The first life and health insurers to report first-quarter earnings reported profits.
StanCorp Financial Group Inc., Portland, Ore. (NYSE:SFG)
1 Q 2010 Results
NET INCOME: $50 million
REVENUE: $679 million
1 Q 2009 Results
NET INCOME: $33 million
REVENUE: $686 million
- Group insurance sales increased to $155 million, from $100 million.
- Overall group insurance premiums fell 4%, to $466 million. “The decrease in premiums reflected the ongoing effects of challenging economic conditions on wage rates and job growth,” according to StanCorp, the parent of Standard Insurance Company. “The increase in sales for the first quarter of 2010 compared to the first quarter of 2009 reflected strong demand for the company’s products and services, including a number of new and enhanced offerings.”
- Total premiums for individual disbability insurance fell to about $40 million, from $58 million, but the individual disability benefits ratio, or percentage of premiums going to pay claims, fell to 61.2%, from 72.2%.