PLANO, Texas – HP and The Phoenix Companies, Inc. today announced an agreement under which HP will continue managing technology infrastructure and software applications for Phoenix Life Insurance Company, a wholly-owned subsidiary.
The seven-year, $78 million agreement will enable Phoenix to better serve its customers. It replaces a previous agreement from 2004. Phoenix's total investment in business technology with HP, including the value of the new agreement, will be $129 million from January 2009 through 2015.
“HP has helped us manage and transform our technology to support our business growth and enhance our insurance services,” said John LaGrasse, executive vice president and chief information officer of The Phoenix Companies. “This new agreement reflects our changed business needs after last year's spin-off of Phoenix's asset management business and will lower our annual technology expenses.”
HP will consolidate and manage Phoenix's midrange server, mainframe and information storage environments, and manage and monitor the voice and data communications network that connects Phoenix employees across the United States.
Additionally, HP will manage the firm's end-user computing environment with workplace services that include desktop, security, service desk, messaging support and on-site services. HP will deliver each of these services to Phoenix through HP Regional Support Centers and will use HP ProLiant servers, HP Compaq dc7900 Business Desktop PCs and HP Compaq 6530b and 6530s Notebook PCs.
HP also will provide Web application support and maintenance for Phoenix's Internet and intranet sites.
“We will help Phoenix improve employee productivity, lower costs, enable innovative new insurance services and support continued growth,” said Mark DeBenedictus, vice president of U.S. Financial Services Industry at HP. “As the firm's trusted business ally for the past four years, we will continue to leverage our industry expertise and global scale to help Phoenix meet its business goals.”
HP Agility Alliance partners Microsoft, EMC and Cisco will provide select tools, technologies, software and resources to HP in support of Phoenix. HP and its Agility Alliance partners collaborate to design, build and run a globally recognized services platform and develop technology-based services to deliver client results. HP Agility Alliance partners include Cisco, EMC, Microsoft, Oracle, SAP, Sun Microsystems and Xerox.
As a pioneer of technology services for the financial services industry, HP provides a wide range of outsourced and consulting services – from payments and securities processing to applications development, as well as network, customer relationship management and help desk services – to all sectors of the industry.
About The Phoenix Companies, Inc.
With roots dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) helps its customers find straightforward solutions to often highly complex personal financial and business planning needs through life insurance and annuities. Phoenix's products are available through a wide variety of third-party financial professionals and intermediaries, supported by the company's wholesalers and financial planning specialists. In 2007, Phoenix had annual revenues of $2.6 billion and total assets of $30.2 billion. For more information, visit www.phoenixwm.com.
The Phoenix Companies, Inc.: This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which, by their nature, are subject to risks and uncertainties. Phoenix intends for these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws relating to forward-looking statements. These include statements relating to trends in, or representing management's beliefs about, the company's future transactions, strategies, operations and financial results, as well as other statements including words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “should” and other similar expressions. Forward-looking statements are made based upon Phoenix's current expectations and beliefs concerning trends and future developments and their potential effects on the company. They are not guarantees of future performance. Actual results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties, described herein or in any of the company's filings with the SEC. Phoenix undertakes no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
Hewlett-Packard Development Company, LP: This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance or market share relating to products and services; anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the execution and performance of contracts by HP and its customers, suppliers and partners; the achievement of expected results; and other risks that are described in HP's Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2008 and HP's other filings with the Securities and Exchange Commission, including but not limited to HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2007. HP assumes no obligation and does not intend to update these forward-looking statements.
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