Stancorp Financial (SFG) 8-K StanCorp Financial Group, Inc. Reports Fourth Quarter and Full Year 2005 Results

Exhibit 99.3

STANCORP FINANCIAL GROUP, INC.

STATISTICAL SUPPLEMENT WITH REALIGNED SEGMENTS

December 31, 2005

(Unaudited)

	Page
Financial Results:
Consolidated Financial Highlights	1
Consolidated Financial Results	2
Results by Segment	3
Insurance Services Segment	4
Insurance Services Segment Statistics	5
Asset Management Segment	6
Asset Management Segment Statistics	7
Other	8
Balance Sheets and Investment Statistics:
Consolidated Balance Sheets	9
Invested Asset Statistics	10
Other Investment Statistics	11

Financial measures that exclude after-tax net capital gains and losses and accumulated other comprehensive income are non-GAAP (Generally Accepted Accounting Principles) measures. To provide investors a broader understanding of earnings, the Company provides net income per diluted share excluding after-tax net capital gains and losses, along with the GAAP measure of net income per diluted share, because capital gains and losses are not likely to occur in a stable pattern.

Return on average equity excluding after-tax net capital gains and losses from net income and accumulated other comprehensive income from equity is furnished along with the GAAP measure of net income return on average equity because management believes providing both gives investors a broader understanding of return on equity. Measuring return on average equity without accumulated other comprehensive income excludes the effect of market value fluctuations of the Company's fixed maturity securities primarily associated with changes in interest rates. Management believes that measuring return on average equity without accumulated other comprehensive income is important to investors because the turnover of the Company’s portfolio of fixed maturity securities may not be such that unrealized gains and losses reflected in accumulated other comprehensive income are ultimately realizable. Furthermore, for the purpose of calculating this ratio, management believes exclusion of other comprehensive income provides investors a better measure of return.

Certain prior period amounts have been reclassified to conform to the current period’s presentation.

StanCorp Financial Group, Inc.

1100 SW Sixth Avenue

Portland, Oregon 97204

Investor Inquiries:

Jeff Hallin

Phone: (503)321-6127

Fax: (503)478-5037

Email: jhallin@standard.com

Web site address: http://www.stancorpfinancial.com

STANCORP FINANCIAL GROUP, INC.

Financial Highlights

(Dollars in millions - except share data)

CONSOLIDATED

																2005												2004
2001			2002			2003			2004			2005				4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Income (loss) before income taxes:
$	150.1		$	181.0		$	221.4		$	264.6		$	300.1		Insurance Services	$	87.3		$	74.8		$	75.8		$	62.2		$	67.8		$	69.5		$	69.4		$	57.9
	17.1			16.3			24.9			31.1			30.9		Asset Management		8.0			8.7			7.6			6.6			7.1			8.4			7.9			7.7
	(2.7	)		(25.3	)		(6.5	)		(3.7	)		(5.4	)	Other		(3.7	)		2.0			(1.8	)		(1.9	)		(1.5	)		(1.8	)		(2.0	)		1.6
	164.5			172.0			239.8			292.0			325.6		Total income before income taxes		91.6			85.5			81.6			66.9			73.4			76.1			75.3			67.2
	58.5			61.0			83.5			92.6			114.5		Income taxes		33.3			29.6			28.3			23.3			22.1			24.1			22.8			23.6
$	106.0		$	111.0		$	156.3		$	199.4		$	211.1		Net income	$	58.3		$	55.9		$	53.3		$	43.6		$	51.3		$	52.0		$	52.5		$	43.6
															Net income per common share:
$	1.73		$	1.89		$	2.70		$	3.49		$	3.81		Basic	$	1.07		$	1.02		$	0.96		$	0.77		$	0.91		$	0.92		$	0.92		$	0.75
	1.72			1.86			2.66			3.45			3.76		Diluted		1.06			1.01			0.95			0.76			0.90			0.91			0.91			0.74
															Share data:
	61,106,098			58,871,840			57,979,100			57,192,206			55,465,215		Basic weighted average		54,520,141			54,963,142			55,722,128			56,721,932			56,658,882			56,646,822			57,134,236			58,340,748
	61,671,444			59,544,804			58,669,118			57,838,188			56,076,666		Diluted weighted average		55,182,441			55,515,124			56,248,332			57,387,012			57,303,552			57,241,410			57,701,226			59,075,854
	59,565,932			58,370,552			58,601,446			56,889,678			54,712,936		At period end		54,712,936			54,734,184			55,341,250			56,688,106			56,889,678			56,884,818			56,739,538			58,308,356
$	106.0		$	111.0		$	156.3		$	199.4		$	211.1		Net income	$	58.3		$	55.9		$	53.3		$	43.6		$	51.3		$	52.0		$	52.5		$	43.6
	—			(12.6	)		6.0			7.4			1.4		After-tax net capital gains (losses)		(0.5	)		2.4			0.3			(0.8	)		2.3			1.2			1.0			2.9
$	106.0		$	123.6		$	150.3		$	192.0		$	209.7		Net income excluding after-tax net capital gains (losses)	$	58.8		$	53.5		$	53.0		$	44.4		$	49.0		$	50.8		$	51.5		$	40.7
$	—		$	(19.7	)	$	9.3		$	11.5		$	2.2		Net capital gains (losses)	$	(0.8	)	$	3.7		$	0.5		$	(1.2	)	$	3.5		$	1.9		$	1.6		$	4.5
	—			(7.1	)		3.3			4.1			0.8		Taxes on net capital gains (losses)		(0.3	)		1.3			0.2			(0.4	)		1.2			0.7			0.6			1.6
$	—		$	(12.6	)	$	6.0		$	7.4		$	1.4		After-tax net capital gains (losses)	$	(0.5	)	$	2.4		$	0.3		$	(0.8	)	$	2.3		$	1.2		$	1.0		$	2.9
															Diluted earnings per common share:
$	1.72		$	1.86		$	2.66		$	3.45		$	3.76		Net income	$	1.06		$	1.01		$	0.95		$	0.76		$	0.90		$	0.91		$	0.91		$	0.74
	—			(0.22	)		0.10			0.13			0.02		After-tax net capital gains (losses)		(0.01	)		0.05			0.01			(0.01	)		0.04			0.02			0.02			0.05
$	1.72		$	2.08		$	2.56		$	3.32		$	3.74		Net income excluding after-tax net capital gains (losses)	$	1.07		$	0.96		$	0.94		$	0.77		$	0.86		$	0.89		$	0.89		$	0.69
$	973.7		$	1,152.6		$	1,309.5		$	1,401.1		$	1,413.8		Shareholders’ equity	$	1,413.8		$	1,414.5		$	1,449.6		$	1,385.8		$	1,401.1		$	1,389.7		$	1,265.6		$	1,398.6
	33.3			147.4			160.3			136.1			59.8		Accumulated other comprehensive income		59.8			82.7			149.2			86.2			136.1			147.3			79.0			216.4
$	940.4		$	1,005.2		$	1,149.2		$	1,265.0		$	1,354.0		Shareholders’ equity excluding accumulated other comprehensive income	$	1,354.0		$	1,331.8		$	1,300.4		$	1,299.6		$	1,265.0		$	1,242.4		$	1,186.6		$	1,182.2
	11.2	%		10.4	%		12.7	%		14.7	%		15.0	%	Net income return on average equity		16.5	%		15.6	%		15.0	%		12.5	%		14.7	%		15.7	%		15.8	%		12.9%
	11.4			11.4			14.5			16.5			16.1		Net income return on average equity (excluding accumulated other comprehensive income)		17.4			17.0			16.4			13.6			16.4			17.1			17.7			15.0
	11.4			12.7			14.0			15.9			16.0		Net Income return on average equity (excluding after-tax net capital gains (losses) and accumulated other comprehensive income)		17.5			16.3			16.3			13.9			15.6			16.7			17.4			14.0
															Book value per common share:
$	16.35		$	19.75		$	22.35		$	24.63		$	25.84		Including accumulated other comprehensive income	$	25.84		$	25.84		$	26.19		$	24.45		$	24.63		$	24.43		$	22.31		$	23.99
	0.56			2.53			2.74			2.39			1.09		Accumulated other comprehensive income		1.09			1.51			2.69			1.52			2.39			2.59			1.40			3.72
$	15.79		$	17.22		$	19.61		$	22.24		$	24.75		Excluding accumulated other comprehensive income	$	24.75		$	24.33		$	23.50		$	22.93		$	22.24		$	21.84		$	20.91		$	20.27
	2,255			2,465			2,630			2,770			2,798		Number of employees		2,798			2,768			2,788			2,772			2,770			2,757			2,694			2,656

