Symetra Financial CORP - FORM 8-K - EX-99.2 - QUARTERLY FINANCIAL SUPPLEMENT

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8-K - FORM 8-K - Symetra Financial CORP	d427672d8k.htm
EX-99.1 - PRESS RELEASE - Symetra Financial CORP	d427672dex991.htm

Exhibit 99.2

October 24, 2012

THIRD QUARTER 2012

Symetra Financial Corporation (SYA)

Financial Supplement

All financial information in this document is unaudited

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Symetra Financial Corporation

Financial Supplement

Table of Contents

September 30, 2012

Note: Historical data has been restated to reflect Symetra’s retrospective adoption of a new accounting standard for deferred acquisition costs (DAC) on January 1, 2012.


	Page
Financial Highlights		1

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

*Segment Results*
Benefits Division		5
Retirement Division:
Deferred Annuities		6
Income Annuities		7
Individual Life Division		8
Other		9

Additional Financial Data
Deferred Policy Acquisition Costs (DAC) Roll Forwards		10
Account Value and Reserve Roll Forwards		11
Overview of Liabilities and Associated Unrealized Gains		12
Investments Summary		13
Investments Income Statement Data		14
Sales by Segment and Product		15
Book Value, Adjusted Book Value and Statutory Book Value per Share		16
ROE and Operating ROAE		17

Addendum
RMBS Prepayment Exposure		18
CMBS Prepayment Exposure		19
European Exposure		20

Symetra Financial Corporation

3Q 2012 Financial Supplement

Financial Highlights

(In millions, except per share or percentage data)


	For the Three Months Ended															For the Nine Months Ended
	Sep. 30, 2012			Jun. 30, 2012			Mar. 31, 2012			Dec. 31, 2011			Sep. 30, 2011			Sep. 30, 2012			Sep. 30, 2011
Net income		$	55.2		$	43.8		$	75.4		$	73.7		$	10.5		$	174.4		$	122.1

Net income per common share ¹
Basic		$	0.40		$	0.32		$	0.55		$	0.54		$	0.08		$	1.26		$	0.89
Diluted		$	0.40		$	0.32		$	0.55		$	0.54		$	0.08		$	1.26		$	0.89

Weighted-average common shares outstanding:
Basic			138.091			138.090			137.776			137.585			137.559			137.986			137.459
Diluted			138.094			138.094			137.781			137.595			137.571			137.990			137.470

Non-GAAP Financial Measures ²
Adjusted operating income		$	45.9		$	47.2		$	59.3		$	51.1		$	46.9		$	152.4		$	139.1

Adjusted operating income per common share: ¹
Basic		$	0.33		$	0.34		$	0.43		$	0.37		$	0.34		$	1.10		$	1.01
Diluted		$	0.33		$	0.34		$	0.43		$	0.37		$	0.34		$	1.10		$	1.01


	As of
	Sep. 30, 2012				Jun. 30, 2012				Mar. 31, 2012				Dec. 31, 2011				Sep. 30, 2011
Consolidated Balance Sheet Data
Total investments		$	27,492.3			$	27,037.6			$	26,415.0			$	26,171.7			$	25,852.2

Total assets			29,497.7				28,997.9				28,544.7				28,183.3				27,789.3

Notes payable			449.3				449.3				449.2				449.2				449.2

Accumulated other comprehensive income (net of taxes) (AOCI)			1,404.3				1,188.0				1,000.1				1,027.3				1,021.1

Total stockholders’ equity			3,641.2				3,378.4				3,154.7				3,114.9				3,042.2

U.S. Statutory Financial Information:
Statutory capital and surplus		$	1,906.5			$	1,868.3			$	1,842.8			$	1,822.8			$	1,806.9
Asset valuation reserve (AVR)			252.2				239.8				244.2				220.7				189.8


Statutory book value		$	2,158.7			$	2,108.1			$	2,087.0			$	2,043.5			$	1,996.7



Common shares outstanding, end of period (page 16)			119.120				119.131				119.074				118.637				118.595

Book value per common share		$	26.37			$	24.46			$	22.85			$	22.64			$	22.11

Debt to capital ratio			11.0	%			11.7	%			12.5	%			12.6	%			12.9	%

Non-GAAP Financial Measures ²
Adjusted book value (stockholders’ equity excluding AOCI)		$	2,236.9			$	2,190.4			$	2,154.6			$	2,087.6			$	2,021.1
Adjusted book value per common share :
Adjusted book value per common share ³		$	18.78			$	18.39			$	18.09			$	17.60			$	17.04
Adjusted book value per common share, as converted ⁴		$	17.78			$	17.44			$	17.19			$	16.75			$	16.28
Statutory book value per common share ⁵		$	18.12			$	17.70			$	17.53			$	17.22			$	16.84

Debt to capital ratio, excluding AOCI ⁶			16.7	%			17.0	%			17.3	%			17.7	%			18.2	%


	For the Twelve Months Ended
	Sep. 30, 2012			Jun. 30, 2012			Mar. 31, 2012			Dec. 31, 2011			Sep. 30, 2011
ROE		7.6	%		6.6	%		7.6	%		7.2	%		7.0	%

Non-GAAP Financial Measure ²
Operating ROAE ⁷		9.5	%		9.8	%		10.0	%		9.5	%		9.5	%

¹Basic 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, 16, and 17, respectively.

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

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 and shares subject to outstanding warrants.

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

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

3Q 2012 Financial Supplement

Consolidated Income Statement Data

(In millions, except per share data)


	For the Three Months Ended										For the Nine Months Ended
	Sep. 30, 2012		Jun. 30, 2012		Mar. 31, 2012		Dec. 31, 2011		Sep. 30, 2011		Sep. 30, 2012		Sep. 30, 2011
Revenues:
Premiums	$	154.1	$	146.8	$	150.3	$	149.7	$	150.5	$	451.2	$	390.8
Net investment income		312.3		319.2		320.5		333.2		315.5		952.0		937.7
Policy fees, contract charges and other		47.1		48.8		46.3		44.6		45.5		142.2		136.1
Net realized investment gains (losses):
Total other-than-temporary impairment losses on securities		(16.0)		(11.1)		(3.6)		(4.2)		(5.0)		(30.7)		(9.0)
Less: portion recognized in other comprehensive income		2.7		1.7		1.1		(1.3)		0.1		5.5		0.4

Net impairment losses recognized in earnings		(13.3)		(9.4)		(2.5)		(5.5)		(4.9)		(25.2)		(8.6)
Other net realized investment gains (losses)		28.8		3.0		28.4		39.6		(51.7)		60.2		(18.3)

Total net realized investment gains (losses)		15.5		(6.4)		25.9		34.1		(56.6)		35.0		(26.9)
Total revenues		529.0		508.4		543.0		561.6		454.9		1,580.4		1,437.7

Benefits and expenses:
Policyholder benefits and claims		111.1		104.5		105.2		96.0		109.4		320.8		285.4
Interest credited		235.4		230.3		229.5		243.2		229.3		695.2		682.7
Other underwriting and operating expenses		88.9		92.6		83.0		87.3		82.6		264.5		230.6
Interest expense		8.2		8.2		8.2		8.1		8.0		24.6		24.0
Amortization of deferred policy acquisition costs		17.9		15.4		15.8		21.1		15.0		49.1		47.7

Total benefits and expenses		461.5		451.0		441.7		455.7		444.3		1,354.2		1,270.4


Income from operations before income taxes		67.5		57.4		101.3		105.9		10.6		226.2		167.3
Provision (benefit) for income taxes:
Current		(0.3)		18.6		(6.3)		17.7		26.0		12.0		68.3
Deferred		12.6		(5.0)		32.2		14.5		(25.9)		39.8		(23.1)

Total provision for income taxes		12.3		13.6		25.9		32.2		0.1		51.8		45.2

Net income	$	55.2	$	43.8	$	75.4	$	73.7	$	10.5	$	174.4	$	122.1


Net income per common share: ¹
Basic	$	0.40	$	0.32	$	0.55	$	0.54	$	0.08	$	1.26	$	0.89
Diluted	$	0.40	$	0.32	$	0.55	$	0.54	$	0.08	$	1.26	$	0.89

Weighted-average number of common shares outstanding:
Basic		138.091		138.090		137.776		137.585		137.559		137.986		137.459
Diluted		138.094		138.094		137.781		137.595		137.571		137.990		137.470

Cash dividends declared per common share	$	0.07	$	0.07	$	0.07	$	0.06	$	0.06	$	0.21	$	0.17
Non-GAAP Financial Measures:

Adjusted operating income	$	45.9	$	47.2	$	59.3	$	51.1	$	46.9	$	152.4	$	139.1


Adjusted operating income per common share:¹
Basic	$	0.33	$	0.34	$	0.43	$	0.37	$	0.34	$	1.10	$	1.01
Diluted	$	0.33	$	0.34	$	0.43	$	0.37	$	0.34	$	1.10	$	1.01

