Stancorp Financial (SFG) 8-K 2011 FY Results of Operations and Financial Condition

Exhibit 99.2

Item 6: Selected Financial Data*

The following table sets forth selected financial data at or for the years ended December 31 and should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8, “Financial Statements and Supplementary Data”:

(Dollars in millions—except per share data)	2011			2010			2009			2008			2007
Income Statement Data:
Revenues:
Premiums	$	2,153.3		$	2,097.7		$	2,101.9		$	2,140.2		$	2,078.3
Administrative fees		115.5			116.5			108.5			114.6			115.2
Net investment income		612.8			602.5			586.5			541.0			516.3
Net capital losses		(6.9	)		(51.6	)		(26.9	)		(128.8	)		(0.6	)
Total revenues		2,874.7			2,765.1			2,770.0			2,667.0			2,709.2
Benefits and expenses:
Benefits to policyholders and interest credited		1,932.2			1,778.2			1,721.3			1,700.1			1,700.6
Operating expenses**		712.1			669.9			699.1			689.8			641.5
Interest expense		38.9			38.9			39.2			39.2			30.7
Total benefits and expenses		2,683.2			2,487.0			2,459.6			2,429.1			2,372.8
Income before income taxes		191.5			278.1			310.4			237.9			336.4
Income taxes		54.8			92.2			104.9			77.2			112.3
Net income	$	136.7		$	185.9		$	205.5		$	160.7		$	224.1
Benefit Ratios, including interest credited (% of total premiums):
Group insurance		83.1	%		77.2	%		74.7	%		73.6	%		77.4	%
Individual disability		67.3			66.8			69.3			78.7			69.3
Per Common Share:
Basic net income	$	3.05		$	3.97		$	4.20		$	3.29		$	4.32
Diluted net income		3.04			3.95			4.19			3.26			4.28
Market value at year end		36.75			45.14			40.02			41.77			50.38
Dividends declared and paid		0.89			0.86			0.80			0.75			0.72
Basic weighted-average shares outstanding		44,876,650			46,774,277			48,932,908			48,917,235			51,824,050
Diluted weighted-average shares outstanding		45,016,070			47,006,228			49,044,543			49,292,240			52,344,950
Ending shares outstanding		44,268,859			46,159,387			47,744,524			48,989,074			49,155,131
Balance Sheet Data:
General account assets	$	13,809.7		$	13,029.0		$	12,372.8		$	11,468.3		$	10,582.8
Separate account assets		4,593.5			4,787.4			4,174.5			3,075.9			4,386.4
Total assets	$	18,403.2		$	17,816.4		$	16,547.3		$	14,544.2		$	14,969.2
Long-term debt	$	300.9		$	551.9		$	553.2		$	561.5		$	562.6
Total liabilities		16,412.8			15,921.8			14,826.3			13,174.9			13,549.0
Total equity		1,990.4			1,894.6			1,721.0			1,369.3			1,420.2
Statutory Data:
Net gain from operations before federal income taxes and realized capital gains (losses)	$	185.1		$	317.4		$	375.0		$	341.6		$	309.3
Net gain from operations after federal income taxes and before realized capital gains (losses)		143.1			202.4			251.4			235.0			197.2
Capital and surplus		1,193.1			1,226.8			1,243.2			1,154.6			1,047.8
Asset valuation reserve		107.2			95.6			89.7			78.8			102.2

^*  In accordance with the adoption of Accounting Standards Update 2010-26, Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts, the Company has adjusted on a retrospective basis the selected financial data for the periods presented above.

^**  Includes operating expenses, commissions and bonuses, premium taxes, and the net increase in deferred acquisition costs, value of business acquired and other intangible assets.

Ex 99.2 - 1