StanCorp Financial Group, Inc. (“StanCorp” or the “Company”)
(NYSE:SFG) today reported net income of $38.5 million, or $0.89 per
diluted share, for the fourth quarter of 2015, compared to net
income of $51.6 million, or $1.21 per diluted share, for the fourth
quarter of 2014. After-tax net capital losses were $3.3 million for
the fourth quarter of 2015, compared to after-tax net capital
losses of $4.2 million for the fourth quarter of 2014.
Operating expenses for the fourth quarter of 2015 reflected
expenses associated with business growth and an additional $2.0
million of after-tax expenses, or $0.05 per diluted share, related
to the proposed merger with Meiji Yasuda Life Insurance Company
(“Meiji Yasuda”) (see discussion of Merger with Meiji Yasuda
below).
Net income excluding after-tax merger related expenses and
after-tax net capital losses was $1.02 per diluted share for the
fourth quarter of 2015, compared to $1.31 per diluted share for the
fourth quarter of 2014 (see discussion of non-GAAP financial
measures below). The decrease was primarily due to less favorable
claims experience in Employee Benefits and Individual Disability,
higher operating expenses and higher commissions and bonuses in
Employee Benefits, partially offset by higher premiums in Employee
Benefits and Individual Disability.
“We are pleased with our full year 2015 earnings, which
reflected strong sales and premium growth in Insurance Services and
record full year earnings in our Individual Disability and Asset
Management segments,” said Greg Ness, chairman, president and chief
executive officer. “We expect the good performance from our
businesses to provide significant momentum as we move ahead in
2016.”
Full Year 2015 Results
Net income was $214.5 million, or $5.00 per diluted share, for
2015, compared to $210.3 million, or $4.84 per diluted share, for
2014. After-tax net capital losses were $12.9 million for 2015,
compared to $7.6 million for 2014.
Operating expenses for 2015 reflected expenses associated with
business growth and an additional $7.2 million of after-tax merger
related expenses, or $0.17 per diluted share, related to the
proposed merger with Meiji Yasuda.
Net income excluding after-tax merger related expenses and
after-tax net capital losses was $5.47 per diluted share for 2015,
compared to $5.01 per diluted share for 2014. The increase was
primarily due to more favorable claims experience and higher
premiums in Employee Benefits and Individual Disability, partially
offset by higher operating expenses and higher commissions and
bonuses.
Merger with Meiji Yasuda
On July 23, 2015, the Company and Meiji Yasuda announced that
they had entered into a definitive agreement under which Meiji
Yasuda will acquire all outstanding shares of StanCorp for $115.00
per share in cash (the “Merger Agreement”). The joint press release
can be found on the Company’s investor relations website at
www.stancorpfinancial.com.
The Company expects the proposed merger to close in the first
quarter of 2016, subject to the conditions specified in the Merger
Agreement.
Business Segments
Insurance Services
Insurance Services reported income before income taxes of $41.3
million for the fourth quarter of 2015, compared to $72.0 million
for the fourth quarter of 2014. The decrease was primarily due to
less favorable claims experience in Employee Benefits and
Individual Disability and higher operating expenses and higher
commissions and bonuses in Employee Benefits, primarily resulting
from higher sales.
Employee Benefits
Employee Benefits reported income before income taxes of $33.0
million for the fourth quarter of 2015, compared to $56.3 million
for the fourth quarter of 2014. The decrease was primarily due to
less favorable claims experience, higher operating expenses and
higher commissions and bonuses, partially offset by higher
premiums.
Employee Benefits reported income before income taxes of $195.3
million for 2015, compared to $215.5 million for 2014. The decrease
was primarily due to higher operating expenses and higher
commissions and bonuses, primarily resulting from higher sales.
Employee Benefits premiums increased 7.2% to $495.4 million for
the fourth quarter of 2015 from $462.2 million for the fourth
quarter of 2014. Employee Benefits premiums increased 5.7% to $1.95
billion for 2015 from $1.84 billion for 2014. The increase was
primarily due to higher sales for 2015 and favorable retention of
existing customers.
Employee Benefits annualized new sales were $93.8 million for
the fourth quarter of 2015 compared to $79.3 million for the fourth
quarter of 2014, and $316.9 million for 2015 compared to $215.6
million for 2014. The increase in sales for 2015 reflected an
increase in proposal activity.