Page 1

STANCORP FINANCIAL GROUP, INC.

Financial Results

(In millions)

CONSOLIDATED

																2005												2004
2001			2002			2003			2004			2005				4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	1,215.1		$	1,366.8		$	1,589.0		$	1,654.0		$	1,826.5		Premiums	$	468.1		$	457.1		$	453.0		$	448.3		$	432.4		$	417.1		$	403.4		$	401.1
	23.2			23.9			28.4			33.7			43.3		Administrative fees		12.3			11.0			10.4			9.6			8.9			8.7			8.4			7.7
	347.1			379.2			435.3			445.3			465.2		Net investment income		119.4			116.8			113.3			115.7			112.1			112.4			110.9			109.9
	—			(19.7	)		9.3			11.5			2.2		Net capital gains (losses)		(0.8	)		3.7			0.5			(1.2	)		3.5			1.9			1.6			4.5
	1,585.4			1,750.2			2,062.0			2,144.5			2,337.2		Total revenues		599.0			588.6			577.2			572.4			556.9			540.1			524.3			523.2
															Benefits and expenses:
	1,017.0			1,117.1			1,297.8			1,291.2			1,392.3		Benefits to policyholders		350.2			352.7			339.9			349.5			334.7			324.3			312.8			319.4
	78.7			72.9			75.0			76.5			84.0		Interest credited		22.1			21.2			20.6			20.1			19.9			18.9			19.4			18.3
	201.0			243.4			275.3			298.5			340.6		Operating expenses		86.7			82.3			86.6			85.0			82.1			73.7			71.3			71.4
	118.3			132.6			144.1			154.4			168.5		Commissions and bonuses		42.3			40.9			40.6			44.7			41.1			37.9			37.4			38.0
	22.1			23.0			24.6			29.4			32.0		Premium taxes		8.3			7.8			8.0			7.9			7.5			7.4			7.3			7.2
	0.1			5.0			17.5			17.7			18.0		Interest expense		4.6			4.4			4.6			4.4			4.4			4.6			4.3			4.4
	(35.7	)		(39.1	)		(46.6	)		(57.7	)		(61.6	)	Deferral of acquisition costs		(15.5	)		(15.4	)		(14.2	)		(16.5	)		(16.5	)		(14.0	)		(13.7	)		(13.5	)
	19.4			23.3			34.5			42.5			37.8		Amortization of deferred acquisition costs and value of business acquired		8.7			9.2			9.5			10.4			10.3			11.2			10.2			10.8
	1,420.9			1,578.2			1,822.2			1,852.5			2,011.6		Total benefits and expenses		507.4			503.1			495.6			505.5			483.5			464.0			449.0			456.0
	164.5			172.0			239.8			292.0			325.6		Income before income taxes		91.6			85.5			81.6			66.9			73.4			76.1			75.3			67.2
	58.5			61.0			83.5			92.6			114.5		Income taxes		33.3			29.6			28.3			23.3			22.1			24.1			22.8			23.6
	106.0			111.0			156.3			199.4			211.1		Net income		58.3			55.9			53.3			43.6			51.3			52.0			52.5			43.6
															Other comprehensive income (loss), net of tax:
	28.2			114.8			15.5			(13.3	)		(67.5	)	Unrealized capital gains (losses) on securities available for sale, net		(18.8	)		(65.3	)		65.4			(48.8	)		(0.9	)		63.6			(134.8	)		58.8
	3.2			(0.7	)		(2.6	)		(10.9	)		(8.8	)	Reclassification adjustment for net capital (gains) losses included in net income, net		(4.1	)		(1.2	)		(2.4	)		(1.1	)		(10.3	)		4.7			(2.6	)		(2.7	)
	31.4			114.1			12.9			(24.2	)		(76.3	)	Total		(22.9	)		(66.5	)		63.0			(49.9	)		(11.2	)		68.3			(137.4	)		56.1
$	137.4		$	225.1		$	169.2		$	175.2		$	134.8		Comprehensive income (loss)	$	35.4		$	(10.6	)	$	116.3		$	(6.3	)	$	40.1		$	120.3		$	(84.9	)	$	99.7
															Statutory data - insurance subsidiaries:
$	118.0		$	111.9		$	214.2		$	275.8		$	314.0		Net gain from operations before federal income taxes	$	89.4		$	92.8		$	82.2		$	49.6		$	77.6		$	71.5		$	64.1		$	62.6
	126.8			33.1			138.9			191.5			207.5		Net gain from operations after federal income taxes and before realized capital gains (losses)		54.2			64.5			56.3			32.5			53.8			47.5			55.9			34.3
	641.9			817.6			876.1			942.5			968.7		Capital and surplus		968.7			1,068.8			1,026.7			970.0			942.5			960.1			922.0			864.9
	44.4			35.8			54.3			73.8			88.2		Asset valuation reserve		88.2			80.4			81.4			76.7			73.8			68.5			63.9			58.0

