Stancorp Financial (SFG) 8-K StanCorp Financial Group, Inc. Reports Fourth Quarter and Full Year 2007 Earnings

Exhibit 99.2

STANCORP FINANCIAL GROUP, INC.

STATISTICAL SUPPLEMENT

December 31, 2007

(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
Other	7
Balance Sheets and Investment Statistics:
Consolidated Balance Sheets	8
Invested Assets Statistics	9
Other Investment Statistics	10

Financial measures that exclude after-tax net capital gains and losses and accumulated other comprehensive income (loss) are non-GAAP (Generally Accepted Accounting Principles in the United States) measures. To provide investors with 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 (loss) from equity is furnished along with the GAAP measure of net income return on average equity because management believes providing both measures gives investors a broader understanding of return on equity. Measuring return on average equity without accumulated other comprehensive income (loss) 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 (loss) 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 (loss) are ultimately realizable. Furthermore, for the purpose of calculating this ratio, management believes exclusion of other comprehensive income (loss) provides investors a better measure of return.

Certain prior period amounts may 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: (971)321-6127

Fax: (971)321-5037

Email:jhallin@standard.com

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

STANCORP FINANCIAL GROUP, INC.

Financial Highlights

(Dollars in millions - except share data)

CONSOLIDATED

																2007												2006
2003			2004			2005			2006			2007				4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Income (loss) before income taxes:
$	221.4		$	264.6		$	300.1		$	282.4		$	322.6		Insurance Services	$	89.8		$	93.3		$	72.4		$	67.1		$	93.0		$	74.3		$	60.8		$	54.3
	24.9			31.1			30.9			38.4			42.9		Asset Management		9.2			11.1			12.2			10.4			10.3			11.1			8.1			8.9
	(6.5	)		(3.7	)		(5.4	)		(11.1	)		(23.8	)	Other		(8.2	)		(6.3	)		(5.6	)		(3.7	)		(1.2	)		(3.0	)		(3.1	)		(3.8	)
	239.8			292.0			325.6			309.7			341.7		Total income before income taxes		90.8			98.1			79.0			73.8			102.1			82.4			65.8			59.4
	83.5			92.6			114.5			105.9			114.2		Income taxes		30.3			31.5			26.9			25.5			34.6			27.7			22.9			20.7
$	156.3		$	199.4		$	211.1		$	203.8		$	227.5		Net income	$	60.5		$	66.6		$	52.1		$	48.3		$	67.5		$	54.7		$	42.9		$	38.7
															Net income per common share:
$	2.70		$	3.49		$	3.81		$	3.77		$	4.39		Basic	$	1.22		$	1.30		$	0.98		$	0.90		$	1.26		$	1.02		$	0.79		$	0.71
	2.66			3.45			3.76			3.73			4.35		Diluted		1.21			1.29			0.97			0.90			1.25			1.01			0.78			0.70
															Share data:
	57,979,100			57,192,206			55,465,215			54,079,033			51,824,050		Basic weighted-average		49,416,212			51,305,372			53,195,859			53,428,534			53,405,134			53,885,501			54,499,280			54,540,822
	58,669,118			57,838,188			56,076,666			54,688,114			52,344,950		Diluted weighted-average		49,962,545			51,785,108			53,735,309			53,958,720			53,916,104			54,410,978			55,122,474			55,240,792
	58,601,446			56,889,678			54,712,936			53,592,178			49,155,131		At period end		49,155,131			49,828,134			52,854,031			53,410,614			53,592,178			53,576,193			54,488,804			54,711,551
$	156.3		$	199.4		$	211.1		$	203.8		$	227.5		Net income	$	60.5		$	66.6		$	52.1		$	48.3		$	67.5		$	54.7		$	42.9		$	38.7
	6.0			7.4			1.4			1.2			(0.4	)	After-tax net capital gains (losses)		(1.2	)		(0.2	)		0.4			0.6			1.8			1.4			(0.3	)		(1.7	)
$	150.3		$	192.0		$	209.7		$	202.6		$	227.9		Net income excluding after-tax net capital gains (losses)	$	61.7		$	66.8		$	51.7		$	47.7		$	65.7		$	53.3		$	43.2		$	40.4
$	9.3		$	11.5		$	2.2		$	1.9		$	(0.6	)	Net capital gains (losses)	$	(1.8	)	$	(0.4	)	$	0.7		$	0.9		$	2.8		$	2.1		$	(0.3	)	$	(2.7	)
	3.3			4.1			0.8			0.7			(0.2	)	Taxes on net capital gains (losses)		(0.6	)		(0.2	)		0.3			0.3			1.0			0.7			—			(1.0	)
$	6.0		$	7.4		$	1.4		$	1.2		$	(0.4	)	After-tax net capital gains (losses)	$	(1.2	)	$	(0.2	)	$	0.4		$	0.6		$	1.8		$	1.4		$	(0.3	)	$	(1.7	)
															Diluted earnings per common share:
$	2.66		$	3.45		$	3.76		$	3.73		$	4.35		Net income	$	1.21		$	1.29		$	0.97		$	0.90		$	1.25		$	1.01		$	0.78		$	0.70
	0.10			0.13			0.02			0.03			—		After-tax net capital gains (losses)		(0.02	)		—			0.01			0.02			0.03			0.03			—			(0.03	)
$	2.56		$	3.32		$	3.74		$	3.70		$	4.35		Net income excluding after-tax net capital gains (losses)	$	1.23		$	1.29		$	0.96		$	0.88		$	1.22		$	0.98		$	0.78		$	0.73
$	1,309.5		$	1,401.1		$	1,413.8		$	1,464.5		$	1,429.0		Shareholders’ equity	$	1,429.0		$	1,396.7		$	1,439.7		$	1,474.6		$	1,464.5		$	1,462.3		$	1,373.9		$	1,385.3
	160.3			136.1			59.8			(8.1	)		16.8		Accumulated other comprehensive income (loss)		16.8			(26.0	)		(57.0	)		(0.9	)		(8.1	)		24.3			(49.4	)		(6.7	)
$	1,149.2		$	1,265.0		$	1,354.0		$	1,472.6		$	1,412.2		Shareholders’ equity excluding accumulated other comprehensive income (loss)	$	1,412.2		$	1,422.7		$	1,496.7		$	1,475.5		$	1,472.6		$	1,438.0		$	1,423.3		$	1,392.0
	12.7	%		14.7	%		15.0	%		14.2	%		15.7	%	Net income return on average equity		17.1	%		18.8	%		14.3	%		13.1	%		18.5	%		15.4	%		12.4	%		11.1	%
	14.5			16.5			16.1			14.4			15.8		Net income return on average equity (excluding accumulated other comprehensive income (loss))		17.1			18.3			14.0			13.1			18.6			15.3			12.2			11.3
	14.0			15.9			16.0			14.3			15.8		Net income return on average equity (excluding after-tax net capital gains (losses) and accumulated other comprehensive income (loss))		17.4			18.3			13.9			12.9			18.1			14.9			12.3			11.8
															Book value per common share:
$	22.35		$	24.63		$	25.84		$	27.33		$	29.07		Including accumulated other comprehensive income (loss)	$	29.07		$	28.03		$	27.24		$	27.61		$	27.33		$	27.29		$	25.21		$	25.32
	2.74			2.39			1.09			(0.15	)		0.34		Accumulated other comprehensive income (loss)		0.34			(0.52	)		(1.08	)		(0.02	)		(0.15	)		0.45			(0.91	)		(0.12	)
$	19.61		$	22.24		$	24.75		$	27.48		$	28.73		Excluding accumulated other comprehensive income (loss)	$	28.73		$	28.55		$	28.32		$	27.63		$	27.48		$	26.84		$	26.12		$	25.44
	2,630			2,770			2,798			3,280			3,437		Number of employees		3,437			3,375			3,357			3,291			3,280			3,239			2,828			2,806

