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  • Symetra, Now Part of Sumitomo Life, Reports Lower Fourth-Quarter Net Income

    February 26, 2016 by Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com

    BELLEVUE, Wash. – Insurance and annuities carrier Symetra Financial Corp. reported fourth-quarter net income of $57.2 million, a decrease from $67.6 million.

    The company said net income was affected by after-tax realized losses of $3.3 million, compared with after-tax realized gains of $6.9 million in the fourth quarter of 2014.

    Total revenue for quarter four decreased to $573.5 million from $580.8 million. Quarterly benefits sales dropped by over half, to $15.4 million against $33.9 million.

    Sales of fixed income annuities, income annuities and individual life products, however, all rose compared with a year ago.

    For the full year 2015, Symetra had net income of $146.8 million, compared with $254.4 million in 2014.

    On Feb. 1, Symetra became a wholly owned subsidiary of Sumitomo Life Insurance Co., based in Osaka, Japan. The $3.76 billion transaction converted each share of Symetra stock into a cash payment of $32 (Best’s News Service, Jan. 26, 2016).

    Sumitomo provides traditional mortality life insurance, nursing care, medical care and retirement plans and has $229 billion in assets, according to BestLink.

    The operating insurance units of Symetra Financial Corp. have a current Best’s Financial Strength Rating of A (Excellent).

    Originally Posted at AM Best on February 25, 2016 by Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com.

    Categories: Industry Articles
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