Phoenix ‘A’ Affirmed

February 26, 2001

The “A” rating of Phoenix Home Life Mutual Insurance Co., Hartford, Conn., was affirmed by A.M. Best, which indicated that despite competition from larger companies, Phoenix had made significant progress with a new strategy focused on the total wealth optimization needs of upper income markets. However, A.M. Best also stated that it believes Phoenix will face challenges in penetrating its chosen market. Concurrently, “A” ratings were affirmed for the following Phoenix Subsidiaries: ASL Life Assurance Co., Philadelphia; PHL Variable Ins. Co., Hartford; Phoenix Life and Annuity Co., Hartford; and America Phoenix Life & Reassurance Co., Hartford.