Symetra Financial (SYM) scheduled to IPO Friday, January 22

Price range midpoint is $13

SYM seems competitively (85% of book, see below) priced except the expected dividend is considerably highter than the norm for the sector:

	Annual
	div yield
Symetra Financial (SYA)	1.54%
Aetna Inc. (NYSE: AET)	0.12%
CIGNA (NYSE: CI)	0.11%
UnitedHealth (NYSE: UNH)	0.09%

DIVIDEND POLICY

Intends to pay quarterly cash dividends at an initial rate of $0.05 per share

Annual rate of 1.5%

BUSINESS

Life insurance company focused on profitable growth in select group health, retirement, life insurance and employee benefits markets.

Operations date back to 1957 and many of agency and distribution relationships have been in place for decades.

Headquartered in Bellevue, Washington and employ 1,100 people in 16 offices across the United States, serving 1.8 million customers.

COMPETITION

Compare Symetera (SYA) P/E: 11.1 Div/yield: $.20 --1.5% With

Aetna Inc. (NYSE: AET) http://www.google.com/finance?q=NYSE:AET P/E: 11.39 Div/yield: $.04 -- 0.12%

CIGNA (NYSE: CI) http://www.google.com/finance?q=NYSE:CI P/E: 13.77 Annual div/yield: $0.04 -- 0.11%

UnitedHealth Group Inc. (NYSE: UNH) http://www.google.com/finance?q=NYSE:UNH P/E: 11.60 Annual div/yield: $0.03 -- 0.09%

Source: Google finance & SEC filings

USE OF $208mm in IPO PROCEEDS From sale of 17.3mm shares. Shareholders intend to sell 9.7mm shares

For general corporate purposes, which may include contributions of capital to insurance and other subsidiaries.

Enterprise Value =	Mrk Cap	+Total	-Cash	=Enterprise	Price	Annual
Annualized Sept 9 mos		debt		Value (EV)	Jan 19	div yield
Symetra Financial (SYA)	$1,430	$449	-$450	$1,429		1.54%
Aetna Inc. (NYSE: AET)	$14,160	$28,595	-$1,830	$40,925	$33.66	0.12%
CIGNA (NYSE: CI)	$10,370	$37,496	-$836	$47,030	$37.92	0.11%
UnitedHealth (NYSE: UNH)	$40,820	$34,551	-$10,501	$64,870	$35.13	0.09%
ENTERPRISE VALUE	Enterprise	EV /	EV /	EV /	EV /	Price
Compare & Contrast	Value, $mm	Sales	Earnings	BookValue	TangibleBV	Jan 19
Symetra Financial (SYA)	$1,429	0.8	11.1	4.0	4.0
Aetna Inc. (NYSE: AET)	$40,925	1.2	27.7	4.3	10.6	$33.66
CIGNA (NYSE: CI)	$47,030	2.6	36.3	9.1	20.6	$37.92
UnitedHealth (NYSE: UNH)	$64,870	0.7	16.9	2.8	327.6	$35.13
"STANDARD" RATIOS	Mrkt	Price /	Price /	Price /	Price /	Price
annualized Sept 9 mos	Cap (mm)	Sales	Earnings	BookValue	TangibleBV	Jan 19
Symetra Financial (SYA)	$1,430	3.1	11.1	0.85	1.05	25%
Aetna Inc. (NYSE: AET)	$14,160	0.41	9.6	1.5	3.7	$33.66
CIGNA (NYSE: CI)	$10,370	0.56	8.0	2.0	4.5	$37.92
UnitedHealth (NYSE: UNH)	$40,820	0.47	10.6	1.8	206.2	$35.13
data source: Google Finance & SEC filings