Phoenix Companies, Inc. (The) (PNX)

HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE: PNX) expects to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 and issue a news release on second quarter 2015 financial results after the market closes on Monday, Aug. 10, 2015. The company has scheduled an investor conference call on Tuesday, Aug. 11, 2015 at 11 a.m. EDT to discuss second quarter 2015 results and other matters, and it will file a financial supplement and presentation materials prior to the conference call. The conference call will be broadcast on the company’s website, www.phoenixwm.com, in the Investor Relations section, and can be accessed live by telephone at 517-308-9305 (Passcode: PHOENIX). A replay will be available through Aug. 25, 2015 by telephone at 203-369-1073 and on the company’s website. All materials relating to second quarter 2015 financial information will be available on the company’s website. About Phoenix 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. Its distribution subsidiary, Saybrus Partners, Inc., offers solutions-based sales support to financial professionals and represents Phoenix’s products among key distributors, including independent marketing organizations and brokerage general agencies. Phoenix is headquartered in Hartford, Connecticut, and has two insurance company operating subsidiaries: Phoenix Life Insurance Company, which has its statutory home office in East Greenbush, New York, and PHL Variable Insurance Company, which has its statutory home office in Hartford, Connecticut. PHL Variable files annual and other periodic reports under the Securities Exchange Act of 1934. For more information, visit www.phoenixwm.com. Cautionary Statement Regarding Forward-Looking Statements 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. Such forward-looking statements 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 and are not guarantees of future performance. 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 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 new 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.

HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE: PNX) expects to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 and issue a news release on first quarter 2015 financial results after the market closes on Monday, May 11, 2015. The company has scheduled an investor conference call on Tuesday, May 12, 2015 at 10 a.m. EDT to discuss first quarter 2015 results and other matters, and it will file a financial supplement and presentation materials prior to the conference call. The conference call will be broadcast on the company’s website, www.phoenixwm.com, in the Investor Relations section, and can be accessed live by telephone at 517-308-9305 (Passcode: PHOENIX). A replay will be available through May 26, 2015 by telephone at 203-369-1073 and on the company’s website. All materials relating to first quarter 2015 financial information will be available on the company’s website. ABOUT PHOENIX 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. Its distribution subsidiary, Saybrus Partners, Inc., offers solutions-based sales support to financial professionals and represents Phoenix’s products among key distributors, including independent marketing organizations and brokerage general agencies. Phoenix is headquartered in Hartford, Connecticut, and its principal operating subsidiary, Phoenix Life Insurance Company, has its statutory home office in East Greenbush, New York. PHL Variable Insurance Company has its statutory home office in Hartford, Connecticut, and files annual and other periodic reports under the Securities Exchange Act of 1934. For more information, visit www.phoenixwm.com. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS 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 the restatements 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 “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 and are not guarantees of future performance. 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 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. 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.

HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE: PNX) today announced it will hold a conference call on March 31, 2015 at 11 a.m. EDT to present information on the company’s fourth quarter and full year 2014 financial results and other matters. Copies of the company’s Annual Report on Form 10-K for the year ended December 31, 2014, a news release, financial supplement and presentation materials will be filed with the Securities and Exchange Commission and made available on the company’s website, www.phoenixwm.com, under “Investor Relations” prior to the conference call. The conference call will be broadcast on the company’s website and also can be accessed live by telephone at 517-308-9305 (Passcode: PHOENIX). A replay will be available through April 14, 2015 by telephone at 402-998-0697 and on the company’s website. ABOUT PHOENIX 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. Its distribution subsidiary, Saybrus Partners, Inc., offers solutions-based sales support to financial professionals and represents Phoenix’s products among key distributors, including independent marketing organizations and brokerage general agencies. Phoenix is headquartered in Hartford, Connecticut, and its principal operating subsidiary, Phoenix Life Insurance Company, has its statutory home office in East Greenbush, New York. PHL Variable Insurance Company has its statutory home office in Hartford, Connecticut, and files annual and other periodic reports under the Securities Exchange Act of 1934. For more information, visit www.phoenixwm.com. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS 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 the restatements 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 “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 and are not guarantees of future performance. 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 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. 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.

HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE:PNX) today announced the filing of its Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2014 with the U.S. Securities and Exchange Commission (“SEC”). “Today’s filing concludes a long restatement process and intense effort to catch up with our delayed periodic reports. We are very pleased to return to current SEC filer status,” said James D. Wehr, president and chief executive officer. “Phoenix had a net loss for the third quarter, once again driven primarily by expenses related to SEC reporting catch-up and remediation work. Third quarter operating metrics remained strong with year-over-year sales growth, strong investment performance, favorable overall mortality and excellent persistency,” Mr. Wehr said. PHOENIX AND PHL VARIABLE RETURN TO CURRENT SEC FILER STATUS The company’s subsidiary, PHL Variable Insurance Company (“PHL Variable”), also filed its Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2014 with the SEC today and returned to current SEC filer status. These two Forms 10-Q are the last of the filings that were subject to timetables contained in an amended SEC administrative order announced on Aug. 1, 2014. Phoenix and PHL Variable filed their third quarter 2014 Forms 10-Q before the respective deadlines of Dec. 5, 2014 and Dec. 12, 2014 set forth in the timetables. THIRD QUARTER 2014 EARNINGS SUMMARY Third quarter 2014 net loss attributable to The Phoenix Companies, Inc. was $18.2 million compared with a net loss attributable to The Phoenix Companies, Inc. of $14.3 million for second quarter 2014 and $21.8 million for third quarter 2013. Significant third quarter 2014 drivers include: Total financial reporting expenses of $19.4 million, including $13.1 million relating to SEC reporting catch up and remediation and $6.3 million in 2014 audit fees. Partially offsetting these expenses were favorable mortality in the quarter, strong net investment income from alternative investment performance and a continued low level of impairments. ($ in millions, except per share data) ThirdQuarter2014 SecondQuarter2014 ThirdQuarter2013 Less: Net income (loss) attributable to noncontrolling interests Net loss attributable to The Phoenix Companies, Inc. Net loss attributable to The Phoenix Companies, Inc. Weighted average shares outstanding (in thousands) THIRD QUARTER 2014 OPERATING METRICS As of or forthe QtrEndedSept. 30,2014 As of or forthe QtrEndedJune 30,2014 As of or forthe QtrEndedSept. 30,2013 Holding company cash and non-affiliated securities $ 152.0 $ 154.4 $ 200.9 Saybrus Partners EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) $ 2.4 $ 2.0 $ 0.7 Third quarter and year-to-date 2014 mortality were favorable compared with expectations, with favorable results in both the open and closed blocks. REALIZED AND UNREALIZED INVESTMENT GAINS AND LOSSES Realized Investment Gains and Losses ($ in millions) ThirdQuarter2014 SecondQuarter2014 ThirdQuarter2013 Net other-than-temporary impairment losses for the third quarter of 2014 remained below long-term averages. Unrealized Investment Gains Net unrealized gains on available-for-sale debt securities increased by $253.6 million to $644.2 million at Sept. 30, 2014 from $390.6 million at December 31, 2013, due primarily to lower interest rates. BALANCE SHEET The quality of the investment portfolio remained strong for the third quarter of 2014 with the proportion of below investment grade bonds as a percentage of total available-for-sale debt securities at 7.4% at Sept. 30, 2014, compared with 7.3% at Dec. 31, 2013. Phoenix has no debt maturities until 2032. Balance Sheet ($ in millions) Sept. 30,2014 Dec. 31,2013 Change DIVIDEND PAID BY PRINCIPAL OPERATING SUBSIDIARY On Nov. 20, 2014, Phoenix Life Insurance Company paid a $14.8 million dividend to Phoenix. CONFERENCE CALL Phoenix will host a conference call on Friday, Dec. 5, 2014 at 11 a.m. EST to present information on the company’s third quarter 2014 financial results and other matters. Presentation materials and a live broadcast will be available on the company’s website, www.phoenixwm.com, under “Investor Relations.” The live broadcast also can be accessed by telephone at 517-308-9305 (Passcode: PHOENIX). A replay will be available through Dec. 19, 2014 by telephone at 402-220-4720 (Passcode: 5505) and on the company’s website. ABOUT PHOENIX 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. Its distribution subsidiary, Saybrus Partners, Inc., offers solutions-based sales support to financial professionals and represents Phoenix’s products among key distributors, including independent marketing organizations and brokerage general agencies. Phoenix is headquartered in Hartford, Connecticut, and its principal operating subsidiary, Phoenix Life Insurance Company, has its statutory home office in East Greenbush, New York. PHL Variable Insurance Company has its statutory home office in Hartford, Connecticut, and files annual and other periodic reports under the Securities Exchange Act of 1934. For more information, visit www.phoenixwm.com. