ON LONG-TERM PROMISES - Guardian Life ON LONG-TERM PROMISES ... built a wide portfolio of products that not only enhance the range of customer needs we can meet, but also contribute

2011 ANNUAL REPORT

DELIVERINGON LONG-TERM PROMISES

The Guardian Life Insurance Company of America7 Hanover SquareNew York, NY 10004-4025www.GuardianLife.com

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TABLE OF CONTENTS

2 LETTER TO POLICYHOLDERS

3 FINANCIAL HIGHLIGHTS

5 EXECUTIVE MANAGEMENT & BOARD OF DIRECTORS

6 DELIVERING ON LONG-TERM PROMISES

16 2011 FINANCIALS

18 IMPORTANT INFORMATION

20 COMPANY LISTINGS

28 CONTACT US

GUARDIAN SUBSIDIARIES AND AFFILIATES

Berkshire Life Insurance Company of America (BLICOA)e-Money Advisor Holdings, LLCFirst Commonwealth, Inc.Guardian Baillie Giff ord LimitedGuardian Investor Services LLC (GIS)The Guardian Insurance & Annuity Company, Inc. (GIAC)Innovative Underwriters, Inc.Managed Dental Care (California)Managed DentalGuard, Inc. (New Jersey)Managed DentalGuard, Inc. (Ohio)Managed DentalGuard, Inc. (Texas)Park Avenue Life Insurance Company Park Avenue Securities LLCRS Investment Management Co. LLC

Guardian is an Equal Opportunity Employer

Design by Agenda:www.agendanyc.com

1DELIVERINGDELIVERING ONON LONG-TERMLONG-TERM PROMISESPROMISES || GUARDIANGUARDIAN 20112011

MY COLLEAGUES AND I KNOW WE

NEED TO EARN YOUR CONFIDENCE EACH

AND EVERY DAY. WE WILL CONTINUE

TO MAKE OUR POLICYHOLDERS’ NEEDS,

AND DELIVERY ON OUR LONG-TERM

PROMISES, OUR HIGHEST PRIORITY—

THROUGH THE QUALITY OF THE DECISIONS

WE MAKE, AND THE INTEGRITY, HARD

WORK, AND DEDICATION OF OUR PEOPLE.

DEANNA M. MULLIGANPresident and Chief Executivef Officerffi

Scan here with your mobile device to visit our annual report online at www.ar.guardianlife.com

2 DELIVERING ON LONG-TERM PROMISES | GUARDIAN 2011

I am pleased to report Guardian delivered a strong performance in 2011 despite continuedweakness in the economy. We declared the highest dividend payout to our individual life policyholders in our history, $795 million. Our capital, a key indicator of our financial position, figrew by $117 million to $5.5 billion. We generated record sales results in our businesses and grew our career agent network. Additionally, all four major credit ratings agencies affirmed ourffialready strong financial strength ratings.fi

These results demonstrate that our company continues to provide products and services that address our clients’ needs, even in a climate of fi nancial uncertainty. What’s more, fiour life insurance policyholders renewed their policies at a rate that is among the highest in the industry.

Our accomplishments speak to the contributions of Guardian’s more than 8,000 home offi ce and fiffi eld associates, whose hard fiwork, dedication, and commitment to quality and service place them among the best in the industry. All of us at Guardian are proud of these results and the manner in which we achieved them: ethically, socially responsibly,

and by embracing the enduring values that have guided us for over 150 years: we do the right thing; people count; and we hold ourselves to very high standards.

In succeeding Dennis J. Manning as CEO in July 2011, I am the benefi ciary of his signififi cant ficontributions to our company as well as those of the generations of leadership that came before me. Like Dennis and his predecessors, I am fully committed to building for the future and leaving the company even stronger than it is today. It is an honor to be part of this tradition of safeguarding our policyholders’ trust.

My colleagues and I know we need to earn your confi dence each and every day. We will ficontinue to make our policyholders’ needs, and delivery on our long-term promises, our highest priority—through the quality of the decisions we make, and the integrity, hard work, and dedication of our people.

DEANNA M. MULLIGANPresident and Chief Executive Officer ffi

TO OUR POLICYHOLDERS

3DELIVERING ON LONG-TERM PROMISES | GUARDIAN 2011 33DELIVERINGDELIVERING ONON LONG-TERMLONG-TERM PROMISESPROMISES || GUARDIANGUARDIAN 20112011

GUARDIAN FINANCIAL HIGHLIGHTS

2 0 1 0 2 0 11

B E N E F I T S PA I D T O P O L I C Y H O L D E R S ( O N A C O N S O L I D AT E D B A S I S )

$5.0 BILLION$4.9 BILLION

C A P I TA L

$5.5 BILLION$5.3 BILLION

S TAT U T O R Y G A I N F R O M O P E R AT I O N S B E F O R E TA X E S A N D D I V I D E N D S T O P O L I C Y H O L D E R S

( O N A C O N S O L I D AT E D B A S I S )

$1,101 MILLION$1,082 MILLION

$273 BILLION

$795 MILLION

$258 BILLION

$740 MILLION

L I F E I N S U R A N C E I N F O R C E ( O N A C O N S O L I D AT E D B A S I S )

W H O L E L I F E D I V I D E N D S D E C L A R E D

3DELIVERING ON LONG-TERM PROMISES | GUARDIAN 2011

DELDELIVEIVERINRING OG ON LN LONGONG-TE-TERM RM PROPROMISMISES ES | G| GUARUARDIADIAN 2N 201101144

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RobRobertert Br Broatoatch,ch, Br Bradladley ey ThoThomasmas,,DeaDeannanna Mu Mullilligangan, T, Thomhomas as SorSorellell, , ScoScott tt DolDolfi ,fi , Tr Tracyacy Ri Richch

DELIVERING ON LONG-TERM PROMISES | GUARDIAN 2011 5

BOARDOF DIRECTORS

EXECUTIVE MANAGEMENT

John J. BrennanChairman Emeritus, Vanguard

Robert E. Broatch, CPA Executive Vice President,Chief Financial Officer, Risk andffiOperational Excellence, The Guardian Life Insurance Company of America

Lloyd E. CampbellConsultant, Spencer Stuart

Richard E. CavanaghRetired President and Chief Executive Offi cer, The Conference Board, Inc.ffi

Nancy E. CooperRetired Executive Vice Presidentand Chief Financial Officer,ffiCA Technologies

James E. DaleyRetired Executive Vice President, Electronic Data Systems Corporation

Deborah L. DuncanExecutive Vice President and Chief Financial Officer, Fremont Groupffi

Paul B. GuentherRetired President,PaineWebber Group, Inc.

Deanna M. MulliganPresident and Chief Executive Officer,ffiThe Guardian Life Insurance Companyof America

John A. SomersFormer Executive Vice President and Retired Head of Fixed Income and RealEstate, Teachers Insurance and Annuity Association

Stephen J. SqueriGroup President, Global Corporate Services, American Express Company

Donald C. Waite IIIDirector, Offi ce of Executives in ffiResidence and Adjunct Professor, Columbia Graduate School of Business

INDEPENDENT ACCOUNTANTS

PricewaterhouseCoopers LLPNew York, NY

Deanna M. MulliganPresident and Chief Executive Officer ffi

Robert E. Broatch, CPA Executive Vice President, Chief Financial Officer, Risk and ffiOperational Excellence

D. Scott DolfiChief Operating Officerffi

Tracy L. RichExecutive Vice President,General Counsel, and Corporate Secretary

Thomas G. Sorell, CFA Executive Vice Presidentand Chief Investment Officer ffi

Bradley A. ThomasInterim Executive Vice President,Human Resources

DELIVERING ON LONG-TERM PROMISES | GUARDIAN 20116

MUTUALITY

Because Guardian is a mutualcompany, it is managed in the best interests of its owners—the policyholders. Mutuality allows the company to operate for the long term, guided by core values that ensureGuardian is doing the right thing for its customers.

How does being a mutual companymake Guardiandiff erent fromffffa publicly held company?

Since our policyholders are also our owners, everythingwe do is aimed at serving their best interests. Unlike publicly held companies, we have no stockholders,

and therefore no confl icts flbetween the short-termdemands of Wall Street andthe long-term interests of our policyholders. Freed from having to pursue immediate gains through overly aggressive product pricing or risky investments, we’re able to focus on maintaining ourfi nancial strength.fi

How does Guardian’s mutuality benefit ficustomers?

