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April 25, 2006 at 11:19 AM
StanCorp Financial Group Inc. reports first quarter net income of $38.7 million on revenues of $471 million, down from $43.6 million in income on $447 million in revenues a year earlier.
The company, in Portland, Ore., also says it has agreed to acquire InvesMart Inc., a retirement financial services firm that administers retirement plan assets of more than $10 billion.
Results for the first quarter of 2006 reflected unfavorable claims experience in StanCorp.’s group life, group disability and individual disability insurance businesses, the company says. Premium growth of 5.5% for the quarter was also lower than the company’s long-term target of 10% to 12%.
