StanCorp Financial Group, Inc. SFG today reported net income of $41.9 million, or $0.96 per diluted share for the second quarter of 2014, compared to $57.7 million, or $1.30 per diluted share for the second quarter of 2013. After-tax net capital losses were $0.3 million for the second quarter of 2014, compared to $1.6 million for the second quarter of 2013.
Net income excluding after-tax net capital losses was $0.97 per diluted share for the second quarter of 2014, compared to $1.34 per diluted share for the second quarter of 2013 (see discussion of non-GAAP financial measures below). Operating expenses for the second quarter of 2013 reflected savings of $10.3 million or $0.15 per diluted share due to an amendment of the Company's postretirement medical plan that did not recur for the second quarter of 2014. Excluding the operating expense savings for the second quarter of 2013, the decrease in net income was primarily due to less favorable claims experience in Employee Benefits and Individual Disability for the second quarter of 2014, partially offset by a lower effective income tax rate.
“Our second quarter results reflected less favorable claims experience in Insurance Services,” said Greg Ness, chairman, president and chief executive officer. “Despite the less favorable claims experience this quarter, the benefit ratio for Employee Benefits improved for the first six months of 2014 compared to the same period of 2013. At the same time, we are pleased with our record Asset Management earnings, our balance sheet strength and capital management.”
Year-to-Date
Net income was $92.0 million, or $2.09 per diluted share for the first six months of 2014, compared to $104.5 million, or $2.35 per diluted share for the first six months of 2013. After-tax net capital losses were $1.0 million for the first six months of 2014, compared to $2.6 million for the first six months of 2013.
Net income excluding after-tax net capital losses for the first six months of 2014 was $2.11 per diluted share, compared to $2.41 per diluted share for the first six months of 2013. The decrease was primarily due to lower operating expenses for the first six months of 2013, which reflected savings of $20.6 million or $0.30 per diluted share due to an amendment of the Company's postretirement medical plan that did not recur for the first six months of 2014.
Business Segments
Insurance Services
Employee Benefits
Employee Benefits reported income before income taxes of $32.7 million for the second quarter of 2014, compared to $46.6 million for the second quarter of 2013. The decrease was primarily due to less favorable claims experience, lower net investment income and lower premiums.
Employee Benefits premiums decreased 4.0% from $487.0 million for the second quarter of 2013 to $467.3 million for the second quarter of 2014. The decrease was primarily due to lower Employee Benefits sales compared to prior periods.
Employee Benefits annualized new sales were $21.0 million for the second quarter of 2014, compared to $25.2 million for the second quarter of 2013. The decrease was primarily due to competition in the large case market. The second quarter has historically been the Company's lightest sales quarter of the year.
The benefit ratio for Employee Benefits, measured as benefits to policyholders and interest credited as a percentage of premiums, was 82.0% for the second quarter of 2014, compared to 80.4% for the second quarter of 2013. The increase in the benefit ratio for the second quarter of 2014 was primarily due to less favorable claims experience for the Company's long term disability business as a result of a higher-than-normal number of large claims for the second quarter of 2014. The benefit ratio can fluctuate widely from quarter to quarter and has historically been higher in the first half of the year.
The discount rate used for newly established, long term disability claim reserves was 4.00% for the second quarter of 2014, compared to 3.75% for the second quarter of 2013. A 25 basis point increase or decrease in the discount rate currently results in a corresponding increase or decrease in quarterly pre-tax income of approximately $2 million.
The Company's new money investment rate was 4.56% for the second quarter of 2014, compared to 4.16% for the second quarter of 2013. The 12-month reserve interest margin between the Company's new money rate and average reserve discount rate was 57 basis points for the second quarter of 2014, compared to 53 basis points for the second quarter of 2013.
Individual Disability
Individual Disability reported income before income taxes of $7.0 million for the second quarter of 2014, compared to $14.8 million for the second quarter of 2013. The decrease was primarily due to less favorable claims experience.
Individual Disability premiums were $48.9 million for the second quarter of 2014, compared to $46.7 million for the second quarter of 2013.
The benefit ratio for Individual Disability was 79.3% for the second quarter of 2014, compared to 63.4% for the second quarter of 2013. Due to the relatively small size of the Individual Disability business, the benefit ratio generally fluctuates more on a quarterly basis and tends to be more stable when measured on an annual basis.
