Symetra Financial CORP - FORM 8-K - EX-99.2

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8-K - FORM 8-K - Symetra Financial CORP	v59025e8vk.htm
EX-99.1 - EX-99.1 - Symetra Financial CORP	v59025exv99w1.htm

Exhibit 99.2

April 27, 2011

FIRST QUARTER 2011

Symetra Financial Corporation (SYA)
Financial Supplement

All financial information in this document is unaudited

Symetra Financial Corporation
Financial Supplement
Table of Contents
March 31, 2011


	Page
Financial Highlights		1

Consolidated Results
Consolidated Income Statement Data		2
Consolidated Balance Sheet Data		3
Segment Income Statement Data		4

Segment Results
Group Division		5
Retirement Division:
Deferred Annuities		6
Income Annuities		7
Life Division		8
*(including new addition of 5 year historical individual insurance claims)*
Other		9

Additional Financial Data
Deferred Policy Acquisition Cost (DAC) Roll Forwards		10
Account Value and Reserve Roll Forwards		11
Overview of Liabilities and Associated Unrealized Gains		12
Investments Summary		13
Sales by Segment and Product		14
Book Value, Adjusted Book Value and Statutory Book Value per Share		15
ROE and Operating ROAE		16

Symetra Financial Corporation
1Q 2011 Financial Supplement
Financial Highlights
(In millions, except per share and metric or percentage data)


	For the Three Months Ended
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
	2011		2010		2010		2010		2010
Net income	$	54.9	$	62.2	$	56.6	$	35.8	$	46.3

Net income per common share ¹
Basic	$	0.40	$	0.45	$	0.41	$	0.26	$	0.35
Diluted	$	0.40	$	0.45	$	0.41	$	0.26	$	0.35

Weighted-average common shares outstanding:
Basic		137.292		137.174		137.140		137.019		131.018
Diluted		137.300		137.179		137.145		137.038		131.038

Non-GAAP Financial Measures ²
Adjusted operating income	$	45.1	$	48.0	$	43.8	$	41.5	$	41.9

Adjusted operating income per common share ¹:
Basic	$	0.33	$	0.35	$	0.32	$	0.30	$	0.32
Diluted	$	0.33	$	0.35	$	0.32	$	0.30	$	0.32

	As of
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
	2011		2010		2010		2010		2010
Consolidated Balance Sheet Data
Total investments	$	24,200.5	$	23,500.2	$	23,400.5	$	22,356.4	$	21,072.2

Total assets		26,422.3		25,636.9		25,302.3		24,349.2		23,361.6

Notes payable		449.1		449.0		449.0		449.0		448.9

Accumulated other comprehensive income (net of taxes) (AOCI)		434.0		432.5		819.4		501.1		159.5

Total stockholders’ equity		2,431.0		2,380.6		2,711.3		2,342.8		1,971.7

U.S. Statutory Financial Information:
Statutory capital and surplus	$	1,780.2	$	1,752.3	$	1,727.3	$	1,707.1	$	1,666.8
Asset valuation reserve (AVR)		206.1		185.1		159.8		133.8		135.6

Statutory book value	$	1,986.3	$	1,937.4	$	1,887.1	$	1,840.9	$	1,802.4


Basic common shares outstanding, end of period (page 15)		118.535		118.216		118.171		118.175		118.086

Book value per common share	$	17.68	$	17.35	$	19.77	$	17.08	$	14.39

Debt to capital ratio		15.6%		15.9%		14.2%		16.1%		18.5	%

Non-GAAP Financial Measures ²
Adjusted book value (stockholders’ equity excluding AOCI)	$	1,997.0	$	1,948.1	$	1,891.9	$	1,841.7	$	1,812.2
Adjusted book value per common share :
Adjusted book value per common share ³	$	16.85	$	16.48	$	16.01	$	15.58	$	15.35
Adjusted book value per common share, as converted ⁴	$	16.11	$	15.79	$	15.38	$	15.02	$	14.81
Statutory book value per common share ⁵	$	16.76	$	16.39	$	15.97	$	15.58	$	15.26

Debt to capital ratio, excluding AOCI ⁶		18.4%		18.7%		19.2%		19.6%		19.9	%

	For the Twelve Months Ended
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
	2011		2010		2010		2010		2010
ROE		8.8%		9.3%		8.6%		9.9%		14.5	%

Non-GAAP Financial Measure ²
Operating ROAE ⁷		9.4%		9.8%		9.4%		9.6%		10.5	%


¹ Basic net income and adjusted operating income per common share include all participating securities using the two-class method. Diluted net income and adjusted operating income per common share include the dilutive impact of non-participating securities, based on the application of the treasury stock method. Shares included in these calculations are weighted for the portion of the period they were outstanding. Antidilutive awards were excluded from the computation of diluted earnings per share. Quarterly earnings per share amounts may not add to the full year amounts.

² Management considers these non-GAAP measures to be a useful supplement to their most comparable GAAP measure in evaluating financial performance and condition. Non-GAAP measures including adjusted operating income and the corresponding basic and diluted per share amounts, adjusted book value and the corresponding per share amounts, statutory book value per share amounts, and operating ROAE have been reconciled to their most directly comparable GAAP measures on pages 2, 15, and 16, respectively.

³ Adjusted book value per common share is calculated based on adjusted book value, divided by outstanding common shares.

⁴ Adjusted book value per common share, as converted, gives effect to the exercise of the outstanding warrants and is calculated based on adjusted book value plus the assumed proceeds from the warrants, divided by outstanding common shares, plus shares subject to outstanding warrants.

⁵ Statutory book value per common share is calculated based on statutory book value divided by outstanding common shares.

⁶ Debt to capital ratio, excluding AOCI is calculated as notes payable divided by the sum of notes payable and adjusted book value.

⁷ Operating ROAE (return on average equity) is calculated based on adjusted operating income divided by average adjusted book value. The numerator and denominator of this measure have been reconciled to net income and stockholders’ equity, respectively, their most comparable GAAP measures.

