Symetra Reports Second Quarter 2012 Results

Symetra Financial Corporation (NYSE: SYA) today reported second quarter 2012 net income of $43.8 million, or $0.32 per diluted share. This compares with $58.1 million, or $0.42 per diluted share, in second quarter 2011. Symetra posted net realized investment losses of $6.4 million in second quarter 2012, compared with net gains of $14.1 million in the prior-year period. The decline in net income reflected lower gains on sales of fixed maturities and increased investment impairments.

Adjusted operating income was $47.2 million, or $0.34 per diluted share, in second quarter 2012, compared with $48.5 million, or $0.35 per diluted share, in the same period a year ago.
                                                           
                                             
Summary Financial Results

Three Months Ended
Six Months Ended
(In millions, except per share data) June 30 June 30
                                   

2012

2011*
             

2012

2011*
Net Income $ 43.8 $ 58.1 $ 119.2 $ 111.6
Per Diluted Share of Common Stock $ 0.32 $ 0.42 $ 0.86 $ 0.81
 
Adjusted Operating Income $ 47.2 $ 48.5 $ 106.5 $ 92.2
Per Diluted Share of Common Stock                                 $ 0.34 $ 0.35               $ 0.77 $ 0.67
 

* Historical financial information has been restated to reflect retrospective adoption of a new accounting standard for

deferred acquisition costs on Jan. 1, 2012.
 

“Symetra turned in a solid operating performance and completed work on several key initiatives during the second quarter. While earnings were up year over year in Deferred Annuities and Income Annuities, they declined in the Benefits and Life segments, due in part to higher expenses related to new products and expanded distribution,” said Tom Marra, president and chief executive officer of Symetra.

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