StanCorp Financial Group Inc. says the incidence of group long-term disability (LTD) insurance claims was higher than it had expected during the first quarter.
StanCorp., Portland, Ore. (NYSE:SFG), the parent of Standard Insurance, talks about the shift in a discussion of preliminary financial results for the quarter, which ended March 31.
StanCorp net income per diluted share likely will fall to less than 74 cents for the quarter, from $1.04 in the first quarter of 2010, the company says.
Results for the latest quarter were hurt by less favorable group LTD claims experience, and the shift in group LTD claims experience was due primarily to an increase in the number of claims, the company says.
“The higher incidence was not concentrated in any single industry, region or policy year,” the company says.