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February 10, 2003
Guardian Reports Excellent Life Sales Increases In 2002
Company Links Success To Customer Attitudes, Agent Force Growth
NEW YORK, NY February 3, 2003 - Guardian Life Insurance Company of America reported excellent sales growth among its life insurance products in 2002, and linked this success to growth and retention of its career financial representative network.
Guardian agents sold $218.5 million in life annual premium in 2002, an 18.8 percent increase over 2001 sales of $184.0 million.
"In a difficult economy and terrible stock market, I am pleased that consumers turned to their Guardian financial representatives to help protect their families and assets," said Anthony T. Mazzei Sr., Senior Vice President and Profit Center Officer, Individual Markets. "Guardian's 143 year history and sound financial strength are critical to the level of success we achieved."
Guardian's recruiting efforts attracted a total of 891 new financial representatives, a 17 percent increase over the previous year and the largest new class of agents in Guardian's history. Because of attrition and retirements, Guardian netted 202 new Financial Representatives during 2002, bringing the total force to 2,825.
Guardian also has an industry-leading retention rate for new agents after four years.
"Our retention rate is almost triple that of our peer competitors," Mazzei said. "The combination of great people, an effective process, quality products and strong brand coupled with extremely professional Financial Representatives is something we are very proud of and a major reason for these results."
The Guardian Life Insurance Company of America (Guardian) is the fourth largest mutual life insurance company in the United States. As of December 31, 2001, Guardian and its subsidiaries had $34.3 billion in assets (U.S. GAAP basis). Founded in 1860, Guardian is listed among Fortune magazine's top 500 businesses---and in 2002 was ranked once again as one of the top 10 most admired life and health companies in Fortune's "America's Most Admired Companies" list. With 5,500 employees, over 2,800 financial representatives and 100 agencies nationwide, Guardian and its subsidiaries protect individuals, businesses and their employees with life, disability, health and dental insurance products, and offer 401(k), mutual fund and annuity investment products, and trust services. More information on Guardian can be obtained at: www.glic.com. Financial information for The Guardian Life Insurance Company of America as of 12/31/01: Assets = $19.5 billion; Liabilities = $18.0 billion (includes 13.6 billion in reserves); Surplus = $1.5 billion.
About Guardian
The Guardian Insurance & Annuity Company, Inc. (GIAC), Guardian Investor Services LLC (GIS) and Park Avenue Securities LLC (PAS) are wholly owned subsidiaries of The Guardian Life Insurance Company of America, New York, NY (Guardian), the fourth largest mutual life insurance company in the United States. As of December 31, 2001, Guardian and its subsidiaries had $34.3 billion in assets. Founded in 1860, Guardian is listed among Fortune magazine's top 500 businesses---and in 2002 was ranked once again as one of the top 10 most admired life and health companies in Fortune's "America's Most Admired Companies" list. With 5,500 employees, over 2,700 financial representatives and 100 agencies nationwide, Guardian and its subsidiaries protect individuals, businesses and their employees with life, disability, health and dental insurance products as well as offering mutual funds, annuity investment products, and trust services. More information on Guardian can be obtained at: www.glic.com.
Variable and fixed annuities are issued by The Guardian Insurance & Annuity Company, Inc. (GIAC), a Delaware corporation. The Park Avenue Portfolio family of mutual funds and variable insurance products are distributed by Guardian Investor Services LLC (GIS). GIAC and GIS are located at 7 Hanover Square, New York, NY 10004. Phone 1-800-221-3253.
The Park Avenue Portfolio family of mutual funds and GIAC's variable insurance products are sold by prospectus only which can be obtained by calling GIS at 1-800-221-3253. Prospectuses contain important information, such as fees, risks and expenses, and should be read carefully before investing or sending money.
The Park Avenue Portfolio family of mutual funds, fixed annuities, variable insurance products and their underlying investment options are not deposits or obligations of, or guaranteed or endorsed by, any bank or depository institution, nor are they insured by the Federal Deposit Insurance Corporation, The National Credit Union Association, The Federal Reserve Board, or any other agency. Mutual funds and variable insurance products involve investment risk, including possible loss of the principal amount invested. Investment return and principal value may fluctuate so that the investment, when redeemed, may be worth more or less than the original cost.
GIS is a member of NASD, SIPC.
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