Page 1

STANCORP FINANCIAL GROUP, INC.

Financial Results

(In millions)

CONSOLIDATED

2003			2004			2005			2006			2007				2007												2006
																4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	1,589.0		$	1,654.0		$	1,826.5		$	1,935.0		$	2,078.3		Premiums	$	546.0		$	522.2		$	518.1		$	492.0		$	501.2		$	479.4		$	481.4		$	473.0
	28.4			33.7			43.3			77.1			115.2		Administrative fees		30.1			30.2			28.4			26.5			26.5			25.1			13.1			12.4
	435.3			445.3			465.2			478.9			516.3		Net investment income		131.0			131.3			130.7			123.3			122.0			120.5			117.5			118.9
	9.3			11.5			2.2			1.9			(0.6	)	Net capital gains (losses)		(1.8	)		(0.4	)		0.7			0.9			2.8			2.1			(0.3	)		(2.7	)
	2,062.0			2,144.5			2,337.2			2,492.9			2,709.2		Total revenues		705.3			683.3			677.9			642.7			652.5			627.1			611.7			601.6
															Benefits and expenses:
	1,297.8			1,291.2			1,392.3			1,513.1			1,591.8		Benefits to policyholders		410.5			389.4			409.9			382.0			371.3			374.1			385.3			382.4
	75.0			76.5			84.0			97.7			108.8		Interest credited		26.4			28.8			28.0			25.6			26.1			25.3			23.7			22.6
	275.3			298.5			340.6			370.3			434.8		Operating expenses		116.1			106.7			105.7			106.3			101.3			93.2			88.1			87.7
	144.1			154.4			168.5			183.6			198.0		Commissions and bonuses		52.1			49.5			46.4			50.0			47.2			45.5			43.9			47.0
	24.6			29.4			32.0			34.6			36.4		Premium taxes		9.4			8.8			9.3			8.9			8.6			9.2			8.5			8.3
	17.5			17.7			18.0			17.9			30.7		Interest expense		9.8			10.1			6.3			4.5			4.5			4.5			4.4			4.5
	(46.6	)		(57.7	)		(61.6	)		(78.5	)		(86.2	)	Deferral of acquisition costs		(23.3	)		(21.7	)		(20.4	)		(20.8	)		(20.0	)		(18.8	)		(18.1	)		(21.6	)
	34.5			42.5			37.8			44.5			53.2		Amortization of deferred acquisition costs, value of business acquired and intangibles		13.5			13.6			13.7			12.4			11.4			11.7			10.1			11.3
	1,822.2			1,852.5			2,011.6			2,183.2			2,367.5		Total benefits and expenses		614.5			585.2			598.9			568.9			550.4			544.7			545.9			542.2
	239.8			292.0			325.6			309.7			341.7		Income before income taxes		90.8			98.1			79.0			73.8			102.1			82.4			65.8			59.4
	83.5			92.6			114.5			105.9			114.2		Income taxes		30.3			31.5			26.9			25.5			34.6			27.7			22.9			20.7
	156.3			199.4			211.1			203.8			227.5		Net income		60.5			66.6			52.1			48.3			67.5			54.7			42.9			38.7
															Other comprehensive income (loss), net of tax:
															Unrealized gains (losses) on securities:
	15.5			(13.3	)		(67.5	)		(41.7	)		25.0		Unrealized capital gains (losses) on securities available-for-sale, net		40.7			30.5			(54.8	)		8.6			(7.5	)		74.1			(42.0	)		(66.3	)
	(2.6	)		(10.9	)		(8.8	)		(1.7	)		(2.0	)	Reclassification adjustment for net capital (gains) losses included in net income, net		(0.4	)		0.2			(1.5	)		(0.3	)		(0.4	)		(0.4	)		(0.7	)		(0.2	)
															Defined benefit retirement plans:
	—			—			—			—			0.3		Prior service credit (cost) and net gains (losses) arising during the period, net		1.7			—			—			(1.4	)		—			—			—			—
	—			—			—			—			1.6		Reclassification adjustment for amortization to net periodic pension cost, net		0.8			0.3			0.2			0.3			—			—			—			—
	12.9			(24.2	)		(76.3	)		(43.4	)		24.9		Total		42.8			31.0			(56.1	)		7.2			(7.9	)		73.7			(42.7	)		(66.5	)
$	169.2		$	175.2		$	134.8		$	160.4		$	252.4		Comprehensive income (loss)	$	103.3		$	97.6		$	(4.0	)	$	55.5		$	59.6		$	128.4		$	0.2		$	(27.8	)
															Statutory data - insurance subsidiaries:
$	214.2		$	275.8		$	314.0		$	271.1		$	307.4		Net gain from operations before federal income taxes	$	94.1		$	99.4		$	56.6		$	57.3		$	88.4		$	70.7		$	57.1		$	54.9
	138.9			191.5			207.5			172.8			195.7		Net gain from operations after federal income taxes and before realized capital gains (losses)		59.7			61.7			36.2			38.1			58.0			45.2			32.2			37.4
	876.1			942.5			968.7			967.5			1,046.5		Capital and surplus		1,046.5			992.8			939.4			910.5			967.5			940.3			897.6			1,003.7
	54.3			73.8			88.2			96.6			102.2		Asset valuation reserve		102.2			99.2			98.0			98.8			96.6			91.9			88.7			88.7