Asset Management
Asset Management reported income before income taxes of $22.0 million for the second quarter of 2014, compared to $20.7 million for the second quarter of 2013. The increase was primarily due to higher administrative fees as a result of the increase in assets under administration. Commercial mortgage loan prepayment fee revenues and bond call premiums added $2.7 million of income before income taxes for the second quarter of 2014 and $1.4 million for the second quarter of 2013. Income before income taxes also increased $0.7 million for the second quarter of 2014 and $1.6 million for the second quarter of 2013 as a result of the change in fair values of the hedging assets and liabilities related to the Company's equity-indexed annuity product.
Assets under administration, which include assets related to retirement plans, individual fixed annuities, private client wealth management and commercial mortgage loans managed for third-party investors, increased 14.0% to $26.03 billion at June 30, 2014 from $22.83 billion at June 30, 2013, primarily reflecting higher equity values and positive cash flows for retirement plan assets under administration.
Commercial mortgage loan originations were $372.0 million for the second quarter of 2014, compared to $364.1 million for the second quarter of 2013.
Other
The Other category includes the return on capital not allocated to the product segments, holding company expenses, operations of certain unallocated subsidiaries, interest on debt, unallocated expenses, net capital gains and losses primarily related to the disposition or impairment of the Company's invested assets and adjustments made in consolidation.
The Other category reported a loss before income taxes of $10.4 million for the second quarter of 2014, compared to $3.6 million for the second quarter of 2013. Net capital losses were $0.5 million for the second quarter of 2014, compared to $2.6 million for the second quarter of 2013. The loss before income taxes excluding net capital losses was $9.9 million for the second quarter of 2014, compared to $1.0 million for the second quarter of 2013.
Operating expenses for the second quarter of 2013 reflected savings of $10.3 million due to an amendment of the Company's postretirement medical plan that did not recur for the second quarter of 2014.
Cash and Investments
At June 30, 2014, the Company's total cash and investments consisted of 55.3% fixed maturity securities, 40.4% commercial mortgage loans, 2.5% other invested assets and real estate, and 1.8% cash and cash equivalents. The overall weighted-average credit rating of the fixed maturity securities portfolio was A- (Standard & Poor's) at June 30, 2014.
At June 30, 2014, commercial mortgage loans in the Company's investment portfolio totaled $5.45 billion on approximately 6,500 commercial mortgage loans. The average loan balance retained by the Company in the portfolio was $0.8 million. Commercial mortgage loans more than 60 days delinquent were 0.26% of the portfolio balance at June 30, 2014, compared to 0.23% at June 30, 2013.
Book Value
The Company's book value per share increased 11.9% from $47.04 at June 30, 2013, to $52.66 at June 30, 2014. Accumulated other comprehensive income (“AOCI”) increased $98.6 million from $127.3 million at June 30, 2013 to $225.9 million at June 30, 2014, primarily due to an increase in net unrealized gains in the Company's fixed maturity securities portfolio related to lower market interest rates. The Company's book value per share excluding AOCI increased 7.3% from $44.16 at June 30, 2013, to $47.40 at June 30, 2014 (see discussion of non-GAAP financial measures below).
Capital Management
For the first six months of 2014, the Company deployed approximately $133 million of capital through the repurchase of shares and debt.
Share Repurchases
For the second quarter of 2014, the Company repurchased 852,878 shares at a total cost of $51.3 million, which reflects a volume weighted-average price per share of $60.13.
For the first six months of 2014, the Company repurchased 1,406,078 shares at a total cost of $85.9 million, which reflects a volume weighted-average price per share of $61.11.
At June 30, 2014, the Company had 2.9 million shares remaining under its share repurchase authorization. Diluted weighted-average shares outstanding were 43,710,063 for the second quarter of 2014, compared to 44,398,120 for the second quarter of 2013.
Debt Repurchase
In the first quarter of 2014, the Company repurchased $47.1 million of its 6.90% junior subordinated debentures (“Subordinated Debt”), which matures on June 1, 2067 and is non-callable prior to June 1, 2017. The Company had $252.9 million of Subordinated Debt outstanding at June 30, 2014.
Available Capital
The Company's available capital was approximately $500 million at June 30, 2014 and March 31, 2014. The income from its insurance subsidiaries and capital generated from real estate sales for the second quarter of 2014 were offset by share repurchases and an allocation for expected annual interest and shareholder dividends. Available capital includes capital at its insurance subsidiaries in excess of the Company's target risk-based capital (“RBC”) ratio of 300% and cash and capital at the holding company and non-insurance subsidiaries. The RBC ratio was approximately 400% at June 30, 2014.
