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May 21, 2012 at 09:35 AM
The Guardian Life Insurance Company of America boosted its life insurance sales by 9% in 2011, the company discloses in its latest earnings release.
Guardian Life, New York, reports in its 2011 year-end results that life insurance sales reached $282 million last year, up 11% over 2010’s result and Guardian’s highest on record. The company says the rise was fueled by a 13% year-over-year increase in Guardian’s flagship whole life product.
Guardian also discloses that its capital position improved by 2% to $5.5 billion, despite a “challenging economic and capital market environment.” Guardian’s risk-based capital was 486% at year-end.
Consolidated statutory operating income before dividends increased 2% from 2010 to $1.1 billion.
Guardian President and CEO Deanna Mulligan says in a press statement that the business results enabled Guardian to pay whole life dividends of $795 million, the company’s largest allocation ever to its policyholders.
The company reports that all four major credit rating agencies affirmed Guardian’s already strong credit ratings in 2011. Standard & Poor’s and Fitch rated the company AA+. It earned Moody’s Aa2 rating, and received A.M. Best Company’s highest rating for a life insurer, A++.
Guardian also reported in its earnings results the following:
Non-medical, group employee benefits sales grew by 2%.