Page 2

STANCORP FINANCIAL GROUP, INC.

Financial Results

(In millions)

RESULTS BY SEGMENT

2003			2004			2005			2006			2007				2007												2006
																4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
															Premiums:
$	1,584.3		$	1,650.0		$	1,816.4		$	1,927.4		$	2,063.6		Insurance Services	$	540.3		$	520.6		$	512.9		$	489.8		$	498.8		$	478.0		$	479.7		$	470.9
	4.7			4.0			10.1			7.6			14.7		Asset Management		5.7			1.6			5.2			2.2			2.4			1.4			1.7			2.1
	1,589.0			1,654.0			1,826.5			1,935.0			2,078.3		Total premiums		546.0			522.2			518.1			492.0			501.2			479.4			481.4			473.0
															Administrative fees:
	6.4			6.9			8.8			8.7			8.4		Insurance Services		2.2			2.3			1.9			2.0			2.0			2.1			2.4			2.2
	26.8			32.0			40.6			78.3			118.7		Asset Management		30.9			31.0			29.4			27.4			27.1			25.5			13.0			12.7
	(4.8	)		(5.2	)		(6.1	)		(9.9	)		(11.9	)	Other		(3.0	)		(3.1	)		(2.9	)		(2.9	)		(2.6	)		(2.5	)		(2.3	)		(2.5	)
	28.4			33.7			43.3			77.1			115.2		Total administrative fees		30.1			30.2			28.4			26.5			26.5			25.1			13.1			12.4
															Net investment income:
	305.4			302.5			303.3			313.4			325.8		Insurance Services		82.7			82.0			81.5			79.6			80.0			79.4			76.7			77.3
	123.1			133.9			140.3			151.3			170.2		Asset Management		42.0			43.3			43.6			41.3			39.3			39.6			36.7			35.7
	6.8			8.9			21.6			14.2			20.3		Other		6.3			6.0			5.6			2.4			2.7			1.5			4.1			5.9
	435.3			445.3			465.2			478.9			516.3		Total net investment income		131.0			131.3			130.7			123.3			122.0			120.5			117.5			118.9
	9.3			11.5			2.2			1.9			(0.6	)	Net capital gains (losses)		(1.8	)		(0.4	)		0.7			0.9			2.8			2.1			(0.3	)		(2.7	)
	2,062.0			2,144.5			2,337.2			2,492.9			2,709.2		Total revenues		705.3			683.3			677.9			642.7			652.5			627.1			611.7			601.6
															Benefits and expenses:
	1,674.7			1,694.8			1,828.4			1,967.1			2,075.2		Insurance Services		535.4			511.6			523.9			504.3			487.8			485.2			498.0			496.1
	129.7			138.8			160.1			198.8			260.7		Asset Management		69.4			64.8			66.0			60.5			58.5			55.4			43.3			41.6
	17.8			18.9			23.1			17.3			31.6		Other		9.7			8.8			9.0			4.1			4.1			4.1			4.6			4.5
	1,822.2			1,852.5			2,011.6			2,183.2			2,367.5		Total benefits and expenses		614.5			585.2			598.9			568.9			550.4			544.7			545.9			542.2
															Income (loss) before income taxes:
	221.4			264.6			300.1			282.4			322.6		Insurance Services		89.8			93.3			72.4			67.1			93.0			74.3			60.8			54.3
	24.9			31.1			30.9			38.4			42.9		Asset Management		9.2			11.1			12.2			10.4			10.3			11.1			8.1			8.9
	(6.5	)		(3.7	)		(5.4	)		(11.1	)		(23.8	)	Other		(8.2	)		(6.3	)		(5.6	)		(3.7	)		(1.2	)		(3.0	)		(3.1	)		(3.8	)
	239.8			292.0			325.6			309.7			341.7		Total income before income taxes		90.8			98.1			79.0			73.8			102.1			82.4			65.8			59.4
	83.5			92.6			114.5			105.9			114.2		Income taxes		30.3			31.5			26.9			25.5			34.6			27.7			22.9			20.7
$	156.3		$	199.4		$	211.1		$	203.8		$	227.5		Net income	$	60.5		$	66.6		$	52.1		$	48.3		$	67.5		$	54.7		$	42.9		$	38.7