The benefit ratio for Employee Benefits, measured as benefits to
policyholders and interest credited as a percentage of premiums,
was 79.4% for the fourth quarter of 2015, compared to a benefit
ratio of 77.4% for the fourth quarter of 2014. The benefit ratio
can fluctuate widely from quarter to quarter and tends to be more
stable when measured on an annual basis. The annual benefit ratio
for Employee Benefits was 77.4% for 2015, compared to 77.8% for
2014.
The Company’s discount rate used for newly established long term
disability claim reserves was 3.75% for the fourth quarter of 2015,
compared to 4.00% for the fourth quarter of 2014. The 25 basis
point lower discount rate for the fourth quarter of 2015 resulted
in a corresponding decrease in quarterly pre-tax income of
approximately $2 million.
The Company’s new money investment rate was 4.16% for the fourth
quarter of 2015, compared to 4.56% for the fourth quarter of 2014.
The 12-month reserve interest margin between the Company’s new
money investment rate and the average reserve discount rate was 45
basis points for the fourth quarter of 2015, compared to 55 basis
points for the fourth quarter of 2014.
Employee Benefits reported operating expenses of $91.7 million
for the fourth quarter of 2015, compared to $83.1 million for the
fourth quarter of 2014, and $348.6 million for 2015, compared to
$321.4 million for 2014. The increases were primarily due to higher
compensation related costs.
Employee Benefits reported commissions and bonuses of $40.2
million for the fourth quarter of 2015, compared to $29.1 million
for the fourth quarter of 2014, and $144.4 million for 2015,
compared to $122.6 million for 2014. The increases were primarily
due to higher sales and favorable retention of existing
customers.
Individual Disability
Individual Disability reported income before income taxes of
$8.3 million for the fourth quarter of 2015, compared to $15.7
million for the fourth quarter of 2014. The decrease was primarily
due to less favorable claims experience. The benefit ratio for
Individual Disability, measured as benefits to policyholders as a
percentage of premiums was 74.5% for the fourth quarter of 2015,
compared to 60.0% for the fourth quarter of 2014.
Individual Disability reported income before income taxes of
$73.0 million for 2015, compared to $53.9 million for 2014. The
increase was primarily due to more favorable claims experience. The
annual benefit ratio for Individual Disability was 55.7% for 2015,
compared to 65.3% for 2014.
Individual Disability premiums were $54.1 million for the fourth
quarter of 2015, compared to $51.8 million for the fourth quarter
of 2014, and were $206.9 million for 2015, compared to $199.1
million for 2014. The increases were primarily due to higher
annualized new sales for 2015 and favorable retention of existing
customers.
Asset Management
Asset Management reported income before income taxes of $23.9
million for the fourth quarter of 2015, compared to $18.7 million
for the fourth quarter of 2014. The increase was primarily due to
reserve decreases for the fourth quarter of 2015 and favorable
mortality experience in individual annuities. Asset Management
reported income before income taxes of $86.8 million for 2015,
compared to $77.9 million for 2014. The increase was primarily due
to commercial mortgage loan prepayment fee revenues and bond call
premiums adding $15.3 million of income before income taxes for
2015, compared to $9.9 million for 2014.
Assets under administration, which include assets related to
retirement plans, individual fixed annuities and commercial
mortgage loans managed for third-party investors, decreased 1.8% to
$26.05 billion at December 31, 2015, from $26.53 billion at
December 31, 2014, primarily reflecting the sale of the Company’s
private client wealth management business, which included assets
under administration of approximately $850 million. During the
fourth quarter, assets under administration increased 2.5% from
$25.42 billion at September 30, 2015.
Commercial mortgage loan originations increased $96.7 million to
$353.5 million for the fourth quarter of 2015 from $256.8 million
for the fourth quarter of 2014. Commercial mortgage loan
originations increased $438.4 million to $1.62 billion for 2015
from $1.18 billion for 2014 due to increased activity in the
commercial real estate market for loans that met the Company’s
underwriting standards.
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 $13.8 million for the fourth quarter of
2015, compared to a loss before income taxes of $14.5 million for
the fourth quarter of 2014. Net capital losses were $5.1 million
for the fourth quarter of 2015, compared to net capital losses of
$6.8 million for the fourth quarter of 2014. The loss before income
taxes excluding net capital losses was $8.7 million for the fourth
quarter of 2015, compared to $7.7 million for the fourth quarter of
2014. The increase in the loss before income taxes excluding net
capital losses was primarily due to an increase in operating
expenses related to the proposed merger with Meiji Yasuda.