Whole life policyholders benefit directly from our fimutual structure through the dividends paid to them, whichserve to lower the long-term net cost of our whole life policies.The prudent and effi cient way ffiwe manage our company hashistorically allowed us to pay competitive dividends.

All of our clients benefi t fifrom our rigorous risk management, which helps us to perform well in difficultffieconomic periods. We have built a wide portfolio of products that not only enhance the range of customer needs we canmeet, but also contribute to our business diversity, stability and, ultimately, our policyholder dividend.

Finally, the long-term view aff orded by mutuality ffffallows us to invest in dedicated career FinancialRepresentatives and group benefits sales associates who fibuild lasting relationships with customers, helping them achieve security for their businesses and families through expert knowledge and guidance.

DELIVERING ON LONG-TERM PROMISES

DELDELIVEIVERINRING OG ON LN LONGONG-TE-TERM RM PROPROMISMISES ES | G| GUARUARDIADIAN 2N 2011011 77

FINANCIAL STRENGTH

GuGuarardidianan f fococususeses o on n mamainintataininining g a a ststrorongng fi finnanancicialal fifipoposisititionon a andnd p prorovivididingng v valalueueovoverer t thehe l lonong g tetermrm. . ThTheecocompmpanany y dodoeses n notot m mananagage e ququararteter r toto q quauartrterer, , bubut t ininststeaead d lolookoks s yeyearars s anand d dedecacadedes s ahaheaeaddtoto e ensnsurure e itit w wilill l bebe h herere e toto p payay popolilicycy c clalaimims s inin t thehe f fututurure.e.

HoHow w didid d GuGuarardidiananpeperfrfororm m fifi n nanancicialallyly fifiinin 2 201011?1?

DeDespspitite e ththe e chchalallelengngining g ececononomomicic e envnvirirononmementnt, , wewe cocontntininueued d toto b buiuildld o on n ouour r fifi n nanancicialal s strtrenengtgth h inin 2 201011.1. O Oururfificocompmpanany’y’s s cacapipitatal l inincrcreaeaseseddtoto $ $5.5.5 5 bibillllioion,n, a a 2 2% % inincrcreaeasese ovoverer t thehe p prereviviouous s yeyearar,,bobolslsteterered d prprimimararilily y byby s sololididopopereratatining g reresusultlts s anand d gagaininssonon p pririvavatete e eququitity y hoholdldiningsgs..WeWe a alslso o coconcncluludeded d ththe e yeyearar

wiwithth r risisk-k-babasesed d cacapipitatal l ofof 48486%6%, , inindidicacatitiveve o of f onone e ofof t thehe ststrorongngesest t cacapipitatal l poposisititionons s ininththe e lilifefe i insnsururanancece i indndusustrtry.y.CoConsnsololididatateded s statatututotoryry opopereratatining g inincocomeme b befeforore e didivividedendnds s wawas s $1$1,1,10101 m milillilionon, , upup 2 2% % frfromom t thehe p prereviviouous s yeyearar. .

InIn a addddititioion,n, w we e dedeclclararededwhwholole e lilifefe d divivididenendsds o of f $7$79595mimillllioion—n—ouour r lalargrgesest t didivividedendnd toto p pololicicyhyhololdedersrs e evever.r. S Sevevereralalfafactctorors s cocontntriribubuteted d toto t thihissrerecocordrd-s-setettitingng r resesulult—t—ouourr

20200707 20200808 20200909 20201010 20201111

$$666644

$$772233 $$771122$$774400

$795

WWHHOOLLEE LLIIFFEEDDIIVVIIDDEENNDDSS DDEECCLLAARREEDDRERESUSULTLTS S ININ $ $ M MILILLILIONONSS


exexcecellllenent t bubusisinenessss r resesulultsts a andnd cacarerefuful l exexpepensnse e mamananagegemementnt,,asas w welell l asas b betetteter r ininveveststmementnt eaearnrniningsgs, , momortrtalalitity y cocoststs,s,anand d opopereratatining g exexpepensnseses t thahannunundederlrlieie t thehe g guauararantnteeees s ininouour r popolilicicieses. .

HoHow w dodo t thehe m majajoror raratitingng a agegencncieies s raranknkGuGuarardidianan’s’s fi finnanancicialal fifiststrerengngthth??

AlAll l fofourur m majajoror c creredidit t raratitingngssagagenencicieses a affiffi rmrmeded o ourur a alrlreaeadydyffiffiststrorongng fi finnanancicialal s strtrenengtgthhfifiraratitingngs s inin 2 201011.1. F Fititchch a andnd StStanandadardrd & & P Poooor’r’s s rarateted d usus A AA+A+, , MoMoodody’y’s s AaAa2,2, a andndA.A.M.M. B Besest t CoCompmpanany y gigiveves s usus i itsts h higighehestst r ratatining g fofor r lilifefe ininsusurarancnce e cocompmpananieies,s, A A++++..WeWe h havave e reretatainineded t thehe s samame e raratitingngs s sisincnce e 20200808, , whwhenen wewe w werere e ththe e ononlyly m majajoror l lififeeininsusurarancnce e cocompmpanany y upupgrgradadededbyby t twowo r ratatining g agagenencicieses d dururining g

ththe e woworsrst t fifinnanancicialal d dowowntntururnnfifisisincnce e ththe e GrGreaeat t DeDeprpresessisionon. .

RISK MANAGEMENT

EnEnteterprpririsese r risisk k mamananagegemementntininvovolvlveses s strtrikikining g ththe e ririghght t babalalancnce e bebetwtweeeen n ririsksk a andnd rerewawardrd t to o prprovovidide e lolongng-t-tererm m vavalulue e anand d ststababililitity.y. G Guauardrdiaian’n’sscocompmprerehehensnsivive e apapprproaoachch toto t thihis s prprococesess s cocoveversrs a allllasaspepectcts s ofof t thehe c comompapanyny’s’s bubusisinenessss—i—incncluludidingng c capapititalal,,ininveveststmementnts,s, p proroduductcts,s,exexpepensnseses, , anand d seselelectctioion n ofof unundederwrwrirititingng c cririteteriria.a.

HoHow w dodoeses G Guauardrdiaian n dedetetermrminine e ththeeamamouountnt o of f ririsksk i it t cacan n tatakeke a andnd s stitillll r rememaiain n fifi n nanancicialallyly s strtronong?g?fifi

OuOur r cocompmpanany’y’s s ririsksk--mamananagegemementnt p pololicicieies s anand d prpracactiticeces s arare e dedesisigngneded t to o hehelplpusus m maiaintntaiain n ouour r fifi n nanancicialal fifiststrerengngthth a andnd p payay c comompepetitititivevedidivividedendnds s toto p pololicicyhyhololdedersrs. .

WeWe h havave e esestatablblisishehed d a a prpresesetettotolelerarancnce e fofor r cacapipitatal l ananddinincocomeme v vololatatililitity y inin c chahallllenengigingngececononomomicic s scecenanaririosos. . ThThisis apapprproaoachch i infnforormsms t thehe k kinind d ofof p proroduductcts s ouour r cocompmpanany y offoffeersrs, , ththe e tytypepes s ofof r risisksks w we e ffffffffunundederwrwriritete a andnd a accccepept,t, a andnd t thehecocompmpososititioion n anand d coconcncenentrtratatioion n ofof o ourur i invnvesestmtmenentsts..


Our company also makes extensive use of reinsurance,hedging strategies, and other proven methods to manage risks to acceptable tolerances. These practices have helped us successfully navigate the volatility in today’s still-uncertain global economic environment.

How does Guardianmanage the risks to its investmentportfolio?

While we use manysophisticated risk-management tools, we also emphasizediversifi cation and research.fiOur equity portfolios vary byinvestment style, capitalization,geography, and manager. Our fi xed income portfolio spans fia wide range of assets and credit ratings. Our private equity and real estate holdings

are also well differentiated. ffffWe monitor the markets closely and have processes in place that allow us tomove quickly and decisivelyif risks are exceeding tolerance. Moreover, our company regularly stress tests our balance sheet and many individual investments todetermine how they would perform in a range of scenarios.