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS 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 the restatement 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 “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 and are not guarantees of future performance. Our ability to resume 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 restatement. 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 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. 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. THE PHOENIX COMPANIES, INC. Consolidated Unaudited Balance Sheets ($ in millions, except share data) September 30, 2014 and December 31, 2013 September 30,2014 December 31,2013 THE PHOENIX COMPANIES, INC. Consolidated Interim Unaudited Statements of Income and Comprehensive Income ($ in millions, except per share data) Three and Nine Months Ended September 30, 2014 and 2013 Three Months Ended September 30, Portion of OTTI gains (losses) recognized in other comprehensive income (“OCI”) Net income (loss) attributable to The Phoenix Companies, Inc. THE PHOENIX COMPANIES, INC. Consolidated Interim Unaudited Statements of Income and Comprehensive Income ($ in millions, except per share data) Nine Months Ended September 30, 2014 and 2013 Net income (loss) attributable to The Phoenix Companies, Inc. Net income (loss) attributable to noncontrolling interests Less: Comprehensive income (loss) attributable to noncontrolling interests Comprehensive income (loss) attributable to The Phoenix Companies, Inc. Net income (loss) attributable to The Phoenix Companies, Inc. – basic Net income (loss) attributable to The Phoenix Companies, Inc. – diluted Basic weighted-average common shares outstanding (in thousands) Diluted weighted-average common shares outstanding (in thousands)

HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE:PNX) today announced the filing of its Annual Report on Form 10-K for the year ended December 31, 2013 (“2013 Form 10-K”) with the U.S. Securities and Exchange Commission (“SEC”). “Filing the 2013 Form 10-K is a significant milestone as we continue to catch up with our delayed filings and remain focused on becoming a current SEC filer this year,” said James D. Wehr, president and chief executive officer. Net income attributable to The Phoenix Companies, Inc. was $5.1 million for 2013 compared with a net loss attributable to The Phoenix Companies, Inc. of $168.5 million for 2012. Significant 2013 earnings drivers include: A positive unlock of $108.1 million resulting from the company’s annual actuarial assumption review, driven primarily by improved mortality assumptions partially offset by decreased premium persistency assumptions, primarily in the universal life block. Restatement expenses and audit fees of $88.6 million, comprised of $62.9 million of restatement expenses incurred during 2013 and $25.7 million of fees relating to the 2013 audit. “The results for the year reflect strong business fundamentals, including better-than-expected mortality and improved policyholder persistency, offset by expenses associated with our financial reporting and remediation efforts,” Mr. Wehr said. 2013 EARNINGS SUMMARY The company’s 2013 Form 10-K reports net income (loss) attributable to The Phoenix Companies, Inc., which excludes net income (loss) attributable to noncontrolling interests, in addition to net income (loss). ($ in millions, except per share data) (in thousands) 2013 OPERATING METRICS Annuity deposits of $682.9 million for 2013 compared with $824.2 million for 2012. Net annuity flows (deposits less surrenders) of $85.1 million for 2013 compared with $295.6 million for 2012. Annuity funds under management of $5.5 billion at Dec. 31, 2013 compared with $5.0 billion at Dec. 31, 2012. Life insurance annualized premium of $2.4 million for 2013 compared with $2.9 million for 2012. Gross life insurance in-force of $103.9 billion at Dec. 31, 2013 compared with $115.3 billion at Dec. 31, 2012. 