Non-GAAP Financial Measures
Financial measures that exclude after-tax net capital gains and losses and AOCI are non-GAAP (Generally Accepted Accounting Principles in the United States) measures. To provide investors with a broader understanding of earnings, the Company provides net income per diluted share excluding after-tax net capital gains and losses, along with the GAAP measure of net income per diluted share, because capital gains and losses are not likely to occur in a stable pattern.
Net income return on average equity excluding after-tax net capital gains and losses from net income and AOCI from equity is furnished along with the GAAP measure of net income return on average equity because management believes providing both measures gives investors a broader understanding of net income return on average equity. Measuring net income return on average equity without AOCI excludes the effect of market value fluctuations of the Company's fixed maturity securities associated with changes in interest rates and other market data. Management believes that measuring net income return on average equity without AOCI is important to investors because the turnover of the Company's portfolio of fixed maturity securities may not be such that unrealized gains and losses reflected in AOCI are ultimately realized. Furthermore, management believes exclusion of AOCI provides investors with a better measure of return.
About StanCorp Financial Group, Inc.
StanCorp Financial Group, Inc., through its subsidiaries marketed as The Standard — Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, StanCorp Mortgage Investors, StanCorp Investment Advisers, StanCorp Real Estate and StanCorp Equities — is a leading provider of financial products and services. StanCorp's subsidiaries offer group and individual disability insurance, group life and accidental death and dismemberment insurance, group dental and group vision insurance, absence management services, retirement plans products and services, individual annuities, origination and servicing of fixed-rate commercial mortgage loans, and investment advice. For more information about StanCorp Financial Group, Inc., visit its investor relations website at www.stancorpfinancial.com.
Conference Call
StanCorp management will hold an investor and analyst conference call on July 24, 2014, at noon Eastern time (9:00 a.m. Pacific time) to review StanCorp's second quarter 2014 results.
To listen to the live webcast of this conference call, visit www.stancorpfinancial.com. Windows Media PlayerTM will be required to listen to the webcast. A webcast replay will be available starting approximately two hours after the original broadcast. The replay will be available through September 12, 2014.
A telephone replay of the conference call will also be available approximately two hours after the conference call by dialing (877) 660-6853 or (201) 612-7415 and entering the conference identification number 13584034. The telephone replay will be available through August 1, 2014.
Forward-Looking Information
Some of the statements contained in this earnings release, including estimates, projections, statements related to business plans, strategies, objectives and expected operating results and the assumptions upon which those statements are based, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act. Forward-looking statements also include, without limitation, any statement that includes words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “seeks,” “will be,” “will continue,” “will likely result” and similar expressions that are predictive in nature or that depend on or refer to future events or conditions. The Company's forward-looking statements are not guarantees of future performance and involve uncertainties that are difficult to predict. They involve risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. The risks and uncertainties are detailed in reports filed by StanCorp with the Securities and Exchange Commission, including Forms 10-Q and 10-K.
As a provider of financial products and services, the Company's actual results of operations may vary significantly in response to economic trends, interest rates, investment performance, claims experience, operating expenses and pricing. Given these uncertainties or circumstances, investors are cautioned not to place undue reliance on forward-looking statements as a predictor of future results. The Company assumes no obligation to publicly update or revise any forward-looking statements including annual guidance, whether as a result of new information, future events or otherwise.
The following factors could cause the Company's results to differ materially from management expectations suggested by forward-looking statements:
- Growth of sales, premiums, annuity deposits, cash flows, assets under administration including performance of equity investments in the separate account, gross profits and profitability.
- Availability of capital required to support business growth and the effective use of capital, including the ability to achieve financing through debt or equity.
- Changes in liquidity needs and the liquidity of assets in its investment portfolios, including the ability to pledge collateral as required.
- Performance of business acquired through reinsurance or acquisition.
- Changes in financial strength and credit ratings.
- Changes in the regulatory environment at the state or federal level.
- Changes in accounting standards, practices or policies.
- Findings in litigation or other legal proceedings.
- Intent and ability to hold investments consistent with its investment strategy.
- Receipt of dividends from, or contributions to, its subsidiaries.
- Adequacy of the diversification of risk by product offerings and customer industry, geography and size, including concentration of risk, especially inherent in group life products.
- Adequacy of asset-liability management.
- Events of terrorism, natural disasters or other catastrophic events, including losses from a disease pandemic.
- Benefit ratios, including changes in claims incidence, severity and recovery.
- Levels of customer persistency.