CAPITALRESULTS IN $ MILLIONS

2007 2008 2009 2010 2011

$4,628

$4,256

$4,920

$5,343 $5,460


ThThisis r rigigororouous s apapprproaoachch t to o poportrtfofolilio o mamananagegemementnt h hasas yiyieleldeded d a a rerecocordrd o of f susuccccesess.s.InIndedepependndenent t rereseseararchchanand d ananalalysysisis o of f cocompmplelexxsesecucurirititieses h hasas e enanablbleded o oururcocompmpanany y toto a avovoidid m manany y ofof ththe e susubpbpririmeme l loaoansns a andnd o oththerer unundederprpererfoformrmining g sesecucurirititieses ththatat p proroveved d dedetrtrimimenentatal l totonunumemerorousus o orgrgananizizatatioionsns i in n 20200808. . OuOur r momorere r rececenent t ririsksk--cocontntrorol l effeff o ortrts s hahaveve h helelpepeddffffffffmimininimimizeze e expxpososurure e toto t thehe EuEuroropepeanan d debebt t crcrisisisis. .

WeWe c conontitinunue e toto e evovolvlve e anand d adadapapt t asas c cirircucumsmstatancnceses chchanangege o ovever r titimeme. . FoFor r exexamamplple,e,ouour r cocompmpanany y isis c cururrerentntlyly momoninitotoriringng a andnd e evavaluluatatininggememerergigingng i issssueues s ththatat i incncluludede ececononomomicic a andnd c conontatagigionon ununcecertrtaiaintntieies s asassosociciatateded w witith h ththe e EuEuroropepeanan d debebt t crcrisisisis,,popolilititicacal l tuturbrbululenencece i in n ththe e MiMiddddlele E Easast t anand d NoNortrth h AfAfriricaca, ,

ririsisingng e enenergrgy y prpriciceses, , ananddththe e popossssibibililitity y ththatat i intntereresesttraratetes s cocoululd d eieiththerer r rememaiainnexexceceptptioionanalllly y lolow w fofor r anan exextetendndeded p pererioiod d oror r risise e momorere shshararplply y ththanan a antnticicipipatateded. . WeWe e expxpecect t cocontntininueued d mamarkrketetvovolalatitililityty a andnd a arere p pososititioioniningng ouour r poportrtfofoliliosos t to o dedealal w witith h a a wiwidede r ranangege o of f cocontntiningegencncieies.s.

MANAGING THE MARKETS

ThThe e ininveveststmementnt e envnvirirononmementnthahas s bebeenen c chahallllenengigingng f foror seseveveraral l yeyearars,s, a andnd 2 201011 1 wawassnono e excxcepeptitionon. . DeDespspitite e ththeevovolalatitilele c clilimamatete, , GuGuarardidianan’s’s ininveveststmementnt p porortftfololioio cocontntininueued d toto p pererfoformrm w welell.l.

WhWhatat i is s GuGuarardidianan’s’sovovereralall l ininveveststmementntobobjejectctivive?e?

OuOur r cocompmpanany’y’s s prprimimarary y ininveveststmementnt o objbjecectitiveve i is s toto gegeneneraratete a attttraractctivive e reretuturnrns s fofor r popolilicycyhoholdlderers s ovoverer t thehe l lononggtetermrm w whihilele p prorotetectctining g fifinnanancicialalfifiststrerengngthth. . MaMananagigingng t thehe r risisksks ofof o ourur a assssetets s inin a accccorordadancnce e wiwithth o ourur o oblbligigatatioionsns t toopopolilicycyhoholdlderers s isis a a t topop p pririororitity.y.

WeWe s seeeek k toto m meeeet t ththesese e obobjejectctiviveses b by y ememplployoyining g aalolongng-t-tererm m asasseset t alallolocacatitionon ststraratetegygy, , auaugmgmenenteted d byby tatactcticicalal a adjdjusustmtmenentsts. . WeWe cocontntininuaualllly y momoninitotor r anand d evevalaluauatete a allll o of f ouour r ininveveststmementnt sesectctoror c clalasssseses, , shshififtitingngpoportrtfofolilio o alallolocacatitionons s totowawardrdththosose e ththatat a appppeaear r momostst atattrtracactitiveve w whihilele r rememaiaininingng hihighghlyly d diviverersisififieed.d.fifi


WhWhy y didid d GuGuarardidianan’s’sininveveststmementnt p porortftfololioio peperfrfororm m soso w welell l inin 2 201011?1?

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eveverery y dedecicisisionon, , whwhilile e kekeepepining g aaclclosose e wawatctch h onon m macacroroececononomomicic, , popolilititicacal,l, a andnd c comompepetitititivevededevevelolopmpmenentsts..

BUILDING RELATIONSHIPS

GuGuarardidianan’s’s fi fi e eldld a assssocociaiatetes s fifiprprovovidide e anan e essssenentitialal l linink k bebetwtweeeen n ththe e cocompmpanany y anand d itits s cucuststomomerers.s. T Theheirir k knonowlwlededgegeanand d exexpeperirienencece, , cocoupupleled d wiwithth GuGuarardidianan’s’s p proroduductcts s anand d seservrviciceses, , cacan n hehelplp s sececurure e ththee

wewellll-b-beieingng o of f inindidivividudualals,s, fafamimililieses, , anand d bubusisinenesssseses..

WhWhatat a arere t thehebebenenefifitts s ofof s serervivingngfifipopolilicycyhoholdldererssththrorougugh h cacarereerer agagenentsts a andnd g groroupup sasaleles s rereprpresesenentatatitiveves?s?

OuOur r cocompmpanany y atattrtracactsts,,trtraiainsns, , anand d reretatainins s FiFinanancnciaiallReReprpresesenentatatitiveves s whwho o bubuilild d lolongng-t-tererm m rerelalatitiononshshipips s wiwithth

GGUUAARRDDIIAANN GGEENNEERRAALL IINNVVEESSTTMMEENNTT PPOORRTTFFOOLLIIOO PPRROOFFIILLEE:: YEYEARAR-E-ENDND 2 2010111

FIXFIXED ED INCINCOMEOME

5353.2.2%%PRIPRIVATVATE PE PLACLACEMEEMENT NT DEBDEBTT

1515.3.3%%COMCOMMERMERCIACIAL ML MORTORTGAGGAGES ES

9.9.6%6%POLPOLICYICY LO LOANSANS

8.8.7%7%

AFFAFFILIILIATEATES &S &SUBSUBSIDSIDIARIARIESIES

4.4.0%0%

PRIPRIVATVATE &E & RE REALALESTESTATEATE EQ EQUITUITYY

3.3.8%8%

PUBPUBLICLIC EQ EQUITUITYY

2.2.6%6%OTHOTHERER

2.2.8%8%


their clients and provide individualized solutions to help them make informeddecisions about insurance and fi nancial needs. Theyfiachieve this by sharing theirstrong knowledge of wealth protection, accumulation, and distribution products as they guide clients through the many decisions they face throughmultiple stages of life.

This same relationship-focused approach extendsto our group employee benefits business, which has fisome of the longest tenuredsales representatives in theindustry. Recognizing that no two businesses are alike, they work with employee benefits brokers to analyze fieach company’s unique circumstances and create tailored, comprehensive, and cost-eff ective strategies toffff

help employers attract and retain the best employees, and meet their coverage needs.

How does Guardianequip its careeragency field force to fiserve customers?

Our Financial Representatives can take advantage of a fullrange of life insurance andfi nancial products that our ficompany and subsidiarieshave developed to protecttheir clients’ fi nancial futuresfiand that of loved ones. These include policies that providea benefi t in the event that fia policyholder is prevented from working in their professiondue to disability; annuities to help accumulate assets for retirement; and mutual funds and other investmentproducts and services.

Financial Representatives also use sophisticated tools such as The Living BalanceSheet®, our custom-built,Web-based client servicingsystem, which provides 24-hour access to important personal documents, and coordinates account information from a menu of more than 6,000 financial fiinstitutions. It also helps clients gauge their financialfifi tness by highlighting theirassets, liabilities, insurance protection, net worth, and overall cash fl ow, giving flthem a holistic view of their finances.fi


WhWhatat i is s GuGuarardidianan’s’sphphililososopophyhy a aboboututcucuststomomerer s serervivicece??

