StanCorp Financial Group has reported net income of $50.3 million for the first quarter of 2008, compared to $48.3 million for the first quarter of 2007.
The company reported earnings of $1.02 per diluted share for Q1 2008, compared to $0.90 per diluted share for Q1 2007.
Net income excluding after-tax net capital gains and losses increased 22.7% to $1.08 per diluted share for the first quarter of 2008, compared to $0.88 per diluted share for the first quarter of 2007.
The increase in net income per diluted share for the first quarter of 2008 compared to the same period of 2007 reflected premium growth, comparatively favorable claims experience for the group insurance businesses, partially offset by results in the asset management segment.
Eric Parsons, chairman, president and CEO of StanCorp Financial Group, said: We are pleased with our first quarter financial results, which reflect premium growth and favorable claims experience in our group insurance business. Despite the current economic climate, we are off to a good start for 2008 and will continue to pursue growth in a disciplined manner.