Exhibit 99.1

Phoenix Companies (PNX) Reports Core Earnings Improvement, Further Growth in

Statutory Capital and Continued Strong Annuity Sales for Second Quarter 2011

Hartford, Conn., August 4, 2011 – The Phoenix Companies, Inc. (NYSE:PNX) today reported net income of $4.4 million, or $0.04 per share, and an operating loss of $2.9 million, or $0.02 per share, for the second quarter of 2011. These results compare with net income of $10.3 million, or $0.09 per share, and an operating loss of $20.0 million, or $0.17 per share, for the second quarter of 2010.

Excluding $18.0 million of tax expense, second quarter 2011 operating income was $15.1 million, or $0.13 per share. Given the significant volatility in the company’s GAAP tax provision, certain operating comparisons are given on a pre-tax basis.

“Our core earnings are much improved from a year ago, and we produced net income for the first time since the second quarter of 2010,” said James D. Wehr, president and chief executive officer. “We are generating capital at a healthy pace, and Phoenix Life’s estimated risk-based capital ratio increased again this quarter.”

Mr. Wehr also noted that credit impairments in the company’s investment portfolio were at their lowest since the first quarter of 2007, contributing to the net realized gains.

“Overall, we are seeing results – meaningful annuity deposits, much improved persistency, and revenue growth at Saybrus Partners – that show the Phoenix franchise is reemerging. With our increasing market acceptance, we are focused on gaining market share by enhancing our product portfolio and expanding our distribution footprint in areas where we can grow profitably,” Mr. Wehr said.

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SECOND QUARTER FINANCIAL HIGHLIGHTS

¹ Prior period amounts have been revised to reflect the correction of an error related to the historical presentation of ceded premiums related to certain reinsurance contracts within the closed block. The adjustments reflect the reclassification of ceded premiums from benefits and reserves to revenue. The adjustment reduced revenues and benefits and reserves by $21.5 million and $24.7 million for the three months ended March 31, 2011 and June 30, 2011, respectively. There was no impact to net income(loss), stockholders’ equity, or earnings per share.

² Operating income, as well as components of and financial measures derived from operating income, are non-GAAP financial measures. Please see the “Income Statement Summary” table below for more information.

³ Net of taxes.

UNUSUAL ITEMS

To help investors understand the company’s results, unusual items included in operating income are detailed in the following table.

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SECOND QUARTER 2011 OPERATING RESULTS

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Second quarter 2011 revenues decreased 5 percent from the second quarter of 2010, due primarily to lower premiums. The change in premium revenue relates almost exclusively to closed block policies (sold before the 2001 demutualization) and is consistent with the expected gradual decline of this block.

·

Net investment income was $211.2 million for the second quarter of 2011, compared with $216.1 million for the second quarter of 2010. It is up from $201.3 million for the first quarter of 2011. The changes from the prior year period and prior quarter were both driven by fluctuations in alternative asset results.

·

Total individual life surrenders were at an annualized rate of 6.1 percent for the second quarter of 2011, improved from an annualized rate of 7.2 percent for the first quarter of 2011 and the lowest rate since the third quarter of 2008. Included within that total are life policies in Phoenix’s closed block, which had an annualized surrender rate of 5.6 percent for the second quarter of 2011, improved from an annualized rate of 6.6 percent for the first quarter of 2011. This result for the closed block represents a return to the historical (pre-2008) range of 5 to 6 percent.

·

Annuity surrenders for the second quarter of 2011 were at an annualized rate of 11.6 percent, improved from an annualized rate of 12.9 percent for the first quarter of 2011.

·

Overall mortality experience for the second quarter of 2011 was in line with expectations, with open block results in line with and closed block results modestly favorable to expectations.

·

Total operating expenses improved for the second quarter of 2011 to $58.9 million from $74.9 million for the second quarter of 2010. The prior-year period includes a $10.5 million impact from a reinsurance transaction. Core operating expenses before deferrals were $49.4 million for the second quarter of 2011 compared with $55.1 million for the second quarter of 2010. The improvement primarily reflects lower compensation and employee-related expenses. Core operating expenses before deferrals represent total operating expenses excluding premium taxes, reinsurance allowances, commissions, sales incentives and unusual expenses.

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The company recorded $18.0 million of tax expense in second quarter 2011 operating income, driven primarily by a combination of current alternative minimum tax expense and a correction of the amount of tax expense allocated to realized losses in the first quarter of 2011.

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·

Strong sales continued in Phoenix’s repositioned annuity product line, which is distributed through independent marketing organizations that focus on the middle market.

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Annuity deposits were $191.3 million for the second quarter of 2011, compared with $205.3 million in the first quarter of 2011 and $26.8 million for the second quarter of 2010. New sales were primarily fixed indexed annuities. Net flows remained positive for the third consecutive quarter at $66.3 million, compared with negative net flows of $102.3 million for the second quarter of 2010, contributing to a 20 percent year-over-year increase in annuity funds under management to $4.4 billion at June 30, 2011.