Symetra Financial Corporation
1Q 2011 Financial Supplement
Consolidated Income Statement Data
(In millions, except per share data)


	For the Three Months Ended
		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
		2011			2010			2010			2010			2010
Revenues:
Premiums		$	120.9		$	118.3		$	120.2		$	115.5		$	119.0
Net investment income			310.0			311.0			304.4			297.1			286.9
Policy fees, contract charges and other			44.7			43.1			40.9			41.8			40.5
Net realized investment gains (losses):
Total other-than-temporary impairment losses on securities			(0.9	)		(23.1	)		(9.6	)		(2.7	)		(17.9	)
Less: portion of losses recognized in other comprehensive income			—			16.9			6.1			1.2			8.2

Net impairment losses recognized in earnings			(0.9	)		(6.2	)		(3.5	)		(1.5	)		(9.7	)
Other net realized investment gains (losses)			16.5			29.2			23.5			(8.5	)		16.5

Total net realized investment gains (losses)			15.6			23.0			20.0			(10.0	)		6.8

Total revenues			491.2			495.4			485.5			444.4			453.2

Benefits and expenses:
Policyholder benefits and claims			92.3			80.2			85.4			83.3			86.2
Interest credited			228.3			231.7			227.8			221.5			218.5
Other underwriting and operating expenses			66.0			69.8			63.1			64.2			59.6
Interest expense			8.0			8.0			8.0			7.9			8.0
Amortization of deferred policy acquisition costs			20.1			15.8			18.0			17.0			15.4

Total benefits and expenses			414.7			405.5			402.3			393.9			387.7


Income from operations before income taxes			76.5			89.9			83.2			50.5			65.5
Provision (benefit) for income taxes:
Current			11.2			11.6			18.8			17.4			9.9
Deferred			10.4			16.1			7.8			(2.7	)		9.3

Total provision for income taxes			21.6			27.7			26.6			14.7			19.2

Net income		$	54.9		$	62.2		$	56.6		$	35.8		$	46.3


Net income per common share¹:
Basic		$	0.40		$	0.45		$	0.41		$	0.26		$	0.35
Diluted		$	0.40		$	0.45		$	0.41		$	0.26		$	0.35

Weighted-average number of common shares outstanding:
Basic			137.292			137.174			137.140			137.019			131.018
Diluted			137.300			137.179			137.145			137.038			131.038

Cash dividends declared per common share		$	0.05		$	0.05		$	0.05		$	0.05		$	—

Non-GAAP Financial Measures:
Adjusted operating income		$	45.1		$	48.0		$	43.8		$	41.5		$	41.9

Adjusted operating income per common share¹:
Basic		$	0.33		$	0.35		$	0.32		$	0.30		$	0.32
Diluted		$	0.33		$	0.35		$	0.32		$	0.30		$	0.32

Weighted-average number of common shares outstanding:
Basic			137.292			137.174			137.140			137.019			131.018
Diluted			137.300			137.179			137.145			137.038			131.038

Reconciliation to net income:
Net income		$	54.9		$	62.2		$	56.6		$	35.8		$	46.3
Less: Net realized investment gains (losses) (net of taxes)			10.1			15.0			13.0			(6.6	)		4.5
Add: Net investment gains (losses) on FIA options (net of taxes)			0.3			0.8			0.2			(0.9	)		0.1

Adjusted operating income		$	45.1		$	48.0		$	43.8		$	41.5		$	41.9

¹ Basic net income and adjusted operating income per common share include all participating securities using the two-class method. Diluted net income and adjusted operating income per common share include the dilutive impact of non-participating securities, based on the application of the treasury stock method. Shares included in these calculations are weighted for the portion of the period they were outstanding. Antidilutive awards were excluded from the computation of diluted earnings per share. Quarterly earnings per share amounts may not add to the full year amounts.

Symetra Financial Corporation
1Q 2011 Financial Supplement
Consolidated Balance Sheet Data
(In millions)


	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,			Mar. 31,
	2011		2010		2010		2010			2010
Assets
Investments:
Available-for-sale securities:
Fixed maturities, at fair value	$	21,785.4	$	21,281.8	$	21,450.1	$	20,612.2		$	19,390.6
Marketable equity securities, at fair value		46.4		45.1		45.4		43.9			37.6
Trading securities:
Marketable equity securities, at fair value		224.7		189.3		158.8		141.0			151.0
Mortgage loans, net		1,862.0		1,713.0		1,493.4		1,338.1			1,225.9
Policy loans		70.4		71.5		71.7		72.3			73.4
Short-term investments		2.4		2.5		2.7		2.7			54.0
Investments in limited partnerships		198.8		186.9		169.1		136.9			130.6
Other invested assets		10.4		10.1		9.3		9.3			9.1

Total investments		24,200.5		23,500.2		23,400.5		22,356.4			21,072.2

Cash and cash equivalents		307.9		274.6		197.2		322.7			389.3
Accrued investment income		267.3		257.6		257.5		251.6			247.5
Accounts receivable and other receivables		63.6		65.6		89.0		81.9			97.1
Reinsurance recoverables		283.9		280.8		284.8		277.3			277.9
Deferred policy acquisition costs		262.5		250.0		160.9		199.0			227.5
Goodwill		28.9		28.4		27.8		27.3			26.8
Current income tax recoverable		—		3.0		—		—			19.6
Deferred income tax assets, net		—		—		—		—			69.1
Other assets		106.2		95.0		58.4		74.0			80.5
Separate account assets		901.5		881.7		826.2		759.0			854.1

Total assets	$	26,422.3	$	25,636.9	$	25,302.3	$	24,349.2		$	23,361.6


Liabilities and stockholders’ equity
Funds held under deposit contracts	$	21,553.4	$	20,953.3	$	20,107.9	$	19,825.7		$	19,222.9
Future policy benefits		399.3		398.4		397.6		397.0			395.8
Policy and contract claims		108.2		116.6		126.1		120.7			120.6
Unearned premiums		12.5		12.2		12.8		14.0			14.5
Other policyholders’ funds		112.9		111.0		109.1		99.5			108.6
Notes payable		449.1		449.0		449.0		449.0			448.9
Current income tax payable		1.0		—		2.9		2.1			—
Deferred income tax liabilities, net		110.2		99.0		291.1		112.0			—
Other liabilities		343.2		235.1		268.3		227.4			224.5
Separate account liabilities		901.5		881.7		826.2		759.0			854.1

Total liabilities		23,991.3		23,256.3		22,591.0		22,006.4			21,389.9

Preferred stock		—		—		—		—			—
Common stock		1.2		1.2		1.2		1.2			1.2
Additional paid-in-capital		1,451.1		1,450.2		1,449.3		1,449.5			1,448.3
Retained earnings		544.7		496.7		441.4		391.6			362.7
Treasury stock		—		—		—		(0.6	)		—
Accumulated other comprehensive income, net of taxes		434.0		432.5		819.4		501.1			159.5

