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StanCorp Reports Higher 4th Quarter Net Income

By Staff Writer

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NU Online News Service, Jan. 30, 12:03 p.m. – StanCorp Financial Group Inc., Portland, Ore., is reporting $34 million in net income for the fourth quarter of 2002 on $488 million in revenue, up from $28 million in net income on $408 million in revenue for the fourth quarter of 2001.

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

The benefits division is reporting $46 million in operating income for the latest quarter on $358 million in premium revenue, up from $35 million in operating income on $288 million in premium revenue.

The individual insurance division is reporting $3.1 million in operating income on $28 million in revenue, compared with $6.9 million in operating income on $25 million in revenue.

The retirement plans division generated $600,000 in operating income on $18 million in premium revenue and investment income, down from $900,000 in operating income on $21 million in premium revenue and investment income.