Guardian performed well in 2012. We grew capital by $302 million and concluded the year with risk-based capital of 470%, which is indicative of one of the strongest capital positions in the life insurance industry. Additionally, consolidated statutory operating income was $1.2 billion, up 6% from the prior year. And we declared a $805 million dividend to individual life policyholders, our largest such allocation ever.
As of/ For the period ended ($ in millions) | Dec. 31, 2012 | Dec. 31, 2011 |
| Operating Income Before Tax | $284 | $287 |
| Net Realized Capital Losses, After Tax | $29 | ($10) |
| Policyholder Dividends Incurred | $792 | $784 |
| Net Income | $253 | $196 |
| Operating Income Margin, After Tax | 2.8 % | 2.7% |
| Capital | $5,762 | $5,460 |
| Capitalization Ratio | 15.4% | 15.6% |
| Risk Based Capital ("RBC") | 470% | 486% |
| Total Admitted Assets | $37,531 | $35,130 |
