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StanCorp Reports Higher 1st Quarter Net Income

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NU Online News Service, April 24, 2003, 11:45 a.m. EDT – StanCorp Financial Group Inc., Portland, Ore., is reporting $32 million in net income for the first quarter on $509 million in revenue, up from $30 million in net income on $424 million in revenue for the first quarter of 2002.

StanCorp, the parent of Standard Insurance Company, attributed some of the increase in revenue to its recently completed acquisition of the group disability and group life operations of the Teachers Insurance and Annuity Association, New York.

Thanks in part to the TIAA deal, StanCorp’s employee benefits unit is reporting $44 million in operating income for the latest quarter on $376 million in premium revenue, up from $36 million on $307 million in premium revenue for the comparable quarter in 2002.