Symetra Finanacial (NYSE:SYA), a provider of group health, retirement, life and employee benefits insurance, is expected to go public this week. According to WSJ, this is the company's second attempt at an IPO.
Business Overview (from prospectus)
We are a life insurance company focused on profitable growth in select group health, retirement, life insurance and employee benefits markets. Our operations date back to 1957 and many of our agency and distribution relationships have been in place for decades. We are headquartered in Bellevue, Washington and employ approximately 1,100 people in 16 offices across the United States, serving approximately 1.8 million customers.
Offering: 27 million shares at $12 - $14 per share. Net proceeds of approximately $208.8 million will be used for general corporate purposes.
Nine Months Ended September 30, 2009 Compared to the Nine Months Ended September 30, 2008: Net income increased $69.2 million to $96.2 million from $27.0 million as a result of an increase in adjusted operating income, which increased $23.4 million, or 25.5%, to $115.2 million from $91.8 million, and a decrease in net realized investment losses of $48.2 million, net of taxes... Net investment income represents the income earned on our investments, including gains or losses on changes in the fair value on our investments in limited partnerships, primarily hedge funds and private equity funds. Net investment income increased $111.4 million, or 15.5%, to $829.4 million from $718.0 million...
- Company website
- Online road show
- Wall Street Journal: 'Second Time Around for Symetra'
- Renaissance Capital: 'Symetra Financial highlighted as Renaissance Capital's Featured IPO'