Shareholders’ Annual General MeetingYear ended 31 December 2010

Jeff Mack10 May 2011

04/21/23 1

““Building for the futureBuilding for the future””

Operating segment structure

04/21/23 2

LIFE HEALTH AND PENSION

INTERNATIONALPROPERTY &

CASUALTY

ASSET MANAGEMENT

STRATEGICALTERNATIVE INVESTMENTS

GLOC(100%)

GLL(100%)

FATUM LIFECURACAO

(100%)

FATUM LIFEARUBA(100%)

FATUM HEALTH(100%)

GGIL(100%)

WIA(100%)

FATUM GENERALCURACAO

(100%)

FATUM GENERAL ARUBA(100%)

TNI(54%)

RSA(25%)

GUARDIAN RE(100%)

JGHL(39.05%)

RGM(33.33%)

SERVUS(50%)

ECGPC(40.5%)

LAEVULOSE(91%)

GAM(100%)

CARIBBEAN PROPERTY &

CASUALTY

Consolidated financial highlights 2010

04/21/23 3

2010 2009 Change

Gross premiums written 4,323,853 4,203,442 + 2.9%

Net earned premium 4,070,570 3,310,028 + 23.0%

Net income from insurance activities 229,828 251,677 - 8.7%

Net income from investing activities 1,174,784 1,041,495 + 12.8%

Finance charges (82,854) (108,299) - 23.5%

Reported profit after tax 425,343 (824,181) N/A

Reported earnings per share $1.94 ($4.10) N/A

Profit after tax (continuing operations) 422,757 367,684 + 15.0%

Earnings per share (continuing operations) $1.92 $1.81 6.1%

Consolidated financial highlights 2010 (continued)

04/21/23 4

Increase in gross premiums written: +2.3% Significant growth in LHP premiums + 11.1% Marginal growth in Caribbean P&C premiums + 4.6% (due to continuing

soft market) Significant reduction in International P&C – 19.4% (mainly from ceasing

to write UK motor)

Decline in net income from insurance activities: -8.7% Chilean earthquake losses Increase in reserves on Lloyd’s

Increase in net income from investing activities: +12.8%

Significant events for 2010

17%

15%

17% 25%

23%

04/21/23 5

GHL continued to rebuild and strengthen its Balance Sheet

IFC Debt conversion of US$50 million IFC equity investment of US$25 million Re-profile of $900 million Bond (to 2023) Increase in retained earnings of $227 million Increase in Shareholders’ Equity of $787 million or 33.6%

Five year history of total revenue

17% 25%

04/21/23 6

Revenue from continuing operations has demonstrated consistent growth over the past five years (CAGR - 12% on insurance activities / CAGR – 13% on investing activities)

* - Excludes revenues from Zenith

23%

Total revenue ($million)*

Five year history of net income by activity(before operating expenses and finance charges)

17%

17% 25%

23%

04/21/23 7

Income from investment activity (which accounts for the larger element of earnings) has been proportionately increasing over the last five years

Net income ($M)

Geographic distribution of revenue

17%

15%

17%

23%

04/21/23 8

Revenue distribution continues to be diversified across the Caribbean

2010 - $5.5 billion2009 - $4.6 billion

Five year history of finance charges

17%

15%

17% 25%

23%

04/21/23 9

• Since 2008, the average coupon rate on debt fell every year - for 2010 the average debt cost was 7.21%

• Since 2008 both cost and quantum of debt have been decreasing

• The 2010 cost of debt was $82.8 million – lower than the cost of debt reported in 2002

Profit before tax (continuing operations)

04/21/23 10

Net profit from continuing operations* demonstrate sustainable profitability from core operations

* Results excludes both Zenith and GAMJA for 2007 and 2008

Financial position 2010

04/21/23 11

Significant balance sheet items

Balance sheet composition

04/21/23 12

Consolidated total assets decreased from 2009 mainly as result of:Repayment of debtDisposal of GAMJA

Although assets decreased by 3.3% compared to 2009, liabilities fell by 16% and shareholders equity increased by 34%

12

Consolidated Balance Sheet($M)

Consolidated total assets

04/21/23 13

Intangible assets now represent 1.2% of total assets (compared to 5.3% in 2006)

Total assets ($M)

Composition of assets

04/21/23 14

Total assets ($B)

Financial assets (investments) represent 50%+ of total assets Financial assets consist of the Group’s investment portfolios – invested in high quality assets

Key ratios

04/21/23 15

Key ratios

Earnings per share

04/21/23 16

Earnings per share from continuing operations have steadily improved since 2007 CAGR (3 years - 2008 – 2010)- 49%

Dividends per share

04/21/23 17

Dividend per share increased from $0.15 per share for 2006 to $0.50 per share for 2010 (27% growth rate)*

