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.
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.
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
Fixed income and convertible bonds – December 31, 2018
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.
