A TRADITION by sdfgsg234

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									GUARDIAN FOR LIFE
 A life well planned is a life well lived.




                                             ANNUAL REPORT 2010
TABLE OF CONTENTS


2/       Letter to Policyholders         26 / Financial Strength
4/       Financial Highlights            28 / Investment Results
5/       Officers & Board of Directors   30 / Company Listings

6-23 /   Policyholder Profiles           38 / Important Information
24 /     2010 Financials                 40 / Contact Us
As a mutual company, we manage
our company in the best interests
of our owners, the policyholders.
We have no stockholders, as
publicly held insurance companies
do. Because we’re unencumbered
by obligations to manage to
Wall Street’s short-term, quarter-
to-quarter demands, we’re able
to always focus on our top priority:
our policyholders. Their interests
come first.

Dennis J. Manning
Chairman and Chief Executive Officer

Deanna M. Mulligan
President and Chief Operating Officer




                                       /1
                                                             What this all means for our policyholders is confidence—a
                                                             word that has been used less frequently as of late in relation
                                                             to many financial institutions. It is important to us that
                                                             our policyholders always think of us positively and with
                                                             a high degree of confidence. And without question, they
                                                             can. Guardian is advantageously poised to capitalize on the
                                                             financial turnaround from a position of strength.

                                                             SEAMLESS TRANSITION
                                                             Our Board of Directors last year took decisive steps to
                                                             ensure Guardian’s continued strong leadership. It appointed
                                                             Deanna M. Mulligan President and Chief Operating
                                                             Officer, and announced its intent to name her Chief
                                                             Executive Officer and a member of the Board of Directors
                                                             in July 2011. At that time Dennis J. Manning will remain as
                                                             Chairman (executive) through his scheduled retirement in
                                                             January 2012. These steps will ensure a seamless transition
                                                             in Guardian’s leadership team, which is comprised of
                                                             an outstanding group of executives and headed by an
                                                             exceptional leader with deep industry experience and skill.

                                                             To paraphrase former U.S. Secretary of State General
                                                             Colin Powell, it takes great people to accomplish great
                                                             deeds. By any definition, Deanna Mulligan and the rest
                                                             of Guardian’s leadership team more than meet that test.
                                                             Deanna Mulligan will have the support of an unusually
                                                             strong, talented team of Executive Vice Presidents: Scott

TO OUR                                                       Dolfi, who in July 2011 will take her place as Chief
                                                             Operating Officer; Meg Skinner, Chief Distribution
                                                             Officer; Robert Broatch, Chief Financial Officer, who also
POLICYHOLDERS:                                               leads Risk Management and Operational Excellence; Tom
                                                             Sorell, Chief Investment Officer; Tracy Rich, General
                                                             Counsel and Corporate Secretary; and John McCarthy,
At Guardian, we constantly remind ourselves that a           head of Human Resources.
promise is only as good as the company and the people
standing behind it. We are pleased to report that our        SHARED COMMITMENT
promise to you is more secure than ever—the promise to       The executives on Guardian’s leadership team share a
provide families and business owners with products that      number of important qualities.They embody the values,
help protect them against financial risk, and at the same    trust, and respect that have shaped Guardian’s character
time, to ensure Guardian’s long-term financial strength so   through the years and that today make us the company
we can continue to meet future obligations.                  where so many talented people choose to build a career.
                                                             These leaders also firmly embrace the principle of mutuality.
Despite the slow pace of global economic recovery,
Guardian had a very good year in 2010—our 150th              As a mutual company, we manage our company in the
anniversary year. We declared our largest dividend ever      best interests of our owners, the policyholders. We have
to individual life policyholders. We increased capital and   no stockholders, as publicly held insurance companies
surplus, improving our financial flexibility. We generated   do. Because we’re unencumbered by obligations to
strong, double-digit sales results and achieved a healthy    manage to Wall Street’s short-term, quarter-to-quarter
expansion in our career agent network. Moreover, all four    demands, we’re able to always focus on our top priority:
major credit rating agencies affirmed our already strong     our policyholders. Their interests come first. We never
ratings with positive outlooks.                              lose sight of our obligation to make sure that our interests
                                                             are fully aligned with theirs and that our mutual interests
are aligned for the long term. That’s the perspective that                Promises matter—at Guardian we never lose sight of this.
has always influenced our management decisions. And                       We’ve been keeping ours for a century and a half amidst
that’s the perspective that will ensure that our vision for               countless ups and downs in the economy and in spite of
growth remains clearly focused on what matters most.                      ongoing change in the world in which we do business.

SMALL BUSINESS—AN AGENDA FOR GROWTH                                       The vision and values that have long defined the
The solid foundation from which we operate today                          character of this company will continue to influence
didn’t emerge overnight. It is the result of successive years             the decisions we make to help meet the needs of
during which we generated solid operating earnings,                       policyholders today and for generations to come.
ensured that we protected our capital, and took steps to
run a more efficient organization. So in the midst of the                 Thank you for your confidence; we look forward to
financial downturn when many other companies were                         continuing to earn your trust.
retrenching, we were able to maintain steady growth and,
equally important, invest in our future.                                  Sincerely,

A key investment has been our small business strategy,
which we’re pleased to report has been quite successful.
With this strategy, we plan to grow by serving the needs
of small businesses and their owners by providing holistic
solutions that matter to them—such as risk protection,
employee benefits, asset accumulation, retirement, estate
planning, and business transfer.
                                                                          Dennis J. Manning
Small businesses represent approximately 50 percent of                    Chairman and Chief Executive Officer
U.S. gross domestic product and as much as 80 percent of
all new job creation.† But besides its role as the dynamic
driving force in our economy, small business is also
driving growth at Guardian and it contributed nicely to
our 2010 results.

Another example of where we have made important                           Deanna M. Mulligan
investments is in building distribution. Our Financial                    President and Chief Operating Officer
Representatives are among the most talented in the
business, helping both business owners and families
realize their financial dreams and resolve their financial
challenges. We’ve continued to invest in attracting the
best talent, providing our representatives with the best
training and equipping them with the best tools to help
their clients.

A TRADITION OF EXCELLENCE
No discussion of our company’s performance would be
complete without acknowledging our approximately
5,000 dedicated employees, our network of more than
80 agencies and 3,200 Financial Representatives, and our
exceptional corps of managers and leaders.Their combined
talents and energies are the reason Guardian today enjoys
an unquestioned reputation for excellence and one of the
strongest financial positions in our industry, along with a
solid foundation for continued growth.



†
    Source: U.S. Department of Commerce, Bureau of the Census and International Trade Administration
                                                                                                                                 /3
 GUARDIAN FINANCIAL HIGHLIGHTS

          2009                                                   2010


$712 MILLION                                      $740 MILLION
               WHOLE LIFE DIVIDENDS DECLARED




$5.1 BILLION                                        $4.9 BILLION
               B E N E F I T S PA I D T O P O L I C Y H O L D E R S
                    ( O N A C O N S O L I DAT E D B A S I S )




$4.9 BILLION                                        $5.3 BILLION
                                   C A P I TA L




$1,015 MILLION                                    $1,082 MILLION
               S TAT U T O R Y G A I N F R O M O P E R AT I O N S
    B E F O R E TA X E S A N D D I V I D E N D S T O P O L I C Y H O L D E R S
                    ( O N A C O N S O L I DAT E D B A S I S )



$245 BILLION                                       $258 BILLION
                        LIFE INSURANCE IN FORCE
                     ( O N A C O N S O L I DAT E D B A S I S )
EXECUTIVE MANAGEMENT
Rear, Left to Right: Robert E. Broatch, CPA Executive Vice President, Chief Financial Officer, Risk and Operational Excellence / John P.
McCarthy Executive Vice President, Human Resources / D. Scott Dolfi Executive Vice President, Business & Operations / Margaret W. Skinner
Executive Vice President and Chief Distribution Officer / Thomas G. Sorell, CFA Executive Vice President and Chief Investment Officer

Front, Left to Right:Tracy L. Rich Executive Vice President, General Counsel and Corporate Secretary / Deanna M. Mulligan, CLU, ChFC
President and Chief Operating Officer / Dennis J. Manning, CLU, ChFC, Chairman and Chief Executive Officer



