Stancorp Financial (SFG) 8-K StanCorp Financial Group, Inc. Reports First Quarter 2015 Earnings

Exhibit 99.2

STANCORP FINANCIAL GROUP, INC.

STATISTICAL SUPPLEMENT

March 31, 2015

(Unaudited)

	Page
Financial Results:
Consolidated Financial Highlights		1
Consolidated Financial Results		2
Results by Segment		3
Insurance Services		4
Employee Benefits		5
Individual Disability		6
Asset Management		7
Other		8
Balance Sheets and Investment Statistics:
Consolidated Balance Sheets		9
Cash and Investments Statistics		10
Other Investment Statistics		11
Appendix:
2014 Consolidated Financial Highlights
Comparison Adjusted for ASU No. 2014-01		12

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.

Net income 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 net income return on average equity. Measuring net income return on average equity excluding accumulated other comprehensive income (loss) excludes the effect of market value fluctuations of the Company’s fixed maturity securities associated with changes in interest rates and other market data. Management believes that measuring net income return on average equity excluding accumulated other comprehensive income (loss) is important to investors because the low 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 realized. Furthermore, for the purpose of calculating this ratio, management believes exclusion of accumulated other comprehensive income (loss) provides investors with a better measure of return.

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

Effective January 1, 2015, the Company adopted Accounting Standards Update (“ASU”) No. 2014-01,Accounting for Investments in Qualified Affordable Housing Projects,on a retrospective basis. In accordance with ASU No. 2014-01, the Company has adjusted its financial results for the periods prior to the first quarter of 2015.

StanCorp Financial Group, Inc.

1100 SW Sixth Avenue

Portland, Oregon 97204

Investor Inquiries:

Jeff Hallin

Phone: (971) 321-6127

Fax: (971) 321-5037

jeff.hallin@standard.com

www.stancorpfinancial.com

STANCORP FINANCIAL GROUP, INC.

Financial Highlights

(Dollars in millions-except per share data)

