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StanCorp Financial Q1 earnings decline

Eric Parsons, chairman and CEO of the company, said the current economic climate impacted top-line growth

StanCorp Financial has reported a net income for the first quarter ended March 31, 2009 of $32.7m, or $0.67 per diluted share, compared to $50.3m, or $1.02 per diluted share, for the first quarter ended March 31, 2008.

Total revenues for the first quarter of 2009 decreased to $686m from $692.8m for the comparable quarter of 2008. For the first quarter of 2009, total net investment income was $143.5m, compared to $128.8m for the same period of 2008.

Total assets at March 31, 2009 were $14.57 billion, compared to $14.55 billion at December 31, 2008. As of March 31, 2009, total liabilities were $13.15 billion versus $13.17 billion at December 31, 2008.

Eric Parsons, chairman and CEO, said: Our businesses continue to produce solid returns. Although the current economic climate limits top-line growth in the short term, we are pleased by claims experience that is well within our expectations. In addition, our investment results continue to be favourable relative to peers, boosted by particularly strong performance in our mortgage loan portfolio. StanCorp’s continued sustainability during this difficult economic period is a reflection of our unwavering focus on the long-term and our disciplined approach to creating shareholder value.