#1Я Guardian March 2022 Fixed Income Investor Presentation#2Notice Forward-Looking Statements This presentation may contain certain statements that constitute "forward-looking statements". Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial results, or other developments. Statements using verbs such as "expect," "anticipate," "believe" or words of similar import generally involve forward-looking statements. Forward-looking statements include statements which are based on the beliefs and assumptions of The Guardian Life Insurance Company of America ("Guardian") concerning future levels of sales and redemptions of Guardian's products, investment spreads and yields, or the earnings and profitability of Guardian's activities. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Guardian's control and many of which are subject to change. These uncertainties and contingencies could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Guardian. Whether or not actual results differ materially from forward-looking statements may depend on numerous foreseeable and unforeseeable developments. Some may be national in scope, such as general economic conditions, changes in tax law and changes in interest rates. Some may be related to the insurance industry generally, such as pricing competition, regulatory developments and industry consolidation. Others may relate to Guardian specifically, such as credit, volatility and other risks associated with Guardian's investment portfolio. Any forward-looking statements reflect Guardian's views and assumptions as of the date of this presentation and Guardian disclaims any obligation to update forward-looking information, whether as a result of new information, future events, or otherwise. 8 Guardian#3Guardian Life Funding-Agreement Backed Global Note Issuance Program Issuer ■ Guardian Life Global Funding (Ticker: "GUARDN") Program Terms ■ $5 billion FA-backed GMTN program (144/ Reg S) Funding Agreement issuer ■ The Guardian Life Insurance Company of America ("Guardian") FA Backed Notes Rating 8 Guardian ☐ Moody's: Aa2 | S&P: AA+ Listing ■ Euronext Dublin 3#4Funding Agreement-Backed Note Program Program established to leverage Guardian's industry reputation and investment capabilities . The program allows Guardian to grow its spread business by leveraging two core competencies: Guardian's high credit rating, and the Investment Group's fundamental credit talent Guardian's considerable expertise in asset/liability and investment management, and strong financial flexibility provide a solid platform for utilizing a Funding Agreement backed program Funding Agreements are managed similarly to Guardian's retail annuities • Investment assets purchased with proceeds are allocated in accordance with Guardian's existing investment guidelines and managed by existing fundamental credit teams • Guardian's Funding Agreement program is overseen by the same asset liability management ("ALM") team as Guardian's other products 8 Guardian 4#5Guardian Overview Founded in New York in 1860, Guardian provides life and disability insurance, employee benefits, retirement and investment products Dividends paid to policyholders every year since 1868 Converted to a mutual company in 1925 4th largest mutual life insurance company in the U.S. based on surplus according to NAIC peer-compiled data • Surplus of $8.6 billion as of December 31, 2021 • Total adjusted capital of $10.7 billion as of December 31, 2021 • Total life insurance in-force of $724.8 billion as of December 31, 2021 Two principal operating segments (a) • Individual Markets - Individual Life ($4,748 million), Individual Disability ($696 million), Individual Annuity ($98 million) Group Benefits - Group Insurance ($4,435 million) Leading market positions 4th largest writer of participating whole life insurance in the industry in 2021 according to LIMRA Sales Report BLICOA is a top 5 writer of Individual disability insurance according to the LIMRA Disability Income Sale Survey Dental business ranks