Financial Statements by Insurance Company (Form N-VPFS)

FINANCIAL STATEMENTS OF

THE GUARDIAN SEPARATE ACCOUNT B

The Guardian Separate Account B

STATEMENTS OF ASSETS AND LIABILITIES

		Victory RS Large Cap Alpha VIP Series				Victory RS International VIP Series
			12/31/2024				12/31/2024
Assets:
Shares owned in underlying fund			1,376,375				365,190
Net asset value per share (NAV)			50.28				17.44
Total Assets (Shares x NAV)		$	69,204,154			$	6,368,909
Liabilities:
Due to The Guardian Insurance & Annuity Company, Inc.			7,784				1,821
Net Assets		$	69,196,370			$	6,367,088
Net Assets: Total
Contract value in accumulation period		$	69,196,370			$	6,367,088
Retained in Separate Account B by the Guardian Insurance & Annuity Company, Inc.			-				-
Net Assets		$	69,196,370			$	6,367,088
Total Units Outstanding			166,601				90,925
Unit Value (Accumulation)		$	415.34			$	70.03
Cost of Shares in Underlying Fund		$	62,581,246			$	5,979,518
STATEMENTS OF OPERATIONS
		Victory RS Large Cap Alpha VIP Series				Victory RS International VIP Series
			1/1/2024 to 12/31/2024				1/1/2024 to 12/31/2024
2024 Investment Income
Income:
Reinvested dividends		$	918,299			$	194,563
Expenses:
Mortality expense risk and administrative charges			346,088				34,984
Net investment income/(expense)			572,211				159,579
2024 Realized and Unrealized Gain/(Loss) from Investments
Realized gain/(loss) from investments:
Net realized gain/(loss) from sale of investments			(160,215	)			71,831
Reinvested realized gain distributions			2,521,433				-
Net realized gain/(loss) on investments			2,361,218				71,831
Net change in unrealized appreciation/(depreciation) of investments			9,730,896				117,012
Net realized and unrealized gain/(loss) from investments			12,092,114				188,843
2024 Net Increase/(Decrease) in Net Assets Resulting from Operations		$	12,664,325			$	348,422

See notes to financial statements.

B-2

Investment Options
Fidelity VIP Government Money Market Service Class 2				Guardian All Cap Core VIP Fund				Guardian Core Fixed Income VIP Fund				Guardian Balanced Allocation VIP Fund
	12/31/2024				12/31/2024				12/31/2024				12/31/2024
	5,635,550				3,604,492				575,590				1,755,391
	1.00				12.49				10.29				12.69
$	5,635,550			$	45,020,107			$	5,922,825			$	22,275,916
	1,851				5,692				1,533				2,756
$	5,633,699			$	45,014,415			$	5,921,292			$	22,273,160
$	5,469,896			$	45,014,415			$	5,921,292			$	22,273,160
	163,803				-				-				-
$	5,633,699			$	45,014,415			$	5,921,292			$	22,273,160
	512,902				3,371,620				583,245				1,778,970
$	10.98			$	13.35			$	10.15			$	12.52
$	5,635,550			$	32,220,034			$	5,760,012			$	17,589,859
Investment Options
Fidelity VIP Government Money Market Service Class 2				Guardian All Cap Core VIP Fund				Guardian Core Fixed Income VIP Fund				Guardian Balanced Allocation VIP Fund
	1/1/2024 to 12/31/2024				1/1/2024 to 12/31/2024				1/1/2024 to 12/31/2024				1/1/2024 to 12/31/2024
$	313,285			$	-			$	-			$	-
	33,588				220,164				31,434				115,912
	279,697				(220,164	)			(31,434	)			(115,912	)
	-				884,436				17,747				540,583
	-				-				-				-
	-				884,436				17,747				540,583
	-				6,937,003				67,756				2,400,385
	-				7,821,439				85,503				2,940,968
$	279,697			$	7,601,275			$	54,069			$	2,825,056

