Symetra True Variable Annuity Features Two DoubleLine Sub-Advised Funds Available on Exclusive, Tax-Deferred Basis

BELLEVUE, Wash.--(BUSINESS WIRE)-- Symetra Life Insurance Company today announced that two DoubleLine Capital LP sub-advised funds will be available in a tax-deferred variable annuity exclusively through the Symetra True Variable Annuity(SM). DoubleLine^® will provide its total return and emerging markets income strategies as sub-adviser to two funds of the Symetra Mutual Funds Trust. Earlier today, Symetra Life unveiled its new variable annuity (VA), which is designed for clients of fee-based and fee-only financial advisers who want low fees,¹ tax deferral and premier investment choices.

"Symetra True VA’s signature feature is its strong investment platform. As we assembled our fund lineup, we looked to include high-quality investment managers,” said Tom Marra, president and chief executive officer of Symetra Financial Corporation. "Jeffrey Gundlach and his DoubleLine team have built a distinguished record managing fixed-income portfolios. We are honored to team up with DoubleLine and to give Symetra customers the opportunity to invest in these two sub-advised funds on a tax-deferred basis.”

Symetra Investment Management, Inc., a subsidiary of Symetra Financial Corporation, will act as the investment adviser to the new Symetra Mutual Funds Trust family of mutual funds. DoubleLine will act as sub-adviser of the Symetra DoubleLine Total Return Fund and the Symetra DoubleLine Emerging Markets Income Fund, and will be responsible for day-to-day portfolio management of those funds. DoubleLine is an independent asset management firm focused on core (multi-sector) fixed income, mortgage-backed securities (MBS), global developed credit (including corporate and sovereign securities), emerging markets (EM) debt (corporate and sovereign) and global asset allocation.

DoubleLine CEO Jeffrey Gundlach is joined by DoubleLine president and co-portfolio manager Philip Barach in the management of the Symetra DoubleLine Total Return Fund. Luz Padilla will serve as portfolio manager of the Symetra DoubleLine Emerging Markets Income Fund.

“This marks the first offering of DoubleLine’s MBS and EM strategies in variable annuity accounts,” Gundlach said. “We’re very excited to join Symetra in making this tax-deferred extension of our strategies available to investors.”

The Symetra DoubleLine Total Return Fund seeks total return through both income and capital appreciation. Under normal market conditions, the Fund pursues its investment objective by investing at least 80% of its net assets (plus the amount of borrowings for investment purposes) in debt securities. Under normal market conditions, the Fund invests more than half of its assets in mortgage-backed government securities, mortgage-backed securities collateralized by government securities, and privately issued high-grade mortgage-backed securities, including inverse floaters. The Fund also may invest up to 35% of its assets in lower-rated bonds (commonly known as junk bonds), bank loans and assignments, and credit default swap agreements. Investment in secured or unsecured fixed or floating rate loans arranged through private negotiations between a borrower and one or more financial institutions may be in the form of participations in loans or assignments of all or a portion of loans from third parties. Under normal market conditions, the Fund generally seeks a target weighted average effective duration of one to eight years, though actual duration may vary considerably from this target.

The Symetra DoubleLine Emerging Markets Income Fund seeks total return through both income and capital appreciation. Under normal market conditions the Emerging Markets Fund pursues its investment objective by investing at least 80% of its net assets (plus the amount of borrowings for investment purposes) in debt securities of foreign issuers that are located in emerging market countries or whose securities are traded in emerging markets. The Fund generally maintains investments in securities of issuers in at least four emerging market countries. Nonetheless, the Fund is not a diversified mutual fund under the 1940 Act. In allocating investments among various emerging market countries, the Fund’s sub-adviser attempts to analyze various internal economic, market and political factors, including the following: 1) public finance, 2) monetary policy, 3) external accounts, 4) financial markets, 5) regulation of foreign investments, 6) exchange rate policy, and 7) labor conditions.

About Symetra

Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation (NYSE:SYA), a diversified financial services company based in Bellevue, Wash. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent agents and advisors. For more information, visit www.symetra.com.

About DoubleLine Capital LP

DoubleLine Capital LP, a registered investment adviser under the Investment Advisers Act of 1940, manages more than $35 billion in assets held in closed and open-end 1940 Act funds, separate accounts and hedge funds. The firm is employee-owned with CEO Jeffrey Gundlach and President Philip Barach holding a combined majority interest in the firm. DoubleLine's headquarters is in Los Angeles, Calif. Its offices can be reached by telephone at (213) 633-8200 or by email at [email protected]. DoubleLine is a registered trademark of DoubleLine Capital LP.

Before investing, carefully consider the investment objectives, risks, charges and expenses. This and other information is contained in the contract prospectus and the underlying fund prospectuses. You may call or write your Registered Representative or Symetra for free copies of the prospectuses or visit www.trueva.com for online copies. Please read them carefully before investing.

Securities are distributed by Symetra Securities, Inc. (SSI). Symetra True Variable Annuity is a flexible premium deferred variable annuity issued by Symetra Life Insurance Company (SLIC). Contract form number is ICC12_RC1 in most states and is not available in all U.S. states or any U.S. territory. SSI and SLIC are affiliates and are both located at 777 108^th Avenue NE, Suite 1200, Bellevue, WA 98004-5135.

Variable annuities, which are suitable for long-term investing, are subject to market risks, including the loss of principal invested. Like many variable annuities, this contract has terms and limitations for keeping it in force. Please contact your Registered Representative for complete details.

¹ Source: Morningstar survey of 1,854 variable annuities on Dec. 31, 2011. The total mortality and expense, administrative and distribution expense fees for True VA equal 0.60%, placing it in the lowest quartile of variable annuities. If the maximum sub-account fund facilitation fee of 0.15% , which is not currently charged, were included in total expenses, True VA would still be in the lowest quartile of variable annuities. The comparison of total expenses does not include fees associated with the underlying funds.

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Symetra Life Insurance CompanyDiana McSweeney, 425-256-6167
[email protected]

Source: Symetra Life Insurance Company