Page 3

STANCORP FINANCIAL GROUP, INC.

Financial Results

(Dollars in millions)

INSURANCE SERVICES SEGMENT

2003			2004			2005			2006			2007				2007												2006
																4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	1,584.3		$	1,650.0		$	1,816.4		$	1,927.4		$	2,063.6		Premiums	$	540.3		$	520.6		$	512.9		$	489.8		$	498.8		$	478.0		$	479.7		$	470.9
	6.4			6.9			8.8			8.7			8.4		Administrative fees		2.2			2.3			1.9			2.0			2.0			2.1			2.4			2.2
	305.4			302.5			303.3			313.4			325.8		Net investment income		82.7			82.0			81.5			79.6			80.0			79.4			76.7			77.3
	1,896.1			1,959.4			2,128.5			2,249.5			2,397.8		Total revenues		625.2			604.9			596.3			571.4			580.8			559.5			558.8			550.4
															Benefits and expenses:
	1,284.2			1,278.4			1,372.9			1,497.1			1,569.4		Benefits to policyholders		403.1			385.9			402.7			377.7			367.1			370.5			381.3			378.2
	4.9			4.5			8.1			13.3			16.1		Interest credited		4.1			4.2			4.0			3.8			3.7			3.6			3.2			2.8
	235.9			253.4			284.2			291.8			313.2		Operating expenses		83.4			77.3			74.1			78.4			75.5			68.8			73.4			74.1
	129.9			134.4			148.0			155.5			167.5		Commissions and bonuses		43.9			42.4			38.9			42.3			38.5			39.2			37.3			40.5
	24.6			29.4			32.0			34.6			36.4		Premium taxes		9.4			8.8			9.3			8.9			8.6			9.2			8.5			8.3
	(37.3	)		(44.9	)		(50.1	)		(62.4	)		(70.6	)	Deferral of acquisition costs		(19.0	)		(18.2	)		(16.4	)		(17.0	)		(14.9	)		(15.5	)		(14.2	)		(17.8	)
	32.5			39.6			33.3			37.2			43.2		Amortization of deferred acquisition costs, value of business acquired and intangibles		10.5			11.2			11.3			10.2			9.3			9.4			8.5			10.0
	1,674.7			1,694.8			1,828.4			1,967.1			2,075.2		Total benefits and expenses		535.4			511.6			523.9			504.3			487.8			485.2			498.0			496.1
$	221.4		$	264.6		$	300.1		$	282.4		$	322.6		Income before income taxes	$	89.8		$	93.3		$	72.4		$	67.1		$	93.0		$	74.3		$	60.8		$	54.3
															Benefit ratio (including interest credited):
	68.0	%		65.5	%		64.9	%		67.1	%		66.1	%	% of total revenues		65.1	%		64.5	%		68.2	%		66.8	%		63.8	%		66.9	%		68.8	%		69.2	%
	81.4			77.8			76.0			78.4			76.8		% of total premiums		75.4			74.9			79.3			77.9			74.3			78.3			80.2			80.9
															Statistics (% of total premiums):
	14.9	%		15.4	%		15.6	%		15.1	%		15.2	%	Operating expenses		15.4	%		14.8	%		14.4	%		16.0	%		15.1	%		14.4	%		15.3	%		15.7	%
	14.0			16.0			16.5			14.7			15.6		Income before income taxes		16.6			17.9			14.1			13.7			18.6			15.5			12.7			11.5

Page 4

STANCORP FINANCIAL GROUP, INC.

Insurance Services Segment Statistics

(Dollars in millions)