WeWe c conontitinunualallyly i invnvesest t inin o ourur pepeopoplele, , prprococesesseses,s, a andnd tetechchnonolologygy t to o mamakeke i it t eaeasisiererfofor r cucuststomomerers s anand d fifieeldldfifiasassosociciatateses t to o woworkrk w witith h usus. . ThThe e hihighgh q quaualilityty o of f ouour r seservrvicice e hahas s bebeenen w wididelely y rerecocogngnizizeded::•• J J.D.D. . PoPowewer r anand d AsAssosociciatateses awawarardeded d itits s prpresestitigigiouous s CaCallll C Cenenteter r CeCertrtifiifi c catatioion n totofifiouour r ReRetitireremementnt S Sololututioionsns CaCallll C Cenenteter.r.

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DELDELIVEIVERINRINGG ON ON LO LONG-NG-TERTERMM PR PROMIOMISESSES | | GU GUARDARDIANIAN 20201111 1515

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MATTHEW H. SCANLAN is Chief Executive Offi cer of RS Investment Management Co. LLC (“RS Investments”), the San Francisco-based investment management fi rm of which Guardian is the indirect majority owner. He also serves as President and Trustee of the RS Investment Trust and the RS Variable Products Trust. Matt joined the company in 2012 after more than 30 years of experience in the investment management industry.

RS Investments offers solutions for institutional and individual investors and the advisers that serve them. The fi rm and its affi liated sub-advisers have distinct teams comprised of experienced investors who have expertise in research-driven value, growth, core growth, natural resources, international, and fi xed income strategies. Founded in 1986, RS Investments has offi ces in San Francisco, CA, Chapel Hill, NC, and New York, NY. RS Investments has been a Guardian subsidiary since 2006.


As of December 31 (in millions) 2011 2010*

ADMITTED ASSETS

Bonds $23,057 $21,391

Unaffi liated common and preferred stocksffi 1,110 1,278

Investments in affi liatesffi 886 857

Mortgage loans 3,156 3,230

Private and real estate equity 1,247 910

Policy loans 2,889 2,720

Receivable for securities and other invested assets 457 500

Cash and short-term investments 221 357

TOTAL INVESTED ASSETS 33,023 31,243

Due and accrued investment income 341 331

Premiums deferred and uncollected 874 845

Net deferred tax asset 639 521

Other assets 253 238

TOTAL ADMITTED ASSETS $35,130 $33,178

LIABILITIES AND SURPLUS

Reserves for policy benefitsfi 26,768 25,131

Policyholder dividends payable and other contract liabilities 1,908 1,856

Interest maintenance reserve 241 170

Asset valuation reserve 489 539

Amounts due to brokers and other liabilities 1,151 1,051

TOTAL LIABILITIES 30,557 28,747

Policyholders’ surplus 4,177 4,035

Surplus note 396 396

TOTAL LIABILITIES AND SURPLUS $35,130 $33,178

STATUTORY BASIS BALANCE SHEETS

Results Are Guardian Life Only (Not Consolidated)The condensed fi nancial statements of The Guardian Life Insurance Company of America have been derived from audited fistatutory financial statements, which are available upon request.fi

*Certain amounts from 2010 have been reclassifi ed to conform to the current-year presentation. fi

2011FINANCIALS


ForFor th the Ye Yearear En Endedded De Decemcemberber 31 31 (i (in mn millillionions)s) 20201111 20201010

REVREVENUENUESES

PrePremiumiums,ms, an annuinuity ty conconsidsideraeratiotions,ns, an and fd fundund de depospositsits $5,$5,875875 $5,$5,943943

NetNet in invesvestmetment nt incincomeome 1,71,71515 1,61,66565

OthOther er incincomeome 168168 200200

TOTTOTAL AL REVREVENUENUEE 7,77,75858 7,87,80808

BENBENEFIEFITS TS ANDAND EX EXPENPENSESSES

BenBenefiefi t t paypaymenments ts to to polpolicyicyholholderders as and nd benbenefiefififi ciciariariesesfifi 3,43,41212 3,53,50909

NetNet in increcreasease to to po policlicy by beneenefifit t resreservervesesfifi 1,61,63838 1,61,60707

ComCommismissiosions ns andand op operaeratinting eg expexpensensess 1,61,63737 1,61,63434

TOTTOTAL AL BENBENEFIEFITS TS ANDAND EX EXPENPENSESSES 6,66,68787 6,76,75050

GaiGain fn fromrom op operaeratiotions ns befbeforeore po policlicyhoyholdelder dr diviividendends ds andand ta taxesxes 1,01,07171 1,01,05858

PolPolicyicyholholderder di dividvidendends is incuncurrerredd (78(784)4) (73(730)0)

GaiGain fn fromrom op operaeratiotions ns befbeforeore ta taxesxes an and rd realealizeized ld lossosseses 287287 328328

IncIncomeome ta tax ex expexpensense (81(81)) (10(100)0)

IncIncomeome fr from om opeoperatrationions bs befoefore re netnet re realializedzed ca capitpital al loslossesses 206206 228228

NetNet re realializedzed ca capitpital al loslossesses (10(10)) (23(23))

NETNET IN INCOMCOMEE $19$196 6 $20$2055

STASTATUTTUTORYORY BA BASISSIS ST STATEATEMENMENTS TS OF OF OPEOPERATRATIONIONSS


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FinFinancancialial in inforformatmationion co concencernirningngTheThe Gu Guardardianian Li Life fe InsInsuraurancence ComCompanpany oy of Af Amermericaica as as of of DecDecembember er 31,31, 20 2011 11 on on a sa stattatutoutory ry basbasis:is: Ad Admitmittedted As Assetsets =s = $3 $35.15.1

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FinFinancancialial in inforformatmationion co concencernirningngBerBerkshkshireire Li Life fe InsInsuraurancence ComCompanpany oy of Af Amermericaica as as of of DecDecembember er 31,31, 20 2011 11 on on a sa stattatutoutory ry basbasis:is: Ad Admitmittedted As Assetsets =s = $3 $3.0 .0 BilBilliolion; n; LiaLiabilbilitiities es = $= $2.52.5 Bi Billillionon(in(inclucludinding $g $2.32.3 Bi Billillion on of of ResReserverves)es); a; and nd CapCapitaital al andndSurSurpluplus =s = $0 $0.5 .5 BilBilliolion.n.


GENERAL AGENCIESALABAMABirminghamSoutheastern Planning Corporation, LLC(205) 533-9452Andy MeehanRobert E. Mathis, CLUJohn E. Hill, JD, LLMAlfred P. Robertson, CLU, ChFC

ARIZONAPhoenixJohn Driscoll & Company, Inc.(602) 957-7155John M. Driscoll, CLU

CALIFORNIAClaremontPacifi c Advisors, Inc. (909) 399-1100Neil WillnerWalt Cardinet, CLUKelly Kidwell, CLU, ChFC, CFP, LUTCF

Diamond BarGuardian Life Insurance Company(909) 610-2500Lip Geap (Sony) Tan

Los AngelesGuardian Life Insurance Company(213) 624-2002Charles Bogue, CLU, ChFC

San DiegoGuardian Life Insurance Company(619) 684-6400Michael Geary

San DiegoPacifi c Advisors, Inc. (800) 345-6555Neil Willner Walt Cardinet, CLU Kelly Kidwell, CLU, ChFC, CFP,LUTCF

San FranciscoGuardian Life Insurance Company(415) 659-1200Amin H. Ladak

San JosePacifi c Advisors, Inc. (408) 487-9900Neil WillnerWalt Cardinet, CLUKelly Kidwell, CLU, ChFC, CFP, LUTCF

San RamonGuardian Life Insurance Company(925) 983-2900Kevin S. Park

COLORADOGreeleyGuardian Life Insurance Company(970) 534-3052Benjamin J. Sartin

Greenwood VillageV.W. Allabashi & Associates, LLC(303) 770-9020V.W. Allabashi, CLULyle Domenitz, LUTCF

CONNECTICUTFarmingtonMW Financial Group, Ltd.(860) 677-2600Robert N. Worgaftik, CLU, ChFC,CFP, CLTCRichard P. Gribinas, CFP, ChFC

