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Phoenix Life Insurance Company Announces Policy Dividend Scales For 2013

The Board of Directors of Phoenix Life Insurance Company has voted to adjust the policy dividend scale effective January 1, 2013 for all participating life insurance policies in the company’s closed block. The change is part of the company’s continuing response to the prolonged low interest rate environment and other market conditions that have depressed yields in the investment portfolios that support these policies. The company also made adjustments for mortality, or claim, experience that was positive for some product types and policy classes and negative for others.

The effect of the change will be a smaller dividend payment for most policies, although a few will have an increased payment. The impact on a specific policy will vary based on a number of factors including product type, age at issue and length of time in force.

“Phoenix has maintained a competitive dividend track record since we demutualized in 2001 despite the prolonged interest rate and market environment challenges. We are pleased to be able to continue paying dividends that add value to our participating policies above and beyond the guarantees provided,” said James D. Wehr, Phoenix’s president and chief executive officer.

Phoenix projects it will pay its participating policyholders approximately $185 million in dividends in 2013.

The adjustment will affect participating policies in Phoenix’s closed block, which is made up of participating, dividend-paying policies and contracts that were in force when Phoenix demutualized in June 2001. The change to the dividend scale is in accordance with the guidelines for managing the closed block, which were established at that time. Phoenix’s open block, which consists of business written after the demutualization, contains a small number of participating policies with a separate dividend scale that is being maintained for 2013.

ABOUT PHOENIX LIFE INSURANCE COMPANY

Phoenix Life Insurance Company is a wholly owned subsidiary of The Phoenix Companies, Inc. (NYSE: PNX). With a history of keeping its promises since 1851, Phoenix is a boutique life insurance and annuity company serving customers’ retirement and protection needs through select independent distributors. The Phoenix Companies, Inc. is headquartered in Hartford, Connecticut, and Phoenix Life Insurance Company’s statutory home office is in East Greenbush, New York. For more information, visit www.phoenixwm.com.

FORWARD-LOOKING STATEMENTS

This news release 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 forward-looking statements include statements relating to trends in, or representing management’s beliefs about, our future transactions, strategies, operations and financial results, and often contain words such as “will,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “is targeting,” “may,” “should” and other similar words or 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. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others, that some or all of the anticipated benefits of the management and organizational changes described herein may not be realized or maintained. Certain other factors which may impact our business, financial condition or results of operations or which may cause actual results to differ from such forward-looking statements are discussed or included in our periodic reports filed with the SEC and are available on our website at www.phoenixwm.com under “Investor Relations.” You are urged to carefully consider all such factors. We do not undertake or plan to update or revise forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date of this news release, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized.

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