INSURANCE SERVICES SEGMENT

2003			2004			2005			2006			2007				2007												2006
																4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Group Insurance:
															Premiums:
$	606.3		$	611.1		$	681.0		$	735.0		$	807.2		Life and AD&D	$	212.8		$	206.9		$	196.4		$	191.1		$	189.6		$	182.5		$	181.7		$	181.2
	686.1			714.5			780.7			809.9			869.8		LTD		222.0			215.1			226.6			206.1			205.7			202.2			202.7			199.3
	162.9			177.8			191.7			211.1			219.5		STD		58.4			54.1			54.1			52.9			54.9			52.7			52.7			50.8
	63.9			64.8			73.8			72.9			70.8		Other		15.6			18.8			18.2			18.2			18.2			18.7			18.3			17.7
	(18.6	)		(11.7	)		(20.2	)		(22.6	)		(37.2	)	Experience rated refunds		(4.5	)		(8.3	)		(13.4	)		(11.0	)		(3.1	)		(8.7	)		(5.3	)		(5.5	)
$	1,500.6		$	1,556.5		$	1,707.0		$	1,806.3		$	1,930.1		Total premiums	$	504.3		$	486.6		$	481.9		$	457.3		$	465.3		$	447.4		$	450.1		$	443.5
															Benefit ratio (including interest credited):
	69.3	%		66.3	%		65.7	%		68.0	%		67.4	%	% of total revenues		66.0	%		65.7	%		68.9	%		69.1	%		65.0	%		68.1	%		70.2	%		68.8	%
	81.3			77.4			75.8			78.3			77.4		% of total premiums		75.6			75.5			79.0			79.6			74.7			78.7			80.7			79.2
															Statistics (% of total premiums):
	14.2	%		14.8	%		15.2	%		14.9	%		15.1	%	Operating expenses		15.4	%		14.8	%		14.4	%		15.8	%		14.9	%		14.1	%		15.0	%		15.4	%
	13.0			15.5			16.0			14.2			14.5		Income before income taxes		15.8			16.8			13.5			11.6			17.8			14.4			11.8			12.6
															Sales (annualized new premiums) reported at contract effective date:
$	134.6		$	118.6		$	148.4		$	138.0		$	181.4		Life and AD&D	$	45.7		$	61.6		$	14.9		$	59.2		$	38.0		$	30.5		$	13.4		$	56.1
	80.1			133.5			106.4			114.1			168.7		LTD		39.9			51.0			35.9			41.9			33.6			17.0			19.1			44.4
	45.5			51.3			43.8			42.1			34.2		STD		12.7			4.8			4.2			12.5			8.7			5.6			14.4			13.4
	18.7			26.9			26.3			23.6			24.5		Other		7.2			7.5			3.3			6.5			5.5			3.6			4.3			10.2
$	278.9		$	330.3		$	324.9		$	317.8		$	408.8		Total	$	105.5		$	124.9		$	58.3		$	120.1		$	85.8		$	56.7		$	51.2		$	124.1
															Persistency (% of premiums):
	89.7	%		86.0	%		89.4	%		89.0	%		90.0	%	Life
	85.5			87.5			89.9			88.9			87.5		LTD
	57.5			72.6			80.3			76.0			74.3		Dental
	84.9			83.0			82.9			87.8			84.7		Other A&H
	85.6	%		85.6	%		88.2	%		88.1	%		87.4	%	Total
															Individual Disability:
$	83.7		$	93.5		$	109.4		$	121.1		$	133.5		Premiums:	$	36.0		$	34.0		$	31.0		$	32.5		$	33.5		$	30.6		$	29.6		$	27.4
															Benefit ratio:
	51.1	%		54.4	%		54.8	%		56.9	%		50.6	%	% of total revenues		54.4	%		49.6	%		59.3	%		39.1	%		50.8	%		51.9	%		51.3	%		75.0	%
	82.7			83.2			79.2			79.4			69.3		% of total premiums		72.5			67.4			84.2			53.5			69.0			72.2			71.6			108.4
															Statistics (% of revenue):
	16.5	%		15.7	%		15.5	%		13.9	%		12.1	%	Operating expenses		12.1	%		11.7	%		10.9	%		13.7	%		13.2	%		13.4	%		14.5	%		14.6	%
	19.9			15.8			17.0			15.5			23.5		Income before income taxes		20.6			25.1			16.8			31.7			22.6			22.8			18.9			(4.0	)
$	16.0		$	18.9		$	21.5		$	21.5		$	23.9		Disability sales	$	6.6		$	6.3		$	6.1		$	4.9		$	5.5		$	5.8		$	5.2		$	5.0
	95.1	%		95.6	%		95.5	%		95.1	%		95.0	%	Disability persistency (% of premiums)

Page 5

STANCORP FINANCIAL GROUP, INC.

Financial Results

(Dollars in millions)

