Symetra Financial reported Thursday, April 29, first quarter profits of $46 million, or 35 cents a share, a huge jump compared to 2009′s first quarter when net income was $5 million, or 5 cents a share. The earnings, though, matched analysts’ expectations, according to Thomson Reuters.
Symetra, the spinoff from Safeco Corp. based in Bellevue, Washington, went public earlier this year. Symetra, which sells insurance and investment products, said total revenues rose to $453 million from $379 million a year earlier.
“Sales across all distribution channels were good,” Randy Talbot, Symetra’s CEO, said. “After a dip in fourth quarter 2009, total sales increased in first quarter 2010, supported by the primary capital raised in our initial public offering.”