Guardian Life Announces Reinsurance Agreement with Talcott Financial Group for its Variable Annuity Portfolio

New York, New York, Oct. 6, 2022 – The Guardian Life Insurance Company of America^® ( Guardian ) announced today that, through its wholly owned subsidiary, The Guardian Insurance & Annuity Company, Inc. (GIAC), it is entering into a reinsurance agreement with Talcott Resolution Life Insurance Company (Talcott), a subsidiary of Talcott Financial Group, with respect to GIAC's $7.4 billion variable annuity portfolio. The transaction is in line with Guardian’s strategy to unlock value in its business by managing capital more efficiently.

“We are excited to enter into this agreement with Talcott to strengthen our financial position, meet our mandate of providing competitive dividends and ensure Guardian delivers on its commitment to customers,” said Kevin Molloy, Chief Financial Officer for Guardian. “The transaction positions Guardian to focus its capital on exploring additional opportunities, which will enable us to fulfill our Purpose to inspire well-being along with maintaining a strong balance sheet.”

The agreement brings together strong institutions that offer valuable risk management, counterparty risk protections, capital flexibility, and potential for future growth. The transaction is intentionally structured to ensure continued commitment to high-quality service and support for Guardian’s customers.

About Guardian

Guardian makes a difference in the lives of people when they need us most. With more than 160 years of stability and fiscal integrity, we are a trusted partner to 29 million consumers, helping them prepare and plan for a bright future and recover and thrive in times of unexpected loss. At Guardian, we believe in inspiring well-being and driving value beyond dividends. We invest in our colleagues and are building a progressive and inclusive culture. And we uplift communities through thoughtful social and environmental programs.  Guardian is a Fortune 250 mutual company based in NYC and a leading provider of life, disability, dental, and other benefits. Our 9,000 colleagues and 2,500 financial representatives serve with care and expertise, and our commitments rest on a strong financial foundation, which at year-end 2021 included $10.7 billion in capital and $1.9 billion in operating income.  For more information, please visit guardianlife.com or follow us on Facebook, LinkedIn, Twitter, and YouTube.

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