Funding Agreement-Backed Note Program
3
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
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