Sumitomo Life commits $900 million to Symetra

Sumitomo Life Insurance Company is injecting $900 million into its U.S. subsidiary Symetra to support its acquisition of a group life and disability insurance block and fund additional corporate priorities.

This follows a $650 million capital infusion in 2024 for annuity growth, bringing Sumitomo’s total investment in Symetra to $1.55 billion.

The move underscores Symetra’s growing role in Sumitomo’s global strategy, with the latest deal set to expand Symetra’s footprint in the U.S. group benefits market.