Guardian performed well in 2011. We grew capital by $117 million and concluded the year with risk-based capital of 486%, which is indicative of one of the strongest capital positions in the life insurance industry. Additionally, consolidated statutory operating income was $1.1 billion, up 1.8% from the prior year. And we declared a $795 million dividend to individual life policyholders, our largest such allocation ever.
As of/ For the period ended ($ in million) | Dec. 31, 2011 | Dec. 31, 2010 |
| Operating Income Before Tax | $287 | $328 |
| Net Realized Capital Losses, After Tax | ($10) | ($23) |
| Policyholder Dividends Incurred | $784 | $730 |
| Net Income | $196 | $205 |
| Operating Income Margin, After Tax | 2.7% | 2.9% |
| Capital | $5,460 | $5,343 |
| Capitalization Ratio | 15.6% | 16.1% |
| Risk Based Capital ("RBC") | 486% | 492% |
| Total Admitted Assets | $35,130 | $33,178 |
