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<br /> GUARDIAN FOR LIFE<br /> A life well planned is a life well lived.<br /> ANNUAL REPORT 2010<br /> TABLE OF CONTENTS<br /> 2 / Letter to Policyholders 26 /<br /> 4 / Financial Highlights 28 /<br /> 5 / Officers & Board of Directors 30 /<br /> 6-23 / Policyholder Profiles 38/<br /> 24 / 2010 Financials 40 /<br /> Financial Strength<br /> Investment Results<br /> Company Listings<br /> Important Information<br /> Contact Us<br /> /2<br /> /3<br /> As a mutual company, we manage<br /> our company in the best interests<br /> of our owners, the policyholders.<br /> We have no stockholders, as<br /> publicly held insurance companies<br /> do. Because we’re unencumbered<br /> by obligations to manage to<br /> Wall Street’s short-term, quarter-<br /> to-quarter demands, we’re able<br /> to always focus on our top p<a title="Guardian Annual Report 2010 page 1" href="http://viewer.zmags.com/publication/1c3f4066?page=1"> GUARDIAN FOR LIFE A life well planned is a life w</a> <a title="Guardian Annual Report 2010 page 2" href="http://viewer.zmags.com/publication/1c3f4066?page=2"> TABLE OF CONTENTS 2 / Letter to Policyho</a> <a title="Guardian Annual Report 2010 page 3" href="http://viewer.zmags.com/publication/1c3f4066?page=3"> /3</a> <a title="Guardian Annual Report 2010 page 4" href="http://viewer.zmags.com/publication/1c3f4066?page=4"> As a mutual company, we manage our company in the</a> <a title="Guardian Annual Report 2010 page 5" href="http://viewer.zmags.com/publication/1c3f4066?page=5"> TO OUR POLICYHOLDERS: At Guardian, we constantl</a> <a title="Guardian Annual Report 2010 page 6" href="http://viewer.zmags.com/publication/1c3f4066?page=6"> are aligned for the long term.That’s the perspect</a> <a title="Guardian Annual Report 2010 page 7" href="http://viewer.zmags.com/publication/1c3f4066?page=7"> GUARDIAN FINANCIAL HIGHLIGHTS 2009 </a> <a title="Guardian Annual Report 2010 page 8" href="http://viewer.zmags.com/publication/1c3f4066?page=8"> EXECUTIVE MANAGEMENT Rear, Left to Right: Robert </a> <a title="Guardian Annual Report 2010 page 9" href="http://viewer.zmags.com/publication/1c3f4066?page=9"> NEW ORLEANS,</a> <a title="Guardian Annual Report 2010 page 10" href="http://viewer.zmags.com/publication/1c3f4066?page=10"> LA Creed Brierre </a> <a title="Guardian Annual Report 2010 page 11" href="http://viewer.zmags.com/publication/1c3f4066?page=11"> His business, Mathes Brierre Architects, has stoo</a> <a title="Guardian Annual Report 2010 page 12" href="http://viewer.zmags.com/publication/1c3f4066?page=12"> /9</a> <a title="Guardian Annual Report 2010 page 13" href="http://viewer.zmags.com/publication/1c3f4066?page=13"> hOw dOES gUARdiAN hELP yOU wiTh yOUR COmPANy? One</a> <a title="Guardian Annual Report 2010 page 14" href="http://viewer.zmags.com/publication/1c3f4066?page=14"> HOW WE HELP Group Life </a> <a title="Guardian Annual Report 2010 page 15" href="http://viewer.zmags.com/publication/1c3f4066?page=15"> PHOENIX,</a> <a title="Guardian Annual Report 2010 page 16" href="http://viewer.zmags.com/publication/1c3f4066?page=16"> AZ Kraig & Jamie Burgess Kraig and Jamie Burgess</a> <a title="Guardian Annual Report 2010 page 17" href="http://viewer.zmags.com/publication/1c3f4066?page=17"> An orthopedic surgeon in private practice, Kraig </a> <a title="Guardian Annual Report 2010 page 18" href="http://viewer.zmags.com/publication/1c3f4066?page=18"> / 15</a> <a title="Guardian Annual Report 2010 page 19" href="http://viewer.zmags.com/publication/1c3f4066?page=19"> I also have term life insurance and disability in</a> <a title="Guardian Annual Report 2010 page 20" href="http://viewer.zmags.com/publication/1c3f4066?page=20"> HOW WE HELP Individual Whole Life The</a> <a title="Guardian