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McClatchy-Tribune  07/25/2014 10:05 PM ET
Symetra Financial stock up on Q2 results [The Seattle Times :: ]

July 25--Shares of Bellevue-based Symetra Financial rose slightly Friday morning after the insurance and investment company reported solid second quarter results.

Symetra earned $71.5 million, or 62 cents per share, in the second quarter, up from $45 million, or 34 cents per share, in the same period a year ago, the company reported Thursday.

Symetra, which sells annuities, employee benefits and life insurance, had total revenue of $547.1 million for the second quarter, up from $513.2 million a year ago.

During the second quarter, Symetra repurchased 749,000 shares.

"We're pleased to report another quarter of solid results with continued sales momentum across the company," Symetra CEO Tom Marra said Friday during a conference call with analysts.

Its shares closed Thursday at $22.42, near its 52-week high of $23.29. Friday, the stock bumped up to $22.95 in early trading.

In January, Symetra asked to redomesticate its principal life insurance subsidiary, Symetra Life Insurance Company, to be regulated in Iowa rather than in Washington State. Earlier this month that redomestication was approved.

The company said the headquarters, and all 900 employees, will remain in Bellevue, but it would open an office in Des Moines, Iowa, hiring up to 40 people in the next four years as the company grows.

The company said in a previous statement that changing states would allow Symetra to grow and diversify its "product portfolio and risk profile by permitting the company to take advantage of the state-of-the-art statutes and regulations governing the life insurance industry in Iowa, where some of the industry's biggest players are domiciled."

An application to redomesticate a smaller life insurance subsidiary, Symetra National Life Insurance Co., has also been approved.

Coral Garnick: 206-464-2422 or cgarnick@seattletimes.com. On Twitter @coralgarnick

 

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