third in in-force PPO cases according to 2020 LIMRA survey results 8 Guardian Who We Are Our Purpose As a mutual company, our purpose is to keep our promises and inspire well- being. We have been helping people protect their future and secure their lives for more than 160 years. Every day, we serve people by helping them and their families pursue financial confidence and well-being in life, health, and wealth. Our Vision Our vision is to transform from insurer, to trusted partner, to champion of well being. Our Core Values Our values are simple: We Do the Right Thing, We Believe People Count, We Courageously Shape our Future Together, and We Go Above and Beyond for The People we serve. (a) 2021 consolidated statutory premium income Sources: NAIC, LIMRA, Statutory filings 5#6Guardian Investment Highlights Committed to Our Legacy of Financial Strength and Investing in Innovation to Ensure a Strong Future Commitment to Mutual Status competitive dividends as primary objectives Long-Term Track Record • • Long-term financial strength and stability and the payment of • Long view on investments, free from short-term earnings pressures faced by publicly-traded companies • Low-Risk Business Mix & Operating Model • Strong, stable whole life business growing sustainably with capital growth; High net worth customer base . • Growth-focused, less interest rate sensitive Group Benefits business Institutional Asset Management business Risk-managed for stable, consistent earnings and diverse fee-based businesses Earnings Diversification Strong and consistently profitable operating results with 2021 statutory net income of $223 million Policyholder surplus increased at a CAGR of approximately 6.6% from 2004 to 2021 Strong Balance Sheet • • Well diversified product portfolio and differentiated earnings streams helps reduce volatility in financial results • Robust Distribution Channels Highly productive career agent system consisting of 2,390 active agents as of December 31, 2021 . . Strong commitment to long-term protection of clients, and to the continued success and stability of Guardian • Group Benefits distribution through career agents and brokers Strong financial strength, capitalization, insurance ratings with regulatory capital ratios in excess of required levels Investment portfolio is conservative and well diversified with approximately 94% of securities in the bond portfolio rated investment grade as of December 31, 2021 Risk Management Strong enterprise risk management including governance, risk appetite, risk limits, and a disciplined ALM framework Low product risk profile with focus on participating whole life insurance, annually renewable group insurance and conservative product guarantees Accomplished Management team • Well-respected, seasoned executives with extensive experience in the industry and at Guardian 8 Guardian 6#7What Sets Us Apart A Strong Balance Sheet Supported by a Low-Risk Product Portfolio, High Degree of Financial Flexibility and Effective Risk Management 2021 was a strong year for Guardian Financial Flexibility & Liquidity Total Adjusted Capital: $10.7 billion Invested Assets: $66.0 billion Total Revenue: $12.5 billion Statutory Premium $9.4 billion Income: • Very strong capitalization: $8.6 billion in statutory capital, 7% CAGR since 2011 Operating Income $1.5 billion Before Dividends: Dividends Declared: $1.1 billion • 8 Guardian Excellent liquidity: $2 billion in short-term liquidity and other liquid assets High quality investment portfolio: Limited risky assets vs peers, entered 2021 with modest re-risking given the vaccination efforts and policy of fiscal stimulus Cash flow: Annual general account investment maturities of approximately $3.9 billion. Institutional Funding: Established Funding Agreement platform totaling $3.9 billion and eight CLOs totaling $3.2 billion FHLB Borrowing capacity: $3.6 billion 7#8Recent Initiatives and Developments Assets Under Management Strategic Growth Initiatives • . On February 7, 2022, Guardian acquired