UK-Based Phoenix Group Selects Milliman for Actuarial Systems Transformation Project

SEATTLE, September 2, 2010 - Milliman, Inc. today announced that UK-based Phoenix Group has selected
the company as provider for their Actuarial Systems Transformation project.
"Having acquired many companies with a variety of actuarial projection
systems and models, we sought a provider who can work closely with us to
simplify, rationalise, and streamline our processes," said Andy Moss, Phoenix
Life Finance Director. "We must be able to gain Solvency II internal model
approval, monitor and manage our risks on a daily basis and drive internal
operational efficiency savings across our full business. We believe that the
combination of Milliman's consulting expertise, the MG-ALFA(R) actuarial
projection system and the Daily Solvency Monitoring System (DSMS) offers us
such a solution."

According to Nick Dumbreck, Milliman's UK Life Practice Leader, "We are
delighted to be selected by Phoenix for this market leading project. We
believe that our combined consulting and systems offering, together with
their innovative thinking, will lead to the next generation actuarial
modelling standard throughout the industry."

Dumbreck explained that the heart of the solution is Milliman's MG-ALFA
actuarial calculation engine. MG-ALFA is the US market leader and Milliman
expects that this project will lead to similar success in Europe. MG-ALFA was
developed from scratch as an asset-liability modelling (ALM) system that is
uniquely capable of meeting Solvency II requirements for enhanced stochastic
modelling capability within a controlled but flexible environment.

"A particularly exciting aspect of this project is our ability to
integrate MG-ALFA and the expertise of our Financial Risk Management
Practice, to implement a comprehensive risk management solution," noted
Dumbreck. "Together the systems will allow Phoenix to perform regular,
detailed actuarial calculations and daily solvency monitoring in a consistent
and integrated fashion."

About Phoenix Group

Phoenix Group Holdings is the UK's largest consolidator of closed life
funds with approximately 6.5 million policyholders and 69 billion pounds
Sterling of assets under management as at 31 March 2010.

The Company's operating businesses delivered 716 million pounds of cash
inflows to the UK holding company and reported pro forma IFRS operating
profits of 457 million pounds in the year ended 31 December 2009. The MCEV at
31 December 2009 was 1,827 million pounds and the IGD surplus was estimated
at 1.3 billion pounds as at 31 March 2010.

About Milliman

Milliman is among the world's largest independent actuarial and
consulting firms. Founded in Seattle in 1947 as Milliman & Robertson, the
company currently has 52 offices in key locations worldwide. Milliman employs
over 2,400 people. The firm has consulting practices in healthcare, employee
benefits, property & casualty insurance, life insurance and financial
services. Milliman serves the full spectrum of business, financial,
government, union, education and nonprofit organizations. For further
information, visit www.milliman.com.

Martin Sher, MG-ALFA European Product Manager, +44(0)20-7847-1500, martin.sher at milliman.com; or Patricia L. Renzi, MG-ALFA Global Practice Leader, +1-206-504-5715, pat.renzi at milliman.com, both of Milliman, Inc.