Total stockholders’ equity		2,431.0		2,380.6		2,711.3		2,342.8			1,971.7

Total liabilities and stockholders’ equity	$	26,422.3	$	25,636.9	$	25,302.3	$	24,349.2		$	23,361.6

Symetra Financial Corporation
1Q 2011 Financial Supplement
Segment Income Statement Data
(In millions)


	For the Three Months Ended
		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
		2011			2010			2010			2010			2010
Operating revenues:
Group Divison		$	117.5		$	116.4		$	117.3		$	113.6		$	116.3
Retirement Division:
Deferred Annuities			128.7			127.0			124.0			118.8			112.7
Income Annuities			105.2			108.7			105.7			104.9			104.2
Life Division			112.8			108.8			107.4			107.8			105.4
Other			11.9			12.7			11.4			8.0			7.9

Total		$	476.1		$	473.6		$	465.8		$	453.1		$	446.5

Segment pre-tax adjusted operating income (loss):
Group Divison		$	13.8		$	21.0		$	16.7		$	18.2		$	15.7
Retirement Division:
Deferred Annuities			23.2			20.9			22.5			20.6			17.3
Income Annuities			8.9			10.9			9.5			6.4			6.4
Life Division			16.9			17.3			15.3			19.0			23.3
Other			(1.4	)		(2.0	)		(0.5	)		(5.0	)		(3.9	)

Total		$	61.4		$	68.1		$	63.5		$	59.2		$	58.8

Symetra Financial Corporation
1Q 2011 Financial Supplement
Group Division
(In millions)


	For the Three Months Ended
		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
		2011		2010		2010		2010		2010
Operating revenues:
Premiums		$	110.0	$	108.7	$	109.9	$	105.8	$	108.8
Net investment income			4.2		4.6		4.7		4.8		4.6
Policy fees, contract charges and other			3.3		3.1		2.7		3.0		2.9

Total operating revenues			117.5		116.4		117.3		113.6		116.3

Benefits and expenses:
Policyholder benefits and claims			74.3		65.8		73.1		67.4		75.0
Other underwriting and operating expenses			27.3		27.5		25.4		26.0		23.7
Amortization of deferred policy acquisition costs			2.1		2.1		2.1		2.0		1.9

Total benefits and expenses			103.7		95.4		100.6		95.4		100.6

Segment pre-tax adjusted operating income		$	13.8	$	21.0	$	16.7	$	18.2	$	15.7


Operating Metrics:
Group loss ratio ^{1, 6}			67.6%		60.5%		66.5%		63.8%		68.9%
Expense ratio ²			25.9%		26.5%		24.0%		25.4%		23.1%

Combined ratio ³			93.5%		87.0%		90.5%		89.2%		92.0%

Medical stop-loss — loss ratio ^{4, 6}			69.3%		62.3%		68.7%		65.4%		70.1%
Total sales ⁵		$	48.7	$	15.1	$	18.4	$	20.6	$	41.4

Premiums:
Medical stop-loss		$	96.7	$	96.8	$	98.1	$	94.6	$	97.6
Limited benefit medical			10.7		9.5		9.1		8.5		8.0
Other			2.6		2.4		2.7		2.7		3.2

Total premiums earned		$	110.0	$	108.7	$	109.9	$	105.8	$	108.8


5 Year Historical Group Loss Ratio ¹:									For the Year
	For the Three Months Ended								Ended
	1Q		2Q		3Q		4Q
2010		68.9%		63.8%		66.5%		60.5%		64.9%
2009		70.1%		66.1%		67.3%		69.9%		68.3%
2008		71.0%		66.3%		59.4%		66.6%		65.8%
2007		55.7%		54.8%		51.0%		55.9%		54.3%
2006		71.3%		61.1%		57.8%		47.1%		59.6%

¹ Group loss ratio represents policyholder benefits and claims incurred divided by premiums earned.

² Expense ratio is equal to other underwriting and operating expenses of our insurance operations and amortization of DAC divided by premiums earned.

³ Combined ratio is equal to the sum of the loss ratio and the expense ratio.

⁴ Medical stop-loss loss ratio represents medical stop-loss policyholder benefits and claims incured divided by medical stop-loss premiums earned.

⁵ Total sales represents annualized first-year premiums net of first year policy lapses.

⁶ The third quarter 2010 results included one large case with a loss ratio in excess of 95%. This case terminated in fourth quarter 2010. Without this case, the third quarter 2010 group loss ratio would have been 65.3% and the medical stop-loss — loss ratio would have been 67.5%.

Symetra Financial Corporation
1Q 2011 Financial Supplement
Retirement Division — Deferred Annuities
(In millions)


	For the Three Months Ended
		Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
		2011			2010			2010			2010			2010
Operating revenues:
Net investment income			123.1			120.8			119.0			115.3			107.8
Policy fees, contract charges and other			5.1			5.0			4.7			4.8			4.8
Net investment gains (losses) on FIA options			0.5			1.2			0.3			(1.3	)		0.1

Total operating revenues			128.7			127.0			124.0			118.8			112.7

Benefits and expenses:
Policyholder benefits and claims			(0.1	)		(0.1	)		(0.5	)		0.6			0.1
Interest credited			77.6			79.0			75.7			70.4			68.5
Other underwriting and operating expenses			12.4			14.9			13.0			13.6			13.6
Amortization of deferred policy acquisition costs			15.6			12.3			13.3			13.6			13.2

Total benefits and expenses			105.5			106.1			101.5			98.2			95.4

Segment pre-tax adjusted operating income		$	23.2		$	20.9		$	22.5		$	20.6		$	17.3


Operating Metrics:
Account values — fixed annuities		$	9,793.9		$	9,243.7		$	8,805.6		$	8,574.0		$	8,005.4
Account values — variable annuities			809.2			791.1			742.6			682.3			768.0
Interest spread on average account values¹			1.82%			1.81%			1.85%			1.97%			1.86%
Total sales²		$	618.4		$	522.9		$	286.4		$	623.9		$	377.5

¹ Interest spread is the difference between the net investment yield earned and the credited interest rate to policyholders. The investment yield is the approximate yield on invested assets in the general account attributed to the segment. The credited interest rate is the approximate rate credited on policyholder fixed account values within the segment. Interest credited is subject to contractual terms, including minimum guarantees.

² Total sales represent deposits for new policies net of first year policy lapses and/or surrenders.

