds

•

Balance of Internal and External

Management

•

Acquire Capabilities Through

Subadvisors/Fund Adoption

•

Acquire Capabilities Through

Acquisition

31

Asset Management: Improved Net Flows

$7.0

$6.7

$10.3

$7.7

$5.7

$7.2

2003

2004

2005

2006

YTD

3Q06

YTD

3Q07

$ in billions

Assets Under Management

Inflows

($8.1)

($13.3)

($15.9)

($11.8)

($9.6)

($6.8)

2003

2004

2005

2006

YTD

3Q06

YTD

3Q07

Outflows

Net flows     $(1.1)

$(6.6)    $(5.6)    $(4.1)    $(3.9)     $0.4

$46.3

$42.9

$37.4

$45.0

$43.9

$46.5

2003

2004

2005

2006

YTD

3Q06

YTD

3Q07

32

Asset Management: Stable EBITDA/Margin

$111

$116

$154

$182

$219

2004

2005

2006

YTD

3Q06

YTD

3Q07

$29

$37

$35

$36

$31

2004

2005

2006

YTD

3Q06

YTD

3Q07

Management Fees

Operating Margin

EBITDA

$ in millions

17.6%

16.6%

16.4%

16.5%

18.4%

2004

2005

2006

YTD

3Q06

YTD

3Q07

33

Improved Investment Performance

Percent of AUM exceeding benchmarks

1 Year

3 Year

5 Year

32%

68%

March 30, 2003

September 30, 2007

41%

70%

March 30, 2003

September 30, 2007

42%

67%

March 30, 2003

September 30, 2007

34

Strong Mutual Fund Performance

Morningstar Rating

Sept 2007

*****

17%

****

39%

***

24%

**

14%

*

6%

100%

56%

80%

Percentage of our assets in each Morningstar rating category :

1. Load Waived Morningstar, AUM excludes non-rated funds

1

35

Asset Management Growth Strategy:

Tactical Execution Without Capital Investment

Distribution

Product

•

Increase wholesaler productivity

•

Focus on key firms and top

producers

•

Expand platform presence

•

Explore non-traditional distribution

channels

•

Maintain investment performance

•

Develop new product

•

Opportunistically explore fund

adoptions

•

Continue rationalization of

product line

36

Phoenix Today

•

Improved Financial Performance

•

Substantial Market Opportunities to Sustain Growth

•

Focused Strategies to Seize Opportunities

•

Life and Annuity

•

Asset Management

•

Financial Goals: Continued Earnings Growth and Improved Valuation

37

Legacy Issues Depress GAAP Returns

September 30, 2007

ROE

1

Life and Annuity

Closed Block

7.7%

Other life

11.1%

Annuity –

continuing products

7.6%

Annuity –

discontinued products

0.7%

Total Life & Annuity

8.7%

Asset Management

0.5%

Corporate and Other

Total

5.9%

NM

1

Operating income/allocated shareholders’

equity excluding FAS 115, other accumulated OCI and FIN 46-R

Large, stable block with

commensurately low returns

Sub-scale line affected by

discontinued blocks (RPE and fixed

annuities)

Intangible assets related to growth

through acquisition

38

Summary

•

Plan

laid

out

five

years

ago

to

stabilize,

restructure,

and

grow

company

has

largely been accomplished

•

Phoenix is a substantially transformed company

•

Market dynamics play to our strengths

•

Our strategies position us well for further

growth

39

Appendix

40

Reconciliation of Income Measures

$ in millions

December 31,

2007

2006

2006

2005

2004

2003

Total Operating Income

106.7

51.9

88.2

101.7

80.6

57.3

Net Realized Investment Gains

12.1

12.3

21.8

25.5

5.7

3.2

Realized Gains (Losses) -

Investments Pledged as Collateral Consolidated Under FIN 46-R

0.6

(0.8)

(1.0)

1.3

(12.9)

(2.4)

Realized and Unrealized Gains (Losses) on Equity Investment in Aberdeen

(7.0)

55.9

(55.0)

Share of Aberdeen's Extraordinary Charge for FSA Settlement

(14.7)

-

Surplus Notes Tender Costs

(6.4)

-

Management Restructuring and Early Retirement Costs

(7.8)

(9.1)

(12.4)

(21.9)

(8.5)

Other income

1.3

Income (Loss) from Continuing Operations

119.4

55.6

99.9

109.1

86.3

(4.1)

Income (Loss) from Discontinued Operations

(0.7)

0.1

(2.1)

Net Income (Loss)

119.4

$      

55.6

$     

99.9

$       

108.4

$    

86.4

$        

(6.2)

$           

YTD September

41

Reconciliation of Operating Income to EBITDA

$ in millions

YTD September

December 31,

2007

2006

2006

2005

2004

2003

Asset Management Pre-tax Operating Income (Loss)

5.5

$           

(26.7)

$      

(28.6)

$       

(10.5)

$       

0.1

$          

(8.7)

$         

Adjustments for:

Intangible asset amortization and impairments

22.6

56.6

64.5

43.8

33.8

33.2

Depreciation

0.9

0.8

1.0

1.7

2.2

2.7

EBITDA

29.0

$         

30.7

$       

36.9

$        

35.0

$        

36.1

$        

27.2

$        

42

Contact Information

The Phoenix Companies, Inc.

Investor Relations

One American Row

P.O. Box 5056

Hartford, CT 06102-5056

Phone: 1-860-403-7100

Fax: 1-860-403-7880

pnx.ir@phoenixwm.com

www.phoenixwm.com

Insurance and

annuities

issued

by

Phoenix

Life

Insurance

Company

(East

Greenbush,

NY),

PHL

Variable

Insurance

Company

(PHLVIC) (Hartford, CT) and Phoenix Life and Annuity Company (PLAC) (Hartford, CT). PHLVIC is not authorized to conduct business

in NY and ME. PLAC is not authorized to conduct business in CA, GA, MA, ME, MN, NH, and NY and not authorized to conduct variable

universal life insurance business in ID and LA. The insurers referenced are separate entities and each is responsible only for its own

financial condition and contractual obligations.

Securities distributed by Phoenix Equity Planning Corp. (Hartford, CT), member NASD and subsidiary of Phoenix Investment Partners,

Ltd., a member of The Phoenix Companies, Inc.

Not all products and services described here are available in all states of the USA.