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All four of the major rating agencies affirmed Guardian's ratings in 2014.
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What's in a Dividend?

Guardian is a mutual life insurance company, operating for the benefit of participating life policyholders who share in the company's results, in part, through the payment of annual dividends.
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Guardian is a company with a rich and storied past that has emerged as one of America’s most successful life insurance companies.

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Our Values

At the heart of everything we do is a simple idea: There's no right way to do a wrong thing.
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As of 12/31/14, the majority of Guardian's total investment portfolio is comprised of public fixed income (54.7%), private placement debt (17.0%), and commercial mortgages (7.5%). Public equity represents 1.1% of our total investment portfolio and is hedged to protect Guardian's capital from market volatility. Public fixed income holdings are comprised of public corporates (66.6%), municipal securities (9.6%), structured finance (9.2%), U.S. governments (5.9%), high yield public corporates & bank loans (5.7%), international developed market debt (2.2%) and emerging market debt (0.8%). Our portfolio is of excellent credit quality with strong liquidity; 92.9% of our total fixed income and convertible bonds are investment grade.

Asset Class Allocation                                       DECEMBER 31, 2014

Statement Value$ Millions% of Invested Assets
Fixed Income (ex Private)22,21154.7%
Private Placement Debt6,90017.0%
Policy Loans3,0467.5%
Commercial Mortgages3,2318.0%
Affiliates & Subsidiaries11,6043.9%
Private & Real Estate Equity1,6274.0%
Cash, Short-Term & Other Invested Assets9222.2%
Convertible Securities6521.6%
Public Equity24411.1%
Total Invested Assets40,634100.0%
1 Affiliates and Subsidiaries includes $598 million in affiliates classified as LLC's on the annual statement that are not private equity.

Public Equity excludes Bond & Cash Mutual Funds and includes commodity ETFs.

Fixed Income and Convertible Bonds              DECEMBER 31, 2014

Statement Value$ Millions% of Bonds
NAIC 1 (Aaa-A/AAA-A)14,20847.9%
NAIC 2 (Baa/BBB)13,33245.0%
Investment Grade27,54092.9%
NAIC 3 (Ba/BB)1,0753.6%
NAIC 4 (B)9483.2%
NAIC 5&6 (Caa/CCC & below)900.3%
Below Investment Grade2,1137.1%
Total Bonds329,653100%
3 Total Bonds includes public and private debt and convertible bonds, but excludes commercial mortgages and preferred stock