PHOENIX COMPANIES INC/DE - FORM 8-K - EX-99.1 - FINANCIAL SUPPLEMENT

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8-K - CURRENT REPORT - PHOENIX COMPANIES INC/DE	pnx_8k.htm

EXHIBIT 99.1

The Phoenix Companies, Inc.
Financial Supplement

Wall Street Coverage		Transfer Agent and Registrar
Firm	Analyst	For information or assistance regarding your account, please contact our transfer agent and registrar:
Credit Suisse Securities (USA)	Tom Gallagher
JP Morgan	Jimmy Bhullar	The Phoenix Companies, Inc. C/O BNY Mellon Shareowner Services
Langen McAlenney	Robert Glasspiegel	P.O. Box 358015, Pittsburgh, PA 15258
Raymond James & Associates	Steven Schwartz	Toll-free: 1-800-490-4258 Int'l: 201-680-6823
UBS	Andrew Kligerman	TDD: 800-231-5469, Int'l TDD: 201-680-6610
		E-mail: shrrelations@bnymellon.com
		Web: www.bnymellon.com/shareowner/isd



		For More Information
		To receive additional information, including financial supplements and Securities and Exchange Commission filings along with access to other shareholder services, visit the Investor Relations Section on our Web site at Phoenixwm.com or contact our Investor Relations Department at:


Shareholder Information
Security Listings			The Phoenix Companies, Inc.
The common stock of The Phoenix Companies, Inc. is traded on the New York Stock Exchange (NYSE)			Investor Relations
under the symbol "PNX." Our 7.45 percent bond is traded on the NYSE under the symbol "PFX."			One American Row
			P.O. Box 5056, Hartford, CT 06102-5056
			Phone: 1-860-403-7100
			Fax: 1-860-403-7880
			e-mail: pnx.ir@phoenixwm.com

For more information on our products and services, call your Phoenix representative or visit our Web site at Phoenixwm.com.

In managing our business, we analyze our performance on the basis of “operating income” which does not equate to net income as determined in accordance with GAAP. Rather, it is the measure of profit or loss used by our management to evaluate performance, allocate resources and manage our operations. We believe that operating income, and measures that are derived from or incorporate operating income, are appropriate measures that are useful to investors as well, because they identify the earnings of, and underlying profitability factors affecting, the ongoing operations of our business. Operating income is calculated by excluding realized investment gains (losses) and certain other items because we do not consider them to be related to our operating performance. The size and timing of realized investment gains (losses) are often subject to our discretion. Certain other items are also excluded from operating income if, in our opinion, they are not indicative of overall operating trends. The criteria used to identify an item that will be excluded from operating income include: whether the item is infrequent and is material to our income; or whether it results from a change in regulatory requirements, or relates to other unusual circumstances. Items excluded from operating income may vary from period to period. Because these items are excluded based on our discretion, inconsistencies in the application of our selection criteria may exist. Some of these items may be significant components of net income in accordance with GAAP. Accordingly, operating income, and other measures that are derived from or incorporate operating income, are not substitutes for net income, or measures that are derived from or incorporate net income, determined in accordance with GAAP and may be different from similarly titled measures of other companies.

Total operating return on equity (“ROE”) is an internal performance measure used in the management of our operations, including our compensation plans and planning processes. Our management believes that this measure provides investors with a useful metric to assess our performance and the effectiveness of our use of historic capital. ROE is calculated by dividing (i) total operating income, by (ii) average equity, excluding accumulated OCI, FIN 46-R and discontinued operations. Total operating return on tangible equity ("return on tangible equity") is also an internal performance measure used in the evaluation of our operations. Our management believes that this measure provides investors with a useful metric to assess our performance and the effectiveness of our use of current capital. Return on tangible equity is calculated by dividing (i) total operating income, by (ii) average equity, excluding accumulated OCI, FIN 46-R, discontinued operations and the carrying value of goodwill and intangible assets.

The Phoenix Companies, Inc.

Financial Supplement

September 2011 (unaudited)

Table of Contents

Financial Highlights			1
Consolidated Income Statement			2
Alternate Operating Income Statement Details excluding Regulatory Closed Block			4
Closed Block Assets and Liabilities			6
Variable Universal Life Funds Under Management			8
Universal Life / Interest Sensitive Funds Under Management			10
Life Sales			12
Annuity Funds Under Management and Annuity Supplementary Information			14
Deferred Policy Acquisition Costs			16
Consolidated Statement of Income - GAAP Format			18
Condensed Consolidated Balance Sheet - Preliminary			20
General Account Investment Portfolio Summary			21
General Account GAAP Net Investment Income Yields			22
General Account Realized Investment Gains and Losses			24

The Phoenix Companies, Inc.
Financial Highlights
Third Quarter 2011 (unaudited)
(amount in millions, except per share data)

For the Period Ended:	September			December 31,
	2011			2010			2009			2008			2007
Balance Sheet Information
General account invested assets	$	15,095.0		$	14,288.7		$	13,736.9		$	13,595.7		$	15,706.4
Separate account assets		3,666.9			4,416.8			4,418.1			3,860.1			5,781.2
Total assets		21,035.7			21,082.3			24,586.2			25,813.4			30,501.2
Indebtedness		427.7			427.7			428.0			458.0			627.7
Total stockholders' equity		1,241.0			1,155.5			1,131.1			865.1			2,279.0
Total stockholders' equity, excluding other accumulated OCI and FIN 46-R	$	1,321.2		$	1,289.3		$	1,302.4		$	1,665.7		$	2,470.0
Average equity, excluding other accumulated OCI, FIN 46-R and discontinued operations (1)	$	1,301.3		$	1,328.3		$	1,427.0		$	1,808.3		$	2,381.8
Total operating return on equity (1)		13.15	%		-0.72	%		-9.98	%		-4.51	%		5.38	%
Average tangible common equity (2)	$	1,301.4		$	1,327.2		$	1,423.6		$	1,702.2		$	1,703.1
Total operating return on average tangible equity (2)		13.15	%		-0.72	%		-10.00	%		-4.79	%		7.94	%
Debt to total capitalization (3)		24.5	%		24.9	%		24.7	%		21.6	%		20.3	%
Book value per share	$	10.67		$	9.95		$	9.78		$	7.56		$	19.94
Book value per share, excluding other accumulated OCI	$	11.36		$	11.10		$	11.26		$	14.06		$	21.15
Book value per share, excluding other accumulated OCI and FIN 46-R	$	11.36		$	11.10		$	11.26		$	14.56		$	21.61
Period-end common shares outstanding		116.3			116.1			115.7			114.4			114.3


Indebtedness:
Surplus notes	$	174.1		$	174.1		$	174.1		$	174.1		$	174.0
Senior unsecured bonds - due 2008		---			---			---			---			153.7
Senior unsecured bonds - due 2032		253.6			253.6			253.9			283.9			300.0
Total indebtedness	$	427.7		$	427.7		$	428.0		$	458.0		$	627.7


Statutory Financial Data for Phoenix Life Insurance Company (4)
Capital, surplus and surplus notes	$	745.0		$	658.5		$	517.2		$	758.9		$	848.2
Asset valuation reserve (AVR)		119.0			104.7			57.0			94.4			192.5
Capital, surplus, surplus notes and AVR	$	864.0		$	763.2		$	574.2		$	853.3		$	1,040.7
Policyholder dividend liability	$	259.8		$	256.6		$	312.6		$	324.2		$	355.6
Interest maintenance reserve	$	(58.6	)	$	(58.0	)	$	(45.8	)	$	(44.2	)	$	(44.4	)
Statutory gain from operations	$	103.5		$	147.8		$	29.2		$	53.4		$	115.2
Statutory net income (loss)	$	76.4		$	139.8		$	(59.9	)	$	(82.3	)	$	80.0

(1)	This average equity is used for the calculation of total operating return on equity and represents the average of the monthly average of equity, excluding other accumulated OCI, the effects of FIN 46-R and the equity of discontinued operations.

(2)	This average equity is used for the calculation of total operating return on tangible equity and represents the average of the monthly average of equity, excluding other accumulated OCI, the effects of FIN 46-R, the equity of discontinued operations and the carrying value of goodwill and intangible assets.

(3)	This debt to total capitalization is based on total stockholders' equity, excluding other accumulated OCI and FIN 46-R.

(4)	Phoenix Life Insurance Company is required to file financial statements with state regulatory authorities prepared on an accounting basis prescribed or permitted by the Insurance Department of the State of New York. September 2011 amounts are preliminary.

