StanCorp Financial Group Inc. (NYSE:SFG), the parent of The Standard, says the economy is starting to look better.
The company, a major seller of individual and group disability insurance, and a substantial player in the group life and annuity markets, is reporting $57 million in net income for the first quarter on $710 million in revenue, up from $48 million in net income on $695 million for the first quarter of 2014.
At the benefits unit, long-term disability (LTD) premium revenue increased $195 million, from $189 million, and short-term disability (STD) premium revenue increased to $60 million, from $54 million.
Annualized new sales jumped to $30 million, from $16 million, for LTD products, and to $18 million, from $8.5 million, for STD products.
Benefits unit spending on commissions and bonuses rose 13 percent, to $38 million.
The ratio of benefits to premium revenue fell to 77.4 percent, from 80.8 percent.