Page 2

STANCORP FINANCIAL GROUP, INC.

Financial Results

( In millions)

RESULTS BY SEGMENT

																2005												2004
2001			2002			2003			2004			2005				4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
															Premiums:
$	1,208.0		$	1,359.7		$	1,584.3		$	1,650.0		$	1,816.4		Insurance Services	$	465.6		$	452.4		$	451.3		$	447.1		$	431.4		$	416.2		$	402.2		$	400.2
	7.1			7.1			4.7			4.0			10.1		Asset Management		2.5			4.7			1.7			1.2			1.0			0.9			1.2			0.9
	1,215.1			1,366.8			1,589.0			1,654.0			1,826.5		Total premiums		468.1			457.1			453.0			448.3			432.4			417.1			403.4			401.1
															Administrative fees:
	5.1			5.9			6.4			6.9			8.8		Insurance Services		2.8			2.0			2.0			2.0			1.7			1.8			1.8			1.6
	22.1			22.4			26.8			32.0			40.6		Asset Management		11.1			10.6			9.8			9.1			8.6			8.2			7.8			7.4
	(4.0	)		(4.4	)		(4.8	)		(5.2	)		(6.1	)	Other		(1.6	)		(1.6	)		(1.4	)		(1.5	)		(1.4	)		(1.3	)		(1.2	)		(1.3	)
	23.2			23.9			28.4			33.7			43.3		Total administrative fees		12.3			11.0			10.4			9.6			8.9			8.7			8.4			7.7
															Net investment income:
	234.6			258.3			305.4			302.5			303.3		Insurance Services		76.9			77.0			73.8			75.6			76.2			76.5			75.3			74.5
	111.6			116.4			123.1			133.9			140.3		Asset Management		35.9			35.2			34.9			34.3			34.3			33.8			33.1			32.7
	0.9			4.5			6.8			8.9			21.6		Other		6.6			4.6			4.6			5.8			1.6			2.1			2.5			2.7
	347.1			379.2			435.3			445.3			465.2		Total net investment income		119.4			116.8			113.3			115.7			112.1			112.4			110.9			109.9
	—			(19.7	)		9.3			11.5			2.2		Net capital gains (losses)		(0.8	)		3.7			0.5			(1.2	)		3.5			1.9			1.6			4.5
	1,585.4			1,750.2			2,062.0			2,144.5			2,337.2		Total revenues		599.0			588.6			577.2			572.4			556.9			540.1			524.3			523.2
															Benefits and expenses:
	1,297.6			1,442.9			1,674.7			1,694.8			1,828.4		Insurance Services		458.0			456.6			451.3			462.5			441.5			425.0			409.9			418.4
	123.7			129.6			129.7			138.8			160.1		Asset Management		41.5			41.8			38.8			38.0			36.8			34.5			34.2			33.3
	(0.4	)		5.7			17.8			18.9			23.1		Other		7.9			4.7			5.5			5.0			5.2			4.5			4.9			4.3
	1,420.9			1,578.2			1,822.2			1,852.5			2,011.6		Total benefits and expenses		507.4			503.1			495.6			505.5			483.5			464.0			449.0			456.0
															Income (loss) before income taxes:
	150.1			181.0			221.4			264.6			300.1		Insurance Services		87.3			74.8			75.8			62.2			67.8			69.5			69.4			57.9
	17.1			16.3			24.9			31.1			30.9		Asset Management		8.0			8.7			7.6			6.6			7.1			8.4			7.9			7.7
	(2.7	)		(25.3	)		(6.5	)		(3.7	)		(5.4	)	Other		(3.7	)		2.0			(1.8	)		(1.9	)		(1.5	)		(1.8	)		(2.0	)		1.6
	164.5			172.0			239.8			292.0			325.6		Total income before income taxes		91.6			85.5			81.6			66.9			73.4			76.1			75.3			67.2
	58.5			61.0			83.5			92.6			114.5		Income taxes		33.3			29.6			28.3			23.3			22.1			24.1			22.8			23.6
$	106.0		$	111.0		$	156.3		$	199.4		$	211.1		Net income	$	58.3		$	55.9		$	53.3		$	43.6		$	51.3		$	52.0		$	52.5		$	43.6

Page 3

STANCORP FINANCIAL GROUP, INC.

