BELLEVUE, Wash.—Symetra Financial Corporation (“Symetra”), a wholly owned subsidiary of Sumitomo Life Insurance Company (“Sumitomo”), today announced the resignation of Thomas M. Marra as chair of its board of directors, effective July 31, 2023. Mr. Marra, who has served in the role since July 4, 2017, is stepping down to pursue new opportunities. Sumitomo, as Symetra’s shareholder, will designate a new chair shortly.
“On behalf of Sumitomo and the board, we thank Tom for his service and longstanding commitment to Symetra and its success,” said Kensei Kawaguchi, Managing Executive Officer, Sumitomo Life Insurance Company, and Symetra Financial Corporation board member. “He played an essential role in Sumitomo’s acquisition of Symetra, and in developing the productive relationship between the two organizations as CEO and then as board chair. We greatly appreciate the leadership, insight, and expertise that Tom has provided to Sumitomo and Symetra’s leadership team. We wish him well in his future endeavors.”
Mr. Marra joined Symetra in June 2010 as president and chief executive officer of Symetra Financial Corporation and its insurance subsidiaries, a role he held until February 2018. Under his leadership, Symetra Life Insurance Company assets grew from $23 billion to $37 billion, and Symetra completed a successful $3.8 billion acquisition by Sumitomo Life.
“I want to thank Tom for his many years of leadership and guidance,” said Symetra president and CEO Margaret Meister. “He has made important contributions to our business and culture that will carry on following his departure. His passionate engagement and commitment to excellence have become important organizational traits which will serve the company well into the future. I wish him nothing but the best in his next role.”
“I have had a great run at Symetra,” said Tom Marra. “It has been so gratifying to see how the company has grown since I joined 13 years ago. With our core values of Value, Transparency and Sustainability, I also know that our future success will mean many American families will be well served by our products and services. It has been one of the greatest honors of my professional life to have shared this journey with my teammates at Symetra. I believe we have built a very strong company with substantial future potential, and I truly believe the best is yet to come for Symetra’s businesses. I wish the team continued success in the future.”
Mr. Marra’s 40-year career in the life insurance industry includes roles as president and chief operating officer at Hartford Life. Throughout his career at The Hartford, he held various directorships, including at the parent company and its subsidiaries. In 2009, he became a senior advisor at the Boston Consulting Group in the North America Financial Services division.
Mr. Marra is a past director of the American Council of Life Insurers (ACLI) and a past chairman of the board of the ACLI and of the Insured Retirement Institute (IRI). He was inducted into the IRI Hall of Fame in 2011.
Symetra Financial Corporation is a diversified financial services company based in Bellevue, Washington. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent financial professionals and insurance producers.
Symetra Financial Corporation had $58.6 billion in assets at Dec. 31, 2022, and approximately 1.7 million customers and over 2,000 employees nationwide.
Symetra is a wholly owned subsidiary of Sumitomo Life Insurance Company.
For more information, visit www.symetra.com.