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Symetra Reports Third Quarter 2012 Results

Symetra Financial Corporation (NYSE: SYA) today reported third quarter 2012 net income of $55.2 million, or $0.40 per diluted share, up sharply from $10.5 million, or $0.08 per diluted share, in third quarter 2011. Third quarter 2012 results benefited from net investment gains of $15.5 million, compared with net losses of $56.6 million in the same quarter of 2011, due to mark-to-market accounting on equity investments.

Adjusted operating income was $45.9 million, or $0.33 per diluted share, in third quarter 2012, compared with $46.9 million, or $0.34 per diluted share, in the same period a year ago.
Summary Financial Results                 Three Months Ended             Nine Months Ended
(In millions, except per share data) September 30 September 30
                    2012   2011*               2012   2011*
Net Income $ 55.2   $ 10.5 $ 174.4   $ 122.1
Per Diluted Share of Common Stock $ 0.40 $ 0.08 $ 1.26 $ 0.89
Adjusted Operating Income $ 45.9 $ 46.9 $ 152.4 $ 139.1
Per Diluted Share of Common Stock $ 0.33 $ 0.34 $ 1.10 $ 1.01

* Historical financial information has been restated to reflect retrospective adoption of a new accounting standard for deferred policy acquisition costs on Jan. 1, 2012.

“Symetra produced solid third quarter operating earnings, though results were constrained by higher expenses associated with our Grow & Diversify initiatives,” said Tom Marra, Symetra president and chief executive officer. “Our core businesses performed admirably in the face of historically low interest rates, and we maintained our margins through disciplined pricing actions and thoughtful investment strategies.

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