D.M.-based Symetra Life has new owner
August 19, 2015 by Matthew Patane
A Des Moines-area life insurance company that came to Iowa last year has a new owner from Japan.
Symetra Financial, a Washington-based company, announced Tuesday that it is now owned by Sumitomo Life Insurance Co. Sumitomo is a life insurance company with headquarters in Tokyo and Osaka, Japan.
The acquisition of Symetra Financial includes Symetra Life Insurance Co., a West Des Moines-based subsidiary. Symetra Life officially redomesticated to Iowa last year.
The deal will make Symetra Financial the core U.S. operation for Sumitomo. Symetra will maintain its headquarters, employees and management team, according to a statement.
Both companies said the combined business will have $250 billion in assets.
Sumitomo’s acquisition is expected to close in the first half of 2016. It is subject to the approval of Symetra shareholders and regulators.
