Sumitomo life insurance company completes acquisition of symetra financial corporation
BELLEVUE, Wash.—(Feb. 1, 2016)—Symetra Financial Corporation (“Symetra”) today announced the completion of the acquisition of Symetra by Sumitomo Life Insurance Company ("Sumitomo Life") in accordance with the terms of the previously announced Agreement and Plan of Merger, dated Aug. 11, 2015, among Symetra, Sumitomo Life and SLIC Financial Corporation, a wholly owned subsidiary of Sumitomo Life. As a result of the merger, each outstanding share of common stock of Symetra was converted into the right to receive $32.00 per share in cash, without interest, and less any applicable withholding taxes, and Symetra has become a wholly owned subsidiary of Sumitomo Life. Shares of Symetra common stock will no longer be listed for trading on the New York Stock Exchange.
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.
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 benefit consultants, financial institutions and independent agents and advisors. For more information, visit www.symetra.com.