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January 21, 2010

Symetra Financial Corp. Announces Pricing of Initial Public Offering

BELLEVUE, Wash. — Symetra Financial Corporation (the “Company” or “Symetra”) announced today the pricing of its initial public offering of its common stock at $12.00 per share. The offering will consist of 20,699,510 primary shares to be sold by the Company, and 9,700,490 secondary shares to be sold by existing stockholders. Affiliates of White Mountains Insurance Group, Ltd. and Berkshire Hathaway Inc., who led the investor group that formed Symetra in 2004, are not selling any shares in the offering.

Symetra common stock will begin trading on the New York Stock Exchange on Jan. 22, 2010 under the ticker symbol “SYA.” The offering is expected to close on or about Jan. 27, 2010.

The Company intends to use the net primary proceeds from the offering for general corporate purposes, which may include contributions of capital to its insurance and other subsidiaries. Symetra will not receive any proceeds from the sale of secondary shares by existing stockholders.

BofA Merrill Lynch, J.P. Morgan, Goldman, Sachs & Co., and Barclays Capital are acting as joint book-running managers for the offering. The underwriters have a 30-day option to purchase up to an additional 4,560,000 shares of common stock from the Company at the public offering price, less the underwriting discount, to cover over-allotments, if any.

The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from:
 
BofA Merrill Lynch
4 World Financial Center
New York, New York 10080
Attention: Prospectus Department
Email: prospectus.requests@ml.com

J.P. Morgan Securities Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Tel: (866) 803-9204

Goldman, Sachs & Co.
Attention: Prospectus Department
85 Broad Street
New York, New York 10004
Tel: (866) 471-2526
Fax: (212) 902-9316
Email: prospectus-ny@ny.email.gs.com

Barclays Capital
c/o Broadridge, Integrated Distribution Services
1155 Long Island Avenue
Edgewood, New York 11717
Tel: (888) 603-5847
Email: Barclaysprospectus@broadridge.com

A registration statement relating to the initial public offering of Symetra’s common stock was declared effective by the Securities and Exchange Commission (the “SEC”) on Jan. 21, 2010. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Symetra Financial
Symetra Financial Corporation is a diversified financial services company based in Bellevue, Wash. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefits consultants, financial institutions and independent agents and advisors.

Contact(s):
Investor Relations Contact:
Jim Pirak
Symetra Financial
(425) 256-8284
jim.pirak@symetra.com  

Media Relations Contact:
Laurie Johnson
Symetra Financial
(425) 256-5049
laurie.johnson@symetra.com  



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