NU Online News Service, Dec. 4, 2003, 4:09 p.m. EST – The directors of Phoenix Life Insurance Company, a subsidiary of The Phoenix Companies Inc., Hartford, have voted to maintain the company’s 2003 policy dividend scale for 2004 for all policies in the closed block.[@@]
Phoenix set up the closed block to support dividends for participating, dividend-paying policies and contracts that were in force when the company demutualized in June 2001.
Phoenix also is maintaining its dividend scale for dividend-paying policies outside the closed block.
Phoenix will pay the closed block policyholders about $407 million next year, and it says it is contributing to a special fund that could be used either to protect participating policyholders against future bad claims experience in the closed block or, if claims experience continues to be good, to increase dividends.