- Adequacy of reserves established for future policy benefits.
- The effect of changes in interest rates on reserves, policyholder funds, investment income, bond call premiums and commercial mortgage loan prepayment fees.
- Levels of employment and wage growth and the impact of rising benefit costs on employer budgets for employee benefits.
- Competition from other insurers and financial services companies, including the ability to competitively price its products.
- Ability of reinsurers to meet their obligations.
- Availability, adequacy and pricing of reinsurance and catastrophe reinsurance coverage and potential charges incurred.
- Achievement of anticipated levels of operating expenses.
- Adequacy of diversification of risk within its fixed maturity securities portfolio by industries, issuers and maturities.
- Adequacy of diversification of risk within its commercial mortgage loan portfolio by borrower, property type and geographic region.
- Credit quality of the holdings in its investment portfolios.
- The condition of the economy and expectations for interest rate changes.
- The effect of changing levels of bond call premiums, commercial mortgage loan prepayment fees and commercial mortgage loan participation levels on cash flows.
- Experience in delinquency rates or loss experience in its commercial mortgage loan portfolio.
- Adequacy of commercial mortgage loan loss allowance.
- Concentration of commercial mortgage loan assets collateralized in certain states such as California.
- Environmental liability exposure resulting from commercial mortgage loan and real estate investments.
| STANCORP FINANCIAL GROUP, INC. | |||||||||||||||||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||||
| (Dollars in millions-except per share data) | |||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||
| Premiums: | |||||||||||||||||||||||||
| Insurance Services | $ | 516.2 | $ | 533.7 | $ | 1,023.7 | $ | 1,066.9 | |||||||||||||||||
| Asset Management | 3.0 | 1.4 | 5.6 | 4.4 | |||||||||||||||||||||
| Total premiums | 519.2 | 535.1 | 1,029.3 | 1,071.3 | |||||||||||||||||||||
| Administrative fees: | |||||||||||||||||||||||||
| Insurance Services | 4.3 | 3.5 | 8.5 | 7.0 | |||||||||||||||||||||
| Asset Management | 33.1 | 31.5 | 65.3 | 61.4 | |||||||||||||||||||||
| Other | (4.8 | ) | (4.6 | ) | (9.6 | ) | (9.3 | ) | |||||||||||||||||
| Total administrative fees | 32.6 | 30.4 | 64.2 | 59.1 | |||||||||||||||||||||
| Net investment income: | |||||||||||||||||||||||||
| Insurance Services | 75.1 | 79.9 | 150.6 | 161.9 | |||||||||||||||||||||
| Asset Management | 72.2 | 70.7 | 141.7 | 144.0 | |||||||||||||||||||||
| Other | 2.5 | 3.5 | 8.1 | 7.4 | |||||||||||||||||||||
| Total net investment income | 149.8 | 154.1 | 300.4 | 313.3 | |||||||||||||||||||||
| Net capital losses: | |||||||||||||||||||||||||
|
Total other-than-temporary impairment losses on fixed maturity securities—available-for-sale |
(0.1 | ) | (0.3 | ) | (0.1 | ) |
(0.6 |
) |
|||||||||||||||||
| All other net capital losses | (0.4 | ) | (2.3 | ) | (1.5 | ) | (3.6 | ) | |||||||||||||||||
| Total net capital losses | (0.5 | ) | (2.6 | ) | (1.6 | ) | (4.2 | ) | |||||||||||||||||
| Total revenues | 701.1 | 717.0 | 1,392.3 | 1,439.5 | |||||||||||||||||||||
| Benefits and expenses: | |||||||||||||||||||||||||
| Benefits to policyholders | 426.2 | 424.1 | 827.3 | 865.9 | |||||||||||||||||||||
| Interest credited | 40.6 | 40.3 | 84.1 | 86.9 | |||||||||||||||||||||
| Operating expenses | 115.3 | 104.4 | 228.4 | 209.5 | |||||||||||||||||||||
| Commissions and bonuses | 49.7 | 50.8 | 101.5 | 104.6 | |||||||||||||||||||||
