Phoenix Life Insurance Company Announces Dividend Reduction

The Board of Directors of Phoenix Life Insurance Company has voted to adjust the policy dividend scales effective January 1, 2011 for all participating life insurance policies. The change is largely in response to the prolonged low interest rate environment and other market conditions that have depressed investment yields in the fixed income portfolio that supports participating policies. It will result in a dividend reduction for most of these policies. Phoenix Life Insurance Company is a wholly owned subsidiary of The Phoenix Companies, Inc. PNX.