·

Life insurance annualized premium was $0.7 million for the second quarter of 2011, compared with $0.6 million for the first quarter of 2011 and $0.4 million for the second quarter of 2010. Gross life insurance in-force at June 30, 2011 was $130.0 billion, a 9 percent decrease from June 30, 2010.

·

Phoenix’s distribution company, Saybrus Partners, increased revenue by 11 percent from the first quarter of 2011 through deeper penetration within its third-party distribution relationships and continued strong sales of Phoenix products, which narrowed its EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization, including inter-company revenues) loss to $0.3 million for the second quarter of 2011.

REALIZED AND UNREALIZED GAINS AND LOSSES

Net unrealized gains on fixed income securities increased to $415.9 million at June 30, 2011 from net unrealized gains of $313.9 million at March 31, 2011. The improvement was due primarily to lower treasury rates.

Net realized gains for the second quarter of 2011 were $3.1 million, compared with net realized gains of $30.5 million for the second quarter of 2010. The change was due primarily to fluctuations in the non-performance risk factor and higher transaction gains in the second quarter of 2010. Other-than-temporary impairments were $3.0 million for the second quarter of 2011, compared with $12.4 million for the second quarter of 2010, reflecting the improved credit environment.

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¹ Fair value adjustment to reflect the risk that the GMWB/GMAB obligation will not be fulfilled based on the company’s own credit risk.

Note: Beginning in the second quarter of 2011, changes in fair value of fixed indexed annuity contract embedded derivatives are recorded in policy benefits, excluding policyholder dividends.

BALANCE SHEET AND LIQUIDITY

Phoenix retains its focus on maintaining appropriate levels of capital and liquidity. The portfolio has liquidity levels consistent with the improvements in the company’s risk profile and significant appreciation in the investment portfolio during 2010. As of June 30, 2011, the proportion of the most highly liquid assets in its fixed income portfolio was 6.3 percent. In addition, a significant portion of the portfolio is invested in highly liquid public bonds that have market values in excess of their book values.

The quality of the portfolio remained strong in the second quarter of 2011 with the proportion of below investment grade bonds at 8.5 percent at June 30, 2011, up modestly from 8.2 percent at March 31, 2011 due to new investments in this asset class.

Debt-to-total-capital at June 30, 2011 remains relatively low at 24.9 percent. Phoenix has no debt maturities until 2032.

As of June 30, 2011, cash and securities at the holding company were $73.0 million after receipt of a $25.0 million dividend from Phoenix Life Insurance Company. The annual run rate for 2011 holding company interest and operating expenses is estimated to be $26 million.

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¹ Based on Total Stockholders’ Equity, excluding Accumulated OCI.

SECOND QUARTER PRELIMINARY STATUTORY RESULTS FOR PHOENIX LIFE INSURANCE COMPANY

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Statutory income for Phoenix Life Insurance Company more than doubled year-over-year, with statutory net gain from operations of $47.4 million for the second quarter of 2011, compared with $20.5 million for the second quarter of 2010, and statutory net income of $46.1 million for the second quarter of 2011, compared with $18.9 million for the second quarter of 2010.

·

Statutory surplus and asset valuation reserve increased 11 percent to $848.6 million at June 30, 2011 from $763.2 million at December 31, 2010.

·

At June 30, 2011, Phoenix Life’s estimated risk-based capital ratio was 315 percent, rising from 282 percent at December 31, 2010. The primary driver of the improvement was higher surplus.

RECENT DEVELOPMENT

On July 18, 2011, Phoenix announced a strategic alliance with the Legacy Marketing Group®, an independent marketing organization that partners with insurance companies to design and market proprietary fixed annuity products. This collaboration will allow the two organizations to combine their expertise in developing innovative annuity products and bring these solutions to a larger universe of consumers. Phoenix and Legacy also announced the launch of the co-developed CommandMark^SM fixed indexed annuity series. The CommandMark^SM Series is available exclusively through the Phoenix and Legacy alliance.

CONFERENCE CALL

The Phoenix Companies, Inc. will host a conference call today (August 4) at 1 p.m., EDT, to discuss with the investment community Phoenix’s second quarter 2011 financial results and other matters. The conference call will be broadcast live over the Internet at www.phoenixwm.com in the Investor Relations section. The call also can be accessed by telephone at 773-799-3641 (Passcode: PHOENIX). A replay of the call will be available through August 18, 2011 by telephone at 203-369-1030 and on Phoenix’s Web site.

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ABOUT PHOENIX

Dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) provides financial solutions using life insurance and annuities. Phoenix is headquartered in Hartford, Connecticut. In 2010, Phoenix had annual revenues of $2.0 billion. More detailed financial information can be found in Phoenix’s financial supplement for the second quarter of 2011, which is available on Phoenix’s Web site, www.phoenixwm.com, in the Investor Relations section.

