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StanCorp Financial Q4 net income drops

Total assets as of December 31, 2008 decreased to $14.55b from $14.98b at December 31, 2007

StanCorp Financial Group has reported a net income of $24 million, or $0.49 per diluted share, for the fourth quarter of 2008, compared to $60.5 million, or $1.21 per diluted share, for the fourth quarter of 2007.

Net income for the year 2008 was $162.9 million, or $3.30 per diluted share, as compared to $227.5 million, or $4.35 per diluted share, for the year 2007.

For 2008, net income return on average equity, excluding after-tax net capital gains and losses from net income and accumulated other comprehensive income and losses from equity, was 16.7% compared to 15.8% in 2007.

Total assets as of December 31, 2008 decreased to $14.55 billion from $14.98 billion at December 31, 2007. Total liabilities were $13.17 billion as of December 31, 2008, compared to $13.55 billion at December 31, 2007.

Eric Parsons, chairman and CEO of StanCorp Financial, said: In the fourth quarter the weakening economy and financial markets continued to impact our long-term bond portfolio and our ability to grow revenues, particularly in our asset management segment. Although we may be facing a prolonged economic downturn, we benefit from a strong and stable base of core earnings, and our capital position remains strong.