The Phoenix Companies, Inc.
Consolidated Income Statement
Third Quarter 2011 (unaudited)
(amount in millions, except per share data)

	September						December 31,
	2011			2010			2010			2009			2008			2007
Consolidated Income Statement

Premiums (1)	$	337.7		$	387.5		$	521.4		$	583.9		$	665.1		$	696.7
Fee income		456.0			476.1			629.5			648.1			600.9			499.9
Net investment income		610.9			616.5			844.0			785.8			906.4			1,035.5
Total revenue		1,404.6			1,480.1			1,994.9			2,017.8			2,172.4			2,232.1
Policy benefits and increase in policy liabilities (1)		800.0			820.7			1,090.0			1,179.6			1,261.5			1,210.8
Policyholder dividends		188.6			214.1			300.4			267.3			327.7			375.6
Policy acquisition cost amortization		171.2			234.3			300.4			266.5			431.7			192.7
Interest expense on indebtedness		23.8			23.9			31.7			33.1			36.7			44.2
Operating expenses		175.4			219.1			286.6			298.5			274.4			261.1
Total benefits and expenses		1,359.0			1,512.1			2,009.1			2,045.0			2,332.0			2,084.4
Pre-tax operating income (loss)		45.6			(32.0	)		(14.2	)		(27.2	)		(159.6	)		147.7
Income tax expense (benefit)		4.8			(14.6	)		(4.6	)		115.5			(75.7	)		27.1
Operating income (loss)		40.8			(17.4	)		(9.6	)		(142.7	)		(83.9	)		120.6
Net realized investment gains (losses)		(7.0	)		19.4			(9.9	)		(102.2	)		(295.8	)		(6.0	)
Net Tax, DAC and PDO impacts		3.2			(17.9	)		(5.1	)		48.9			207.1			(2.3	)
Earnings on CDOs consolidated under FIN-46R		---			---			---			---			(4.2	)		1.0
Discontinued operations		(6.9	)		14.9			12.0			(123.0	)		(549.2	)		4.3
Net income (loss)	$	30.1		$	(1.0	)	$	(12.6	)	$	(319.0	)	$	(726.0	)	$	117.6


Earnings Per Share
Basic
Weighted-average shares outstanding		116.8			116.3			116.3			116.5			114.4			114.1
Total operating income (loss) per share	$	0.35		$	(0.15	)	$	(0.08	)	$	(1.23	)	$	(0.73	)	$	1.06
Net income (loss) per share	$	0.26		$	(0.01	)	$	(0.11	)	$	(2.74	)	$	(6.35	)	$	1.03

Diluted
Weighted-average shares outstanding and dilutive potential common shares		116.8			116.3			116.3			116.5			114.4			116.0
Total operating income (loss) per share	$	0.35		$	(0.15	)	$	(0.08	)	$	(1.23	)	$	(0.73	)	$	1.04
Net income (loss) per share	$	0.26		$	(0.01	)	$	(0.11	)	$	(2.74	)	$	(6.35	)	$	1.01

(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. There was no impact to net income(loss), stockholders' equity, or earnings per share.

Consolidated Income Statement
Third Quarter 2011 (unaudited)
(amount in millions, except per share data)

Quarters ended

	2010												2011
	March			June			September			December			March			June			September
Consolidated Income Statement

Premiums (1)	$	126.9		$	130.8		$	129.8		$	133.9		$	111.0		$	109.3		$	117.4
Fee income		162.5			155.6			157.9			153.4			153.8			154.6			147.6
Net investment income		204.9			216.1			195.5			232.3			201.3			211.2			198.3
Total revenue		494.3			502.5			483.2			519.6			466.1			475.1			463.3
Policy benefits and increase in policy liabilities (1)		263.8			292.5			264.4			269.3			260.7			271.1			268.2
Policyholder dividends		68.3			80.4			65.4			86.3			65.3			70.4			53.0
Policy acquisition cost amortization		67.0			67.4			99.9			66.1			62.5			51.7			56.9
Interest expense on indebtedness		8.0			7.9			7.9			7.9			7.9			7.9			7.9
Operating expenses		80.2			74.9			64.0			72.2			59.3			58.9			57.3
Total benefits and expenses		487.3			523.1			501.6			501.8			455.7			460.0			443.3
Pre-tax operating income (loss)		7.0			(20.6	)		(18.4	)		17.8			10.4			15.1			20.0
Income tax expense (benefit)		(2.7	)		(0.6	)		(11.3	)		10.0			(4.4	)		18.0			(9.0	)
Operating income (loss)		9.7			(20.0	)		(7.1	)		7.8			14.8			(2.9	)		29.0
Net realized investment gains (losses)		3.0			30.5			(14.1	)		(29.3	)		(16.2	)		3.1			6.1
Net Tax, DAC and PDO impacts		1.2			(15.2	)		(3.9	)		12.8			(3.2	)		4.9			1.4
Discontinued operations		(0.2	)		15.0			0.1			(2.9	)		(1.5	)		(0.7	)		(4.7	)
Net income (loss)	$	13.7		$	10.3		$	(25.0	)	$	(11.6	)	$	(6.1	)	$	4.4		$	31.8


Earnings Per Share
Basic
Weighted-average shares outstanding		116.1			116.2			116.3			116.3			116.3			116.8			116.9
Total operating income (loss) per share	$	0.08		$	(0.17	)	$	(0.06	)	$	0.07		$	0.13		$	(0.02	)	$	0.25
Net income (loss) per share	$	0.12		$	0.09		$	(0.22	)	$	(0.10	)	$	(0.05	)	$	0.04		$	0.27

Diluted
Weighted-average shares outstanding and
dilutive potential common shares		116.6			116.2			116.3			116.3			116.3			117.1			117.1
Total operating income (loss) per share	$	0.08		$	(0.17	)	$	(0.06	)	$	0.07		$	0.13		$	(0.02	)	$	0.25
Net income (loss) per share	$	0.12		$	0.09		$	(0.22	)	$	(0.10	)	$	(0.05	)	$	0.04		$	0.27

(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. There was no impact to net income(loss), stockholders' equity, or earnings per share.

The Phoenix Companies, Inc.

Alternate Operating Income Statement

Details excluding Regulatory Closed Block

Third Quarter 2011 (unaudited)

($ in millions)

	September						December 31,
	2011			2010			2010			2009			2008			2007

Premiums	$	24.9		$	21.7		$	29.8		$	37.1		$	46.6		$	52.7
Cost of insurance charges		344.0			361.9			475.5			491.2			434.7			336.0
Other fees		100.1			100.1			136.1			130.0			151.1			148.2
Surrender charges		11.9			14.1			17.9			26.9			15.1			15.7
Net investment income on assets backing liabilities		246.7			226.5			313.5			330.2			358.8			385.1
Net investment income on assets backing surplus		19.1			21.0			32.9			(2.2	)		24.5			78.8
Total revenue		746.7			745.3			1,005.7			1,013.2			1,030.8			1,016.5

Benefits paid		319.8			396.6			517.0			806.1			463.1			436.7
Increases (decreases) in reserves		(36.5	)		(138.4	)		(177.1	)		(434.3	)		(100.4	)		(149.1	)
Interest on policyholder funds		88.9			94.6			124.2			136.2			152.0			155.6
Policyholder dividends		0.2			0.3			0.3			0.4			0.6			0.7
Interest expense on indebtedness		23.8			23.9			31.7			33.1			36.7			44.2
Commissions and sales incentives, net of deferrals		18.6			19.3			26.5			21.9			39.7			33.6
Operating expenses, net of deferrals		146.3			171.5			233.2			269.5			225.9			219.6
Reinsurance allowance, net of deferrals		(3.0	)		7.0			5.8			(5.7	)		(13.0	)		(13.4	)
Premium taxes		9.1			11.4			15.4			9.4			16.8			15.1
Policy acquisition cost amortization		171.2			234.3			300.4			266.5			431.7			192.7
Total benefits and expenses		738.4			820.5			1,077.4			1,103.1			1,253.1			935.7
Pre-tax operating income (loss) excl. regulatory closed block		8.3			(75.2	)		(71.7	)		(89.9	)		(222.3	)		80.8
Pre-tax operating income - regulatory closed block		37.3			43.2			57.5			62.7			62.7			67.0
Total pre-tax operating income (loss)		45.6			(32.0	)		(14.2	)		(27.2	)		(159.6	)		147.8
Income tax expense (benefit)		4.8			(14.6	)		(4.6	)		115.5			(75.7	)		27.1
Total operating income (loss)	$	40.8		$	(17.4	)	$	(9.6	)	$	(142.7	)	$	(83.9	)	$	120.7