Symetra Financial Corporation
1Q 2011 Financial Supplement
Retirement Division — Income Annuities
(In millions)


	For the Three Months Ended
		Mar. 31,		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
		2011		2010			2010			2010			2010
Operating revenues:
Net investment income		$	105.0	$	108.4		$	105.6		$	104.7		$	104.0
Policy fees, contract charges and other			0.2		0.3			0.1			0.2			0.2

Total operating revenues			105.2		108.7			105.7			104.9			104.2

Benefits and expenses:
Interest credited			89.7		91.3			90.1			92.9			92.0
Other underwriting and operating expenses			5.9		6.0			5.5			5.2			5.3
Amortization of deferred policy acquisition costs			0.7		0.5			0.6			0.4			0.5

Total benefits and expenses			96.3		97.8			96.2			98.5			97.8

Segment pre-tax adjusted operating income		$	8.9	$	10.9		$	9.5		$	6.4		$	6.4


Operating Metrics:
Reserves ¹		$	6,681.4	$	6,676.8		$	6,676.8		$	6,716.8		$	6,726.7
Interest spread on reserves ²			0.58%		0.79%			0.59%			0.49%			0.41%
MBS prepayment speed adjustment ³		$	1.8	$	3.2		$	0.1		$	(0.1	)	$	(0.2	)
Mortality gains (losses) ⁴			0.7		(0.6	)		(0.1	)		(1.8	)		(0.1	)
Total sales ⁵			64.5		67.9			58.0			67.8			66.3


5 Year Historical Mortality Gains (Losses)³:

	For the Three Months Ended												For the Year Ended
	1Q			2Q			3Q			4Q
2010	$	(0.1	)	$	(1.8	)	$	(0.1	)	$	(0.6	)	$	(2.6	)
2009		4.3			(0.5	)		—			1.3			5.1
2008		2.0			0.8			0.7			(1.4	)		2.1
2007		1.9			—			(0.9	)		(1.1	)		(0.1	)
2006		0.2			2.4			1.3			2.4			6.3

¹ Reserves represent the present value of future income annuity benefits and assumed expenses, discounted by the assumed interest rate. This metric represents the amount of our in-force book of business.

² Interest spread is the difference between the net investment yield earned and the credited interest rate on policyholder reserves. The investment yield is the approximate yield on invested assets, excluding equities, in the general account attributed to the segment. The credited interest rate is the approximate rate credited on policyholder reserves within the segment and excludes the gains and losses from funding services and mortality. The 2011 first quarter and 2010 fourth quarter interest spread increased 0.11% and 0.18%, respectively, due to favorable MBS prepayment speed adjustments.

³ MBS prepayment speed adjustment is the impact to net investment income due to the change in prepayment speeds on the underlying collateral of mortgage-backed securities.

⁴ Mortality gains (losses) represents the difference between actual and expected reserves related to life contingent annuities.

⁵ Total sales represent deposits for new policies net of first year policy lapses and/or surrenders.

Symetra Financial Corporation
1Q 2011 Financial Supplement
Life Division

(In millions)


	For the Three Months Ended
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
	2011		2010		2010		2010		2010
Operating revenues:
Premiums	$	10.9	$	9.6	$	10.3	$	9.7	$	10.2
Net investment income		71.2		69.4		67.5		68.3		66.1
Policy fees, contract charges and other		30.7		29.8		29.6		29.8		29.1

Total operating revenues		112.8		108.8		107.4		107.8		105.4

Benefits and expenses:
Policyholder benefits and claims		18.1		14.5		12.8		15.3		11.1
Interest credited		61.7		62.0		63.1		59.1		58.5
Other underwriting and operating expenses		14.4		14.1		14.2		13.4		12.7
Amortization of deferred policy acquisition costs		1.7		0.9		2.0		1.0		(0.2	)

Total benefits and expenses		95.9		91.5		92.1		88.8		82.1

Segment pre-tax adjusted operating income	$	16.9	$	17.3	$	15.3	$	19.0	$	23.3


Operating Metrics:
Individual insurance:
Individual insurance in force¹	$	37,689.0	$	38,011.5	$	38,289.1	$	38,502.3	$	38,640.5
Individual claims²		15.7		11.3		12.0		13.5		13.9
UL account value³		617.3		607.0		596.9		588.9		585.3
UL interest spread⁴		1.59%		1.54%		1.57%		1.59%		1.37%
Individual sales⁵	$	2.4	$	2.4	$	2.6	$	2.4	$	2.8
BOLI:
BOLI insurance in force¹	$	12,681.3	$	12,667.5	$	11,503.8	$	11,410.0	$	11,416.0
BOLI account value³		4,403.0		4,365.4		3,969.7		3,886.0		3,853.2
BOLI PGAAP reserve balance⁶		25.8		27.9		30.0		32.4		34.5
BOLI ROA⁷		1.14%		0.92%		0.92%		1.28%		1.08%
BOLI sales⁸	$	—	$	35.9	$	7.5	$	—	$	2.7

New Addition:

5 Year Historical Individual Claims:


									For the Year
	For the Three Months Ended								Ended
	1Q		2Q		3Q		4Q
2010		13.9		13.5		12.0		11.3		50.7
2009		14.7		13.4		12.8		12.6		53.5
2008		14.3		13.6		13.7		12.1		53.7
2007		13.5		14.0		12.1		11.6		51.2
2006		13.3		11.9		11.8		13.4		50.4

¹ Insurance in force represents dollar face amounts of policies.

² Individual claims repesents incurred claims on our term and universal life policies.

³ UL account value and BOLI account value represent our liabilities to our policyholders.

⁴ UL interest spread is the difference between the investment yield earned and the credited interest rate to policyholders. The investment yield is the approximate yield on invested assets in the general account attributed to the UL policies. The credit interest rate is the approximate rate credited on UL policyholder fixed account values. Interest credited to UL policyholders’ account values is subject to contractual terms, including minimum guarantees. Interest credited tends to move gradually over time to reflect actions by management to respond to competitive pressures and profit margins. The 2010 first quarter credited rate to policyholders was adjusted to exclude a reserve adjustment related to a persistency bonus. Without this adjustment the 2010 first quarter UL interest spread of 1.37% would have been 5.40%.

⁵ Individual sales represent annualized first year premiums for recurring premium products, and 10% of new single premiums deposits net of first year policy lapses and/or surrenders.

⁶ Purchase accounting reserve, or PGAAP reserve, represents impact of purchase accounting on policyholder liabilities. This PGAAP reserve is amortized as a reduction to policyholder benefits according to the pattern of profitability of the book of business of policies in force at the purchase accounting date, August 2, 2004.