		B-3

The Guardian Separate Account B

STATEMENTS OF CHANGES IN NET ASSETS

Years Ended December 31, 2023 and 2024

		Victory RS Large Cap Alpha VIP Series				Victory RS International VIP Series
			1/1/2023 to 12/31/2024				1/1/2023 to 12/31/2024
2023 Increase/(Decrease) from Operations
Net investment income/(expense)		$	473,699			$	145,002
Net realized gain/(loss) from sale of investments			(1,206,443	)			(13,425	)
Reinvested realized gain distributions			4,492,921				-
Net change in unrealized appreciation/(depreciation) of investments			3,759,215				988,470
Net increase/(decrease) resulting from operations			7,519,392				1,120,047
2023 Contract Transactions
Transfers on account of death			(2,827,571	)			(143,271	)
Transfers on account of surrenders and withdrawals			(1,965,662	)			(68,230	)
Transfers of policy loans			(186,653	)			(1,689	)
Transfers of cost of insurance and policy fees			(1,355,066	)			(132,115	)
Transfers between investment divisions, net			(142,723	)			124,943
Transfers-other			(55,559	)			(24,490	)
Net increase/(decrease) from policy transactions			(6,533,234	)			(244,852	)
Total Increase/(Decrease) in Net Assets			986,158				875,195
Net increase/(decrease) in amounts retained in Separate Account B			-				-
Net Assets at December 31, 2022			61,497,578				5,846,061
Net Assets at December 31, 2023		$	62,483,736			$	6,721,256
2024 Increase/(Decrease) from Operations
Net investment income/(expense)		$	572,211			$	159,579
Net realized gain/(loss) from sale of investments			(160,215	)			71,831
Reinvested realized gain distributions			2,521,433				-
Net change in unrealized appreciation/(depreciation) of investments			9,730,896				117,012
Net increase/(decrease) resulting from operations			12,664,325				348,422
2024 Contract Transactions
Transfers on account of death			(3,563,884	)			(346,374	)
Transfers on account of surrenders and withdrawals			(760,882	)			(18,559	)
Transfers of policy loans			(195,573	)			(22,669	)
Transfers of cost of insurance and policy fees			(1,505,579	)			(145,162	)
Transfers between investment divisions, net			176,025				(161,213	)
Transfers-other			(101,798	)			(8,613	)
Net increase/(decrease) from policy transactions			(5,951,691	)			(702,590	)
Total Increase/(Decrease) in Net Assets			6,712,634				(354,168	)
Net increase/(decrease) in amounts retained in Separate Account B			-				-
Net Assets at December 31, 2023			62,483,736				6,721,256
Net Assets at December 31, 2024		$	69,196,370			$	6,367,088

See notes to financial statements.

B-4

Investment Options
Fidelity VIP Government Money Market Service Class 2				Guardian All Cap Core VIP Fund				Guardian Core Fixed Income VIP Fund				Guardian Balanced Allocation VIP Fund
	1/1/2023 to 12/31/2024				1/1/2023 to 12/31/2024				1/1/2023 to 12/31/2024				1/1/2023 to 12/31/2024
$	272,162			$	(192,408	)		$	(34,680	)		$	(108,572	)
	-				211,035				(17,074	)			50,171
	-				-				-				-
	-				7,660,425				375,271				3,466,718
	272,162				7,679,052				323,517				3,408,317
	(254,034	)			(1,486,701	)			(288,929	)			(983,647	)
	(36,414	)			(186,892	)			(72,968	)			(223,797	)
	8,106				164,950				41,488				42,521
	(155,179	)			(817,979	)			(158,649	)			(475,939	)
	778,228				(407,779	)			(77,517	)			(275,152	)
	(1,383	)			(58,612	)			(5,369	)			(40,937	)
	339,324				(2,793,013	)			(561,944	)			(1,956,951	)
	611,486				4,886,039				(238,427	)			1,451,366
	63				-				-				-
	6,797,083				35,635,499				6,942,185				20,696,166
$	7,408,632			$	40,521,538			$	6,703,758			$	22,147,532
$	279,697			$	(220,164	)		$	(31,434	)		$	(115,912	)
	-				884,436				17,747				540,583
	-				-				-				-
	-				6,937,003				67,756				2,400,385
	279,697				7,601,275				54,069				2,825,056
	(1,086,829	)			(1,870,437	)			(402,132	)			(1,908,719	)
	(446,360	)			(539,708	)			(310,117	)			(391,320	)
	(11,069	)			7,006				21,952				44,908
	(135,759	)			(925,206	)			(146,699	)			(499,546	)
	(359,900	)			281,337				3,528				60,222
	(1,367	)			(61,390	)			(3,067	)			(4,973	)
	(2,041,284	)			(3,108,398	)			(836,535	)			(2,699,428	)
	(1,761,587	)			4,492,877				(782,466	)			125,628
	(13,346	)			-				-				-
	7,408,632				40,521,538				6,703,758				22,147,532
$	5,633,699			$	45,014,415			$	5,921,292			$	22,273,160