2013 mortality was favorable compared with expectations. Open block experience was favorable, driven by universal life results, and closed block experience was modestly unfavorable. 2013 total individual life surrenders at 4.6%, and closed block life policies at 4.2% compared with 5.8% and 5.5% for 2012. 2013 annuity surrenders at 11.3% compared with 11.0% for 2012. Holding company liquidity was $181.5 million at Dec. 31, 2013, comprised of cash and non-affiliated securities of $166.8 million and an additional $14.7 million in tax receivables from PLIC. Dividend capacity from PLIC to the holding company is $58.7 million for 2014. Saybrus Partners EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), including inter-company revenues, was $3.5 million for 2013 compared with $3.2 million for 2012. REALIZED AND UNREALIZED INVESTMENT GAINS AND LOSSES Net realized investment gains were $21.3 million for 2013, compared with net realized investment losses of $10.5 million for 2012. Net other-than-temporary impairment losses were below long-term averages at $12.3 million for 2013, compared with $28.8 million for 2012. Derivative losses of $27.7 million for 2013, compared with $50.4 million during 2012, were driven primarily by the increase in the equity markets. Net unrealized gains on available-for-sale debt securities decreased by $547.4 million to $390.6 million at Dec. 31, 2013 from $938.0 million at Dec. 31, 2012. The change was due primarily to higher interest rates. BALANCE SHEET The quality of the portfolio remained strong during 2013 with the proportion of below investment grade bonds at 7.3% at Dec. 31, 2013, compared with 8.2% at Dec. 31, 2012. Debt-to-total-capital1 was 33.0% at Dec. 31, 2013. Phoenix has no debt maturities until 2032. Balance Sheet($ in millions) December 31,2013 December 31,2012 Change 1 Based on Total Stockholders’ Equity, excluding Accumulated OCI. ADDITIONAL INFORMATION Second Quarter 2014 Estimated Operating Metrics and Unaudited Statutory Results On Aug. 15, 2014, the company intends to report second quarter 2014 estimated operating metrics and unaudited statutory results for its principal operating subsidiary, Phoenix Life Insurance Company. NYSE Listing On April 2, 2014, the company announced that it had received a notice from the NYSE regarding its failure to timely file its 2013 Form 10-K. Since then, Phoenix has been subject to the procedures specified in Section 802.01E (SEC Annual Report Timely Filing Criteria) of the NYSE Listed Company Manual, under which the NYSE has been monitoring the status of the 2013 Form 10-K and related public disclosures. Phoenix believes that it achieves compliance with this NYSE continued listing requirement with today’s filing of its 2013 Form 10-K. Timetables for Delayed SEC Filings On Aug. 1, 2014, Phoenix announced revised timetables for delayed and certain future SEC filings for itself and its subsidiary, PHL Variable Insurance Company (“PHL Variable”). The revised timetables provide for Phoenix to file its first, second and third quarter 2013 Forms 10-Q by Sept. 10, 2014, its first and second quarter 2014 Forms 10-Q by Oct. 17 and 24, 2014, respectively, and to return to current SEC filer status with its third quarter 2014 Form 10-Q by Dec. 5, 2014. The revised timetables provide for PHL Variable to file its 2013 Form 10-K by Aug. 22, 2014, its first, second and third quarter 2013 Forms 10-Q by Sept. 12, 2014, its first and second quarter 2014 Forms 10-Q by Oct. 21 and 28, 2014, respectively, and to return to current SEC filer status with its third quarter 2014 Form 10-Q by Dec. 12, 2014. Annual Meeting of Stockholders As previously announced, Phoenix has scheduled its 2014 Annual Meeting of Stockholders for Nov. 20, 2014 at the company’s offices in Hartford, Conn. CONFERENCE CALL Phoenix will host a conference call on Friday, Aug. 15, 2014 at 10 a.m. EDT to present information on the company’s 2013 financial results, and second quarter 2014 estimated operating metrics and unaudited statutory results for its principal operating subsidiary, Phoenix Life Insurance Company (PLIC), and other matters. Presentation materials and a live broadcast will be available on the company’s website, www.phoenixwm.com, under “Investor Relations.” The live broadcast also can be accessed by telephone at 517-308-9305 (Passcode: PHOENIX). A replay will be available through Aug. 29, 2014 by telephone at 203-369-0945 (Passcode: 5505) and on the company’s website. ABOUT PHOENIX 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. Its distribution subsidiary, Saybrus Partners, Inc. offers solutions-based sales support to financial professionals and represents Phoenix’s products among key distributors, including independent marketing organizations and brokerage general agencies. Phoenix is headquartered in Hartford, Connecticut, and its principal operating subsidiary, Phoenix Life Insurance Company, has its statutory home office in East Greenbush, New York. PHL Variable Insurance Company has its statutory home in Hartford, Connecticut, and files annual and other periodic reports under the Securities Exchange Act of 1934. For more information, visit www.phoenixwm.com. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS 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 in accordance with the amended administrative order entered by the SEC with respect to the Company and its wholly owned subsidiary, PHL Variable Insurance Company (“PHL Variable”), and otherwise in accordance with law, the outcome of litigation and claims as well as regulatory examinations, investigations, proceedings and orders arising out of the restatement and the failure by the Company and PHL Variable 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 the Company’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 “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 and are not guarantees of future performance. Our ability to resume 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 restatement. 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 other 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 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. 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. (4.8 ) ——————— [1] All share amounts for all periods reflect the 1-for-20 reverse stock split, which was effective August 10, 2012. See Note 10 to our consolidated financial statements for additional information on the reverse stock split. 1 All share amounts for all periods reflect the 1-for-20 reverse stock split, which was effective August 10, 2012.

HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE:PNX) announced the filing of its restatement of previously issued audited financial statements as part of its Annual Report on Form 10-K for the year ended December 31, 2012 (“2012 Form 10-K”) with the U.S. Securities and Exchange Commission (“SEC”). The 2012 Form 10-K was filed before the opening of the market on April 1, 2014. “Now that we have filed the 2012 Form 10-K, we are focused on becoming a timely SEC filer,” said James D. Wehr, president and chief executive officer. “The restatement has been a significant and complex undertaking, involving a number of periods and many adjustments. We are already taking action to address some of the control and financial reporting issues identified and have plans to remediate the others.” Mr. Wehr continued, “While the impact of the restatement was significant, we believe Phoenix’s financial position, including capital and liquidity, remains strong. Our business continued to progress even while the restatement was under way, with new product launches and investments in service and technology that are helping us better serve our distributors and policyholders.” The 2012 Form 10-K contains GAAP audited financial statements for the years ended Dec. 31, 2012, 2011 and 2010 and interim GAAP unaudited financial information for each quarter during 2012 and 2011. The 2012 Form 10-K also restates and corrects the following: the audited consolidated balance sheet as of Dec. 31, 2011 and consolidated statements of comprehensive income, changes in stockholders’ equity and cash flows for each of the years ended Dec. 31, 2011 and 2010; the selected financial data as of and for each of the years ended Dec. 31, 2011, 2010, 2009 and 2008; the unaudited consolidated statements of comprehensive income, unaudited consolidated balance sheets, unaudited statements of cash flow and unaudited statements of changes in stockholders’ equity for the year-to-date periods ended March 31 and June 30, 2012; and the unaudited consolidated statements of comprehensive income for each of the quarterly periods ended March 31 and June 30, 2012 and in fiscal year 2011. Phoenix announced the restatement on Nov. 8, 2012 and, prior to today’s filing, had not filed a periodic report with the SEC since its second quarter 2012 Form 10-Q. RESTATEMENT IMPACT Phoenix initiated the restatement process to correct certain errors relating to the classification of items on the consolidated statement of cash flows for the nine months