Symetra Financial of Bellevue, Wisc., said its second-quarter 2010 net income was $35.8 million, or $0.26 per share, vs. $47.0 million, or $0.42 per share, in the second quarter of 2009.
Adjusted operating income for the financial-services company was $41.5 million, or $0.30 a share, vs. $45.3 million, or $0.40 per share, in the same quarter a year ago.
The company’s total revenue for the second quarter was $444.4 million.
Analysts were expecting adjusted EPS of $0.33 on sales of $455.76 million.
“Symetra’s second-quarter performance was highlighted by an excellent loss ratio in the group segment and strong fixed annuity sales in retirement services. While the fundamentals of the business performed well, low interest rates continued to limit investment income and constrain earnings,” said President and CEO of Tom Marra.
In retirement, which includes fixed and variable deferred annuities, sales generated $20.6 million in pretax adjusted operating income in second quarter 2010, up from $16.1 million in second quarter 2009.