		B-5

THE GUARDIAN SEPARATE ACCOUNT B

NOTES TO FINANCIAL STATEMENTS (December 31, 2024)

NOTE 1 - ORGANIZATION

The Guardian Separate Account B (the Account), a unit investment trust registered under the Investment Company Act of 1940, as amended, was established by The Guardian Insurance & Annuity Company, Inc. (GIAC) on November 16, 1984, and commenced operations on June 28, 1985. GIAC is a wholly owned subsidiary of The Guardian Life Insurance Company of America (Guardian). GIAC issues the single premium variable life insurance policies offered through the Account. GIAC provides for variable accumulations and benefits under the policies by crediting the net premium payments or policy loan repayments to one or more investment options established within the Account as selected by the policyowner. The Account currently comprises six investment options, which invest in the shares of certain mutual funds. The policyowner may transfer his or her policy value among the six investment options within the Account. However, a policyowner can only invest in up to four investment options at any time.

The six investment options of the Account correspond to the following underlying mutual funds and classes of shares in which the investment option invests (collectively, the Funds and individually, a Fund):

Victory RS Large Cap Alpha VIP Series Victory RS International VIP Series Fidelity VIP Government Money Market Portfolio Service Class 2		Guardian All Cap Core VIP Fund Guardian Core Fixed Income VIP Fund Guardian Balanced Allocation VIP Fund

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of GIAC. The assets of the Account will not be charged with any liabilities arising out of any other business conducted by GIAC, but the obligations of the Account, including the promise to make benefit payments, are obligations of GIAC.

The changes in net assets maintained in the Account provide the basis for the periodic determination of benefits under the policies. The net assets are sufficient to fund the amount required under state insurance law to provide for death benefits (without regard to the minimum death benefit guarantee) and other policy benefits. Assets and related liabilities are held in GIAC's general account to cover the contingency that a policy's guaranteed benefit might exceed the benefit that would have been payable in the absence of such guarantee.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). The following is a summary of significant accounting policies of the Account:

Investments

(a)

Net proceeds of payments made by policyowners to the Account are invested by the Account's investment divisions in shares of the corresponding Funds at net asset value. All distributions made by the Fund are reinvested in shares of the same Fund.

(b)

The market value of the investments in the Funds is based on the net asset value of the respective Funds as of their close of business on the valuation date.

(c)

Investment transactions are accounted for on the trade date and income is recorded on the ex-dividend date. Realized gains and losses are determined based on the cost of securities sold.

(d)

The cost of investments sold is determined on a first in, first out (FIFO) basis.

The guidance pertaining to the disclosure of fair value measurements requires (1) the separate disclosure of significant transfers in and out of Level 1 and Level 2 fair value measurements, (2) additional breakout of the information presented in reconciliation of Level 3 fair value measurements, and (3) increased disclosure about inputs and valuation techniques used to measure fair value. For the year ended December 31, 2024, there were no transfers into or out of Level 1 and Level 2, and there were no Level 3 fair value measurement items requiring reconciliation.

The guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based on

B-6

The Guardian Separate Account B

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 (continued)

observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect management's view of market assumptions based on internally developed data in the absence of observable market information. The guidance requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs when determining the fair value of an asset or liability. The statement classifies all assets and liabilities carried or disclosed at fair value in one of the following three categories:

Level 1 - inputs are unadjusted quoted market prices available in active markets for identical assets on the reporting date. Assets in this category generally include actively traded registered mutual funds.

Level 2 - inputs are quoted prices for similar instruments in active markets, or quoted prices for identical or similar instruments in markets that are not active.

Level 3 - inputs are unobservable where there is little, or no market activity and assumptions are based on internally derived information. Assets in this category generally include all other types of investments that do not meet the criteria of Level 1 or 2. As of December 31, 2024, none of the Account investments are considered Level 3.

The Account invests in various registered mutual funds managed by unaffiliated third parties. The fair value of the registered mutual funds is based upon the reported net asset values ("NAVs") as provided by the fund manager. The Fair Value Hierarchy level of the Account net assets is based on observable market inputs of the registered mutual funds as published on recognized market exchanges. GIAC's management reviews each mutual fund's liquidity in order to determine the level at which those investments should be reported. Generally, actively traded registered mutual funds are considered Level 1.