CONSOLIDATED

																2015			2014
2010			2011			2012			2013			2014				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Income (loss) before income taxes:
$	310.4		$	203.5		$	189.1		$	284.0		$	269.4		Insurance Services	$	74.9		$	72.0		$	93.6		$	44.0		$	59.8
	55.5			61.3			64.0			79.3			77.9		Asset Management		19.4			18.7			20.8			22.0			16.4
	(84.0	)		(66.3	)		(56.3	)		(33.8	)		(42.2	)	Other		(16.9	)		(14.5	)		(11.5	)		(8.7	)		(7.5	)
	281.9			198.5			196.8			329.5			305.1		Total income before income taxes		77.4			76.2			102.9			57.3			68.7
	95.7			61.6			59.6			103.9			94.8		Income taxes		20.9			24.6			33.1			16.5			20.6
$	186.2		$	136.9		$	137.2		$	225.6		$	210.3		Net income	$	56.5		$	51.6		$	69.8		$	40.8		$	48.1
															Net income per common share:
$	3.98		$	3.05		$	3.10		$	5.10		$	4.89		Basic	$	1.34		$	1.23		$	1.63		$	0.94		$	1.10
	3.96			3.04			3.09			5.07			4.84		Diluted		1.32			1.21			1.62			0.93			1.08
															Share data:
	46,774,277			44,876,650			44,283,771			44,243,364			43,018,215		Basic weighted-average		42,130,728			42,110,016			42,777,337			43,311,156			43,896,627
	47,006,228			45,016,070			44,359,891			44,527,405			43,455,136		Diluted weighted-average		42,673,025			42,563,312			43,184,170			43,710,063			44,381,944
	46,159,387			44,268,859			44,419,448			44,126,389			42,077,825		At period end		42,186,489			42,077,825			42,475,479			42,949,566			43,748,487
$	186.2		$	136.9		$	137.2		$	225.6		$	210.3		Net income	$	56.5		$	51.6		$	69.8		$	40.8		$	48.1
	(30.5	)		(4.1	)		(5.2	)		(7.6	)		(7.6	)	After-tax net capital (losses) gains		(5.4	)		(4.2	)		(3.0	)		0.3			(0.7	)
$	216.7		$	141.0		$	142.4		$	233.2		$	217.9		Net income excluding after-tax net capital (losses) gains	$	61.9		$	55.8		$	72.8		$	40.5		$	48.8
$	(49.0	)	$	(6.3	)	$	(8.4	)	$	(12.8	)	$	(12.1	)	Net capital (losses) gains	$	(8.6	)	$	(6.8	)	$	(4.7	)	$	0.5		$	(1.1	)
	(18.5	)		(2.2	)		(3.2	)		(5.2	)		(4.5	)	Tax (benefit) expense on net capital (losses) gains		(3.2	)		(2.6	)		(1.7	)		0.2			(0.4	)
$	(30.5	)	$	(4.1	)	$	(5.2	)	$	(7.6	)	$	(7.6	)	After-tax net capital (losses) gains	$	(5.4	)	$	(4.2	)	$	(3.0	)	$	0.3		$	(0.7	)
															Net income per diluted common share:
$	3.96		$	3.04		$	3.09		$	5.07		$	4.84		Net income	$	1.32		$	1.21		$	1.62		$	0.93		$	1.08
	(0.65	)		(0.09	)		(0.12	)		(0.17	)		(0.17	)	After-tax net capital (losses) gains		(0.13	)		(0.10	)		(0.07	)		—			(0.02	)
$	4.61		$	3.13		$	3.21		$	5.24		$	5.01		Net income excluding after-tax net capital (losses) gains	$	1.45		$	1.31		$	1.69		$	0.93		$	1.10
$	1,891.4		$	1,987.4		$	2,164.7		$	2,145.6		$	2,155.6		Shareholders’ equity	$	2,256.8		$	2,155.6		$	2,255.7		$	2,251.6		$	2,218.7
	160.9			235.1			309.3			134.7			114.3		Accumulated other comprehensive income		153.3			114.3			188.7			225.9			184.9
$	1,730.5		$	1,752.3		$	1,855.4		$	2,010.9		$	2,041.3		Shareholders’ equity excluding accumulated other comprehensive income	$	2,103.5		$	2,041.3		$	2,067.0		$	2,025.7		$	2,033.8
	10.3	%		7.1	%		6.6	%		10.5	%		9.8	%	Net income return on average equity		10.2	%		9.4	%		12.4	%		7.3	%		8.8	%
	11.0			7.9			7.6			11.7			10.4		Net income return on average equity (excluding accumulated other comprehensive income)		10.9			10.0			13.6			8.0			9.5
	12.8			8.1			7.9			12.1			10.8		Net income return on average equity (excluding after-tax net capital (losses) gains and accumulated other comprehensive income)		11.9			10.9			14.2			8.0			9.7
															Book value per common share:
$	40.98		$	44.89		$	48.73		$	48.62		$	51.23		Including accumulated other comprehensive income	$	53.50		$	51.23		$	53.11		$	52.42		$	50.71
	3.49			5.31			6.96			3.05			2.72		Accumulated other comprehensive income		3.64			2.72			4.45			5.26			4.22
$	37.49		$	39.58		$	41.77		$	45.57		$	48.51		Excluding accumulated other comprehensive income	$	49.86		$	48.51		$	48.66		$	47.16		$	46.49
	3,091			2,974			2,875			2,702			2,803		Number of employees		2,781			2,803			2,787			2,748			2,733

Page 1

STANCORP FINANCIAL GROUP, INC.

Financial Results

(In millions)