a minority equity stake in HPS Investment Partners, a leading global investment firm. Through this strategic partnership Guardian will also provide HPS with capital to invest and manage across a range of private-credit strategies Guardian continues to build out its institutional asset management capabilities under its wholly-owned subsidiary, Guardian Investor Services • Commitment for the CLO business was expanded Technology Initiatives and Investment • • Investment into the digitalization of our Individual and Group customer platforms including sales processes, life insurance underwriting using information technology and data, paperless processes and customer engagement Focus on Al and automation, big data and analytics, strategic investments, and cloud Environmental, Social, and Governance (ESG) • • • ESG principles are increasingly important for our stakeholders. We have made strides in our ESG work through corporate sustainability initiatives, philanthropic grants, Inclusion and Diversity programs, and investments For our Investments, Guardian recognizes ESG integration as the consideration of environmental, social and governance factors, which when weighed along with our traditional investment process help us design and maintain portfolios that we believe uphold the optimal combination of financial returns and responsible investment Significant company wide focus on ESG including collaboration across several business lines to create an ESG and sustainability framework for Guardian 8 Guardian 8#9Executive Leadership Team Guardian has a highly experienced management team focused on ensuring that we are delivering on our promises Name Insurance Industry & Financial Services Experience Title Andrew J. McMahon Chief Executive Officer and President Director EVP, Chief Financial Officer Kevin Molloy EVP, Chief Investment Officer Jean LaTorre Michael N. Ferik EVP, Individual Markets Christopher B. Smith EVP, Group Benefits Kermitt J. Brooks EVP, General Counsel 33 24 37 27 30 16 Dean Del Vecchio EVP, Chief Information Officer and Chief of Operations 25 Stacey Hoin EVP, Chief Human Resources Officer 33 33 8 Guardian 9#10Guardian Business Profile Products Individual Life • Whole Life • Term Life • Universal Life • Variable Universal Life • Small Business Owners • Affluent Professionals Target Markets • Executives Individual Markets Individual Disability • Individual Disability • Multi-Life Disability Income Savings Products • Fixed Annuities • Variables Annuities • Wealth Management • Small Business Owners • Affluent Professionals • Executives • Professionals • Executives Affluent and Emerging Affluent Individuals Group Benefits Group Insurance ⚫ Dental . Short- and Long-Term Disability • Life and AD&D • Vision • Supplemental Health • Absence Management Employer Groups • 46 General Agencies and Guardian-managed agencies • Career Agents • Brokers • Career Agents • Brokers Distribution • PAS • ~2,400 Career Agents • Brokers 8 Guardian 2021 Consolidated premium income (a) Total: $10,085 million 7% <1% Individual Life Individual Annuity ■Group 44% Individual Disability Other 1% 47% • Over 150 Group Sales Professionals • ~12,700 Active Group Brokers and Benefit Consultants 2021 Consolidated statutory reserves (b) Total: $56,981 million 7% 1% 4% 6% 0 82% Individual Life Individual Annuity ■Group Individual Disability Other (a) Premium income is net of reinsurance. The total consolidates financial information from statutory financial statements of Guardian (parent company), BLICOA and GIAC (subsidiaries), and GAAP financial statements of FCW and GIS (subsidiaries) (b) Reflects general account reserves only (excludes separate account reserves) 10#11Individual Life statutory premium income ($ in millions) $5,000 $4,034 5-year CAGR: 4.1% $4,096 $4,692 $4,283 $4,404 $3,844 $4,000 $3,000 $2,000 $1,000 $0 2016 2017 2018 2019 2020 2021 The Guardian Life Insurance Company of America ("GLIC") Parent Company Statutory Premium Income 2021 statutory premium income 6% 44% 50% C ($ in millions) $600 $501 $481 $500 $464 $400 $300 $200 $100 $0 2016 2017 2018 2019 2020 2021 Individual life ■Group Individual Disability $9,443 million total(a) Individual Disability statutory premium income (b) 5-year CAGR: 3.7% Group Benefits statutory premium income ($ in millions) $520 $536 $557 $5,000 5-year CAGR: 3.9% $4,194 $4,000 $3,782 $3,903 $3,974 $3,613 $3,457 $3,000 $2,000 $1,000 $0 2016 2017 2018 2019 2020 2021 Note: Statutory financials for parent company level, unless otherwise stated 8 Guardian (a) Excludes $2mm of reinsurance premium income (b) BLICOA sells all individual disability income insurance products and has a reinsurance treaty with Guardian where Guardian assumes 80% of BLICOA's net individual disability business 11 11#12Guardian Investment Portfolio Objectives • Guiding principles Competitive policyholder dividends - Strategic asset allocation - Tactical execution - Investment results • Protecting capital and financial strength ratings 8 Guardian • - Effective risk management • - Achieving return objectives within risk constraints Product support - Asset liability management (ALM) New products - pricing, hedging Investment guidelines Well-diversified portfolios with risk limits Dynamic hedging program protects capital Actively manage credit and portfolio risks Conduct independent research . Constantly identify and manage emerging risks Strong risk management culture, controls, reporting and oversight Experienced asset class specialists 12#13High Quality Investment Portfolio 8 Guardian 8% Invested assets by type 6% 2% 6% <1% 1% 1% 76% $66.0 billion total Bonds ■Mortgage loans Policy loans ■Partnerships & LLCs (a) Affiliated and unaffiliated equity Real estate (b) Cash, Cash Equiv., & ST investments ■Derivatives & Other invested assets" • • Highlights Strong fixed income credit quality Approximately 94% of bond portfolio rated investment grade (NAIC 1 or 2 designation of 54% and 40%, respectively) Low LTV mortgage loan portfolio (nearly entire portfolio in mortgage loans under 70% LTV) Over 98% of structured securities have NAIC 1 designation Note: Financials as of December 31, 2021 unless otherwise noted. Percentages may not sum to 100% due to rounding (a) Unaffiliated equity = 0.2% (b) Other invested assets consists primarily of receivables from broker on securities sold and investments in surplus note debentures of other insurance companies 13#14Breakdown of Fixed-Maturity Securities By NAIC designation 2.2% 3.5% 0.4% 0.1% 40.9% 52.9% 16.9% By Allocation 1.0% 0.4% 1.4% 0.1% 1.3% <1% 2.7% 3.6% 2.7% US Corporate ■CMBS I Foreign Corporate ■NAIC 1 NAIC 2 ■NAIC 3 ■NAIC 4 NAIC 5 ■NAIC 6 Govt RMBS US Treasury securities ABS CLO US Govt Agencies $50.1 billion total 8 Guardian Note: Financials as of December 31, 2021. Percentages may not sum to 100% due to rounding. 69.9% States Obligations Non Agency RMBS Foreign Govt Debt 14#15Composition of Mortgage Loan Portfolio By Type 12% 8% 4% 0 26% 50% 36% By LTV Range 22% 40% Apartments ■Retail ■Industrial & other Office 50% LTV or below 51%-60% LTV 61%-70% LTV Hotels $5.3 billion total 8 Guardian Note: Financials as of December 31, 2021. Percentages may not sum to 100% due to rounding. 15#16Collateralized Securities are Highly Rated ($ in millions) Residential mortgage- backed securities: Mortgage-Backed and Other Asset-Backed Securities December 31, 2021 Carrying Value % of Total Fair Value % of Total Gains/ Carrying Value (Losses) NAIC 1 NAIC 2 NAIC 3 NAIC 4 NAIC 5 NAIC 6 Total Government Agency $33 1.0% $35 1.1% $2 $331 $33 Non-Agency RMBS $700 21.7% $751 22.6% $51 $670 I $12 $7 $11 $700 CMBS $1,806 56.0% $1,848 55.7% $42 $1,801 $5 $1,806 Asset Backed Securities (ABS) $195 6.1% $195 5.9% $0 $163 | $32 $195 Collateralized Loan $489 15.2% $488 14.7% ($1) $415 | $74 $391 Obligations (CLO) Total $3,223 100% $3,168 100% $94 $3,082 $30 $17 $3,125 8 Guardian 16#17Financial Priorities 1 Preservation of capital and ratings 2 Strong enterprise risk management 3 Profitable growth 4 Productivity and