DIRECTORS

Robert E. Broatch, CPA                          Deborah L. Duncan                            Stephen J. Squeri
Executive Vice President,                       Executive Vice President and                 Group President, Global Services,
Chief Financial Officer, Risk and               Chief Financial Officer, Fremont Group       American Express Company
Operational Excellence, The Guardian Life
Insurance Company of America                    Paul B. Guenther                             Donald C. Waite III
                                                Retired President, PaineWebber Group, Inc.   Director, Office of Executives in Residence
Lloyd E. Campbell                                                                            and Adjunct Professor, Columbia Graduate
Consultant, Spencer Stuart                      Dennis J. Manning, CLU, ChFC                 School of Business
                                                Chairman and Chief Executive Officer,
Richard E. Cavanagh                             The Guardian Life Insurance Company
Former President and Chief Executive Officer,   of America                                   INDEPENDENT ACCOUNTANTS
The Conference Board                                                                         PricewaterhouseCoopers LLP
                                                John A. Somers                               New York, NY
Kay Knight Clarke                               Former Executive Vice President and
President, Templeton, Ltd.                      Retired Head of Fixed Income and
                                                Real Estate,Teachers Insurance and
James E. Daley                                  Annuity Association
Retired Executive Vice President,
Electronic Data Systems Corporation

                                                                                                                                      /5
NEW
ORLEANS,
     Creed Brierre

LA   Born on Mardi Gras, a graduate of
     Tulane University, and a lifelong resident
     of New Orleans, Creed Brierre is a stalwart
     citizen of the city he calls home…

                                                   /7
“A LARGE PIECE OF OUR
RECENT WORK HAS REVOLVED
AROUND HURRICANE KATRINA
RECOVERY.”
His business, Mathes Brierre Architects, has stood as an indelible part of the
community for more than 100 years, withstanding the effects of Hurricane
Katrina and contributing to the restoration and protection of the city in the
storm’s aftermath. Creed and his wife, Ellen, have been married for more than
35 years. She serves as Manager of Alumni Affairs at the Tulane University
Law School, and they have three grown children, two of whom reside in New
Orleans. Playing baseball, fishing, and hunting are among many interests he
tries to find time for.

CAN YOU TELL US A LITTLE ABOUT YOUR BUSINESS?
Mathes Brierre Architects is the latest evolution of the oldest architecture
firm in the state of Louisiana. We were founded in the 1890s and currently
have 67 employees. The company has four partners, including myself, and our
organization is divided into four architecture and interior design studios, as
well as one studio of landscape architects and planners.

A large piece of our recent work has revolved around Hurricane Katrina
recovery. We did a number of projects for the recovery school district,
including repairing kitchen cafeterias that needed to be redone for the
schools to reopen. We also designed the safe houses for the St. Bernard flood
protection program, as well as the waterproofing and hardening of all the
pump stations in Orleans Parish.

In addition, we’re designing a performing arts facility for the Musicians’
Village, a concept developed by Harry Connick, Jr. and Branford Marsalis to
bring musicians who have lost their homes back to New Orleans. Our firm
is working on a performance and recording facility in the Upper Ninth Ward,
where cottages have been built to house these musicians and their families.

WHAT ARE YOUR CHALLENGES AS A BUSINESS OWNER?                                          Creed Brierre visiting one of
                                                                                       several Orleans Parish pump stations
The hardest aspect of an architecture firm is matching up with the economy. Often      that boast a waterproofing design
when there’s a downturn in the financial climate, it affects our industry. Following   created by his firm. “I’m not sure
Hurricane Katrina, we were a little nervous, not knowing how it would impact our       anyone else could have handled
employees and clients, but we’ve actually done very well since then.                   this project,” he says, “so we’re
                                                                                       understandably proud of the work.”
I’d say our staff is one of the most capable, talented groups of architects,
interior designers, and landscape architects and planners in the entire city. Our
problems are never internal, we just need to maintain enough business to keep
all this talent engaged.
/9
“IN THE AFTERMATH OF KATRINA, WHEN SOME
OF OUR PEOPLE LEFT AND WE NEEDED TO GROW
STAFF BECAUSE OF THE AMOUNT OF WORK
THAT WAS STARTING TO COME IN, THE PRODUCTS
WE RECEIVE THROUGH GUARDIAN WERE A
HUGE HELP.”


HOW DOES GUARDIAN HELP YOU WITH YOUR COMPANY?                  DO YOU HAVE ANY OTHER GUARDIAN PRODUCTS
One of my collateral duties as a principal in the firm is      AND SERVICES?
serving as the human resources director. In this role, I       I personally have a whole life insurance policy through
brought Guardian benefits to the company starting in           Guardian that is growing and doing very well. In addition,
1994. We provide our employees with group life insurance       the partners of the firm have a buy-sell agreement, which
and long-term disability coverage. We also offer optional      would allow the rest of us to buy out a partner if anything
short-term disability, vision, and dental coverage that        were to happen to them. We also have long-term disability
employees can buy into through the company.                    income insurance for the partners, to protect ourselves
                                                               and our spouses.
It’s very helpful to offer a robust benefits package in
addition to a competitive salary when trying to attract        WHAT’S YOUR OUTLOOK FOR THE CITY AND FOR YOUR
employees and retain the ones we already have. In the          BUSINESS GOING FORWARD?
aftermath of Katrina, when some of our people left and         I think New Orleans has gotten very smart about how
we needed to grow staff because of the amount of work          we run things now, and we’re certainly better at dealing
that was starting to come in, the products we receive          with natural catastrophes. If we had another Katrina,
through Guardian were a huge help. When you tell               we’d be ready for it. The parts of the city that weren’t
someone that they aren’t just going to earn a salary, but      flooded are absolutely back, and in many cases areas that
they’re also going to get a significant package of insurance   had to be restored are even better than they once were.
options that they don’t have to buy elsewhere, it tends to     New Orleans has weathered the storm, both literally and
have an impact. Being able to offer this is a good thing for   figuratively, and businesses like ours have emerged in great
them and a good thing for us.                                  shape. I’m pleased to say Guardian has played a role in
                                                               helping to keep us strong.
   HOW WE HELP
Group Life                    Individual Whole Life          Group Vision
Group Long-Term Disability    Individual Disability Income   Group Dental
Group Short-Term Disability   Buy-Sell Agreement




                                                                            / 11
PHOENIX,
AZ   Kraig & Jamie
     Burgess
     Kraig and Jamie Burgess came to Phoenix six
     years ago, moving from Ohio where they both
     were raised and attended college...




                                                   / 13
“I HAVE WHOLE LIFE
INSURANCE, WHICH REALLY
ADDRESSES A RANGE OF
CONCERNS.”

An orthopedic surgeon in private practice, Kraig shares an office with
two other physicians, while Jamie cares for Navi, their active two‐year‐old
daughter. The couple share a passion for fitness, training and competing in
triathlons, getting out to jog, bike, swim, and work out at the gym whenever
possible, and spending the rest of their spare time with family and friends.

WHAT ARE YOUR BIGGEST FINANCIAL CONCERNS?
One of the things about medicine is you don’t generate any income unless
you’re physically practicing. If I were ever unable to perform surgery due to
illness or injury, how would I maintain our income level and take care of my
family? I need both my mind and my hands to make my living.

Additionally, while I love my job and feel blessed for the opportunity, I don’t
necessarily want to practice forever and I don’t want to feel like I have to
work. We have a lot of hobbies; I just wish we could find more hours for
them. My hope is as our wealth accumulates, I can feel more comfortable
backing off work and taking more time to do things as a family.

My goal for now, of course, is to stay healthy and keep on producing revenue,
but I also want to be sure I have things in place to protect us and increase our
ability to automatically generate wealth in the future.

WHAT PRODUCTS DO YOU HAVE FROM GUARDIAN AND HOW DO THEY
ADDRESS YOUR GOALS?
I have whole life insurance, which really addresses a range of concerns. That’s
something it took me a while to realize.

