Guardian Life CEO: Insurer Ready to Adapt to a ‘Fast-Changing World’; Net Rises 15% in 2017
April 12, 2018 by AM Best
NEW YORK – Guardian Life Insurance Company of America posted a 15% jump in net income in 2017, making it a strong year despite the challenges of natural disasters and the political landscape, the company’s president and chief executive officer said.
Net income increased to $423 million. Premiums increased 1% to $9.4 billion. Total revenue rose 4% to $10.66 billion.
“We faced political uncertainty, responded to several natural disasters and navigated through new tax legislation, to name just a few examples” of how the company continues to adapt and evolve in a “fast-changing world,” President and CEO Deanna M. Mulligan said in a letter to shareholders. “It was a challenging year.”
As a mutual company, the insurer focuses on client service, including investments in new technology, Mulligan said. That includes “AI-driven solutions and many other improvements to make it easier to do business with Guardian,” she said.
Guardian had $637 billion in life insurance in force at of the end of 2017, a 6% increase from the year before. The company said it ranks in the top five of the whole life market.
Guardian was founded in 1860 and offers life insurance, disability income insurance, annuities and investments to dental and vision insurance and employee benefits.
The company has experienced a decline in participating whole life sales, according to a Best’s Credit Report, but Guardian has launched strategic initiatives to grow its group dental, group life and disability business segments. Guardian has also grown its whole life sale by actively recruiting general agents, regional directors and sales manager, the report said.
The company has a network of 2,750 financial representatives in 55 agencies across the United States.
Guardian life merged some of its agencies in 2016. New York-based National Financial Network and Connecticut-based Aegis Wealth Partners combined and increased their presence to five offices in the Tri-State area (Best’s News Service, Aug. 16, 2016).
Wealth Advisory Group and Sound Wealth Financial Group, based in Long Island, also merged in 2016 (Best’s News Service, May 24, 2016).
Guardian Life Insurance Company of America has a current Best’s Financial Strength Rating of A++ (Superior).
(By Marie Suszynski, BestWeek Correspondent: Marie.Suszynski@ambest.com)