ASSET MANAGEMENT SEGMENT

2003			2004			2005			2006			2007				2007												2006
																4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	4.7		$	4.0		$	10.1		$	7.6		$	14.7		Premiums	$	5.7		$	1.6		$	5.2		$	2.2		$	2.4		$	1.4		$	1.7		$	2.1
	26.8			32.0			40.6			78.3			118.7		Administrative fees		30.9			31.0			29.4			27.4			27.1			25.5			13.0			12.7
	123.1			133.9			140.3			151.3			170.2		Net investment income		42.0			43.3			43.6			41.3			39.3			39.6			36.7			35.7
	154.6			169.9			191.0			237.2			303.6		Total revenues		78.6			75.9			78.2			70.9			68.8			66.5			51.4			50.5
															Benefits and expenses:
	13.6			12.8			19.4			16.0			22.4		Benefits to policyholders		7.4			3.5			7.2			4.3			4.2			3.6			4.0			4.2
	70.1			72.0			75.9			84.4			92.7		Interest credited		22.3			24.6			24.0			21.8			22.4			21.7			20.5			19.8
	38.9			43.8			50.9			78.6			120.2		Operating expenses		32.7			30.5			28.8			28.2			26.1			24.6			14.4			13.5
	14.2			20.0			20.5			28.1			30.5		Commissions and bonuses		8.2			7.1			7.5			7.7			8.7			6.3			6.6			6.5
	0.2			0.1			0.4			0.5			0.5		Interest expense		0.1			0.2			0.1			0.1			0.1			0.2			0.1			0.1
	(9.3	)		(12.8	)		(11.5	)		(16.1	)		(15.6	)	Deferral of acquisition costs		(4.3	)		(3.5	)		(4.0	)		(3.8	)		(5.1	)		(3.3	)		(3.9	)		(3.8	)
	2.0			2.9			4.5			7.3			10.0		Amortization of deferred acquisition costs, value of business acquired and intangibles		3.0			2.4			2.4			2.2			2.1			2.3			1.6			1.3
	129.7			138.8			160.1			198.8			260.7		Total benefits and expenses		69.4			64.8			66.0			60.5			58.5			55.4			43.3			41.6
$	24.9		$	31.1		$	30.9		$	38.4		$	42.9		Income before income taxes	$	9.2		$	11.1		$	12.2		$	10.4		$	10.3		$	11.1		$	8.1		$	8.9
															Assets under administration:
$	2,577.6		$	3,367.1		$	4,221.7		$	16,240.0		$	18,725.6		Retirement Plans *	$	18,725.6		$	19,099.0		$	17,305.0		$	16,581.9		$	16,240.0		$	15,586.0		$	4,616.2		$	4,591.3
	914.9			1,085.3			1,143.3			1,234.9			1,295.9		Individual Annuities		1,295.9			1,280.3			1,267.4			1,249.2			1,234.9			1,196.2			1,179.9			1,162.4
	677.1			747.9			1,141.9			1,407.0			1,899.4		Mortgage loans for other investors		1,899.4			1,752.7			1,616.6			1,495.5			1,407.0			1,360.1			1,274.6			1,196.1
	—			36.1			35.5			137.5			447.3		Other		447.3			312.6			294.8			291.4			137.5			70.5			34.4			35.9
$	4,169.6		$	5,236.4		$	6,542.4		$	19,019.4		$	22,368.2		Total	$	22,368.2		$	22,444.6		$	20,483.8		$	19,618.0		$	19,019.4		$	18,212.8		$	7,105.1		$	6,985.7
															Annualized operating expenses:
															(% of average assets under administration)
	1.3	%		1.0	%		0.9	%		0.6	%		0.6	%	Retirement Plans*		0.6	%		0.5	%		0.5	%		0.5	%		0.5	%		0.5	%		0.9	%		0.8	%
															Interest credited:
															(% of investment income)
	60.6	%		55.5	%		55.0	%		54.5	%		54.9	%	Retirement Plans		55.6	%		58.2	%		55.6	%		50.5	%		55.0	%		53.9	%		55.3	%		53.7	%
	62.5			61.9			60.9			64.4			67.0		Individual Annuities		65.4			69.0			69.2			64.0			66.1			64.9			64.2			62.0
$	139.4		$	184.0		$	119.9		$	214.2		$	210.7		Individual Annuity sales	$	57.7		$	46.5		$	56.7		$	49.8		$	71.3		$	48.7		$	53.3		$	40.9
$	930.6		$	1,170.4		$	996.4		$	942.8		$	1,447.3		Commercial mortgage loans originated	$	422.5		$	328.7		$	395.9		$	300.2		$	247.0		$	286.7		$	238.2		$	170.9

* Includes the July 2006 acquisition of Invesmart, Inc. and the July 2007 acquisition of DPA, Inc.

Page 6

STANCORP FINANCIAL GROUP, INC.

Financial Results

(In millions)

OTHER

2003			2004			2005			2006			2007				2007												2006
																4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	(4.8	)	$	(5.2	)	$	(6.1	)	$	(9.9	)	$	(11.9	)	Administrative fees	$	(3.0	)	$	(3.1	)	$	(2.9	)	$	(2.9	)	$	(2.6	)	$	(2.5	)	$	(2.3	)	$	(2.5	)
	6.8			8.9			21.6			14.2			20.3		Net investment income		6.3			6.0			5.6			2.4			2.7			1.5			4.1			5.9
	9.3			11.5			2.2			1.9			(0.6	)	Net capital gains (losses)		(1.8	)		(0.4	)		0.7			0.9			2.8			2.1			(0.3	)		(2.7	)
	11.3			15.2			17.7			6.2			7.8		Total revenues		1.5			2.5			3.4			0.4			2.9			1.1			1.5			0.7
															Benefits and expenses:
	0.5			1.3			5.5			(0.1	)		1.4		Operating expenses and other		—			(1.1	)		2.8			(0.3	)		(0.3	)		(0.2	)		0.3			0.1
	17.3			17.6			17.6			17.4			30.2		Interest expense		9.7			9.9			6.2			4.4			4.4			4.3			4.3			4.4
	17.8			18.9			23.1			17.3			31.6		Total benefits and expenses		9.7			8.8			9.0			4.1			4.1			4.1			4.6			4.5
$	(6.5	)	$	(3.7	)	$	(5.4	)	$	(11.1	)	$	(23.8	)	Loss before income taxes	$	(8.2	)	$	(6.3	)	$	(5.6	)	$	(3.7	)	$	(1.2	)	$	(3.0	)	$	(3.1	)	$	(3.8	)

Page 7

STANCORP FINANCIAL GROUP, INC.

