Guardian highlights its commitment to customers and to championing well-being in The 2023 Guardian Annual

Guardian's 2023 financial performance furthers legacy of strength and resilience

NEW YORK, April 16, 2024 /PRNewswire/ -- Today, the Guardian Life Insurance Company of America^® (Guardian) released "The 2023 Guardian Annual: A whole different perspective," which highlights the company's commitment to supporting customers through all life stages and inspiring holistic well-being— mind, body, and wallet^®— while delivering strong financial results.

The report shows Guardian's focus on connecting with its customers at different stages of their lives, spotlighting key investments, programs, and services that drove value and positively impacted customers and communities in 2023, including Guardian's financial empowerment offerings, disability insurance, children's oral health coverage, critical illness, and inclusive and compassionate benefits, among others. Stories of colleagues, partners, and financial professionals featured in the report demonstrate how the company is supporting customers and empowering everyday champions of well-being.

"Our success in 2023 was a result of living our purpose and making a difference for our customers by supporting their unique needs," added Andrew McMahon, Chief Executive Officer and President. "Our outlook remains strong, and I'm proud of our team for positioning us to champion well-being and deliver long-term value creation for the years ahead."

The Guardian Annual also captures how the company continued its legacy of financial resilience in 2023. Key financial information highlighted in the report includes:

• Surpassed $2 billion in operating income for the first time in our company's history.
• Record dividend payment of $1.398 billion and dividend interest rate of 5.90%.
• $11.4 billion of capital.
• For Individual business, Whole Life sales grew at a 5- year compound annual growth rate (CAGR) of over 4%, and continued growth of our Income Annuity suite of products achieved $3 billion in sales for the first time in 2023.
• Guardian continued its leadership in providing employee benefits to America's growing small and medium sized businesses with sales increasing at a 5-year CAGR of 3.7%.
• Consistently earned some of the highest financial strength ratings in the industry (Moody's Aa1, A.M. Best A++, S&P AA+).

"We're immensely proud to be one of the strongest and most highly rated insurance companies in the U.S.," added Kevin Molloy, Chief Financial Officer. "Our robust financial results are built on the foundation of this financial strength, our sound risk management approach, and meeting our customers' needs for over 160 years."

For more information, please visit www.guardianlife.com.

About Guardian

Guardian makes a difference in the lives of people when they need us most. With over 160 years of stability and fiscal integrity, we are a trusted resource to generations of families and business owners, inspiring well-being and helping build financial confidence. Today, we stand behind millions of consumers, helping them prepare and plan for a bright future for themselves and their families. We help business owners care for their employees. And we help people recover and thrive in times of unexpected loss. As a modern mutual insurance company, we believe in driving value beyond dividends. We invest in our colleagues, are building an inclusive and innovative culture, and are helping to uplift communities through thoughtful corporate impact programs. Guardian, which is based in New York City, is a leading provider of life, disability, dental, and other benefits, and has received accolades for its culture and service. Our colleagues and financial professionals serve with care and experience, and our commitments rest on a strong financial foundation, which included a 2024 dividend allocation of $1.398 billion – the largest in the company's history. For more information, visit guardianlife.com or follow us on Facebook, LinkedIn, and YouTube.

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Disclaimer

Financial information concerning Guardian as of December 31, 2023, on a statutory basis: Admitted assets = $80.3 billion; liabilities = $71.2 billion (including $58.0 billion of reserves); and surplus = $9.1 billion.

Dividends 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.

Ratings are as of 12/31/23 and are subject to change.

Guardian^® is a registered trademark of The Guardian Life Insurance Company of America. Copyright © 2024 The Guardian Life Insurance Company of America.

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SOURCE Guardian