| Premium taxes | 8.1 | 9.1 | 17.2 | 18.6 | |||||||||||||||||||||
| Interest expense | 7.9 | 8.6 | 16.3 | 17.1 | |||||||||||||||||||||
|
Net decrease (increase) in deferred acquisition costs, value of business acquired and other intangible assets |
2.0 | 1.2 | 0.8 | (1.9 | ) | ||||||||||||||||||||
| Total benefits and expenses | 649.8 | 638.5 | 1,275.6 | 1,300.7 | |||||||||||||||||||||
| Income (loss) before income taxes: | |||||||||||||||||||||||||
| Insurance Services | 39.7 | 61.4 | 96.4 | 110.2 | |||||||||||||||||||||
| Asset Management | 22.0 | 20.7 | 38.4 | 37.9 | |||||||||||||||||||||
| Other | (10.4 | ) | (3.6 | ) | (18.1 | ) | (9.3 | ) | |||||||||||||||||
| Total income before income taxes | 51.3 | 78.5 | 116.7 | 138.8 | |||||||||||||||||||||
| Income taxes | 9.4 | 20.8 | 24.7 | 34.3 | |||||||||||||||||||||
| Net income | $ | 41.9 | $ | 57.7 | $ | 92.0 | $ | 104.5 | |||||||||||||||||
| Net income per common share: | |||||||||||||||||||||||||
| Basic | $ | 0.97 | $ | 1.30 | $ | 2.11 | $ | 2.36 | |||||||||||||||||
| Diluted | 0.96 | 1.30 | 2.09 | 2.35 | |||||||||||||||||||||
| Weighted-average common shares outstanding: | |||||||||||||||||||||||||
| Basic | 43,311,156 | 44,257,095 | 43,602,275 | 44,341,158 | |||||||||||||||||||||
| Diluted | 43,710,063 | 44,398,120 | 44,027,747 | 44,445,155 | |||||||||||||||||||||
| STANCORP FINANCIAL GROUP, INC. | |||||||||||||
| UNAUDITED CONSOLIDATED BALANCE SHEETS | |||||||||||||
| (Dollars in millions) | |||||||||||||
| June 30, | December 31, | ||||||||||||
| 2014 | 2013 | ||||||||||||
|
ASSETS |
|||||||||||||
| Investments: | |||||||||||||
| Fixed maturity securities—available-for-sale (amortized cost of $7,016.4 and $6,811.9) | $ | 7,468.4 | $ | 7,120.5 | |||||||||
| Commercial mortgage loans, net | 5,453.3 | 5,405.1 | |||||||||||
| Real estate, net | 49.2 | 65.7 | |||||||||||
| Other invested assets | 290.4 | 196.5 | |||||||||||
| Total investments | 13,261.3 | 12,787.8 | |||||||||||
| Cash and cash equivalents | 237.7 | 379.3 | |||||||||||
| Premiums and other receivables | 122.0 | 118.2 | |||||||||||
| Accrued investment income | 105.9 | 106.8 | |||||||||||
| Amounts recoverable from reinsurers | 986.1 | 988.1 | |||||||||||
| Deferred acquisition costs, value of business acquired and other intangible assets, net | 368.0 | 371.3 | |||||||||||
| Goodwill | 36.0 | 36.0 | |||||||||||
| Property and equipment, net | 82.2 | 84.7 | |||||||||||
| Other assets | 124.0 | 127.9 | |||||||||||
| Separate account assets | 7,133.5 | 6,393.2 | |||||||||||
| Total assets | $ | 22,456.7 | $ | 21,393.3 | |||||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||||
| Liabilities: | |||||||||||||
| Future policy benefits and claims | $ | 5,855.7 | $ | 5,846.9 | |||||||||
| Other policyholder funds | 6,204.6 | 6,051.6 | |||||||||||
| Deferred tax liabilities, net | 119.1 | 64.7 | |||||||||||
| Short-term debt | 1.9 | 1.5 | |||||||||||
| Long-term debt | 504.3 | 551.9 | |||||||||||
| Other liabilities | 375.7 | 330.7 | |||||||||||
| Separate account liabilities | 7,133.5 | 6,393.2 | |||||||||||
| Total liabilities | 20,194.8 | 19,240.5 | |||||||||||
| Commitments and contingencies | |||||||||||||
| Shareholders' equity: | |||||||||||||
| Preferred stock, 100,000,000 shares authorized; none issued | --- | --- | |||||||||||
|
Common stock, no par, 300,000,000 shares authorized; 42,949,566 and 44,126,389 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively |
--- | 68.0 | |||||||||||
| Accumulated other comprehensive income | 225.9 | 134.7 | |||||||||||
| Retained earnings | 2,036.0 | 1,950.1 | |||||||||||