At first I thought of whole life insurance strictly as a vehicle to protect my
wife and family if something were to happen to me, which is obviously
most important. When Navi came along, we realized it was time to take
the next step and obtain more coverage. Like everyone else, we had a
mortgage and other bills, and my concern was protecting my wife and                One of the attractions of life in
daughter in any eventuality.                                                       Arizona is the ability to do a lot
                                                                                   of activities outside. But even
But I’ve come to realize whole life insurance provides so much more. It’s also     leisure can have its risks. “I’ve
                                                                                   spent a lot of time on the road on
a powerful wealth accumulation tool. My current Guardian agent is the first        a bike, and there are plenty of war
person who was able to really explain that to me in terms I could understand.      stories of people who get hurt
I could see the growth value in it, the protection value in it, and the tax        while training,” says Kraig. “From a
advantages it could provide someone at my income level. Knowing I could            protection point of view, it’s nice to
get an optional waiver so that my premiums will be paid throughout the life        know I have a lot of tools in place
                                                                                   to help give me peace of mind.”
of the policy if anything happened to me (became totally disabled) was the
clincher. For all these reasons and more, it just makes sense for us.
/ 15
“SEEING THE LONGEVITY AND FINANCIAL
STRENGTH OF GUARDIAN GIVES ME
GREAT COMFORT.”



I also have term life insurance and disability income            Representative helped me set up was an overhead expense
coverage. The term was something I put in place early in         insurance policy that protects each partner. It’s nice to
my career for protection purposes. The disability policy         know that if I experienced difficulties, my partners, my
helps me address my income worries.                              practice, and my staff would all be safe until I got back
                                                                 on my feet.
DO YOU UTILIZE ANY OTHER PERSONAL SERVICES?
Our Guardian Financial Representative set us up with             WHY DO YOU CHOOSE TO WORK WITH A GUARDIAN
something called The Living Balance Sheet® (LBS). It’s           FINANCIAL REPRESENTATIVE?
an online system that allows us to see our entire financial      When hiring someone to look out for my personal
portfolio picture in one place, and it automatically updates     interests, I lay out a list of my expectations on paper for
on a daily basis, which is a real benefit. Before using this     us. I find if it’s in front of us in black and white, there
tool, there was no easy way to monitor all of my assets          are no surprises or disappointments down the road.
and accounts simultaneously. Being able to log in from           You can either deliver on these requirements, or if not,
anywhere at any time and view this summary is great. LBS         we both move on with no hard feelings. My Guardian
even allows me to organize every one of my insurance             agent has been able to live up to all of my expectations.
policies and track the performance of my whole life policy.      He’s truly a resource for our family; I can pick up the
                                                                 phone and bounce ideas off him at any time. I have
Another thing I love about LBS is a feature called               tremendous respect for his abilities, and his values are
The Vault, which allows you to store all your personal           strongly in sync with mine. I trust him and consider
information in a limitless, protected online archive.            him a friend, and this means a lot to me.
From personal pictures to tax returns to will and trust
documents, it’s very reassuring to know that in the event        In addition, I have trust in Guardian as a company. I
of a flood, fire, or theft, you have copies of these materials   remember when I was first offered insurance as a resident
safely stored away in a reliable, accessible place.              in training, many names were thrown at me. Through the
                                                                 years, many of these companies have fallen by the wayside.
HOW ABOUT PROFESSIONALLY?                                        Seeing the longevity and financial strength of Guardian
Sharing office space is a great way to reduce overhead           gives me great comfort.
expenses, but if one of us encounters hard times, we’re
all impacted. One of the tools my Guardian Financial
   HOW WE HELP
Individual Whole Life          The Living Balance Sheet®
Individual Term Life           Overhead Expense Insurance
Individual Disability Income




                                                            / 17
TALLAHAS
 Tony Benton &
 Bart Wells
 As President and Executive Vice President
 of Sperry & Associates, Tony Benton
 and Bart Wells have partnered to lead a
 Tallahassee-based construction company
 for the last 30 years...




SEE, FL                                      / 19
“OUR GUARDIAN FINANCIAL
REPRESENTATIVE IS VERY
KNOWLEDGEABLE ABOUT HIS
BUSINESS, BUT WHAT REALLY
IMPRESSED US WAS THAT HE
SAT DOWN AND GOT TO KNOW
OUR BUSINESS AS WELL.”
An employee-owned operation, Sperry resembles a family in addition to a
business, with all members focused on a singular goal of providing unmatched
customer service. In addition to a passion for their company and community,
both of the firm’s partners share an interest in hunting, fishing, and scuba diving,
with Tony also enjoying motorcycle riding and Bart currently taking on the
challenges of golf.

CAN YOU BRIEFLY DESCRIBE YOUR COMPANY?
We were founded in 1973 and currently have 40 employees throughout Sperry
and our three affiliates: Commercial Repair & Renovations Inc., Metal Building
Services Incorporated, and Wentworth Building Corp. Our main business focus
is on design build contracting, but we also do bid contracting, construction
management work, and subcontracting work. We do a lot of metal building
construction and metal roofing. We have steel erectors on staff, and we do our
own concrete work so we can ensure quality.

Most of our business comes through referrals from past customers. Once we do
something for you, we want to be your contractor for life and do everything
for you. That’s why we started our affiliate services, so that in addition to
construction, we could take care of tasks like cleaning gutters, repairing roofs,
painting, and minor renovations. We’re a customer service-oriented company
because that’s really the only way to build strong relationships. We have a very
good reputation for both, and that’s something we take tremendous pride in.
Whenever we’re faced with a difficult decision, the question we ask ourselves is
“What’s in the best interest of the client?”

DO YOU USE GUARDIAN PRODUCTS PERSONALLY?
From an individual standpoint we have whole life insurance and disability
income coverage. Additionally, we have a life insurance policy on each other
that allows us to buy each other’s company stock should anything happen to
either of us. It’s really comforting to know that in the event something should
befall one of the partners, the company won’t be in jeopardy and our families
will be taken care of.                                                                 Bart and Tony discussing current
                                                                                       projects at one of their regularly
                                                                                       scheduled morning status meetings.
HOW DO YOU WORK WITH YOUR GUARDIAN AGENT?                                              “Your level of quality and customer
Our Guardian Financial Representative is very knowledgeable about his                  service are really what distinguish
business, but what really impressed us was that he sat down and got to know our        you in the marketplace,” agree both.
business as well. We meet on a periodic basis and he reviews what we have and          “We take that very seriously.”
makes recommendations on what we might need moving forward. He’s very
easy to get in touch with and very prompt in returning calls. It’s a really strong
relationship; we feel like he’s a member of our team.
/ 21
“GUARDIAN GROUP BENEFITS HELP US GIVE
                      ”
OUR EMPLOYEES SECURITY.

WHAT CHALLENGES DO YOU HAVE AS                                   HOW HAS THE ECONOMIC CLIMATE IMPACTED YOU?
BUSINESS OWNERS?                                                 As with a lot of other companies, we’ve had to learn to
Keeping work coming through the door is probably top of          survive. These have been very challenging times, and we’ve
mind for us. Our core group of customers is not building         had to figure out how to operate under these conditions,
as much right now due to economic conditions. This is            to grow and adapt to the way our customers do business
a concern for us because we have a family of employees           nowadays. We have to be flexible and able to react to what
to support. We need to keep business coming in so that           our customers want and then plan accordingly. Ultimately,
we can keep paychecks going out; we know our workers             we believe we’re going to come out on the other side of
have families to feed and retirements to prepare for. We’re      this environment even stronger than when we started.
an employee-owned company, so the well-being of our
employees is always our number one concern.                      WHAT DO YOU WANT YOUR COMPANY TO BE
                                                                 KNOWN FOR?
HOW DO YOU USE GUARDIAN FOR YOUR BUSINESS?                       We’re very proud of our commitment to our employees
Guardian group benefits help us give our employees               and our contributions to the community. Sperry has an
security. We provide life insurance to all our associates, and   outstanding safety record, with a strong focus on working
they have the option to purchase even more through our           accident-free which translates into safer employees and a
company. We also provide them with Guardian dental and           lower workers’ compensation rate, which in turns makes
long-term disability insurance.                                  us more competitive in the market. Additionally, we give
                                                                 to United Way, the American Cancer Society, and the
In fact, not so long ago we had an employee who needed           Leukemia & Lymphoma Society, and work with the local
a bone marrow transplant and went out on disability. The         Chamber of Commerce and Economic Development
process was seamless, the payments came through right on         Council and the Leadership Tallahassee group.
time, and he’s been supported ever since. We’re expecting
him back this fall, so we think this provides an ideal           But first and foremost, we’re all about delivering
example of how disability income insurance should work.          outstanding customer service and strong business
It’s really a good feeling to know you have your employees       relationships. We demand the same from any organization
covered like that.                                               we work with. And we get that from Guardian.