Weighted-average number of common shares outstanding:
Basic		138.091		138.090		137.776		137.585		137.559		137.986		137.459
Diluted		138.094		138.094		137.781		137.595		137.571		137.990		137.470
Reconciliation to net income:
Net income	$	55.2	$	43.8	$	75.4	$	73.7	$	10.5	$	174.4	$	122.1
Less: Net realized investment gains (losses) (net of taxes)		10.1		(4.2)		16.9		22.2		(36.8)		22.8		(17.5)
Add: Net realized gains (losses) — FIA (net of taxes)		0.8		(0.8)		0.8		(0.4)		(0.4)		0.8		(0.5)

Adjusted operating income	$	45.9	$	47.2	$	59.3	$	51.1	$	46.9	$	152.4	$	139.1

Symetra Financial Corporation

3Q 2012 Financial Supplement

Consolidated Balance Sheet Data

(In millions)


	Sep. 30, 2012		Jun. 30, 2012		Mar. 31, 2012		Dec. 31, 2011		Sep. 30, 2011
Assets
Investments:
Available-for-sale securities:
Fixed maturities, at fair value	$	23,620.9	$	23,300.8	$	22,944.8	$	22,905.2	$	22,881.6
Marketable equity securities, at fair value		48.4		49.8		48.6		50.3		50.3
Trading securities:
Marketable equity securities, at fair value		535.8		501.8		406.0		381.7		338.1
Mortgage loans, net		2,939.8		2,827.8		2,671.1		2,517.6		2,277.3
Policy loans		67.0		67.8		70.0		69.0		69.5
Investments in limited partnerships		242.2		247.7		245.7		226.9		214.6
Other invested assets		38.2		41.9		28.8		21.0		20.8

Total investments		27,492.3		27,037.6		26,415.0		26,171.7		25,852.2
Cash and cash equivalents		238.4		172.6		279.2		242.3		182.8
Accrued investment income		273.5		272.7		273.0		269.4		271.4
Reinsurance recoverables		297.5		293.4		294.4		295.6		291.5
Deferred policy acquisition costs		146.1		173.2		182.1		186.0		174.7
Receivables and other assets		230.1		249.0		248.0		222.5		270.4
Separate account assets		819.8		799.4		853.0		795.8		746.3

Total assets	$	29,497.7	$	28,997.9	$	28,544.7	$	28,183.3	$	27,789.3

Liabilities and stockholders’ equity
Funds held under deposit contracts	$	22,963.0	$	22,941.0	$	22,700.6	$	22,449.5	$	22,223.4
Future policy benefits		390.5		391.5		390.9		391.2		398.9
Policy and contract claims		159.7		160.1		148.0		170.9		170.4
Other policyholders’ funds		112.1		113.8		143.2		129.0		126.3
Notes payable		449.3		449.3		449.2		449.2		449.2
Deferred income tax liabilities, net		637.8		508.7		412.6		395.0		377.3
Other liabilities		324.3		255.7		292.5		287.8		255.3
Separate account liabilities		819.8		799.4		853.0		795.8		746.3

Total liabilities		25,856.5		25,619.5		25,390.0		25,068.4		24,747.1
Preferred stock		—		—		—		—		—
Common stock		1.2		1.2		1.2		1.2		1.2
Additional paid-in-capital		1,458.5		1,457.6		1,455.9		1,454.6		1,453.6
Retained earnings		777.2		731.6		697.5		631.8		566.3
Accumulated other comprehensive income, net of taxes		1,404.3		1,188.0		1,000.1		1,027.3		1,021.1

Total stockholders’ equity		3,641.2		3,378.4		3,154.7		3,114.9		3,042.2

Total liabilities and stockholders’ equity	$	29,497.7	$	28,997.9	$	28,544.7	$	28,183.3	$	27,789.3

Symetra Financial Corporation

3Q 2012 Financial Supplement

Segment Income Statement Data

(In millions)


	For the Three Months Ended										For the Nine Months Ended
	Sep. 30, 2012		Jun. 30, 2012		Mar. 31, 2012		Dec. 31, 2011		Sep. 30, 2011		Sep. 30, 2012		Sep. 30, 2011
Operating revenues:
Benefits Division	$	152.3	$	146.7	$	148.9	$	148.7	$	149.2	$	447.9	$	384.6
Retirement Division:
Deferred Annuities		141.8		139.1		140.7		147.5		137.2		421.6		399.0
Income Annuities		102.6		106.5		105.3		104.5		102.5		314.4		310.4
Individual Life Division		113.0		113.3		113.1		116.7		110.9		339.4		335.3
Other		4.9		8.0		10.3		9.4		11.1		23.2		34.6

Operating revenues		514.6		513.6		518.3		526.8		510.9		1,546.5		1,463.9
Add: Net realized investment gains (losses) — excluding FIA		14.4		(5.2)		24.7		34.8		(56.0)		33.9		(26.2)

Revenues	$	529.0	$	508.4	$	543.0	$	561.6	$	454.9	$	1,580.4	$	1,437.7

Segment pre-tax adjusted operating income (loss):
Benefits Divison	$	16.7	$	16.3	$	25.1	$	24.2	$	21.9	$	58.1	$	54.9
Retirement Division:
Deferred Annuities		24.0		23.8		25.8		27.5		26.5		73.6		68.3
Income Annuities		8.6		16.8		14.5		6.5		7.1		39.9		28.6
Individual Life Division		13.8		13.2		14.5		18.1		12.8		41.5		47.2
Other		(10.0)		(7.5)		(3.3)		(5.2)		(1.7)		(20.8)		(5.5)

Pre-tax adjusted operating income ¹		53.1		62.6		76.6		71.1		66.6		192.3		193.5
Add: Net realized investment gains (losses) — excluding FIA		14.4		(5.2)		24.7		34.8		(56.0)		33.9		(26.2)

Income from operations before income taxes	$	67.5	$	57.4	$	101.3	$	105.9	$	10.6	$	226.2	$	167.3

¹ Pre-tax adjusted operating income is a non-GAAP measure, calculated as adjusted operating income on a pre-tax basis. It also represents the cumulative total of segment pre-tax adjusted operating income, which at the segment level is a GAAP measure. Income from operations before income taxes is the most directly comparable measure to pre-tax adjusted operating income.

Symetra Financial Corporation

3Q 2012 Financial Supplement

Benefits Division

(In millions)


	For the Three Months Ended										For the Nine Months Ended
	Sep. 30, 2012		Jun. 30, 2012		Mar. 31, 2012		Dec. 31, 2011		Sep. 30, 2011		Sep. 30, 2012		Sep. 30, 2011 ⁶
Operating revenues:
Premiums	$	144.9	$	137.9	$	140.5	$	140.5	$	140.8	$	423.3	$	360.6
Net investment income		5.5		5.3		5.4		4.9		4.6		16.2		13.2
Policy fees, contract charges and other		1.9		3.5		3.0		3.3		3.8		8.4		10.8

Total operating revenues		152.3		146.7		148.9		148.7		149.2		447.9		384.6

Benefits and expenses:
Policyholder benefits and claims		94.9		90.3		86.6		83.7		89.6		271.8		232.4
Other underwriting and operating expenses		40.7		40.1		37.2		40.8		37.7		118.0		97.3

Total benefits and expenses		135.6		130.4		123.8		124.5		127.3		389.8		329.7

Segment pre-tax adjusted operating income	$	16.7	$	16.3	$	25.1	$	24.2	$	21.9	$	58.1	$	54.9


Operating Metrics:
Loss ratio ¹		65.5%		65.5%		61.6%		59.6%		63.6%		64.2%		64.4%
Expense ratio ²		27.9%		29.1%		26.6%		27.5%		26.0%		27.8%		26.2%

Combined ratio ³		93.4%		94.6%		88.2%		87.1%		89.6%		92.0%		90.6%

Medical stop-loss — loss ratio ⁴		66.4%		65.8%		61.9%		61.4%		65.4%		64.7%		66.0%
Total sales ⁵	$	31.3	$	35.6	$	66.7	$	26.5	$	20.1	$	133.6	$	92.2
Premiums:
Medical stop-loss	$	128.1	$	122.3	$	125.7	$	126.0	$	126.4	$	376.1	$	319.7
Limited benefit medical		13.6		12.1		11.9		11.6		11.5		37.6		32.7
Group life & disability		3.2		3.5		2.9		2.9		2.9		9.6		8.2

Total premiums earned	$	144.9	$	137.9	$	140.5	$	140.5	$	140.8	$	423.3	$	360.6

5 Year Historical Loss Ratio ¹:


	For the Three Months Ended												For the Year Ended
	1Q			2Q			3Q			4Q
2011		67.6	%		62.4	%		63.6	%		59.6	%		63.1	%
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	%

¹ 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 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.

⁶Includes impact of medical stop-loss business assumed from AUL on July 1, 2011.

