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All four of the major rating agencies affirmed Guardian's ratings in 2014.
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What's in a Dividend?

Guardian is a mutual life insurance company, operating for the benefit of participating life policyholders who share in the company's results, in part, through the payment of annual dividends.
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Guardian is a company with a rich and storied past that has emerged as one of America’s most successful life insurance companies.

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Our Values

At the heart of everything we do is a simple idea: There's no right way to do a wrong thing.
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As of 12/31/13, the majority of Guardian's total investment portfolio is comprised of public fixed income (54.4%), private placement debt (16.7%), and commercial mortgages (7.5%). Public equity represents 1.2% of our total investment portfolio and is hedged to protect Guardian's capital from market volatility. The majority of our public fixed income holdings are comprised of public corporates (61.8%), high-yield public corporates (5.9%) and tax-exempt municipals (5.7%). Our portfolio is of excellent credit quality; 93% of our total fixed income is investment grade and 10% of the public fixed income holdings are AAA-rated.

Asset Class Allocation                                       DECEMBER 31, 2013

Statement Value$ Millions% of Invested Assets
Fixed Income (ex Private)20,51854.4%
Private Placement Debt6,28516.7%
Commercial Mortgages2,8387.5%
Policy Loans3,1048.2%
Affiliates & Subsidiaries11,6994.5%
Private & Real Estate Equity1,4253.8%
Public Equity24561.2%
Convertible Securities6251.7%
Cash & Short-Term Investments6311.7%
Other Invested Assets1300.3%
Total Invested Assets37,711100%
1 Affiliates and Subsidiaries includes $683 million in affiliates classified as LLCs on the annual statement that are not private equity.

Public Equity excludes Bond & Cash Mutual Funds and includes commodity ETFs.

Fixed Income and Convertible Bonds              DECEMBER 31, 2013

Statement Value$ Millions% of Bonds
NAIC 1 (Aaa-A/AAA-A)12,90347.1%
NAIC 2 (Baa/BBB)12,51645.7%
Investment Grade25,41992.8%
NAIC 3 (Ba/BB)8633.2%
NAIC 4 (B)1,0183.7%
NAIC 5&6 (Caa/CCC & below)800.3%
Below Investment Grade1,9617.2%
Total Bonds327,380100%
3 Total Bonds includes public and private debt and convertible bonds, but excludes commercial mortgages and preferred stock