expense management 5 Continued investment in business 8 Guardian 17#181 Preservation of Capital and Ratings Strong, Conservative Balance Sheet Total Surplus $8.6 billion Total adjusted capital $10.7 billion Surplus Notes (as a % of TAC) $1.5 billion (14.0%) Key takeaways ■ Excellent financial strength ■ Very high investment liquidity ■ Very low leverage Invested assets $66.0 billion Senior debt $0.0 billion 8 Guardian Note: Financials as of December 31, 2021 Source: Statutory filings 18#191 Preservation of Capital and Ratings Consistently Top-Tier Financial Strength Ratings Current Outlook Agency A.M. Best Guardian Financial Strength A++ (Superior - highest of 15 ratings) Upgraded in November 2008 from A+ Stable Fitch AA+ (Very Strong - 2nd highest of 21 ratings) Upgraded in October 2007 from AA Stable Moody's Aa2 (Excellent - 3rd highest of 21 ratings) Since 2003 Stable S&P AA+ (Very Strong - 2nd highest of 22 ratings) Upgraded in July 2008 from AA Stable Guardian's ratings profile has been strong across all rating agencies over the last 10+ years 8 Guardian 19#201 Preservation of Capital and Ratings Proven Ability to Grow Capital $10,000 Total surplus ($ in millions) $8,589 $7,616 $7,760 $8,000 $7,172 $6,684 $6,090 $6,172 $5,692 $6,000 $4,752 $5,012 $4,000 $2,000 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 80.0% 60.0% 40.0% Increase in total surplus over time 75.1% 43.2% 20.0% 13.6% 10.7% 3.9% 5.5% 5.2% 6.6% 7.0% 8.3% 7.3% 3.8% 1.6% 1.4% 3.7% 3.8% 6.2% 5.5% 1.2% 1.9% 4.0% NA(a) 0.0% 2012 2013 2014 2015 2016 2017 2018 Guardian Industry 2019 2020 2021 Cumulative (2012-2020) 8 Guardian Note: Growth in surplus includes issuance of surplus notes in 2014, 2017, and 2020. Cumulative increase in surplus is from beginning of 2012 to end of 2020. "Industry" comprises all life insurance underwriters domiciled in the U.S. that file statutory reports with the NAIC (a) Industry data for FY 2021 not released at the time of printing of these materials Source: SNL Financial 20#211 Preservation of Capital and Ratings Proven Ability to Withstand Stress Scenarios Net realized capital gains/(losses) as a % of BOP invested assets 1.00% 0.09% 0.19% 0.20% 0.00% (0.28%) (1.00%) (0.35%) (2.00%) (0.04%) (0.16%) (0.10%) (0.02%) (0.06%) (0.31%) (0.22%) (0.12%) (0.13%) (0.17%) (0.34%) (0.25%) (0.61%) (1.56%) (2.04%) (3.00%) (4.00%) 2012 2013 2014 2015 2016 2017 2018 2019 2020 Cumulative (2012-2020) 300% Net income as a % of BOP surplus 248% 200% 175% 150% 174% 172% 50% 125% 100% 75% 112% 50% 23% 18% 25% 17% 5% 0% 6% 53% 22% 16% 18% 5% 30% 16% 14% 16% 23% 16% 20% 16% 22% 16% 19% 15% 21% 16% 16% 76% 9% 5% 15% 6% 11% 8% 5% 11% 14% 6% 5% 11% 15% 7% 5% 14% 5% 13% 5% 14% 11% 10% 8% 11% 2% 5% 4% 2012 2013 2014 2015 Guardian 2016 Guardian (ex policy dividends) 2017 2018 2019 2020 Cumulative (2012-2020) ■Industry Industry (ex policy dividends) 8 Guardian Note: Growth in surplus includes issuance of surplus notes in 2014, 2017, and 2020. "Industry" comprises all life insurance underwriters domiciled in the U.S. that file statutory reports with NAIC. Industry data for FY 2021 not released at the time of printing of these materials Source: SNL Financial (2020Q4) 21 21#222 Enterprise Risk Management Low Enterprise Risk Profile Guardian Risk Profile Very low product risk profile • • • Participating life insurance Annual renewal of Group Benefits products Conservative set of product guarantees Well managed investment portfolio • Diversified investments within asset classes Avoided structured finance securities that were adversely impacted during the credit crisis • Dynamic hedging program protects capital Strong focus on asset liability management Very low liquidity and withdrawal risks Very strong capital position Demonstrated willingness and ability to change course if risks dictate; as evidenced by exit from long-term care, medical products, Executive Benefits - COLI, stop loss and dental support organization business; and restrained Variable Annuity sales (exited from Variable Annuities