The Other category reported a loss before income taxes of $55.9
million for 2015, compared to a loss before income taxes of $42.2
million for 2014. Net capital losses were $20.4 million for 2015,
compared to net capital losses of $12.1 million for 2014. The loss
before income taxes excluding net capital losses was $35.5 million
for 2015, compared to $30.1 million for 2014. The increase in the
loss before income taxes excluding net capital losses was primarily
due to an increase in operating expenses related to the proposed
merger with Meiji Yasuda.
Cash and Investments
At December 31, 2015, the Company’s total cash and investments
consisted of 55.1% fixed maturity securities, 39.0% commercial
mortgage loans, 3.2% cash and cash equivalents, and 2.7% real
estate and other invested assets. The overall weighted-average
credit rating of the fixed maturity securities portfolio was A-
(Standard & Poor’s) at December 31, 2015.
At December 31, 2015, commercial mortgage loans in the Company’s
investment portfolio totaled $5.54 billion on approximately 6,400
commercial mortgage loans. The average loan balance retained by the
Company in the portfolio was approximately $0.8 million at December
31, 2015. Commercial mortgage loans more than 60 days delinquent
were 0.18% and 0.16% of the portfolio balance at December 31, 2015
and 2014, respectively.
Book Value
The Company’s book value per share increased 0.2% to $51.31 at
December 31, 2015, from $51.23 at December 31, 2014. At December
31, 2015, the Company’s accumulated other comprehensive loss
(“AOCL”) was $36.8 million, compared to accumulated other
comprehensive income (“AOCI”) of $114.3 million at December 31,
2014. The decrease was primarily due to a decrease in net
unrealized gains in the Company’s fixed maturity securities
portfolio as a result of higher market interest rates. The
Company’s book value per share excluding AOCL and AOCI increased
7.5% to $52.17 at December 31, 2015, from $48.51 at December 31,
2014 (see discussion of non-GAAP financial measures below).
Capital Management
Share Repurchases
The Company did not repurchase shares in 2015. The Company’s
share repurchase authorization expired on December 31, 2015.
Shareholder Dividend
In the fourth quarter of 2015, the Company paid an annual
dividend to shareholders of $1.40 per share for a total
distribution of $59.4 million. The dividend per share was a 7.7%
increase over the 2014 dividend of $1.30 per share.
Available Capital
The Company’s available capital was approximately $640 million
at both December 31, 2015, and September 30, 2015. The unchanged
available capital was mainly due to statutory losses from the
Company’s statutory insurance subsidiaries primarily relating to a
reserve adjustment in the individual annuities line of business,
offset by income from the non-insurance subsidiaries. Available
capital includes capital at its statutory 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 410% at December 31,
2015.
Non-GAAP Financial Measures
Financial measures that exclude after-tax merger related
expenses, after-tax net capital gains and losses and AOCL 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 merger related expenses and
after-tax net capital gains and losses, along with the GAAP measure
of net income per diluted share, because merger related expenses
and capital gains and losses are not likely to occur in a stable
pattern.
Net income return on average equity excluding after-tax merger
related expenses and after-tax net capital gains and losses from
net income and AOCL 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 AOCL and 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 AOCL and 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 AOCL and AOCI are ultimately realized.
Furthermore, management believes exclusion of AOCL and AOCI
provides investors with a better measure of return.
A reconciliation of non-GAAP financial measures to the
comparable GAAP measures is provided in the table below, under
“Unaudited Statistical and Operating Data at or for the Periods
Indicated.”
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, and the
origination and servicing of fixed-rate commercial mortgage loans.
For more information about StanCorp Financial Group, Inc., visit
its investor relations website at www.stancorpfinancial.com.
Conference Call
In light of the Merger Agreement with Meiji Yasuda, the Company
will not hold an investor and analyst conference call to review the
fourth quarter and full year 2015 results.
Forward-Looking Information
Some of the statements contained in this earnings release,
including estimates, projections, expected operating results,
statements related to business plans, strategies, objectives 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:
- Failure to timely complete the merger
with Meiji Yasuda could adversely impact the Company’s stock price,
business, financial condition and results of operations.