As of December 31, 2024, all investments of the Account were in actively traded registered mutual funds and were considered Level 1 with a total fair value of $154,427,463.

The guidance indicates that entities should determine whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. The guidance also indicates that entities should consider and evaluate the impact of decreased market activity and whether transactions are orderly in arriving at a fair value for its assets and liabilities, including evaluating whether values provided by pricing services are based on current information that reflects orderly transactions. As of December 31, 2024, none of the Account's registered mutual funds investments' level of trading activities is considered to have significantly decreased.

There were no financial instrument liabilities held by the Account as of December 31, 2024, or during the twelve months then ended.

Subsequent Events

The Account considers events occurring after the balance sheet date but prior to the issuance of the financial statements to be subsequent events requiring disclosure. There were no subsequent events requiring recognition or disclosure in the financial statements.

Individual Mortality Table Used and the Assumed Investment Return

The charge for Variable Life Insurance policies is based on the 1958 Commissioners' Standard Ordinary Mortality Table published by the National Association of Insurance Commissioners. The assumed investment return is 4.0%.

Federal Income Taxes

The operations of the Account are included in the federal income tax return of Guardian, which is taxed as a life insurance company under the provisions of the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, Guardian does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the policies. Based on this, there is no charge to the Account for federal income taxes. Guardian will review, as needed, the status of this policy in the event of changes in the tax law. A charge may be made in future years for any federal income taxes that would be attributable to the policies.

		B-7

The Guardian Separate Account B

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 (continued)

Under the provisions of Section 817(h) of the IRC, a variable life policy will not be treated as a life policy for federal tax purposes for any period for which the investments of the segregated asset account on which the policy is based are not adequately diversified. The IRC provides that the "adequately diversified" requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of Treasury. The Internal Revenue Service has issued regulations under section 817(h) of IRC. Guardian believes that the Account satisfies the current requirements of the regulations, and it intends that the Account will continue to meet such requirements.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

Segmented Reporting

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or its results of operations. The intent of the ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows.

The management committee of GIAC evaluates third-party funds and determines the selection of funds to offer within the product offering. All funds are sourced from third party asset managers which employ a governance structure to oversee fund strategy and performance, all of which is an element contemplated in the Separate Account Management Committee's determination of fund offerings. Accordingly, the Management Committee, acts as the fund's chief operating decision maker ("CODM") assessing performance and making decisions about product offering allocation. The CODM has determined that the fund has a single operating segment based on the fact that the CODM monitors the operating results of the fund as a whole and that the fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

NOTE 3 - PURCHASES AND SALES OF INVESTMENTS

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2024, were as follows:

		Purchases				Sales
Victory RS Large Cap Alpha VIP Series		$	3,980,027			$	6,839,985
Victory RS International VIP Series			244,908				791,937
Fidelity VIP Government Money Market Portfolio Service Class 2			751,066				2,532,411
Guardian All Cap Core VIP Fund			579,522				3,910,921
Guardian Core Fixed Income VIP Fund			167,407				1,039,941
Guardian Balanced Allocation VIP Fund			228,840				3,048,267
Total		$	5,951,770			$	18,163,462

NOTE 4 - EXPENSES AND RELATED PARTY TRANSACTIONS

GIAC assumes mortality and expense risk related to the operations of the Account. To cover these risks, GIAC deducts, through a reduction of the unit value, a daily charge from the net assets of the Account that, on an annual basis, is equal to a rate of .50% of the average daily net assets of the Account.

B-8

The Guardian Separate Account B

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 (continued)

Under the terms of the policy, GIAC deducts, through a redemption of units, certain charges from the contract premium which are known as "policy loading." The policy loading includes sales and administrative expenses, state premium taxes and a risk charge for the guaranteed minimum death benefit.

The gross single premium paid by a policyowner is allocated to the Account on the policy date and becomes the policy's account value. Thereafter, policy loading is subtracted from a policy's account value in equal yearly installments at the beginning of the second through the eleventh policy years. There were no policy loading fees for the years ended December 31, 2024 and 2023.