| Total shareholders' equity | 2,261.9 | 2,152.8 | |||||||||||
| Total liabilities and shareholders' equity | $ | 22,456.7 | $ | 21,393.3 | |||||||||
| STANCORP FINANCIAL GROUP, INC. | ||||||||||||||||||||||||||
| UNAUDITED STATISTICAL AND OPERATING DATA | ||||||||||||||||||||||||||
| AT OR FOR THE PERIODS INDICATED | ||||||||||||||||||||||||||
| (Dollars in millions-except per share data) | ||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
| Benefit ratio: | ||||||||||||||||||||||||||
| % of total revenues: | ||||||||||||||||||||||||||
| Employee Benefits (including interest credited) | 71.9 | % | 70.2 | % | 71.2 | % | 71.6 | % | ||||||||||||||||||
| Individual Disability | 62.6 | 49.6 | 52.6 | 48.9 | ||||||||||||||||||||||
| % of total premiums: | ||||||||||||||||||||||||||
| Employee Benefits (including interest credited) | 82.0 | % | 80.4 | % | 81.4 | % | 82.1 | % | ||||||||||||||||||
| Individual Disability | 79.3 | 63.4 | 66.8 | 62.6 | ||||||||||||||||||||||
| Reconciliation of non-GAAP financial measures: | ||||||||||||||||||||||||||
| Net income | $ | 41.9 | $ | 57.7 | $ | 92.0 | $ | 104.5 | ||||||||||||||||||
| After-tax net capital losses | (0.3 | ) | (1.6 | ) | (1.0 | ) | (2.6 | ) | ||||||||||||||||||
| Net income excluding after-tax net capital losses | $ | 42.2 | $ | 59.3 | $ | 93.0 | $ | 107.1 | ||||||||||||||||||
| Net capital losses | $ | (0.5 | ) | $ | (2.6 | ) | $ | (1.6 | ) | $ | (4.2 | ) | ||||||||||||||
| Tax benefit on net capital losses | (0.2 | ) | (1.0 | ) | (0.6 | ) | (1.6 | ) | ||||||||||||||||||
| After-tax net capital losses | $ | (0.3 | ) | $ | (1.6 | ) | $ | (1.0 | ) | $ | (2.6 | ) | ||||||||||||||
| Net income per diluted common share: | ||||||||||||||||||||||||||
| Net income | $ | 0.96 | $ | 1.30 | $ | 2.09 | $ | 2.35 | ||||||||||||||||||
| After-tax net capital losses | (0.01 | ) | (0.04 | ) | (0.02 | ) | (0.06 | ) | ||||||||||||||||||
| Net income excluding after-tax net capital losses | $ | 0.97 | $ | 1.34 | $ | 2.11 | $ | 2.41 | ||||||||||||||||||
| Shareholders' equity | $ | 2,261.9 | $ | 2,077.0 | ||||||||||||||||||||||
| Accumulated other comprehensive income | 225.9 | 127.3 | ||||||||||||||||||||||||
|
Shareholders' equity excluding accumulated other comprehensive income |
$ | 2,036.0 | $ | 1,949.7 | ||||||||||||||||||||||
| Net income return on average equity | 8.3 | % | 9.8 | % | ||||||||||||||||||||||
|
Net income return on average equity (excluding accumulated other comprehensive income) |
|
9.1 | 11.0 | |||||||||||||||||||||||
|
Net income return on average equity (excluding after-tax net capital losses and accumulated other comprehensive income) |
9.2 | 11.2 | ||||||||||||||||||||||||
| Statutory data - insurance subsidiaries: | ||||||||||||||||||||||||||
|
Net gain from operations before federal income taxes and realized capital gains (losses) |
$ |
48.3 |
$ | 66.4 | $ | 98.9 | $ | 95.3 | ||||||||||||||||||
|
Net gain from operations after federal income taxes and before realized capital gains (losses) |
40.4 | 42.3 | 81.3 | 66.7 | ||||||||||||||||||||||
| June 30, | December 31, | |||||||||||||||||||||||||
| 2014 | 2013 | |||||||||||||||||||||||||
| Capital and surplus | $ | 1,358.9 | $ | 1,359.0 | ||||||||||||||||||||||
| Asset valuation reserve | 132.2 | 127.5 | ||||||||||||||||||||||||
StanCorp Financial Group, Inc.
Investor Relations and Financial
Media
Jeff Hallin, 971-321-6127
Vice President, Investor
Relations and Capital Markets
jeff.hallin@standard.com
or
General
Media
Bob Speltz, 971-321-3162
Senior Director, Public Affairs
bob.speltz@standard.com
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