StanCorp Financial Group, Inc. (NYSE: SFG) today reported net
income of $56.2 million, or $1.32 per diluted share for the fourth
quarter of 2014, compared to $65.0 million, or $1.46 per diluted
share for the fourth quarter of 2013. After-tax net capital losses
were $4.4 million for the fourth quarter of 2014, compared to $1.3
million for the fourth quarter of 2013.
Net income excluding after-tax net capital losses was $1.42 per
diluted share for the fourth quarter of 2014, compared to $1.49 per
diluted share for the fourth quarter of 2013 (see discussion of
non-GAAP financial measures below). The decrease in net income per
share was primarily due to lower premiums and lower net investment
income, partially offset by lower diluted weighted-average shares
outstanding and a lower effective tax rate for the fourth quarter
of 2014.
“We are pleased with our fourth quarter and full year 2014
results given the economic headwinds that have impacted our
industry,” said Greg Ness, chairman, president and chief executive
officer. “As we look into 2015, we expect continued good
performance from our businesses, despite ongoing challenges for the
industry as a result of a lower interest rate environment.”
2014 Results
Net income was $219.3 million, or $5.05 per diluted share for
2014, compared to $228.5 million, or $5.13 per diluted share for
2013. After-tax net capital losses were $8.8 million for 2014,
compared to $9.4 million for 2013.
Net income excluding after-tax net capital losses was $5.25 per
diluted share for 2014, compared to $5.34 per diluted share for
2013. The decrease was primarily due to lower operating expenses
for 2013, which included savings of $20.6 million or $0.30 per
diluted share due to an amendment of the Company’s postretirement
medical plan, which did not recur for 2014.
The Company reported net income return on average equity,
excluding after-tax net capital losses from net income and
accumulated other comprehensive income (“AOCI”) from equity, of
11.2% for 2014, compared to 12.3% for 2013.
2015 Guidance
For 2015 the Company expects net income per diluted share,
excluding after-tax net capital gains and losses, and net income
return on average equity, excluding after-tax net capital gains and
losses from net income and AOCI from equity, to be in line with
2014. This guidance includes the following expectations:
- Employee Benefits premiums – Relatively
flat premiums for 2015 compared to 2014;
- Employee Benefits benefit ratio –
Annual benefit ratio in the range of 77% to 79%;
- Interest rates – Continued pressure
from a low interest rate environment;
- Operating expenses – Additional expense
of $10.5 million, or $0.16 per diluted share related to the
adoption of a new mortality table for the Company’s retirement
plans;
- Effective income tax rate – Effective
income tax rate in the range of 26% to 27%. The adoption of the
accounting guidance for affordable housing tax credit investments
will decrease net income per diluted share by approximately $0.30
(see Accounting Pronouncements); and
- Share repurchases – Capital deployment
for share repurchases to be consistent with 2014.
Actual results may vary due to changes in the interest rate
environment and other factors described in Forward-Looking
Information below.
Business Segments
Insurance Services
Employee Benefits
Employee Benefits reported income before income taxes of $53.6
million for the fourth quarter of 2014, compared to $67.2 million
for the fourth quarter of 2013. The decrease was primarily due to
lower premiums and lower net investment income.
Employee Benefits reported income before income taxes of $201.8
million for 2014, compared to $216.4 million for 2013. The decrease
was primarily due to lower premiums and lower net investment
income, partially offset by favorable claims experience.
Employee Benefits premiums decreased 3.5% from $479.0 million
for the fourth quarter of 2013 to $462.2 million for the fourth
quarter of 2014. Employee Benefits premiums decreased from $1.93
billion for 2013 to $1.84 billion for 2014. The decrease for the
fourth quarter and full year 2014 was primarily due to lower
Employee Benefits sales in the first half of 2014 compared to prior
periods.
Employee Benefits annualized new sales were $79.3 million for
the fourth quarter of 2014, compared to $69.6 million for the
fourth quarter of 2013 and $215.6 million for 2014, compared to
$222.1 million for 2013. The increase in sales for the fourth
quarter of 2014 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 77.4% for the fourth quarter of 2014, compared to a more
favorable benefit ratio of 76.1% for the fourth quarter of 2013.
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, measured as
benefits to policyholders and interest credited as a percentage of
premiums, was 77.8% for 2014, compared to 78.9% for 2013.
The discount rate used for newly established long term
disability claim reserves was 4.00% for the fourth quarter of 2014,
compared to 3.75% for the fourth 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 fourth
quarter of 2014, compared to 4.33% for the fourth quarter of 2013.