In addition, GIAC deducts, through a redemption of units, a monthly charge for the cost of life insurance, based on the account value of the policyowner's insurance in force, as compensation for the anticipated cost of paying death benefits. For the years ended December 31, 2024 and 2023, deductions for the cost of life insurance amounted to $3,357,951 and $3,094,925, respectively, which are reflected in "Transfer of cost of insurance and policy fees" in the Statement of Changes in Net Assets.

Currently, GIAC makes no charge against the Account for GIAC's federal income taxes. However, GIAC reserves the right to charge taxes attributable to the Account in the future.

Under current laws, GIAC may incur state and local taxes in several states. At present, these taxes are not significant. In the event of a material change in applicable state or local tax laws, GIAC reserves the right to charge the Account for such taxes, if any, that are attributable to the Account.

Park Avenue Institutional Advisers LLC ("PAIA"), a wholly owned subsidiary of Guardian Investor Services, LLC, which is a wholly owned subsidiary of The Guardian Life Insurance Company of America, provides day to day investment management services to the following new proprietary third-party sub-advised Guardian Variable Product Trust Funds:

•

Guardian All Cap Core VIP Fund

•

Guardian Core Fixed Income VIP Fund

•

Guardian Balanced Allocation VIP Fund

GIAC has administrative service fee agreements with Victory Capital Management Inc., Fidelity Management & Research Company and EULAV Asset Management, LLC. These fees range from .14% to .40% of the average daily net assets. These fees are borne and paid to GIAC by investment advisers, and therefore, are not recorded in the financial statements of the Fund.

The amount retained by GIAC in the Account is comprised of amounts accruing to GIAC from the operations of the Account and retained therein. Amounts retained by GIAC in the Account may be transferred by GIAC to its general account. These amounts are reflected in the "Liabilities" in the Statements of Assets and Liabilities. The income earned on the amounts retained by GIAC in the Account is reflected in "Mortality and expense risk charges" in the Statements of Operations.

NOTE 5 - CHANGES IN UNITS OUTSTANDING

The changes in units outstanding for the years ended December 31, 2024 and 2023, were as follows:

		2024												2023
		Units Issued				Units Redeemed				Net Increase / (Decrease)				Units Issued				Units Redeemed				Net Increase / (Decrease)
Victory RS Large Cap Alpha VIP Series			1,397				16,723				(15,326	)			958				21,579				(20,621	)
Victory RS International VIP Series			484				10,314				(9,830	)			2,471				6,372				(3,901	)
Fidelity VIP Government Money Market Portfolio Service Class 2			2,129				192,784				(190,655	)			79,710				48,139				31,571
Guardian All Cap Core VIP Fund			43,987				299,143				(255,156	)			38,644				313,134				(274,490	)
Guardian Core Fixed Income VIP Fund			13,573				97,055				(83,482	)			7,087				65,237				(58,150	)
Guardian Balanced Allocation VIP Fund			23,301				247,499				(224,198	)			11,203				203,316				(192,113	)

		B-9

The Guardian Separate Account B

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 (continued)

NOTE 6 - FINANCIAL HIGHLIGHTS

The following represent amounts for the years ended December 31, excluding the effect of the expenses of the underlying fund portfolios and charges made directly to policyowners' accounts through redemption of units:

