Funding Agreement-Backed Note Program slide image

Funding Agreement-Backed Note Program

4 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
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