Stancorp Financial (SFG) 8-K Regulation FD Disclosure

Floyd Chadee, Senior VP and CFO

J.P. Morgan 2013 Insurance Conference

March 21, 2013

Exhibit 99.1

This presentation should be read in conjunction with StanCorp’s most

recent earnings release and Annual Report on Form 10-K.

Information in this presentation includes certain statements related to

projected growth and future events. These statements are “forward-

looking”

statements as that term is defined in the Private Securities

Litigation Reform Act of 1995. Because such statements are subject to

risks and uncertainties, actual results in future periods may differ

materially from those expressed or implied by such forward-looking

statements. See StanCorp’s latest annual report on Form 10-K filed

with

the

Securities

and

Exchange

Commission

for

a

description

of

the

types of risks and uncertainties that may affect actual results.

Financial measures that exclude after-tax net capital gains and losses

and Accumulated Other Comprehensive Income are non-GAAP

(Generally Accepted Accounting Principles in the United States)

measures.

Forward-Looking Statements

2

•

Same conservative company for more than 100 years

•

Experts in the businesses in which we compete

•

Profitable, long-term businesses

•

Avoided high-risk businesses such as variable annuities and long

term care

•

Conservative and transparent reserving practices

•

Never had a material reserve strengthening

•

High-quality investment portfolio

•

Disciplined and transparent approach to interest rate management

•

Strong balance sheet

•

Low intangible asset balances

A Consistent and Conservative Story

3

Who We Are

4

2012 Pre-Tax Income*

($ in millions)

Asset Management

$64.0

26%

Insurance Services

$179.8

74%

Group Insurance

$129.8

53%

IDI

$50.0

21%

*  Excludes income before income taxes in our Other category.

We Offer:

We Do Not Offer:

Products

Group Life

Group Disability

Individual Life

Long-Term Care

Variable Annuities

Description

Coverage provided

through employer that

provides benefit to

employee upon death

Replaces a portion of

employee’s income

when employee can’t

work due to illness or

injury

Policy couples cash

value accumulation

with death benefit

protection

Provides protection

against long-term

care costs (typically

nursing homes and/or

home care)

Mutual fund

wrapped with tax

deferral and often

guarantees of

minimum returns

Profitability drivers

Underwriting and

investment

management

Underwriting, claims

management and

investment

management

Investment spread

and underwriting

margin

Underwriting, claims

management and

investment

management

Fees on ALM,

however,

riders/guarantees

shift risk to insurer

Ability to re-price

policies over a 1-3

year period

Profitability not

spread-based

No embedded equity

derivatives/riders

StanCorp principally operates in the group insurance market which has attractive

attributes in a volatile macro market environment

Characteristics of Our Products Relative

to Other Companies

5

High-Quality Investment Portfolio

(As of 12/31/2012)

6

* Source: SNL Financial

•

Consistent, conservative

investment strategy

•

No material preferred or

common equities, or

structured investments

•

Similar amount of debt

holdings compared to

peers

•

Underwrite, originate and

service our own

commercial mortgage

loans

SFG

Peers*

Invested Assets

Government debt

Corporate debt

Mortgage loans

Other (derivatives,

trading account assets,

real estate, etc.)

Asset-backed securities

(CMBS, RMBS, etc.)

Equity securities

Short-term investments

Disciplined Interest Rate Management

7

12-Month Interest Margins

Low Goodwill and Other Intangible Assets

(% of Shareholders’

Equity* at 12/31/12)

8

*Excludes accumulated other comprehensive income (loss)

** Peer group includes AIZ, HIG, LNC, MET, PFG, PRU, UNM

20.6%

24.8%

34.4%

45.4%

67.2%

69.4%

84.2%

87.9%

SFG

Peer A**

Peer B**

Peer C**

Peer D**

Peer E**

Peer F**

Peer G**

Peer Average (59.0%)

2013 Guidance

•

We

expect

a

low

single

digit

decline

in

group

insurance

premiums

given

a

lack

of

organic

growth

and

pricing

actions

to

address

elevated

claims

incidence

and

the continued low interest rate environment.

•

We expect that our group insurance annual benefit ratio will be in the range of

81% to 84% (incorporates a discount rate 50 to 75 basis points lower for 2013).

•

We expect that our effective income tax rate will be in the range of 22% to 23%.

Factors Affecting 2013 Guidance

9

2013 Earnings Guidance

•

Net income per diluted share, excluding after-tax net capital gains and losses,

to be in the range of $3.40 to $3.80.

•

Return on average equity, excluding after-tax net capital gains and losses from

net income and AOCI from equity, to be in the range of 8% to 9%.

Earnings per Share Growth

Net income per diluted share, excluding after-tax net capital gains and losses,

to be in the range of $3.40 to $3.80.

2013 EPS Guidance

For

illustrative

purposes,

factors

are

not

shown

to

scale

10

*Excluding after-

tax net capital gains and losses

Drivers of 2013 Premiums

11

We

expect

a

low

single

digit

decline

in

group

insurance

premiums

given

a

lack

of

organic

growth

and

pricing

actions

to

address

elevated

claims

incidence

and

the continued low interest rate environment.

2013 Group Insurance Premiums

Salary

Employment

Aging

Sales

Pricing Actions

Terminations

2013 Premium Growth

Organic Growth

ERR’s

12

LTD Pricing Roadmap for Incidence

5%

5%

23%

4%

9%

4%

23%

4%

7%

2%

10%

4%

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

% of LTD business for renewal

33% of

LTD block

73% of

LTD block

Group Insurance Benefit Ratio Volatility

13

The benefit ratio can fluctuate widely and should be viewed on

an annual basis

We expect that our group insurance annual benefit ratio will be in the range of

81% to 84% (incorporates a discount rate 50 to 75 basis points lower for 2013).

2013 Benefit Ratio

Benefits of Tax-Advantaged Investments

14

*  Based on tax-advantaged investments held as of 12/31/2012.

We expect that our effective income tax rate will be in the range of 22% to 23%.

2013 Effective Income Tax Rate

$0

$5

$10

$15

$20

2012

2013

2014

2015

2016

2017

Impact of Tax-Advantaged Investments

on Net Income Over Next Five Years

(In millions)

2012 Actual net income impact

Estimated net income impact*

15

Standard Insurance Company*

Rating

Outlook

S&P

A+  (5th of 20 ratings)

Negative

Moody’s

A2  (6th of 21 ratings)

Negative

A.M. Best

A    (3rd of 13 ratings)

Stable

* Financial strength ratings as of January 2013

Strong Capital Levels

Target RBC Range = 300%

•

Generated capital in excess of our RBC target of 300%

•

Solid capital structure

•

Available capital was approximately $360 million at 12/31/12

•

Shareholder dividends

•

Dividend per common share

increased 4.5% over 2011

•

13 consecutive years of annual

dividend per common share

increases

•

Share repurchases

•

Repurchases consider consistency

of capital generation and our view

of equity market valuation

Persistent Shareholder Returns

16

Annual Cash Dividend per Share

Consistent Long-Term Growth

17

Book Value per Share*

*  Excludes accumulated other comprehensive income (loss)

More than a decade of disciplined earnings and book value growth

Driven by consistent operations and a solid investment portfolio

Key Takeaways

18

We are confident in our underwriting and pricing methodologies and are

committed to obtaining and retaining long-term profitable business

Questions?