Financial Results

(Dollars in millions)

INSURANCE SERVICES SEGMENT

																2005												2004
2001			2002			2003			2004			2005				4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	1,208.0		$	1,359.7		$	1,584.3		$	1,650.0		$	1,816.4		Premiums	$	465.6		$	452.4		$	451.3		$	447.1		$	431.4		$	416.2		$	402.2		$	400.2
	5.1			5.9			6.4			6.9			8.8		Administrative fees		2.8			2.0			2.0			2.0			1.7			1.8			1.8			1.6
	234.6			258.3			305.4			302.5			303.3		Net investment income		76.9			77.0			73.8			75.6			76.2			76.5			75.3			74.5
	1,447.7			1,623.9			1,896.1			1,959.4			2,128.5		Total revenues		545.3			531.4			527.1			524.7			509.3			494.5			479.3			476.3
															Benefits and expenses:
	1,000.8			1,098.1			1,284.2			1,278.4			1,372.9		Benefits to policyholders *		345.2			345.8			336.0			345.9			331.4			321.1			309.1			316.8
	10.5			4.7			4.9			4.5			8.1		Interest credited		2.4			2.1			2.0			1.6			1.3			0.9			1.2			1.1
	167.9			205.3			235.9			253.4			284.2		Operating expenses		70.2			69.3			72.6			72.1			69.2			63.3			60.2			60.7
	109.4			122.0			129.9			134.4			148.0		Commissions and bonuses		37.7			35.5			35.6			39.2			35.9			33.2			32.9			32.4
	22.1			23.0			24.6			29.4			32.0		Premium taxes		8.3			7.8			8.0			7.9			7.5			7.4			7.3			7.2
	(31.6	)		(32.7	)		(37.3	)		(44.9	)		(50.1	)	Deferral of acquisition costs		(13.3	)		(12.1	)		(11.2	)		(13.5	)		(13.4	)		(11.0	)		(10.6	)		(9.9	)
	18.5			22.5			32.5			39.6			33.3		Amortization of deferred acquisition costs and value of business acquired		7.5			8.2			8.3			9.3			9.6			10.1			9.8			10.1
	1,297.6			1,442.9			1,674.7			1,694.8			1,828.4		Total benefits and expenses		458.0			456.6			451.3			462.5			441.5			425.0			409.9			418.4
$	150.1		$	181.0		$	221.4		$	264.6		$	300.1		Income before income taxes	$	87.3		$	74.8		$	75.8		$	62.2		$	67.8		$	69.5		$	69.4		$	57.9
															Benefit ratio (including interest credited):*
	69.5	%		67.9	%		68.0	%		65.5	%		64.9	%	% of total revenues		63.7	%		65.5	%		64.1	%		66.2	%		65.3	%		65.1	%		64.7	%		66.7	%
	83.3			81.1			81.4			77.8			76.0		% of total premiums		74.7			76.9			74.9			77.7			77.1			77.4			77.2			79.4
															Statistics (% of total premiums):
	13.9	%		15.1	%		14.9	%		15.4	%		15.6	%	Operating expenses		15.1	%		15.3	%		16.1	%		16.1	%		16.0	%		15.2	%		15.0	%		15.2	%
	12.4			13.3			14.0			16.0			16.5		Income before income taxes		18.8			16.5			16.8			13.9			15.7			16.7			17.3			14.5

* 2001 benefits to policyholders included $5.0 million in pre-tax charges related to the terrorist events of September 11, 2001. The $5.0 million in pre-tax charges were excluded from the benefit ratio.

Page 4

STANCORP FINANCIAL GROUP, INC.

Insurance Services Segment Statistics

(Dollars in millions)