The Phoenix Companies, Inc.
Alternate Operating Income Statement
Details excluding Regulatory Closed Block
Third Quarter 2011 (unaudited)
($ in millions)

Quarters ended

	2010												2011
	March			June			September			December			March			June			September

Premiums	$	7.0		$	6.6		$	8.1		$	8.1		$	7.8		$	5.6		$	11.6
Cost of insurance charges		124.4			119.9			117.6			113.6			116.1			114.9			113.0
Other fees		33.1			30.9			36.1			36.0			33.6			34.9			31.5
Surrender charges		5.0			4.8			4.3			3.8			4.1			4.8			3.0
Net investment income on assets backing liabilities		76.8			74.9			74.8			87.0			80.6			83.9			82.3
Net investment income on assets backing surplus		5.7			9.5			5.8			11.9			3.1			9.3			6.6
Total revenue		252.0			246.6			246.7			260.4			245.3			253.4			248.0

Benefits paid		129.5			138.7			128.4			120.4			114.7			124.3			80.8
Increases (decreases) in reserves		(52.0	)		(38.0	)		(48.4	)		(38.7	)		(24.6	)		(22.3	)		10.3
Interest on policyholder funds		32.5			32.1			30.0			29.6			29.0			31.6			28.4
Policyholder dividends		0.1			0.1			0.1			---			0.1			0.1			0.1
Interest expense on indebtedness		8.0			7.9			7.9			7.9			7.9			7.9			7.9
Commissions and sales incentives, net of deferrals		6.1			7.0			6.2			7.1			6.1			6.5			6.3
Operating expenses, net of deferrals		62.6			54.4			54.6			61.7			49.9			48.8			47.6
Reinsurance allowance, net of deferrals		(1.3	)		9.4			(1.1	)		(1.2	)		(1.1	)		(0.9	)		(1.0	)
Premium taxes		6.9			2.6			1.9			4.0			2.9			3.1			3.0
Policy acquisition cost amortization		67.0			67.4			99.9			66.1			62.5			51.7			56.9
Total benefits and expenses		259.4			281.6			279.5			256.9			247.4			250.8			240.3
Pre-tax operating income (loss) excl. regulatory closed block		(7.4	)		(35.0	)		(32.8	)		3.5			(2.1	)		2.6			7.7
Pre-tax operating income - regulatory closed block		14.4			14.4			14.4			14.3			12.5			12.5			12.3
Total pre-tax operating income (loss)		7.0			(20.6	)		(18.4	)		17.8			10.4			15.1			20.0
Income tax expense (benefit)		(2.7	)		(0.6	)		(11.3	)		10.0			(4.4	)		18.0			(9.0	)
Total operating income (loss)	$	9.7		$	(20.0	)	$	(7.1	)	$	7.8		$	14.8		$	(2.9	)	$	29.0

The Phoenix Companies, Inc.

Closed Block Assets and Liabilities

Third Quarter 2011 (unaudited)

($ in millions)

	September				December 31,
	2011		2010		2010		2009		2008		2007

Debt securities	$	6,395.6	$	6,581.3	$	6,385.4	$	6,305.1	$	6,011.4	$	6,919.4
Equity securities		19.1		19.4		19.6		6.7		9.0		134.0
Mortgage loans		2.9		4.5		4.1		6.2		8.9		12.7
Venture capital partnerships		221.6		199.4		210.0		180.2		188.5		157.3
Policy loans		1,289.4		1,349.1		1,340.8		1,378.5		1,377.0		1,357.1
Other investments		130.3		122.6		125.5		142.8		153.3		123.7
Fair value options investments		10.8		15.1		16.0		---		---		---
Total closed block investments		8,069.7		8,291.4		8,101.4		8,019.5		7,748.1		8,704.2
Cash and cash equivalents		13.8		27.5		7.1		33.3		57.2		67.8
Accrued investment income		97.7		102.1		97.2		105.9		113.0		112.1
Receivables		53.0		72.5		62.5		53.3		49.5		44.7
Deferred income taxes		232.8		246.9		236.2		270.3		418.3		329.3
Other closed block assets		12.6		14.1		17.8		22.6		338.0		10.0
Total closed block assets		8,479.6		8,754.5		8,522.2		8,504.9		8,724.1		9,268.1
Policy liabilities and accruals		8,701.3		8,975.2		8,903.5		9,246.5		9,742.7		9,811.2
Policyholder dividends payable		261.5		294.8		263.3		297.8		311.1		332.8
Policyholder dividend obligation		499.9		457.3		339.0		---		---		246.0
Other closed block liabilities		50.4		93.4		73.6		57.9		72.0		49.3
Total closed block liabilities		9,513.1		9,820.7		9,579.4		9,602.2		10,125.8		10,439.3
Excess of closed block liabilities over closed block assets	$	1,033.5	$	1,066.2	$	1,057.2	$	1,097.3	$	1,401.7	$	1,171.2

The Phoenix Companies, Inc.
Closed Block Assets and Liabilities
Third Quarter 2011 (unaudited)

($ in millions)

	2010								2011
	March		June		September		December		March		June		September

Debt securities	$	6,371.5	$	6,480.7	$	6,581.3	$	6,385.4	$	6,384.6	$	6,386.1	$	6,395.6
Equity securities		9.9		12.3		19.4		19.6		21.6		19.5		19.1
Mortgage loans		5.7		5.2		4.5		4.1		3.7		3.3		2.9
Venture capital partnerships		191.2		197.9		199.4		210.0		215.3		218.3		221.6
Policy loans		1,380.0		1,371.0		1,349.1		1,340.8		1,315.1		1,303.0		1,289.4
Other investments		141.5		148.3		122.6		125.5		122.7		132.2		130.3
Fair value options investments		---		---		15.1		16.0		11.7		11.8		10.8
Total closed block investments		8,099.8		8,215.4		8,291.4		8,101.4		8,074.7		8,074.2		8,069.7
Cash and cash equivalents		24.6		22.6		27.5		7.1		11.4		14.1		13.8
Accrued investment income		107.4		102.1		102.1		97.2		96.5		94.9		97.7
Receivables		55.5		61.5		72.5		62.5		60.1		59.3		53.0
Deferred income taxes		264.1		261.1		246.9		236.2		232.3		233.5		232.8
Other closed block assets		17.1		37.0		14.1		17.8		25.3		15.8		12.6
Total closed block assets		8,568.5		8,699.7		8,754.5		8,522.2		8,500.3		8,491.8		8,479.6
Policy liabilities and accruals		9,167.0		9,077.0		8,975.2		8,903.5		8,835.8		8,770.3		8,701.3
Policyholder dividends payable		299.2		296.3		294.8		263.3		264.3		261.8		261.5
Policyholder dividend obligation		114.8		248.5		457.3		339.0		355.8		433.5		499.9
Other closed block liabilities		71.5		152.9		93.4		73.6		93.5		67.6		50.4
Total closed block liabilities		9,652.5		9,774.7		9,820.7		9,579.4		9,549.4		9,533.2		9,513.1
Excess of closed block liabilities over closed block assets	$	1,084.0	$	1,075.0	$	1,066.2	$	1,057.2	$	1,049.1	$	1,041.4	$	1,033.5

The Phoenix Companies, Inc.

Variable Universal Life

Funds Under Management

Third Quarter 2011 (unaudited)

($ in millions)

	September						December 31,
	2011			2010			2010			2009			2008			2007

Funds Under Management (FUM)
Deposits	$	71.3		$	82.5		$	108.5		$	115.8		$	142.2		$	153.8
Surrenders		(105.4	)		(128.7	)		(175.6	)		(158.8	)		(105.4	)		(102.1	)
Net flows		(34.1	)		(46.2	)		(67.1	)		(43.0	)		36.8			51.7
Deaths		(3.3	)		(3.4	)		(4.3	)		(2.6	)		(4.6	)		(12.0	)
Interest credited		(76.9	)		58.0			143.6			244.3			(486.1	)		121.5
Fees		(8.8	)		(9.8	)		(13.1	)		(15.3	)		(22.7	)		(26.1	)
Cost of insurance		(54.1	)		(57.3	)		(76.0	)		(80.0	)		(78.6	)		(75.2	)
Change in FUM		(177.2	)		(58.7	)		(16.9	)		103.4			(555.2	)		59.9
Beginning balance		1,151.6			1,168.5			1,168.5			1,065.1			1,620.3			1,560.4
Ending fund balance	$	974.4		$	1,109.8		$	1,151.6		$	1,168.5		$	1,065.1		$	1,620.3

Gross life insurance in force	$	14,732.0		$	16,589.0		$	16,063.0		$	22,780.0		$	24,934.5		$	24,714.2
Less Philadelphia Financial Group (PFG) gross life insurance in force		---			---			---			4,758.1			4,665.3			4,259.4
Gross life insurance in force (1)	$	14,732.0		$	16,589.0		$	16,063.0		$	18,021.9		$	20,269.2		$	20,454.8

(1)	Gross life insurance in force for all periods have been reduced to reflect the sale of Philadelphia Financial Group (PFG) in June 2010.

