Last updated: April 14, 2026 by the AnnuityJournal Editorial Team.
Symetra Life Insurance Company is a Bellevue, Washington-based insurer with a strong reputation in fixed indexed annuities and a growing MYGA presence. The company was founded in 1957 as SAFECO Life Insurance, spun off as Symetra in 2004, and acquired by Japanese insurer Sumitomo Life in 2016 for $3.8 billion. Symetra now operates as Sumitomo Life’s primary U.S. retirement-products platform.
Symetra holds an AM Best A (Excellent) rating and manages more than $55 billion in assets. The Symetra Accumulator FIA series is one of the most widely distributed indexed annuity products in the independent agent channel, with competitive caps and multiple index options. Symetra also issues competitive MYGAs, deferred income annuities, and SPIAs.
Key Takeaways
- AM Best A (Excellent), A from S&P, A1 from Moody’s
- Owned by Sumitomo Life of Japan since February 2016
- Strong FIA lineup including the Accumulator 7 Plus and Edge Plus
- Competitive MYGA rates across 3, 5, and 7-year terms
- $55B+ in assets; growing steadily under Sumitomo ownership
- Sold through independent agents and broker-dealers
Symetra Company Overview
Symetra traces its roots to 1957, when SAFECO Life Insurance Company was founded as a subsidiary of the Seattle-based SAFECO insurance group. In 2004, investor group White Mountains Insurance and Berkshire Hathaway led a buyout that separated the life and annuity business from SAFECO, renaming it Symetra. The company went public on the NYSE in 2010.
In February 2016, Sumitomo Life Insurance Company, one of Japan’s largest mutual life insurers, acquired Symetra in an all-cash deal worth approximately $3.8 billion. Sumitomo Life has more than $300 billion in assets globally and a 100-plus year operating history. Since the acquisition, Symetra has expanded its product lineup significantly, particularly in fixed indexed annuities and MYGAs.
Symetra Life Insurance Company issues most U.S. annuity contracts. First Symetra National Life Insurance Company of New York handles New York State business. Both are well-capitalized and regulated.
Symetra Annuity Products
Fixed Indexed Annuities (FIAs)
Symetra Accumulator 7 Plus is one of the most widely sold FIAs in the independent agent channel. It offers a 7-year surrender period, index options including the S&P 500 and the JPMorgan ETF Efficiente 5 Index, and competitive cap and participation rates. 10% annual free withdrawal. Minimum premium $10,000. Built for accumulation-focused buyers who want market-linked growth potential with 100% principal protection. Learn more in our FIA guide.
Symetra Edge Plus is a shorter-term FIA with a 5-year surrender period, offering similar index crediting with a more flexible exit timeline.
Symetra Advantage Income pairs index crediting with an optional guaranteed lifetime withdrawal benefit rider for buyers focused on future retirement income.
Multi-Year Guaranteed Annuities (MYGAs)
Symetra ClearReach MYGA series offers 3, 5, and 7-year guarantee periods with a single locked rate for the full term. 10% annual free withdrawal. No annual fees. Minimum premium $10,000. Symetra MYGA rates are generally competitive within the A-rated tier though not quite at the top with alternative-credit carriers. See our MYGA guide for how these products work.
Symetra Custom 7 is a premium-bonus MYGA variant with a modest upfront bonus that vests over the 7-year surrender period.
Income Annuities
Symetra Advantage Income SPIA converts a lump-sum deposit into guaranteed income payments for life, joint life, or a period certain. Competitive at ages 65 and up.
Financial Strength & Ratings
| Rating Agency | Rating | Meaning |
|---|---|---|
| AM Best | A (Excellent) | Third-highest of 16 rating levels |
| S&P Global | A (Strong) | Strong capacity to meet financial commitments |
| Moody’s | A1 (Good) | Low credit risk, upper-medium grade |
| Fitch | A (Strong) | High credit quality |
Every Symetra annuity is backed by the issuing insurer’s claims-paying ability and the policyholder’s state guaranty association, typically up to $250,000 per insurer per person.
