Funding Agreement-Backed Note Program
1
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
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