StanCorp Financial Group, Inc. (NYSE: SFG) today reported net income for the first quarter of 2008 of $1.02 per diluted share, compared to $0.90 per diluted share for the first quarter of 2007. Net income for the same periods was $50.3 million and $48.3 million, respectively. After-tax net capital losses were $2.8 million for the first quarter of 2008, compared to after-tax net capital gains of $0.6 million for the first quarter of 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 (see discussion of non-GAAP financial measures below). 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. In addition, diluted weighted average shares were 4.6 million lower in the first quarter of 2008 compared to the first quarter of 2007 as a result of share repurchases following the issuance of hybrid debt in May 2007.
"We are pleased with our first quarter financial results, which reflect premium growth and favorable claims experience in our group insurance business," said Eric E. Parsons, chairman, president and chief executive officer. "Despite the current economic climate, we are off to a good start for 2008 and will continue to pursue growth in a disciplined manner."
Operating expenses for the first quarter of 2008 were $116.9 million, compared to $106.3 million for the first quarter of 2007. The increase in operating expenses was primarily driven by growth in the insurance services business as evidenced by premium growth, as well as technology infrastructure costs related to the integration of acquired businesses in the Asset Management segment. -- StanCorp Financial Group, Inc.
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
