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%.

On the plus side, the company reported revenue growth in its asset management business of better than 13% for the first quarter of 2006, to $50.5 million from $44.6 million a year earlier.

StanCorp said it will purchase InvesMart and its subsidiaries for about $85 million. InvesMart, Pittsburgh, manages about 3,400 retirement plans with assets of more than $10 billion.