The 12-month reserve interest margin between the Company’s new
money rate and average reserve discount rate was 55 basis points
for the fourth quarter of 2014, compared to 49 basis points for the
fourth quarter of 2013.
Individual Disability
Individual Disability reported income before income taxes of
$15.4 million for the fourth quarter of 2014, compared to $16.7
million for the fourth quarter of 2013 and income before income
taxes of $52.9 million for 2014, compared to $56.0 million for
2013.
Individual Disability premiums were $51.8 million for the fourth
quarter of 2014, compared to $48.5 million for the fourth quarter
of 2013 and premiums were $199.1 million for 2014, compared to
$190.5 million for 2013.
The benefit ratio for Individual Disability was 60.0% for the
fourth quarter of 2014, compared to 57.5% for the fourth quarter of
2013 and was 65.3% for 2014, compared to 63.9% for 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 $18.7
million for the fourth quarter of 2014, compared to $19.5 million
for the fourth quarter of 2013. The net impact to income before
income taxes from hedging activities related to the Company’s
equity-indexed annuity product was a decrease of $0.7 million for
the fourth quarter of 2014 and an increase of $0.8 million for the
fourth quarter of 2013. Asset Management reported income before
income taxes of $77.9 million for 2014, compared to $79.3 million
for 2013.
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 7.4% to $26.53 billion at December 31, 2014
from $24.70 billion at December 31, 2013, primarily reflecting
higher equity values and positive cash flows for retirement plan
assets under administration.
Commercial mortgage loan originations were $256.8 million for
the fourth quarter of 2014, compared to $251.2 million for the
fourth quarter of 2013. Commercial mortgage loan originations were
$1.18 billion for 2014, compared to $1.30 billion for 2013, the
decrease reflected increased competition in the commercial mortgage
origination market.
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 $14.4
million for the fourth quarter of 2014, compared to $11.0 million
for the fourth quarter of 2013. Net capital losses were $7.2
million for the fourth quarter of 2014, compared to $2.8 million
for the fourth quarter of 2013. The loss before income taxes
excluding net capital losses was $7.2 million for the fourth
quarter of 2014, compared to $8.2 million for the fourth quarter of
2013, reflecting lower interest expense as a result of debt
repurchased earlier in the year.
The Other category reported a loss before income taxes of $45.7
million for 2014, compared to $38.7 million for 2013. Net capital
losses were $14.0 million for 2014, compared to $15.7 million for
2013. The loss before income taxes excluding net capital losses was
$31.7 million for 2014, compared to $23.0 million for 2013. The
increase in loss before income taxes excluding net capital losses
was primarily due to the amendment of the Company’s postretirement
medical plan that resulted in a $20.6 million decrease in operating
expenses for the first half of 2013, which did not recur for
2014.
Cash and Investments
At December 31, 2014, the Company’s total cash and investments
consisted of 56.8% fixed maturity securities, 38.8% commercial
mortgage loans, 2.6% 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 December 31, 2014.
At December 31, 2014, commercial mortgage loans in the Company’s
investment portfolio totaled $5.32 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 0.16% of the portfolio
balance at December 31, 2014, compared to 0.28% at December 31,
2013.
Book Value
The Company’s book value per share increased 5.8% from $48.79 at
December 31, 2013, to $51.61 at December 31, 2014. AOCI decreased
$20.4 million from $134.7 million at December 31, 2013 to $114.3
million at December 31, 2014, primarily due to adjustments recorded
for the Company’s retirement plans, partially offset by an increase
in net unrealized capital 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 6.9% from
$45.73 at December 31, 2013, to $48.90 at December 31, 2014 (see
discussion of non-GAAP financial measures below).
Capital Management
The Company deployed $248.8 million of capital through its
annual cash dividend to shareholders and the repurchase of shares
and debt for 2014.
Share Repurchases
For the fourth quarter of 2014, the Company repurchased 446,199
shares at a total cost of $27.9 million, which reflects a volume
weighted-average price per share of $62.52.
For 2014, the Company repurchased 2,383,175 shares at a total
cost of $147.0 million, which reflects a volume weighted-average
price per share of $61.67.
At December 31, 2014, the Company had 2.0 million shares
remaining under its share repurchase authorization. Diluted
weighted-average shares outstanding were 42,563,312 for the fourth
quarter of 2014, compared to 44,493,139 for the fourth quarter of
2013.
