EX-99.1 2 dex991.htm THE PHOENIX COMPANIES, INC. INVESTED ASSETS SLIDE DECK The Phoenix Companies, Inc. Invested Assets Slide Deck
As of December 31, 2008
The Phoenix Companies, Inc.
Invested Assets
Exhibit 99.1

2
Important Disclosures
This
presentation
may
contain
forward-looking
statements
within
the
meaning
of
the
Private
Securities
Litigation
Reform
Act
of
1995
which,
by
their
nature,
are
subject
to
risks
and
uncertainties.
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
transactions,
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
our
current
expectations
and
beliefs
concerning
trends
and
future
developments
and
their
potential
effects
on
the
company.
They
are
not
guarantees
of
future
performance.
Our
actual
business,
financial
condition
and
results
of
operations
may
differ
materially
from
those
suggested
by
forward-looking
statements
as
a
result
of
risks
and
uncertainties,
which
include,
among
others:
(i)
unfavorable
general
economic
developments
including,
but
not
limited
to,
specific
related
factors
such
as
the
performance
of
the
debt
and
equity
markets
and
changes
in
interest
rates;
(ii)
the
effect
of
continuing
adverse
capital
and
credit
market
conditions
on
our
ability
to
meet
our
liquidity
needs,
our
access
to
capital
and
our
cost
of
capital;
(iii)
the
possibility
of
losses
due
to
defaults
by
others
including,
but
not
limited
to,
issuers
of
fixed
income
securities;
(iv)
changes
in
our
investment
valuations
based
on
changes
in
our
valuation
methodologies,
estimations
and
assumptions;
(v)
the
effect
of
guaranteed
benefits
within
our
products;
(vi)
the
consequences
related
to
variations
in
the
amount
of
our
statutory
capital
due
to
factors
beyond
our
control;
(vii)
downgrades
in
our
debt
or
financial
strength
ratings;
(viii)
the
possibility
that
mortality
rates,
persistency
rates,
funding
levels
or
other
factors
may
differ
significantly
from
our
pricing
expectations;
(ix)
the
availability,
pricing
and
terms
of
reinsurance
coverage
generally
and
the
inability
or
unwillingness
of
our
reinsurers
to
meet
their
obligations
to
us
specifically;
(x)
our
dependence
on
non-affiliated
distributors
for
our
product
sales;
(xi)
our
dependence
on
third
parties
to
maintain
critical
business
and
administrative
functions;
(xii)
our
ability
to
attract
and
retain
key
personnel
in
a
competitive
environment;
(xiii)
the
strong
competition
we
face
in
our
business
from
banks,
insurance
companies
and
other
financial
services
firms;
(xiv)
our
reliance,
as
a
holding
company,
on
dividends
and
other payments from our subsidiaries to meet our financial obligations and pay future dividends, particularly since our
insurance
subsidiaries’
ability
to
pay
dividends
is
subject
to
regulatory
restrictions;
(xv)
the
potential
need
to
fund
deficiencies
in
our
Closed
Block;
(xvi)
tax
developments
that
may
affect
us
directly,
or
indirectly
through
the
cost
of,
the
demand
for
or
profitability
of
our
products
or
services;
(xvii)
the
possibility
that
the
actions
and
initiatives
of
the
U.S.
Government,
including
those
that
we
elect
to
participate
in,
may
not
improve
adverse
economic
and
market
conditions
generally
or
our
business,
financial
condition
and
results
of
operations
specifically
(xviii)
other
legislative
or
regulatory
developments;
(xix)
legal
or
regulatory
actions;
(xx)
changes
in
accounting
standards;
(xxi)
the
potential
effects
of
the
spin-off
of
our
former
asset
management
subsidiary;
and
(xxii)
other
risks
and
uncertainties
described
herein
or
in
any
of our filings with the SEC. 
This
information
is
provided
as
of
December
31,
2008.
We
undertake
no
obligation
to
update
or
revise
publicly
any
forward-looking
statement,
whether
as
a
result
of
new
information,
future
events
or
otherwise.