FLORIDACoral GablesGuardian Life Insurance Company(305) 908-3838Anthony L. Rogers

EsteroGuardian Life Insurance Company(239) 676-3200Patrick F. Thuecks

Fort MyersAlliance Financial Group(239) 561-2900Douglas J. Gribin, CLU, ChFCWilliam J. Traum, CLU, ChFC

JacksonvilleNorth Florida Financial Corporation(904) 296-1944B. Lee Harrison, Jr., CLU, LUTCF, CLTC

MaitlandGuardian Life Insurance Company(407) 628-8222B. Lee Harrison, Jr., CLU,LUTCF, CLTCStewart Davis, Jr., CLU

MiamiNPC Financial, Inc.(305) 371-6333Jeffrey E. Newman, CLU, ChFC, ffffRHU

PensacolaNorth Florida Financial Corporation(850) 476-3491B. Lee Harrison, Jr., CLU, LUTCF, CLTC

TallahasseeNorth Florida Financial Corporation(850) 562-9075B. Lee Harrison, Jr., CLU, LUTCF, CLTC

COMPANYLISTINGS


TamTampapaWesWestshtshoreore Fi Finannanciacial Gl Grouroupp(81(813) 3) 289289-36-363232B. B. LeeLee Ha Harrirrisonson, J, Jr.,r., CL CLU,U,LUTLUTCF,CF, CL CLTCTCSteStewarwart Dt Daviavis, s, Jr.Jr., C, CLU LU

TamTampapaGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(81(813) 3) 289289-85-850000PauPaul Bl Bullullaraara II IIII

GEGEORORGIGIAAAtlAtlantantaaAshAshforford Ad Advidvisorsors, s, IncInc..(77(770) 0) 390390-26-260000V. V. ThoThomasmas Pu Purcercell,ll, Jr Jr., ., CLUCLU, C, ChFChFC

AtlAtlantantaaPeaPeachtchtreeree Pl Plannanninging Co Corporporatrationion(40(404) 4) 260260-16-160000RobRobertert E. E. Ma Mathithis, s, CLUCLUJohJohn En E. H. Hillill, J, JD, D, LLMLLMAlfAlfredred P. P. Ro Roberbertsotson, n, CLUCLU, C, ChFChFC

JohJohns ns CreCreekekGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(67(678) 8) 225225-68-680000RanRandaldal C. C. Es Espeypey

HAHAWAWAIIIIHonHonoluolululuMidMid-Pa-Pacificifi c c ParPartnetners,rs, LL LLCCfifi(80(808) 8) 955955-64-640000GarGary Ky K. G. GragragsonsonDonDon Ha Haweswes

HonHonoluolululuWeaWealthlth St Stratrategyegy Pa Partnrtnersers, L, LLCLC(80(808) 8) 695695-21-210000NasNash Sh Suboubotictic

ILILLILINONOISISDeeDeerfirfielelddfifiGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(84(847) 7) 597597-24-240000MarMark Ck C. P. Pietietschsch

GleGlenvinviewewTheThe Hu Hunkenken An Agengency,cy, In Inc.c.(84(847) 7) 564564-01-012323H. H. ChrChris is HunHunkenken II IIIIScoScott tt B. B. HunHunkenken, L, LUTCUTCFF

ININDIDIANANAAIndIndianianapoapolislisHorHorizoizon Pn Planlanninning Gg Grouroup op of f MicMichiahiana,na, In Inc.c.(31(317) 7) 571571-23-236565KevKevin in L. L. BelBell, l, JD,JD, CL CLU, U, ChFChFCC

IOIOWAWACliCliveveFinFinancancialial Ar Archichitectects,ts, In Inc.c.(51(515) 5) 457457-12-127676KimKim A. A. We Weaveaver, r, CLUCLU, C, ChFChFC, C, CFPFP

KAKANSNSASASOveOverlarland nd ParParkkWooWoody dy FinFinancancialial Gr Groupoup, I, Inc.nc.(91(913) 3) 345345-10-103030RicRicharhard Wd W. W. Woodoody, y, CLUCLU,,ChFChFC, C, CFPCFP

KEKENTNTUCUCKYKYLouLouisvisvillilleeLifLifetietime me FinFinancancialial Gr GrowtowthhComCompanpany oy of Kf Kententuckucky, y, LLCLLC(50(502) 2) 327327-07-071111EarEarl Jl J. L. Luttuttnerner, C, CLULUSanSanforford Md M. A. Aderdersonson, J, JDD

LOLOUIUISISIANANAABatBaton on RouRougegeHRBHRBA, A, IncInc..(22(225) 5) 766766-97-970000DonDonaldald G. G. Sc Scullullyy

MetMetairairieieTheThe Pr Produoducercers Gs Grouroup, p, IncInc..(50(504) 4) 836836-29-292222RicRicharhard Hd H. V. Villillavaavaso,so, CL CLU, U, ChFChFCC

MAMARYRYLALANDNDBetBetheshesdadaGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpany y (30(301) 1) 907907-90-903030LloLloyd yd PolPolmatmateereer

RocRockvikvillelleFinFinancancialial Ba Balanlance ce GroGroup,up, LL LLCC(24(240) 0) 683683-97-970000SteStevenven Cr Crawfawfordord

SpaSparksrksEckEckelsels As Assocsociatiates,es, LL LLCC(41(410) 0) 828828-54-540000DenDennisnis Ec Eckelkels, s, CLUCLU, C, ChFChFC

MAMASSSSACACHUHUSESETTTTSSDanDanververssLivLivinging Le Legacgacy Fy Finainancincial al GroGroup,up, In Inc.c.(97(978) 8) 907907-60-600000GarGary Dy DeSteStefaefano,no, LU LUTCFTCF, C, CLTCLTC

FraFraminminghaghammRobRobertert Fi Fine ne & R& Randandy Sy S. F. Fineine InsInsuraurancence, L, LLCLC(50(508) 8) 820820-99-993939RobRobertert Fi FineneRanRandy dy S. S. FinFine, e, LUTLUTCFCF

NeeNeedhadhammTheThe Bu Bulfilfi nc nch Gh Grouroup Ip Insunsuranrance ce fifiAgeAgencyncy, L, LLCLC(78(781) 1) 449449-44-440202SetSeth Mh Medaedalielie, C, CLU,LU, Ch ChFCFC

WelWelleslesleyleyWelWelleslesleyley Fi Finannanciacial Gl Grouroup &p & InsInsuraurancence Ag Agencencyy(78(781) 1) 237237-17-172020RicRicharhard Pd Poitoitrasras, C, CLU,LU, Ch ChFC,FC, CF CFPP

MIMICHCHIGIGANANBinBinghagham Fm FarmarmssLucLucidoido-Mo-Morrirris &s & As Assocsociatiates,es, LL LLCC(24(248) 8) 647647-07-078080JosJosepheph A. A. Lu LucidcidooMicMichaehael Gl G. M. Morrorris,is, CL CLUU


MIMINNNNESESOTOTAABloBloomiomingtngtononGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(95(952) 2) 446446-33-330000DerDerricrick Mk M. G. Girairard,rd, CF CFPP

MinMinneaneapolpolisisFosFosterter Kl Klimaima & & ComCompanpany, y, LLCLLC(61(612) 2) 746746-22-220000DouDouglaglas Ks K. F. Flinlink, k, CLUCLU, C, ChFChFCJohJohn Mn McGucGurrarrann

MIMISSSSISISSISIPPPPIIJacJacksoksonnAllAllen en FinFinancancialial Gr Groupoup, P, PAA(60(601) 1) 956956-66-665656DavDavid id B. B. AllAllen,en, CL CLU, U, ChFChFCC

MIMISSSSOUOURIRISt.St. Lo LouisuisGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(31(314) 4) 800800-11-115555DavDavid id G. G. BoyBoykinkin

MOMONTNTANANAAMisMissousoulalaNorNorthethern rn RocRockiekies Fs FinainancincialalGroGroup,up, In Inc.c.(40(406) 6) 728728-66-669999AndAndrewrew P. P. Li Link,nk, CL CLU, U, ChFChFCC

