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Financial and investment highlights

As one of the largest mutual insurance companies in the country, Guardian has the benefit of aligning our interests to our policyholders and customers. Our history of returning a portion of our profits through a dividend demonstrates our financial strength and commitment to our customers since 1860.

to come

Ratings

We’re proud of being one of the most highly rated companies in the industry, 
earning the trust of our policyholders, investors, and partners.1

  • Aa1

    High Quality
    2 of 21
    Moody’s Investors Service

  • A++

    Superior
    1 of 15
    A.M. Best Company

  • AA+

    Very Strong
    2 of 20
    Standard & Poor’s

Guardian’s dividend

Returning benefits to our customers

We declared a dividend payment to our participating policyholders of nearly $1.6 billion for 2024, the largest dividend payout in the company’s history. This milestone is a testament to Guardian’s financial stability and experience in navigating a range of risks.2

Download the PDF to learn more about Guardian’s dividend payments.

  • $2.4 billion

    Achieved record operating income of $2.4 billion

  • $1.6 billion

    Delivered a record 2024 dividend of $1.6 billion to our participating policyholders, an increase of 14% from 2023*

  • $13.4 billion

    Achieved strong premium growth of 5%, with record sales in our Group Benefits and Individual Markets businesses.

 A year of strength in financial performance  

We surpassed an operating income of more than $2.4 billion, an all-time record for Guardian, and maintained more than $11 billion in capital. This was driven by robust investment returns, sound underwriting, and prudent expense management.  

As of December 31, 2024

Investments

Investments that keep true to our principles

Guardian’s investments have always been a cornerstone of our business and an important contributor to our strong financial ratings. Our successful track record is a result of an investment philosophy centered on delivering long-term value for our policyholders, which includes:

  • Focusing on the breadth and diversification of our investment portfolio.

  • Constructing a high-quality portfolio to withstand unpredictable economic cycles.

  • Operating with strong risk discipline.

We take pride in continually striving for superior risk-adjusted returns, while ensuring we deliver on our financial promises.

Asset class allocation — December 31, 2024

Statement value

$ Millions

% of Invested Assets

Bondsi

52,866

66.4%

Commercial mortgagesii

8,213

10.3%

Policy loans

6,069

7.6%

Private & real estate equity

4,144

5.2%

Affiliates & subsidiaries

2,082

2.6%

Cash, short-term & other invested assets

6,192

7.8%

Total invested assetsiii

79,566

100%

Statutory filings

Guardian fixed income investor presentation, March 2025 - Download

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

1The ratings of The Guardian Life Insurance Company of America® (Guardian) quoted in this report are as of December 31, 2024 and are subject to change. The ratings earned by Guardian do not apply to the investments issued by The Guardian Insurance & Annuity Company, Inc. (GIAC) or offered through Park Avenue Securities LLC (PAS). Rankings refer to Guardian’s standing within the range of possible ratings offered by each agency.

2Dividends are not guaranteed. They are declared annually by Guardian's Board of Directors. The total dividend calculation includes mortality experience and expense management as well as investment results.

3Certain amounts from 2023 have been reclassified to conform to the current year presentation.

Other legal information: Financial information concerning Guardian as of December 31, 2024, on a statutory basis: Admitted Assets= $86.8 Billion; Liabilities = $77.5 Billion (including $60.7 Billion of Reserves); and Surplus = $9.3 Billion.

Financial information concerning GIAC as of December 31, 2024, on a statutory basis: Admitted Assets = $10.6 Billion; Liabilities = $10.0 Billion (including $3.5 Billion of Reserves); and Capital and Surplus = $0.6 Billion.

Financial information for Berkshire Life Insurance Company of America as of December 31, 2024, on a statutory basis: Admitted Assets = $5.5 Billion; Liabilities $5.3 Billion (including $1.1 Billion in Reserves); and Capital and Surplus = $0.2 Billion.

i Total bonds consist of 94% Investment Grade and 6% Below Investment Grade public and private debt but excludes surplus note debentures classified as Schedule BA invested assets, commercial mortgages, and preferred stock.

ii Includes commercial mortgage loans and mortgage debt funds.

iii Presentation of Invested Assets is a condensed view which will not align to the Audited Statutory Financial Statements.

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Copyright© 2025 The Guardian Life Insurance Company of America. All rights reserved.

First quarter statutory filing

Second quarter statutory filing

Third quarter statutory filing

Fourth quarter statutory filing

First quarter statutory filing

Second quarter statutory filing

Third quarter statutory filing

Fourth quarter statutory filing

2022 Fourth quarter statutory filing

2021 Fourth quarter statutory filing

2020 Fourth quarter statutory filing

Need more information?

The following condensed financial statements of The Guardian Life Insurance Company of America have been derived from audited statutory financial statements, which are available upon request.3

For the Year Ended December 31 (in millions)

2024

2023

Revenues

Premiums, annuity considerations and fund deposits

$10,516

$10,115

Net investment income

3,435

2,997

Other income

552

359

Total revenue

14,503

13,471

Benefits and expenses

Benefit payments to policyholders and beneficiaries

6,232

5,401

Net increase to policy benefit reserves

2,686

2,966

Commissions and operating expenses

3,367

3,151

Total benefits and expenses

12,285

11,518

Gain from operations before policyholder dividends and taxes

2,218

1,953

Policyholder dividends

(1,566)

(1,382)

Gain from operations before taxes and realized capital losses

652

571

Income tax expense

(114)

(90)

Net realized capital losses

(357)

(119)

Net income

$181

$362

As of December 31 (in millions)

2024

2023

Admitted assets

Bonds

$52,866

$52,093

Unaffiliated common and preferred stocks

297

107

Investments in affiliates

1,073

1,095

Mortgage loans

7,462

7,030

Private and real estate equity

4,875

4,389

Policy loans

6,069

5,106

Receivable for securities, other invested assets and derivatives

4,176

2,391

Cash and short-term investments

2,748

1,191

Total invested assets

79,566

73,402

Premiums deferred and uncollected

1,226

1,213

Reinsurance recoverable from affiliate

4,001

3,777

Other assets

2,032

1,874

Total admitted assets

$86,825

$80,266

Liabilities and surplus

Reserves for policy benefits

60,661

57,975

Policyholder dividends payable and other contract liabilities

10,102

8,233

Interest maintenance reserve

0

227

General expenses due or accrued

1,184

1,150

Asset valuation reserve

1,567

1,492

Other liabilities

4,023

2,117

Total liabilities

77,537

71,194

Policyholders' surplus

7,786

7,571

Surplus notes

1,502

1,501

Total liabilities and surplus

$86,825

$80,266

Total premiums, deposits, fees & equivalents

Operating income, before taxes and dividends

Benefits paid to policyholders

Policyholder dividends declared

Total adjusted capital (TAC)

Assets under administration

Total premiums, deposits, fees & equivalents
Operating income, before taxes and dividends
Benefits paid to policyholders
Policyholder dividends declared
Total adjusted capital (TAC)
Assets under administration