Investments
Guardian’s investment philosophy, centered on resilience, prudent risk-taking, and diversification, benefited both our business and our policyholders. It led us to outperform our General Account net investment income target for 2023.
Looking ahead, we continue to seek opportunities to increase the portfolio’s return while keeping true to our principles. We take pride in continually striving for superior risk-adjusted returns and supporting Guardian’s purpose to improve the well-being of our customers, colleagues, and communities.
“As a mutual company, we have the benefit of taking a long-term view when we invest, which helps us generate the most value for our policyholders. Our investments results speak to the advantages of this approach to deliver on our financial promises.”
As of December 31, 2023
Statement Value | $ millions | % of invested assets |
|---|---|---|
Bondsi | 52,093 | 71.0% |
Commercial mortgagesii | 7,657 | 10.4% |
Policy loans | 5,106 | 7.0% |
Private & real estate equity | 3,800 | 5.2% |
Affiliates & subsidiariesiii | 2,008 | 2.7% |
Public equity, cash, short-term & other invested assets | 2,738 | 3.7% |
Total invested assetsiv | 73,402 | 100% |
i Total bonds consist of 94% Investment Grade and 6% Below Investment Grade public and private debt but excludes surplus note debentures classified as Schedule BA invested assets, commercial mortgages, and preferred stock.
ii Includes commercial mortgage loans and mortgage debt funds.
iii Affiliates and subsidiaries includes $913 million in affiliates classified as LLCs on the annual statement that are not private equity.
iv Presentation of Invested Assets is a condensed view which will not align to the Audited Statutory Financial Statements.
2024-172320 20260430