Symetra Financial Corporation

3Q 2012 Financial Supplement

Retirement Division — Deferred Annuities

(In millions)


	For the Three Months Ended										For the Nine Months Ended
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Sep. 30,		Sep. 30,
	2012		2012		2012		2011		2011		2012		2011
Operating revenues:
Net investment income	$	135.6	$	135.2	$	134.4	$	143.4	$	132.9	$	405.2	$	384.2
Policy fees, contract charges and other		5.1		5.1		5.1		4.8		4.9		15.3		15.5
Net realized gains (losses) — FIA		1.1		(1.2)		1.2		(0.7)		(0.6)		1.1		(0.7)

Total operating revenues		141.8		139.1		140.7		147.5		137.2		421.6		399.0

Benefits and expenses:
Policyholder benefits and claims		—		0.1		(0.1)		(0.3)		0.6		—		0.5
Interest credited		85.2		80.8		82.2		84.3		80.7		248.2		238.2
Other underwriting and operating expenses		19.5		21.2		19.0		17.9		17.1		59.7		50.8
Amortization of deferred policy acquisition costs		13.1		13.2		13.8		18.1		12.3		40.1		41.2

Total benefits and expenses		117.8		115.3		114.9		120.0		110.7		348.0		330.7

Segment pre-tax adjusted operating income	$	24.0	$	23.8	$	25.8	$	27.5	$	26.5	$	73.6	$	68.3


Operating Metrics:
Account values — fixed annuities	$	10,987.2	$	10,963.7	$	10,807.7	$	10,613.1	$	10,422.4	$	10,987.2	$	10,422.4
Account values — variable annuities		734.3		715.9		763.8		713.8		670.9		734.3		670.9
Interest spread ¹		1.83%		1.88%		1.94%		2.18%		1.92%		1.88%		1.86%
Base earned yield ²		4.82%		4.87%		4.91%		4.94%		5.04%		4.87%		5.07%
Base credited rate ²		3.04%		3.03%		3.01%		3.13%		3.20%		3.03%		3.24%

Base interest spread ²		1.78%		1.84%		1.90%		1.81%		1.84%		1.84%		1.83%
Total sales ³	$	166.5	$	325.5	$	353.8	$	356.8	$	393.6	$	845.8	$	1,458.5

¹Interest spread is the difference between the net investment yield and the credited rate to policyholders. The net investment yield is the approximate yield on invested assets in the general account attributed to the segment. The credited rate is the approximate rate credited on policyholder fixed account values. Interest credited is subject to contractual terms, including minimum guarantees. Interest is credited on a daily basis and therefore quarters with more/less days of interest reduces/increases interest spread and base interest spread.

²Base interest spread is the interest spread adjusted to exclude items that can vary significantly from period to period due to a number of factors and, therefore, may contribute to results that are not indicative of the underlying trends. This is primarily the impact of asset prepayments, such as bond make whole premiums, the MBS prepayment speed adjustment, and deferred sales inducement unlocking. Interest is credited on a daily basis and therefore quarters with more/less days of interest reduces/increases interest spread and base interest spread.

³Total sales represent deposits for new policies net of first year policy lapses and/or surrenders.

Fixed Annuity Account Values by Contract Minimum Interest Guarantees as of September 30, 2012:

Contract Minimum Interest Guarantee ²

> 3.5% ¹

<= 3.5%
> 1.5%

<= 1.5%

Account values — fixed annuities

1,164.2

1,050.4

8,722.7

¹ The maximum interest is 4.5% on a $135.3 block of business.

² Excludes standard non-forfeiture impacts.

Symetra Financial Corporation

3Q 2012 Financial Supplement

Retirement Division — Income Annuities

(In millions)


	For the Three Months Ended										For the Nine Months Ended
	Sep. 30, 2012		Jun. 30, 2012		Mar. 31, 2012		Dec. 31, 2011		Sep. 30, 2011		Sep. 30, 2012		Sep. 30, 2011
Operating revenues:
Net investment income	$	100.9	$	104.5	$	104.1	$	103.9	$	101.9	$	309.5	$	309.2
Policy fees, contract charges and other		1.7		2.0		1.2		0.6		0.6		4.9		1.2

Total operating revenues		102.6		106.5		105.3		104.5		102.5		314.4		310.4

Benefits and expenses:
Interest credited		87.7		82.9		84.5		91.6		88.1		255.1		261.4
Other underwriting and operating expenses		5.4		5.9		5.7		5.8		6.7		17.0		18.5
Amortization of deferred policy acquisition costs		0.9		0.9		0.6		0.6		0.6		2.4		1.9

Total benefits and expenses		94.0		89.7		90.8		98.0		95.4		274.5		281.8

Segment pre-tax adjusted operating income	$	8.6	$	16.8	$	14.5	$	6.5	$	7.1	$	39.9	$	28.6


Operating Metrics:
Reserves ¹	$	6,576.7	$	6,613.6	$	6,610.0	$	6,608.3	$	6,618.9	$	6,576.7	$	6,618.9
Interest spread ²		0.56%		0.70%		0.59%		0.57%		0.53%		0.61%		0.53%
Base earned yield ³		6.04%		6.16%		6.10%		6.15%		6.13%		6.10%		6.11%
Base credited rate ³		5.52%		5.57%		5.59%		5.62%		5.59%		5.56%		5.60%

Base interest spread ³		0.52%		0.59%		0.51%		0.53%		0.54%		0.54%		0.51%
MBS prepayment speed adjustment ⁴	$	0.2	$	0.1	$	0.1	$	0.3	$	(0.2)	$	0.4	$	0.9
Mortality gains (losses) ⁵		2.0		6.4		5.4		(3.9)		(1.4)		13.8		4.2
Total sales ⁶		49.5		95.3		55.8		54.1		64.6		200.6		167.8

5 Year Historical Mortality Gains (Losses): ⁵


	For the Three Months Ended												For the Year Ended
	1Q			2Q			3Q			4Q

2011		$0.7			$4.9		$	(1.4	)	$	(3.9	)	$	0.3
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	)

¹Reserves 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.

²Interest spread is the difference between the net investment yield and the credited rate to policyholders. The net investment yield is the approximate yield on invested assets in the general account attributed to the segment. The credited rate is the approximate rate credited on policyholder reserves.

³Base interest spread is the interest spread adjusted to exclude items that can vary significantly from period to period due to a number of factors and, therefore, may contribute to yields that are not indicative of the underlying trends. This is primarily the impact of asset prepayments, such as bond make whole premiums and the MBS prepayment speed adjustment.

⁴MBS 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.

⁵Mortality gains (losses) represent the difference between actual and expected reserves released on our life contingent annuities.

⁶Total sales represent deposits for new policies net of first year policy lapses and/or surrenders.

Symetra Financial Corporation

3Q 2012 Financial Supplement

Individual Life Division

(In millions)


	For the Three Months Ended										For the Nine Months Ended
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Sep. 30,		Sep. 30,
	2012		2012		2012		2011		2011		2012		2011
Operating revenues:
Premiums	$	9.2	$	8.9	$	9.8	$	9.2	$	9.7	$	27.9	$	30.2
Net investment income		71.1		71.8		71.6		75.9		70.3		214.5		212.6
Policy fees, contract charges and other		32.7		32.6		31.7		31.6		30.9		97.0		92.5

Total operating revenues		113.0		113.3		113.1		116.7		110.9		339.4		335.3
Benefits and expenses:
Policyholder benefits and claims ¹²		16.2		14.1		18.7		12.6		19.2		49.0		52.5
Interest credited ¹²		62.9		67.3		63.2		68.0		61.1		193.4		185.0
Other underwriting and operating expenses		16.2		17.4		15.3		15.6		15.7		48.9		46.0
Amortization of deferred policy acquisition costs		3.9		1.3		1.4		2.4		2.1		6.6		4.6

Total benefits and expenses		99.2		100.1		98.6		98.6		98.1		297.9		288.1

Segment pre-tax adjusted operating income	$	13.8	$	13.2	$	14.5	$	18.1	$	12.8	$	41.5	$	47.2

Operating Metrics:
Individual insurance:
Individual insurance in force ¹	$	36,050.0	$	36,382.7	$	36,643.7	$	36,918.8	$	37,200.5	$	36,050.0	$	37,200.5
Individual claims ²		13.9		15.1		15.7		13.5		13.0		44.7		40.8
Annualized mortality rate ³		0.15%		0.17%		0.17%		0.15%		0.14%		0.17%		0.15%
UL account value ⁴	$	717.3	$	714.6	$	698.1	$	678.9	$	659.1	$	717.3	$	659.1
UL interest spread ⁵		1.44%		1.70%		1.69%		0.34%		1.51%		1.61%		1.64%
UL base interest spread ⁶		1.58%		1.66%		1.68%		1.62%		1.68%		1.64%		1.68%
Individual sales ⁷	$	1.6	$	3.2	$	3.0	$	3.1	$	3.3	$	7.8	$	8.6
BOLI:
BOLI insurance in force ¹	$	12,635.0	$	12,662.4	$	12,652.4	$	12,584.0	$	12,678.2	$	12,635.0	$	12,678.2
BOLI account value ⁴		4,621.9		4,587.3		4,544.8		4,491.5		4,474.2		4,621.9		4,474.2
BOLI PGAAP reserve balance ⁸		13.9		15.8		17.7		19.6		21.5		13.9		21.5
BOLI ROA ⁹		1.07%		1.00%		1.01%		1.15%		0.82%		1.02%		0.97%
BOLI base ROA ¹⁰		1.02%		0.91%		0.94%		0.98%		0.85%		0.95%		0.98%
BOLI sales ¹¹	$	—	$	—	$	2.0	$	—	$	—	$	2.0	$	—

5 Year Historical Individual Claims:


									For the Year
	For the Three Months Ended								Ended
	1Q		2Q		3Q		4Q
2011		15.7		12.1		13.0		13.5		54.3
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

¹ Insurance in force represents dollar face amounts of policies without adjustment for reinsurance.