⁷ BOLI ROA is a measure of the gross margin on our BOLI book of business. This metric is calculated as the difference between our BOLI revenue earnings rate and our BOLI policy benefits rate. The revenue earnings rate is calculated as revenues divided by average invested assets. The policy benefits rate is calculated as total policy benefits divided by average account value. The policy benefits used in this metric do not include expenses.

⁸ BOLI sales represent 10% of new BOLI total deposits.

Symetra Financial Corporation
1Q 2011 Financial Supplement
Other
(In millions)


	For the Three Months Ended
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2011			2010			2010			2010			2010
Operating revenues:
Net investment income	$	6.5		$	7.8		$	7.6		$	4.0		$	4.4
Policy fees, contract charges and other		5.4			4.9			3.8			4.0			3.5

Total operating revenues		11.9			12.7			11.4			8.0			7.9

Benefits and expenses:
Interest credited		(0.7	)		(0.6	)		(1.1	)		(0.9	)		(0.5	)
Other underwriting and operating expenses		6.0			7.3			5.0			6.0			4.3
Interest expense		8.0			8.0			8.0			7.9			8.0

Total benefits and expenses		13.3			14.7			11.9			13.0			11.8

Segment pre-tax adjusted operating loss	$	(1.4	)	$	(2.0	)	$	(0.5	)	$	(5.0	)	$	(3.9	)

Symetra Financial Corporation
1Q 2011 Financial Supplement
Deferred Policy Acquisition Cost (DAC) Roll Forwards
(In millions)


	For the Three Months Ended
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2011			2010			2010			2010			2010
Summary — Total Company
Unamortized balance, beginning of period	$	387.4		$	369.7		$	360.8		$	339.8		$	325.7
Deferral of acquisition costs:
Commissions		28.8			21.4			18.1			30.6			21.5
Other acquisition expenses		8.2			12.8			9.4			8.6			9.0

Total deferral of acquisition costs		37.0			34.2			27.5			39.2			30.5
Adjustments related to investment gains		(0.7	)		(0.7	)		(0.6	)		(1.2	)		(1.0	)
Amortization		(20.1	)		(15.8	)		(17.6	)		(17.0	)		(17.1	)
Unlocking		—			—			(0.4	)		—			1.7

Total amortization		(20.1	)		(15.8	)		(18.0	)		(17.0	)		(15.4	)

Unamortized balance, end of period		403.6			387.4			369.7			360.8			339.8
Accum effect of net unrealized gains		(141.1	)		(137.4	)		(208.8	)		(161.8	)		(112.3	)

DAC balance, end of period	$	262.5		$	250.0		$	160.9		$	199.0		$	227.5


Group Division
Unamortized balance, beginning of period	$	3.6		$	3.8		$	3.5		$	3.4		$	3.2
Deferral of acquisition costs:
Other acquisition expenses		1.9			1.9			2.4			2.1			2.1

Total deferral of acquisition costs		1.9			1.9			2.4			2.1			2.1
Amortization		(2.1	)		(2.1	)		(2.1	)		(2.0	)		(1.9	)

Unamortized balance, end of period		3.4			3.6			3.8			3.5			3.4

DAC balance, end of period	$	3.4		$	3.6		$	3.8		$	3.5		$	3.4


Retirement Division — Deferred Annuities
Unamortized balance, beginning of period	$	283.2		$	274.6		$	271.6		$	255.7		$	249.1
Deferral of acquisition costs:
Commissions		24.4			16.9			12.8			25.9			16.0
Other acquisition expenses		4.9			4.8			4.1			4.8			4.7

Total deferral of acquisition costs		29.3			21.7			16.9			30.7			20.7
Adjustments related to investment gains		(0.7	)		(0.8	)		(0.6	)		(1.2	)		(0.9	)
Amortization		(15.6	)		(12.3	)		(13.3	)		(13.6	)		(13.2	)
Unlocking		—			—			—			—			—

Total amortization		(15.6	)		(12.3	)		(13.3	)		(13.6	)		(13.2	)

Unamortized balance, end of period		296.2			283.2			274.6			271.6			255.7
Accum effect of net unrealized gains		(136.2	)		(132.4	)		(201.7	)		(157.9	)		(110.0	)

DAC balance, end of period	$	160.0		$	150.8		$	72.9		$	113.7		$	145.7


Retirement Division — Income Annuities
Unamortized balance, beginning of period	$	31.2		$	28.9		$	27.0		$	24.7		$	22.4
Deferral of acquisition costs:
Commissions		2.3			2.5			2.1			2.3			2.4
Other acquisition expenses		0.3			0.3			0.4			0.4			0.4

Total deferral of acquisition costs		2.6			2.8			2.5			2.7			2.8
Amortization		(0.7	)		(0.5	)		(0.6	)		(0.4	)		(0.5	)

Unamortized balance, end of period		33.1			31.2			28.9			27.0			24.7

DAC balance, end of period	$	33.1		$	31.2		$	28.9		$	27.0		$	24.7


Life Division
Unamortized balance, beginning of period	$	69.4		$	62.4		$	58.7		$	56.0		$	51.0
Deferral of acquisition costs:
Commissions		2.1			2.0			3.2			2.4			3.1
Other acquisition expenses		1.1			5.8			2.5			1.3			1.8

Total deferral of acquisition costs		3.2			7.8			5.7			3.7			4.9
Adjustments related to inv (gains) losses		—			0.1			—			—			(0.1	)
Amortization		(1.7	)		(0.9	)		(1.6	)		(1.0	)		(1.5	)
Unlocking		—			—			(0.4	)		—			1.7

Total amortization		(1.7	)		(0.9	)		(2.0	)		(1.0	)		0.2

Unamortized balance, end of period		70.9			69.4			62.4			58.7			56.0
Accum effect of net unrealized gains		(4.9	)		(5.0	)		(7.1	)		(3.9	)		(2.3	)

DAC balance, end of period	$	66.0		$	64.4		$	55.3		$	54.8		$	53.7

Symetra Financial Corporation
1Q 2011 Financial Supplement
Account Value and Reserve Roll Forwards
(In millions)


	For the Three Months Ended
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2011			2010			2010			2010			2010
Retirement Division:
Deferred Annuities:
Fixed Account Values
Account value, beginning of period	$	9,243.7		$	8,805.6		$	8,574.0		$	8,005.4		$	7,655.7
Deposits		659.2			560.3			321.1			667.6			422.8
Interest credited		88.2			88.8			84.9			80.4			77.2
Withdrawals and transfers		(203.4	)		(207.5	)		(177.3	)		(174.6	)		(168.9	)
Other		6.2			(3.5	)		2.9			(4.8	)		18.6