3
Table of Contents
Summary
4
Invested Assets
5
Historical Portfolio Ratings
6
Bond Portfolio
7
Financial Sector Holdings
8
Structured Securities Portfolio
9
Realized Credit Impairment Losses
10
Unrealized Losses
11
CMBS
13
RMBS
16
CDO Holdings
26
Page

4
Summary
>
Well diversified and liquid general account investment portfolio, managed by a team with
a successful track record of investing over a variety of market cycles, following a
disciplined monitoring process
>
91.8% of bond investments are investment grade. Emphasis is on liquidity with 70.4% of
bonds invested in public securities
>
84.3% of gross unrealized losses are rated investment grade
>
Residential mortgage-backed securities exposure is high quality and diversified.
Exposure is concentrated in agency and prime-rated securities with only 2.6% of
invested assets in Alt-A and subprime
investments of which 90.4% is rated AAA and AA
>
Commercial mortgage-backed securities exposure is in highly rated public securities with
minimal direct loan or real estate holdings
>
No subprime
collateralized debt obligations (CDO) exposure.  CDO holdings are backed
by bank loans, investment grade bonds and commercial mortgage-backed securities
>
No credit default swap (CDS) exposure
>
Strict limits on individual financial exposures that mitigate our loss potential to any one
particular entity. As a result, we have limited exposure to the financial institutions that
have been in the news.

5
Invested Assets
Public
70.4%
Private
29.6%
Bonds $9,831
73%
Policy Loans $2,536
19%
Cash & Cash Equivalents
$381
3%
Venture Capital
$201
1%
Stock
$25
0%
Mortgages & Real Estate
$54
0%
Other Invested Assets
$563
4%
Invested Assets:  $13.6 Billion
$ in millions
Market value as of December 31, 2008

6
Historical Portfolio Quality Ratings
Percentages based on GAAP Value
As of December 31, 2008
29.6
27.5
25.6
22.9
Private Bonds
70.4
72.5
74.4
77.1
Public Bonds
41.0
35.3
27.5
23.5
Percentage of BIG in NAIC 4-6
59.0
64.7
72.5
76.5
Percentage of BIG in NAIC 3
8.2
7.7
8.3
7.3
Below Investment Grade (BIG) Bonds
91.8%
92.3%
91.7%
92.7%
Investment Grade Bonds
2006
2005
2007
2008

7
Bond Portfolio
U.S. Corporates
64%
Foreign Corporates
10%
ABS
16%
Emerging
Markets
9%
$ in millions
Market value as of December 31, 2008
Below Investment Grade Bonds
RMBS
1%
Bond Portfolio
100.0%
$9,831
Total
1.3
125
Emerging Markets
1.8
178
Taxable Municipals
4.3
424
Utilities
6.1
602
Asset Backed Securities
As of December 31, 2008
7.0
688
U.S. Treasuries / Agencies
11.1
1,095
Commercial MBS
15.7
1,543
Residential MBS
14.7
1,442
Financials
14.1
1,386
Foreign Corporates
$2,348
23.9%
Industrials
Bonds by Rating
AAA/AA/A
62.3%
BBB
29.5%
BB & Lower
8.2%

8
Financial Sector Holdings
38.8%
0.4%
49.7
63.9
Consumer Finance
56.1%
10.6%
$1,441.6
$1,852.4
Total
-
-
4.3
4.3
Project Finance
52.2%
1.3%
171.5
237.9
REITS
56.4%
0.7%
89.4
96.8
Leasing/Rental
61.9%
2.3%
313.2
384.5
Insurance
44.5%
1.8%
243.3
358.5
Diversified Financial
50.1%
0.5%
75.2
96.2
Commercial Finance
55.3%
0.9%
123.7
147.8
Broker-Dealer
65.0%
2.7%
$371.3
$462.5
Bank
Book
Value
Market
Value
% General
Account
% in Closed
Block
Sector
As of December 31, 2008
Percentages based on market value
$ in millions

9
Structured Securities Portfolio
>
Structured portfolio is 96% investment grade
>
RMBS (48%) and CMBS (34%) dominate the structured portfolio
AAA
79.3%
B or less -
3.3%
BBB –
5.1%
AA -
6.1%
A -
5.3%
BB -
0.9%
Market value as of December 31, 2008
$ in millions
0.9
29.9
Collateralized Bond
Obligations
0.9
29.6
Aircraft Equipment Trust
Structured Securities Portfolio
100.0%
$3,240
Total
0.7
22.7
Auto Loans
As of December 31, 2008
1.4
44.9
Manufactured Housing
3.5
112.6
CLOs
33.8
1,095.0
Commercial MBS
6.6
211.1
Home Equity
4.6
151.0
Other ABS
$1,543.2
47.6%
Residential MBS