The Phoenix Companies, Inc.

Variable Universal Life

Funds Under Management

Third Quarter 2011 (unaudited)

($ in millions)

Quarters ended

	2010												2011
	March			June			September			December			March			June			September

Funds Under Management (FUM)
Deposits	$	28.7		$	27.6		$	26.2		$	26.0		$	24.5		$	22.9		$	23.9
Surrenders		(46.3	)		(42.7	)		(39.7	)		(46.9	)		(44.7	)		(34.2	)		(26.5	)
Net flows		(17.6	)		(15.1	)		(13.5	)		(20.9	)		(20.2	)		(11.3	)		(2.6	)
Deaths		(2.1	)		(0.4	)		(0.9	)		(0.9	)		(2.0	)		(0.6	)		(0.7	)
Interest credited		41.6			(81.5	)		97.9			85.6			52.9			9.0			(138.8	)
Fees		(3.3	)		(3.4	)		(3.1	)		(3.3	)		(3.1	)		(3.1	)		(2.6	)
Cost of insurance		(19.2	)		(19.1	)		(19.0	)		(18.7	)		(18.4	)		(17.8	)		(17.9	)
Change in FUM		(0.6	)		(119.5	)		61.4			41.8			9.2			(23.8	)		(162.6	)
Beginning balance		1,168.5			1,167.9			1,048.4			1,109.8			1,151.6			1,160.8			1,137.0
Ending fund balance	$	1,167.9		$	1,048.4		$	1,109.8		$	1,151.6		$	1,160.8		$	1,137.0		$	974.4

Gross life insurance in force	$	22,483.0		$	17,183.0		$	16,589.0		$	16,063.0		$	15,498.0		$	15,090.0		$	14,732.0
Less Philadelphia Financial Group (PFG) gross life insurance in force		4,738.3			---			---			---			---			---			---
Gross life insurance in force (1)	$	17,744.7		$	17,183.0		$	16,589.0		$	16,063.0		$	15,498.0		$	15,090.0		$	14,732.0

(1)	Gross life insurance in force for all periods have been reduced to reflect the sale of Philadelphia Financial Group (PFG) in June 2010.

The Phoenix Companies, Inc.

Universal Life / Interest Sensitive Funds Under Management

Third Quarter 2011 (unaudited)

($ in millions)

	September						December 31,
	2011			2010			2010			2009			2008			2007

Funds Under Management (FUM)
Deposits	$	285.0		$	240.2		$	336.2		$	351.4		$	587.5		$	540.9
Surrenders		(65.3	)		(98.4	)		(123.4	)		(161.6	)		(118.8	)		(77.0	)
Net flows		219.7			141.8			212.8			189.8			468.7			463.9
Deaths		(25.9	)		(31.5	)		(40.2	)		(27.3	)		(28.4	)		(22.9	)
Interest credited		60.2			65.3			85.7			96.6			97.7			86.3
Fees		(17.7	)		(16.6	)		(22.5	)		(28.3	)		(51.5	)		(48.6	)
Cost of insurance		(289.9	)		(302.9	)		(397.6	)		(406.1	)		(354.4	)		(258.9	)
Change in FUM		(53.6	)		(143.9	)		(161.8	)		(175.3	)		132.1			219.8
Beginning balance		1,918.9			2,080.7			2,080.7			2,256.0			2,123.9			1,904.1
Ending fund balance	$	1,865.3		$	1,936.8		$	1,918.9		$	2,080.7		$	2,256.0		$	2,123.9

Gross life insurance in force	$	26,659.0		$	29,705.0		$	28,769.0		$	32,329.0		$	33,351.1		$	27,358.2

The Phoenix Companies, Inc.

Universal Life / Interest Sensitive Funds Under Management

Third Quarter 2011 (unaudited)

($ in millions)

Quarters ended

	2010												2011
	March			June			September			December			March			June			September

Funds Under Management (FUM)
Deposits	$	84.3		$	75.1		$	80.8		$	96.0		$	90.2		$	100.6		$	94.2
Surrenders		(35.6	)		(29.0	)		(33.8	)		(25.0	)		(21.9	)		(20.9	)		(22.5	)
Net flows		48.7			46.1			47.0			71.0			68.3			79.7			71.7
Deaths		(9.8	)		(13.0	)		(8.7	)		(8.7	)		(8.5	)		(9.2	)		(8.2	)
Interest credited		23.1			21.5			20.7			20.4			20.3			20.5			19.4
Fees		(6.1	)		(5.1	)		(5.4	)		(5.9	)		(5.7	)		(6.1	)		(5.9	)
Cost of insurance		(104.3	)		(100.4	)		(98.2	)		(94.7	)		(97.6	)		(97.1	)		(95.2	)
Change in FUM		(48.4	)		(50.9	)		(44.6	)		(17.9	)		(23.2	)		(12.2	)		(18.2	)
Beginning balance		2,080.7			2,032.3			1,981.4			1,936.8			1,918.9			1,895.7			1,883.5
Ending fund balance	$	2,032.3		$	1,981.4		$	1,936.8		$	1,918.9		$	1,895.7		$	1,883.5		$	1,865.3

Gross life insurance in force	$	31,690.0		$	30,679.0		$	29,705.0		$	28,769.0		$	27,930.0		$	27,268.0		$	26,659.0

The Phoenix Companies, Inc.
Life Sales
Third Quarter 2011 (unaudited)
($ in millions)

	September				December 31,
	2011		2010		2010		2009		2008		2007
Life Insurance Sales

Wholesaler Channel
Variable universal life	$	---	$	0.1	$	0.1	$	6.9	$	26.7	$	21.9
Universal life/interest sensitive		1.6		1.8		2.6		20.8		229.9		308.2
Term life		---		---		---		5.3		21.6		22.2
Life insurance annualized premium (1)		1.6		1.9		2.7		33.0		278.2		352.3

Variable universal life		---		0.1		0.2		3.2		9.3		8.0
Universal life/interest sensitive		0.5		1.0		1.1		19.2		54.2		65.0
Whole Life		0.9		---		---		---		---		---
Life insurance single premium		1.4		1.1		1.3		22.4		63.5		73.0

Variable universal life		---		0.2		0.3		10.1		36.0		29.9
Universal life/interest sensitive		2.1		2.8		3.7		40.0		284.1		373.2
Whole Life		0.9		---		---		---		---		---
Term life		---		---		---		5.3		21.6		22.2
Total wholesaler life insurance premium (2)	$	3.0	$	3.0	$	4.0	$	55.4	$	341.7	$	425.3

Gross life insurance in force	$	127,403.0	$	139,512.0	$	136,239.0	$	155,267.0	$	166,781.0	$	156,889.0
Less Philadelphia Financial Group (PFG) gross life insurance in force		---		---		---		4,758.1		4,665.3		4,259.4
Gross life insurance in force (3)	$	127,403.0	$	139,512.0	$	136,239.0	$	150,508.9	$	162,115.7	$	152,629.6

Average face amount for life insurance sales	$	0.5	$	0.6	$	0.6	$	0.9	$	1.0	$	1.3

(1)	Annualized premium represents first year premiums on an annual basis.

(2)	Total premium represents annualized and single premiums.

(3)	Gross life insurance in force for all periods have been reduced to reflect the sale of Philadelphia Financial Group (PFG) in June 2010.