ended September 30, 2012 and previously reported periods. Management then initiated a comprehensive internal review of the company’s historical financial information and identified additional errors. In the resulting restatement, the company adjusted for the impact of these errors, recorded previously identified out-of-period errors that were previously determined not to be material individually or in the aggregate, and amended the financial statements for the impact of the retrospective adoption of amended accounting guidance. The audited after-tax impact of the restatement on total stockholders’ equity through June 30, 2012 was $294.3 million. The change from the previously disclosed unaudited estimated pre-tax impact of $250 million was primarily the result of additional shadow accounting adjustments. The impact of errors and the retrospective adoption of amended accounting guidance on total stockholders’ equity, income (loss) from continuing operations, and net income (loss) attributable to The Phoenix Companies, Inc. is presented in the following tables: 1 Adjustments related to the correction of errors reflect amounts prior to the retrospective adoption of amended guidance to ASC 944, Financial Services – Insurance (ASU 2010-26). 2 Adjustments related to the retrospective adoption of amended guidance to ASC 944, Financial Services – Insurance (ASU 2010-26), have been updated from those originally disclosed in the First Quarter 2012 Quarterly Report on Form 10-Q filing to reflect the correction of errors identified related to the adoption of the amended guidance as well as indirect impact of the correction of errors associated with the restatement. Phoenix assessed its disclosure controls and procedures and internal control over financial reporting during the course of the restatement and reported multiple material weaknesses in its 2012 Form 10-K. The material weaknesses included deficiencies in the period-end financial reporting process, insufficient complement of personnel with a level of accounting knowledge commensurate with the company’s financial reporting requirements, and ineffective monitoring and review activities. The company did not identify any instances of fraud or intentional misrepresentation in the preparation of the financial statements that have been restated. Phoenix has already implemented or developed plans to implement a number of remedial actions to address these weaknesses. The company will continue to evaluate and work to improve its internal control over financial reporting and may take additional measures or modify the remediation plan in the future. ADDITIONAL RESTATEMENT UPDATES NYSE Listing On Jan. 28, 2014, Phoenix announced that it received an extension for continued listing and trading of the company’s common stock on the New York Stock Exchange (NYSE) through April 3, 2014, before which the company was expected to file its 2012 Form 10-K with the SEC. Phoenix believes that it achieves compliance with the NYSE’s continued listing requirements with today’s filing of its 2012 Form 10-K. Phoenix expects to receive a notice from the NYSE regarding its previously announced failure to timely file its 2013 Form 10-K. As a result of the delay, Phoenix expects that it will be subject to the procedures specified in Section 802.01E (SEC Annual Report Timely Filing Criteria) of the NYSE Listed Company Manual, under which the NYSE would initially monitor the status of the 2013 Form 10-K and related public disclosures for up to a six month period from its due date. Filing Timetable On March 21, 2014, Phoenix announced a filing timetable for its delayed SEC reports that includes a filing date for its 2012 Form 10-K by March 31, 2014 and its 2013 Form 10-K by June 4, 2014. The timetable leads up to a timely filing of its second quarter 2014 Form 10-Q. The company expects to be a current filer with the filing of its third quarter 2013 and third quarter 2014 Forms 10-Q. The timetable provides that the company may file its 2013 Forms 10-Q after filing its 2013 Form 10-K. FULL YEAR 2012 RESULTS In addition to reporting net income (loss), the company’s 2012 Form 10-K reports net income (loss) attributable to The Phoenix Companies, Inc., which excludes net income (loss) attributable to noncontrolling interests. Phoenix reported a net loss attributable to The Phoenix Companies, Inc. of $168.5 million for full year 2012. The major drivers of the loss were: A $92.8 million charge stemming from the company’s annual actuarial assumption review conducted in the