July 26, 2001 at 08:00 PM
NU Online News Service, July 26, 2:25 p.m. – StanCorp Financial Group Inc., Portland, Ore., the parent company of Standard Insurance Company, is reporting $26 million in net income for the second quarter on $393 million in revenue, compared with $26.1 million in net income on $355 million in revenue for the second quarter of 2000.
Operating income, which excludes $394,000 in losses on investments sold during the quarter, increased 8%, to $26 million.
In spite of the softness of the economy and reports of widespread layoffs, the employee benefits insurance unit brought in $36 million in pre-tax operating income on $281 million in premium revenue, up from $28 million in pre-tax operating income on $239 million in premium revenue for the second quarter of 2000.
The benefits unit did well partly because the claims rate was lower than expected, the company says.
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