FORWARD-LOOKING STATEMENTS

This press release may contain "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 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," "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: (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 potential adverse affect of interest rate fluctuations on our business and results of operations; (iii) the effect of adverse capital and credit market conditions on our ability to meet our liquidity needs, our access to capital and our cost of capital; (iv) the effect of guaranteed benefits within our products; (v) potential exposure to unidentified or unanticipated risk that could adversely affect our businesses or result in losses; (vi) the consequences related to variations in the amount of our statutory capital due to factors beyond our control; (vii) the possibility that we not be successful in our efforts to implement a new business plan; (viii) the impact on our results of operations and financial condition of any required increase in our reserves for future policyholder benefits and claims if such reserves prove to be inadequate; (ix) changes in our investment valuations based on changes in our valuation methodologies, estimations and assumptions; (x) further downgrades in our debt or financial strength ratings; (xi) the possibility that mortality rates, persistency rates, funding levels or other factors may differ significantly from our assumptions used in pricing products; (xii) the availability, pricing and terms of reinsurance coverage generally and the inability or unwillingness of our reinsurers to meet their obligations to us specifically; (xiii) our ability to attract and retain key personnel in a competitive environment; (xiv) our dependence on third parties to maintain critical business and administrative functions; (xv) the strong competition we face in our business from banks, insurance companies and other financial services firms; (xvi) 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; (xvii) the potential need to fund deficiencies in our closed block; (xviii) tax developments that may affect us directly, or indirectly through the cost of, the demand for or profitability of our products or services; (xix) 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; (xx) legislative or regulatory developments; (xxi) regulatory or legal

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actions; (xxii) potential future material losses from our discontinued reinsurance business; (xxiii) changes in accounting standards; (xxiv) the potential effect of a material weakness in our internal control over financial reporting on the accuracy of our reported financial results; and (xxv) other risks and uncertainties described herein or 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 press 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 press release, such statements or disclosures will be deemed to modify or supersede such statements in this press release.

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Financial Highlights

Three and Six Months Ended June 30, 2011 and 2010 (Unaudited)

⁽¹⁾ In addition to financial measures presented in accordance with Generally Accepted Accounting Principles (GAAP), we use non-GAAP financial measures such as operating income, as well as components of and financial measures derived from operating income, in evaluating our financial performance. Net income and net income per share are the most directly comparable GAAP measures. Our non-GAAP financial measures should not be considered as substitutes for net income and net income per share. Therefore, investors should evaluate both GAAP and non-GAAP financial measures when reviewing our performance. A reconciliation of net income to our non-GAAP financial measures is set forth in the financial highlights table earlier in this release. Investors should note that our calculation of these measures may differ from similar measures used by other companies. For additional information, please see our financial supplement in the Investor Relations section at www.phoenixwm.com.

Operating income, and components of and measures derived from operating income, are internal performance measures we use in the management of our operations, including our compensation plans and planning processes. In addition, management believes that these measures provide investors with additional insight into the underlying trends in our operations.

Operating income represents income from continuing operations, which is a GAAP measure, before realized investment gains and losses, and certain unusual items.

·

Net realized investment gains and losses are excluded from operating income because their size and timing are frequently subject to management’s discretion.

·

Unusual items may be excluded from operating income because we believe they are not indicative of overall operating trends and are items that management believes are non-recurring and material, and which result from a business restructuring, a change in regulatory environment, or other unusual circumstances. For the second quarters of 2011 and 2010, unusual items excluded from operating income at the beginning of this release were:

⁽²⁾ Prior period amounts have been revised to reflect the correction of an error related to the historical presentation of ceded premiums as described in Footnote 1 of the Consolidated Statement of Income. There was no impact to net income(loss), stockholders’ equity, or earnings per share.

⁽³⁾ Invested assets equal total investments plus cash and equivalents.

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Consolidated Balance Sheet

June 30, 2011 (Unaudited and Preliminary) and December 31, 2010

($ in millions)

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Draft 8/2/2011 4:00 PM

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Consolidated Statement of Income (Unaudited and Preliminary)

Three and Six Months Ended June 30, 2011 and 2010

($ in millions)

⁽¹⁾ Prior period amounts have been revised to reflect the correction of an error related to the historical presentation of ceded premiums related to certain reinsurance contracts within the closed block. The adjustments reflect the reclassification of ceded premiums from policy benefits to premiums. The adjustment reduced premiums and policy benefits, excluding policyholder dividends by $21.5 million for the three months ended March 31, 2011 and by $24.7 million and $49.5 million for the three and six months ended June 30, 2010. There was no impact to net income(loss), stockholders’ equity, or earnings per share.

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