third and fourth quarters of 2012 in which interest rate assumptions were lowered. The review included the following: a $44.1 million increase in universal life (UL) reserves related to the lower interest rate assumptions; and a $55.2 million deferred acquisition cost unlocking for traditional and UL product lines, offset by $6.5 million of positive reserve adjustments Previously, in November 2012, the company disclosed an estimated $63.4 million charge resulting from this annual actuarial assumption review. a $44.1 million increase in universal life (UL) reserves related to the lower interest rate assumptions; and a $55.2 million deferred acquisition cost unlocking for traditional and UL product lines, offset by $6.5 million of positive reserve adjustments Previously, in November 2012, the company disclosed an estimated $63.4 million charge resulting from this annual actuarial assumption review. An additional $46.0 million increase in UL reserves, also reflecting the continued low interest rate environment. A $20.4 million impact from an increase in reserves for future guaranteed withdrawal benefit payments in the fixed indexed annuity block made in the third quarter of 2012. “The loss in 2012 reflected a substantial impact from increases in UL reserves and changes from our annual actuarial assumption review. At the same time, the fundamentals of the business continued to perform, including long-term mortality, strong investment income and historically normal persistency levels. While 2012 mortality was unfavorable, our four-year experience through 2013 was favorable. Overall, 2012 was a challenging year, but Phoenix is a strong franchise that continues to demonstrate its resilience,” Mr. Wehr said. ($ in millions, except per share data) and amended $ $ $ $ $ 5,770 5,815 2 Diluted weighted-average common shares outstanding (in thousands) 5,815 2 (1) All share amounts for all periods reflect the 1-for-20 reverse stock split, which was effective August 10, 2012. (2) Weighted-average common shares outstanding have been updated to reflect the impact of an error, which had no material impact to EPS information, basic or diluted, for any period presented. and amended $ $ $ $ Common stock, $.01 par value: 5.7 million and 5.8 million shares outstanding(1) $ $ (1) All share amounts for all periods reflect the 1-for-20 reverse stock split, which was effective August 10, 2012. CONFERENCE CALL The Phoenix Companies, Inc. will host a conference call on Thursday, April 3, 2014 at 10 a.m. EDT to present information on Phoenix’s restatement, 2012 financial results and other matters. Presentation materials and a live broadcast will be available on the company’s website, www.phoenixwm.com, under “Investor Relations.” The live broadcast also can be accessed by telephone at 517-308-9305 (Passcode: PHOENIX). A replay will be available through April 18, 2014 by telephone at 402-998-1073 (Passcode: 5505) and on the company’s website. ABOUT PHOENIX 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. Its distribution subsidiary, Saybrus Partners, Inc. offers solutions-based sales support to financial professionals and represents Phoenix’s products among key distributors, including independent marketing organizations and brokerage general agencies. Phoenix is headquartered in Hartford, Connecticut, and its principal operating subsidiary, Phoenix Life Insurance Company, has its statutory home office in East Greenbush, New York. For more information, visit www.phoenixwm.com. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS 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 in accordance with the administrative order entered by the SEC with respect to the Company and its wholly-owned subsidiary, PHL Variable Insurance Company (“PHL Variable”), and otherwise in accordance with law, the outcome of litigation and claims as well as regulatory examinations, investigations, proceedings and orders arising out of the restatement and the failure by the Company and PHL Variable 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 the Company’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 “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 and are not guarantees of future performance. Our ability to resume 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 restatement. 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 other 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 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. 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.