HARTFORD, Conn.--(BUSINESS WIRE)--Feb. 23, 2006--The Phoenix Foundation, Inc. today announced grants totaling nearly $500,000, focused on programs that help change people's lives, particularly those that position young adults for a better future.

"Phoenix's philanthropic philosophy is to help create an infrastructure of hope, opportunity and understanding in the communities in which we live and work," said Dona D. Young, chairman, president and chief executive officer of The Phoenix Companies, Inc. "Toward that end, we choose community partners that operate effective programs that lead to real and lasting change for our neighbors."

Grants from the Phoenix Foundation fall within three philanthropic priorities - Education and Employment to open opportunities for young adults and help them achieve financial independence; Community Economic Opportunity, with a particular focus on homeownership and neighborhood revitalization; and Social Services to meet basic human needs, primarily through support of local United Way campaigns.

Grants are directed to programs in Phoenix's home office communities of Hartford, CT., Albany, NY, and Greenfield, MA. A list of first-quarter grant recipients is attached.

Phoenix's 2006 Corporate and Community Giving Program totals $1.5 million, and includes matching gifts to organizations supported by its employees, and an innovative mini-grant program that offers up to $500 to non-profit organizations which are supported by board service or volunteer work from Phoenix employees. In 2005, Phoenix's employee matching gift program totaled $450,000.

Phoenix also awards paid time off to match personal time that employees devote to community organizations. In 2005, the company compensated employees for 536 hours of service to non-profit organizations they support.

The Phoenix Foundation considers grant requests from qualified
501(c)(3) non-profit organizations on a quarterly basis with applications due March 1, June 1, September 1 and December 1. Grant applications are available through the "Community Giving" section of www.PhoenixWealthManagement.com.

The Phoenix Foundation, Inc. is the philanthropic affiliate of The Phoenix Companies, Inc. The Phoenix Companies, Inc. (NYSE:PNX) is a leading provider of life insurance, annuity and asset management products for the accumulation, preservation and transfer of wealth.

Through a variety of advisors and financial services firms, the company provides products and services to affluent and high-net-worth individuals and to institutions. With a history dating to 1851, The Phoenix Companies, Inc. has two principal operating subsidiaries, Phoenix Life Insurance Company and Phoenix Investment Partners, Ltd.

The company also offers private placement insurance products through Philadelphia Financial Group, a wholly owned subsidiary. Phoenix has corporate offices in Hartford, Conn. For more information on Phoenix, visit www.PhoenixWealthManagement.com.

Community Economic Opportunity:

Programs with a particular focus on homeownership and
neighborhood revitalization

-- Connecticut Housing Investment Fund, Inc.
-- Coalition to Strengthen Sheldon/Charter Oak Neighborhood
-- Greater Hartford Arts Council
-- Co-Opportunity Inc.
-- Local Initiatives Support Corporation

Education and Employment:

Programs that open opportunities for youth and help them achieve
financial independence

-- The Arts Center of the Capital Region (Albany),
Mentor Counselor Program
-- Hartford Consortium for Higher Education
-- Junior Achievement of Southwest New England, Inc.
-- Knox Parks Foundation
-- National Conference for Community and Justice
-- Nutmeg Big Brothers/Big Sisters
-- Our Piece of the Pie - Hartford AmeriCorps Program
-- Urban League of Greater Hartford - The Phoenix Academy
-- The WALKS Foundation Scholars Program

Social Services:

Programs that meet basic human needs, primarily through United Way
Campaigns

-- United Way of Capital Area (Hartford)
-- United Way of Franklin County (Massachusetts)
-- United Way of Northeastern New York *T

Copyright Business Wire 2006

Phoenix Companies, The

Phoenix Companies, The

With roots dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) helps individuals and institutions solve their often highly complex personal financial and business planning needs through its broad array of life insurance, annuities and investments. The company's products and services reflect deep insights into the wants and needs of consumers and financial professionals gleaned from research, including its Phoenix Wealth Survey, conducted annually since 1999. In 2005, Phoenix had annual revenues of $2.6 billion and total assets of $27.7 billion. For more information, visit www.phoenixwm.com.

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