October 23, 2016 7:07 AM ET


Company Overview of PHL Variable Insurance Company

Company Overview

PHL Variable Insurance Company provides life insurance and annuity products to affluent and middle market consumers in the United States. The company offers fixed indexed, fixed, single premium immediate, and variable annuities with death, accumulation, withdrawal, and income benefits; and universal, indexed universal, and variable universal life insurance products. It markets its products through independent agents and financial advisors. The company was incorporated in 1981 and is headquartered in Hartford, Connecticut. PHL Variable Insurance Company operates as a subsidiary of The Phoenix Companies Inc.

One American Row

Hartford, CT 06115

United States

Founded in 1981





Key Executives for PHL Variable Insurance Company

Principal Executive Officer, President, Chief Investment Officer, Director and Chairman of Investment Policy Committee
Age: 59
Chief Financial Officer and Executive Vice President
Age: 55
Vice President, Counsel, and Assistant Secretary
Senior Vice President, Corporate Portfolio Manager and Director
Age: 59
Compensation as of Fiscal Year 2016.

PHL Variable Insurance Company Key Developments

PHL Variable Insurance Company Reports Earnings Results for the Year Ended December 31, 2015

PHL Variable Insurance Company reported earnings results for the year ended December 31, 2015. For the year, the company reported statutory net loss from operations of $11.8 million and statutory net loss of $14.0 million compared with a statutory net loss from operations of $37.5 million and a statutory net loss of $41.1 million for the year ended December 31, 2014.

Fortress Intermediary Settles Cost-Of-Insurance, Breach-Of-Contract Lawsuits Against PHL Variable Insurance Co

A securities intermediary for a Fortress Investment Group LLC affiliate has settled two lawsuits against PHL Variable Insurance Co., including one contesting cost-of-insurance rate increases that it contends has cost $3.6 million and an additional $11.6 million loss in value. An agreement was reached to settle the COI case Sept. 17, between U.S. Bank National Association, securities intermediary for Fortress affiliate Lima Acquisition LP, and PHL. They have 10 days to submit papers to Judge Colleen McMahon of U.S. District Court in Manhattan documenting the settlement. The bank filed suit in the COI case in November 2011 in a California federal court. It was transferred to the New York court in September 2012. Fortress had not joined a $134.8 million class-action settlement of the COI issue between other life settlement investors and Phoenix Cos. (PNX) that was approved Sept. 9 by Judge McMahon. PHL is a subsidiary of Phoenix. Market players accused Phoenix of discriminating against investors by raising COI rates in 2010 and 2011. They charged that the insurer unfairly targeted them because they optimize, or pay minimum amounts of premiums, to keep universal life policies in force. Hartford, Conn.-based Phoenix has denied the allegations, telling the Securities and Exchange Commission in a May filing that it was settling the class-action case to avoid further legal fees.

PHL Variable Insurance Co Announces Auditor Change

On June 8, 2015, PHL Variable Insurance Company dismissed PricewaterhouseCoopers LLP as its principal independent registered public accounting firm, effective June 11, 2015, and appointed KPMG LLP as its new principal independent registered public accounting firm concurrent with the dismissal of PwC.

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