²Individual claims represents incurred claims, net of reinsurance, on our term and universal life policies.

³Annualized mortality rate is defined as annualized individual claims divided by insurance in force.

⁴UL account value and BOLI account value represent our liabilities to our policyholders. UL account values include SPL account values of $209.2, $203.1, $183.0, $161.6, and $140.2 for the five quarters presented.

⁵UL interest spread, excluding SPL, is the difference between the net investment yield and the credited rate to policyholders. The net investment yield is the approximate yield on invested assets in the general account attributed to UL policies. The credited rate is the approximate rate credited on UL policyholder fixed account values. Interest credited is subject to contractual terms, including minimum guarantees.

⁶UL base interest spread, excluding SPL, is UL interest spread adjusted to exclude items that can vary significantly from period to period due to a number of factors and, therefore, may contribute to results that are not indicative of the underlying trends. This is primarily the impact of asset prepayments, such as bond make whole premiums, the MBS prepayment speed adjustment, and reserve adjustments.

⁷Individual sales represents annualized first year premiums for recurring premium products and 10% of new single premiums deposits, net of first year policy lapses and/or surrenders.

⁸Purchase 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.

⁹BOLI 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.

¹⁰BOLI base ROA is BOLI ROA adjusted to exclude items that can vary significantly from period to period due to a number of factors and, therefore, may contribute to yields that are not indicative of the underlying trends. This is primarily the impact of asset prepayments, such as bond make whole premiums, the MBS prepayment speed adjustment, and reserve adjustments.

¹¹BOLI sales represent 10% of new BOLI total deposits.

¹²Policyholder benefits and claims and interest credited reflect fourth quarter 2011 reserve adjustments of $(2.1) and $4.0, respectively.

Symetra Financial Corporation

3Q 2012 Financial Supplement

Other

(In millions)


	For the Three Months Ended										For the Nine Months Ended
	Sep. 30, 2012		Jun. 30, 2012		Mar. 31, 2012		Dec. 31, 2011		Sep. 30, 2011		Sep. 30, 2012		Sep. 30, 2011
Operating revenues:
Net investment income (loss)	$	(0.8)	$	2.4	$	5.0	$	5.1	$	5.8	$	6.6	$	18.5
Policy fees, contract charges and other		5.7		5.6		5.3		4.3		5.3		16.6		16.1

Total operating revenues		4.9		8.0		10.3		9.4		11.1		23.2		34.6

Benefits and expenses:
Interest credited		(0.4)		(0.7)		(0.4)		(0.7)		(0.6)		(1.5)		(1.9)
Other underwriting and operating expenses		7.1		8.0		5.8		7.2		5.4		20.9		18.0
Interest expense		8.2		8.2		8.2		8.1		8.0		24.6		24.0

Total benefits and expenses		14.9		15.5		13.6		14.6		12.8		44.0		40.1

Segment pre-tax adjusted operating loss	$	(10.0)	$	(7.5)	$	(3.3)	$	(5.2)	$	(1.7)	$	(20.8)	$	(5.5)

Symetra Financial Corporation

3Q 2012 Financial Supplement

Deferred Policy Acquisition Costs (DAC) Roll Forwards

(In millions)


	For the Three Months Ended										For the Nine Months Ended
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Sep. 30,		Sep. 30,
	2012		2012		2012		2011		2011		2012		2011
Summary — Total Company
Unamortized balance, beginning of period	$	376.2	$	372.3	$	368.4	$	367.6	$	362.5	$	368.4	$	342.5
Deferral of acquisition costs:
Commissions		8.9		17.2		17.4		18.7		18.7		43.5		67.9
Other acquisition expenses		1.9		2.1		2.3		2.7		3.0		6.3		7.7

Total deferral of acquisition costs		10.8		19.3		19.7		21.4		21.7		49.8		75.6
Adjustments related to inv (gains) losses		0.4		—		—		0.5		(1.6)		0.4		(2.8)
Amortization		(15.3)		(15.4)		(15.8)		(21.1)		(15.0)		(46.5)		(47.7)
Unlocking		(2.6)		—		—		—		—		(2.6)		—

Total amortization		(17.9)		(15.4)		(15.8)		(21.1)		(15.0)		(49.1)		(47.7)

Unamortized balance, end of period		369.5		376.2		372.3		368.4		367.6		369.5		367.6
Accum effect of net unrealized gains		(223.4)		(203.0)		(190.2)		(182.4)		(192.9)		(223.4)		(192.9)

DAC balance, end of period	$	146.1	$	173.2	$	182.1	$	186.0	$	174.7	$	146.1	$	174.7

Retirement Division — Deferred Annuities
Unamortized balance, beginning of period	$	265.2	$	265.5	$	265.5	$	267.1	$	265.4	$	265.5	$	251.8
Deferral of acquisition costs:
Commissions		5.7		11.5		12.6		14.6		14.3		29.8		55.5
Other acquisition expenses		1.2		1.3		1.3		1.4		1.4		3.8		3.7

Total deferral of acquisition costs		6.9		12.8		13.9		16.0		15.7		33.6		59.2
Adjustments related to inv (gains) losses		0.3		0.1		(0.1)		0.5		(1.7)		0.3		(2.7)
Amortization		(12.9)		(13.2)		(13.8)		(18.1)		(12.3)		(39.9)		(41.2)
Unlocking		(0.2)		—		—		—		—		(0.2)		—

Total amortization		(13.1)		(13.2)		(13.8)		(18.1)		(12.3)		(40.1)		(41.2)

Unamortized balance, end of period		259.3		265.2		265.5		265.5		267.1		259.3		267.1
Accum effect of net unrealized gains		(205.4)		(189.9)		(179.2)		(171.7)		(182.0)		(205.4)		(182.0)

DAC balance, end of period	$	53.9	$	75.3	$	86.3	$	93.8	$	85.1	$	53.9	$	85.1

Retirement Division — Income Annuities
Unamortized balance, beginning of period	$	42.3	$	39.6	$	37.9	$	36.2	$	34.3	$	37.9	$	31.2
Deferral of acquisition costs:
Commissions		1.8		3.2		2.0		1.9		2.1		7.0		5.9
Other acquisition expenses		0.3		0.4		0.3		0.4		0.4		1.0		1.0

Total deferral of acquisition costs		2.1		3.6		2.3		2.3		2.5		8.0		6.9
Amortization		(0.9)		(0.9)		(0.6)		(0.6)		(0.6)		(2.4)		(1.9)

Unamortized balance, end of period		43.5		42.3		39.6		37.9		36.2		43.5		36.2

DAC balance, end of period	$	43.5	$	42.3	$	39.6	$	37.9	$	36.2	$	43.5	$	36.2

Individual Life Division
Unamortized balance, beginning of period	$	68.7	$	67.2	$	65.0	$	64.3	$	62.8	$	65.0	$	59.5
Deferral of acquisition costs:
Commissions		1.4		2.5		2.8		2.2		2.3		6.7		6.5
Other acquisition expenses		0.4		0.4		0.7		0.9		1.2		1.5		3.0

Total deferral of acquisition costs		1.8		2.9		3.5		3.1		3.5		8.2		9.5
Adjustments related to inv (gains) losses		0.1		(0.1)		0.1		—		0.1		0.1		(0.1)
Amortization		(1.5)		(1.3)		(1.4)		(2.4)		(2.1)		(4.2)		(4.6)
Unlocking		(2.4)		—		—		—		—		(2.4)		—

Total amortization		(3.9)		(1.3)		(1.4)		(2.4)		(2.1)		(6.6)		(4.6)

Unamortized balance, end of period		66.7		68.7		67.2		65.0		64.3		66.7		64.3
Accum effect of net unrealized gains		(18.0)		(13.1)		(11.0)		(10.7)		(10.9)		(18.0)		(10.9)

DAC balance, end of period	$	48.7	$	55.6	$	56.2	$	54.3	$	53.4	$	48.7	$	53.4

Note: Historical data has been restated to reflect Symetra’s retrospective adoption of a new accounting standard for deferred acquisition costs (DAC) on January 1, 2012.

