symetra

{{Infobox company

| name = Symetra

| image = Symetra-bellevue-march-2019.png

| image_caption = Symetra headquarters building in Bellevue, Washington

| logo = Symetra logo.png

| type = Subsidiary

| foundation = Bellevue, Washington (2004)

| location = Bellevue, Washington, United States

| key_people = Randall Talbot Founder, Margaret Meister {{small|(CEO)}}

| industry = Insurance

| products = Retirement plans
Employee benefits
Annuities
Life insurance

| assets = US$ 29.0 billion (2021)

| revenue = US$ 4.6 billion (2021)

| net_income = US$ 136.8 million (2021)

| num_employees = 1,250

| owner = Sumitomo Life

| homepage = [https://www.symetra.com/ 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

Started in 1957, Symetra Financial began as a subsidiary of Safeco.{{Cite web|title=Safeco Life completes transition to Symetra name|url=https://www.bizjournals.com/seattle/stories/2004/08/30/daily21.html|access-date=2021-03-22|website=www.bizjournals.com}}

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.{{cite news|url=https://www.seattlepi.com/business/article/Safeco-s-former-investment-unit-renamed-Symetra-1150840.php|title=Safeco's former investment unit renamed Symetra|first1=Bill|last1=Virgin|first2=Seattle Post-Intelligencer|last2=Reporter|date=4 August 2004|newspaper=Seattle Post-Intelligencer}}

Symetra Financial was acquired in 2016 by Japanese insurer Sumitomo Life for $3.8 billion.{{Cite news|url=https://www.nytimes.com/2015/08/12/business/dealbook/sumitomo-life-insurance-symetra-financial-deal.html|title=Sumitomo Life of Japan to Buy Symetra Financial for $3.8 Billion|first=Chad|last=Bray|work=The New York Times |date=August 11, 2015|via=NYTimes.com}} The Japanese insurer was looking to expand its foothold on insurance especially as its Japanese market ages, increasing costs.{{cite news|url=https://www.nytimes.com/2015/08/12/business/dealbook/sumitomo-life-insurance-symetra-financial-deal.html|title=Sumitomo Life of Japan to Buy Symetra Financial for $3.8 Billion|first=Chad|last=Bray|work=The New York Times |date=11 August 2015|via=NYTimes.com}}

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.{{Cite web|url=https://www.thinkadvisor.com/2020/01/14/symetra-forms-investment-management-unit/|title=Symetra Forms Investment Management Unit|first1=Allison Bell |last1=January 14|first2=2020 at 01:08|last2=PM|website=ThinkAdvisor}}{{Cite web|url=https://www.reinsurancene.ws/symetra-financial-unit-to-manage-us-investments-for-sumitomo-life/|title=Symetra Financial unit to manage US investments for Sumitomo Life - Reinsurance News|date=January 10, 2020}}

Sponsorships

Symetra and Women's All Pro Tour hosted the Symetra Tour, which is known as the "Road to LPGA", from 2012 to 2021.{{cite magazine |url=https://golfweek.com/2018/12/11/symetra-tour-womens-all-pro-tour-unite-to-further-developmental-path/ |title=Symetra Tour, Women's All Pro Tour team to further developmental path |magazine=Golfweek |date=12 December 2018}}{{cite magazine |url=https://golfweek.com/2018/10/08/meet-the-2018-symetra-tour-graduates/ |title=Meet the 2018 Symetra Tour graduates |magazine=Golfweek |date=8 October 2018}} 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.{{Cite news |url=https://www.democratandchronicle.com/story/sports/golf/lpga/2017/07/20/symetra-tour-players-find-creative-ways-lessen-struggle-making-ends-meet/490079001/ |title=Symetra Tour players struggle to make ends meet |last=DiVeronica |first=Jeff |newspaper=Rochester Democrat and Chronicle |access-date=2019-11-19}}

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.{{Cite news |url=https://www.seattletimes.com/sports/hockey/bellevue-based-symetra-life-insurance-becomes-seattle-nhl-teams-first-founding-partner-and-sponsor/ |title=Bellevue-based Symetra life insurance becomes Seattle NHL team's first founding partner, sponsor |date=2019-06-24 |newspaper=The Seattle Times |access-date=2019-11-19}}

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.{{Cite news |url=https://www.forbes.com/sites/alanaglass/2019/04/09/seattle-storm-symetra-join-forces-with-10-year-jersey-sponsorship-deal/#3939c6722883 |title=Seattle Storm, Symetra Join Forces With 10-Year Jersey Sponsorship Deal |last=Glass |first=Alana |date=April 9, 2019 |work=Forbes}}

References

External links

{{official|https://www.symetra.com}}

{{Finance links historical

| name = Symetra

| sec_cik = 0001403385

}}

Category:Financial services companies established in 1957

Category:Companies formerly listed on the New York Stock Exchange

Category:Insurance companies of the United States

Category:Companies based in Bellevue, Washington

Category:Sumitomo Life

Category:2016 mergers and acquisitions

Category:American subsidiaries of foreign companies

Category:2010 initial public offerings