with Living Benefit riders as of March 31, 2017) Managing Risks in Evolving Business and Regulatory Environments • Investments: Proactively reducing credit risk in anticipation of credit cycle turning • Stress Testing: Enhanced focus and updates to stress scenarios to reflect changing market and economic conditions • • InsurTech: Leveraging new technology, big-data analytics and Al to enhance risk assessment along with risk oversight of product development Cyber-security: Prioritized governance and strengthened controls over IT and Cyber-Security risks 8 Guardian 22 22#23Guardian has a Formal Risk Governance and Organizational Structure to Monitor and Manage Enterprise Risk with Assigned Responsibilities 8 Guardian Board of Directors Board of Directors Investment Committee Board of Directors Human Resources and Governance Committee Monitor product pricing, design and targeted returns Review dividend recommendation Review retention and reinsurance programs Board of Directors Audit and Risk Committee Monitor investment and related risk management activities Investment Risk Committee Investment Risk Committees: • Credit Committees •Real Estate Equity • Commercial Mortgages Corporate Risk Management Committee Monitor overall enterprise risk management activities, including, but not limited to • Risk appetite • Economic Capital ⚫ ORSA Operational risks • Compliance and reputational risks ⚫Financial reporting Internal Audit Function Operational Risk Committee Business Unit Risk Committees Compliance Risk Committee Model Governance Committee Enterprise Business and Technology Services Risk Committee Product Development & Risk Committee India Risk Committee 23#243 Profitable Growth Premium / Assets Under Management Growth Individual Life Group Benefits ($ in millions) $5,000 5-year CAGR: 4.3% $4,748 $3,850 $4,039 $4,102 $4,287 $4,429 ($ in millions) $5,000 $4,000 $3,769 $3,914 5-year CAGR: 3.3% $4,093 $4,435 $4,193 $4,253 $4,000 $3,000 $3,000 $2,000 $2,000 $1,000 $1,000 $0 $0 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 ($ in millions) Individual Disability 5-year CAGR: 3.7% $800 $580 $601 $626 $600 $400 $651 $670 $696 $200 $0 2016 2017 2018 2019 2020 2021 8 Guardian ($ in millions) Individual Annuity (AUM) 5-year CAGR: 1.5% $15,000 $12,900 $13,600 $12,200 $12,900 $13,100 $13,200 $12,000 $9,000 $6,000 $3,000 $0 a 2016 2017 2018 2019 2020 2021 Note: Data on the page represents consolidated figures for Guardian and its subsidiaries. Premium numbers don't tie with page 11 which represents premiums at parent level (GLIC) 24 24#253 Profitable Growth Increased Capital Generation Year ended December 31, ($ in millions) 2015 2016 2017 2018 2019 2020 2021 Premiums $7,334 $7,768 $8,112 $8,381 $8,737 $8,951 $9,445 Net investment income 1,985 2,052 2,106 2,132 2,304 2,368 2,704 Other income Total revenue 376 421 441 344 431 362 390 $368 $9,695 $10,241 $10,659 $10,857 $11,472 $11,681 $12,539 $423 Statutory Net Income $310 $549 Benefit payments to policyholders $223 4,104 4,293 4,449 4,535 5,055 5,154 5,347 Total benefits and 8,289 8,885 9,241 9,461 10,006 10,252 11,054 expenses Gain from operations before taxes and dividends $1,406 $1,356 $1,418 $1,396 $1,466 $1,429 $1,485 $147 . Net income $433 $368 $423 $310 $549(b) $147(c) 2016 2017 2018 2019 2020 2021 $223 Note: Statutory financials for parent company level 8 Guardian (a) (b) Includes Amortization of IMR, which was $68 million, $58 million, $53 million, and $74 million for the years ending 2021, 2020, 2019, and 2018 respectively Includes a one time $151M gain from the sale of the purchase option on Guardian's building at 7 Hanover Square (c) Net income was down primarily due to an increase in net realized capital losses after taxes and transfers to IMR which increased year over year due to the sale of various investments for risk management purposes as well as the loss on an affiliated entity 25#264 Productivity and Expense Management Guardian's profitability has been consistently above peer mutual average, while the