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Life Health > Life Insurance

Symetra, Amerprise, Prudential, One America, Manulife Disclose Financial Developments

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Symetra Financial Corp., Bellevue, Wash. (NYSE:SYA), says it expects to generate 2012 adjusted operating income per diluted share of $1.25-$1.40.

The company says in a press statement that the earnings guidance is based on:

Sustained strength in the company’s balance sheet and core businesses, including medical stop-loss insurance and fixed annuities.

Continued investment in Symetra’s “Grow & Diversify” initiatives, which include the transition of the medical stop-loss business of American United Life Insurance Company, Indianapolis, to Symetra; the build-out of Symetra’s group life and disability income insurance business; ongoing development of a new variable annuity product without living benefits; and the expansion of Symetra’s individual and institutional life insurance product portfolio and distribution network. Investments in these areas are expected to impact adjusted operating income by approximately $0.08 per diluted share in 2012.

Implementation of a deferred acquisition cost (DAC) accounting change, which is expected to reduce adjusted operating income by $0.03-$0.04 per diluted share in 2012.

A replay of an investor and analyst webcast conference called, hosted by Symetra CEO Tom Marra and Chief Financial Officer Margaret Meister on December 9, is available here.

Ameriprise Financial, Inc., Minneapolis (NYSE: AMP), has declared a $0.28 per common share dividend, payable on February 24, 2012. Ameriprise says the dividend represents a $0.05 or a 22% increase from the current level.

“With this action, the company will have increased its dividend by 56% since the second quarter of 2011 and raised its dividend five times since becoming a public company in 2005,” the company says in a statement. “In the first nine months of 2011, the company returned approximately $1.4 billion to shareholders through dividends and share repurchases.”

Prudential Retirement, a business unit of Prudential Financial, Inc., Newark, N.J. (NYSE: PRU), has successfully completed a longevity reinsurance transaction with Deutsche Bank AG, Frankfurt, Germany. Under the terms of the transaction, Prudential Retirement will be one of several reinsurers of longevity risk to Deutsche Bank and its client, the Rolls-Royce Pension Fund. Prudential’s transaction covers pension liability values of approximately £500 million GBP, or more than $780 million U.S. dollars, the company says.

In November, 2011 Prudential Retirement provided reinsurance of longevity risk covering $723 million U.S. dollars of pension liability value for a leading U.K. based pension insurer. This transaction followed Prudential’s initial June 2011 longevity reinsurance transaction.

OneAmerica Financial Partners, Inc., Indianapolis, announced enterprise sales growth of 29% year-over-year.

OneAmerica’s financial highlights through the first three quarters of 2011 include:

a 29% sales increase by led by retirement services sales growth in excess of 50% when compared to last year.

growth in GAAP assets to $25.1 billion.

Statutory capital and surplus have grown 7% since the end of 2010.

GAAP pre-tax operating income is $102.6 million through the first nine months of 2011.

  A.M. Best upgraded the OneAmerica companies (AUL, State Life & PML) from A (Excellent) to A+ (Superior) on May 10.

Manulife Financial Corporation, Toronto, (TSX: MFC) has completed its offering of 8 million non-cumulative rate Reset Class 1 Shares Series 5 (the “Series 5 Preferred Shares”) at a price of $25 per share to raise gross proceeds of $200 million.

The offering was underwritten by a syndicate of investment dealers co-led by RBC Capital Markets and Scotia Capital Inc. The Series 5 Preferred Shares commence trading on the Toronto Stock Exchange today under the ticker symbol MFC.PR.G.

The Series 5 Preferred Shares were issued under a prospectus supplement dated November 29, 2011 to Manulife’s short form base shelf prospectus dated September 3, 2010.

Manulife says The Series 5 Preferred Shares have not been and will not be registered in the U.S.


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