Standard & Poor's Affirms Credit Ratings for Guardian Life

NEW YORK, July 9 /PRNewswire/ -- The Guardian Life Insurance Company of America (Guardian) announced today that Standard & Poor's (S&P) has affirmed its AA+ (Very Strong) credit rating with a Stable Outlook.  The rating affirmation also applies to The Guardian Insurance & Annuity Company, the Guardian subsidiary that issues variable insurance products, fixed annuities and 401(k) products.

According to S&P, Guardian's rating affirmation was primarily based on four factors:

• Its "very strong competitive position supported by one of the industry's most productive captive-agent distribution systems"
• Its "extremely strong capitalization"
• Its "very strong investment management and liquidity," and
• Its "strong operating performance"

"Guardian is very pleased to receive S&P's affirmation of the company's strength and stability," said Dennis J. Manning, Guardian's president and chief executive officer.  "We take very seriously our obligation to manage the company based on our policyholders' long term needs."  Standard & Poor's most recent rating actions involving Guardian took place in June 2009 when it affirmed Guardian's AA+ / Stable rating, and previously in July 2008 when it upgraded the insurer to AA+ from AA.

Guardian recorded very strong performance in 2009, declaring its second-highest dividend payout ever, generating more than a 15% increase in capital and achieving one of the industry's highest capitalization ratio measures, a standard gauge of capital strength. That momentum has carried over into 2010 as Guardian recorded overall double-digit sales growth through the first quarter and maintained strong capital growth.

"Guardian will continue to keep focused on managing to rigorous risk management principles as well as on generating growth and solid financial results, all of which contribute to our ongoing ability to maintain strong financial strength ratings amidst a challenging economic environment," Manning added.

About Guardian

A mutual insurer founded in 1860, The Guardian Life Insurance Company of America and its subsidiaries are committed to protecting individuals, business owners and their employees with life, long term care insurance, disability income, group medical and dental insurance products, and offer 401(k), annuities and other financial products. Guardian operates one of the largest dental networks in the United States, and protects more than six million employees and their families at 120,000 companies. The company has more than 5,400 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies nationwide.

For more information about Guardian, please visit: www.GuardianLife.com.

Financial information concerning The Guardian Life Insurance Company of America as of 12/31/09 on a statutory basis: Admitted Assets = $30.9 Billion; Liabilities = $26.7 Billion (including $23.5 Billion of Reserves); and Surplus = $4.2 Billion.

SOURCE The Guardian Life Insurance Company of America

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