Phoenix Investor's Edge-SM- Introduced New Flexible Premium Variable Annuity Offers...

Business Editors

HARTFORD, Conn.--(BUSINESS WIRE)--Jan. 31, 2002

The Phoenix Companies, Inc. (NYSE: PNX) today introduced a new flexible premium variable annuity with a shortened surrender charge period and innovative benefit options, including the new Phoenix Earnings Protector(SM).

"This product is designed with a three-year surrender charge period, which enhances the flexibility of the client's premium payments," said Michael Gilotti, Phoenix senior vice president. "What sets Phoenix Investor's Edge apart from other variable annuities is that one of its death benefit options may also help offset nursing home or other assisted living expenses during the owner's lifetime."

Phoenix Investor's Edge(SM) offers the following death benefit options:

--Return of Premium - designed to protect beneficiary from loss of principal;

--Annual Step-Up - designed to protect beneficiary from loss of principal and contract earnings;

--Phoenix Earnings Protector(SM) - designed to reduce the tax impact of distributing contract earnings upon death or upon confinement to a nursing home or assisted living facility.

Phoenix Investor's Edge(SM) offers investment choices of more than 45 subaccounts managed by experienced and internationally recognized money managers, including Phoenix Investment Partners, Fidelity, AIM, Templeton, Janus and others. Investors can help maintain a consistent risk profile by electing to participate in the Phoenix Asset Rebalancing Program, which periodically resets their investment allocations to the original percentages they designated. As with other variable annuities, investments grow tax deferred, transfers between funds are not taxed, and clients have ready access to their money, less applicable surrender charges, which in this case is shortened to three years. A choice of seven fixed and six variable annuity settlement options are available.

The Phoenix Companies, Inc. (NYSE:PNX) is a leading provider of wealth management products and services to individuals and institutions. Through a variety of advisors and financial services firms, Phoenix helps the affluent and high net worth accumulate, preserve and transfer their wealth with an innovative portfolio of life insurance, annuity and investment management products and services. With a history dating to 1851, The Phoenix Companies, Inc. has two principal operating subsidiaries, Phoenix Life Insurance Company and Phoenix Investment Partners, Ltd., and offers trust services through another subsidiary, Phoenix National Trust Company. Phoenix has corporate offices in Hartford, Conn. For more information on Phoenix, visit www.phoenixwm.com.

Variable annuities are long term investment vehicles particularly suited for retirement savings. Withdrawals of income will be subject to tax and, if prior to age 59 1/2, will also be subject to a 10 percent IRS penalty, except as provided for under IRC Sec. 72. Early withdrawals may also be subject to a surrender charge. Withdrawals have the effect of reducing death benefit and cash surrender value.

Guarantees are based on the claims paying ability of the issuing company.

For more information about Phoenix Investor's Edge(SM), including charges and expenses, you should obtain a product prospectus and Variable Products Fund Prospectuses from your financial representative. Please read the prospectuses carefully before you make a purchase or invest.

Phoenix Investor's Edge(SM) (Policy Form D610) is issued by Phoenix Life Insurance Company (East Greenbush, N.Y.) Phoenix Investor's Edge(SM) (Policy Form D610) is issued by PHL Variable Insurance Company (PHLVIC) (Hartford, CT.)

PHLVIC is not authorized to conduct business in NY and ME.

The insurers referenced above are separate entities and each is responsible only for its own financial condition and contractual obligations.

Variable products distributed by Phoenix Equity Planning Corp., 56 Prospect St., Hartford, CT 06115.