From a company press release, Symetra Financial showed strong first quarter 2010 results. Their net income increased to $46.3 million from $5.1 million in the first quarter of last year. With an increase of 30% in their adjusted operating income over last year, Symetra went from $32.2 million to $41.9 million. They are pleased with the sales in all of their distribution channels because total sales increased after a slight decrease at the end of 2009.
Their Retirement Services segment includes deferred variable and fixed annuities, along with retirement plans. Led by excellent sales of fixed deferred annuities, account values were at a record level high in the first quarter 2010. Retirement Services produced $17.3 million last quarter in pretax adjusted operating income, which was up from $9.0 million the same quarter last year.
Income Annuities, including single premium immediate annuities and structured settlements, were actually down from last year. This is because mortality losses were much higher than last year’s abnormal mortality gains. The actual sales of $66.3 million were an increase from last years $40.4 million in income annuity sales. These annuity products have high popularity because many consumers are looking for low-risk lifetime income investments.
