Comparing the current results to its competitors, Symetra Financial reported Revenue increase in the 3 quarter 2015 by 2.4 % year on year. The revenue growth was below Symetra Financial's competitors' average revenue growth of 44.77 %, achieved in the same quarter.
Symetra Financial's Comment on Competitors and Industry Peers
We face significant competition for customers and distributors from insurance
and other non-insurance financial services companies, such as banks, broker-dealers
and asset managers. Generally, our life, health and annuity insurance products
compete with similar products offered by other large and highly rated insurers.
In addition, our annuity products compete with products offered by other financial
services companies. Our ability to compete effectively is dependent on a number
of factors, including:
product features;
price, crediting rates and cap rates;
commissions;
the strength of our brand;
reputation;
quality of service and related technological capabilities;
financial strength ratings and other industry ratings;
our ability to invest premiums and deposits in appropriate assets; and
diversification of distribution channels.
The relative importance of these factors depends on the particular product and
market. For example, many of our annuity products compete on the interest rates
we credit, resulting in the risk that our annuity contract holders may be able
to obtain more favorable rates from our competitors. Recent entrants to annuity
markets may be willing to assume more risk in their investment portfolios, allowing
them to offer higher crediting rates that are more attractive to consumers. Additionally,
our ability to gain traction with new distribution partners may be impacted by
a lack of consumer name recognition in certain markets. However, we believe that
our extensive distribution network, strong financial position, diverse business
mix, and disciplined investment management provides us with competitive advantages.