Symetra Financial Results Top Estimates; Affirms FY Guidance

(RTTNews) - Symetra Financial Corp (SYA), a provider of employee benefits, annuities and life insurance, on Thursday reported first-quarter net earnings of $38.8 million or $0.33 per share, a decline from $79.3 million or $0.68 per share last year.

Excluding items, operating earnings for the quarter were lower at $0.37 per share compared with $0.56 per share a year ago.

Analysts polled by Thomson Reuters estimated earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues, comprising premiums, net investment income as well as policy fees, contract charges and other items, totaled about $556 million compared with $524.8 million in the prior year. Analysts estimated revenues of $548 million.

Also, the company incurred net realized losses of $6.2 million for the quarter compared with gains of $20.7 million last year.

Total benefits and expenses for the quarter increased to $509.3 million from $451.4 million last year, the company said.

"We remain confident that we will deliver a year of solid earnings, despite some volatility in investment income in the first quarter. Core profitability metrics—base interest spreads, underwriting results and operating margins—remain strong, and we are successfully expanding annuity and life insurance account values and premium revenues," said CEO Tom Marra.

For the full year 2015, the company still expects operating earnings of $1.75 to $1.95 per share, while analysts expect $1.85 per share.