NEW YORK, November 18, 2009 — The Guardian Life Insurance Company of America (Guardian), one of the largest mutual life insurance companies and a leading provider of employee benefits, today announced that its Board of Directors has approved payment of $712 million in dividends to the company's individual life policyholders in 2010. The 2010 dividend is the second largest ever made by Guardian and is exceeded only by its $723 million payout last year.
"As a mutual company, Guardian understands that dividends are one of the most important ways that we provide value to our participating life policyholders," said Dennis J. Manning, Guardian's President and Chief Executive Officer. "Throughout our almost 150 year history Guardian has consistently rewarded participating policyholders with strong dividend performance. Our ability to allocate such a strong dividend during this challenging economic climate is clear validation of the commitment we have to our policyholders and an acknowledgement of the disciplined approach with which we manage the company."
As a mutual company, Guardian is organized and maintained for the benefit of its participating member policyholders who share in the company's profits. Annual dividends are one of the most important ways that Guardian's policyholders benefit from the company's success and are influenced by three fundamental business factors: strong investment performance; good mortality experience; and favorable expense management results.
Guardian's strong financial position has been underscored by actions taken this year by four credit rating organizations -- Fitch Ratings, Standard & Poor's, Moody's Investor Service and A.M. Best -- which affirmed Guardian's financial strength ratings of AA+ (Very Strong), AA+ (Very Strong), Aa2 (Excellent), and A++ (Superior) respectively, all with a stable outlook.
"Guardian is particularly proud to once again deliver on our commitment to participating policyholders," said Deanna M. Mulligan, Executive Vice President in charge of Guardian's Individual Life and Disability business. "Policyholders can be assured that Guardian will strive to provide a strong performing whole life policy while maintaining exceptional financial strength."
A mutual insurer founded nearly 150 years ago, The Guardian Life Insurance Company of America and its subsidiaries are committed to protecting individuals, business owners and their employees with life, long term care insurance, disability income, group medical and dental insurance products, and offer 401(k), annuities and other financial products. Guardian operates one of the largest dental networks in the United States, and protects more than six million employees and their families at 120,000 companies. The company has more than 5,400 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies nationwide.
For more information about Guardian, please visit: www.GuardianLife.com.
SOURCE:The Guardian Life Insurance Company of America
Web site: http://www.guardianlife.com/