Account value, end of period	$	9,793.9		$	9,243.7		$	8,805.6		$	8,574.0		$	8,005.4

Income Annuities:
Reserves
Reserves, beginning of period	$	6,676.8		$	6,676.8		$	6,716.8		$	6,726.7		$	6,726.3
Deposits		65.3			67.1			56.7			67.6			62.8
Interest credited		96.2			96.2			96.3			96.8			97.0
Benefit payments		(146.2	)		(161.9	)		(186.1	)		(167.9	)		(147.2	)
Other		(10.7	)		(1.4	)		(6.9	)		(6.4	)		(12.2	)

Reserves, end of period	$	6,681.4		$	6,676.8		$	6,676.8		$	6,716.8		$	6,726.7

Life Division:
BOLI Account Values
Account value, beginning of period	$	4,365.4		$	3,969.7		$	3,886.0		$	3,853.2		$	3,789.1
Deposits		—			358.2			74.5			—			27.6
Interest credited		54.1			54.6			55.7			52.0			52.0
Surrenders/claims		(13.8	)		—			(32.2	)		(0.3	)		—
Administrative charges and other		(2.7	)		(17.1	)		(14.3	)		(18.9	)		(15.5	)

Account value, end of period	$	4,403.0		$	4,365.4		$	3,969.7		$	3,886.0		$	3,853.2

UL Account Values
Account value, beginning of period	$	607.0		$	596.9		$	588.9		$	585.3		$	583.8
Deposits		28.3			25.0			22.2			19.1			22.5
Interest credited		6.4			6.3			6.4			6.1			0.4
Surrenders/claims		(13.3	)		(6.6	)		(5.9	)		(7.3	)		(7.3	)
Administrative charges and other		(11.1	)		(14.6	)		(14.7	)		(14.3	)		(14.1	)

Account value, end of period	$	617.3		$	607.0		$	596.9		$	588.9		$	585.3

Symetra Financial Corporation
1Q 2011 Financial Supplement
Overview of Liabilities and Associated Unrealized Gains

(In millions)


	As of Mar. 31, 2011
	Policyholder					Unrealized
	Liability		% of Total			gains⁷
Illiquid Liabilities
Structured settlements & other SPIAs ¹	$	6,679.8				$	194.1
Deferred annuities with 5 year payout provision or MVA²		377.9					16.7
Traditional insurance (net of reinsurance)³		185.8					8.9
Group health & life (net of reinsurance)³		90.6					2.6

Total illiquid liabilities		7,334.1		33.6	%		222.3

Somewhat Liquid Liabilities
Bank-owned life insurance (BOLI)⁴		4,482.7					139.4
Deferred annuities with surrender charges of 5% or higher		6,671.8					295.2
Universal life with surrender charges of 5% or higher		192.7					7.3

Total somewhat liquid liabilities		11,347.2		52.0	%		441.9

Fully Liquid Liabilities
Deferred annuities with surrender charges of:
3% up to 5%		494.8					21.9
Less than 3%		188.0					8.3
No surrender charges⁵		2,006.0					88.8
Universal life with surrender charges less than 5%		439.8					16.4
BOLI⁶		2.8					0.1
Traditional insurance (net of reinsurance)⁶		3.3					0.2
Group health & life (net of reinsurance)⁶		10.7					0.3

Total fully liquid liabilities		3,145.4		14.4	%		136.0

Assets supporting surplus portfolio							58.0

Total	$	21,826.7		100.0	%	$	858.2


Reconciliation of unrealized gains to AOCI:
Unrealized gains from above						$	858.2
Tax on unrealized gains and losses on available for sale securities							(300.4	)
Adjustment for deferred policy acquisition costs and deferred sales inducements valuation allowance, net of tax							(122.1	)
Other							(1.7	)

AOCI						$	434.0

¹ These contracts cannot be surrendered. The benefits are specified in the contracts as fixed amounts to be paid over the next several decades.

² In a liquidity crisis situation, we could invoke the five-year payout provision so that the contract value with interest is paid out ratably over five years.

³The surrender value on these contracts is generally zero. Represents incurred but not reported claim liabilities.

⁴ The biggest deterrent to surrender is the taxation on the gain within these contracts, which includes a 10% non-deductible penalty tax. Banks can exchange certain of these contracts with other carriers, tax-free. However, a significant portion of this business may not qualify for this tax-free treatment due to the employment status of the original covered employees and charges may be applicable.

⁵ Approximately half of this business has been with the Company for over a decade, contains lifetime minimum interest guarantees of 4.0% to 4.5% and has been free of surrender charges for many years. This business has experienced high persistency given the high lifetime guarantees that have not been available in the market on new issues for many years.

⁶ Represents reported claim liabilities.

⁷ Represents the pre-tax unrealized gains of the investment portfolio supporting the related policyholder liability.

Symetra Financial Corporation
1Q 2011 Financial Supplement
Investments Summary
(In millions)


	As of
	Mar. 31,						Dec. 31,						Sep. 30,						Jun. 30,						Mar. 31,
	2011			%			2010			%			2010			%			2010			%			2010			%
Portfolio Composition:
Available-for-sale securities:
Fixed maturities, at fair value	$	21,785.4			90.0	%	$	21,281.8			90.6	%	$	21,450.1			91.7	%	$	20,612.2			92.2	%	$	19,390.6			92.0	%
Marketable equity securities, at fair value		46.4			0.2	%		45.1			0.2	%		45.4			0.2	%		43.9			0.2	%		37.6			0.2	%
Trading securities:
Marketable equity securities, at fair value		224.7			0.9	%		189.3			0.8	%		158.8			0.7	%		141.0			0.6	%		151.0			0.7	%
Mortgage loans, net		1,862.0			7.7	%		1,713.0			7.3	%		1,493.4			6.4	%		1,338.1			6.0	%		1,225.9			5.8	%
Policy loans		70.4			0.3	%		71.5			0.3	%		71.7			0.3	%		72.3			0.3	%		73.4			0.4	%
Short-term investments		2.4			0.0	%		2.5			0.0	%		2.7			0.0	%		2.7			0.0	%		54.0			0.3	%
Investment in limited partnerships		198.8			0.8	%		186.9			0.8	%		169.1			0.7	%		136.9			0.6	%		130.6			0.6	%
Other invested assets		10.4			0.1	%		10.1			0.0	%		9.3			0.0	%		9.3			0.1	%		9.1			0.0	%