- The pendency of the merger and
operating restrictions contained in the Merger Agreement could
adversely affect the Company’s business and operations.
- Shareholder litigation against the
Company, our directors and/or Meiji Yasuda could delay or prevent
the merger and cause the Company to incur significant costs and
expenses.
- 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.
- Our ability to conduct business may be
compromised if we are unable to maintain the availability of our
systems and safeguard the security of our data in the event of a
disaster or other unanticipated events.
STANCORP FINANCIAL GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF
INCOME
(Dollars in millions—except per share
data)
Three Months Ended Year ended
December 31, December 31, 2015
2014 2015 2014
Revenues: Premiums: Insurance Services $ 549.5 $ 514.0 $ 2,155.4 $
2,041.9 Asset Management 1.8 1.8
9.1 10.5 Total premiums 551.3
515.8 2,164.5 2,052.4
Administrative fees: Insurance Services 4.5 4.4 17.0 16.7 Asset
Management 33.4 34.2 134.2 133.4 Other (5.0 ) (4.8 )
(20.0 ) (19.3 ) Total administrative fees 32.9
33.8 131.2 130.8
Net investment income: Insurance Services 79.6 78.2 314.5 314.2
Asset Management 75.2 72.2 291.2 283.3 Other 6.0
5.5 21.4 19.7 Total net
investment income 160.8 155.9
627.1 617.2 Net capital losses:
Total other-than-temporary impairment
losses on fixed maturity securities—available-for-sale
(0.7 ) (0.8 ) (5.2 ) (1.2 ) All other net capital losses
(4.4 ) (6.0 ) (15.2 ) (10.9 ) Total net
capital losses (5.1 ) (6.8 ) (20.4 )
(12.1 ) Total revenues 739.9 698.7
2,902.4 2,788.3 Benefits
and expenses: Benefits to policyholders 434.0 394.1 1,641.7 1,582.2
Interest credited 41.2 41.8 158.6 164.6 Operating expenses 133.4
122.3 510.5 470.6 Commissions and bonuses 66.5 52.5 237.5 207.2
Premium taxes 10.0 6.8 38.5 31.5 Interest expense 7.8 7.7 31.1 31.8
Net increase in deferred acquisition
costs, value of business acquired and other intangible assets
(4.4 ) (2.7 ) (14.7 ) (4.7 )
Total benefits and expenses 688.5 622.5
2,603.2 2,483.2 Income (loss)
before income taxes: Insurance Services 41.3 72.0 268.3 269.4 Asset
Management 23.9 18.7 86.8 77.9 Other (13.8 ) (14.5 )
(55.9 ) (42.2 ) Total income before income taxes 51.4
76.2 299.2 305.1 Income taxes 12.9 24.6
84.7 94.8 Net income $ 38.5
$ 51.6 $ 214.5 $ 210.3 Net
income per common share: Basic $ 0.91 $ 1.23 $ 5.07 $ 4.89 Diluted
0.89 1.21 5.00 4.84 Weighted-average common shares outstanding:
Basic 42,412,116 42,110,016 42,279,388 43,018,215 Diluted
43,092,546 42,563,312 42,901,393 43,455,136
STANCORP FINANCIAL GROUP, INC.
