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January 26, 2016

Sumitomo Life Receives All Regulatory Approvals for Acquisition of Symetra Financial Corporation

Symetra Financial Corporation (NYSE: SYA) (“Symetra”) today announced that Sumitomo Life Insurance Company (“Sumitomo Life”) has received all necessary approvals from regulatory authorities in the United States and Japan for the previously announced proposed acquisition of Symetra pursuant to the Agreement and Plan of Merger entered into on Aug. 11, 2015 (the “Merger Agreement”).
 
Subject to the satisfaction of customary closing conditions, the parties to the Merger Agreement intend to close the acquisition transaction with an effective date of Feb. 1, 2016. On the effective date, each outstanding share of Symetra common stock will be converted into the right to receive $32.00 in cash, without interest, and less any applicable withholding taxes.
 
About Sumitomo Life
Sumitomo Life, founded in 1907 and headquartered in Tokyo and Osaka, Japan, is a leading life insurer in Japan with multi-channel, multi-product life insurance businesses. Sumitomo Life provides traditional mortality life insurance, nursing care, medical care and retirement plans through sales representatives, insurance outlets, the Internet and bancassurance. As of March 31, 2015, Sumitomo Life had $229 billion in assets, approximately 6.8 million customers and 42,000 employees. 
 
About Symetra
Symetra Financial Corporation (NYSE: SYA) 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 benefit consultants, financial institutions and independent agents and advisors. For more information, visit www.symetra.com
 
Cautionary Statement Regarding Forward-Looking Statements
Statements in this communication regarding the proposed transaction, the expected timetable for completing the proposed transaction (including the intended effective date), future financial and operating results, future capital structure and liquidity, benefits and synergies of the proposed transaction, future opportunities for the combined company, general business outlook and any other statements about the future expectations, beliefs, goals, plans or prospects of the board or management of Symetra constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “expects,” “intends,” “anticipates,” “estimates,” “predicts,” “believes,” “should,” “potential,” “may,” “forecast,” “objective,” “plan,” or “targets,” and other similar expressions) are intended to identify forward-looking statements. There are a number of factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: the ability to consummate the proposed transaction; the satisfaction of the remaining conditions to the consummation of the proposed transaction; the potential impact of the announcement or consummation of the proposed transaction on relationships, including with employees, suppliers and customers, and any related impact on integration and anticipated synergies; and the other factors and financial, operational and legal risks or uncertainties described in Symetra’s public filings with the SEC, including the “Risk Factors” and “Forward-Looking Statements” sections of Symetra’s Annual Report on Form 10-K for the year ended December 31, 2014 and subsequent Quarterly Reports on Form 10-Q. Symetra disclaims any intention or obligation to update or revise any forward-looking statement as a result of any development occurring after the date of this document except as required by law.
 


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Contact(s):
Symetra Financial Corp.
Investor Relations:
Karin G. Van Vleet
(425) 256-5351
Karin.vanvleet@symetra.com
 



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