“After much consideration, our decision to change Symetra Life Insurance Company's state of incorporation was driven by a complex, challenging, and quickly changing regulatory environment,” said Tom Marra, president and chief executive officer of Symetra Financial Corporation. “We believe that the redomestication will further our efforts to grow and to diversify Symetra's product portfolio and risk profile by permitting the company to take advantage of the state-of-the-art statutes and regulations governing the life insurance industry in Iowa, where some of the industry's biggest players are domiciled.”

Symetra said that it expected the redomestication to Iowa to benefit its competitiveness through enhanced capabilities to offer product features and benefits in high demand by insurance consumers. Symetra said that it did not expect the change in domicile to affect existing policyholders.

Symetra also announced its intention to file an application to redomesticate a smaller life insurance subsidiary, Symetra National Life Insurance Company, in the coming weeks.

“Symetra has had an excellent working relationship with the Washington State Office of the Insurance Commissioner. We have a long history in Washington, and we're committed to maintaining our corporate headquarters here, which includes the nearly 900 employees in our home office,” said Mr. Marra. The company recently extended the lease on its Bellevue, Washington, location through 2025.

Learn more: www.symetra.com.