The Phoenix Companies, Inc.
Life Sales
Third Quarter 2011 (unaudited)
($ in millions)

Quarters ended

	2010								2011
	March		June		September		December		March		June		September
Life Insurance Sales

Wholesaler Channel
Variable universal life	$	---	$	0.1	$	---	$	---	$	---	$	---	$	---
Universal life/interest sensitive		0.9		0.3		0.6		0.8		0.6		0.7		0.4
Life insurance annualized premium (1)		0.9		0.4		0.6		0.8		0.6		0.7		0.4

Variable universal life		---		---		0.1		0.1		---		---		---
Universal life/interest sensitive		0.8		0.1		0.1		0.1		0.3		0.2		---
Whole life		---		---		---		---		---		---		0.9
Life insurance single premium		0.8		0.1		0.2		0.2		0.3		0.2		0.9

Variable universal life		---		0.1		0.1		0.1		---		0.1		---
Universal life/interest sensitive		1.7		0.4		0.7		0.9		0.8		0.8		0.4
Whole life		---		---		---		---		---		---		0.9
Total wholesaler life insurance premium (2)	$	1.7	$	0.5	$	0.8	$	1.0	$	0.8	$	0.9	$	1.3

Gross life insurance in force	$	151,669.0	$	143,085.0	$	139,512.0	$	136,239.0	$	132,884.0	$	130,007.0	$	127,403.0
Less Philadelphia Financial Group (PFG) gross life insurance in force		4,738.3		---		---		---		---		---		---
Gross life insurance in force (3)	$	146,930.7	$	143,085.0	$	139,512.0	$	136,239.0	$	132,884.0	$	130,007.0	$	127,403.0

Average face amount for life insurance sales	$	0.8	$	0.3	$	0.3	$	0.7	$	0.5	$	0.5	$	0.4

(1)	Annualized premium represents first year premiums on an annual basis.

(2)	Total premium represents annualized and single premiums.

(3)	Gross life insurance in force for all periods have been reduced to reflect the sale of Philadelphia Financial Group (PFG) in June 2010.

The Phoenix Companies, Inc.

Annuity Funds Under Management and

Annuity Supplementary Information

Third Quarter 2011 (unaudited)

($ in millions)

		September						December 31,
		2011			2010			2010			2009			2008			2007

Funds Under Management (FUM) (1)
Deposits		$	675.6		$	84.8		$	220.8		$	142.6		$	628.9		$	630.6
Surrenders			(380.3	)		(364.0	)		(482.5	)		(592.2	)		(819.6	)		(953.8	)
	Net flows		295.3			(279.2	)		(261.7	)		(449.6	)		(190.7	)		(323.2	)
Deaths			(46.1	)		(41.3	)		(54.8	)		(51.2	)		(75.4	)		(75.9	)
Interest credited			(177.1	)		198.5			440.0			738.8			(1,215.7	)		344.7
Bonus			38.5			2.6			12.1			---			---			---
Fees			(41.6	)		(41.9	)		(56.2	)		(53.7	)		(55.5	)		(61.1	)
	Change in FUM		69.0			(161.3	)		79.4			184.3			(1,537.3	)		(115.5	)
Beginning balance			4,083.3			4,003.9			4,003.9			3,819.6			5,356.9			5,472.4
Ending fund balance		$	4,152.3		$	3,842.6		$	4,083.3		$	4,003.9		$	3,819.6		$	5,356.9

VA funds in guaranteed interest accounts (2)		$	437.2		$	468.6		$	459.6		$	502.5		$	664.9		$	809.3

(1)	Funds under management (FUM) for all periods have been revised to include group pension product funds.

(2)	Amounts are included in the annuity funds under management (FUM) table above.


Variable Annuity Guaranteed Minimum Death Benefits
Death benefit in excess of fund value		$	461.6		$	418.0		$	290.0		$	531.8		$	1,105.5		$	202.4
Death benefit in excess of fund value, net of reinsurance			247.1			209.8			116.4			291.6			709.6			46.6
Statutory reserve, net of reinsurance			7.5			7.2			5.8			8.3			39.0			12.9

Variable Annuity Guaranteed Income Benefits
Account balance		$	433.3		$	505.4		$	528.4		$	525.8		$	464.1		$	716.8
Statutory reserve			47.3			36.1			22.4			39.2			34.7			6.9

Variable Annuity Guaranteed Accumulation Benefits
Account balance		$	365.6		$	413.5		$	440.3		$	417.9		$	335.6		$	389.8
Statutory reserve			18.3			7.1			0.5			9.6			4.3			2.3

Variable Annuity Guaranteed Withdrawal Benefits
Account balance		$	530.4		$	584.8		$	615.7		$	592.2		$	413.2		$	214.6
Statutory reserve			10.8			4.8			0.5			12.3			3.5			0.7

Variable Annuity Guaranteed Payout Annuity Floor
Account balance		$	20.4		$	20.0		$	27.0		$	22.8		$	22.7		$	43.4
Statutory reserve			5.5			4.6			3.1			5.5			11.2			2.2

The Phoenix Companies, Inc.

Annuity Funds Under Management and

Annuity Supplementary Information

Third Quarter 2011 (unaudited)

($ in millions)

Quarters ended

		2010												2011
		March			June			September			December			March			June			September
Funds Under Management (FUM) (1)
Deposits		$	19.3		$	26.8		$	38.7		$	136.0		$	205.3		$	191.3		$	279.0
Surrenders			(124.3	)		(129.1	)		(110.6	)		(118.5	)		(134.9	)		(125.0	)		(120.4	)
Net flows			(105.0	)		(102.3	)		(71.9	)		17.5			70.4			66.3			158.6
Deaths			(15.7	)		(12.8	)		(12.8	)		(13.5	)		(17.0	)		(14.6	)		(14.5	)
Interest credited			125.5			(208.8	)		281.8			241.5			146.8			38.5			(362.4	)
Bonus			0.3			0.8			1.5			9.5			14.6			12.0			11.9
Fees			(14.6	)		(14.0	)		(13.3	)		(14.3	)		(14.4	)		(14.2	)		(13.0	)
Change in FUM			(9.5	)		(337.1	)		185.3			240.7			200.4			88.0			(219.4	)
Beginning balance			4,003.9			3,994.4			3,657.3			3,842.6			4,083.3			4,283.7			4,371.7
Ending fund balance		$	3,994.4		$	3,657.3		$	3,842.6		$	4,083.3		$	4,283.7		$	4,371.7		$	4,152.3

VA funds in guaranteed interest accounts (2)		$	489.8		$	477.5		$	468.6		$	459.6		$	449.2		$	444.3		$	437.2

(1)	Funds under management (FUM) for all periods have been revised to include group pension product funds.

(2)	Amounts are included in the annuity funds under management (FUM) table above.


Variable Annuity Guaranteed Minimum Death Benefits
Death benefit in excess of fund value		$	453.3		$	612.5		$	418.0		$	290.0		$	235.5		$	229.0		$	461.6
Death benefit in excess of fund value, net of reinsurance			233.8			351.9			209.8			116.4			78.9			75.4			247.1
Statutory reserve, net of reinsurance			7.4			9.4			7.2			5.8			5.1			5.3			7.5

Variable Annuity Guaranteed Income Benefits
Account balance		$	530.2		$	476.4		$	505.4		$	528.4		$	530.1		$	513.8		$	433.3
Statutory reserve			33.1			55.2			36.1			22.4			17.2			18.1			47.3

Variable Annuity Guaranteed Accumulation Benefits
Account balance		$	425.4		$	381.2		$	413.5		$	440.3		$	445.1		$	434.4		$	365.6
Statutory reserve			7.4			23.0			7.1			0.5			---			---			18.3

Variable Annuity Guaranteed Withdrawal Benefits
Account balance		$	601.1		$	543.6		$	584.8		$	615.7		$	631.6		$	623.5		$	530.4
Statutory reserve			6.0			14.0			4.8			0.5			---			---			10.8

Variable Annuity Guaranteed Payout Annuity Floor
Account balance		$	22.6		$	19.0		$	20.0		$	27.0		$	21.5		$	19.8		$	20.4
Statutory reserve			4.3			5.7			4.6			3.1			2.4			2.4			5.5

The Phoenix Companies, Inc.

