Stancorp Financial (SFG) 8-K StanCorp Financial Group, Inc. Reports First Quarter 2009 Earnings

©2009 StanCorp Financial Group, Inc.

StanCorp Financial Group

Mortgage Loan Update

April 21, 2009

Exhibit 99.3

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©2009 StanCorp Financial Group, Inc.

Commercial Mortgage Loans

History of Excellent Performance

•

Historical losses are not a significant

deduction from the spreads achieved

•

We expect delinquencies to

rise but do not expect significant losses

Seasoned staff underwriting whole

loans by consistent underwriting

standards through well-established

sources results in:

•

Very low foreclosure losses

•

Low delinquency rates

Losses as a % of Portfolio Balance

Delinquency

Recession

Recession

Recession

Recession

Recession

Recession

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©2009 StanCorp Financial Group, Inc.

Commercial Mortgage Loans

StanCorp’s Delinquency Rate Compared to ACLI, Banks & Thrifts & CMBS

Our commercial mortgage loans have outperformed loans

underwritten by banks or those held in structured securities

Recession

Recession

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©2009 StanCorp Financial Group, Inc.

Commercial Mortgage Loans

Delinquency Foreclosure Characteristics (3/31/09)

*Chart based on count.     **Chart based on % of principal balance.

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©2009 StanCorp Financial Group, Inc.

Commercial Mortgage Loans

Average Capitalization Rates

Our commercial mortgage loans have low loan-to-value

ratios that are conservatively calculated.

The weighted average LTV of 58% is using a

weighted average capitalization rate of 8.38%.