10
Realized Credit Impairments
2.7
1.0
4.3
Common Stock
$60.2
$65.2
$70.1
$22.8
$5.7
$224.0
$129.5
$151.3
Total Debt
16.0
7.2
7.4
Schedule BA
Year of Issue²
-
0.1
-
5.6
-
-
-
2008
$242.7
$137.7
$163.0
Total
9.9
-
-
-
9.9
5.7
17.9
Other ABS/MBS
42.2
11.7
25.8
19.3
99.1
75.7
34.8
Corporate
-
3.4
-
-
3.4
1.7
1.0
CMBS
0.8
3.4
17.1
1.6
28.5
19.0
32.5
CLO/CDO
1.0
9.0
13.9
1.0
24.9
17.5
5.1
Subprime RMBS
-
18.1
13.3
0.9
32.3
8.2
30.5
Alt-A RMBS
$6.3
$19.6
-
-
$25.9
$1.7
$29.5
Prime RMBS
2004 &
Prior
2005
2006
2007
FY 2008
Impairment
4Q08
Impairment
Book
Value¹
1
GAAP Book value after impairments on identified assets
2
Year of issue for full year 2008 impairments
As of December 31, 2008
$ in millions

11
Unrealized Losses by NAIC Rating
Market value as of December 31, 2008
$ in millions
$915.9
$563.0
$143.2
$91.3
$39.1
$1.0
NAIC 1
NAIC 2
NAIC 3
NAIC 4
NAIC 5
NAIC 6

12
Net Unrealized Losses by Sector
1
All Other –
Corporates, RMBS Prime/Agency, Other ABS, Foreign
As of December 31, 2008
$ in millions
$(651.1)
$(994.2)
$(1,645.2)
Total
(97.1)
(291.8)
(388.9)
All Other¹
(65.3)
(127.0)
(192.3)
All Other HY
(155.2)
(255.5)
(410.6)
Financial
(96.7)
(64.2)
(160.9)
CMBS
(156.6)
(57.8)
(214.4)
CDO/CLO
(38.8)
(116.6)
(155.4)
Subprime/Alt-A
$ (41.4)
$ (81.3)
$  (122.7)
RMBS Prime
4Q08
Change
September 30, 2008
Unrealized
December 31, 2008
Unrealized

13
CMBS Portfolio
Phoenix CMBS Portfolio
>
High levels of credit enhancement
>
Excellent credit characteristics vs.
market
>
Strategically avoided 2006 and
2007 aggressive underwriting
1
Sources: Barclays CMBS Index, Trepp
As of December 31, 2008
5.94%
6.75%
Weighted average coupon
68.5%
68.9%
Weighted average LTV
26%
30%
Weighted average credit
enhancement
1.5x
1.6x
Weighted average DSC
43 months
79 months
Weighted average loan age
63%
33%
Interest Only (I/O) loans
29%
38%
Weighted average credit
enhancement (U.S. Treasury
defeasance adjusted)
Market¹
Phoenix

14
CMBS Portfolio
>
$1.1 billion in market value
>
$175 million Government guaranteed
>
84% AAA and less than 1% BBB or
below
>
88% 2005 and prior origination
>
3% in CMBS CDO
Market value as of December 31, 2008
$ in millions
$0
$200
$400
$600
$800
$1,000
2007
2006
2005
2004 & Prior
AAA
AA
A
BBB
Below BBB
$54.9
$77.9
$53.0
$909.2
AAA
$45.1
$63.1
$30.8
$785.2
$924.2
AA
3.0
8.3
9.8
63.9
85.0
A
6.8
6.5
10.6
56.2
80.1
BBB
0.0
0.0
0.8
3.9
4.7
Below BBB
0.0
0.0
1.0
0.0
1.0
Total
$54.9
$77.9
$53.0
$909.2
$1,095.0
2007
2006
2005
2004 and Prior
Total

