Exhibit 99.1

[LOGO OF DELPHI FINANCIAL GROUP, INC.]                1105 North Market Street
                                                              Suite 1230
                                                      Wilmington, Delaware 19801
                                                           www.delphifin.com

Contact: Bernard J. Kilkelly
         Vice President, Investor Relations               For Immediate Release
Phone:   212-303-4349                                     05-04-06
E-mail:  bernie-kilkelly@llfi.com

    DELPHI FINANCIAL ANNOUNCES 3-FOR-2 STOCK SPLIT AND 20% DIVIDEND INCREASE

WILMINGTON, Del., May 4 2006, -- Delphi Financial Group, Inc. (NYSE: DFG) today
announced that its Board of Directors has approved a 3- for-2 common stock split
and a 20% increase in the Company's regular cash dividend to $.12 per share on a
pre-split basis. Combined with the increase approved in February 2006, this
amounts to a 33% increase in the dividend compared to the 2005 level.

The stock split will be effected in the form of a stock dividend of one- half
share for each share held of record as of May 18, 2006, payable on June 1, 2006.
Fractional share amounts resulting from the split will be paid to shareholders
in cash. The $.12 per share cash dividend will also be payable on June 1, 2006
to shareholders of record as of May 18, 2006. On a post-split basis, the regular
cash dividend will be $.08 per share.

Robert Rosenkranz, Chairman and Chief Executive Officer, said, "The dividend
increase and stock split reflect our confidence in the longer-term outlook for
our insurance business as well as our strong financial position. We are
committed to building increased value for our shareholders and have more than
doubled our dividend payout since cash dividends were commenced in 2001."

Delphi Financial Group, Inc. is an integrated employee benefit services company.
Delphi is a leader in managing all aspects of employee absence to enhance the
productivity of its clients and provides the related insurance coverages: group
life, long-term and short-term disability, excess workers' compensation for
self-insured employers, travel accident and dental. Delphi's asset accumulation
business emphasizes individual fixed annuity products. Delphi's common stock is
listed on the New York Stock Exchange under the symbol DFG and its corporate
website address is http://www.delphifin.com.

In connection with, and because it desires to take advantage of, the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995,
Delphi cautions readers regarding certain forward-looking statements in the
foregoing discussion and in any other statements made by, or on behalf of,
Delphi, whether in future filings with the Securities and Exchange Commission or
otherwise. Forward-looking statements are statements not based on historical
information and which relate to future operations, strategies, financial
results, prospects, outlooks or other developments. Some forward- looking
statements may be identified by the use of terms such as "expects," "believes,"
"anticipates," "intends," "judgment," "outlook" or other similar expressions.
Forward-looking statements are necessarily based upon estimates and assumptions
that are inherently subject to significant business, economic, competitive and
other uncertainties and contingencies, many of which are beyond Delphi's control
and many of which, with respect to future business decisions, are subject to
change. Examples of such uncertainties and contingencies include, among other
important factors, those affecting the insurance industry generally, such as the
economic and interest rate environment, federal and state legislative and
regulatory developments, including but not limited to changes in financial
services, employee benefit and tax laws and regulations, market pricing and
competitive trends relating to insurance products and services, acts of
terrorism or war, and the availability and cost of reinsurance, and those
relating specifically to Delphi's business, such as the level of its insurance
premiums and fee income, the claims experience, persistency and other factors
affecting the profitability of its insurance products, the performance of its
investment portfolio and changes in Delphi's investment strategy, acquisitions
of companies or blocks of business, and ratings by major rating organizations of
Delphi and its insurance subsidiaries. These uncertainties and contingencies can
affect actual results and could cause actual results to differ materially from
those expressed in any forward-looking statements made by, or on behalf of,
Delphi. Delphi disclaims any obligation to update forward-looking information.