Deferred Policy Acquisition Costs

Third Quarter 2011 (unaudited)

($ in millions)

	September						December 31,
	2011			2010			2010			2009			2008			2007
Deferred Policy Acquisition Costs:
Variable universal life	$	211.0		$	246.9		$	238.5		$	275.1		$	324.2		$	355.0
Universal life		480.7			646.1			591.8			820.2			970.4			796.7
Variable annuities		130.7			164.7			183.9			172.7			155.6			270.8
Fixed annuities		125.8			0.3			0.4			6.2			6.5			12.8
Traditional life		443.9			447.4			445.1			455.8			478.6			566.9
Offset for unrealized investment gains or losses		(61.8	)		(33.7	)		(15.4	)		186.0			773.0			63.7
Total deferred policy acquisition costs	$	1,330.3		$	1,471.7		$	1,444.3		$	1,916.0		$	2,708.3		$	2,065.9


Deferred Policy Acquisition Costs:
Policy acquisition costs deferred	$	104.4		$	8.4		$	27.0		$	67.6		$	339.6		$	461.3
Costs amortized to expenses:
Recurring costs		(171.2	)		(234.3	)		(300.4	)		(266.4	)		(431.8	)		(192.7	)
Realized investment gains or losses		(0.8	)		0.5			2.2			5.8			25.8			(0.2	)
Offsets to net unrealized investment gains or losses
included in AOCI (1)		(46.4	)		(217.3	)		(198.9	)		(603.6	)		709.3			63.4
Cumulative effect of adoption of new guidance		---			(1.6	)		(1.6	)		11.9			---			---
Other		---			---			---			(7.6	)		(0.5	)		---
Change in deferred policy acquisition costs		(114.0	)		(444.3	)		(471.7	)		(792.3	)		642.4			331.8
Deferred policy acquisition costs, beginning of period		1,444.3			1,916.0			1,916.0			2,708.3			2,065.9			1,734.1
Deferred policy acquisition costs, end of period	$	1,330.3		$	1,471.7		$	1,444.3		$	1,916.0		$	2,708.3		$	2,065.9


(1)	An offset to deferred policy acquisition costs and AOCI is recorded each period to the extent that, had unrealized holding gains or losses from securities classified as available-for-sale actually been realized, an adjustment to deferred policy acquisition costs amortized using gross profits or gross margins would result.

The Phoenix Companies, Inc.

Deferred Policy Acquisition Costs

Third Quarter 2011 (unaudited)

($ in millions)

Quarters ended

	2010												2011
	March			June			September			December			March			June			September
Deferred Acquisition Costs:
Variable universal life	$	267.0		$	258.0		$	246.9		$	238.5		$	231.6		$	224.5		$	211.0
Universal life		773.4			728.1			646.1			591.8			545.6			510.1			480.7
Variable annuities		168.6			158.0			164.7			183.9			210.4			141.5			130.7
Fixed annuities		6.3			6.5			0.3			0.4			0.6			91.9			125.8
Traditional life		450.4			448.9			447.4			445.1			443.2			440.9			443.9
Offset for unrealized investment gains or losses		77.3			38.5			(33.7	)		(15.4	)		(28.1	)		(50.0	)		(61.8	)
Total deferred policy acquisition costs	$	1,743.0		$	1,638.0		$	1,471.7		$	1,444.3		$	1,403.3		$	1,358.9		$	1,330.3


Deferred Policy Acquisition Costs:
Policy acquisition costs deferred	$	3.8		$	(0.3	)	$	4.9		$	18.6		$	34.4		$	29.4		$	40.6
Costs amortized to expenses:
Recurring costs		(67.0	)		(67.3	)		(100.0	)		(66.1	)		(62.5	)		(51.7	)		(57.0	)
Realized investment gains or losses		(1.2	)		1.4			0.3			1.7			(0.2	)		(0.1	)		(0.5	)
Offsets to net unrealized investment gains or losses
included in AOCI (1)		(108.6	)		(38.8	)		(69.9	)		18.4			(12.7	)		(22.0	)		(11.7	)
Cumulative effect of adoption of new guidance		---			---			(1.6	)		---			---			---			---
Change in deferred policy acquisition costs		(173.0	)		(105.0	)		(166.3	)		(27.4	)		(41.0	)		(44.4	)		(28.6	)
Deferred policy acquisition costs, beginning of period		1,916.0			1,743.0			1,638.0			1,471.7			1,444.3			1,403.3			1,358.9
Deferred policy acquisition costs, end of period	$	1,743.0		$	1,638.0		$	1,471.7		$	1,444.3		$	1,403.3		$	1,358.9		$	1,330.3


(1)	An offset to deferred policy acquisition costs and AOCI is recorded each period to the extent that, had unrealized holding gains or losses from securities classified as available-for-sale actually been realized, an adjustment to deferred policy acquisition costs amortized using gross profits or gross margins would result.

The Phoenix Companies, Inc.
Consolidated Statement of Income - GAAP Format (1)
Third Quarter 2011 (unaudited)
($ in millions)

	September						December 31,
	2011			2010			2010			2009			2008			2007
REVENUES
Premiums (2)	$	337.7		$	387.5		$	521.4		$	583.9		$	664.3		$	697.5
Fee income		456.0			476.1			630.2			648.1			601.3			499.4
Net investment income		612.6			615.7			844.6			786.7			912.5			1,056.7
Net realized investment losses:
Total other-than-temporary impairment ("OTTI") losses		(45.0	)		(80.2	)		(105.2	)		(201.5	)		(245.0	)		(51.9	)
Portion of OTTI losses recognized in other comprehensive income		27.9			41.4			55.6			93.1			---			---
Net OTTI losses recognized in earnings		(17.1	)		(38.8	)		(49.6	)		(108.4	)		(245.0	)		(51.9	)
Net realized investment gains (losses), excluding OTTI losses		10.1			58.2			39.7			6.2			(50.8	)		45.9
Net realized investment (losses)		(7.0	)		19.4			(9.9	)		(102.2	)		(295.8	)		(6.0	)
Total revenues		1,399.3			1,498.7			1,986.3			1,916.5			1,882.3			2,247.6

BENEFITS AND EXPENSES
Policy benefits, excluding policyholder dividends (2)		800.0			820.7			1,090.0			1,179.6			1,260.7			1,211.6
Policyholder dividends		188.7			224.9			309.8			226.8			207.5			380.0
Policy acquisition cost amortization		172.0			233.8			298.2			260.6			406.0			192.9
Interest expense on indebtedness		23.8			23.9			31.7			33.1			36.7			44.2
Interest expense on non-recourse collateralized obligations		---			---			---			---			11.8			15.4
Other operating expenses		175.4			219.1			291.3			303.5			254.9			270.1
Total benefits and expenses		1,359.9			1,522.4			2,021.0			2,003.6			2,177.6			2,114.2

Income (loss) from continuing operations before income taxes		39.4			(23.7	)		(34.7	)		(87.1	)		(295.3	)		133.4
Income tax expense (benefit)		2.4			(7.8	)		(10.1	)		108.9			(118.5	)		20.1

Income (loss) from continuing operations		37.0			(15.9	)		(24.6	)		(196.0	)		(176.8	)		113.3

Income (loss) from discontinued operations, net of income taxes		(6.9	)		14.9			12.0			(123.0	)		(549.2	)		4.3

Net income (loss)	$	30.1		$	(1.0	)	$	(12.6	)	$	(319.0	)	$	(726.0	)	$	117.6


(1)	Certain reclassifications have been made to prior periods to conform with the current presentation.

(2)	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. There was no impact to net income(loss), stockholders' equity, or earnings per share.

The Phoenix Companies, Inc.
Consolidated Statement of Income - GAAP Format (1)
Third Quarter 2011 (unaudited)
($ in millions)

Quarters Ended

	2010												2011
	March			June			September			December			March			June			September
REVENUES
Premiums (2)	$	126.9		$	130.8		$	129.8		$	133.9		$	111.0		$	109.3		$	117.4
Fee income		162.5			155.6			157.9			154.2			153.8			154.6			147.6
Net investment income		204.6			216.8			194.3			228.9			200.8			210.8			201.0
Net realized investment losses:
Total other-than-temporary impairment ("OTTI") losses		(31.4	)		(23.8	)		(25.0	)		(25.0	)		(7.4	)		(6.6	)		(31.0	)
Portion of OTTI losses recognized in other comprehensive income		16.9			11.4			13.1			14.2			1.7			3.6			22.6
Net OTTI losses recognized in earnings		(14.5	)		(12.4	)		(11.9	)		(10.8	)		(5.7	)		(3.0	)		(8.4	)
Net realized investment gains (losses), excluding OTTI losses		17.5			42.9			(2.2	)		(18.5	)		(10.5	)		6.1			14.5
Net realized investment gains (losses)		3.0			30.5			(14.1	)		(29.3	)		(16.2	)		3.1			6.1
Total revenues		497.0			533.7			467.9			487.7			449.4			477.8			472.1

BENEFITS AND EXPENSES
Policy benefits, excluding policyholder dividends (2)		263.8			292.5			264.4			269.3			260.7			271.1			268.2
Policyholder dividends		62.7			97.5			64.7			84.9			63.7			73.6			51.5
Policy acquisition cost amortization		68.2			65.9			99.7			64.4			62.7			51.8			57.5
Interest expense on indebtedness		8.0			7.9			7.9			7.9			7.9			7.9			7.9
Other operating expenses		80.2			74.9			64.0			72.2			59.3			58.9			57.2
Total benefits and expenses		482.9			538.7			500.7			498.7			454.3			463.3			442.3

Income (loss) from continuing operations before income taxes		14.1			(5.0	)		(32.8	)		(11.0	)		(4.9	)		14.5			29.8
Income tax expense (benefit)		0.2			(0.2	)		(7.7	)		(2.3	)		(0.3	)		9.4			(6.7	)

Income (loss) from continuing operations		13.9			(4.8	)		(25.1	)		(8.7	)		(4.6	)		5.1			36.5

Income (loss) from discontinued operations, net of income taxes		(0.2	)		15.1			0.1			(2.9	)		(1.5	)		(0.7	)		(4.7	)

Net income (loss)	$	13.7		$	10.3		$	(25.0	)	$	(11.6	)	$	(6.1	)	$	4.4		$	31.8


(1)	Certain reclassifications have been made to prior periods to conform with the current presentation.