Symetra Financial Corporation

3Q 2012 Financial Supplement

Account Value and Reserve Roll Forwards

(In millions)


	For the Three Months Ended										For the Nine Months Ended
	Sep. 30, 2012		Jun. 30, 2012		Mar. 31, 2012		Dec. 31, 2011		Sep. 30, 2011		Sep. 30, 2012		Sep. 30, 2011
Retirement Division:
Deferred Annuities:
Fixed Account Values
Account value, beginning of period	$	10,963.7	$	10,807.7	$	10,613.1	$	10,422.4	$	10,127.3	$	10,613.1	$	9,243.7
Deposits		255.1		446.6		468.4		432.1		458.1		1,170.1		1,615.8
Withdrawals and transfers		(326.8)		(369.8)		(377.3)		(319.2)		(269.7)		(1,073.9)		(725.3)

Net flows		(71.7)		76.8		91.1		112.9		188.4		96.2		890.5
Interest credited		84.6		85.0		84.6		89.3		90.9		254.2		269.6
Other		10.6		(5.8)		18.9		(11.5)		15.8		23.7		18.6

Account value, end of period	$	10,987.2	$	10,963.7	$	10,807.7	$	10,613.1	$	10,422.4	$	10,987.2	$	10,422.4
Income Annuities:
Reserves
Reserves, beginning of period	$	6,613.6	$	6,610.0	$	6,608.3	$	6,618.9	$	6,646.6	$	6,608.3	$	6,676.8
Deposits		46.2		88.1		50.5		51.4		58.8		184.8		161.8
Benefit payments		(168.0)		(158.5)		(139.7)		(163.4)		(175.8)		(466.2)		(482.7)

Net flows		(121.8)		(70.4)		(89.2)		(112.0)		(117.0)		(281.4)		(320.9)
Interest credited		94.0		94.4		94.8		95.2		95.2		283.2		286.9
Other		(9.1)		(20.4)		(3.9)		6.2		(5.9)		(33.4)		(23.9)

Reserves, end of period	$	6,576.7	$	6,613.6	$	6,610.0	$	6,608.3	$	6,618.9	$	6,576.7	$	6,618.9
Individual Life Division:
BOLI Account Values
Account value, beginning of period	$	4,587.3	$	4,544.8	$	4,491.5	$	4,474.2	$	4,442.0	$	4,491.5	$	4,365.4
Deposits		—		—		20.0		—		—		20.0		—
Surrenders/claims		—		—		—		(21.5)		—		—		—

Net flows		—		—		20.0		(21.5)		—		20.0		—
Interest credited		53.9		59.0		54.5		55.4		53.3		167.4		162.3
Administrative charges and other		(19.3)		(16.5)		(21.2)		(16.6)		(21.1)		(57.0)		(53.5)

Account value, end of period	$	4,621.9	$	4,587.3	$	4,544.8	$	4,491.5	$	4,474.2	$	4,621.9	$	4,474.2
UL Account Values
Account value, beginning of period	$	714.6	$	698.1	$	678.9	$	659.1	$	635.5	$	678.9	$	607.0
Deposits		18.7		32.6		34.1		33.8		37.8		85.4		99.3
Surrenders/claims		(7.5)		(6.9)		(6.2)		(6.3)		(5.9)		(20.6)		(26.5)

Net flows		11.2		25.7		27.9		27.5		31.9		64.8		72.8
Interest credited		8.1		7.8		7.5		7.3		7.3		23.4		20.5
Administrative charges and other		(16.6)		(17.0)		(16.2)		(15.0)		(15.6)		(49.8)		(41.2)

Account value, end of period	$	717.3	$	714.6	$	698.1	$	678.9	$	659.1	$	717.3	$	659.1

Symetra Financial Corporation

3Q 2012 Financial Supplement

Overview of Liabilities and Associated Unrealized Gains

(In millions)


	As of Sep. 30, 2012
	Policyholder Liability		% of Total		Unrealized gains⁸
Illiquid Liabilities
Structured settlements & other SPIAs ¹	$	6,596.8			$	829.0
Deferred annuities with 5 year payout provision or MVA ²		313.9				27.2
Traditional insurance (net of reinsurance) ³		175.5				22.5
Group health & life (net of reinsurance) ³		133.9				1.1

Total illiquid liabilities		7,220.1		31.0%		879.8

Somewhat Liquid Liabilities
Bank-owned life insurance (BOLI) ⁴		4,709.2				482.4
Deferred annuities with surrender charges of 5% or higher		6,640.0				575.8
Universal life with surrender charges of 5% or higher		289.4				25.6

Total somewhat liquid liabilities		11,638.6		50.0%		1,083.8

Fully Liquid Liabilities
Deferred annuities with surrender charges of:
3% up to 5%		1,132.1				98.2
Less than 3%		224.1				19.4
No surrender charges ⁵		2,602.2				225.6
Universal life with surrender charges less than 5%		444.4				38.8
Other ⁶		22.1				0.6

Total fully liquid liabilities		4,424.9		19.0%		382.6

Assets supporting surplus portfolio						172.6

Total ⁷	$	23,283.6		100.0%	$	2,518.8


Reconciliation of unrealized gains to AOCI:
Unrealized gains from above					$	2,518.8
Tax on unrealized gains and losses on available for sale securities						(881.6)
Adjustment for deferred policy acquisition costs and deferred sales inducements valuation allowance, net of tax						(231.3)
Other						(1.6)

AOCI					$	1,404.3

¹ These contracts cannot be surrendered. The benefits are specified in the contracts as fixed amounts, primarily 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.

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

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 does 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 the account value has been with us for many years, due to guaranteed minimum interest rates of 4.0% - 4.5% that are significantly higher than those currently offered on new business, which range from 1.0% - 1.5%. Given the current low interest rate environment, we do not expect significant changes in the persistency of this business.

⁶ Represents BOLI, traditional insurance, and Group health and life reported claim liabilities.

⁷ Represents the sum of funds held under deposit contracts, future policy benefits and policy and contract claims on the consolidated balance sheets, excluding other policyholder related liabilities and reinsurance recoverables of $229.6.

⁸ Represents the pre-tax unrealized gains of the investment portfolio supporting the related policyholder liability.

Symetra Financial Corporation

3Q 2012 Financial Supplement

Investments Summary

(In millions)


	As of
	Sep. 30, 2012		%		Jun. 30, 2012		%		Mar. 31, 2012		%		Dec. 31, 2011		%		Sep. 30, 2011		%
Portfolio Composition:
Available-for-sale securities:
Fixed maturities, at fair value	$	23,620.9		85.9%	$	23,300.8		86.2%	$	22,944.8		86.9%	$	22,905.2		87.5%	$	22,881.6		88.5%
Marketable equity securities, at fair value		48.4		0.2%		49.8		0.2%		48.6		0.2%		50.3		0.2%		50.3		0.2%
Trading securities:
Marketable equity securities, at fair value		535.8		2.0%		501.8		1.9%		406.0		1.5%		381.7		1.4%		338.1		1.3%
Mortgage loans, net		2,939.8		10.7%		2,827.8		10.5%		2,671.1		10.1%		2,517.6		9.6%		2,277.3		8.8%
Policy loans		67.0		0.2%		67.8		0.2%		70.0		0.3%		69.0		0.3%		69.5		0.3%
Investment in limited partnerships		242.2		0.9%		247.7		0.9%		245.7		0.9%		226.9		0.9%		214.6		0.8%
Other invested assets		38.2		0.1%		41.9		0.1%		28.8		0.1%		21.0		0.1%		20.8		0.1%
Total investments		27,492.3		100.0%		27,037.6		100.0%		26,415.0		100.0%		26,171.7		100.0%		25,852.2		100.0%
Cash and cash equivalents		238.4				172.6				279.2				242.3				182.8
Total investments, cash and cash equivalents	$	27,730.7			$	27,210.2			$	26,694.2			$	26,414.0			$	26,035.0
Fixed Maturities Securities by Credit Quality: ¹
1: AAA, AA, A	$	14,031.0		59.4%	$	13,890.1		59.6%	$	13,760.3		60.0%	$	13,987.6		61.1%	$	14,151.4		61.8%
2: BBB		8,350.2		35.4%		8,027.5		34.5%		7,718.9		33.6%		7,409.5		32.3%		7,343.9		32.1%
Total investment grade		22,381.2		94.8%		21,917.6		94.1%		21,479.2		93.6%		21,397.1		93.4%		21,495.3		93.9%
3: BB		659.6		2.8%		807.5		3.5%		849.3		3.7%		897.8		3.9%		791.6		3.5%
4: B		462.8		1.9%		468.2		2.0%		509.4		2.2%		507.5		2.2%		491.6		2.2%
5: CCC & lower		101.7		0.4%		104.3		0.4%		100.5		0.5%		96.2		0.4%		95.7		0.4%
6: In or near default		15.6		0.1%		3.2		0.0%		6.4		0.0%		6.6		0.1%		7.4		0.0%
Total below investment grade		1,239.7		5.2%		1,383.2		5.9%		1,465.6		6.4%		1,508.1		6.6%		1,386.3		6.1%
Total fixed maturities	$	23,620.9		100.0%	$	23,300.8		100.0%	$	22,944.8		100.0%	$	22,905.2		100.0%	$	22,881.6		100.0%
Fixed Maturities by Issuer Type:
U.S. government and agencies	$	129.2		0.5%	$	167.4		0.7%	$	112.5		0.5%	$	64.1		0.3%	$	35.0		0.2%
State and political subdivisions		744.1		3.2%		651.7		2.8%		631.7		2.7%		635.3		2.8%		540.2		2.4%
Foreign governments		19.6		0.1%		19.3		0.1%		19.2		0.1%		20.9		0.1%		21.1		0.1%
Corporate securities		17,168.0		72.7%		16,946.2		72.7%		16,414.8		71.5%		16,204.3		70.7%		16,166.5		70.6%
Residential mortgage-backed securities		3,150.7		13.3%		3,230.2		13.9%		3,454.1		15.1%		3,625.0		15.8%		3,708.4		16.2%
Commercial mortgage-backed securities		1,889.0		8.0%		1,797.0		7.7%		1,825.4		8.0%		1,837.0		8.0%		1,837.6		8.0%
Other debt obligations		520.3		2.2%		489.0		2.1%		487.1		2.1%		518.6		2.3%		572.8		2.5%
Total fixed maturities	$	23,620.9		100.0%	$	23,300.8		100.0%	$	22,944.8		100.0%	$	22,905.2		100.0%	$	22,881.6		100.0%
Effective Duration		5.7				5.7				5.7				5.8				5.7
Average Investment Yield		5.07%				5.13%				5.16%				5.31%				5.26%

