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Guardian Life, MassMutual Retirement Services Unit Post Sales Highs

Photo credit: digitalart
Photo credit: digitalart

The Guardian Life Insurance Company of America boosted its life insurance sales by 9% in 2011, the company discloses in its latest earnings release.

Guardian Life, New York, reports in its 2011 year-end results that life insurance sales reached $282 million last year, up 11% over 2010’s result and Guardian’s highest on record. The company says the rise was fueled by a 13% year-over-year increase in Guardian’s flagship whole life product.

Guardian also discloses that its capital position improved by 2% to $5.5 billion, despite a “challenging economic and capital market environment.” Guardian’s risk-based capital was 486% at year-end.

Consolidated statutory operating income before dividends increased 2% from 2010 to $1.1 billion.

Guardian President and CEO Deanna Mulligan says in a press statement that the business results enabled Guardian to pay whole life dividends of $795 million, the company’s largest allocation ever to its policyholders.

The company reports that all four major credit rating agencies affirmed Guardian’s already strong credit ratings in 2011. Standard & Poor’s and Fitch rated the company AA+. It earned Moody’s Aa2 rating, and received A.M. Best Company’s highest rating for a life insurer, A++.

Guardian also reported in its earnings results the following:

● Non-medical, group employee benefits sales grew by 2%.

● Total individual disability insurance sales improved over the prior year, with individual disability and multi-life improving by 1% and 89%, respectively.

● Individual annuity sales increased by 50% to $1.2 billion.

● Mutual fund sales were up 48% over prior year, growing to $6.3 billion.

● Guardian added 846 new Financial Representatives to its national field force, the most new hires since 2002.

Additional information on Guardian’s 2011 performance can be found here.

Separately, the Retirement Services Division of MassMutual Financial Group, Springfield, Mass., posted record sales and net cash flow in the first quarter of 2012.

The company records that for the first quarter, ended March 31, sales reached $1.8 billion, more than 40% higher than the same period last year. Net cash flow hit $1.2 billion, marking the best quarterly results on record in the company's 65 years in the retirement plan business, the company says.

Assets under management in retirement plans administered by MassMutual reached a new record of $64.2 billion at the end of Q1 2012, a 10% increase over year-end 2011.

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