(2)	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. There was no impact to net income(loss), stockholders' equity, or earnings per share.

The Phoenix Companies, Inc.

Condensed Consolidated Balance Sheet - Preliminary

Third Quarter 2011 (unaudited)

($ in millions)

	September				December 31,
		2011			2010			2009			2008			2007
ASSETS:
Available-for-sale debt securities, at fair value		$	11,676.3		$	10,893.8		$	10,333.0		$	9,817.4		$	11,959.4
Available-for-sale equity securities, at fair value			47.8			47.5			25.2			25.2			191.8
Venture capital partnerships, at equity in net assets			231.8			220.0			188.6			200.8			173.7
Policy loans, at unpaid principal balances			2,352.4			2,386.5			2,324.4			2,477.5			2,346.8
Other investments			549.7			516.9			539.7			616.9			507.3
Fair value option investments			88.2			102.1			69.3			84.1			---
			14,946.2			14,166.8			13,480.2			13,221.9			15,179.0
Available-for-sale debt and equity securities pledged
as collateral, at fair value			---			---			---			148.0			219.1
Total investments			14,946.2			14,166.8			13,480.2			13,369.9			15,398.1
Cash and cash equivalents			148.8			121.9			256.7			373.8			527.4
Accrued investment income			203.8			169.5			176.3			203.2			209.4
Receivables			413.2			405.7			356.6			358.0			279.3
Deferred policy acquisition costs			1,330.3			1,444.3			1,916.0			2,708.3			2,065.9
Deferred income taxes			121.0			116.4			166.2			435.2			33.5
Other assets			150.6			180.5			195.7			211.0			174.3
Discontinued operations assets			54.9			60.4			3,620.4			4,293.9			6,032.1
Separate account assets			3,666.9			4,416.8			4,418.1			3,860.1			5,781.2
Total assets		$	21,035.7		$	21,082.3		$	24,586.2		$	25,813.4		$	30,501.2

LIABILITIES:
Policy liabilities and accruals		$	12,978.8		$	12,992.5		$	13,151.1		$	13,932.9		$	13,952.0
Policyholder deposit funds			2,156.5			1,494.1			1,342.7			1,616.6			1,808.9
Indebtedness			427.7			427.7			428.0			458.0			627.7
Other liabilities			517.7			546.3			529.8			651.1			473.8
Discontinued operations liabilities			47.1			49.4			3,585.4			4,184.4			5,260.7
Non-recourse collateralized debt obligations			---			---			---			245.2			317.9
Separate account liabilities			3,666.9			4,416.8			4,418.1			3,860.1			5,781.2
Total liabilities			19,794.7			19,926.8			23,455.1			24,948.3			28,222.2

STOCKHOLDERS' EQUITY:
Common stock, $.01 par value: 116.3 million and 116.1 million shares outstanding			1.3			1.3			1.3			1.3			1.3
Additional paid-in capital			2,632.8			2,631.0			2,627.3			2,626.4			2,616.1
Accumulated deficit			(1,133.4	)		(1,163.5	)		(1,146.7	)		(839.5	)		(20.7	)
Accumulated other comprehensive loss			(80.2	)		(133.8	)		(171.3	)		(743.6	)		(138.2	)
Treasury stock, at cost: 11.3 million and 11.3 million shares			(179.5	)		(179.5	)		(179.5	)		(179.5	)		(179.5	)
Total stockholders' equity			1,241.0			1,155.5			1,131.1			865.1			2,279.0
Total liabilities and stockholders' equity		$	21,035.7		$	21,082.3		$	24,586.2		$	25,813.4		$	30,501.2

The Phoenix Companies, Inc.
General Account Investment Portfolio Summary (1)
Third Quarter 2011 (unaudited)
($ millions)

	Total Debt Securities						Public Debt Securities						Private Debt Securities
	9/30/2011			12/31/2010			9/30/2011			12/31/2010			9/30/2011			12/31/2010
Debt Securities by Credit Quality (Carrying Value)

AAA/AA/A	$	6,995.3		$	6,408.9		$	5,447.2		$	5,029.1		$	1,548.1		$	1,379.8
BBB		3,792.0			3,531.7			2,251.8			2,069.2			1,540.2			1,462.5
Total Investment Grade		10,787.3			9,940.6			7,699.0			7,098.3			3,088.3			2,842.3
BB		525.1			472.2			403.7			347.4			121.4			124.8
B		173.4			265.8			88.8			145.6			84.6			120.2
CCC and Lower		123.0			149.7			61.4			68.4			61.6			81.3
In or Near Default		67.5			65.5			38.5			39.3			29.0			26.2
Total Debt Securities	$	11,676.3		$	10,893.8		$	8,291.4		$	7,699.0		$	3,384.9		$	3,194.8

% Below Investment Grade		7.6	%		8.7	%		7.1	%		7.8	%		8.8	%		11.0	%


Unrealized Gains and Losses on Debt and Equity Securities
As of 9/30/11
	Total						Outside Closed Block						Closed Block
	Gains			Losses			Gains			Losses			Gains			Losses
Total Debt Securities	$	856.2		$	(343.5	)	$	293.7		$	(217.1	)	$	562.5		$	(126.4	)
Equity Securities		17.0			(2.6	)		10.8			(0.4	)		6.2			(2.2	)
Total Unrealized Gains (Losses)		873.2			(346.1	)		304.5			(217.5	)		568.7			(128.6	)

Applicable PDO		568.7			(128.6	)		---			---			568.7			(128.6	)
Applicable DAC (Credit)		183.9			(122.8	)		183.9			(122.9	)		---			---
Applicable Deferred Income Tax (Benefit)		42.2			(33.1	)		42.2			(33.1	)		---			---
Total Offsets to Net Unrealized Gains (Losses)		794.8			(284.5	)		226.1			(155.9	)		568.7			(128.6	)
Net Unrealized Gains (Losses)	$	78.4		$	(61.6	)	$	78.4		$	(61.6	)	$	---		$	---
Net Unrealized Gains	$	16.8					$	16.8					$	---

(1)	Excludes debt and equity securities pledged as collateral.

The Phoenix Companies, Inc.
General Account GAAP Net Investment Income Yields (1)
Third Quarter 2011 (unaudited)
($ in millions)

	September						December 31,
	2011			2010			2010			2009			2008			2007
GAAP Net Investment Income
Debt securities	$	460.4		$	451.8		$	602.1		$	649.4		$	707.1		$	775.0
Equity securities		1.1			0.7			2.4			0.4			4.3			8.2
Venture capital partnerships		12.2			14.8			24.5			(25.9	)		(4.7	)		27.0
Policy loans		128.1			128.5			171.7			183.6			187.0			179.5
Other investments (2)		17.5			30.0			49.8			(10.3	)		18.2			53.9
Fair value option investments		---			0.2			7.2			1.5			---			---
Cash and cash equivalents		---			0.1			0.1			0.3			7.5			18.8
Total cash and invested assets		619.3			626.1			857.8			799.0			919.4			1,062.4
Less: Discontinued operations		1.5			4.4			5.0			4.8			6.0			11.2
Less: Investment expenses		5.2			6.0			8.2			7.5			8.2			9.6
Total net investment income	$	612.6		$	615.7		$	844.6		$	786.7		$	905.2		$	1,041.6

Annualized Yields
Debt securities		5.5	%		5.7	%		5.7	%		6.4	%		7.1	%		6.6	%
Equity securities		3.1	%		2.2	%		5.2	%		1.7	%		4.6	%		4.1	%
Venture capital		7.3	%		10.0	%		12.1	%		-12.9	%		-2.3	%		17.3	%
Policy loans		7.5	%		7.7	%		7.6	%		8.0	%		7.7	%		7.9	%
Other investments (2)		4.6	%		7.4	%		9.5	%		-2.5	%		2.4	%		11.6	%
Fair value option investments		0.0	%		0.3	%		7.5	%		-2.2	%		0.0	%		0.0	%
Cash and cash equivalents		0.0	%		0.1	%		0.1	%		0.2	%		2.2	%		4.1	%
Total cash and invested assets		5.7	%		6.0	%		6.2	%		6.0	%		6.8	%		7.0	%

Investment expenses and discontinued operations		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%
Total net investment income yields		5.6	%		5.9	%		6.1	%		5.9	%		6.7	%		6.9	%


(1)	Excludes debt and equity securities pledged as collateral.