Total investments		24,200.5			100.0	%		23,500.2			100.0	%		23,400.5			100.0	%		22,356.4			100.0	%		21,072.2			100.0	%

Cash and cash equivalents		307.9						274.6						197.2						322.7						389.3

Total investments, cash and cash equivalents	$	24,508.4					$	23,774.8					$	23,597.7					$	22,679.1					$	21,461.5

Fixed Maturities Securities by Credit Quality¹:
1: AAA, AA, A	$	13,141.0			60.3	%	$	13,042.4			61.3	%	$	12,798.7			59.7	%	$	12,116.4			58.8	%	$	11,350.3			58.5	%
2: BBB		7,306.9			33.6	%		6,981.9			32.8	%		7,681.7			35.8	%		7,465.0			36.2	%		6,960.2			35.9	%

Total investment grade		20,447.9			93.9	%		20,024.3			94.1	%		20,480.4			95.5	%		19,581.4			95.0	%		18,310.5			94.4	%

3: BB		719.5			3.3	%		679.0			3.2	%		570.4			2.7	%		642.0			3.1	%		688.4			3.6	%
4: B		462.7			2.1	%		393.8			1.8	%		268.1			1.2	%		264.6			1.3	%		250.2			1.3	%
5: CCC & lower		146.6			0.7	%		164.8			0.8	%		111.0			0.5	%		105.4			0.5	%		122.7			0.6	%
6: In or near default		8.7			0.0	%		19.9			0.1	%		20.2			0.1	%		18.8			0.1	%		18.8			0.1	%

Total below investment grade		1,337.5			6.1	%		1,257.5			5.9	%		969.7			4.5	%		1,030.8			5.0	%		1,080.1			5.6	%

Total fixed maturities	$	21,785.4			100.0	%	$	21,281.8			100.0	%	$	21,450.1			100.0	%	$	20,612.2			100.0	%	$	19,390.6			100.0	%

Fixed Maturities by Issuer Type:
U.S. government and agencies	$	156.7			0.7	%	$	33.1			0.2	%	$	96.0			0.5	%	$	123.0			0.6	%	$	44.1			0.2	%
State and political subdivisions		462.8			2.1	%		452.8			2.1	%		473.3			2.2	%		471.8			2.3	%		489.9			2.5	%
Foreign governments		21.7			0.1	%		23.6			0.1	%		24.9			0.1	%		25.0			0.1	%		26.2			0.1	%
Corporate securities		14,996.9			68.8	%		14,541.4			68.3	%		14,779.3			68.9	%		14,025.0			68.1	%		13,049.3			67.3	%
Residential mortgage-backed securities		3,815.3			17.5	%		3,801.6			17.9	%		3,840.0			17.9	%		3,806.2			18.4	%		3,649.3			18.8	%
Commercial mortgage-baced securities		1,802.9			8.3	%		1,887.3			8.9	%		1,911.0			8.9	%		1,829.5			8.9	%		1,774.8			9.2	%
Other debt obligations		529.1			2.5	%		542.0			2.5	%		325.6			1.5	%		331.7			1.6	%		357.0			1.9	%

Total fixed maturities	$	21,785.4			100.0	%	$	21,281.8			100.0	%	$	21,450.1			100.0	%	$	20,612.2			100.0	%	$	19,390.6			100.0	%

Effective Duration		5.6						5.5						5.4						5.4						5.3

Average Investment Yield		5.32	%					5.49	%					5.51	%					5.50	%					5.48	%

	For the Three Months Ended
	Mar. 31,						Dec. 31,						Sep. 30,						Jun. 30,						Mar. 31,
	2011			%			2010			%			2010			%			2010			%			2010			%
Average Daily Cash and Cash Equivalent Balances:
Group Division	$	5.7			2.3	%	$	8.8			2.8	%	$	10.5			4.7	%	$	9.5			3.2	%	$	5.6			1.5	%
Retirement Division:
Deferred Annuities		113.2			46.4	%		150.6			47.5	%		54.4			24.3	%		174.4			57.9	%		177.6			48.2	%
Income Annuities		25.8			10.6	%		11.4			3.6	%		21.6			9.6	%		8.2			2.7	%		19.0			5.2	%
Life Division		85.6			35.1	%		124.9			39.4	%		112.9			50.3	%		42.6			14.1	%		31.2			8.5	%
Other		13.8			5.6	%		21.1			6.7	%		24.8			11.1	%		66.5			22.1	%		134.9			36.6	%

Total	$	244.1			100.0	%	$	316.8			100.0	%	$	224.2			100.0	%	$	301.2			100.0	%	$	368.3			100.0	%


	For the Three Months Ended
	Mar. 31,						Dec. 31,						Sep. 30,						Jun. 30,						Mar. 31,
	2011						2010						2010						2010						2010
MBS Prepayment Speed Adjustment:²
Group Division	$	-					$	-					$	-					$	0.1					$	-
Retirement Division:
Deferred Annuities		0.2						0.2						0.1						(0.2	)					0.3
Income Annuities		1.8						3.2						0.1						(0.1	)					(0.2	)
Life Division		0.8						1.1						-						0.2						(0.1	)
Other		0.3						0.1						0.1						(0.1	)					-

Total	$	3.1					$	4.6					$	0.3					$	(0.1	)				$	-

¹ Credit quality is based on NAIC (National Association of Insurance Commissioners) designation with presentation of the S&P equivalent credit ratings.

² MBS prepayment speed adjustment is the impact to net investment income due to the change in prepayment speeds on the underlying collateral of mortgage-backed securities.

Symetra Financial Corporation
1Q 2011 Financial Supplement
Sales by Segment and Product
(In millions)


	For the Three Months Ended
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
	2011		2010		2010		2010		2010
Group Division
Medical stop-loss	$	41.9	$	11.7	$	15.1	$	13.9	$	38.4
Limited benefit medical		6.0		2.9		2.8		5.4		2.2
Group life & disability		0.8		0.5		0.5		1.3		0.8

Total	$	48.7	$	15.1	$	18.4	$	20.6	$	41.4

Retirement Division — Deferred Annuities
Fixed annuities	$	609.0	$	514.0	$	276.5	$	616.8	$	369.5
Variable annuities		6.0		4.4		5.4		4.0		4.7
Retirement plans		3.4		4.5		4.5		3.1		3.3

Total	$	618.4	$	522.9	$	286.4	$	623.9	$	377.5

Retirement Division — Income Annuities
SPIA	$	33.1	$	31.9	$	31.4	$	47.2	$	43.1
Structured settlements		31.4		36.0		26.6		20.6		23.2

Total	$	64.5	$	67.9	$	58.0	$	67.8	$	66.3

Life Division
Term life insurance	$	0.4	$	0.4	$	1.1	$	1.1	$	1.5
Permanent life insurance		2.0		2.0		1.5		1.3		1.3
BOLI		—		35.9		7.5		—		2.7

Total	$	2.4	$	38.3	$	10.1	$	2.4	$	5.5

Note: All sales are net of first year policy lapses and/or surrenders.