NENEBRBRASASKAKAOmaOmahahaGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(40(402) 2) 504504-64-644444RicRicharhard Wd W. W. Woodoody, y, CLUCLU, C, ChFChFC, C, CFPFP

NENEVAVADADALasLas Ve VegasgasV.WV.W. A. Allallabasbashi hi & A& Assossociaciatestes, L, LLCLC(70(702) 2) 735735-43-435555V.WV.W. A. Allallabasbashi,hi, CL CLUULylLyle De Domeomenitnitz, z, LUTLUTCFCF

NENEW W HAHAMPMPSHSHIRIREEBedBedforforddBalBaldwidwin &n & Cl Clarkarkee(60(603) 3) 622622-08-089292ChaCharlerles Hs H. B. Baldaldwinwin, C, CLU,LU, Ch ChFCFC

NasNashuahuaGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(60(603) 3) 324324-24-240000JamJames es M. M. ArcArchibhibaldald

NENEW W JEJERSRSEYEYCraCranfonfordrdFerFerrarrara Fa Finainancincial al GroGroup,up, LL LLCC(90(908) 8) 709709-00-002020SteStevenven A. A. Fe Ferrarrara,ra, CL CLUUDavDavid id J. J. ParParselsels, s, CLUCLU, C, ChFChFC

FaiFairfirfi el elddfifiIntInternernatiationaonal Pl Planlanninning Ag Allilliancance, e, LLCLLC(97(973) 3) 244244-44-442020DavDavid id R. R. AltAlter,er, CL CLUUGerGeraldald J. J. Cl Cleriericuzcuzio,io, CL CLU, U, ChFChFCC

ForFort Lt LeeeeGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(20(201) 1) 482482-82-828282MicMichaehael Rl Rheehee

ManManasqasquanuanC&AC&A Fi Finannanciacial Gl Grouroup, p, LLCLLC(73(732) 2) 528528-48-480000FraFrank nk J. J. ConCongilgiloseose, C, CLU,LU, Ch ChFC,FC, CFPCFP, M, MSFSSFS

ParParamuamussCerCertifitifi ed ed Fi Finannanciacial Sl Serverviceices, s, LLCLLCfifi(20(201) 1) 843843-77-770000ThoThomasmas A. A. Ci CiardardellellaaMicMichaehael Cl C. S. Saviavino,no, CL CLU, U, CFPCFP

PriPrincencetontonPetPetronrone Ae Assossociaciatestes, I, Inc.nc.(60(609) 9) 452452-92-929292ThoThomasmas M. M. Pe Petrotrone,ne, CL CLUU

RosRoselaelandndFinFinancancialial Be Benefinefi ts ts Re Reseasearchrch Gr Groupoup fifi(97(973) 3) 226226-11-119999BarBarry ry GimGimelselstobtob

ShrShrewsewsburburyyIntInternernatiationaonal Pl Planlanninning Ag Allilliancance, e, LLCLLC(73(732) 2) 530530-47-474747DavDavid id R. R. AltAlter,er, CL CLUUGerGeraldald J. J. Cl Cleriericuzcuzio,io, CL CLU, U, ChFChFCC

NENEW W YOYORKRKBroBrookloklynynBroBrookloklyn yn FinFinancancialial Gr Groupoup, L, Ltd.td.(71(718) 8) 302302-86-860000AbrAbrahaaham Sm S. E. EkstksteineinShrShrageage Po Posensen

BuffBuff al alo o ffffffffAllAllianiance ce AdvAdvisoisory ry GroGroup,up, In Inc.c.(71(716) 6) 817817-71-7109 09 RobRobertert J. J. Fa Fashashano,no, CL CLU, U, ChFChFC, C, MSFMSFSS

NewNew Yo York rk CitCityyNatNationional al FinFinancancialial Ne Netwotwork,rk, LL LLCC(21(212) 2) 764764-62-626262AntAnthonhony Ty T. M. Mazzazzei,ei, Sr Sr., ., CLUCLU, , ChFChFC, C, CLTCLTC, C, MSMMSM

NewNew Yo York rk CitCityyStrStrateategiegies fs for or WeaWealthlth(21(212) 2) 701701-79-790000RonRonaldald S. S. Ro Rosbrsbruchuch, C, CLU,LU, Ch ChFCFCJerJerry ry HarHarniknik, C, CLULUJosJosh Bh Beckecker,er, LU LUTCFTCF

NewNew Yo York rk CitCityyWeaWealthlth Ad Advisvisoryory Gr Groupoup(21(212) 2) 541541-88-880000HowHowardard J. J. El Eliasias, L, LUTCUTCFF

RegRego Po ParkarkN.MN.M.P..P. Pl Plannanninging Co Compampany ny IncInc..(71(718) 8) 268268-92-925555NatNathanhan M. M. Pe Perlmrlmuttutter,er, CL CLU, U, ChFChFCC

RyeRye Br BrookookStrStrateategiegies fs for or WeaWealthlth(91(914) 4) 288288-88-880000RonRonaldald S. S. Ro Rosbrsbruchuch, C, CLU,LU, Ch ChFCFCJerJerry ry HarHarniknik, C, CLULUJosJosh Bh Beckecker,er, LU LUTCFTCF


TarrytownGuardian Life Insurance Company(914) 460-1200Stephen DiGirolamo

WestburyNRL Wealth Creation Strategies, LLC(516) 334-4900Joseph V. Limongelli, LUTCFJohn A. Limongelli

WoodburyGuardian Life Insurance Company(516) 677-6200Adam S. Kaufman

WoodburyStrategies for Wealth(516) 682-2500Ronald S. Rosbruch, CLU, ChFCJerry Harnik, CLUJosh Becker, LUTCF

NORTH CAROLINACharlotteCP Planning Group, Inc.(704) 552-8507C. Richard Dobson, CLURobert E. Mathis, CLU

GreensboroDobson & Associates, Inc.(336) 230-0922C. Richard Dobson, CLURobert E. Mathis, CLU

RaleighConsolidated Planning, Inc.(919) 782-2900C. Richard Dobson, CLURobert E. Mathis, CLU

RaleighGuardian Life Insurance Company(919) 239-7929Daniel J. Shanahan

NORTH DAKOTAFargoFoster Klima & Company, LLC(701) 293-6379Douglas K. Flink, CLU, ChFCJohn McGurran

OHIOBeachwoodLifetime Financial Growth of Northern Ohio, LLC(216) 360-7400Earl J. Luttner, CLUSanford M. Aderson, JD

CantonSirak-Brockett Agency, Ltd.(330) 493-3211Gary Brockett, CLU, CFP

CincinnatiGuardian Life Insurance Company(513) 878-6920William Morgan Watson

CincinnatiLifetime Financial GrowthCompany of Ohio, LLC(513) 579-1114Earl J. Luttner, CLUSanford M. Aderson, JD

CincinnatiWilson Advisory Group, LLC(513) 891-6600Earl J. Luttner, CLUSanford M. Aderson, JD

ColumbusThe Columbus Financial Group(614) 785-5100Paul J. Vineis, CLU, CFP

DublinGuardian Life Insurance Company(614) 718-5343Paul T. Swift

OKLAHOMAOklahoma CityRedbud Financial Group, LLC(405) 767-1900Derrick Morton, CLU, ChFC

OREGONPortlandGuardian Life Insurance Company (503) 207-4550Jeffrey Pawlowski ffff

PortlandWealth Strategies Northwest, LLC(503) 221-1226Larry Plumb, CLU, CFPThaddeus C. Sweet, RHU

PENNSYLVANIABlue BellIndependence Planning Group(267) 468-0822Daniel J. Linehan, CLU, ChFC

LancasterFirst Financial Group(717) 393-4465Dennis Eckels, CLU, ChFC

PittsburghLifetime Financial Growth, LLC(412) 391-6700Earl J. Luttner, CLUSanford M. Aderson, JD

PlainsFirst Financial Group(570) 829-0717Dennis Eckels, CLU, ChFC

WayneGuardian Life Insurance Company(610) 293-8300Steven D. Earhart, CLU, ChFC, CFP, MSFS


SOSOUTUTH H CACAROROLILINANAGreGreenvenvillilleeGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(86(864) 4) 416416-54-540000RobRobertert To Todd dd AchAchberbergerger