We’re very happy with what we get from Guardian; the
people are very knowledgeable and friendly. So much so
that a few years ago we moved all our group coverage to
Guardian, which was a very easy transition to make and
it made our bookkeeper very happy to have all services
coming from one place.
HOW WE HELP
Individual Whole Life          Group Life
Individual Disability Income   Group Long-Term Disability
Buy-Sell Agreement             Group Dental




                                                            / 23
2010 FINANCIALS




S TATUTOR Y BASIS BAL ANCE SHE E T S

As of December 31 (in millions)                                                      2010                             2009*

Admitted assets
Bonds                                                                             $21,391                           $20,025
Unaffiliated common and preferred stocks                                            1,278                                867
Investments in affiliates                                                             857                                902
Mortgage loans                                                                      3,230                              3,339
Real estate                                                                           179                                189
Policy loans                                                                        2,720                              2,483
Other investment assets                                                             1,173                                989
Receivable for securities                                                               58                                 6
Cash and short-term investments                                                       357                                202
Total invested assets                                                              31,243                            29,002
Due and accrued investment income                                                     331                                315
Current federal and foreign income tax recoverable and interest thereon                 41                                18
Premiums deferred and uncollected                                                     845                                871
Net deferred tax asset                                                                521                                520
Other assets                                                                          197                                169
Total admitted assets                                                             $33,178                           $30,895

Liabilities and surplus
Reserves for policy benefits                                                       25,131                            23,477
Policyholder dividends payable and other contract liabilities                       1,856                              1,834
Interest maintenance reserve                                                          170                                 79
Asset valuation reserve                                                               539                                371
Amounts due to brokers and other liabilities                                        1,051                                946
Total liabilities                                                                  28,747                            26,707
Policyholders’ surplus                                                              4,035                              3,792
Surplus note                                                                          396                                396
Total liabilities and surplus                                                     $33,178                           $30,895


Results Are Guardian Life Only (Not Consolidated)
The condensed financial statements of The Guardian Life Insurance Company of America have been derived from audited statutory
financial statements, which are available upon request.

*Certain amounts from 2009 have been reclassified to conform to the current-year presentation.
STATUT ORY BASI S STAT E M E NT S OF O PE RAT I ON S

For the Year Ended December 31 (in millions)                    2010     2009

Revenues
Premiums, annuity considerations, and fund deposits            $5,943   $5,925
Net investment income                                           1,665    1,551
Other income                                                     200      217
Total revenue                                                   7,808    7,693

Benefits and expenses
Benefit payments to policyholders and beneficiaries             3,509    3,712
Net increase to policy benefit reserves                         1,607    1,332
Commissions and operating expenses                              1,634    1,750
Total benefits and expenses                                     6,750    6,794

Gain from operations before policyholder dividends and taxes    1,058     899
Policyholder dividends incurred                                 (730)    (708)
Gain from operations before taxes and realized losses            328      191
Income tax expense                                              (100)     (67)
Income from operations before net realized capital losses        228      124
Net realized capital losses                                      (23)     (96)

Net income                                                      $205      $28




                                                                                 / 25
FINANCIAL STRENGTH
By Robert E. Broatch,
CPA, Executive Vice President, Chief Financial Officer, Risk and Operational Excellence




                                                                                Bob Broatch, center, in
                                                                                conversation with members
                                                                                of Guardian Financial
                                                                                Management & Control
CAPITAL
                                             I believe that the concept of there     All four of the major rating
Results in millions
                                             being economic “normal times”           agencies affirmed Guardian’s very
                                    $5,343
                                             anymore is a myth. There really is no   high ratings in 2010. They cited
                           $4,920
                                             such thing, as the last few years can   our investment performance, capital
         $4,628                              attest. Guardian has faced not one,     position, risk management, and
$4,307            $4,256                     but two unprecedented economic          operating performance as reasons
                                             environments in the last decade         for their affirmation. Our company
                                             alone. However, not only did we         was the only major life insurer
                                             survive these adversities, we became    to be upgraded by two rating
                                             even stronger after facing them. I      agencies in 2008, and our very high
                                             think that obviously speaks well to     ratings were also affirmed in 2009,
                                             the fiscal philosophy, strategy, risk   providing evidence of our stability.
                                             management, and people we have in
                                             place at our company.                   All in all, 2010 marked yet another
                                                                                     very successful year for our
                                             While we experienced a challenging      company. We strengthened our
 2006     2007     2008     2009     2010    climate, Guardian continued to          capital position, generated solid
                                             perform well in 2010. We are in very    earnings, and declared our largest
                                             good financial shape and the actions    dividend ever. Given the financial
                                             we have taken have positioned us        environment, I think these are
                                             well for continued success.             extraordinary achievements and
                                                                                     not simply business as usual. As
STATUTORY                                    We entered 2010 in a strong             a mutual company, our principal
PRE-TAX OPERATING
                                             position, and finished in even          objectives are to maintain our
INCOME BEFORE DIVIDENDS
                                             better position by year’s end. Our      financial strength and to deliver
(on a consolidated basis)
                                             capital grew by $423 million in         a competitive dividend to our
Results in millions                          2010, due principally to solid          policyholders. We again successfully
         $1,142                              operating results as well as gains      met these goals and I’m confident
                                    $1,082   on public and private equity. We        we’ll continue to do so in the future.
$1,013                     $1,015
                   $986                      also concluded 2010 with risk
                                             based capital of 492%, which is
                                             indicative of one of the strongest
                                             capital positions in the life
                                             insurance industry. Consolidated
                                             statutory operating income before
                                             dividends in 2010 was $1.1 billion,
                                             up 6.6% from the prior year.
                                             Perhaps most importantly, we
                                             declared whole life dividends of
                                             $740 million, our largest dividend
                                             to policyholders ever.
 2006     2007     2008     2009     2010




                                                                                                                       / 27
INVESTMENT RESULTS
By Thomas G. Sorell,
CFA, Executive Vice President and Chief Investment Officer




                                                             Tom Sorell, center, with
                                                             members of Guardian’s
                                                             Investments team
The investment environment                  with exposure to the debt of              WHOLE LIFE
has clearly been challenging for            Portugal, Ireland, Italy, Greece, and     DIVIDENDS DECLARED
the past few years. The impact of           Spain could trigger another global
the financial crisis continues to           financial crisis and recession. As a      Results in millions
reverberate in the economy and              result, there was a flight to safety
the markets, and we witnessed               that drove U.S. Treasury yields lower,                                $740
                                                                                                    $723   $712
ongoing volatility in 2010. However,        the dollar higher, and the euro to a
                                                                                             $664
Guardian’s Investments team                 four-year low.
                                                                                      $619
successfully met these challenges
and delivered another year of strong        As the year progressed, fears of a
performance and results.                    “double-dip” recession faded as
                                            a result of improved economic
                                            data and an aggressive monetary
GUARDIAN GENERAL
                                            and fiscal policy stimulus that was
INVESTMENT PORTFOLIO
                                            expected to sustain economic
PROFILE
                                            recovery. With fears subsiding,
                                            the markets recovered, aided in
Year-End 2010
                                            large part by Federal Reserve
             Fixed Income                   Chairman Bernanke’s late August           2006   2007   2008   2009   2010
             Private Placement Debt         announcement of plans for
             Commercial Mortgages           additional purchases of Treasury
             Policy Loans                   bonds by the Fed. The year ended          As a result of our actions and
             Affiliates & Subsidiaries
                                            on a stronger note as fourth quarter      strategies, Guardian’s general
             Public Equity
             Private & Real Estate Equity   gross domestic product increased          account returned almost 11% in
             Other                          2.8% on an annualized basis and           2010, outperforming its benchmark.
                                            year-over-year basis in 2010.             Despite the low interest rate
                                                                                      environment, we were able to
             51.7%                          In the midst of this environment,         successfully commit capital at
                                            Guardian’s investment goals               attractive yields and spreads in
             15.4%                          remained clear and unchanged.             private placements and commercial
                                            Our overall objective is to provide       mortgages, while also achieving our
             10.3%                          competitive policyholder dividends,       objective of strategically increasing
                                            while protecting the firm’s capital       international investments, as well as
             8.7%                           and financial strength.                   private and real estate equity.
             4.1%
             3.0%
             2.9%
                                            We generate competitive dividends         The economic and financial
             3.9%                           over the long term principally            environment remains fragile, and
                                            through the relative performance          as such we fully expect continued
                                            of our long-term asset allocation         volatility. Throughout any conditions
Economic growth in 2010 can                 strategies, augmented by tactical asset   we encounter, our investment
be best characterized as relatively         allocation adjustments that enhance       objectives will remain the same:
weak and sporadic from quarter              performance. Our investment risk          protecting the firm’s financial
to quarter. After a strong finish in        management is primarily focused on        strength and ratings, while providing
2009, economic growth decelerated           governing and mitigating potential        competitive policyholder dividends.
early in 2010. This was not entirely        capital losses by actively managing       I am confident that Guardian’s
unexpected given the headwinds that         credit risk, executing hedging            highly experienced team of
remained from the financial crisis.         strategies that protect capital from      investment professionals is up to
During the first half of 2010, the          equity volatility, and constructing       the challenge of adapting to
European Sovereign debt crisis              well-diversified portfolios that          changing economic and financial
became a major market-moving                reduce correlated risk.                   market conditions to meet our goals.
event. There was significant concern
that European banks and others