INSURANCE SERVICES SEGMENT

																2005												2004
2001			2002			2003			2004			2005				4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Employee Benefits:
															Premiums:
$	428.4		$	498.0		$	606.3		$	611.1		$	681.0		Life and AD&D	$	173.6		$	168.4		$	170.4		$	168.6		$	158.5		$	151.3		$	152.1		$	149.2
	514.0			583.4			686.1			714.5			780.7		LTD		198.9			193.1			194.7			194.0			184.0			179.9			175.7			174.9
	123.7			145.2			162.9			177.8			191.7		STD		49.6			47.5			46.1			48.5			46.6			46.4			42.8			42.0
	79.4			71.2			63.9			64.8			73.8		Other		17.6			19.7			18.3			18.2			16.7			16.2			15.6			16.3
	(16.0	)		(13.5	)		(18.6	)		(11.7	)		(20.2	)	Experience rated refunds		(6.2	)		(3.0	)		(3.0	)		(8.0	)		(1.8	)		(0.4	)		(5.1	)		(4.4	)
$	1,129.5		$	1,284.3		$	1,500.6		$	1,556.5		$	1,707.0		Total premiums	$	433.5		$	425.7		$	426.5		$	421.3		$	404.0		$	393.4		$	381.1		$	378.0
															Benefit ratio (including interest credited):*
	70.2	%		69.1	%		69.3	%		66.3	%		65.7	%	% of total revenues		65.2	%		65.3	%		65.3	%		67.0	%		65.9	%		65.5	%		65.9	%		68.2	%
	82.1			80.5			81.3			77.4			75.8		% of total premiums		75.3			75.6			75.0			77.4			76.7			76.4			77.0			79.7
															Statistics (% of total premiums):
	13.2	%		14.5	%		14.2	%		14.8	%		15.2	%	Operating expenses		14.9	%		14.9	%		15.5	%		15.6	%		15.6	%		14.7	%		14.4	%		14.6	%
	11.8			12.3			13.0			15.5			16.0		Income before income taxes		17.2			17.0			16.0			13.8			15.5			16.8			16.5			13.3
															Sales (annualized new premiums) reported at contract effective date:
$	102.2		$	113.1		$	134.6		$	118.6		$	148.4		Life and AD&D	$	42.9		$	22.8		$	19.5		$	63.2		$	47.2		$	21.0		$	12.8		$	37.6
	93.7			88.0			80.1			133.5			106.4		LTD		31.9			15.3			17.0			42.2			35.4			42.0			12.1			44.0
	37.5			42.3			45.5			51.3			43.8		STD		10.8			5.0			5.3			22.7			12.8			12.8			8.4			17.3
	14.3			21.0			18.7			26.9			26.3		Other		9.6			7.6			3.5			5.6			9.0			5.7			3.7			8.5
$	247.7		$	264.4		$	278.9		$	330.3		$	324.9		Total	$	95.2		$	50.7		$	45.3		$	133.7		$	104.4		$	81.5		$	37.0		$	107.4
															Persistency (% of premiums):**
	88.5	%		88.0	%		89.7	%		86.0	%		89.4	%	Life
	89.3			88.1			85.5			87.5			89.9		LTD
	79.6			75.6			57.5			72.6			80.3		Dental
	87.0			85.1			84.9			83.0			82.9		Other A&H
	87.6	%		86.9	%		85.6	%		85.6	%		88.2	%	Total
															Individual Disability:
$	78.5		$	75.4		$	83.7		$	93.5		$	109.4		Premiums	$	32.1		$	26.7		$	24.8		$	25.8		$	27.4		$	22.8		$	21.1		$	22.2
															Benefit ratio:***
	62.0	%		54.1	%		51.1	%		54.4	%		54.8	%	% of total revenues		47.4	%		67.4	%		49.0	%		56.3	%		58.1	%		60.7	%		50.0	%		48.1	%
	100.9			91.1			82.7			83.2			79.2		% of total premiums		65.4			98.1			72.6			82.9			83.6			94.3			79.6			74.8
															Statistics (% of revenue):
	15.0	%		15.3	%		16.5	%		15.7	%		15.5	%	Operating expenses		12.6	%		15.2	%		17.4	%		17.1	%		15.5	%		15.5	%		16.1	%		15.9	%
	13.3			17.8			19.9			15.8			17.0		Income before income taxes		28.7			5.9			20.7			11.1			12.7			9.3			19.3			22.6
$	9.6		$	11.5		$	16.0		$	18.9		$	21.5		Disability Sales	$	5.6		$	5.7		$	5.8		$	4.4		$	5.6		$	5.0		$	4.3		$	4.0
	92.1	%		94.3	%		95.1	%		95.6	%		95.5	%	Disability persistency (% of premiums)

* 2001 benefits to policyholders included $4.3 million in pre-tax charges related to the terrorist events of September 11, 2001. The $4.3 million in pre-tax charges were excluded from the benefit ratio.

** 2002, 2003, 2004 and 2005 do not include the block of business assumed from Teachers Insurance and Annuity Association of America effective October 1, 2002.

*** 2001 benefits to policyholders included $0.7 million in pre-tax charges related to the terrorist events of September 11, 2001. The $0.7 million in pre-tax charges were excluded from the benefit ratio.

Page 5

STANCORP FINANCIAL GROUP, INC.

Financial Results

(Dollars in millions)

ASSET MANAGEMENT SEGMENT

																2005												2004
2001			2002			2003			2004			2005				4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	7.1		$	7.1		$	4.7		$	4.0		$	10.1		Premiums	$	2.5		$	4.7		$	1.7		$	1.2		$	1.0		$	0.9		$	1.2		$	0.9
	22.1			22.4			26.8			32.0			40.6		Administrative fees		11.1			10.6			9.8			9.1			8.6			8.2			7.8			7.4
	111.6			116.4			123.1			133.9			140.3		Net investment income		35.9			35.2			34.9			34.3			34.3			33.8			33.1			32.7
	140.8			145.9			154.6			169.9			191.0		Total revenues		49.5			50.5			46.4			44.6			43.9			42.9			42.1			41.0
															Benefits and expenses:
	16.2			19.0			13.6			12.8			19.4		Benefits to policyholders		5.0			6.9			3.9			3.6			3.3			3.2			3.7			2.6
	67.8			67.6			70.1			72.0			75.9		Interest credited		19.7			19.1			18.6			18.5			18.6			18.0			18.2			17.2
	32.9			37.7			38.9			43.8			50.9		Operating expenses		13.1			12.6			13.0			12.2			12.1			10.5			10.5			10.7
	8.9			10.6			14.2			20.0			20.5		Commissions and bonuses		4.6			5.4			5.0			5.5			5.2			4.7			4.5			5.6
	1.1			0.3			0.2			0.1			0.4		Interest expense		0.1			0.1			0.1			0.1			—			—			—			0.1
	(4.1	)		(6.4	)		(9.3	)		(12.8	)		(11.5	)	Deferral of acquisition costs		(2.2	)		(3.3	)		(3.0	)		(3.0	)		(3.1	)		(3.0	)		(3.1	)		(3.6	)
	0.9			0.8			2.0			2.9			4.5		Amortization of deferred acquisition costs		1.2			1.0			1.2			1.1			0.7			1.1			0.4			0.7
	123.7			129.6			129.7			138.8			160.1		Total benefits and expenses		41.5			41.8			38.8			38.0			36.8			34.5			34.2			33.3
$	17.1		$	16.3		$	24.9		$	31.1		$	30.9		Income (loss) before income taxes	$	8.0		$	8.7		$	7.6		$	6.6		$	7.1		$	8.4		$	7.9		$	7.7