Symetra Financial Corporation
1Q 2011 Financial Supplement
Book Value, Adjusted Book Value and Statutory Book Value per Share
(In millions, except per share amounts)


							As of
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2011			2010			2010			2010			2010
Book value per common share ¹	$	17.68		$	17.35		$	19.77		$	17.08		$	14.39

Non-GAAP Financial Measures:
Adjusted book value per common share ²	$	16.85		$	16.48		$	16.01		$	15.58		$	15.35
Adjusted book value per common share, as converted ³	$	16.11		$	15.79		$	15.38		$	15.02		$	14.81
Statutory book value per common share ⁴	$	16.76		$	16.39		$	15.97		$	15.58		$	15.26

Numerator:
Total stockholders’ equity	$	2,431.0		$	2,380.6		$	2,711.3		$	2,342.8		$	1,971.7
AOCI ⁵		434.0			432.5			819.4			501.1			159.5

Adjusted book value	$	1,997.0		$	1,948.1		$	1,891.9		$	1,841.7		$	1,812.2

Assumed proceeds from exercise of warrants		218.1			218.1			218.1			218.1			218.1

Adjusted book value, as converted	$	2,215.1		$	2,166.2		$	2,110.0		$	2,059.8		$	2,030.3

Total stockholders’ equity	$	2,431.0		$	2,380.6		$	2,711.3		$	2,342.8		$	1,971.7
Stockholders’ equity of non-insurance entities		(250.8	)		(238.6	)		(227.0	)		(214.0	)		(224.2	)
Statutory adjustments		(400.0	)		(389.7	)		(757.0	)		(421.7	)		(80.7	)
Asset valuation reserve (AVR)		206.1			185.1			159.8			133.8			135.6

Statutory book value	$	1,986.3		$	1,937.4		$	1,887.1		$	1,840.9		$	1,802.4

Denominator: ⁶
Basic common shares outstanding		118.535			118.216			118.171			118.175			118.086
Diluted common shares outstanding		137.511			137.192			137.147			137.151			137.062

¹ Book value per common share is calculated based on stockholders’ equity divided by diluted common shares outstanding.

² Adjusted book value per common share is calculated based on stockholders’ equity less AOCI, divided by basic common shares outstanding.

³ Adjusted book value per common share, as converted gives effect to the exercise of the outstanding warrants and is calculated based on stockholders’ equity less AOCI plus the assumed proceeds from the warrants, divided by diluted common shares outstanding.

⁴ Statutory book value per common share is calculated based on statutory book value divided by basic common shares outstanding.

⁵ Accumulated other comprehensive income (loss) (net of taxes).


							As of
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2011			2010			2010			2010			2010
⁶Reconciliation of outstanding shares:
Basic common shares outstanding, beginning of period		118.216			118.171			118.175			118.086			92.729
Primary shares issued in IPO		-			-			-			-			25.260
Employee stock purchase plan shares issued		0.024			0.033			-			-			-
Restricted shares issued		0.297			0.030			0.010			0.137			0.097
Restricted shares forfeited		(0.002	)		(0.018	)		(0.014	)		-			-
Shares repurchased/retired					-			-			(0.048	)		-

Basic common shares outstanding, end of period		118.535			118.216			118.171			118.175			118.086
Outstanding warrants		18.976			18.976			18.976			18.976			18.976

Diluted common shares outstanding, end of period		137.511			137.192			137.147			137.151			137.062

Symetra Financial Corporation
1Q 2011 Financial Supplement
ROE and Operating ROAE
(In millions)


	Twelve Months Ended
	Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,
	2011		2010		2010		2010		2010
ROE:
Net income for the twelve months ended¹	$	209.5	$	200.9	$	170.8	$	158.3	$	169.5
Average stockholders’ equity ²	$	2,367.5	$	2,167.9	$	1,987.9	$	1,598.4	$	1,169.5

ROE		8.8%		9.3%		8.6%		9.9%		14.5%

Operating ROAE:
Adjusted operating income for the twelve months ended¹	$	178.4	$	175.2	$	159.9	$	153.8	$	157.6
Average adjusted book value³	$	1,898.2	$	1,795.4	$	1,695.9	$	1,598.8	$	1,502.4

Operating ROAE		9.4%		9.8%		9.4%		9.6%		10.5%

¹ The twelve months ended information is derived by adding the four most recent quarters of net income or adjusted operating income.

² Average stockholders’ equity is derived by averaging ending stockholders’ equity for the most recent five quarters.

³ Average adjusted book value is derived by averaging ending stockholders’ equity less AOCI, for the most recent five quarters.

Calculation of average stockholders’ equity:

The following data can be used to recalculate the average stockholders’ equity and average adjusted book value amounts used in the calculation of ROE and operating ROAE.


		As of
		2011		2010		2009
Stockholders’ Equity
	Dec. 31			$	2,380.6	$	1,433.3
	Sep. 30				2,711.3		1,480.5
	Jun. 30				2,342.8		763.7
	Mar. 31		2,431.0		1,971.7		198.5
AOCI
	Dec. 31			$	432.5	$	(49.7	)
	Sep. 30				819.4		29.8
	Jun. 30				501.1		(642.9	)
	Mar. 31		434.0		159.5		(1,161.1	)

Reconciliation of adjusted operating income:

The following data in connection with other data found throughout the supplement can be used to recalculate adjusted operating income for the twelve months ended September 30, 2010, June 30, 2010, and March 31, 2010.


	Three Months Ended
	Dec. 31,			Sep. 30,		Jun. 30,
	2009			2009		2009
Net income	$	32.1		$	44.1	$	47.0
Less: Net realized investment gains (losses) (net of taxes)		(0.2	)		7.3		1.8
Add: Net investment gains on FIA options (net of taxes)		0.4			0.9		0.1

Adjusted operating income	$	32.7		$	37.7	$	45.3

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