15
CMBS by Year of Origination
Year of Issue
5.0%
-
-
8.4%
3.6%
4.9%
2007
7.1%
-
-
8.1%
9.8%
6.8%
2006
4.8%
16.5%
100.0%
13.3%
11.5%
3.3%
2005
83.1%
83.5%
-
70.2%
75.1%
85.0%
2004
& Prior
73.4%
8.0%
$1,095.0
$1,291.6
Total
-
33.3%
-
-
4.7
1.0
6.7
1.0
BBB
BB and
Below
53.4%
0.6%
80.1
119.8
A
61.9%
0.6%
85.0
131.1
AA
76.6%
6.8%
$924.2
$1,033.0
AAA
% in Closed
Block
% General
Account
Market
Value
Book
Value
Rating
As of December 31, 2008
Percentages based on market value
$ in millions

16
Residential MBS by Rating
As of December 31, 2008
Percentages based on market value
$ in millions
0.8%
0.8%
6.2%
0.2%
-
BB &
Below
56.6%
5.1%
36.5%
41.2%
77.3%
% in
Closed
Block
1.5%
1.0%
5.1%
91.6%
12.9%
$1,754.3
$2,012.0
Total
5.7%
0.1%
7.4%
86.0%
1.2%
165.2
224.2
Subprime
3.4%
2.6%
20.3%
67.5%
1.4%
192.2
288.6
Alt-A
2.4%
2.6%
8.3%
86.5%
3.4%
458.8
581.6
Prime
-
-
-
100.0%
6.9%
$938.1
$917.6
Agency
BBB
A
AA
AAA
%
General
Account
Market
Value
Book
Value
Rating

17
Residential MBS Exposure
16.3
80.0
61.8
93.4
1.2
Subprime
30.0
98.0
64.0
87.8
1.4
Alt-A
3.4%
% of General
Account
Non-Agency
Prime
84.1%
% of Portfolio
Originated in
2005 & Prior
94.8%
% Rated AAA
& AA
91.0%
% of Portfolio
Backed by
Fixed Rate
Collateral
41.0%
% of Market
Backed by
Fixed Rate
Collateral
Market value as of December 31, 2008
Source: JP Morgan MBS Research, Merrill Lynch Mortgage Credit Round-up

18
Residential MBS Delinquencies
As of December 31, 2008
Source: JP Morgan MBS Research
1.9%
11.0%
17.1%
3.4%
18.9%
40.0%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Non-Agency Prime
Alt-A
Subprime
Phoenix
Market

19
Non-Agency Prime RMBS Holdings
>
$458.8 million market value
>
87% AAA rated
>
84% 2005 and prior origination
>
91% fixed rate
>
82% 2006-2007 originations are
super senior classes
As of December 31, 2008
$ in millions
$0
$50
$100
$150
$200
$250
$300
$350
2007
2006
2005
2004 and Prior
AAA
AA
A
BBB
Below BBB
$13.6
$59.6
$82.1
2007
2006
2005
2004 and Prior
Total
AAA
$13.6
$33.1
$78.6
$271.6
$396.9
AA
0.0
15.7
0.5
22.1
38.3
A
0.0
10.8
0.0
0.9
11.7
BBB
0.0
0.0
2.3
8.9
11.2
Below BBB
0.0
0.0
0.7
0.0
0.7
Total
$13.6
$59.6
$82.1
$303.5
$458.8
$303.5

20
Non-Agency Prime RMBS Holdings
As of December 31, 2008
Source: JP Morgan MBS Research –
January 2009, Bloomberg
Phoenix
Market
Weighted average credit enhancement
9.37%
4.38%
Weighted average 60+ day delinquent loan
1.90%
3.37%
Phoenix prime portfolio loss coverage: using 25% loss severity
19.7x
5.2x

21
AAA
$7.1
$37.6
$39.0
$46.0
$129.7
AA
0.0
8.3
0.2
30.5
39.0
A
0.0
0.0
1.3
3.8
5.1
BBB
0.0
4.2
2.3
0.0
6.5
BB & Below
3.6
8.3
0.0
0.0
11.9
Total
$10.7
$58.4
$42.8
$80.3
$192.2
Non-Agency Alt-A RMBS Holdings
>
$192 million market value
>
88% AAA or AA rated
>
64% 2005 and prior originations
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
2007
2006
2005
2004 and Prior
AAA
AA
A
BBB
Below BBB
Market value as of December 31, 2008
$ in millions
$10.7
$58.4
$42.8
$80.3
2007
2006
2005
2004 and Prior
Total