UNAUDITED CONSOLIDATED BALANCE
SHEETS
(Dollars in millions)
December 31, December 31,
2015 2014
ASSETS
Investments: Fixed maturity securities—available-for-sale
(amortized cost of $7,701.2 and $7,390.0) $ 7,824.9 $ 7,773.7
Commercial mortgage loans, net 5,537.5 5,321.1 Real estate, net
25.4 37.0 Other invested assets 356.3 301.6
Total investments 13,744.1 13,433.4 Cash and cash equivalents 452.3
251.1 Premiums and other receivables 134.9 118.4 Accrued investment
income 109.4 108.0 Amounts recoverable from reinsurers 1,003.3
994.2 Deferred acquisition costs, value of business acquired and
other intangible assets, net 397.3 381.0 Goodwill 36.0 36.0
Property and equipment, net 89.2 79.3 Deferred tax assets, net 18.5
--- Other assets 158.8 129.4 Separate account assets 7,031.4
7,179.8 Total assets $ 23,175.2 $
22,710.6
LIABILITIES AND
SHAREHOLDERS’ EQUITY
Liabilities: Future policy benefits and claims $ 5,858.2 $
5,832.3 Other policyholder funds 7,053.3 6,537.8 Deferred tax
liabilities, net --- 60.0 Short-term debt 1.1 1.1 Long-term debt
505.3 503.9 Other liabilities 545.0 440.1 Separate account
liabilities 7,031.4 7,179.8 Total
liabilities 20,994.3 20,555.0
Commitments and contingencies Shareholders’ equity:
Preferred stock, 100,000,000 shares authorized; none issued --- ---
Common stock, no par, 300,000,000 shares
authorized; 42,506,236 and 42,077,825 shares issued and outstanding
at December 31, 2015, and December 31, 2014, respectively
26.6 5.3 Accumulated other comprehensive (loss) income (36.8 )
114.3 Retained earnings 2,191.1 2,036.0
Total shareholders' equity 2,180.9 2,155.6
Total liabilities and shareholders’ equity $ 23,175.2
$ 22,710.6
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 Year ended
December 31, December 31, 2015
2014 2015 2014
Benefit ratio: % of total revenues: Employee
Benefits (including interest credited) 69.5 % 67.3 % 67.8 % 67.6 %
Individual Disability 59.4 47.7 44.0 51.5
% of total
premiums: Employee Benefits (including interest credited) 79.4
% 77.4 % 77.4 % 77.8 % Individual Disability 74.5 60.0 55.7 65.3
Reconciliation of non-GAAP financial measures: Net
income $ 38.5 $ 51.6 $ 214.5 $ 210.3 After-tax merger related
expenses* (2.0 ) --- (7.2 ) --- After-tax net capital losses
(3.3 ) (4.2 ) (12.9 ) (7.6 )
Net income excluding after-tax merger
related expenses* and after-tax net capital losses
$ 43.8 $ 55.8 $ 234.6 $ 217.9
Net capital losses $ (5.1 ) $ (6.8 ) $ (20.4 ) $ (12.1 ) Tax
benefit on net capital losses (1.8 ) (2.6 )
(7.5 ) (4.5 ) After-tax net capital losses $ (3.3 ) $ (4.2 )
$ (12.9 ) $ (7.6 ) Net income per diluted common share: Net
income $ 0.89 $ 1.21 $ 5.00 $ 4.84 After-tax merger related
expenses* (0.05 ) --- (0.17 ) --- After-tax net capital losses
(0.08 ) (0.10 ) (0.30 ) (0.17 )
Net income excluding after-tax merger
related expenses* and after-tax net capital losses
$ 1.02 $ 1.31 $ 5.47 $ 5.01
Shareholders' equity $ 2,180.9 $ 2,155.6 Accumulated other
comprehensive (loss) income (36.8 ) 114.3
Shareholders' equity excluding accumulated
other comprehensive (loss) income
$ 2,217.7 $ 2,041.3 Net income return on
average equity 9.9 % 9.8 %
Net income return on average equity
(excluding accumulated other comprehensive (loss) income)
10.1 10.4
Net income return on average equity
(excluding after-tax merger related expenses*, after-tax net
capital losses and accumulated other comprehensive (loss)
income)
11.0 10.8
Statutory data - insurance subsidiaries:**
Net (loss) gain from operations before
federal income taxes and realized capital gains (losses)
$ (8.9 ) $ 60.7 $ 215.5 $ 268.5
Net (loss) gain from operations after
federal income taxes and before realized capital gains (losses)
(3.3 ) 50.4 186.3 212.6
December 31, December
31, 2015 2014 Capital and
surplus $ 1,166.0 $ 1,228.4 Asset valuation reserve 105.8 106.2
* Represents costs incurred in 2015 related to the proposed
merger with Meiji Yasuda. ** Statutory data represents Standard
Insurance Company and The Standard Life Insurance Company of New
York.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160201006308/en/
StanCorp Financial Group, Inc.Investor Relations and Financial
Media:Jeff Hallin, 971-321-6127jeff.hallin@standard.comVice President, Investor
Relations and Capital MarketsorGeneral Media:Bob Speltz,
971-321-3162bob.speltz@standard.comSenior Director, Public
Affairs
Stancorp (NYSE:SFG)
Historical Stock Chart
From Oct 2024 to Nov 2024
Stancorp (NYSE:SFG)
Historical Stock Chart
From Nov 2023 to Nov 2024
