StanCorp Financial Group, a holding company for its insurance and asset management subsidiaries, has reported a net income of $48.4 million or $0.98 per diluted share for the second quarter ended June 30, 2008, compared to $52.1 million or $0.97 per diluted share for the second quarter of 2007.
Net income was $98.7 million or $2 per diluted share for the first six months of 2008, compared to $100.4 million or $1.86 per diluted share for the same period of 2007.
Eric Parsons, chairman, president and CEO of StanCorp Financial, said: We are pleased to see sustained strength in our insurance services and asset management segments. While asset impairments are never welcome, it was prudent to recognize the reduced market value of holdings related to three bond insurers. We had no material additions to our watch list and our mortgage loan portfolio continues to perform well.