Page 6

STANCORP FINANCIAL GROUP, INC.

Asset Management Segment Statistics

(Dollars in millions)

ASSET MANAGEMENT SEGMENT

																2005												2004
2001			2002			2003			2004			2005				4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Retirement Plans:
$	751.6		$	784.7		$	891.9		$	1,028.5		$	1,214.1		General account	$	1,214.1		$	1,173.0		$	1,125.4		$	1,079.4		$	1,028.5		$	989.5		$	957.4		$	913.0
	1,019.2			1,018.6			1,685.7			2,338.6			3,007.6		Separate account		3,007.6			2,829.5			2,582.9			2,438.5			2,338.6			2,010.1			1,952.5			1,847.2
$	1,770.8		$	1,803.3		$	2,577.6		$	3,367.1		$	4,221.7		Assets under management	$	4,221.7		$	4,002.5		$	3,708.3		$	3,517.9		$	3,367.1		$	2,999.6		$	2,909.9		$	2,760.2
															Statistics:
	67.5	%		61.4	%		60.6	%		55.5	%		55.0	%	Interest credited (% of investment income)		55.7	%		55.2	%		54.1	%		54.8	%		55.6	%		57.2	%		53.4	%		55.9	%
	1.3			1.5			1.3			1.0			0.9		Annualized operating expenses (% of average assets under management)		0.8			0.9			1.0			1.0			1.1			1.0			1.0			1.1
															Individual Annuities:
$	702.1		$	797.7		$	914.9		$	1,085.3		$	1,143.3		Annuity assets under management	$	1,143.3		$	1,137.5		$	1,110.8		$	1,093.0		$	1,085.3		$	1,051.8		$	1,012.2		$	973.1
															Statistics:
	63.2	%		63.0	%		62.5	%		61.9	%		60.9	%	Interest credited (% of investment income)		62.7	%		60.5	%		60.2	%		60.4	%		62.2	%		59.1	%		68.2	%		58.6	%
$	62.6		$	109.1		$	139.4		$	184.0		$	119.9		Annuity Sales	$	22.1		$	47.2		$	30.6		$	20.0		$	40.6		$	46.2		$	42.7		$	54.5
															StanCorp Mortgage Investors, LLC:
															Commercial mortgage loans under management:
$	2,003.0		$	1,989.1		$	2,319.8		$	2,948.2		$	3,101.1		StanCorp and subsidiaries	$	3,101.1		$	3,045.8		$	3,080.9		$	3,018.6		$	2,948.2		$	2,766.6		$	2,608.2		$	2,376.6
	534.9			672.9			677.1			747.9			1,141.9		Other investors		1,141.9			1,032.7			869.3			825.1			747.9			705.8			673.5			677.8
$	2,537.9		$	2,662.0		$	2,996.9		$	3,696.1		$	4,243.0		Total	$	4,243.0		$	4,078.5		$	3,950.2		$	3,843.7		$	3,696.1		$	3,472.4		$	3,281.7		$	3,054.4
$	430.1		$	570.8		$	930.6		$	1,170.4		$	996.4		Commercial mortgage loans originated	$	287.7		$	245.4		$	218.5		$	244.8		$	297.6		$	324.0		$	372.0		$	176.8
															Total Asset Management Segment:
	0.7	%		0.7	%		0.7	%		0.6	%		0.6	%	Annualized operating expenses (% of average assets under management)		0.6	%		0.6	%		0.6	%		0.6	%		0.6	%		0.6	%		0.6	%		0.6	%

Page 7

STANCORP FINANCIAL GROUP, INC.

Financial Results

(In millions)

OTHER

																2005												2004
2001			2002			2003			2004			2005				4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	(4.0	)	$	(4.4	)	$	(4.8	)	$	(5.2	)	$	(6.1	)	Administrative fees	$	(1.6	)	$	(1.6	)	$	(1.4	)	$	(1.5	)	$	(1.4	)	$	(1.3	)	$	(1.2	)	$	(1.3	)
	0.9			4.5			6.8			8.9			21.6		Net investment income		6.6			4.6			4.6			5.8			1.6			2.1			2.5			2.7
	—			(19.7	)		9.3			11.5			2.2		Net capital gains (losses)		(0.8	)		3.7			0.5			(1.2	)		3.5			1.9			1.6			4.5
	(3.1	)		(19.6	)		11.3			15.2			17.7		Total revenues		4.2			6.7			3.7			3.1			3.7			2.7			2.9			5.9
															Benefits and expenses:
	0.6			1.0			0.5			1.3			5.5		Operating expenses and other		3.4			0.4			1.0			0.7			0.8			(0.1	)		0.6			—
	(1.0	)		4.7			17.3			17.6			17.6		Interest expense		4.5			4.3			4.5			4.3			4.4			4.6			4.3			4.3
	(0.4	)		5.7			17.8			18.9			23.1		Total benefits and expenses		7.9			4.7			5.5			5.0			5.2			4.5			4.9			4.3
$	(2.7	)	$	(25.3	)	$	(6.5	)	$	(3.7	)	$	(5.4	)	Income (loss) before income taxes	$	(3.7	)	$	2.0		$	(1.8	)	$	(1.9	)	$	(1.5	)	$	(1.8	)	$	(2.0	)	$	1.6

Page 8

STANCORP FINANCIAL GROUP, INC.