TETENNNNESESSESEEEBreBrentwntwoodoodPeaPeachtchtreeree Pl Plannanninging of of TenTennesnesseesee, L, LLCLC(61(615) 5) 376376-83-830000RobRobertert E. E. Ma Mathithis, s, CLUCLUJohJohn En E. H. Hillill, J, JD, D, LLMLLMAlfAlfredred P. P. Ro Roberbertsotson, n, CLUCLU, C, ChFChFCDarDarrelrell Dl Daweawes, s, CLUCLU, C, ChFChFC

MemMemphiphissChaChartwrtwellell Fi Finannanciacial Gl Grouroupp(90(901) 1) 692692-51-510000GeoGeorgerge H. H. Mo Mooreore

TETEXAXASSAusAustintinGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(51(512) 2) 651651-20-200909ScoScot Et E. D. Daviavis s

AusAustintinLilLiljenjenwalwall Dl Dallallas-as-SouSouth th TexTexasasAgeAgencyncy(51(512) 2) 343343-79-794747EriErik Lk Liljiljenwenwallall

DalDallaslasLilLiljenjenwalwall Dl Dallallas-as-SouSouth th TexTexas as AgeAgencyncy(21(214) 4) 346346-09-098585EriErik Lk Liljiljenwenwallall

El El PasPasooComCompaspass Bs Beneenefifitsts, I, Inc.nc.fifi(91(915) 5) 533533-99-990101JohJohn Mn M. D. Drisriscolcoll, l, CLUCLU

ForFort Wt WortorthhGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(68(682) 2) 233233-77-777070ShaShawn wn M. M. ArrArringingtonton

HouHoustostonnGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(83(832) 2) 308308-72-720000PatPatricrick Dk Dickicksonson

HouHoustostonnWeaWealthlth De Desigsign Gn Grouroup, p, LLCLLC(71(713) 3) 963963-87-874040RicRicharhard Ld L. R. Ray,ay, MS MSFSFS

UTUTAHAHMurMurrayrayTheThe Mc McParPartlatland nd GroGroupup(80(801) 1) 365365-04-048080TerTerry ry McPMcPartartlanlandd

VIVIRGRGININIAIARicRichmohmondndGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(80(804) 4) 482482-69-699090DevDevon on CurCuryy

VieViennannaGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(57(571) 1) 419419-55-550000HanHandandan G. G. Pa Pasqusquierier

VirVirginginia ia BeaBeachchGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(75(757) 7) 498498-57-570000WilWillialiam Em E. (. (JoeJoe) C) Counountsts

WAWASHSHININGTGTONONLynLynnwonwoododGuaGuardirdian an LifLife Ie Insunsuranrance ce ComCompanpanyy(42(425) 5) 771771-90-901010PauPaul Ll L. A. Adamdamss

WEWESTST V VIRIRGIGININIAAMorMorgangantowtownnLifLifetietime me FinFinancancialial Gr Growtowth/h/LutLuttnetner Fr Finainancincial al GroGroupup(30(304) 4) 292292-20-205050EarEarl Jl J. L. Luttuttnerner, C, CLULUSanSanforford Md M. A. Aderdersonson, J, JDD

WIWISCSCONONSISINNPewPewaukaukeeeeGreGreat at LakLakes es InsInsuraurancence ConConsulsultantants,ts, In Inc.c.(26(262) 2) 746746-92-927070DanDanieliel T. T. Me MelkalkaMarMark Sk Smitmithh

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ALALABABAMAMAABirBirminminghaghamm2102100 S0 SoutouthBrhBridgidge Pe Parkarkwayway, S, Suituite 3e 38585BirBirminminghagham, m, AL AL 3523520909ScoScott tt ThoThompsmpson,on, Re RegiogionalnalDirDirectectoror(80(800) 0) 879879-69-693434

ARARIZIZONONAAPhoPhoenienixxSmaSmall ll GroGroup up SalSaleses60 60 E. E. RioRio Sa Saladlado Po Parkarkwayway, S, Suituite 1e 10404TemTempe,pe, AZ AZ 85 85284284MikMike Te Taylaylor,or, Re Regiogionalnal Di Direcrectortor(86(866) 6) 747747-45-454242

CACALILIFOFORNRNIAIALosLos An AngelgelesesTheThe Ed Edge,ge, Bl Bldg.dg. 3, 3,801801 Pa Parkvrkviewiew Dr Driveive No Northrth, S, Suituite 1e 10000El El SegSegundundo, o, CA CA 9029024545ArtArthurhur St Sternern, R, Regiegionaonal Ml Manaanagerger(80(800) 0) 225225-33-339999

SanSan Fr Francancisciscoo555555 Mo Montgntgomeomery ry St.St., S, Suituite 1e 1600600SanSan Fr Francanciscisco, o, CA CA 9419411111RicRick Pk Portorterfierfi el eld, d, fifiDirDirectector,or, Ma Markerketinting &g & Sa Salesles(80(800) 0) 832832-95-955555

SouSouthethern rn CalCalifoifornirniaa4684685 M5 MacAacArthrthur ur CouCourt,rt, Su Suiteite 10 1000NewNewporport Bt Beaceach, h, CA CA 9269266060JosJosepheph St Stefaefano,no,DirDirectector,or, Ma Markerketinting &g & Sa Salesles(80(800) 0) 662662-64-646464


COLORADODenver116 Inverness Dr. East, Suite 285Englewood, CO 80112Kendall Fritsch,Regional Vice President,Western Sales(602) 567-2602

CONNECTICUTHartford29 South Main St., Suite 301West Hartford, CT 06107Stephen Murphy, RegionalDirector(800) 933-3304

DISTRICT OF COLUMBIAWashington, D.C.8161 Maple Lawn Blvd., Suite 100Fulton, MD 20759John Feeney,Director, Marketing & Sales(800) 945-6584

FLORIDAFort LauderdaleLakeside @ Lyons, 6820 LyonsTechnology Circle, Suite 150Coconut Creek, FL 33073Barbara Roberts, Regional Manager(800) 282-6908

Tampa1511 N. West Shore Blvd., Suite 600Tampa, FL 33607Todd Stahl, Regional Director(800) 282-6908

GEORGIAAtlanta2400 Lakeview Parkway, Suite 500Alpharetta, GA 30004Andrew Baylor,Director, Marketing & Sales(800) 677-0296

ILLINOISChicago550 W. Jackson Blvd., 8th FloorChicago, IL 60661Stephen Ring,Director, Marketing & Sales(800) 933-3136

INDIANAIndianapolis201 W. 103rd St., Suite 390Indianapolis, IN 46290Eric Stickford, Regional Manager(800) 533-3813

MASSACHUSETTSBostonOne Liberty Square, 3rd FloorBoston, MA 02109Daniel Shea, Regional Director(800) 541-4374

Bridgewater Small Group SalesOne Lakeshore Drive, 2nd FloorBridgewater, MA 02324David Poirier, Regional Director(877) 652-4151

MICHIGANDetroit555 South Old Woodward, Suite 501Birmingham, MI 48009Thomas Nowland, RegionalDirector(800) 422-3902

MISSOURISt. Louis8235 Forsyth Blvd., Suite 650St. Louis, MO 63105Terry Walsh,Regional Vice President, Central Sales(317) 815-8172

NEW JERSEYNew Jersey695 Rt. 46 West, Suite 402Fairfi eld, NJ 07004fiRichard Picardo, RegionalManager(800) 967-9277

NEW YORKLong IslandPark Atrium, 865 Merrick Ave.Suite 300Westbury, NY 11590Hayley Doran, Regional Manager(800) 553-0217

New York60 Broad St., Suite 3200New York, NY 10004Jeff Furbish,ffDirector, Marketing & Sales(800) 369-8223

Syracuse5784 Widewaters ParkwayDeWitt, NY 13214Matthew McAnaney, Regional Director(800) 545-0278

NORTH CAROLINACharlotte3025 Springbank Lane, Suite 240Charlotte, NC 28226Brad Schumacher, Regional Director(800) 846-9256

OHIOCincinnati9825 Kenwood Road, Suite 200Cincinnati, OH 45242Steve Berger,Director, Marketing & Sales(800) 543-1163