	For the Three Months Ended
	Sep. 30, 2012		%		Jun. 30, 2012		%		Mar. 31, 2012		%		Dec. 31, 2011		%		Sep. 30, 2011		%
Average Daily Cash and Cash Equivalent Balances:
Benefits Division	$	6.0		4.4%	$	6.9		2.9%	$	6.3		3.3%	$	9.0		3.7%	$	11.6		4.7%
Retirement Division:
Deferred Annuities		29.9		21.7%		57.1		23.8%		38.4		20.1%		158.7		64.5%		97.0		39.2%
Income Annuities		67.4		49.0%		73.1		30.5%		16.8		8.8%		(42.0)		-17.1%		26.2		10.6%
Individual Life Division		33.7		24.5%		69.6		29.0%		90.6		47.5%		96.2		39.1%		79.2		32.1%
Other		0.6		0.4%		33.2		13.8%		38.8		20.3%		24.1		9.8%		33.2		13.4%
Total	$	137.6		100.0%	$	239.9		100.0%	$	190.9		100.0%	$	246.0		100.0%	$	247.2		100.0%

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

Symetra Financial Corporation

3Q 2012 Financial Supplement

Investments Income Statement Data

(In millions)


	For the Three Months Ended										For the Nine Months Ended
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Sep. 30,		Sep. 30,
	2012		2012		2012		2011		2011		2012		2011
MBS Prepayment Speed Adjustment: ¹
Benefits Division	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Retirement Division:
Deferred Annuities		0.2		—		(0.2)		—		(0.2)		—		(0.4)
Income Annuities		0.2		0.1		0.1		0.3		(0.2)		0.4		0.9
Individual Life Division		0.3		0.5		0.6		0.7		(0.5)		1.4		(0.2)
Other		0.2		—		1.6		0.3		(0.4)		1.8		0.1

	$	0.9	$	0.6	$	2.1	$	1.3	$	(1.3)	$	3.6	$	0.4

	For the Three Months Ended										For the Nine Months Ended
	Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Sep. 30,		Sep. 30,
	2012		2012		2012		2011		2011		2012		2011
Net Realized Investment Gains (Losses):
Fixed maturities:
Gross gains on sales	$	7.4	$	23.1	$	9.9	$	4.2	$	2.3	$	40.4	$	34.7
Gross losses on sales		(6.4)		(5.8)		(2.1)		(0.5)		—		(14.3)		(7.6)
Other-than-temporary impairments		(13.3)		(9.4)		(2.5)		(5.5)		(4.9)		(25.2)		(8.6)
Other ²		2.3		(2.4)		3.6		(0.2)		1.7		3.5		7.7

Total fixed maturities		(10.0)		5.5		8.9		(2.0)		(0.9)		4.4		26.2
Marketable equity securities, trading ³		25.0		(9.4)		18.0		38.5		(52.1)		33.6		(47.6)
Other invested assets		(0.1)		(2.5)		(1.0)		(3.0)		(1.1)		(3.6)		(1.3)
DAC/DSI adjustment		0.6		—		—		0.6		(2.5)		0.6		(4.2)

Net realized investment gains (losses)	$	15.5	$	(6.4)	$	25.9	$	34.1	$	(56.6)	$	35.0	$	(26.9)

¹MBS 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.

²Other includes net gains (losses) on calls and redemptions, and changes in the fair value of convertible fixed maturities.

³ Marketable equity securities, trading includes net gains (losses) on changes in fair value.

Symetra Financial Corporation

3Q 2012 Financial Supplement

Sales by Segment and Product

(In millions)


	For the Three Months Ended										For the Nine Months Ended
	Sep. 30, 2012		Jun. 30, 2012		Mar. 31, 2012		Dec. 31, 2011		Sep. 30, 2011		Sep. 30, 2012		Sep. 30, 2011
Benefits Division ¹
Medical stop-loss	$	24.1	$	29.6	$	59.1	$	22.3	$	16.3	$	112.8	$	76.3
Limited benefit medical		3.8		4.2		2.9		3.2		1.9		10.9		12.6
Group life & disability		3.4		1.8		4.7		1.0		1.9		9.9		3.3

Total	$	31.3	$	35.6	$	66.7	$	26.5	$	20.1	$	133.6	$	92.2

Retirement Division — Deferred Annuities ²
Fixed annuities	$	116.2	$	247.2	$	285.5	$	326.1	$	370.5	$	648.9	$	1,419.4
Fixed indexed annuity		43.2		73.0		60.6		25.8		16.4		176.8		19.5
Variable annuities		7.1		5.3		7.7		4.9		6.7		20.1		19.6

Total	$	166.5	$	325.5	$	353.8	$	356.8	$	393.6	$	845.8	$	1,458.5

Retirement Division — Income Annuities ²
SPIA	$	37.6	$	64.1	$	28.2	$	20.8	$	32.1	$	129.9	$	90.3
Structured settlements		11.9		31.2		27.6		33.3		32.5		70.7		77.5

Total	$	49.5	$	95.3	$	55.8	$	54.1	$	64.6	$	200.6	$	167.8

Individual Life Division
Term life ¹	$	0.5	$	0.6	$	0.5	$	0.5	$	0.5	$	1.6	$	1.5
Universal life ¹		0.4		0.4		0.3		0.4		0.2		1.1		0.8
Single premium life ³		0.7		2.2		2.2		2.2		2.6		5.1		6.3

Individual sales		1.6		3.2		3.0		3.1		3.3		7.8		8.6
BOLI ⁴		—		—		2.0		—		—		2.0		—

Total	$	1.6	$	3.2	$	5.0	$	3.1	$	3.3	$	9.8	$	8.6

¹	Represents annualized first-year premiums net of first year policy lapses.

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

³	Represents 10% of new deposits net of first year policy lapses and/or surrenders.

⁴	Represents 10% of new deposits.

Symetra Financial Corporation

3Q 2012 Financial Supplement

Book Value, Adjusted Book Value and Statutory Book Value per Share

(In millions, except per share amounts)


	As of
	Sep. 30, 2012			Jun. 30, 2012			Mar. 31, 2012			Dec. 31, 2011			Sep. 30, 2011
Book value per common share ¹	$	26.37		$	24.46		$	22.85		$	22.64		$	22.11

Non-GAAP Financial Measures:
Adjusted book value per common share ²	$	18.78		$	18.39		$	18.09		$	17.60		$	17.04
Adjusted book value per common share, as converted ³	$	17.78		$	17.44		$	17.19		$	16.75		$	16.28
Statutory book value per common share ⁴	$	18.12		$	17.70		$	17.53		$	17.22		$	16.84

Numerator:
Total stockholders’ equity	$	3,641.2		$	3,378.4		$	3,154.7		$	3,114.9		$	3,042.2
AOCI		1,404.3			1,188.0			1,000.1			1,027.3			1,021.1
Adjusted book value	$	2,236.9		$	2,190.4		$	2,154.6		$	2,087.6		$	2,021.1
Assumed proceeds from exercise of warrants		218.1			218.1			218.1			218.1			218.1
Adjusted book value, as converted	$	2,455.0		$	2,408.5		$	2,372.7		$	2,305.7		$	2,239.2

Total stockholders’ equity	$	3,641.2		$	3,378.4		$	3,154.7		$	3,114.9		$	3,042.2
Stockholders’ equity of non-insurance entities		(283.8	)		(275.8	)		(265.9	)		(257.5	)		(255.8	)
Statutory adjustments		(1,450.9	)		(1,234.3	)		(1,046.0	)		(1,034.6	)		(979.5	)
Asset valuation reserve (AVR)		252.2			239.8			244.2			220.7			189.8
Statutory book value	$	2,158.7		$	2,108.1		$	2,087.0		$	2,043.5		$	1,996.7

Denominator: ⁵
Common shares outstanding		119.120			119.131			119.074			118.637			118.595
Total outstanding common shares and shares subject to warrants		138.096			138.107			138.050			137.613			137.571

¹	Book value per common share is calculated based on stockholders’ equity divided by outstanding common shares and shares subject to outstanding warrants.

