The insurance company’s earnings fell short due to “volatile disability claims experience” over the second quarter.
StanCorp Financial Group seemed unaffected by the economic downturn, until “unfavorable claims experience” lowered the company’s earnings in the second quarter.
The Portland insurance company attributed a decrease in premiums to “the ongoing effects of challenging economic conditions on wage rates and job growth.”
StanCorp’s net income excluding after-tax capital gains and losses was $1.04 per share, well short of the Wall Street consensus of $1.23.
“We saw volatile disability claims experience over this most recent quarter, a period that is very short when compared with the long-term perspective with which we manage our business,” said Greg Ness, the company’s chief executive.
Read more at OregonLive.com.