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.
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) |
US$ 136.8 million (2021) | |
Total assets | US$ 29.0 billion (2021) |
Owner | Sumitomo Life |
Number of employees | 1,250 |
Website | www.symetra.com |
History
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
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
External links
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