NEW YORK, Jan 6 - Life insurance company Symetra Financial Corp set the terms of its initial public offering on Wednesday, signaling that it is likely to price soon.

Warren Buffett's Berkshire Hathaway (BRKa.N), which owns 26.3 percent of the company, is keeping all of its shares. A fund affiliated with investor J.C. Flowers, which currently owns 2.3 percent of the company, is selling all of its shares.

Buffett's Berkshire Hathaway also kept all of its shares in the insurance company Verisk Analytics Inc's (VRSK.O) October IPO. The company now trades about 38 percent above its IPO price.

Bellevue, Washington-based Symetra sells group health, retirement and life insurance, and employee benefits. It said in a regulatory filing it expects its IPO to consist of 27 million shares for between $12 and $14 each.

Symetra reported revenue of $1.3 billion in the nine months that ended Sept. 30, up from $1.1 billion in the year-ago period. The company reported net income of $96.2 million, up from $27 million.

Symetra said in a filing with the U.S. Securities and Exchange Commission that its board of directors has not yet determined how it will use proceeds from the offering, but said it would likely be for general corporate purposes, including contributions of capital to its insurance and other subsidiaries.

The company plans to list on the New York Stock Exchange under the symbol SYA.

Joint book-runners for the offering are Bank of America Merrill Lynch, JP Morgan, Goldman Sachs & Co and Barclays Capital. They have the option to purchase an additional 4.05 million shares. (Reporting by Clare Baldwin; Editing by Maureen Bavdek and Steve Orlofsky)