The Phoenix Companies' CEO Hosts Annual Meeting Of Shareholders (Transcript)

The Phoenix Companies, Inc. (PNX)

Annual Meeting of Shareholders Call

May 15, 2012 10:00 am ET


Tom Johnson - Chairman

John Mulrain - Corporate Secretary, EVP and General Counsel

Jim Wehr - President and CEO



Tom Johnson

[Technical Difficulty] …Sam and Hartford and in accordance with the notice of the meeting, I now call it to order.

Before we begin, I would like to ask anyone with a Blackberry or iPhone or similar device to please turn them off. The wireless microphone in this room pickup the signals from these devices and will create interference which would be unpleasant. Thank you.

An agenda is on each chair and it includes procedures on the back. My job today is conduct the meeting so that we can cover all the legal requirements and also ensure that management has time to communicate important information about Phoenix and that all of you have time to ask any questions and share any comments on topics important to you as the owners of this company. That is why for each of the proposals presented in Shareholder Access, we have set aside time for you to ask questions and make comments. We also have time for questions and discussion after that.

Let me go through some of the formalities on disclosures right now. I don’t expect you to be able to read this, but the entire presentation is posted on the Investor Relations section of our website. The point of the slide is that our presentations today may contain forward-looking statements within the meaning of federal securities laws and actual results may differ materially from those suggested by forward-looking statements. Please refer to the Safe Harbor disclosures contained in our 2011 annual report on Form 10-K and other SEC filings.

Let me make a few introductions starting with my fellow Independent Board Members. I ask that each director stand and face the shareholders as I call your name. Martin Baily, Senior Fellow at the Brookings Institution; Arthur Byrne, Operating Partner of J.W. Childs Associates; Sanford Cloud, Chairman and Chief Executive Officer of The Cloud Company; Gordon Davis, Partner in the law firm of Venables LLP; John Forsgren, Former Vice Chairman, Executive Vice President and Chief Financial Officer of Northeast Utilities; Ann Maynard Gray, Former President of the Diversified Publishing Group of Capital Cities/ABC; Augustus Oliver, Managing Member of Oliver Press Partners; and Arthur Weinbach, Chairman of CA Technologies. And to complete the list, I’m Retired Chairman and Chief Executive Officer of GreenPoint Financial Corporation. Please join me in recognizing me Independent Members of our Board.

Now, I’d like to introduce James D. Wehr. Jim is also on the Board and as Phoenix’s President and Chief Executive Officer. In a few minutes Jim will give you a report on where Phoenix stands today and the direction we are headed in the future. He will also introduce his Executive Management team.

We have a great management team and Jim and I make call on some of them to help address to your questions. They're also available if you would like to speak privately with any of them today after the meeting. Let me just say on a personal level that I feel very privileged to work with Jim and the other members of his management group who are working so hard and so effectively to make this company as good as we all wanted to be.

Next let me introduce [Lanora La Conch] of Computershare who has been appointed as Inspector of Election. I believe Lanora is way in the back, way in the back to assist in the tabulation of proxies and ballots.

Before I continue with the rest of the meeting I would like to say a few words as your chairman. Throughout 2011 Phoenix continued to make significant progress critical to our future success. The fundamentals of the business are now solid and we have positive momentum on many key metrics including capital growth, earnings and sales. Our main disappointment, and we share this I am sure with each of you, is that this very real progress has not yet translated into a better stock price. Nevertheless Jim and the management team have consistently focused on the right priorities over the three years he has been CEO and are very successful in what they set out to do.

Phoenix today has a completely different business profile. We have a repositioned core life and annuity business serving middle market customers' retirement and protection needs and a growing distribution consulting firm. I am very confident in our company's prospect for the future. One behalf of the board and our shareholders I would like again to recognize Jim and all our Phoenix employees for the success they achieved in 2011 and the progress they continue to make in 2012.

Now, let me make one final introduction, Mr. John Mulrain, our Corporate Secretary and ask him to report on the mailing of the notice of this meeting and the presence of a quorum.

John Mulrain

Thanks Tom. This meeting has held pursuant to a printed notice mailed on or about April 3, 2012 to each shareholder of record on March 19, 2012. A list of shareholders entitled to vote at this meeting has been available at this location for the past ten days and is available with the meeting for examination by any shareholder. All document concerning the call and notice of the meeting will be filled with the records of the meeting. The count of shares present immediately prior to the commencement of the meeting indicated that 78,637,386 shares of the company's voting capital stock were present in person or by proxy. This is approximately 68% of the outstanding voting stock of the company.

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