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June 21, 2005
GUARDIAN REPORTS STRONG GROWTH OF DENTAL SALES
2004 Annual Results Showcase Company's Gains in Marketshare and Sales
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NEW YORK, N.Y., June 21, 2005 — The Guardian Life Insurance Company of America (Guardian) today reported strong sales and revenue growth for its Group Dental insurance products in 2004. Guardian attributes its results to its diverse product portfolio and to maintaining one of the industry's most extensive nationwide dental networks with more than 70,000 provider locations.
According to the U.S. Group Dental Plans 2004 Annual Sales Survey, jointly published by LIMRA International and the National Association of Dental Plans, Guardian's overall 2004 sales grew 14 percent, while reported industry sales decreased by 13 percent, a 31 percent higher rate of growth than the industry as a whole. Guardian's inforce revenue also increased by 13 percent, as compared to the industry, that only grew by one percent. The survey also found that Guardian was number one for voluntary dental sales for the industry, accounting for 34 percent of the survey's voluntary sales. In addition, Guardian sold more voluntary PPO business than all other companies combined and over two and a half times as much as the next largest writer in the survey.
"Despite an increasingly competitive market, Guardian has had continued success because we are consistent in our commitment to our policy holders. Our diverse product portfolio, product flexibility, analytical capabilities, and having one of the largest national PPO networks are the reasons that planholders and brokers choose us," said Stuart J. Shaw, Vice President, Group Products, Guardian. "As part of our focus on the overall customer experience, we will keep developing new products, services and options for our clients to best meet their changing needs."
Last year, Guardian announced two new DentalGuard plans and some key enhancements including a Maximum Rollover feature and a Monthly Switch option to its Group Dental product portfolio. The DentalGuard Basic and Basic Plus plans were created for those companies that need lower-cost dental coverage, as an alternative to Guardian's rich DentalGuard plan. Maximum Rollover is an option that allows DentalGuard members to roll over a portion of their unused annual maximum into a personal Maximum Rollover Account (MRA). Finally, Guardian's new Monthly Switch option enables employees to switch between a PPO and a DHMO plan every month. Unlike traditional dual choice plans which allow only annual election changes, Monthly Switch offers flexibility to planholders to make changes to their accounts each month.
About Guardian
Founded in 1860, 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, 2004, Guardian and its subsidiaries had $39.5 billion in assets. With more than 5,000 employees and 2,900 financial representatives, as well as over 80 agencies nationwide, Guardian and its subsidiaries protect individuals, businesses and their employees with life, disability, health and dental insurance products, and offer 401(k), financial products and trust services. More information about Guardian can be obtained at: www.guardianlife.com.
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