Shareholder Dividend
In the fourth quarter of 2014, the Company paid an annual
dividend to shareholders of $1.30 per share for a total
distribution of $54.7 million. The dividend per share was an 18.2%
increase over the 2013 dividend of $1.10 per share. This represents
the fifteenth consecutive annual increase to the shareholder
dividend.
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 December 31, 2014.
Available Capital
The Company’s available capital was approximately $530 million
and $515 million at December 31, 2014 and September 30, 2014,
respectively. The income from its statutory insurance subsidiaries
and adjustments to statutory reserves in the fourth quarter of 2014
were partially offset by share repurchases and an allocation for
expected annual interest and shareholder dividends. 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 445% at December 31,
2014.
Accounting Pronouncements
In January 2014, the Financial Accounting Standards Board issued
Accounting Standards Update (“ASU”) No. 2014-01, Accounting for
Investments in Qualified Affordable Housing Projects. This ASU
permits entities to account for qualified affordable housing
projects under the proportional amortization method (“PAM”) of
accounting. Under PAM, the cost of the investments is amortized in
each period in proportion to the tax credits and benefits of tax
losses received in that period and allows the amortization of the
investments and the tax benefits to be recognized in income taxes
on the consolidated statements of income.
The Company expects to adopt this ASU effective January 1, 2015
resulting in a decrease in the beginning balance of 2015 retained
earnings between $15 million and $20 million. Based on currently
held investments at December 31, 2014, the Company estimates the
adoption of the ASU will result in a decrease in net income per
diluted share of approximately $0.30 for 2015. The adoption of this
ASU will change the timing of the benefit realized in net income
but will not change the cumulative total benefit to net income over
the life of the investments.
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 January 30, 2015, at noon Eastern time (9:00 a.m. Pacific
time) to review StanCorp’s fourth quarter and full year 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 March 20,
2015.
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 13597119. The telephone replay will be
available through February 9, 2015.
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:
- 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 Year ended December
31, December 31, 2014 2013
2014 2013 Revenues:
Premiums: Insurance Services $ 514.0 $ 527.5 $ 2,041.9 $ 2,117.4
Asset Management 1.8 1.1 10.5
6.9 Total premiums 515.8
528.6 2,052.4 2,124.3
Administrative fees: Insurance Services 4.4 4.4 16.7 15.3 Asset
Management 34.2 32.2 133.4 124.9 Other (4.8 ) (4.6 )
(19.3 ) (18.6 ) Total administrative fees 33.8
32.0 130.8 121.6
Net investment income: Insurance Services 75.2 79.7 299.5 320.6
Asset Management 72.2 75.8 283.3 293.2 Other 6.0
5.3 18.1 16.1 Total net
investment income 153.4 160.8
600.9 629.9 Net capital losses: Total
other-than-temporary impairment losses on fixed maturity
securities—available-for-sale (0.8 ) (0.1 ) (1.2 ) (1.1 ) All other
net capital losses (6.4 ) (2.7 ) (12.8 )
(14.6 ) Total net capital losses (7.2 ) (2.8 )
(14.0 ) (15.7 ) Total revenues 695.8
718.6 2,770.1 2,860.1
Benefits and expenses: Benefits to policyholders
394.1 394.5 1,582.2 1,655.4 Interest credited 41.8 45.6 164.6 176.4
Operating expenses 122.3 118.3 470.6 442.6 Commissions and bonuses
52.5 51.4 207.2 207.9 Premium taxes 6.8 7.6 31.5 35.3 Interest
expense 7.7 8.7 31.8 34.4 Net (increase) decrease in deferred
acquisition costs, value of business acquired and other intangible
assets (2.7 ) 0.1 (4.7 ) (4.9 )
Total benefits and expenses 622.5 626.2
2,483.2 2,547.1 Income
(loss) before income taxes: Insurance Services 69.0 83.9 254.7
272.4 Asset Management 18.7 19.5 77.9 79.3 Other (14.4 )
(11.0 ) (45.7 ) (38.7 ) Total income before
income taxes 73.3 92.4 286.9 313.0 Income taxes 17.1
27.4 67.6 84.5 Net