CleClevelvelandand6486480 R0 Rockocksidside We Woodoods Bs Blvdlvd. S. Soutouth,h,SuiSuite te 220220IndIndepeependendencence, O, OH 4H 441341311TreTreg Bg Baldaldinging, R, Regiegionaonal Dl Direirectoctorr(80(800) 0) 222222-04-044747

PEPENNNNSYSYLVLVANANIAIABetBethlehlehemhemSmaSmall ll GroGroup up SalSaleses1521525 V5 Vallalley ey CenCenterter Pa Parkwrkway,ay, Su Suiteite 20 2000BetBethlehlehemhem, P, PA 1A 180180177CarCary Sy Salkalkin,in, Re Regiogionalnal Di Direcrectortor(80(800) 0) 356356-58-580808

PhiPhiladladelpelphiahiaOneOne Co Commemmercerce Sq Squaruare, e, SuiSuite te 192192002002005 M5 Markarket et StrStreeteetPhiPhiladladelpelphiahia, P, PA 1A 191091033GeoGeoffffrerey Ry Rosiosina,na, Re Regiogionalnal Di Direcrectortorffffffff(80(800) 0) 753753-82-820808

SOSOUTUTH H CACAROROLILINANAChaCharlerlestostonn880880 Jo Johnnhnnie ie DobDobbs bs BlvBlvd.,d., Su Suiteite 2 2MouMount nt PlePleasaasant,nt, SC SC 29 29464464ZacZacharhary Hy Hatcatch, h, RegRegionional al ManManageagerr(84(843) 3) 856856-42-426666

TETENNNNESESSESEEENasNashvihvillelle720720 Co Cool ol SprSpringings Bs Blvdlvd., ., SuiSuite te 660660FraFranklnklin,in, TN TN 37 37067067DanDanieliel Ju Justistice,ce, Re Regiogionalnal Di Direcrectortor(80(800) 0) 937937-93-934545

TETEXAXASSDalDallaslasWelWellinlingtogton Cn Cententer,er,14614643 43 DalDallaslas Pa Parkwrkway,ay, Su Suiteite 10 1000DalDallaslas, T, TX 7X 752552544DarDarceycey Ne Newsuwsum,m,DirDirectector,or, Ma Markerketinting &g & Sa Salesles(80(800) 0) 443443-03-033030

HouHoustostonn10310333 33 RicRichmohmond,nd, Su Suiteite 93 9300HouHoustoston, n, TX TX 7707704242ChrChris is GalGallaglagherher, R, Regiegionaonal Ml Manaanagerger(80(800) 0) 289289-90-909696

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ARARIZIZONONAAPhoPhoenienixx2392390 C0 Cameamelbalback ck Rd.Rd., S, Suituite 2e 21515PhoPhoenienix, x, AZ AZ 8508501616JosJosepheph St Stefaefano,no,DirDirectector,or, Ma Markerketinting &g & Sa Salesles(80(800) 0) 227227-84-845757

ARARKAKANSNSASASLitLittletle Ro Rockck8208201 C1 Cantantrelrell Rl Roadoad, S, Suituite 3e 33535LitLittletle Ro Rock,ck, AR AR 72 72227227BraBrad Dd Daviavis, s, SalSales es RepRepresresententatiativeve(80(800) 0) 289289-92-920808

CACALILIFOFORNRNIAIAFreFresnosnoExeExecutcutiveive Su Suiteites as at Rt Riveiver Br Bluffluff8058050 N0 N. P. Palmalm Av Ave.,e., Su Suiteite 30 3000FreFresnosno, C, CA 9A 937137111BraBrady dy SpeSpencencer, r, SalSales es RepRepresresententatiativeve(55(559) 9) 389389-58-585858

SacSacramramententoo11311341 41 GolGold Ed Exprxpressess DriDrive,ve, SuSuiteite 12 1200GolGold Rd Riveiver, r, CA CA 9569567070RicRick Pk Portorterfierfi el eld, d, fifiDirDirectector,or, Ma Markerketinting &g & Sa Salesles(80(800) 0) 832832-95-955555

SanSan Di DiegoegoHazHazardard Ce Cententer Or Offiffi c ce Te Toweower,r,ffiffiSuiSuite te 880880, 7, 7676676 Ha Hazarzard Cd Cententer er Dr.Dr.SanSan Di Diegoego, C, CA 9A 921021088JosJosepheph St Stefaefano,no,DirDirectector,or, Ma Markerketinting &g & Sa Salesles(80(800) 0) 662662-64-646464

KAKANSNSASASKanKansassas Ci CitytyCorCorporporateate Wo Woodsods 11 11, , 10810800 00 FarFarleyley St Strereet,et, Su Suitite 2e 22020OveOverlarland nd ParPark, k, KS KS 6626621010TerTerry ry WalWalsh,sh,RegRegionional al VicVice Pe Presresideident,nt, CenCentratral Sl Salealess(31(317) 7) 815815-81-817272

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OROREGEGONONPorPortlatlandnd5285285 M5 Meadeadowsows Ro Road,ad, Su Suiteite 17 1700LakLake Oe Osweswego,go, OR OR 97 97035035RicRick Pk Portorterfierfi el eld, d, fifiDirDirectector,or, Ma Markerketinting &g & Sa Salesles(80(800) 0) 832832-95-955555

PEPENNNNSYSYLVLVANANIAIAPitPittsbtsburgurghhThrThree ee PenPenn Cn Cententer er WesWesttPenPenn Cn Cententer er BlvBlvd.,d., Su Suiteite 12 1288PitPittsbtsburgurgh, h, PA PA 1521527676TreTreg Bg Baldaldinging, R, Regiegionaonal Dl Direirectoctorr(80(800) 0) 222222-04-044747

TETENNNNESESSESEEEMemMemphiphiss5355350 P0 Poploplar ar AveAvenuenue, S, Suituite 3e 31212MemMemphiphis, s, TN TN 3813811717FraFrank nk GilGillialiam, m, SalSales es RepRepresresententatiativeve(80(800) 0) 937937-93-934545

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WAWASHSHININGTGTONONSeaSeattlttleeOneOne Un Unionion Sq Squaruare,e,600600 Un Univeiversirsity ty StrStreeteet, S, Suituite 1e 1800800SeaSeattlttle, e, WA WA 9819810101RicRick Pk Portorterfierfi el eld, d, fifiDirDirectector,or, Ma Markerketinting &g & Sa Salesles(80(800) 0) 832832-95-955555

WIWISCSCONONSISINNMilMilwauwaukeekee100100 No Northrth Co Corporporatrate De Drivrive,e, SuSuiteite 15 1500BroBrookfiokfieleld, d, WI WI 5305304545fifiSteStephephen Rn Ringing,,DirDirectector,or, Ma Markerketinting &g & Sa Salesles(80(800) 0) 933933-31-313636


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TABLE OF CONTENTS

2 LETTER TO POLICYHOLDERS

3 FINANCIAL HIGHLIGHTS

5 EXECUTIVE MANAGEMENT & BOARD OF DIRECTORS

6 DELIVERING ON LONG-TERM PROMISES

16 2011 FINANCIALS

18 IMPORTANT INFORMATION

20 COMPANY LISTINGS

28 CONTACT US

GUARDIAN SUBSIDIARIES AND AFFILIATES

Berkshire Life Insurance Company of America (BLICOA)e-Money Advisor Holdings, LLCFirst Commonwealth, Inc.Guardian Baillie Giff ord LimitedGuardian Investor Services LLC (GIS)The Guardian Insurance & Annuity Company, Inc. (GIAC)Innovative Underwriters, Inc.Managed Dental Care (California)Managed DentalGuard, Inc. (New Jersey)Managed DentalGuard, Inc. (Ohio)Managed DentalGuard, Inc. (Texas)Park Avenue Life Insurance Company Park Avenue Securities LLCRS Investment Management Co. LLC

Guardian is an Equal Opportunity Employer

Design by Agenda:www.agendanyc.com

2011 ANNUAL REPORT

DELIVERINGON LONG-TERM PROMISES

The Guardian Life Insurance Company of America7 Hanover SquareNew York, NY 10004-4025www.GuardianLife.com

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ON LONG-TERM PROMISES - Guardian Life ON LONG-TERM PROMISES ... built a wide portfolio of products that not only enhance the range of customer needs we can meet, but also contribute