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Phoenix Life Insurance Company Adjusts Closed Block Policy Dividend Scale for 2016

  • Most policyholders will see an increase in dividend payments
  • Adjustment includes both positive and negative mortality adjustments and 15 bps decrease in dividend interest rate

Hartford, Conn., Oct. 27, 2015 – The Phoenix Companies, Inc. (NYSE: PNX) today announced that the Board of Directors of Phoenix Life Insurance Company voted to adjust the policy dividend scale effective January 1, 2016 for policies in the closed block of business. The changes include both positive and negative mortality adjustments and a 15 bps (0.15%) decrease in the dividend interest rate.

As a result of this change, most policyholders will see an increase in their dividend payments in 2016, although some will see a decrease. The impact on a specific policy will vary based on a number of factors, including product type, age at issue, length of time the policy has been in force, gender, and health when the policy was issued.

“Our decision reflects solid performance of the closed block overall, with mostly positive mortality adjustments. We adjusted the dividend interest rate to reflect persistently low, long-term projected yields,” said James D. Wehr, president and chief executive officer.

Phoenix Life projects it will pay its participating policyholders approximately $169 million in dividends in 2016.

Phoenix Life’s closed block is made up of participating, dividend-paying policies and contracts that were in force when Phoenix demutualized in June 2001. The decision to adjust the dividend scale is in accordance with the guidelines for managing the closed block, which were established at that time.

Phoenix Life’s adjustments to the closed block dividend scale since its demutualization are consistent with adjustments to other companies’ closed block participating policies.

Phoenix Life will not change the dividend scale for the small number of participating policies in its open block, which consists of business written after its demutualization.


The Phoenix Companies, Inc. (NYSE:PNX) helps financial professionals provide solutions, including income strategies and insurance protection, to families and individuals planning for or living in retirement. Founded as a life insurance company in 1851, Phoenix offers products and services designed to meet financial needs in the middle income and mass affluent markets. The Phoenix Companies, Inc. is headquartered in Hartford, Connecticut, and Phoenix Life Insurance Company, an insurance company operating subsidiary, has its statutory home office in East Greenbush, New York. For more information, visit


The foregoing contains “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 forward-looking statements include statements relating to, or representing management’s beliefs about, future events, transactions, strategies, operations and financial results, including, without limitation, our expectation to provide information within anticipated timeframes and otherwise in accordance with law, the outcome of litigation and claims as well as regulatory examinations, investigations, proceedings and orders arising out of restatements of financial statements and the failure by Phoenix and its wholly owned subsidiary, PHL Variable Insurance Company, to file SEC reports on a timely basis, potential penalties that may result from failure to timely file statutory financial statements with state insurance regulators, and Phoenix’s ability to satisfy its requirements under, and maintain the listing of its shares on, the NYSE. Such forward-looking statements often contain words such as “assume,” “will,” “anticipate,” “believe,” “predict,” “project,” “potential,” “contemplate,” “plan,” “forecast,” “estimate,” “expect,” “intend,” “is targeting,” “may,” “should,” “would,” “could,” “goal,” “seek,” “hope,” “aim,” “continue” and other similar words or expressions or the negative thereof or other variations thereon.  Forward-looking statements are made based upon management’s current expectations and beliefs and are not guarantees of future performance.  Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements.  Our ability to maintain a timely filing schedule with respect to our SEC filings is subject to a number of contingencies, including but not limited to, whether existing systems and processes can be timely updated, supplemented or replaced, and whether additional filings may be necessary in connection with the restatements. 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, those risks and uncertainties described in any of our filings with the SEC.  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 under “Investor Relations.”  You are urged to carefully consider all such factors.  Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and persons reading this news release are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as of the date of this announcement.  Except as required by law, 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.  If we make any future public statements or disclosures which modify or impact any of the forward-looking statements contained in or accompanying this news release, such statements or disclosures will be deemed to modify or supersede such statements in this news release.



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Alice S. Ericson, 860-403-5946
Investor Relations

Alice EricsonPhoenix Life Insurance Company Adjusts Closed Block Policy Dividend Scale for 2016