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Buffett's Symetra (SYA) IPO expected at 85% of book value, pays dividend

|Includes:AET, Aetna, Inc. (AET), ANTM, CI, CI, HUM, IYH, UNH, VHT, XLV

Symetra Financial (SYM) scheduled to IPO Friday, January 22
Price range midpoint is $13
Seems competitively priced at 85% of book.  Expected dividend considerably highter than the sector norm.
 
IPOreport:  http://www.gaskinsco.com/linkto-sya.shtml

Annual div yield
Symetra Financial (NYSE:SYA)    1.54%
Aetna Inc. (NYSE: AET)    0.12%
CIGNA (NYSE: CI)    0.11%
UnitedHealth (NYSE: UNH)    0.09%

SYA DIVIDEND POLICY
Intends to pay quarterly cash dividends at an initial rate of $0.05 per share
Annual rate of 1.5%

BUSINESS
Life insurance company focused on profitable growth in select group health, retirement, life insurance and employee benefits markets.
Operations date back to 1957 and many of agency and distribution relationships have been in place for decades.
Headquartered in Bellevue, Washington and employ 1,100 people in 16 offices across the United States, serving 1.8 million customers.

COMPETITION -- compare
Symetera (SYA)
P/E: 11.1
Div/yield:  $.20 --1.5%

With
Aetna Inc. (NYSE: AET)P/E: 11.39
Div/yield: $.04 -- 0.12%

CIGNA (NYSE: CI)
P/E: 13.77
Annual div/yield: $0.04 -- 0.11%

UnitedHealth Group Inc. (NYSE: UNH)
P/E: 11.60
Annual div/yield: $0.03 -- 0.09%
Sources:  Google finance & SEC filings

USE OF $208mm in IPO PROCEEDS
From sale of  17.3mm shares.  Shareholders intend to sell 9.7mm shares
For general corporate purposes, which may include contributions of capital to insurance and other subsidiaries.



Disclosure: no positions

Stocks: AET, CI, UNH, AET, CI, HUM, ANTM, XLV, IYH, VHT