Symetra Financial Corp., owned by Warren Buffett’sBerkshire Hathaway Inc. and White Mountains Insurance Group Ltd., reveals to have sold shares at a low cost in the first initial public offering of a U. S. life insurer since 2004.

However, Symetra had initially planned to offer 27 million shares at $12 to $14 each, a Jan. 15 filing with the Securities and Exchange Commission cited.

The statement released through Business Wire claimed that The Bellevue, Washington-based Company raised about $365 million, selling 30.4 million shares at $12 each.

Berkshire and White Mountains revealed to have not having sold shares in the IPO, but other private holders, including J. C. Flowers & Co. and Och-Ziff Capital Management Group LLC (OZM), are selling a part of their stakes, at a price equal to about a third of the total deal.

Symetra is in a process to use proceeds from the IPO in a view to include contributions of capital to the company's subsidiaries.

The insurer witnessed its falling revenue and profit in 2008 as credit and stock markets swims in the troubling waters. However, its figures improved in the first three quarters of 2009, with revenue up 15%, to $1.27 billion, and earnings tripling, to $96.2 million.