Consolidated Balance Sheets

(In millions)

CONSOLIDATED

2003		2004		2005		2006			2007			2007											2006
												4th Qtr		3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr		2nd Qtr			1st Qtr
											ASSETS
											Investments:
$	4,524.8	$	4,412.5	$	4,613.2	$	4,786.0		$	4,997.1	Fixed maturity securities (available-for-sale)	$	4,997.1	$	4,970.5		$	4,931.6		$	4,905.8		$	4,786.0		$	4,770.7	$	4,608.1		$	4,702.9
	—		—		—		—			4.5	Short-term investments		4.5		32.9			57.1			—			—			—		—			—
	2,319.8		2,948.2		3,243.7		3,316.0			3,657.7	Commercial mortgage loans, net		3,657.7		3,580.7			3,517.4			3,414.8			3,316.0			3,517.5		3,377.8			3,267.3
	77.2		72.2		77.7		89.9			71.8	Real estate, net		71.8		70.8			70.1			90.4			89.9			88.0		84.9			81.9
	4.6		4.2		4.0		4.0			3.9	Policy loans		3.9		4.0			4.2			4.1			4.0			4.2		4.1			4.2
	6,926.4		7,437.1		7,938.6		8,195.9			8,735.0	Total investments		8,735.0		8,658.9			8,580.4			8,415.1			8,195.9			8,380.4		8,074.9			8,056.3
	34.5		45.3		53.2		56.0			205.8	Cash and cash equivalents		205.8		143.7			193.1			54.7			56.0			53.5		156.3			41.2
	73.3		77.8		81.5		99.2			106.8	Premiums and other receivables		106.8		114.9			98.0			96.0			99.2			94.5		77.0			75.6
	82.8		82.7		85.6		89.5			93.1	Accrued investment income		93.1		98.5			94.5			95.8			89.5			94.7		88.9			92.8
	871.9		887.9		897.7		913.6			929.6	Amounts recoverable from reinsurers		929.6		926.1			922.9			917.7			913.6			903.7		903.0			899.0
	200.7		218.8		245.3		342.7			324.8	Deferred acquisition costs, value of business acquired, intangibles and goodwill, net		324.8		313.3			301.5			292.8			342.7			333.1		267.1			257.9
	71.3		78.3		86.7		84.6			126.9	Property and equipment, net		126.9		124.0			110.8			86.8			84.6			82.9		81.6			82.4
	—		—		—		—			—	Deferred tax assets, net		—		3.2			15.4			—			—			—		—			—
	35.1		45.5		54.5		24.6			74.5	Other assets		74.5		29.2			64.0			26.9			24.6			61.6		42.8			55.6
	1,685.7		2,338.6		3,007.6		3,832.5			4,386.4	Separate account assets		4,386.4		4,437.2			4,361.7			4,056.5			3,832.5			3,464.6		3,315.7			3,334.6
$	9,981.7	$	11,212.0	$	12,450.7	$	13,638.6		$	14,982.9	Total assets	$	14,982.9	$	14,849.0		$	14,742.3		$	14,042.3		$	13,638.6		$	13,469.0	$	13,007.3		$	12,895.4
											LIABILITIES AND EQUITY
											Liabilities:
$	4,294.9	$	4,484.6	$	4,689.3	$	4,927.6		$	5,158.7	Future policy benefits and claims	$	5,158.7	$	5,090.7		$	5,043.4		$	4,968.6		$	4,927.6		$	4,866.7	$	4,819.1		$	4,744.9
	2,100.3		2,400.9		2,649.3		2,937.8			3,153.8	Other policyholder funds		3,153.8		3,108.7			3,074.2			2,987.7			2,937.8			2,853.5		2,785.7			2,725.4
	153.7		115.1		73.6		22.9			15.6	Deferred tax liabilities, net		15.6		—			—			13.4			22.9			36.2		9.6			36.3
	2.7		0.2		2.0		2.4			4.0	Short-term debt		4.0		3.9			2.8			22.5			2.4			2.0		2.0			1.9
	272.0		258.1		260.1		261.1			562.6	Long-term debt		562.6		562.7			561.4			261.3			261.1			261.7		260.8			260.0
	162.9		213.4		355.0		189.8			272.8	Other liabilities		272.8		249.1			259.1			257.7			189.8			522.0		440.5			407.0
	1,685.7		2,338.6		3,007.6		3,832.5			4,386.4	Separate account liabilities		4,386.4		4,437.2			4,361.7			4,056.5			3,832.5			3,464.6		3,315.7			3,334.6
	8,672.2		9,810.9		11,036.9		12,174.1			13,553.9	Total liabilities		13,553.9		13,452.3			13,302.6			12,567.7			12,174.1			12,006.7		11,633.4			11,510.1
											Shareholders’ equity:
	673.4		618.2		530.3		479.9			267.1	Common stock		267.1		302.4			443.0			473.9			479.9			478.0		518.0			529.6
	160.3		136.1		59.8		(8.1	)		16.8	Accumulated other comprehensive income (loss)		16.8		(26.0	)		(57.0	)		(0.9	)		(8.1	)		24.3		(49.4	)		(6.7	)
	475.8		646.8		823.7		992.7			1,145.1	Retained earnings		1,145.1		1,120.3			1,053.7			1,001.6			992.7			960.0		905.3			862.4
	1,309.5		1,401.1		1,413.8		1,464.5			1,429.0	Total shareholders’ equity		1,429.0		1,396.7			1,439.7			1,474.6			1,464.5			1,462.3		1,373.9			1,385.3
$	9,981.7	$	11,212.0	$	12,450.7	$	13,638.6		$	14,982.9	Total liabilities and shareholders’ equity	$	14,982.9	$	14,849.0		$	14,742.3		$	14,042.3		$	13,638.6		$	13,469.0	$	13,007.3		$	12,895.4

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STANCORP FINANCIAL GROUP, INC.