                                                                                                                         / 29
COMPANY
LISTINGS
GENERAL                                  San Diego                                Coral Gables
AGENCIES                                 Pacific Advisors                         Guardian Life Insurance Company
                                         (800) 345-6555                           (305) 908-3838
A L ABAMA                                Neil Willner                             Anthony L. Rogers
Birmingham                               Walt Cardinet, CLU
Southeastern Planning Corporation, LLC   Kelly Kidwell, CLU, ChFC,                Estero
(205) 533-9452                               ,
                                         CFP LUTCF                                Guardian Life Insurance Company
Robert E. Mathis, CLU                                                             (239) 676-3200
John E. Hill, JD, LLM                    San Francisco                            Patrick F. Thuecks
Alfred P. Robertson, CLU, ChFC           Guardian Life Insurance Company
                                         (415) 659-1200                           Fort Myers
Andy Meehan
                                         Amin H. Ladak                            Alliance Financial Group
                                                                                  (239) 561-2900
Mobile
                                         San Jose                                 Douglas J. Gribin, CLU, ChFC
Adams & Associates, Inc.
                                         Pacific Advisors                         William J. Traum, CLU, ChFC
(251) 471-1178
Jeffery P. Adams, CLU, ChFC              (408) 487-9900
                                         Neil Willner                             Jacksonville
                                         Walt Cardinet, CLU                       North Florida Financial Corporation
A R IZONA
                                         Kelly Kidwell, CLU, ChFC,                (904) 296-1944
Phoenix
                                         CFP, LUTCF                               B. Lee Harrison, Jr., CLU, LUTCF, CLTC
John Driscoll & Company, Inc.
                                                                                  Stewart Davis, Jr., CLU
(602) 957-7155
John M. Driscoll, CLU                    San Ramon
                                         Guardian Life Insurance Company          Miami
                                         (925) 983-2900                           NPC Financial, Inc.
C ALIFOR NIA
Claremont                                Kevin S. Park                            (305) 371-6333
Pacific Advisors                                                                  Jeffrey E. Newman, CLU, ChFC, RHU
(909) 399-1100                           COLORADO
                                         Greeley                                  Tallahassee
Neil Willner
                                         Guardian Life Insurance Company          North Florida Financial Corporation
Walt Cardinet, CLU
                                         (970) 534-3052                           (850) 562-9075
Kelly Kidwell, CLU, ChFC,
                                         Jeffrey O’Connell, LUTCF                 B. Lee Harrison, Jr., CLU, LUTCF, CLTC
CFP, LUTCF
                                                                                  Stewart Davis, Jr., CLU
Diamond Bar                              Greenwood Village
                                         V.W. Allabashi & Associates, LLC         Tampa
Guardian Life Insurance Company
                                         (303) 770-9020                           Guardian Life Insurance Company
(909) 610-2500
                                         V. W. Allabashi, CLU                     (813) 289-8500
Lip Geap (Sony) Tan
                                         Lyle Domenitz, LUTCF                     Richard Nolan, CLU, ChFC, CFP
Los Angeles
                                         CON N E CT I C U T                       Tampa
Guardian Life Insurance Company
                                         Farmington                               Harrison-Davis, Inc.
(213) 624-2002
                                         MW Financial Group, Ltd.                 (813) 289-3632
Charles Bogue, CLU, ChFC
                                         (860) 677-2600                           B. Lee Harrison, Jr., CLU, LUTCF, CLTC
San Diego                                Robert N. Worgaftik, CLU, ChFC,          Stewart Davis, Jr., CLU
Guardian Life Insurance Company          CFP, CLTC
(619) 684-6400                           Richard P. Gribinas, CFP, ChFC
Michael Geary
                                         FLORI DA
                                         Altamonte Springs
                                         Guardian Life Insurance Company
                                         (407) 869-4199
                                         B. Lee Harrison, Jr., CLU, LUTCF, CLTC
                                         Stewart Davis, Jr., CLU




