Finance & investments
Guardian continued to build on its legacy of financial strength, delivering consistent growth through a strong business strategy and disciplined risk management. Our commitment to value creation, prudent expense management, and sound capital allocation ensures we remain well-positioned to navigate evolving market conditions. As one of the most highly rated insurers in the U.S., we are poised to build on this momentum to support all of you — especially your financial well-being.
$2 billion
Surpassed an operating income of $2 billion for the first time in the company’s history
$11.4 billion
Ended the year with more than $11.4 billion of capital
$1.398 billion
Approved an all-time-high 2024 dividend of $1.398 billion and increased the dividend interest rate to 5.90%1
A++
Proudly continued to deliver some of the highest financial strength ratings in the industry
“Guardian’s results reflect strong business performance and investment returns buoyed by higher interest rates. Our risk management principles underpin our financial strength and enable us to pursue bold investment opportunities during uncertain times while others in the industry contend with constraints.”
Kevin Molloy
Chief Financial Officer
A year of strength in financial performance
We surpassed an operating income of more than $2 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, 2023
Strength in ratings
Ratings agencies are responsible for gauging the financial strength of companies so that investors, policyholders, or partners can work with the facts. Exemplary ratings indicate that a company can honor its financial commitments and pay its claims.
Guardian continued its track record in 2023 of receiving high ratings across the board.2
- Moody's Investors Service
Aa1
High Quality
2 of 21 - A.M. Best Company
A++
Superior
1 of 15 - Standard & Poor's
AA+
Very Strong
2 of 20
1 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.
2 The ratings of The Guardian Life Insurance Company of America® (Guardian) quoted in this report are as of December 31, 2023 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.
Other legal information:
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.
Financial information concerning GIAC as of December 31, 2023, on a statutory basis:
Admitted assets $11.8 billion; liabilities = $11.3 billion (including $3.9 billion of reserves); and capital and surplus = $0.5 billion.
Financial information for Berkshire Life Insurance Company of America as of December 31, 2023, on a statutory basis:
Admitted assets = $5.2 billion; liabilities = $5.0 billion (including $1.1 billion in reserves); and capital and surplus = $0.2 billion.