Invested Assets Statistics

(Dollars in millions)

CONSOLIDATED

2003			2004			2005			2006			2007				2007												2006
																4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Investments:
$	4,524.8		$	4,412.5		$	4,613.2		$	4,786.0		$	4,997.1		Total fixed maturity securities:	$	4,997.1		$	4,970.5		$	4,931.6		$	4,905.8		$	4,786.0		$	4,770.7		$	4,608.1		$	4,702.9
	4,119.0			4,018.1			4,108.1			4,205.0			4,390.8		Public		4,390.8			4,371.4			4,326.6			4,313.0			4,205.0			4,216.8			4,064.2			4,176.8
	405.8			394.4			505.1			581.0			606.3		Private		606.3			599.1			605.0			592.8			581.0			553.9			543.9			526.1
	—			—			—			—			4.5		Short-term investments		4.5			32.9			57.1			—			—			—			—			—
	2,319.8			2,948.2			3,243.7			3,316.0			3,657.7		Commercial mortgage loans, net		3,657.7			3,580.7			3,517.4			3,414.8			3,316.0			3,517.5			3,377.8			3,267.3
	77.2			72.2			77.7			89.9			71.8		Real estate, net		71.8			70.8			70.1			90.4			89.9			88.0			84.9			81.9
	4.6			4.2			4.0			4.0			3.9		Policy loans		3.9			4.0			4.2			4.1			4.0			4.2			4.1			4.2
$	6,926.4		$	7,437.1		$	7,938.6		$	8,195.9		$	8,735.0		Total investments	$	8,735.0		$	8,658.9		$	8,580.4		$	8,415.1		$	8,195.9		$	8,380.4		$	8,074.9		$	8,056.3
															Percent of investments:
	65.3	%		59.3	%		58.1	%		58.4	%		57.2	%	Fixed maturity securities		57.2	%		57.4	%		57.5	%		58.3	%		58.4	%		56.9	%		57.1	%		58.4	%
	—			—			—			—			0.1		Short-term investments		0.1			0.4			0.7			—			—			—			—			—
	33.5			39.6			40.8			40.4			41.9		Commercial mortgage loans, net		41.9			41.4			41.0			40.6			40.4			42.0			41.8			40.5
	1.1			1.0			1.0			1.1			0.8		Real estate, net		0.8			0.8			0.8			1.1			1.1			1.0			1.0			1.0
	0.1			0.1			0.1			0.1			—		Other		—			—			—			—			0.1			0.1			0.1			0.1
															Fixed maturity securities (available for sale):
	106.0	%		105.2	%		102.1	%		100.6	%		101.3	%	Market value as a % of amortized cost		101.3	%		100.0	%		99.0	%		100.8	%		100.6	%		100.8	%		98.3	%		99.8	%
															Reserve balances:
$	2.6		$	2.3		$	2.5		$	2.4		$	3.0		Commercial mortgage loans, net	$	3.0		$	2.5		$	2.5		$	2.5		$	2.4		$	3.1		$	3.0		$	2.4

Page 9

STANCORP FINANCIAL GROUP, INC.

Other Investment Statistics

(Dollars in millions)

CONSOLIDATED

2003			2004			2005			2006			2007				2007												2006
																4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Portfolio yield:
	5.94	%		5.81	%		5.61	%		5.57	%		5.57	%	Fixed maturity securities (excluding convertibles)		5.57	%		5.55	%		5.56	%		5.57	%		5.57	%		5.59	%		5.59	%		5.59	%
	7.28			6.71			6.46			6.40			6.36		Commercial mortgage loans, net		6.36			6.37			6.37			6.39			6.40			6.41			6.40			6.42
															Fixed maturity securities:
															Quality rating (as % of fixed maturities):
	75.6	%		74.5	%		74.6	%		74.1	%		72.5	%	A or higher		72.5	%		73.1	%		74.1	%		73.6	%		74.1	%		73.9	%		74.2	%		74.9	%
	20.9			21.6			21.6			22.3			23.4		BBB/Baa		23.4			23.3			22.3			22.8			22.3			22.3			21.9			21.5
	2.0			2.7			2.7			2.0			2.4		BB/Ba		2.4			2.1			1.8			2.0			2.0			2.3			2.4			2.4
	1.5			1.2			1.1			1.6			1.7		B or lower		1.7			1.5			1.8			1.6			1.6			1.5			1.5			1.2
															Commercial mortgage loans - statutory:
															Sixty-day delinquencies:
$	—		$	7.5		$	0.3		$	2.9		$	1.9		Book value	$	1.9		$	1.2		$	3.3		$	3.6		$	2.9		$	—		$	—		$	—
	—	%		0.25	%		0.01	%		0.09	%		0.05	%	Rates - overall %		0.05	%		0.03	%		0.09	%		0.11	%		0.09	%		—	%		—	%		—	%
$	1.5		$	—		$	1.3		$	1.8		$	0.5		Foreclosed during period	$	—		$	—		$	0.5		$	—		$	—		$	1.8		$	—		$	—
	—			7.5			0.3			1.2			0.7		In process of foreclosure		0.7			—			0.4			0.7			1.2			3.7			—			—
	—			7.5			0.3			1.2			0.7		Included in 60-day delinquencies		0.7			—			0.4			0.7			1.2			—			—			—
	2.9			2.1			10.1			6.8			3.4		Net balance of restructured loans		3.4			3.4			2.0			1.7			6.8			6.9			9.9			10.0

Page 10