                                                                                                                     / 31
G EO R G IA                         KANSA S                               Needham
Atlanta                             Overland Park                         The Bulfinch Group Insurance
Ashford Advisors, Inc.              Woody Financial Group, Inc.           Agency, LLC
(770) 390-2600                      (913) 345-1030                        (781) 449-4402
V. Thomas Purcell, Jr., CLU, ChFC   Richard W. Woody, CLU, ChFC, CFP      Seth Medalie, CLU, ChFC
                                                                          Joel Cherande
Atlanta                             KE NT U CKY
Peachtree Planning Corporation      Louisville                            Wellesley
(404) 260-1600                      Lifetime Financial Growth Company     Wellesley Financial Group & Insurance
Robert E. Mathis, CLU               of Kentucky, LLC                      Agency
John E. Hill, JD, LLM               (502) 327-0711                        (781) 237-1720
Alfred P. Robertson, CLU, ChFC      Earl J. Luttner, CLU                  Richard Poitras, CLU, ChFC, CFP
                                    Sanford M. Aderson, JD
Johns Creek                                                               MICHIGAN
Guardian Life Insurance Company     L OUI SIAN A                          Bingham Farms
(678) 225-6800                      Baton Rouge                           Lucido-Morris & Associates, LLC
Randal C. Espey                     HRBA, Inc.                            (248) 647-0780
                                    (225) 766-9700                        Joseph A. Lucido
H AWA II                            Donald G. Scully                      Michael G. Morris, CLU
Honolulu
Mid-Pacific Partners, LLC           Metairie                              M I N N E S O TA
(808) 955-6400                      The Producers Group, Inc.             Bloomington
Gary K. Gragson                     (504) 836-2922                        Guardian Life Insurance Company
Don Hawes                           Richard H. Villavaso, CLU, ChFC       (952) 446-3300
                                                                          Thomas Ibsen
Honolulu                            M ARY LAN D
Wealth Strategy Partners, LLC       Bethesda                              Minneapolis
(808) 695-2100                      Guardian Life Insurance Company       Foster Klima & Company, LLC
Nash Subotic                        (301) 907-9030                        (612) 746-2200
                                    Lloyd Polmateer                       Douglas K. Flink, CLU, ChFC
IL L INO IS                                                               John McGurran
Glenview                            Rockville
The Hunken Agency, Inc.             Financial Balance Group, LLC          MISSISSIPPI
(847) 564-0123                      (240) 683-9700                        Jackson
H. Chris Hunken III                 Steven Crawford                       Allen Financial Group, PA
Scott B. Hunken, LUTCF                                                    (601) 956-6656
                                    Sparks                                David B. Allen, CLU, ChFC
Highland Park                       Eckels Associates, LLC
Guardian Life Insurance Company     (410) 828-5400                        MISSOURI
(847) 681-9500                      Dennis Eckels, CLU, ChFC              St. Louis
                                                                          Guardian Life Insurance Company
IND IA NA                           M ASSACHUSE T T S                     (314) 800-1155
Indianapolis                        Danvers                               David G. Boykin
Horizon Planning Group of           Living Legacy Financial Group, Inc.
Michiana, Inc.                      (978) 907-6000                        M O N TA N A
(317) 571-2365                      Gary DeStefano, LUTCF, CLTC           Missoula
Kevin L. Bell, JD, CLU, ChFC                                              Northern Rockies Financial Group, Inc.
                                    Framingham                            (406) 728-6699
IO WA                               Robert Fine & Randy S. Fine           Andrew P. Link, CLU, ChFC
Clive                               Insurance, LLC
Financial Architects, Inc.          (508) 820-9939
(515) 457-1276                      Robert Fine
Kim A. Weaver, CLU, ChFC, CFP       Randy S. Fine, LUTCF
NEBRASK A                              Princeton                              Rye Brook
Omaha                                  Petrone Associates, Inc.               Strategies for Wealth
Guardian Life Insurance Company        (609) 452-9292                         (914) 288-8800
(402) 504-6444                         Thomas M. Petrone, CLU                 Ronald S. Rosbruch, CLU, ChFC
Richard W. Woody, CLU, ChFC, CFP                                              Jerry Harnik, CLU
                                       Roseland                               Josh Becker, LUTCF
NEVADA                                 Financial Benefits Research Group
Las Vegas                              (973) 226-1199                         Tarrytown
V.W. Allabashi & Associates, LLC       Barry Gimelstob                        Guardian Life Insurance Company
(702) 735-4355                                                                (914) 460-1200
V. W. Allabashi, CLU                   Shrewsbury                             Stephen DiGirolamo
Lyle Domenitz, LUTCF                   International Planning Alliance, LLC
                                       (732) 530-4747                         Westbury
NEW HAM PSHIRE                         David R. Alter, CLU                    NRL Wealth Creation Strategies, LLC
Bedford                                Gerald J. Clericuzio, CLU, ChFC        (516) 334-4900
Baldwin & Clarke                                                              Joseph V. Limongelli, LUTCF
(603) 622-0892                         N E W Y ORK                            John A. Limongelli
Charles H. Baldwin, CLU, ChFC          Brooklyn
                                       Brooklyn Financial Group, Ltd.         Williamsville
NEW JER SE Y                           (718) 302-8600                         Alliance Advisory Group, Inc.
Cranford                               Abraham S. Ekstein                     (716) 817-7109
Ferrara Financial Group, LLC           Shrage Posen                           Robert J. Fashano, CLU, ChFC, MSFS
(908) 709-0020
Steven A. Ferrara, CLU                 New York City                          Woodbury
David J. Parsels, CLU, ChFC            National Financial Network, LLC        Guardian Life Insurance Company
                                       (212) 764-6262                         (516) 677-6200
Fairfield                              Anthony T. Mazzei, Sr., CLU, ChFC,     Adam S. Kaufman
International Planning Alliance, LLC   CLTC, MSM
(973) 244-4420                                                                Woodbury
David R. Alter, CLU                    New York City                          Strategies for Wealth
Gerald J. Clericuzio, CLU, ChFC        Strategies for Wealth                  (516) 682-2500
                                       (212) 701-7900                         Ronald S. Rosbruch, CLU, ChFC
Fort Lee                               Ronald S. Rosbruch, CLU, ChFC          Jerry Harnik, CLU
Guardian Life Insurance Company        Jerry Harnik, CLU                      Josh Becker, LUTCF
(201) 482-8282                         Josh Becker, LUTCF
Michael Rhee                                                                  N O R T H C A R O LI N A
                                       New York City                          Charlotte
Manasquan                              Wealth Advisory Group                  CP Planning Group, Inc.
C&A Financial Group, LLC               (212) 541-8800                         (704) 552-8507
(732) 528-4800                         Howard J. Elias, LUTCF                 C. Richard Dobson, CLU
Frank J. Congilose, CLU, ChFC,                                                Robert E. Mathis, CLU
CFP, MSFS                              Rego Park
                                       Forest Hills Financial Group           Greensboro
Paramus                                (718) 268-9255                         Dobson & Associates, Inc.
Certified Financial Services, LLC      Nathan M. Perlmutter, CLU, ChFC        (336) 230-0922
(201) 843-7700                                                                C. Richard Dobson, CLU
Thomas A. Ciardella                                                           Robert E. Mathis, CLU
Michael C. Savino, CLU, CFP




                                                                                                                / 33
Raleigh                           Columbus                           Wayne
Consolidated Planning, Inc.       The Columbus Financial Group       Guardian Life Insurance Company
(919) 782-2900                    (614) 785-5100                     (610) 293-8300
C. Richard Dobson, CLU            Paul J. Vineis, CLU, CFP           Steven D. Earhart, CLU, ChFC,
Robert E. Mathis, CLU                                                CFP, MSFS
                                  Dublin
Raleigh                           Guardian Life Insurance Company    S O U T H C A R O LI N A
Guardian Life Insurance Company   (614) 718-5343                     Greenville
(919) 239-7929                    Paul T. Swift                      Guardian Life Insurance Company
Daniel J. Shanahan                                                   (864) 416-5400
                                  OKL AHOM A                         Robert Todd Achberger
NO R TH DAKOTA                    Oklahoma City
Fargo                             Redbud Financial Group, LLC        TENNESSEE
Foster Klima & Company, LLC       (405) 767-1900                     Brentwood
(701) 293-6379                    Derrick Morton, CLU, ChFC          Peachtree Planning of Tennessee, LLC
Douglas K. Flink, CLU, ChFC                                          (615) 376-8300
John McGurran                     ORE GO N                           Robert E. Mathis, CLU
                                  Portland                           John E. Hill, JD, LLM
O H IO                            Guardian Life Insurance Company    Alfred P. Robertson, CLU, ChFC
Beachwood                         (503) 207-4550                     Darrell Dawes, CLU, ChFC
Lifetime Financial Growth of      Jeffrey Pawlowski
Northern Ohio, LLC                                                   Memphis
(216) 360-7400                    Portland                           Chartwell Financial Group
Earl J. Luttner, CLU              Wealth Strategies Northwest, LLC   (901) 692-5100
Sanford M. Aderson, JD            (503) 221-1226                     George H. Moore
                                  Larry Plumb, CLU, CFP
Canton                            Thaddeus C. Sweet, RHU             TEXAS
Sirak-Brockett Agency, Ltd.                                          Austin
(330) 493-3211                    PE NNS Y LVAN I A                  Guardian Life Insurance Company
Gary Brockett, CLU, CFP           Blue Bell                          (512) 651-2009
                                  Independence Planning Group        Scot E. Davis
Cincinnati                        (267) 468-0822
Guardian Life Insurance Company   Daniel J. Linehan, CLU, ChFC       Austin
(513) 792-2770                                                       Liljenwall Dallas-South Texas Agency
William Morgan Watson             Lancaster                          (512) 343-7947
                                  First Financial Group              Erik Liljenwall
Cincinnati                        (717) 393-4465
Lifetime Financial Growth         Dennis Eckels, CLU, ChFC           Dallas
Company of Ohio, LLC                                                 Liljenwall Dallas-South Texas Agency
(513) 579-1114                    Pittsburgh                         (214) 346-0985
Earl J. Luttner, CLU              Lifetime Financial Growth, LLC     Erik Liljenwall
Sanford M. Aderson, JD            (412) 391-6700
                                  Earl J. Luttner, CLU               El Paso
Cincinnati                        Sanford M. Aderson, JD             Compass Benefits, Inc.
Wilson Advisory Group, LLC                                           (915) 533-9901
(513) 891-6600                    Plains                             John Driscoll, CLU
Earl J. Luttner, CLU              First Financial Group
Sanford M. Aderson, JD            (570) 829-0717
                                  Dennis Eckels, CLU, ChFC
Fort Worth                                REGIONAL                                 C O LO R A D O
Guardian Life Insurance Company                                                    Denver
                                          GROUP OFFICES
(817) 492-7013                                                                     116 Inverness Dr. East, Suite 285
Shawn M. Arrington                        ALABAM A
                                                                                   Englewood, CO 80112
                                          Birmingham                               Steve Miller,
Houston                                   2000 A. SouthBridge Parkway, Suite 301   Director, Marketing & Sales
Guardian Life Insurance Company           Birmingham, AL 35209                     (888) 444-8585
(832) 308-7200                            Scott Thompson, Regional Director
Jo A. Casady                              (800) 879-6934                           CONNECTICUT
                                                                                   Hartford
Houston                                   ARI Z ON A                               29 South Main St., Suite 301
Wealth Design Group, LLC                  Phoenix Small Group Sales                West Hartford, CT 06107
(713) 963-8740                            60 E. Rio Salado Parkway, Suite 104      James Hentges, Executive Director
Richard L. Ray, MSFS                      Tempe, AZ 85284                          (800) 933-3304
                                          Mike Taylor, Regional Director
U TAH                                     (866) 747-4542                           D I S T R I C T O F C O LU M B I A
Murray                                                                             Washington, D.C.
The McPartland Group                      CALI FORN I A                            8161 Maple Lawn Blvd., Suite 100
(801) 365-0480                            Los Angeles                              Fulton, MD 20759
Terry McPartland                          The Edge, Bldg. 3                        John Feeney,
                                          801 Parkview Drive North, Suite 100      Director, Marketing & Sales
V IR GINIA                                El Segundo, CA 90245                     (800) 945-6584
Richmond                                  Arthur Stern, Regional Manager
Guardian Life Insurance Company           (800) 225-3399                           FLO R I D A
(804) 482-6990                                                                     Fort Lauderdale
Devon Cury                                Sacramento                               Lakeside @ Lyons, 6820 Lyons
                                          11341 Gold Express Drive, Suite 120      Technology Circle, Suite 150
Virginia Beach                            Gold River, CA 95670                     Coconut Creek, FL 33073
Guardian Life Insurance Company           Chris Anderson, Regional Manager         Barbara Roberts, Regional Manager
(757) 498-5700                            (800) 438-5853                           (800) 282-6908
William E. (Joe) Counts
                                          San Diego                                Tampa
W ES T V IRGINIA                          Hazard Center Office Tower               1511 N. West Shore Blvd., Suite 600
Morgantown                                Suite 880, 7676 Hazard Center Dr.        Tampa, FL 33607
Lifetime Financial Growth/                San Diego, CA 92108                      Todd Stahl, Regional Director
Luttner Financial Group                   Gregg Holdgrafer, Regional Manager       (800) 282-6908
(304) 292-2050                            (800) 769-6759
Earl J. Luttner, CLU                                                               GEORGIA
Sanford M. Aderson, JD                    San Francisco                            Atlanta
                                          555 Montgomery St., Suite 1600           2400 Lakeview Parkway, Suite 500
W ISC ONS IN                              San Francisco, CA 94111                  Alpharetta, GA 30004
Pewaukee                                  James Hill, Regional Manager             Andrew Baylor,
Great Lakes Insurance Consultants, Inc.   (800) 832-9555                           Director, Marketing & Sales
(262) 746-9270                                                                     (800) 677-0296
Daniel T. Melka                           Southern California
Mark Smith                                4685 MacArthur Court, Suite 100          I LLI N O I S
                                          Newport Beach, CA 92660                  Chicago
                                          Joseph Stefano,                          550 W. Jackson Blvd., 8th Floor
                                          Director, Marketing & Sales              Chicago, IL 60661
                                          (800) 662-6464                           Terry Walsh, Executive Director
                                                                                   (800) 933-3136