Symetra Pros and Cons
| Pros | Cons |
|---|---|
| Strong FIA lineup with competitive caps and participation rates | MYGA rates generally below alternative-credit carriers |
| Competitive MYGA pricing within A-rated tier | A rating is one notch below A+ or A++ |
| Sumitomo Life parent provides global capital backing | Smaller footprint than major mutuals |
| Accumulator 7 Plus is broadly distributed and easy to compare | Variable annuity lineup is limited |
| Conservative portfolio concentration in investment-grade fixed income | Product availability varies by state |
Who Is Symetra Best For?
- FIA-focused buyers: The Accumulator 7 Plus is a flagship product with broad distribution and consistent rate competitiveness.
- Accumulation-oriented savers: Symetra FIAs offer market-linked growth potential with 100% principal protection.
- MYGA buyers wanting A-rated stability: ClearReach MYGA rates sit competitively in the A-rated tier.
- Income planners: Symetra’s SPIA and DIA options are competitively priced for ages 65-plus.
Who Should Not Buy a Symetra Annuity
- Rate-focused MYGA buyers willing to accept any A-rated carrier. Athene and Global Atlantic typically quote 20 to 50 basis points higher on MYGA rates.
- Variable annuity buyers. Symetra does not have a large VA lineup.
- Buyers who require A++ carriers. If only the highest AM Best rating will do, consider New York Life or MassMutual.
How to Buy a Symetra Annuity
- Find a licensed independent agent appointed with Symetra.
- Request a current rate sheet for the specific product, term, and state.
- Compare Symetra’s rate and caps against at least three other A-rated carriers on the same term or FIA category.
- Complete the application. Fund by wire, check, 1035 exchange, or IRA rollover.
- Review during the free-look period, which is 10 to 30 days depending on state.
Frequently Asked Questions
Is Symetra a good annuity company?
Yes. Symetra holds an A (Excellent) rating from AM Best, A from S&P and Fitch, and A1 from Moody’s. With $55 billion in assets and ownership by Sumitomo Life of Japan ($300B+ globally), Symetra is financially sound. The Accumulator 7 Plus FIA is one of the most widely sold indexed annuities in the independent agent channel.
Who owns Symetra?
Symetra is wholly owned by Sumitomo Life Insurance Company, one of Japan’s largest mutual life insurers. Sumitomo Life acquired Symetra in February 2016 for approximately $3.8 billion and operates the company as its primary U.S. subsidiary.
What is Symetra’s AM Best rating?
Symetra Life Insurance Company holds an A (Excellent) rating from AM Best, the third-highest of sixteen levels. It also carries A from S&P, A from Fitch, and A1 from Moody’s.
What types of annuities does Symetra offer?
Symetra offers fixed indexed annuities (Accumulator 7 Plus, Edge Plus, Advantage Income), multi-year guaranteed annuities (ClearReach, Custom 7), and single premium immediate annuities. Their FIA lineup is their flagship product category.
Can I buy a Symetra annuity directly?
No. Symetra annuities are sold through licensed independent insurance agents and broker-dealers. You cannot purchase directly from Symetra.
How does the Symetra Accumulator 7 Plus work?
The Accumulator 7 Plus is a fixed indexed annuity with a 7-year surrender period. It credits interest based on the performance of an index such as the S&P 500 or JPMorgan ETF Efficiente 5, subject to a cap or participation rate. Principal is 100% protected from market losses. Credits are typically locked in annually. 10% annual free withdrawal is allowed after year one.
Are Symetra annuities safe?
Symetra annuities carry the same guarantees as any fixed annuity issued by an A-rated U.S. insurer. Principal is protected by Symetra’s claims-paying ability, regulatory capital reserves, and the policyholder’s state guaranty association up to coverage limits.
How do Symetra MYGA rates compare to other carriers?
Symetra ClearReach MYGA rates are typically mid-pack within the A-rated tier. Alternative-credit-backed carriers like Athene and Global Atlantic usually quote 20 to 50 basis points higher. Symetra’s rates are competitive for buyers who prioritize the Japanese institutional backing and Sumitomo Life stability.
