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Group Sales Rise At Mutual Insurer

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Guardian Life Insurance Company of America says variable annuity sales, worksite sales and long term care insurance sales were particularly strong in 2006.

Guardian, New York, a policyholder-owned mutual insurer, is reporting $376 million in net income for 2006 on $9.7 billion in revenue, up from $375 million in net income on $9.4 billion in revenue for 2005.

Whole life sales were flat, but individual disability sales were up 13%, group sales were up 15% and worksite sales were up 29%, Guardian says.

Long term care insurance sales doubled, and the introduction of a new guaranteed minimum withdrawal benefit rider helped increase variable annuity sales 26%, Guardian says.