                                                                                                                        / 35
IND IA NA                           NE BRA SKA                           Rye
Indianapolis                        Omaha                                118 N. Bedford Rd., Suite 106
201 W. 103rd St., Suite 390         Eagle Run II                         Mount Kisco, NY 10549
Indianapolis, IN 46290              13215 Birch Drive, Suite 201         Clifton Hipkins, Regional Manager
Eric Stickford, Regional Manager    Omaha, NE 68154                      (800) 369-8526
(800) 533-3813                      Carol Italia, Regional Manager
                                    (800) 423-3978                       Syracuse
K A NS A S                                                               5784 Widewaters Parkway
Kansas City                         NE W JE RSE Y                        DeWitt, NY 13214
Corporate Woods 11                  New Jersey                           Matthew McAnaney,
10875 Benson, Suite 200             695 Rt. 46 West, Suite 402           Regional Director
Overland Park, KS 66210             Fairfeld, NJ 07004                   (800) 545-0278
Michael Calhoon,                    Richard Picardo, Regional Manager
Director, Marketing & Sales         (800) 967-9277                       N O R T H C A R O LI N A
(800) 845-5015                                                           Charlotte
                                    NE W YORK                            3025 Springbank Lane, Suite 240
MA S S A CHUS ETT S                 Albany                               Charlotte, NC 28226
Boston                              19 West British American Blvd.       Andrew Baylor,
One Liberty Square, 3rd Floor       1st Floor                            Director, Marketing & Sales
Boston, MA 02109                    Latham, NY 12110                     (800) 846-9256
Daniel Shea, Regional Director      Thomas Healy, Regional Manager
(800) 541-4374                      (800) 375-8236                       OHIO
                                                                         Cincinnati
Bridgewater Small Group Sales       Buff alo                             Westlake Center
One Lakeshore Drive, 2nd Floor      University Corporate Centre          4555 Lake Forest Drive, Suite 520
Bridgewater, MA 02324               100 Corporate Parkway, Suite 300     Cincinnati, OH 45242
David Poirier, Regional Director    Amherst, NY 14226                    Steve Berger,
(877) 652-4151                      Charles Lytle II, Regional Manager   Director, Marketing & Sales
                                    (800) 628-0318                       (800) 543-1163
MIC H IG AN
Detroit                             Long Island                          Cleveland
555 South Old Woodward, Suite 501   Park Atrium                          6480 Rockside Woods Blvd. South
Birmingham, MI 48009                865 Merrick Ave., Suite 300          Suite 220
Thomas Nowland, Regional Director   Westbury, NY 11590                   Independence, OH 44131
(800) 422-3902                      Hayley Doran, Regional Manager       Treg Balding, Regional Director
                                    (800) 553-0217                       (800) 222-0447
Grand Rapids
Campau Square Plaza                 New York                             Columbus
99 Monroe Ave. N.W., Suite 502      60 Broad St., Suite 3200             Polaris Center
Grand Rapids, MI 49503              New York, NY 10004                   8800 Lyra Drive, Suite 690
John Dietrich, Regional Manager     Jeff Furbish,                        Columbus, OH 43240
(800) 842-6965                      Director, Marketing & Sales          John Lane, Regional Manager
                                    (800) 369-8223                       (800) 782-5751
MIS S O U RI
St. Louis                           Rochester                            O K LA H O M A
Three City Place Drive, Suite 600   450 Willowbrook Office Park          Tulsa
St. Louis, MO 63141                 Fairport, NY 14450                   Richmond Plaza
Michael Calhoon,                    Perry Saraceno, Regional Manager     4200 E. Skelly Dr., Suite 320
Director, Marketing & Sales         (800) 822-9138                       Tulsa, OK 74135
(800) 962-2643                                                           Daniel Hart, Regional Manager
                                                                         (800) 227-9638
P ENNSYLVANIA                           WASHI N GT O N                         LO U I S I A N A
Bethlehem Small Group Sales             Seattle                                New Orleans
1525 Valley Center Parkway, Suite 200   One Union Square                       3900 N. Causeway Blvd, Suite 830
Bethlehem, PA 18017                     600 University Street, Suite 1800      Metairie, LA 70002
Cary Salkin, Regional Director          Seattle, WA 98101                      Scott Thompson, Regional Director
(800) 356-5808                          Steve Miller,                          (800) 879-6934
                                        Director, Marketing & Sales
Philadelphia                            (800) 332-0417                         M I N N E S O TA
One Commerce Square, Suite 1920                                                Minneapolis
2005 Market Street                      WI SCON SI N                           Wells Fargo Plaza
Philadelphia, PA 19103                  Milwaukee                              7900 Xerxes Ave. South, Suite 1100
Geoffrey Rosina, Regional Director      100 North Corporate Drive, Suite 150   Bloomington, MN 55431
(800) 753-8208                          Brookfeld, WI 53045                    Michael Calhoon,
                                        Jane Kohl, Sales Representative        Director, Marketing & Sales
S OUTH C AROLINA                        (800) 472-2223                         (800) 814-1399
Charleston
880 Johnnie Dobbs Blvd., Suite B                                               MISSISSIPPI
Mount Pleasant, SC 29464                DISTRICT                               Jackson
Zachary Hatch, Regional Manager                                                129 Executive Drive
                                        GROUP OFFICES
(843) 856-4266                                                                 Madison, MS 39110
                                                                               Scott Thompson, Regional Director
                                        ARI Z ON A
TENNES SEE                              Phoenix                                (800) 879-6934
Nashville
                                        2390 Camelback Rd., Suite 215
720 Cool Springs Blvd., Suite 660                                              N O R T H C A R O LI N A
                                        Phoenix, AZ 85016
Franklin, TN 37067                                                             Greensboro
                                        Joseph Stefano,
Daniel Justice, Regional Director                                              800 Green Valley Road, Suite 202
                                        Director, Marketing & Sales
(800) 937-9345                                                                 Greensboro, NC 27408
                                        (800) 227-8457
                                                                               Stephen LeGrone, Sales Representative
TEXAS                                                                          (800) 846-9256
                                        ARKAN SAS
Austin
                                        Little Rock
7000 N. Mopac Expressway, Suite 140                                            OREGON
                                        Conway Building, Suite 120
Austin, TX 78731                                                               Portland
                                        10816 Executive Center Drive
John Hand, Regional Manager                                                    5285 Meadows Road, Suite 170
                                        Little Rock, AR 72211
(800) 436-5866                                                                 Lake Oswego, OR 97035
                                        Brad Davis, Sales Representative
                                        (800) 289-9208                         Steve Miller,
Dallas                                                                         Director, Marketing & Sales
Wellington Center                                                              (800) 442-1495
                                        CALI FORN I A
14643 Dallas Parkway, Suite 100
                                        Fresno
Dallas, TX 75254                                                               P E N N S Y LVA N I A
                                        Executive Suites at River Bluff
Darcey Newsum,                                                                 Pittsburgh
                                        8050 N. Palm Ave., Suite 300
Director, Marketing & Sales                                                    Three Penn Center West
                                        Fresno, CA 93711
(800) 443-0330                                                                 Penn Center Blvd., Suite 128
                                        Brady Spencer, Sales Representative
                                        (559) 389-5858                         Pittsburgh, PA 15276
Houston                                                                        Treg Balding, Regional Director
10333 Richmond, Suite 930                                                      (800) 622-7500
                                        I DAHO
Houston, TX 77042
                                        Boise
Chris Gallagher, Regional Manager                                              TENNESSEE
                                        6501 W. Outlook Drive
(800) 289-9096                                                                 Memphis
                                        Boise, ID 83714
                                        Scott Martin, Sales Representative     5350 Poplar Avenue, Suite 312
V IR GINIA                                                                     Memphis, TN 38117
                                        (208) 639-2850
Richmond                                                                       Frank Gilliam, Sales Representative
6800 Paragon Place, Suite 534                                                  (800) 937-9345
Richmond,VA 23230
Lonnie Paster, Regional Manager
(800) 695-0891