Consolidated Balance Sheets

(In millions)

CONSOLIDATED

											2005								2004
2001		2002		2003		2004		2005			4th Qtr		3rd Qtr		2nd Qtr		1st Qtr		4th Qtr		3rd Qtr		2nd Qtr		1st Qtr
										ASSETS
										Investments:
$	2,700.6	$	4,134.4	$	4,524.8	$	4,412.5	$	4,613.2	Fixed maturity securities (available for sale)	$	4,613.2	$	4,542.0	$	4,520.2	$	4,406.7	$	4,412.5	$	4,463.1	$	4,411.7	$	4,712.7
	2,003.0		1,989.1		2,319.8		2,948.2		3,243.7	Commercial mortgage loans, net		3,243.7		3,148.8		3,080.9		3,018.6		2,948.2		2,766.6		2,608.2		2,376.6
	72.0		64.6		77.2		72.2		77.7	Real estate, net		77.7		78.2		73.1		72.2		72.2		78.9		79.6		80.3
	5.4		5.3		4.6		4.2		4.0	Policy loans		4.0		4.3		4.2		4.2		4.2		4.5		4.5		4.4
	4,781.0		6,193.4		6,926.4		7,437.1		7,938.6	Total investments		7,938.6		7,773.3		7,678.4		7,501.7		7,437.1		7,313.1		7,104.0		7,174.0
	212.3		206.8		34.5		45.3		53.2	Cash and cash equivalents		53.2		89.4		58.1		46.6		45.3		66.1		44.2		71.9
	73.7		79.6		73.3		77.8		81.5	Premiums and other receivables		81.5		81.7		81.1		84.9		77.8		81.0		75.0		76.5
	59.4		77.1		82.8		82.7		85.6	Accrued investment income		85.6		87.4		83.7		88.2		82.7		86.5		82.9		86.9
	867.5		873.9		871.9		887.9		897.7	Amounts recoverable from reinsurers		897.7		891.2		887.2		883.7		887.9		889.6		890.2		882.4
	115.1		190.9		200.7		218.8		245.3	Deferred acquisition costs and value of business acquired, net		245.3		237.8		229.5		226.4		218.8		209.8		208.2		199.4
	76.8		74.7		71.3		78.3		86.7	Property and equipment, net		86.7		81.9		80.5		80.8		78.3		74.9		71.8		70.5
	72.0		31.5		35.1		45.5		54.5	Other assets		54.5		40.2		38.9		42.2		45.5		41.1		52.0		40.0
	1,019.2		1,018.6		1,685.7		2,338.6		3,007.6	Separate account assets		3,007.6		2,829.5		2,582.9		2,438.5		2,338.6		2,010.1		1,952.5		1,847.2
$	7,277.0	$	8,746.5	$	9,981.7	$	11,212.0	$	12,450.7	Total assets	$	12,450.7	$	12,112.4	$	11,720.3	$	11,393.0	$	11,212.0	$	10,772.2	$	10,480.8	$	10,448.8
										LIABILITIES AND EQUITY
										Liabilities:
$	3,198.5	$	4,114.9	$	4,294.9	$	4,484.6	$	4,689.3	Future policy benefits and claims	$	4,689.3	$	4,637.8	$	4,581.5	$	4,537.2	$	4,484.6	$	4,424.4	$	4,374.2	$	4,333.8
	1,728.9		1,864.5		2,100.3		2,400.9		2,649.3	Other policyholder funds		2,649.3		2,607.2		2,534.0		2,466.1		2,400.9		2,333.9		2,269.3		2,183.7
	115.3		164.7		153.7		115.1		73.6	Deferred tax liabilities		73.6		90.2		129.6		92.3		115.1		125.0		100.5		177.0
	81.5		0.2		2.7		0.2		2.0	Short-term debt		2.0		0.2		0.2		0.2		0.2		0.3		49.6		2.6
	9.1		259.0		272.0		258.1		260.1	Long-term debt		260.1		257.9		258.0		258.0		258.1		273.2		273.3		272.0
	150.8		172.0		162.9		213.4		355.0	Other liabilities		355.0		275.1		184.5		214.9		213.4		215.6		195.8		233.9
	1,019.2		1,018.6		1,685.7		2,338.6		3,007.6	Separate account liabilities		3,007.6		2,829.5		2,582.9		2,438.5		2,338.6		2,010.1		1,952.5		1,847.2
	6,303.3		7,593.9		8,672.2		9,810.9		11,036.9	Total liabilities		11,036.9		10,697.9		10,270.7		10,007.2		9,810.9		9,382.5		9,215.2		9,050.2
										Shareholders’ equity:
	699.8		665.3		673.4		618.2		530.3	Common stock		530.3		532.2		556.7		609.2		618.2		618.5		614.7		662.8
	33.3		147.4		160.3		136.1		59.8	Accumulated other comprehensive income		59.8		82.7		149.2		86.2		136.1		147.3		79.0		216.4
	240.6		339.9		475.8		646.8		823.7	Retained earnings		823.7		799.6		743.7		690.4		646.8		623.9		571.9		519.4
	973.7		1,152.6		1,309.5		1,401.1		1,413.8	Total shareholders’ equity		1,413.8		1,414.5		1,449.6		1,385.8		1,401.1		1,389.7		1,265.6		1,398.6
$	7,277.0	$	8,746.5	$	9,981.7	$	11,212.0	$	12,450.7	Total	$	12,450.7	$	12,112.4	$	11,720.3	$	11,393.0	$	11,212.0	$	10,772.2	$	10,480.8	$	10,448.8

Page 9

STANCORP FINANCIAL GROUP, INC.