income $ 56.2 $ 65.0 $ 219.3 $ 228.5
Net income per common share: Basic $ 1.33 $ 1.48 $ 5.10 $
5.16 Diluted 1.32 1.46 5.05 5.13 Weighted-average common shares
outstanding: Basic 42,110,016 44,051,958 43,018,215 44,243,364
Diluted 42,563,312 44,493,139 43,455,136 44,527,405
STANCORP FINANCIAL GROUP, INC. UNAUDITED CONSOLIDATED
BALANCE SHEETS (Dollars in millions)
December 31, December 31,
2014 2013
A S S E T
S
Investments: Fixed maturity securities—available-for-sale
(amortized cost of $7,390.0 and $6,811.9) $ 7,773.7 $ 7,120.5
Commercial mortgage loans, net 5,321.1 5,405.1 Real estate, net
37.0 65.7 Other invested assets 320.9 196.5 Total
investments 13,452.7 12,787.8 Cash and cash equivalents 251.1 379.3
Premiums and other receivables 118.4 118.2 Accrued investment
income 108.0 106.8 Amounts recoverable from reinsurers 994.2 988.1
Deferred acquisition costs, value of business acquired and other
intangible assets, net 381.0 371.3 Goodwill 36.0 36.0 Property and
equipment, net 79.3 84.7 Other assets 129.4 127.9 Separate account
assets 7,179.8 6,393.2 Total assets $ 22,729.9
$ 21,393.3
L I A B I L I T I
E S A N D S H A R E H O L D E R S’ E Q U I T Y
Liabilities: Future policy benefits and claims $ 5,832.3 $
5,846.9 Other policyholder funds 6,537.8 6,051.6 Deferred tax
liabilities, net 63.1 64.7 Short-term debt 1.1 1.5 Long-term debt
503.9 551.9 Other liabilities 440.1 330.7 Separate account
liabilities 7,179.8 6,393.2 Total liabilities
20,558.1 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; 42,077,825 and 44,126,389
shares issued and outstanding at December 31, 2014 and December 31,
2013, respectively 5.3 68.0 Accumulated other comprehensive income
114.3 134.7 Retained earnings 2,052.2 1,950.1
Total shareholders' equity 2,171.8 2,152.8
Total liabilities and shareholders’ equity $ 22,729.9 $ 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
Year ended December 31, December 31,
2014 2013 2014
2013 Benefit ratio: % of total
revenues: Employee Benefits (including interest credited) 67.7
% 66.3 % 68.1 % 68.8 % Individual Disability 47.9 45.1 51.7 50.0
% of total premiums: Employee Benefits (including interest
credited) 77.4 % 76.1 % 77.8 % 78.9 % Individual Disability 60.0
57.5 65.3 63.9
Reconciliation of non-GAAP financial
measures: Net income $ 56.2 $ 65.0 $ 219.3 $ 228.5 After-tax
net capital losses (4.4 ) (1.3 ) (8.8 )
(9.4 ) Net income excluding after-tax net capital losses $ 60.6
$ 66.3 $ 228.1 $ 237.9 Net
capital losses $ (7.2 ) $ (2.8 ) $ (14.0 ) $ (15.7 ) Tax benefit on
net capital losses (2.8 ) (1.5 ) (5.2 )
(6.3 ) After-tax net capital losses $ (4.4 ) $ (1.3 ) $ (8.8 ) $
(9.4 ) Net income per diluted common share: Net income $
1.32 $ 1.46 $ 5.05 $ 5.13 After-tax net capital losses (0.10
) (0.03 ) (0.20 ) (0.21 ) Net income excluding
after-tax net capital losses $ 1.42 $ 1.49 $ 5.25
$ 5.34 Shareholders' equity $ 2,171.8 $
2,152.8 Accumulated other comprehensive income 114.3
134.7 Shareholders' equity excluding accumulated
other comprehensive income $ 2,057.5 $ 2,018.1
Net income return on average equity 10.1 % 10.6 % Net income return
on average equity (excluding accumulated other comprehensive
income) 10.8 11.8 Net income return on average equity (excluding
after-tax net capital losses and accumulated other comprehensive
income) 11.2 12.3
Statutory data - insurance
subsidiaries:* Net gain from operations before federal income
taxes and realized capital gains (losses) $ 60.7 $ 90.5 $ 268.5 $
272.8 Net gain from operations after federal income taxes and
before realized capital gains (losses) 50.4 75.1 212.6 197.9
December 31, December 31, 2014
2013 Capital and surplus $ 1,228.4 $ 1,359.0
Asset valuation reserve 106.2 127.5 * Statutory data
represents Standard Insurance Company and The Standard Life
Insurance Company of New York
StanCorp Financial Group, Inc.Investor Relations and Financial
MediaJeff HallinVice President, Investor Relations and Capital
Markets971-321-6127jeff.hallin@standard.comorGeneral MediaBob
SpeltzSenior Director, Public
Affairs971-321-3162bob.speltz@standard.com
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