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

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


	As of
	Sep. 30, 2012			Jun. 30, 2012			Mar. 31, 2012			Dec. 31, 2011			Sep. 30, 2011
⁵ Reconciliation of outstanding shares:
Common shares outstanding, beginning of period		119.131			119.074			118.637			118.595			118.571
Employee stock purchase plan shares issued		0.025			0.038			0.042			0.043			0.028
Restricted shares issued		0.012			0.025			0.396			—			0.008
Restricted shares forfeited		(0.044	)		(0.004	)		—			—			(0.012	)
Treasury stock		(0.004	)		(0.002	)		(0.001	)		(0.001	)		—

Common shares outstanding, end of period		119.120			119.131			119.074			118.637			118.595
Outstanding warrants		18.976			18.976			18.976			18.976			18.976

Total outstanding common shares and shares subject to outstanding warrants, end of period		138.096			138.107			138.050			137.613			137.571



	As of
	Sep. 30, 2012			Jun. 30, 2012			Mar. 31, 2012			Dec. 31, 2011			Sep. 30, 2011
Tangible book value:
Total stockholders’ equity	$	3,641.2		$	3,378.4		$	3,154.7		$	3,114.9		$	3,042.2
Less:
Deferred policy acquisition costs		146.1			173.2			182.1			186.0			174.7
Goodwill and other		83.2			102.4			114.1			120.7			117.0

Tangible Book Value	$	3,411.9		$	3,102.8		$	2,858.5		$	2,808.2		$	2,750.5

Tangible book value is a non-GAAP financial measure calculated as stockholders’ equity excluding deferred policy acquisition costs, goodwill, intangible assets and certain other non-tangible assets. Stockholders’ equity is the most directly comparable GAAP measure to tangible book value.

Symetra Financial Corporation

3Q 2012 Financial Supplement

ROE and Operating ROAE

(In millions)


	Twelve Months Ended
	Sep. 30, 2012		Jun. 30, 2012		Mar. 31, 2012		Dec. 31, 2011		Sep. 30, 2011
ROE:
Net income for the twelve months ended ¹	$	248.1	$	203.4	$	217.7	$	195.8	$	182.8
Average stockholders’ equity ²	$	3,266.3	$	3,063.5	$	2,869.9	$	2,710.2	$	2,625.6

ROE		7.6%		6.6%		7.6%		7.2%		7.0%

Operating ROAE:
Adjusted operating income for the twelve months ended ¹	$	203.5	$	204.5	$	205.8	$	190.2	$	185.6
Average adjusted book value³	$	2,138.1	$	2,094.3	$	2,049.5	$	2,002.4	$	1,957.7

Operating ROAE		9.5%		9.8%		10.0%		9.5%		9.5%

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
		2012		2011		2010
Stockholders’ Equity
	Dec. 31				3,114.9	$	2,356.6
	Sep. 30		3,641.2		3,042.2		2,691.6
	Jun. 30		3,378.4		2,627.3		2,323.1
	Mar. 31		3,154.7		2,410.2		1,952.7
AOCI
	Dec. 31			$	1,027.3	$	437.6
	Sep. 30		1,404.3		1,021.1		827.3
	Jun. 30		1,188.0		609.7		507.1
	Mar. 31		1,000.1		443.7		163.7

Reconciliation of adjusted operating income:

The following data together with other data found throughout the supplement can be used to recalculate adjusted operating income for the twelve months ended March 31, 2012, December 31, 2011 and September 30, 2011.


	Three Months Ended
	Jun. 30 2011		Mar. 31, 2011		Dec. 31, 2010
Net income	$	58.1	$	53.5	$	60.7
Less: Net realized investment gains (net of taxes)		9.2		10.1		15.0
Add: Net realized gains (losses) - FIA (net of taxes)		(0.4)		0.3		0.8

Adjusted operating income	$	48.5	$	43.7	$	46.5

Symetra Financial Corporation

3Q 2012 Financial Supplement

Addendum

RMBS Prepayment Exposure

(In millions)


																	Sep. 30, 2012				Prepayment Speed
																	Trailing 12 Month				Adjustment ²
Vintage ¹	Amortized Cost		Unrealized Gain/ (Loss)		Fair Value		Gross Discount		Gross Premium			Average Mortgage Loan Rate			Q3 2012 Average Prepayment Speed		Average Prepayment speed		Max Prepayment speed		Q3 2012		YTD 2012
Agency:
*CMO*
2012	$	106.5	$	4.1	$	110.6	$	2.7	$	(2.3	)		3.6	%		486.1		451.9		528.5	$	—	$	—
2011		285.7		25.9		311.6		11.1		(2.3	)		3.5	%		806.1		628.8		844.0		0.2		0.3
2010		475.3		61.1		536.4		13.9		(8.9	)		4.5	%		361.8		388.1		452.3		—		0.3
2009		195.3		25.9		221.2		2.0		(2.1	)		4.8	%		318.6		246.6		349.5		—		0.1
2008		3.3		0.2		3.5		—		—			5.7	%		317.4		277.5		317.4		—		—
2007		16.5		1.0		17.5		0.8		—			6.5	%		570.6		413.5		570.6		—		(0.1	)
2006		17.2		0.8		18.0		—		—			6.7	%		630.6		483.5		630.6		—		—
2005		44.9		6.2		51.1		0.3		—			6.4	%		364.4		282.3		364.4		—		—
2004 & Prior		487.0		72.5		559.5		13.3		(4.8	)		6.2	%		323.6		298.0		341.2		0.4		1.0

Agency CMO	$	1,631.7	$	197.7	$	1,829.4	$	44.1	$	(20.4	)		4.9	%		436.0		388.7		480.8	$	0.6	$	1.6

*Passthrough*
2012	$	32.2	$	0.5	$	32.7	$	—	$	(1.3	)		3.4	%		0.4		0.4		0.4	$	—	$	—
2011		28.9		1.1		30.0		—		(1.2	)		3.8	%		15.0		12.4		15.0		—		—
2010		192.8		11.0		203.8		0.1		(7.5	)		4.7	%		15.4		12.6		15.6		—		—
2009		548.5		32.9		581.4		—		(22.0	)		5.8	%		18.2		15.3		19.0		0.1		0.3
2008		35.7		3.3		39.0		—		(0.7	)		6.3	%		32.4		27.3		33.4		—		—
2007		26.4		2.4		28.8		0.1		(0.6	)		6.4	%		24.7		21.5		26.9		—		—
2006		8.6		0.9		9.5		0.1		—			6.5	%		37.0		29.9		39.0		—		—
2005		9.8		1.3		11.1		0.5		(0.1	)		5.2	%		—		—		—		—		—
2004 & Prior		55.3		6.1		61.4		0.9		(0.4	)		5.8	%		22.8		21.6		25.8		—		—

Agency Passthrough		938.2		59.5		997.7		1.7		(33.8	)		5.5	%		17.9		15.1		18.7		0.1		0.3

Total RMBS Agency	$	2,569.9	$	257.2	$	2,827.1	$	45.8	$	(54.2	)		5.1	%							$	0.7	$	1.9

Non-Agency
2008 - 2012	$	—	$	—	$	—	$	—	$	—			—			—		—		—	$	—	$	—
2007		17.1		2.7		19.8		5.4		—			6.0	%		233.6		212.0		240.5		—		—
2006		72.9		4.1		77.0		11.0		—			6.0	%		233.1		222.6		252.3		—		1.3
2005		92.6		4.7		97.3		4.9		—			5.7	%		320.8		276.0		331.3		—		0.2
2004 & Prior		125.7		3.8		129.5		2.9		(0.2	)		5.9	%		311.3		304.9		348.2		0.1		0.3

Non-Agency CMO		308.3		15.3		323.6		24.2		(0.2	)		5.9	%		291.4		271.6		314.5		0.1		1.8

Total RMBS Non-Agency	$	308.3	$	15.3	$	323.6	$	24.2	$	(0.2	)		5.9	%		291.4		271.6		314.5	$	0.1	$	1.8

