5. Demutualization and Closed Block (Tables)

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Closed Block Assets And Liabilities

Closed Block Assets and Liabilities as of:	Sept 30,			Dec 31,
($ in millions)	2012			2011			Inception
				As restated and amended
Debt securities	$	6,424.1		$	6,323.5		$	4,773.1
Equity securities		9.4			12.6			—
Limited partnerships and other investments		342.3			338.0			399.0
Policy loans		1,249.6			1,280.4			1,380.0
Fair value investments		33.0			27.8			—
Total closed block investments		8,058.4			7,982.3			6,552.1
Cash and cash equivalents		30.8			15.1			—
Accrued investment income		91.1			94.2			106.8
Receivables		74.0			68.8			35.2
Deferred income taxes		231.2			226.8			389.4
Other closed block assets		49.3			39.2			6.2
Total closed block assets		8,534.8			8,426.4			7,089.7
Policy liabilities and accruals		8,487.2			8,680.4			8,301.7
Policyholder dividends payable		235.1			241.0			325.1
Policy dividend obligation		755.8			511.5			—
Other closed block liabilities		63.8			41.0			12.3
Total closed block liabilities		9,541.9			9,473.9			8,639.1
Excess of closed block liabilities over closed block assets(1)	$	1,007.0		$	1,047.5		$	1,549.4
Less: Excess of closed block assets over closed block liabilities   attributable to noncontrolling interests		(4.1	)		(1.4	)
Excess of closed block liabilities over closed block assets   attributable to The Phoenix Companies, Inc.	$	1,011.2		$	1,048.9

Closed Block Revenues and Expenses

Closed Block Revenues and Expenses and Changes in	Three Months Ended						Nine Months Ended
Policyholder Dividend Obligations:	September 30,						September 30,
($ in millions)	2012			2011			2012			2011
				As restated and amended						As restated and amended
Closed block revenues
Premiums	$	89.5		$	100.5		$	270.1		$	298.0
Net investment income		115.7			113.2			343.5			358.2
Net realized investment gains (losses)		7.5			(4.3	)		9.4			(1.6	)
Total revenues		212.7			209.4			623.0			654.6
Policy benefits, excluding dividends		120.1			143.6			364.8			415.4
Other operating expenses		1.3			1.5			3.6			4.4
T     Total benefits and expenses, excluding policyholder dividends		121.4			145.1			368.4			419.8
Closed block contribution to income before dividends and income taxes		91.3			64.3			254.6			234.8
Policyholder dividends		(80.9	)		(53.6	)		(221.6	)		(198.8	)
Closed block contribution to income before income taxes		10.4			10.7			33.0			36.0
Applicable income tax expense		3.6			3.8			11.5			12.6
Closed block contribution to income		6.8			7.0			21.5			23.5
Less: Closed block contribution to income attributable to   noncontrolling interests		0.4			(0.2	)		0.4			(0.2	)
Closed block contribution to income attributable to   The Phoenix Companies, Inc.	$	6.4		$	7.2		$	21.1		$	23.7

Closed Block Policyholder Dividend Obligation

Closed Block Policyholder Dividend Obligation as of:	Sept 30,			Dec 31,
($ in millions)	2012			2011
				As restated and amended
Policyholder dividend obligation
Policyholder dividends provided through earnings	$	221.6		$	258.7
Policyholder dividends provided through OCI		171.5			158.6
Additions to policyholder dividend liabilities		393.1			417.3
Policyholder dividends paid		(154.7	)		(251.3	)
Increase in policyholder dividend liabilities		238.4			166.0
Policyholder dividend liabilities, beginning of period		752.5			586.5
Policyholder dividend liabilities, end of period		990.9			752.5
Policyholder dividends payable, end of period		(235.1	)		(241.0	)
Policyholder dividend obligation, end of period	$	755.8		$	511.5