                                                                                                                     / 37
IMPORTANT
INFORMATION
The Guardian Insurance & Annuity Company, Inc. (GIAC), a             GIS and PAS are members of FINRA, SIPC.
Delaware corporation that is a wholly owned subsidiary of
The Guardian Life Insurance Company of America, issues               Past performance does not guarantee future results.
annuities and variable life insurance policies.Variable annuities,
variable life insurance products, and mutual funds are offered       Investments offered through GIAC, GIS, and PAS are not
through the distributor Guardian Investor Services LLC (GIS).        deposits or obligations of, or guaranteed or endorsed by, any
GIAC and GIS are located at 7 Hanover Square, New York,              bank or depository institution, nor are they insured by the
NY 10004 (1-800-221-3253).                                           Federal Deposit Insurance Corporation, The Federal Reserve
                                                                     Board, the National Credit Union Association, or any other
Annuities are long-term investment vehicles designed for             agency. Mutual funds and variable products involve risk,
retirement purposes. Withdrawals or surrenders may be subject        including possible loss of the principal amount invested.
to surrender charges. Amounts withdrawn may be subject to            Investment return and principal value may fluctuate so that the
ordinary income tax and possible mandatory Federal income            investment, when redeemed, may be worth more or less than
tax withholding and, if taken prior to age 59½, a 10% IRS            the amount originally invested.
penalty may also apply. Withdrawals have the effect of
reducing the death benefit, cash surrender value, and any            Disability income and long-term care insurance are
living benefits.                                                     underwritten and issued by Berkshire Life Insurance
                                                                     Company of America, Pittsfield, MA, a wholly owned stock
Variable products and their underlying variable                      subsidiary of The Guardian Life Insurance Company of
investment options, and mutual funds, are sold by                    America, New York, NY. Products not available in all states.
prospectus only. You should carefully consider the                   Product provisions and features may vary from state to state.
investment company’s investment objectives, risks,
charges, and expenses before making an investment                    The ratings earned by The Guardian Life Insurance Company
decision. The prospectus contains this and other                     of America do not apply to the investments issued by GIAC
important information. Please read the prospectus                    or offered through GIS and PAS.
carefully before investing or sending money. You may
obtain a prospectus by contacting your Park Avenue                   Dividends are not guaranteed. They are declared annually by
Securities registered representative or by calling                   Guardian’s Board of Directors.
1-800-221-3253.
                                                                     Neither Guardian, Park Avenue Securities, nor their
The Living Balance Sheet® displays the financial holdings            representatives render legal or tax advice. Please consult with
identified by the client based upon information and valuations       your attorney, accountant, and/or tax adviser for advice
provided directly by the client or by electronic feeds from the      concerning your particular circumstances.
client’s financial institutions.Valuations provided by electronic
feeds reflect the most current information provided by the           Insurance riders may incur additional costs.
financial institution as of the date and time noted, but can
reflect valuations from an earlier date and time.                    Financial information concerning The Guardian Life
                                                                     Insurance Company of America as of 12/31/10 on a statutory
The Living Balance Sheet® and The Living Balance Sheet®              basis: Admitted Assets = $33.1 Billion; Liabilities = $28.7
logo are registered service marks of The Guardian Life               Billion (including $25.1 Billion of Reserves); and Surplus =
Insurance Company of America (Guardian), New York, NY.               $4.4 Billion.
The graphics and text used herein are the exclusive property
of Guardian and protected under U.S. and International               Financial information concerning The Guardian Insurance &
copyright laws.                                                      Annuity Company, Inc. as of 12/31/10 on a statutory basis:
                                                                     Admitted Assets = $10.2 Billion; Liabilities = $10.0 Billion
Copyright 2005-2011, The Guardian Life Insurance Company             (including $1.8 Billion of Reserves); and Capital and Surplus
of America.                                                          = $0.2 Billion.

Securities products and services are offered through Park            Financial information concerning Berkshire Life Insurance
Avenue Securities LLC (PAS) and Guardian Investor Services           Company of America as of 12/31/10 on a statutory basis:
LLC (GIS), 7 Hanover Square, New York, NY 10004. GIS is a            Admitted Assets = $2.8 Billion; Liabilities = $2.3 Billion
wholly owned subsidiary of The Guardian Life Insurance               (including $2.2 Billion of Reserves); and Capital and Surplus
Company of America, New York, NY. PAS is a wholly owned              = $0.5 Billion.
subsidiary of GIAC, New York, NY.

                                                                                                                                 / 39
HOW YOU CAN REACH US
For questions or help with any of your financial needs:

Please call toll-free
Monday–Friday, 7:00 a.m. to 5:30 p.m. (et):
(866) 425-4542

Or visit our website at:
www.GuardianLife.com

GUARDIAN SUBSIDIARIES AND AFFILIATES
American Financial Systems, Inc.
Berkshire Life Insurance Company of America (BLICOA)
e-Money Advisor Holdings, LLC
First Commonwealth, Inc.
Guardian Baillie Gifford Limited
Guardian Investor Services LLC (GIS)
The Guardian Insurance & Annuity Company, Inc. (GIAC)
Innovative Underwriters, Inc.
Managed Dental Care (California)
Managed DentalGuard, Inc. (New Jersey)
Managed DentalGuard, Inc. (Ohio)
Managed DentalGuard, Inc. (Texas)
Park Avenue Life Insurance Company
Park Avenue Securities LLC
RS Investment Management Co. LLC

Guardian is an Equal Opportunity Employer



Design by Corporate Agenda
Photography by Bruce Lum
The Guardian Life Insurance
Company of America
7 Hanover Square
New York, NY 10004-4025
www.GuardianLife.com

Pub. 4822

								
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