company continues efforts to reduce expenses and invest in profitable growth areas Guardian performed favorably in 2020 compared to its main competitors (Northwestern Mutual, New York Life, MassMutual): · • #2 in ROC pre-tax before dividend with 18.6% in 2020 (vs. peer average of 17.6%) #1 in ROC pre-tax after dividend with 5.1% in 2020 (vs. peer average of 3.6%) • • #2 in ROA pre-tax before dividend with 2.2% in 2020 (vs. peer average of 1.5%) #1 in ROA pre-tax after dividend with 0.6% in 2020 (vs. peer average of 0.3%) Expense ratios(a) for Guardian's core business were in line with or better than peer mutual average in 2020 • Individual Life: 18.5% (ranks #2, peer average: 21.0%) 8 Guardian Note: Expense ratios include general insurance expenses and commissions on premiums, annuity considerations and deposit-type contract funds (direct business only). Industry data for FY 2021 not released at the time of printing of these materials Source: SNL Financial 26#275 Continued Investment in Business Continued investments to grow investment strategies and increase distribution productivity and capacity HPS Partnership Group Benefits ■ On February 7, 2022, Guardian acquired a minority equity stake in HPS Investment Partners, a leading global investment firm; the strategic partnership will enable close collaboration and allow the two companies to share best practices and investment insights ■ Guardian will provide HPS capital to invest and manage across a range of private-credit strategies ■ Investing resources across the group benefits value chain to expand this business which is capital-light and generates a non-interest rate sensitive revenue stream ■ Strategy to outgrow peers by enhancing customer experience, expanding distribution reach and effectiveness, strengthening product offerings, and modernizing end-to-end enabling capabilities through digitization and modernization Distribution Client Service ■ Investing significant resources in expanding and strengthening our distribution, including expansion into the worksite market, and facilitating the succession of general agencies ■ Continue to expand our digital direct-to-consumer strategy in order to complement our traditional General Agency system and expand our customer reach ■ ■ Management team remains committed to distributional excellence to generate profitable growth for the company Specific customer segments targeted via appropriate channels. Leveraging technology to deliver products and services more efficiently ■ Remain committed to providing superior service that has been recognized by renowned organizations such as J.D. Power and DALBAR Technology Initiatives ■ Fully implement artificial intelligence, machine learning and robotic process automation across businesses Big data and analytics Guardian 27#28Additional Financial Information S Guardian Appendix 28#29Individual Market Individual Life 2021 business mix by premium income 0.02% 0.6% 0.8% 0.3% 2.9% 95.3% Whole Life Term Life Universal Life Variable Life & Other IL Worksite UL Executive Benefits BOLI Total premium income(a): $4,748 million Guardian (a) Premium income is net of reinsurance (b) According to the 2021 LIMRA Sales Report Description Key products • Participating Whole Life (95% of individual life product segment premium income in 2021) • Term Life Distribution model • Highly trained, productive career agent network Growing brokerage business for participating products Strategy • . Continue focus on Whole Life business while maintaining diversified product portfolio to meet wide array of needs Target affluent and emerging affluent market segments including professionals, business owners, small- and mid-sized businesses, corporations, banks, principals and partners Invest substantially to enable career agent network to more effectively run their businesses and better serve customers Market position 4th largest writer of participating whole life insurance; Guardian's average whole life only premium per policy was approximately 1.5x their