CONSOLIDATED

																2015			2014
2010			2011			2012			2013			2014				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	2,097.7		$	2,153.3		$	2,163.9		$	2,124.3		$	2,052.4		Premiums	$	532.1		$	515.8		$	507.3		$	519.2		$	510.1
	116.5			115.5			114.7			121.6			130.8		Administrative fees		32.7			33.8			32.8			32.6			31.6
	603.7			619.2			641.6			643.5			617.2		Net investment income		153.3			155.9			152.6			154.8			153.9
															Net capital (losses) gains:
	(0.7	)		(1.8	)		(3.2	)		(1.1	)		(1.2	)	Total other-than-temporary impairment losses on fixed maturity securities—available-for-sale		—			(0.8	)		(0.3	)		(0.1	)		—
	(48.3	)		(4.5	)		(5.2	)		(11.7	)		(10.9	)	All other net capital (losses) gains		(8.6	)		(6.0	)		(4.4	)		0.6			(1.1	)
	(49.0	)		(6.3	)		(8.4	)		(12.8	)		(12.1	)	Total net capital (losses) gains		(8.6	)		(6.8	)		(4.7	)		0.5			(1.1	)
	2,768.9			2,881.7			2,911.8			2,876.6			2,788.3		Total revenues		709.5			698.7			688.0			707.1			694.5
															Benefits and expenses:
	1,619.8			1,771.2			1,793.0			1,655.4			1,582.2		Benefits to policyholders		398.7			394.1			360.8			426.2			401.1
	158.4			161.0			171.3			176.4			164.6		Interest credited		41.1			41.8			38.7			40.6			43.5
	446.2			471.2			470.5			442.6			470.6		Operating expenses		121.9			122.3			119.9			115.3			113.1
	206.1			218.7			203.7			207.9			207.2		Commissions and bonuses		60.7			52.5			53.2			49.7			51.8
	34.7			36.7			37.5			35.3			31.5		Premium taxes		9.1			6.8			7.5			8.1			9.1
	38.9			38.9			39.9			34.4			31.8		Interest expense		7.8			7.7			7.8			7.9			8.4
	(76.0	)		(81.7	)		(71.4	)		(76.9	)		(80.1	)	Deferral of acquisition costs		(25.0	)		(21.2	)		(22.2	)		(16.5	)		(20.2	)
	58.9			67.2			70.5			72.0			75.4		Amortization of deferred acquisition costs, value of business acquired and other intangible assets		17.8			18.5			19.4			18.5			19.0
	2,487.0			2,683.2			2,715.0			2,547.1			2,483.2		Total benefits and expenses		632.1			622.5			585.1			649.8			625.8
	281.9			198.5			196.8			329.5			305.1		Income before income taxes		77.4			76.2			102.9			57.3			68.7
	95.7			61.6			59.6			103.9			94.8		Income taxes		20.9			24.6			33.1			16.5			20.6
	186.2			136.9			137.2			225.6			210.3		Net income		56.5			51.6			69.8			40.8			48.1
															Other comprehensive income (loss), net of tax:
															Unrealized gains (losses) on securities—available-for-sale:
	100.5			103.4			71.4			(205.3	)		50.3		Net unrealized capital gains (losses) on securities available-for-sale		37.3			(5.0	)		(37.0	)		41.1			51.2
	(9.6	)		(5.9	)		(3.6	)		(4.5	)		(2.0	)	Reclassification adjustment for net capital (gains) losses included in net income		(0.3	)		0.1			(0.6	)		(0.6	)		(0.9	)
															Employee benefit plans:
	(5.0	)		(26.6	)		—			41.2			(70.4	)	Prior service (cost) credit and net gains (losses) arising during the period, net		(0.1	)		(70.0	)		—			—			(0.4	)
	3.6			3.3			6.4			(6.0	)		1.7		Reclassification adjustment for amortization to net periodic pension cost (credit), net		2.1			0.5			0.4			0.5			0.3
	89.5			74.2			74.2			(174.6	)		(20.4	)	Total		39.0			(74.4	)		(37.2	)		41.0			50.2
$	275.7		$	211.1		$	211.4		$	51.0		$	189.9		Comprehensive income (loss)	$	95.5		$	(22.8	)	$	32.6		$	81.8		$	98.3
															Statutory data - insurance subsidiaries: *
$	317.4		$	185.1		$	182.3		$	272.8		$	268.5		Net gain from operations before federal income taxes and realized capital gains (losses)	$	70.3		$	60.7		$	108.9		$	48.3		$	50.6
	202.4			143.1			138.8			197.9			212.6		Net gain from operations after federal income taxes and before realized capital gains (losses)		62.9			50.4			80.9			40.4			40.9
	1,226.8			1,193.1			1,259.6			1,359.0			1,228.4		Capital and surplus		1,233.7			1,228.4			1,188.8			1,358.9			1,357.5
	95.6			107.2			117.5			127.5			106.2		Asset valuation reserve		105.5			106.2			131.7			132.2			129.8

* Statutory data represents Standard Insurance Company and The Standard Life Insurance Company of New York.

Page 2

STANCORP FINANCIAL GROUP, INC.

Financial Results

(In millions)

