Funding Agreement-Backed Note Program
1
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)
â– 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)
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