peer group's average (b) 29#30Individual Market Individual Disability 2021 business mix by premium income 9.6% Key products • • Individual Disability Description Multi-Life Disability (introduced in 2007) Distribution model 90.4% Core Disability Multi-Life Disability Total premium income(a): $696 million 8 Guardian (a) Premium income is net of reinsurance (b) According to LIMRA Disability Income Sale Survey • Career agent network and brokers Wholesalers for Multi-Life Strategy • Focus on small business owners, professionals and executives • Multi-Life plans for measured growth Maintain outsourcing / reinsurance model for long-term care; long-term care block is in runoff Market position • BLICOA is a top 5 writer of individual disability insurance (b) 30#31Individual Market Individual Annuity 8 Guardian 2021 business mix by AUM 27% O 73% Variable Annuities (a) Fixed Annuities Total YE 2021 AUM: $13.2 billion (a) Exited Variables Annuities with living benefit riders in 2017 Description Key products • Annuities - single premium deferred and immediate fixed annuities, variable annuities Distribution model Annuities - fixed annuities sold through GIAC's wholesaling force and third-party registered broker-dealers; variable annuities are distributed primarily through Park Avenue Securities, a registered broker-dealer that Guardian indirectly wholly owns Strategy . Maintain strong penetration in our career agencies while capturing increasing share of select independent distribution Manage product portfolio to remain competitive and profitable while continuing to support customers' needs for guaranteed income for life 31#32Group Benefits Group Insurance 2021 business mix by premium income 1% 17% 5% 0 24% ■Dental & Vision (a) ■Supplemental Health Disability DTC Manufacturing Total premium income (b): $4,435 million 8 Guardian (a) Medical product not offered since 2011 52% Description Key products • • • • Dental - PPO and Dental HMO plans offered throughout the United States (c) Disability - short and long-term disability income protection Life and AD&D - death benefit for a fixed period Vision - Primarily a PPO product that provides comprehensive benefits Supplemental Health - Accident, Critical Illness, Cancer and Hospital Indemnity products Distribution model • • Long-term relationships with independent brokers through highly trained sales reps and benefit advisors Currently over 170 group sales professionals and ~13,500 brokers with in- force group insurance product business Strategy • Focus primarily on employers with up to 5,000 employees • Life and AD&D Expand presence in dental, disability & absence management, and supplemental health lines • Ongoing focus on high quality customer service, product leadership, and distribution effectiveness Majority of the business is re-priceable annually Market position Dental business ranks third in in-force PPO cases according to 2020 LIMRA survey results (b) Premium income is net of reinsurance (c) DHMO products are marketed in California, Florida, Illinois, Indiana, Michigan, Missouri, New Jersey, New York, Ohio, Colorado and Texas 32 32#33Financial Summary ($ in Millions) 2015 2016 2017 2018 2019 2020 2021 Selected Income Statement Data Premiums, Annuity Considerations and $7,334 $7,768 $8,112 $8,381 $8,737 $8,951 $9,445 Fund Deposits Net Investment Income 1,985 2,052 2,106 2,132 2,304 2,368 2,704 Total Revenue 9,695 10,241 10,659 10,857 11,472 11,681 12,539 Total Benefits and Expenses 8,289 8,885 9,241 9,461 10,006 10,252 11,054 Net Income 433 368 423 310 549 147 223 Selected Balance Sheet Data Total Invested Assets $43,180 $46,919 $50,455 $53,070 $56,602 $62,099 $66,044 Total Assets 48,121 51,884 55,569 58,489 62,205 68,045 72,127 Total Liabilities 42,031 45,711 48,885 51,317 54,589 60,285 63,538 Surplus Notes 845 845 1,197 1,198 1,199 1,497 1,498 Total Surplus 6,090 6,172 6,684 7,172 7,616 7,760 8,589 8 Guardian Note: Statutory financials for parent company level Source: Statutory filings, SNL Financial 33#348 Guardian