* - excludes $0.25 special dividend paid in 2008

Dividend cover

04/21/23 18

Dividend cover increased from $1.92 for 2007 to 3.8 for 2010 (25% growth rate)

Gearing ratio

04/21/23 19

The Group’s gearing ratio has improved significantly from 2009

0.30 0.35

0.40 0.46

0.27

-

0.10

0.20

0.30

0.40

0.50

2006 2007 2008 2009 2010

Debt to Total Capital

0.44 0.54

0.66

0.84

0.37

-

0.20

0.40

0.60

0.80

1.00

2006 2007 2008 2009 2010

Debt to Total Equity

Segment performance

04/21/23 20

Segment performance

Life, Health & Pension (key statistics)

04/21/23 21

• Comprises primarily:– Guardian Life of the Caribbean Ltd, Trinidad (GLOC)– Guardian Life Limited, Jamaica (GLL)– Fatum Life, Netherland Antilles (Fatum LHP)

• Leading market share:– # 1 In Trinidad

• Over 600 dedicated life sales agents

– # 2 In Jamaica• Over 300 dedicated life sales agents

• Compounded annual growth rate in premium income of 13%

• In 2010, total revenue from LHP was $2.9B (2009:$2.7B)

LHP – Settled annualized premium (API)

04/21/23 22

Total annualized premium fell comparative to 2009, but has shown compounded annual growth of 6.7%

Settled API ($million)

LHP – Net premium income (NPI)

04/21/23 23

Net premium income has shown steady growth for the past five years. A compounded annual growth rate of 9.6%

NPI ($million)

Caribbean – P&C

04/21/23 24

Caribbean Property & Casualty

Property & Casualty (key statistics)

04/21/23 25

Comprises primarily:◦ Guardian General Insurance Ltd, Trinidad (GGIL)◦ West indies Alliance Ltd, Jamaica (WIA)◦ Fatum General, Netherland Antilles (Fatum P&C)◦ Guardian Re (SAC) Ltd

Largest Caribbean property & casualty insurer:◦ Double the size of its nearest competitor measured by gross written premium◦ Underwrites in every English speaking Commonwealth country in the Caribbean

Financial strength and consistently applied underwriting discipline and capabilities are its competitive advantage:◦ GGIL carries an “A-” Excellent rating by AM Best◦ Combined ratio of less than 100% for the past three years◦ Consistently delivers high profit margins

Manages the underwriting cycles Good geographic spread Excellent reinsurance program

Strategic investment in a Lloyd’s Managing Agency◦ Provides access to international P&C markets◦ Lloyd’s underwriting vehicle carries financial strength rating of “A+”

Caribbean

International

Caribbean P&C – Gross premiums written

04/21/23 26

Gross written premiums have been consistent. Compounded annual growth rate since 2006 of 14% arising entirely from organic growth.

Caribbean P&C – combined ratio

04/21/23 27

The combined ratio of the Caribbean P&C has been consistently below 100% - this reflects the Group’s conservative underwriting policies and excellent reinsurance protection

International P&C

04/21/23 28

International Property & Casualty

International P&C – Gross premiums written*

04/21/23 29

International P&C expanded in 2007 – 2008 (underwriting UK motor and Lloyd’s) the Group has since exited the UK motor market and is reducing its underwriting at Lloyd’s

* - includes premiums from Zenith in 2006 - 2009

GW

P (T

T$ m

illio

n)

Asset management

04/21/23 30

Asset management

Asset management (key statistics)

04/21/23 31

GAM Date of Incorporation : 6 July 2000 Capital Invested at start date: $15.1M Capital as at December 2010: $108.7M (CAGR 28%)

Acts as investment manager for the group but also offers investment opportunities to 13 independent mutual funds

Offers financial advisory services to high net worth individuals

Total Assets Under Management $7.9Bn Consistently profitable

Asset management – Revenue & Profitability

04/21/23 32

The asset management segment has demonstrated consistent growth in both revenue and profitability over the past five years

Revenue ($M)

Profitability ($M)

Asset management – Assets under management (AUM)

04/21/23 33

2010-2006 Growth in AUM

TT$5.21B

TT$5.97B

TT$6.17B

TT$7.37B

TT$7.88B

0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00

2006

2007

2008

2009

2010

Perio

d

TT$Billion

AUM

Assets under management have demonstrated steady growth and funds under management now stand at $7.9B. Compounded annual growth rate of 8.6%

Investment mix

04/21/23 34

Assets are in invested in high quality instruments with relatively low volatility Investment mix has shifted significantly since 2006 to reduce exposure to volatility in equities

Geographic presence

04/21/23 35

Bermuda

The Bahamas

International P&C

Caribbean P&C

Caribbean LH&P

ArubaCuracaoBonaire

CaymanIslands

Jamaica US VirginIslands

Barbados

Trinidad& Tobago

EasternCaribbean

UnitedKingdom

Belize

Turks & Caicos