Total RMBS	$	2,878.2	$	272.5	$	3,150.7	$	70.0	$	(54.4	)		5.2	%							$	0.8	$	3.7

Top 10 RMBS


																		Sep. 30, 2012 Trailing 12 Month				Prepayment Speed Adjustment ²
Name	Vintage	Amortized Cost		Unrealized Gain/ (Loss)		Fair Value		Gross Discount		Gross Premium			Average Mortgage Loan Rate			Q3 2012 Average Prepayment Speed		Average Prepayment speed		Max Prepayment speed		Q3 2012		YTD 2012
GNMA	2009	$	89.2	$	4.3	$	93.5	$	—	$	(5.2	)		6.2	%		6.2		4.6		6.2	$	—	$	—
GNMA	2009		83.1		4.3		87.4		—		(4.7	)		6.2	%		6.6		3.6		6.6		—		—
Fannie Mae	2009		61.0		4.1		65.1		—		(1.4	)		5.5	%		31.5		28.6		31.5		—		—
GNMA	2009		53.0		3.4		56.4		—		(1.7	)		6.2	%		6.9		2.9		6.9		—		—
GNMA	2010		52.1		3.1		55.2		—		(2.1	)		4.5	%		7.1		4.6		7.1		—		—
Fannie Mae	2009		48.6		2.5		51.1		—		(1.7	)		5.4	%		22.3		22.1		26.4		—		—
GNMA	2010		36.9		3.0		39.9		—		(1.9	)		4.9	%		—		—		—		—		—
Fannie Mae	2009		35.6		2.6		38.2		—		(1.5	)		5.4	%		16.8		14.3		17.0		—		—
GNMA	2010		29.7		4.1		33.8		0.4		—			4.5	%		354.0		339.0		354.0		—		—
GNMA	2010		28.0		2.4		30.4		—		(1.0	)		4.9	%		—		—		—		—		—

Total		$	517.2	$	33.8	$	551.0	$	0.4	$	(21.2	)		—			—		—		—	$	—	$	—

¹ Vintage indicates year of origination.

² The CMO securities prepayment speed adjustment is estimated using the Public Securities Association prepayment model. The passthrough securities prepayment speed adjustment is estimated using the Conditional Prepayment Rate model.

Symetra Financial Corporation

3Q 2012 Financial Supplement

Addendum

CMBS Prepayment Exposure

(In millions)


															Prepayment Speed
															Adjustment ²
Vintage ¹	Amortized Cost		Unrealized Gain/ (Loss)		Fair Value		Gross Discount		Gross Premium			Average Mortgage Loan Rate			Q3 2012			YTD 2012
Agency
*CMO*
2012	$	—	$	—	$	—	$	—	$	—			0.0	%	$	—		$	—
2011		44.7		2.3		47.0		—		(1.2	)		4.9	%		—			—
2010		10.1		1.8		11.9		—		(0.1	)		5.3	%		—			—
2009		10.6		1.8		12.4		—		—			6.5	%		—			—
2008		28.2		0.7		28.9		—		(1.0	)		4.9	%		—			—
2007		52.4		1.5		53.9		—		(2.5	)		5.7	%		(0.1	)		(0.2	)
2006		45.8		—		45.8		—		(2.3	)		5.8	%		(0.1	)		(0.1	)
2005		30.8		1.0		31.8		—		(1.3	)		5.8	%		—			—
2004 & Prior		98.8		9.7		108.5		—		(2.8	)		6.8	%		—			(0.2	)

Agency CMO	$	321.4	$	18.8	$	340.2	$	—	$	(11.2	)		5.9	%	$	(0.2	)	$	(0.5	)

*Passthrough*
2005 - 2012	$	—	$	—	$	—	$	—	$	—			0.0	%	$	—		$	—
2004 & Prior		81.3		5.9		87.2		0.2		(2.2	)		7.4	%		—			—

Agency Passthrough		81.3		5.9		87.2		0.2		(2.2	)		7.4	%		—			—

Total CMBS Agency	$	402.7	$	24.7	$	427.4	$	0.2	$	(13.4	)		6.2	%	$	(0.2	)	$	(0.5	)

Non-Agency
2012	$	200.0	$	7.0	$	207.0	$	—	$	(4.3	)		4.8	%	$	—		$	—
2011		136.1		8.6		144.7		—		(1.5	)		5.5	%		—			—
2010		1.1		0.1		1.2		—		—			4.0	%		—			—
2009		—		—		—		—		—			0.0	%		—			—
2008		69.8		8.8		78.6		1.4		(0.2	)		6.0	%		—			—
2007		396.1		67.0		463.1		14.3		(0.3	)		5.8	%		0.1			0.1
2006		170.6		28.7		199.3		6.5		(0.8	)		5.9	%		—			0.1
2005		228.6		29.8		258.4		6.4		—			5.4	%		0.2			0.1
2004 & Prior		105.9		3.4		109.3		0.5		(1.4	)		6.0	%		—			—

Non-Agency CMO		1,308.2		153.4		1,461.6		29.1		(8.5	)		5.6	%		0.3			0.3

Total CMBS Non-Agency	$	1,308.2	$	153.4	$	1,461.6	$	29.1	$	(8.5	)		5.6	%	$	0.3		$	0.3


Total CMBS	$	1,710.9	$	178.1	$	1,889.0	$	29.3	$	(21.9	)		5.7	%	$	0.1		$	(0.2	)

Top 10 CMBS


																	Prepayment Speed
																	Adjustment ²
Name	Vintage		Amortized Cost		Unrealized Gain/ (Loss)		Fair Value		Gross Discount		Gross Premium			Average Mortgage Loan Rate			Q3 2012		YTD 2012
Morgan Stanley BAML Trust		2012	$	58.0	$	2.2	$	60.2	$	—	$	(1.3	)		4.7	%	$	—	$	—
Commercial Mtg Pass-Through		2012		54.3		1.7		56.0		—		(1.3	)		4.9	%		—		—
Bear Stearns Commercial Mortgage		2006		48.6		9.0		57.6		1.4		—			5.9	%		—		—
Bear Stearns Commercial Mortgage		2007		48.0		6.8		54.8		2.0		—			5.2	%		—		—
GS Mtg Sec Corp II		2005		44.7		11.1		55.8		0.3		—			5.6	%		—		—
WF-RBS Commercial Mtg Trust		2011		42.7		2.2		44.9		—		(0.9	)		5.6	%		—		—
Wachovia Bank Commercial Mortgage		2006		39.3		6.7		46.0		0.7		—			6.0	%		—		—
Commercial Mtg Pass-Through		2003		39.0		0.6		39.6		0.1		—			5.6	%		—		—
Citigroup Commercial Mortgage		2008		37.9		2.3		40.2		0.1		—			6.0	%		—		—
GNMA		2007		37.1		1.4		38.5		—		(2.1	)		5.6	%		—		—


Total			$	449.6	$	44.0	$	493.6	$	4.6	$	(5.6	)		—		$	—	$	—

¹ Vintage indicates year of origination.

Symetra Financial Corporation

3Q 2012 Financial Supplement

Addendum

European Exposure

(In millions)


								Sector
Country	Amortized Cost		Fair Value		% of Exposure			Sovereign Debt		Financial Industry		Other Corporate
United Kingdom	$	466.8	$	534.0		36.5	%	$	—	$	21.2	$	512.8
Netherlands		438.1		484.3		33.1	%		—		—		484.3
Luxembourg		100.7		114.1		7.8	%		—		—		114.1
Switzerland		101.5		109.8		7.5	%		—		109.8		—
France		100.8		108.3		7.4	%		—		18.5		89.8
Sweden		43.0		51.0		3.5	%		—		—		51.0
Germany		20.7		19.1		1.3	%		—		10.5		8.6
Italy		13.3		14.5		1.0	%		—		—		14.5
Belgium		7.1		7.6		0.5	%		—		—		7.6
Norway		6.1		7.1		0.5	%		—		0.7		6.4
Greece		4.0		4.4		0.3	%		—		—		4.4
Austria		3.9		4.1		0.3	%		—		—		4.1
Spain		2.8		2.7		0.2	%		—		—		2.7
Ireland		1.0		1.1		0.1	%		—		—		1.1
Portugal		0.9		0.8		0.0	%		0.8		—		—


Total	$	1,310.7	$	1,462.9		100.0	%	$	0.8	$	160.7	$	1,301.4

Top 10 European Exposures


Name	Amortized Cost		Fair Value		Moody’s		S&P
Deutsche Telekom Int Fin	$	117.3	$	124.8		Baa1	BBB+
Royal Dutch Shell PLC		100.9		116.7		Aa1	AA
TYCO Int’l		81.5		95.5		A3	A-
Tesco PLC-ADR		75.8		93.5		Baa1	A-
Vodafone Group PLC		79.8		93.1		A3	A-
Philips Electronics NV		72.1		86.2		A3	A-
Diageo Capital PLC		72.0		79.9		A3	A-
SABMiller PLC		65.6		78.8		Baa1	BBB+
Electricite de France		60.7		65.8		Aa3	A+
BP Capital PLC		49.9		58.1		A2	A

Total	$	775.6	$	892.4

The table above summarizes our exposure to fixed maturities in European countries, denominated in U.S. dollars and separated into sovereign debt, financial industry and other corporate debt. The country designation is based on the issuer’s country of incorporation.

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