22
Residential MBS ALT-A Collateral
As of December 31, 2008
Percentages based on market value
$ in millions
-
-
-
69.2%
30.8%
0.1%
11.9
17.3
BB & Below
Year of Issue
10.4%
31.4%
22.2%
30.4%
5.6%
1.4%
$192.2
$288.6
Total
-
-
35.0%
65.0%
-
-
6.5
8.1
BBB
62.0%
12.3%
25.7%
-
-
-
5.1
7.3
A
37.3%
41.1%
0.4%
21.2%
-
0.3%
39.0
53.1
AA
1.7%
33.7%
30.1%
29.0%
5.5%
1.0%
$129.7
$202.8
AAA
2003 &
Prior
2004
2005
2006
2007
% General
Account
Market
Value
Book
Value
Rating

23
Non-Agency Alt-A RMBS Holdings
As of December 31, 2008
Sources: JP Morgan MBS Research –
January 2009
Merrill Lynch Loan Performance –
October 2008
Option ARM
1.8%
32%
Alt-A ARM
0.1%
38%
Alt-A Fixed
98.0%
30%
60+ Delinquent
11%
18.9%
Phoenix
Alt-A Market

24
AAA
$31.7
$20.7
$49.2
$40.6
$142.2
AA
5.7
0.0
1.6
5.0
12.3
A
0.0
0.0
0.0
0.0
0.0
BBB
0.0
4.3
0.6
4.6
9.5
Below BBB
0.0
0.6
0.4
0.2
1.2
Total
$37.4
$25.6
$51.8
$50.4
$165.2
Non-Agency Subprime
RMBS
Holdings
>
$165.2 million market value
>
93.4% rated AAA or AA
>
Phoenix 60+ day delinquent
17.1% vs. 40.0% for the ABX index
>
Phoenix weighted average credit                
support is 38.6%
$0
$10
$20
$30
$40
$50
$60
2007
2006
2005
2004 and Prior
AAA
AA
A
BBB
Below BBB
$ in millions
As of December 31, 2008
ABX=2007-2, 2007-1, 2006-2 and 2006-1 subprime Index
$37.4
$25.6
$51.8  
$50.4
2007
2006
2005
2004 and Prior
Total

25
Residential MBS Subprime
Collateral
As of December 31, 2008
Percentages based on market value
$ in millions
-
16.3%
28.4%
55.3%
-
-
1.2
1.2
BB & Below
Year of Issue
8.8%
21.7%
31.3%
15.6%
22.6%
1.2%
$165.2
$224.2
Total
3.6%
45.1%
6.4%
44.9%
-
0.1%
9.5
13.1
BBB
-
-
-
-
100%
-
-
-
A
40.5%
-
13.2%
-
46.3%
0.1%
12.3
24.4
AA
6.5%
22.0%
34.6%
14.6%
22.3%
1.0%
$142.2
$185.5
AAA
2003 &
Prior
2004
2005
2006
2007
% General
Account
Market
Value
Book
Value
Rating

26
CDO Holdings
As of December 31, 2008
Percentages based on market value
$ in millions
14.4%
100.0%
-
-
56.2%
11.5%
BB &
Below
41.6%
-
53.0%
100.0%
59.7%
36.4%
% in Closed
Block
17.2%
21.1%
37.0%
24.7%
0.2%
27.1
62.8
CMBS
36.8%
26.2%
15.1%
7.5%
1.2%
$165.1
$372.1
Total
-
-
-
-
-
2.0
2.0
RMBS
-
-
100.0%
-
-
2.4
3.9
High-Yield Debt
10.6%
-
33.2%
-
0.1%
14.3
36.3
Inv Grade Debt
45.7%
31.5%
6.5%
4.8%
0.9%
$119.3
$267.1
Bank Loans
BBB
A
AA
AAA
% General
Account
Market
Value
Book
Value
Collateral
-
-
BB &
Below
-
-
% in Closed
Block
100.0%
-
-
-
-
$6.5
$13.8
Total
100.0%
-
-
-
-
$6.5
$13.8
Bank Loans
BBB
A
AA
AAA
% General
Account
Market
Value
Book
Value
Collateral