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StanCorp Reports Lower 2nd Quarter Net Income

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NU Online News Service, July 25, 12:41 p.m. – StanCorp Financial Corp., Portland, Ore., is reporting $20 million in net income for the second quarter on $429 million in revenue, compared with $26 million in net income on $393 million in revenue for the second quarter of 2001.

Operating income, which excludes $13 million in investment losses realized during the latest quarter, increased to $33 million, from $26 million.

StanCorp, the parent company of Standard Insurance Company, sells employee benefits, individual insurance and retirement services.

Revenue from employee benefits increased to $310 million, from $281 million, in spite of the soft economy.

Individual insurance revenue increased to $21 million, from $20 million, and retirement services revenue increased to $5.2 million, from $5.1 million.

Pre-tax operating income for all three units was up.

Traditionally, experts have worried that a weak economy will lead to significant increases in disability insurance claims. But StanCorp, a major seller of disability insurance, says its claims experience has been favorable.