		Units Outstanding				Net Assets								Expense Ratio(1)				Investment Income Ratio(2)				Total Return(3)
						Unit Value				In Whole $
Victory RS Large Cap Alpha VIP Series
2024			166,601			$	415.34			$	69,196,370				0.50%				1.35%				20.93%
2023			181,927				343.46				62,483,736				0.50%				1.28%				13.12%
2022			202,548				303.62				61,497,578				0.50%				1.37%				-4.81%
2021			225,796				318.97				72,021,982				0.50%				1.09%				22.87%
2020			255,762				259.59				66,394,063				0.50%				1.34%				-0.94%
Victory RS International VIP Series
2024			90,925			$	70.03			$	6,367,088				0.50%				2.83%				4.97%
2023			100,755				66.71				6,721,256				0.50%				2.80%				19.42%
2022			104,656				55.86				5,846,061				0.50%				2.74%				-16.23%
2021			114,219				66.69				7,616,775				0.50%				1.77%				13.79%
2020			126,996				58.60				7,442,236				0.50%				2.79%				5.70%
Victory INCORE Investment Quality Bond VIP Series(5)
2024			-			$	-			$	-				-				-				-
2023			-				-				-				-				-				-
2022			-				-				-				-				-				-
2021			119,921				75.08				9,003,165				0.50%				2.08%				-0.72%
2020			133,072				75.62				10,062,675				0.50%				2.85%				7.80%
Fidelity VIP Government Money Market Portfolio Service Class 2
2024			512,902			$	10.98			$	5,633,699				0.50%				4.75%				4.31%
2023			703,557				10.53				7,408,632				0.50%				4.53%				4.11%
2022			671,986				10.11				6,797,083				0.50%				1.26%				0.74%
2021			770,417				10.04				7,735,095				0.50%				0.01%				-0.50%
2020			622,222				10.09				6,278,501				0.50%				0.24%				-0.27%
Value Line Centurion Fund(5)
2024			-			$	-			$	-				-				-				-
2023			-				-				-				-				-				-
2022			-				-				-				-				-				-
2021			160,418				277.89				44,577,688				0.50%				0.02%				19.07%
2020			179,231				233.38				41,828,887				0.50%				0.08%				16.96%
Value Line Strategic Asset Management Trust(5)
2024			-			$	-			$	-				-				-				-
2023			-				-				-				-				-				-
2022			-				-				-				-				-				-
2021			107,449				243.91				26,207,606				0.50%				0.31%				15.29%
2020			112,901				211.57				23,886,148				0.50%				0.49%				17.39%
Guardian All Cap Core VIP Fund(4)
2024			3,371,620			$	13.35			$	45,014,415				0.50%				0.00%				19.49%
2023			3,626,776				11.17				40,521,538				0.50%				0.00%				22.32%
2022			3,901,266				9.13				35,635,499				0.50%				0.00%				-8.66%
Guardian Core Fixed Income VIP Fund(4)
2024			583,245			$	10.15			$	5,921,292				0.50%				0.00%				0.97%
2023			666,727				10.05				6,703,758				0.50%				0.00%				4.99%
2022			724,877				9.58				6,942,185				0.50%				0.00%				-4.23%
Guardian Balanced Allocation VIP Fund(4)
2024			1,778,970			$	12.52			$	22,273,160				0.50%				0.00%				13.24%
2023			2,003,168				11.06				22,147,532				0.50%				0.00%				17.28%
2022			2,195,281				9.43				20,696,166				0.50%				0.00%				-5.72%

B-10

The Guardian Separate Account B

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 (continued)

(1)

These amounts represent the annualized policy expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to policyowner accounts through the redemption of units and expenses of the underlying fund have been excluded.

(2)

These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the year to date daily average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against policyowner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccount invests. The investment income ratio is annualized in the initial year in which units of a product were purchased.

(3)

Total returns are not annualized for periods less than a year. These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total returns are calculated for each period indicated or from the effective date through the end of the reporting period.

(4)

Portfolio commenced operations April 29, 2022.

(5)

As of April 29, 2022, certain funds were liquidated as a result of fund substitution and no longer available as an investment allocation option under this contract. After the liquidation date, any accumulation value remaining in the liquidated funds were transferred to each respective Guardian VIP Fund. The expense ratio, investment income ratio and total returns were and total returns were not applicable as of December 31, 2022 as a result of liquidation.

		B-11

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Board of Directors of

The Guardian Insurance & Annuity Company, Inc.

and the Contract Owners of The Guardian Separate Account B

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the investment options of The Guardian Separate Account B indicated in the table below as of December 31, 2024, and the related statements of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period ended December 31, 2024, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the investment options of The Guardian Separate Account B as of December 31, 2024, and the results of each of their operations for the year then ended, and the changes in each of their net assets for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Victory RS Large Cap Alpha VIP Series

Victory RS International VIP Series

Fidelity VIP Government Money Market Service Class 2

Guardian All Cap Core VIP Fund

Guardian Core Fixed Income VIP Fund

Guardian Balanced Allocation VIP Fund

Basis for Opinions

These financial statements are the responsibility of The Guardian Insurance & Annuity Company, Inc.'s management. Our responsibility is to express an opinion on the financial statements of each of the investment options of The Guardian Separate Account B based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the investment options of The Guardian Separate Account B in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2024, by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 17, 2025

We have served as the auditor of one or more of the investment options of The Guardian Separate Account B since 1992.

PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017 T: (646) 471 3000, www.pwc.com/us

		B-12