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phoenix companies inc (PNX) Details

The Phoenix Companies, Inc., together with is subsidiaries, provides life insurance and annuity products in the United States. It operates in two segments, Life and Annuity, and Saybrus. The Life and Annuity segment offers individual life insurance and annuity products, including whole life, universal life, indexed universal life, and variable universal life, as well as fixed indexed annuities, fixed annuities, single premium immediate annuities, and variable annuities. The Saybrus segment provides life insurance and other consulting services to financial advisors in partner companies, as well as support for sales of its product line through independent distribution organizations. The Phoenix Companies, Inc. was founded in 1851 and is headquartered in Hartford, Connecticut.

620 Employees
Last Reported Date: 08/6/14
Founded in 1851

phoenix companies inc (PNX) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: $700.0K
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $385.0K
Executive Vice President of Distribution and ...
Total Annual Compensation: $410.0K
Chief Investment Officer and Executive Vice P...
Total Annual Compensation: $385.0K
Executive Vice President, General Counsel and...
Total Annual Compensation: $360.0K
Compensation as of Fiscal Year 2013.

phoenix companies inc (PNX) Key Developments

The Phoenix Companies Inc. Launches Safe Harbor Term Life and Safe Harbor Term Life Express

The Phoenix Companies Inc. announced it has added term life insurance to its product offerings, Phoenix Safe Harbor Term Life(SM) and Phoenix Safe Harbor Term Life Express(SM). It also announced expansion into call center distribution through for Term Life Express, complementing its traditional distribution through independent marketing organizations (IMOs). Product Features Include Living Benefit Riders: Phoenix Safe Harbor Term Life includes riders that can provide accelerated death benefits in case of chronic illness, critical illness or terminal illness, and a waiver of premium in case of unemployment. An optional accidental death benefit rider is also available for an additional premium. It is available in 10-, 15-, 20- and 30-year term periods to insureds from age 18 to between 50 and 80 at the time of issue, depending on the term length and tobacco use. Term Life Express offers the same benefits but uses simplified issue underwriting, with immediate underwriting decisions available via a teleunderwriting service. Face amounts for Phoenix Safe Harbor Term Life range from $50,000 to $1 million depending on issue age and underwriting band, while Term Life Express offers face amounts ranging from $25,000 to $400,000 depending on issue age. Features of Phoenix Safe Harbor Term Life and Term Life Express include: Critical illness, chronic illness and terminal illness riders, available at no additional premium, that give insureds the option to advance up to 95% of their death benefit in the event of a serious illness. The death benefit is reduced by the benefit amount that is accelerated, and future premiums are reduced proportionally to the remaining death benefit. The actual amount received is discounted based on the insured's condition and life expectancy. Unemployment rider, automatically included for issue ages 18 to 60 at no additional cost, waives six months worth of premium if the insured becomes unemployed for at least four weeks. This rider is subject to a 24-month waiting period from the date of issue and must be elected within 90 days of qualifying, which is defined as receiving state or federal employment benefits. Optional accidental death benefit rider, which requires additional premium, must be elected at issue and is available to insureds under age 65 at time of issue and terminates at the insured's age 70. Phoenix Safe Harbor Term Life and Term Life Express are being distributed through select Independent Marketing Organizations including Brokers Alliance Inc., Shoreline Financial Group and National Agents Alliance. Term Life Express also is being distributed by, which represents multiple insurance carriers and provides consumers with resources to explore their life insurance options online and a toll-free number to call for further assistance and to apply for coverage.

The Phoenix Companies Inc. Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

The Phoenix Companies Inc. reported unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported statutory net loss from operations of $4.6 million and a statutory net loss of $4.1 million for the quarter compared with a statutory net gain from operations of $43.8 million and statutory net income of $47.6 million for the quarter ended March 31, 2014. The change was driven by less favorable mortality, higher expenses and lower net investment income. Statutory net investment income of $147.7 million. For the six months, the company had a statutory net gain from operations of $39.2 million and statutory net income of $43.5 million.

The Phoenix Companies Inc. Announces Executive Changes, Effective August 25, 2014

The Phoenix Companies Inc. announced that its Board of Directors appointed Ernest McNeill Jr., CPA, CFA, as senior vice president and chief accounting officer. He will join the company on August 25, 2014. Mr. McNeill will manage a number of Corporate Finance functions including GAAP Accounting, Expense Management, Statutory Accounting, Accounting Operations, Corporate Tax, and Investment Accounting. He will report to Bonnie J. Malley, executive vice president and chief financial officer. Mr. McNeill most recently served as senior vice president, Corporate Accounting, for the financial services businesses of Fidelity Investments. Previously, he held various senior finance roles at The Hartford Financial Services Group including serving as chief accounting officer, Hartford Life Inc., and as vice president and director, The Hartford Investment Company. On August 7, 2014, Mr. Douglas C. Miller resigned as Senior Vice President and Chief Accounting Officer of the company, effective August 25, 2014, to pursue opportunities geographically closer to his home.


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