Annual Report 2010 page 21" href="http://viewer.zmags.com/publication/1c3f4066?page=21"> TALLAHAS</a> <a title="Guardian Annual Report 2010 page 22" href="http://viewer.zmags.com/publication/1c3f4066?page=22"> Tony Benton & Bart Wells As President and Executi</a> <a title="Guardian Annual Report 2010 page 23" href="http://viewer.zmags.com/publication/1c3f4066?page=23"> An employee-owned operation, Sperry resembles a f</a> <a title="Guardian Annual Report 2010 page 24" href="http://viewer.zmags.com/publication/1c3f4066?page=24"> / 21</a> <a title="Guardian Annual Report 2010 page 25" href="http://viewer.zmags.com/publication/1c3f4066?page=25"> whAT ChALLENgES dO yOU hAvE AS BUSiNESS OwNERS? K</a> <a title="Guardian Annual Report 2010 page 26" href="http://viewer.zmags.com/publication/1c3f4066?page=26"> HOW WE HELP Individual Whole Life </a> <a title="Guardian Annual Report 2010 page 27" href="http://viewer.zmags.com/publication/1c3f4066?page=27"> 2010 fiNANCiALS S TAT U T O R y B A S i S</a> <a title="Guardian Annual Report 2010 page 28" href="http://viewer.zmags.com/publication/1c3f4066?page=28"> S TAT U T O R y B A S i S S TAT E m E N T S O f O</a> <a title="Guardian Annual Report 2010 page 29" href="http://viewer.zmags.com/publication/1c3f4066?page=29"> FINANCIAL STRENGTH By Robert E. Broatch, CPA, Exe</a> <a title="Guardian Annual Report 2010 page 30" href="http://viewer.zmags.com/publication/1c3f4066?page=30"> CAPITAL Results in millions $5,343 $4,920 $4,62</a> <a title="Guardian Annual Report 2010 page 31" href="http://viewer.zmags.com/publication/1c3f4066?page=31"> INVESTMENT RESULTS By Thomas G. Sorell, CFA, Exec</a> <a title="Guardian Annual Report 2010 page 32" href="http://viewer.zmags.com/publication/1c3f4066?page=32"> The investment environment has clearly been chall</a> <a title="Guardian Annual Report 2010 page 33" href="http://viewer.zmags.com/publication/1c3f4066?page=33"> COMPANY LISTINGS</a> <a title="Guardian Annual Report 2010 page 34" href="http://viewer.zmags.com/publication/1c3f4066?page=34"> GENERAL AGENCIES ALABAmA Birmingham Southeastern</a> <a title="Guardian Annual Report 2010 page 35" href="http://viewer.zmags.com/publication/1c3f4066?page=35"> gEORgiA Atlanta Ashford Advisors, Inc. (770) 390-</a> <a title="Guardian Annual Report 2010 page 36" href="http://viewer.zmags.com/publication/1c3f4066?page=36"> NEBRASkA Omaha Guardian Life Insurance Company (4</a> <a title="Guardian Annual Report 2010 page 37" href="http://viewer.zmags.com/publication/1c3f4066?page=37"> Raleigh Consolidated Planning, Inc. (919) 782-290</a> <a title="Guardian Annual Report 2010 page 38" href="http://viewer.zmags.com/publication/1c3f4066?page=38"> Fort Worth Guardian Life Insurance Company (817) </a> <a title="Guardian Annual Report 2010 page 39" href="http://viewer.zmags.com/publication/1c3f4066?page=39"> iNdiANA Indianapolis 201 W. 103rd St., Suite 390 </a> <a title="Guardian Annual Report 2010 page 40" href="http://viewer.zmags.com/publication/1c3f4066?page=40"> PENNSyLvANiA Bethlehem Small Group Sales 1525 Val</a> <a title="Guardian Annual Report 2010 page 41" href="http://viewer.zmags.com/publication/1c3f4066?page=41"> IMPORTANT INFORMATION</a> <a title="Guardian Annual Report 2010 page 42" href="http://viewer.zmags.com/publication/1c3f4066?page=42"> The Guardian Insurance & Annuity Company, Inc. (G</a> <a title="Guardian Annual Report 2010 page 43" href="http://viewer.zmags.com/publication/1c3f4066?page=43"> hOw yOU CAN REACh US For questions or help with a</a> <a title="Guardian Annual Report 2010 page 44" href="http://viewer.zmags.com/publication/1c3f4066?page=44"> /1</a> <a title="Guardian Annual Report 2010 page 45" href="http://viewer.zmags.com/publication/1c3f4066?page=45"> The Guardian Life Insurance Company of America 7 </a>