EX-99.1 2 dex991.htm LUNCHEON PRESENTATION SLIDES DATED DECEMBER 10, 2007 Luncheon Presentation Slides dated December 10, 2007
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.