Symetra

American financial services company

Not to be confused with Symmetra.

Symetra

Symetra headquarters building in Bellevue, Washington

Company type| Subsidiary
Industry| Insurance
Founded| Bellevue, Washington (2004)
Headquarters| Bellevue, Washington, United States

Key people

| Randall Talbot Founder, Margaret Meister (CEO)
Products| Retirement plans
Employee benefits
Annuities
Life insurance
Revenue| US$ 4.6 billion (2021)

Net income

| US$ 136.8 million (2021)
Total assets| US$ 29.0 billion (2021)
Owner| Sumitomo Life

Number of employees

| 1,250
Website| www.symetra.com

Symetra is an American family of companies providing retirement plans, employee benefits, annuities and life insurance through independent distributors nationwide. The headquarters is in Bellevue, Washington.

## History

[edit]

Started in 1957, Symetra Financial began as a subsidiary of Safeco.[1]

In 1967, the total amount of insurance in force for Symetra surpassed the $1 billion mark. By 1995, the total assets had grown to $10 billion.

In 2004, Safeco sold its life insurance business to an investor group led by White Mountains Insurance Group and Berkshire Hathaway.[2]

Symetra Financial was acquired in 2016 by Japanese insurer Sumitomo Life for $3.8 billion.[3] The Japanese insurer was looking to expand its foothold on insurance especially as its Japanese market ages, increasing costs.[4]

In January 2020, Symetra Financial Corporation announced it established an investment subsidiary, Symetra Investment Management Company (SIM). Sumitomo Life, Symetra's Japan-based parent company, completed its first $500 million investment through a corporate bond fund in December 2019. The standalone entity will focus on managing money for Symetra's corporate parent and the Sumitomo Life Insurance Co to invest in US-based assets.[5][6]

## Sponsorships

[edit]

Symetra and Women's All Pro Tour hosted the Symetra Tour, which is known as the "Road to LPGA", from 2012 to 2021.[7][8] Players can earn a promotion to the LPGA by through qualifying school, winning three events in one season, or finishing in the top-10 on the tour.[9]

Symetra Life Insurance is also the first founding partner and sponsor of Seattle's National Hockey League (NHL) expansion franchise, the Seattle Kraken, which began playing in October 2021.[10]

In 2019, Symetra Life Insurance signed a 10-year marquee jersey badge sponsorship with the Seattle Storm (WNBA) team, the largest partnership in franchise history. The company negotiated a separate partnership with WNBA point guard Sue Bird, who appeared in a TV ad for the company's "Jibber Jabber" campaign.[11]

## References

[edit]

1. ^ "Safeco Life completes transition to Symetra name". www.bizjournals.com. Retrieved March 22, 2021.
2. ^ Virgin, Bill; Reporter, Seattle Post-Intelligencer (August 4, 2004). "Safeco's former investment unit renamed Symetra". Seattle Post-Intelligencer.
3. ^ Bray, Chad (August 11, 2015). "Sumitomo Life of Japan to Buy Symetra Financial for $3.8 Billion". The New York Times – via NYTimes.com.
4. ^ Bray, Chad (August 11, 2015). "Sumitomo Life of Japan to Buy Symetra Financial for $3.8 Billion". The New York Times – via NYTimes.com.
5. ^ January 14, Allison Bell; PM, 2020 at 01:08. "Symetra Forms Investment Management Unit". ThinkAdvisor.`{{cite web}}`: CS1 maint: numeric names: authors list (link)
6. ^ "Symetra Financial unit to manage US investments for Sumitomo Life - Reinsurance News". January 10, 2020.
7. ^ "Symetra Tour, Women's All Pro Tour team to further developmental path". Golfweek. December 12, 2018.
8. ^ "Meet the 2018 Symetra Tour graduates". Golfweek. October 8, 2018.
9. ^ DiVeronica, Jeff. "Symetra Tour players struggle to make ends meet". Rochester Democrat and Chronicle. Retrieved November 19, 2019.
10. ^ "Bellevue-based Symetra life insurance becomes Seattle NHL team's first founding partner, sponsor". The Seattle Times. June 24, 2019. Retrieved November 19, 2019.
11. ^ Glass, Alana (April 9, 2019). "Seattle Storm, Symetra Join Forces With 10-Year Jersey Sponsorship Deal". Forbes.

## External links

[edit]

* Official website
*     * Historical business data for Symetra:
* SEC filings

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