WASHINGTON (dpa-AFX) - Symetra Financial Corp. (SYA) Wednesday reported a decline in profit for the second quarter, hurt mainly by lower gains on sales of fixed maturities and increased investment impairments.
Net income for the quarter declined to $43.8 million or $0.32 per share from $58.1 million or $0.42 per share in the same period last year.
On average 10 analysts polled by Thomson Reuters expected the company to earn $0.33 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $508.4 million, up from $491.6 million last year. Analysts expected revenues of $508.83 million.
Net realized investment losses was $6.4 million, compared to gains of $14.1 million in the prior-year period.
Benefits and expenses totaled $451 million, compared to $409.3 million last year.
Looking ahead to the fiscal year 2012, Symetra affirmed its adjusted operating income guidance range of $1.35 to $1.50 per share.
Analysts currently expect the company to report earnings of $1.43 per share for 2012.
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