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July 10, 2002
Guardian Celebrates The First Anniversary Of Its Merger With Berkshire
— Company Benefits in Many Ways a Year Later —
NEW YORK, July 1, 2002 - The Guardian Life Insurance Company of America is pleased to report tremendous success and progress today on the first anniversary of its merger with Berkshire Life Insurance Company, which created a new wholly owned subsidiary, Berkshire Life Insurance Company of America (BLICOA).
"When we announced the merger with Berkshire, we believed we could get closer to our aggressive long-term growth goals," said Joseph D. Sargent, CLU, Chairman of the Board and Chief Executive Officer of Guardian. "One year later, I'm pleased to report that we are exceeding our initial expectations. This is even more impressive in view of the fact that many experts have noted that 75% of mergers fail to meet expectations."
The merger has achieved a number of strategic goals and has exceeded anticipated sales results. Noteworthy achievements include:
— Guardian has become the second-largest seller of non-cancelable individual disability income insurance in America.
— As of the end of May, DI sales are up 5% over the same period last year.
— Guardian has increased product development capacity, particularly in the brokerage arena.
— Guardian has added more than 100,000 new policyowners in desirable target markets.
— Guardian has enhanced its career distribution system, with the addition of Berkshire field associates.
"The success of this merger has been due to our companies' common cultures, shared values and strong belief that mutual ownership is in the best interest of our policyholders," added James W. Zilinski, Chairman, President and Chief Executive Officer of Berkshire. "We look forward to building on our early success."
About Guardian
The Guardian Life Insurance Company of America, New York, NY (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. Founded in 1860, Guardian is listed among Fortune Magazine's top 500 businesses and was ranked in the top 10 on Fortune's 2002 "Most Admired" life and health insurers list. With 6,000 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, and offer 401(k), mutual fund and annuity investment products, and trust services. Berkshire was founded in Pittsfield, Massachusetts in 1851 as a mutual life insurance company. More information on Guardian can be obtained at: www.glic.com.
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