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EXHIBIT 21
LIST OF THE PHOENIX COMPANIES, INC. SUBSIDIARIES
| Name | Jurisdiction of Incorporation | |
| 1851 Securities, Inc. | Delaware | |
| American Phoenix Life and Reassurance Company | Connecticut | |
| Holland Re Holdings, LLC | Delaware | |
| Next Generation Ventures LLC | Connecticut | |
| PHL Variable Insurance Company | Connecticut | |
| Phoenix Distribution Holding Company | Connecticut | |
| Phoenix Founders, Inc. | Connecticut | |
| Phoenix Investment Management Company | Connecticut | |
| Phoenix Life and Annuity Company | Connecticut | |
| Phoenix Life Insurance Company | New York | |
| Phoenix National Trust Holding Company | Connecticut | |
| Phoenix New England Trust Holding Company | Connecticut | |
| Phoenix Variable Advisors, Inc. | Delaware | |
| PM Holdings, Inc. | Connecticut | |
| PML International Insurance Limited | Bermuda | |
| Saybrus Equity Services, Inc. | Delaware | |
| Saybrus Holdings, Inc. | Delaware | |
| Saybrus Partners, Inc. | Delaware | |
| The Phoenix Companies, Inc. (Parent) | Delaware | |