Invested Assets Statistics

(Dollars in millions)

CONSOLIDATED (except as indicated)

																2005												2004
2001			2002			2003			2004			2005				4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Investments:
$	2,700.6		$	4,134.4		$	4,524.8		$	4,412.5		$	4,613.2		Total fixed maturity securities:	$	4,613.2		$	4,542.0		$	4,520.2		$	4,406.7		$	4,412.5		$	4,463.1		$	4,411.7		$	4,712.7
	2,454.0			3,701.0			4,119.0			4,018.1			4,108.1		Public		4,108.1			4,066.9			4,067.9			3,998.7			4,018.1			4,064.6			4,015.6			4,294.6
	246.6			433.4			405.8			394.4			505.1		Private		505.1			475.1			452.3			408.0			394.4			398.5			396.1			418.1
	2,003.0			1,989.1			2,319.8			2,948.2			3,243.7		Commercial mortgage loans, net		3,243.7			3,148.8			3,080.9			3,018.6			2,948.2			2,766.6			2,608.2			2,376.6
	72.0			64.6			77.2			72.2			77.7		Real estate, net		77.7			78.2			73.1			72.2			72.2			78.9			79.6			80.3
	5.4			5.3			4.6			4.2			4.0		Policy loans		4.0			4.3			4.2			4.2			4.2			4.5			4.5			4.4
$	4,781.0		$	6,193.4		$	6,926.4		$	7,437.1		$	7,938.6		Total investments	$	7,938.6		$	7,773.3		$	7,678.4		$	7,501.7		$	7,437.1		$	7,313.1		$	7,104.0		$	7,174.0
															Percent of investments:
	56.5	%		66.8	%		65.3	%		59.3	%		58.1	%	Fixed maturity securities		58.1	%		58.4	%		58.8	%		58.7	%		59.3	%		61.0	%		62.1	%		65.7	%
	41.9			32.1			33.5			39.6			40.8		Commercial mortgage loans, net		40.8			40.5			40.1			40.2			39.6			37.8			36.7			33.1
	1.5			1.0			1.1			1.0			1.0		Real estate, net		1.0			1.0			1.0			1.0			1.0			1.1			1.1			1.1
	0.1			0.1			0.1			0.1			0.1		Other		0.1			0.1			0.1			0.1			0.1			0.1			0.1			0.1
															Fixed maturity securities (available for sale):
	102.0	%		105.9	%		106.0	%		105.2	%		102.1	%	Market value as a % of amortized cost		102.1	%		103.0	%		105.6	%		103.2	%		105.2	%		105.5	%		103.0	%		107.9	%
															Reserve balances:
$	3.6		$	4.0		$	2.6		$	2.3		$	2.5		Commercial mortgage loans, net	$	2.5		$	3.5		$	3.4		$	2.0		$	2.3		$	2.3		$	2.6		$	2.2

Page 10

STANCORP FINANCIAL GROUP, INC.

Other Investment Statistics

(Dollars in millions)

CONSOLIDATED (except as indicated)

																2005												2004
2001			2002			2003			2004			2005				4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Portfolio yield:
	6.79	%		6.22	%		5.94	%		5.81	%		5.61	%	Fixed maturity securities (excluding convertibles)		5.61	%		5.65	%		5.71	%		5.75	%		5.81	%		5.83	%		5.84	%		5.81	%
	8.22			7.94			7.28			6.71			6.46		Commercial mortgage loans, net		6.46			6.51			6.59			6.64			6.71			6.83			6.95			7.18
															Fixed maturity securities:
															Quality rating (as % of fixed maturities):
	69.0	%		75.3	%		75.6	%		74.5	%		74.6	%	A or higher		74.6	%		74.4	%		75.0	%		74.7	%		74.5	%		75.8	%		75.6	%		76.6	%
	28.0			21.2			20.9			21.6			21.6		BBB/Baa		21.6			21.5			20.6			21.5			21.6			20.5			20.8			20.0
	2.4			2.1			2.0			2.7			2.7		BB/Ba		2.7			3.1			3.3			2.6			2.7			2.5			2.3			2.0
	0.6			1.4			1.5			1.2			1.1		B or lower		1.1			1.0			1.1			1.2			1.2			1.2			1.3			1.4
															Commercial mortgage loans - statutory:
															Sixty day delinquencies:
$	—		$	—		$	—		$	7.5		$	0.3		Book value	$	0.3		$	1.1		$	1.2		$	—		$	7.5		$	4.2		$	3.0		$	2.1
	—	%		—	%		—	%		0.25	%		0.01	%	Rates - overall %		0.01	%		0.04	%		0.04	%		—	%		0.25	%		0.14	%		0.11	%		0.09	%
$	—		$	—		$	1.5		$	—		$	1.3		Foreclosed during period	$	1.3		$	—		$	—		$	—		$	—		$	—		$	—		$	—
	0.5			—			—			7.5			0.3		In process of foreclosure		0.3			1.1			1.2			—			7.5			4.2			3.0			2.1
	—			—			—			7.5			0.3		Included in 60 day delinquencies		0.3			1.1			1.2			—			7.5			4.2			3.0			2.1
	5.9			4.6			2.9			2.1			10.1		Net balance of restructured loans		10.1			7.8			7.8			8.0			2.1			2.2			2.2			2.2

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