(2)	Includes real estate, affiliates and other invested assets.

The Phoenix Companies, Inc.

General Account GAAP Net Investment Income Yields (1)

Third Quarter 2011 (unaudited)

($ in millions)

Quarters ended

	2010												2011
	March			June			September			December			March			June			September
GAAP Net Investment Income
Debt securities	$	154.3		$	150.2		$	147.2		$	150.3		$	147.6		$	155.4		$	157.4
Equity securities		0.1			0.6			---			1.7			0.6			---			0.5
Venture capital partnerships		5.3			11.9			(2.4	)		9.7			9.8			1.2			1.2
Policy loans		43.4			42.1			43.0			43.2			42.0			43.6			42.5
Other investments (2)		4.6			15.5			9.9			19.8			0.7			12.7			4.1
Fair value option investments		0.7			0.2			(0.7	)		7.0			2.4			(0.2	)		(2.2	)
Cash and cash equivalents		---			0.1			---			---			0.0			---			---
Total cash and invested assets		208.4			220.6			197.0			231.7			203.1			212.7			203.5
Less: Discontinued operations		1.7			1.8			0.8			0.6			0.5			0.5			0.5
Less: Investment expenses		2.1			2.0			1.9			2.2			1.8			1.4			2.0
Total net investment income	$	204.6		$	216.8		$	194.3		$	228.9		$	200.8		$	210.8		$	201.0

Annualized Yields
Debt securities		6.2	%		5.9	%		5.6	%		5.7	%		5.5	%		5.7	%		5.6	%
Equity securities		1.4	%		7.0	%		0.0	%		15.6	%		4.9	%		0.0	%		4.2	%
Venture capital		11.6	%		26.5	%		-4.5	%		19.9	%		19.2	%		2.1	%		2.1	%
Policy loans		7.7	%		7.5	%		7.7	%		7.6	%		7.3	%		7.6	%		7.5	%
Other investments (2)		3.5	%		12.2	%		7.3	%		15.5	%		0.6	%		10.9	%		3.2	%
Fair value option investments		4.1	%		1.2	%		-3.5	%		32.9	%		10.4	%		-0.9	%		-9.3	%
Cash and cash equivalents		0.0	%		0.1	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Total cash and invested assets		6.2	%		6.5	%		5.7	%		6.7	%		5.8	%		6.0	%		5.6	%

Investment expenses and discontinued operations		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%
Total net investment income yields		6.1	%		6.4	%		5.6	%		6.6	%		5.7	%		5.9	%		5.5	%


(1)	Excludes debt and equity securities pledged as collateral.

(2)	Includes real estate, affiliates and other invested assets.

The Phoenix Companies, Inc.

General Account Realized Investment Gains and Losses

Third Quarter 2011 (unaudited)

($ Millions)

	September						December 31,
	2011			2010			2010			2009			2008			2007
Realized Investment Gains and Losses
Debt security	$	(17.1	)	$	(38.2	)	$	(49.0	)	$	(93.0	)	$	(224.0	)	$	(46.7	)
Equity security		---			(0.6	)		(0.6	)		(5.2	)		(2.7	)		(0.5	)
Debt and equity securities pledged as collateral		---			---			---			---			(2.3	)		(0.8	)
Other invested asset		---			---			---			(10.2	)		(16.0	)		(3.9	)
Total impairment losses		(17.1	)		(38.8	)		(49.6	)		(108.4	)		(245.0	)		(51.9	)
Debt security net transaction		9.4			44.8			45.4			(23.8	)		(9.8	)		11.6
Equity security net transaction		---			0.1			---			2.2			(29.5	)		9.5
Venture capital net investment		---			(0.3	)		(0.3	)		(3.6	)		(3.0	)		---
Mortgage loan net transaction		---			0.2			0.2			(0.1	)		(0.1	)		1.4
Affiliate equity security transaction		---			---			---			---			---			13.7
Real estate net transaction		---			---			---			---			2.4			1.4
Other invested asset net transactions		(1.9	)		---			(1.2	)		1.5			(0.9	)		3.7
Debt and equity securities pledged as collateral		---			(1.5	)		---			---			2.2			1.8
CDO deconsolidation		---			---			---			57.0			---			---
Total net transactions		7.5			43.3			44.1			33.2			(38.7	)		43.1
Realized gains (losses) on fair value option securities		(1.7	)		1.1			3.5			4.0			(18.4	)		3.8
Realized gains (losses) on derivative assets and liabilities (1)		4.3			13.8			(7.9	)		(31.0	)		6.3			(1.0	)
Net realized gains (losses)		(7.0	)		19.4			(9.9	)		(102.2	)		(295.8	)		(6.0	)

Closed block applicable PDO (reduction)		(0.8	)		(10.8	)		(9.4	)		40.5			120.2			(4.4	)
Applicable deferred acquisition costs (credit)		(0.2	)		0.5			2.2			5.8			25.7			(0.2	)
Applicable income tax expense (benefit)		2.5			(6.5	)		5.6			6.6			42.7			5.3
Debt and equity securities pledged as collateral		---			---			---			---			0.1			0.8
Realized gains (losses) on def. comp. portion fair value option securities		1.7			(1.1	)		(3.5	)		(4.0	)		18.4			(3.8	)
Net realized investment gains (losses) included in net income (loss)	$	(3.8	)	$	1.5		$	(15.0	)	$	(53.3	)	$	(88.7	)	$	(8.3	)

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

The Phoenix Companies, Inc.

General Account Realized Investment Gains and Losses

Third Quarter 2011 (unaudited)

($ Millions)

Quarters ended

	2010												2011
	March			June			September			December			March			June			September
Realized Investment Gains and Losses
Debt security	$	(14.2	)	$	(12.2	)	$	(11.8	)	$	(10.8	)	$	(5.7	)	$	(3.0	)	$	(8.4	)
Equity security		(0.3	)		(0.2	)		(0.1	)		---			---			---			---
Total impairment losses		(14.5	)		(12.4	)		(11.9	)		(10.8	)		(5.7	)		(3.0	)		(8.4	)
Debt security net transaction		17.9			21.0			5.9			0.6			2.0			4.3			3.1
Equity security net transaction		---			---			0.1			(0.1	)		---			0.1			(0.1	)
Venture capital net investment		---			---			(0.3	)		---			---			---			---
Mortgage loan net transaction		---			0.2			---			---			---			---			---
Other invested asset net transactions		(4.2	)		2.6			0.1			0.3			(1.6	)		---			(0.3	)
Total net transactions		13.7			23.8			5.8			0.8			0.4			4.4			2.7
Realized gains (losses) on fair value option securities		0.2			(0.6	)		1.5			2.4			(0.4	)		1.4			(2.7	)
Realized gains (losses) on derivative assets and liabilities (1)		3.6			19.7			(9.5	)		(21.7	)		(10.5	)		0.3			14.5
Net realized gains (losses)		3.0			30.5			(14.1	)		(29.3	)		(16.2	)		3.1			6.1

Closed block applicable PDO (reduction)		5.6			(17.0	)		0.6			1.4			1.6			(3.2	)		0.8
Applicable deferred acquisition costs (credit)		(1.2	)		1.5			0.2			1.7			(0.2	)		(0.1	)		0.1
Applicable income tax expense (benefit)		(3.0	)		(0.3	)		(3.2	)		12.1			(3.5	)		8.7			(2.1	)
Realized gains (losses) on def. comp. portion fair value option securities		(0.2	)		0.6			(1.5	)		(2.4	)		(1.1	)		(0.4	)		2.6
Net realized investment gains (losses) included in net income (loss)	$	4.2		$	15.3		$	(18.0	)	$	(16.5	)	$	(19.4	)	$	8.1		$	7.5


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

PHOENIX COMPANIES INC/DE - FORM 8-K - EX-99.1 - FINANCIAL SUPPLEMENT - November 4, 2011

Attached files

PHOENIX COMPANIES INC/DE Reports