- Most policyholders will see an
increase in dividend payments
- Adjustment includes both positive
and negative mortality adjustments and 15 bps decrease in dividend
interest rate
The Phoenix Companies, Inc. (NYSE: PNX) today announced that the
Board of Directors of Phoenix Life Insurance Company voted to
adjust the policy dividend scale effective January 1, 2016 for
policies in the closed block of business. The changes include both
positive and negative mortality adjustments and a 15 bps (0.15%)
decrease in the dividend interest rate.
As a result of this change, most policyholders will see an
increase in their dividend payments in 2016, although some will see
a decrease. The impact on a specific policy will vary based on a
number of factors, including product type, age at issue, length of
time the policy has been in force, gender, and health when the
policy was issued.
“Our decision reflects solid performance of the closed block
overall, with mostly positive mortality adjustments. We adjusted
the dividend interest rate to reflect persistently low, long-term
projected yields,” said James D. Wehr, president and chief
executive officer.
Phoenix Life projects it will pay its participating
policyholders approximately $169 million in dividends in 2016.
Phoenix Life’s closed block is made up of participating,
dividend-paying policies and contracts that were in force when
Phoenix demutualized in June 2001. The decision to adjust the
dividend scale is in accordance with the guidelines for managing
the closed block, which were established at that time.
Phoenix Life’s adjustments to the closed block dividend scale
since its demutualization are consistent with adjustments to other
companies’ closed block participating policies.
Phoenix Life will not change the dividend scale for the small
number of participating policies in its open block, which consists
of business written after its demutualization.
ABOUT THE PHOENIX COMPANIES, INC. AND PHOENIX LIFE INSURANCE
COMPANY
The Phoenix Companies, Inc. (NYSE:PNX) helps financial
professionals provide solutions, including income strategies and
insurance protection, to families and individuals planning for or
living in retirement. Founded as a life insurance company in 1851,
Phoenix offers products and services designed to meet financial
needs in the middle income and mass affluent markets. The Phoenix
Companies, Inc. is headquartered in Hartford, Connecticut, and
Phoenix Life Insurance Company, an insurance company operating
subsidiary, has its statutory home office in East Greenbush, New
York. For more information, visit 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 often contain words such as “assume,”
“will,” “anticipate,” “believe,” “predict,” “project,” “potential,”
“contemplate,” “plan,” “forecast,” “estimate,” “expect,” “intend,”
“is targeting,” “may,” “should,” “would,” “could,” “goal,” “seek,”
“hope,” “aim,” “continue” and other similar words or expressions or
the negative thereof or other variations thereon. Forward-looking
statements are made based upon management’s current expectations
and beliefs and are not guarantees of future performance. Such
forward-looking statements involve numerous assumptions, risks and
uncertainties that may cause actual results to differ materially
from those expressed or implied in any such statements. Our ability
to maintain a timely filing schedule with respect to our SEC
filings is subject to a number of contingencies, including but not
limited to, whether existing systems and processes can be timely
updated, supplemented or replaced, and whether additional filings
may be necessary in connection with the restatements. Our actual
business, financial condition or results of operations may differ
materially from those suggested by forward-looking statements as a
result of risks and uncertainties which include, among others,
those risks and uncertainties described in any of our filings with
the SEC. Certain other factors which may impact our business,
financial condition or results of operations or which may cause
actual results to differ from such forward-looking statements are
discussed or included in our periodic reports filed with the SEC
and are available on our website at www.phoenixwm.com under
“Investor Relations.” You are urged to carefully consider all such
factors. Although it is believed that the expectations reflected in
such forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct and
persons reading this news release are therefore cautioned not to
place undue reliance on these forward-looking statements which
speak only as of the date of this announcement. Except as required
by law, we do not undertake or plan to update or revise
forward-looking statements to reflect actual results, changes in
plans, assumptions, estimates or projections, or other
circumstances occurring after the date of this news release, even
if such results, changes or circumstances make it clear that any
forward-looking information will not be realized. If we make any
future public statements or disclosures which modify or impact any
of the forward-looking statements contained in or accompanying this
news release, such statements or disclosures will be deemed to
modify or supersede such statements in this news release.
BPD39435
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version on businesswire.com: http://www.businesswire.com/news/home/20151027006093/en/
The Phoenix Companies, Inc.Media
RelationsAlice S. Ericson,
860-403-5946alice.ericson@phoenixwm.comorInvestor
RelationsNaomi Baline Kleinman,
860-403-7100pnx.ir@phoenixwm.com
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