OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of Guardian Life Insurance Company of America (Guardian Life) (New York, NY) and its core subsidiaries, Guardian Insurance & Annuity Company, Inc. (Wilmington, DE) and Berkshire Life Insurance Company of America (Pittsfield, MA) (together referred to as Guardian). Concurrently, AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “aa-” (Superior) of Guardian Life’s surplus notes. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the Long-Term IRs).

The ratings reflect Guardian’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and very strong enterprise risk management (ERM).

The group has maintained a significantly solid risk-based capital profile with risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Guardian’s capital profile includes access to capital markets through its moderate use of surplus notes to support its business strategies. AM Best considers Guardian’s leverage ratios to be appropriate for the group’s credit profile, which enhances financial flexibility.

Guardian benefits from its strong market position, which supports the group’s strong operating premium levels, positive investment returns and strong underwriting performance. The consistency of Guardian’s balance sheet and operating performance are based on the company’s continued low risk profile that is embedded into its ERM program. The company is actively managing its exposure to credit-related risk as part of its ERM process and has demonstrated the ability to withstand prolonged credit exposure.

The following Long-Term IRs have been affirmed with stable outlooks:

Guardian Life Insurance Company of America—
— “aa-” (Superior) on $400 million 7.375% surplus notes, due 2039
— “aa-” (Superior) on $450 million 4.875% surplus notes, due 2064
— “aa-” (Superior) on $300 million 3.70% surplus notes, due 2070
— “aa-” (Superior) on $350 million 4.85% surplus notes, due 2077

Guardian Life Global Funding – “aa+” (Superior) program rating
—“aa+” (Superior) on all outstanding notes issued under the program

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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