Financials

Guardian performed well in 2018. We ended the year with $8.5 billion in capital and $73.9 billion in assets under management. Additionally, operating income before tax and dividends was $1.6 billion. 

2018 Financial Highlights (on a consolidated basis)

Premiums

$9.7 billion

Operating Income (Before Taxes & Dividends To Policyholders)

$1.6 billion

Capital

$8.5 billion

Assets Under Management

$73.9 billion

Policyholder Dividend Declared

$980.6 million

Benefits Paid To Policyholders

$6.3 billion

Life Insurance In Force

$667 billion

 

Guardian’s Dividend and Financial Performance

Guardian is a mutual life insurance company, which means that our participating life policyholders share in our financial results, in part, through the payment of annual dividends. Download the PDF to learn more about Guardian’s dividend payments.

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Statutory filings

 

2015 Fourth quarter statutory filing

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2016 Fourth quarter statutory filing

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2017 Fourth quarter statutory filing

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2018 Fourth quarter statutory filling

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2019 Third quarter statutory filing

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Investments

As of 12/31/18, the majority of Guardian's total investment portfolio is comprised of public fixed income (55.8%) excluding surplus note debentures, private placement debt (18.4%), and commercial mortgages (8.5%). 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 excluding surplus note debentures are comprised of public corporates (67.0%), structured finance (15.3%), municipal securities (7.0%), U.S. governments (6.1%), high yield public corporates & bank loans (4.6%). Our portfolio is of excellent credit quality with strong liquidity; 95.3% of our total fixed income excluding surplus notes are investment grade.

Asset class allocation – December 31, 2018

Statement Value $ Millions % of Invested Assets

Public Fixed Income (Excl. Surplus Note Debentures)

29,610

55.8%

Private Placement Debt

9,751

18.4%

Commercial Mortgages

4,521

8.5%

Policy Loans

3,635

6.8%

Private & Real Estate Equity

2,002

3.8%

Affiliates & Subsidiaries1

1,642

3.1%

Cash, Short-Term & Other Invested Assets

1,318

2.5%

Public Equity2

591

1.1%

Total Invested Assets

$53,070

100%

Fixed income and convertible bonds – December 31, 2018

Statement Value $ Millions % of Bonds

NAIC 1 (Aaa-A/AAA-A)

23,122

58.7%

NAIC 2 (Baa/BBB)

14,387

36.6%

Investment Grade Subtotal

37,509

95.3%

NAIC 3 (Ba/BB)

728

1.8%

NAIC 4 (B)

963

2.5%

NAIC 5&6 (Caa/CCC & Below)

161

0.4%

Below Investment Grade Subtotal

1,852

4.7%

Total Bonds3

$39,361

100%

 

Guardian fixed income investor presentation, January 2020

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On January 14, 2020 Guardian made the following financial information available.

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IRS Form 8937- Report of organizational actions affecting basis of securities

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Disclaimer

Dividends are not guaranteed. They are declared annually by Guardian’s Board of Directors.

1Affiliates and Subsidiaries includes $492 million in affiliates classified as LLCs on the annual statement that are not private equity.

2Public Equity excludes Bond & Cash Mutual Funds and includes commodity ETFs.

3Total Bonds includes public and private debt but excludes surplus note debentures classified as Schedule BA invested assets, commercial mortgages and preferred stock.

 

Financial information concerning Guardian as of December 31, 2018, on a statutory basis: Admitted Assets = $58.5 Billion; Liabilities = $51.3 Billion (including $44.3 Billion of Reserves); and Surplus = $7.2 Billion.