RESULTS BY SEGMENT

																2015			2014
2010			2011			2012			2013			2014				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
															Premiums:
$	1,892.9		$	1,973.0		$	1,980.6		$	1,926.9		$	1,842.8		Employee Benefits	$	478.0		$	462.2		$	453.9		$	467.3		$	459.4
	163.3			172.3			176.6			190.5			199.1		Individual Disability		50.4			51.8			50.3			48.9			48.1
	2,056.2			2,145.3			2,157.2			2,117.4			2,041.9		Insurance Services		528.4			514.0			504.2			516.2			507.5
	41.5			8.0			6.7			6.9			10.5		Asset Management		3.7			1.8			3.1			3.0			2.6
	2,097.7			2,153.3			2,163.9			2,124.3			2,052.4		Total premiums		532.1			515.8			507.3			519.2			510.1
															Administrative fees:
	9.3			12.0			13.7			15.1			16.5		Employee Benefits		4.0			4.3			3.8			4.2			4.2
	0.3			0.3			0.2			0.2			0.2		Individual Disability		—			0.1			—			0.1			—
	9.6			12.3			13.9			15.3			16.7		Insurance Services		4.0			4.4			3.8			4.3			4.2
	121.5			119.9			118.8			124.9			133.4		Asset Management		33.7			34.2			33.9			33.1			32.2
	(14.6	)		(16.7	)		(18.0	)		(18.6	)		(19.3	)	Other		(5.0	)		(4.8	)		(4.9	)		(4.8	)		(4.8	)
	116.5			115.5			114.7			121.6			130.8		Total administrative fees		32.7			33.8			32.8			32.6			31.6
															Net investment income:
	286.3			290.6			294.3			278.5			261.1		Employee Benefits		63.9			64.9			64.9			66.1			65.2
	52.6			53.0			54.7			53.7			53.1		Individual Disability		13.7			13.3			13.1			13.3			13.4
	338.9			343.6			349.0			332.2			314.2		Insurance Services		77.6			78.2			78.0			79.4			78.6
	251.0			262.7			278.6			293.2			283.3		Asset Management		71.2			72.2			69.4			72.2			69.5
	13.8			12.9			14.0			18.1			19.7		Other		4.5			5.5			5.2			3.2			5.8
	603.7			619.2			641.6			643.5			617.2		Total net investment income		153.3			155.9			152.6			154.8			153.9
	(49.0	)		(6.3	)		(8.4	)		(12.8	)		(12.1	)	Net capital (losses) gains		(8.6	)		(6.8	)		(4.7	)		0.5			(1.1	)
	2,768.9			2,881.7			2,911.8			2,876.6			2,788.3		Total revenues		709.5			698.7			688.0			707.1			694.5
															Benefits and expenses:
	1,925.1			2,117.7			2,150.5			1,993.4			1,904.9		Employee Benefits		493.7			475.1			441.5			500.9			487.4
	169.2			180.0			180.5			187.5			198.5		Individual Disability		41.4			49.5			50.9			55.0			43.1
	2,094.3			2,297.7			2,331.0			2,180.9			2,103.4		Insurance Services		535.1			524.6			492.4			555.9			530.5
	358.5			329.3			340.1			345.7			349.3		Asset Management		89.2			89.5			85.6			86.3			87.9
	34.2			56.2			43.9			20.5			30.5		Other		7.8			8.4			7.1			7.6			7.4
	2,487.0			2,683.2			2,715.0			2,547.1			2,483.2		Total benefits and expenses		632.1			622.5			585.1			649.8			625.8
															Income (loss) before income taxes:
	263.4			157.9			138.1			227.1			215.5		Employee Benefits		52.2			56.3			81.1			36.7			41.4
	47.0			45.6			51.0			56.9			53.9		Individual Disability		22.7			15.7			12.5			7.3			18.4
	310.4			203.5			189.1			284.0			269.4		Insurance Services		74.9			72.0			93.6			44.0			59.8
	55.5			61.3			64.0			79.3			77.9		Asset Management		19.4			18.7			20.8			22.0			16.4
	(84.0	)		(66.3	)		(56.3	)		(33.8	)		(42.2	)	Other		(16.9	)		(14.5	)		(11.5	)		(8.7	)		(7.5	)
	281.9			198.5			196.8			329.5			305.1		Total income before income taxes		77.4			76.2			102.9			57.3			68.7
	95.7			61.6			59.6			103.9			94.8		Income taxes		20.9			24.6			33.1			16.5			20.6
$	186.2		$	136.9		$	137.2		$	225.6		$	210.3		Net income	$	56.5		$	51.6		$	69.8		$	40.8		$	48.1

Page 3

STANCORP FINANCIAL GROUP, INC.

Financial Results

(Dollars in millions)

INSURANCE SERVICES

																2015			2014
2010			2011			2012			2013			2014				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	2,056.2		$	2,145.3		$	2,157.2		$	2,117.4		$	2,041.9		Premiums	$	528.4		$	514.0		$	504.2		$	516.2		$	507.5
	9.6			12.3			13.9			15.3			16.7		Administrative fees		4.0			4.4			3.8			4.3			4.2
	338.9			343.6			349.0			332.2			314.2		Net investment income		77.6			78.2			78.0			79.4			78.6
	2,404.7			2,501.2			2,520.1			2,464.9			2,372.8		Total revenues		610.0			596.6			586.0			599.9			590.3
															Benefits and expenses:
	1,566.4			1,750.9			1,773.3			1,637.7			1,561.4		Benefits to policyholders		391.8			388.8			355.2			421.0			396.4
	4.8			4.6			4.2			4.3			2.6		Interest credited		0.7			—			0.7			1.2			0.7
	331.8			338.7			349.1			340.0			349.2		Operating expenses		90.6			90.2			89.3			85.5			84.2
	175.7			185.1			172.7			174.2			170.6		Commissions and bonuses		50.5			41.5			43.4			41.3			44.4
	34.5			36.6			37.5			35.2			31.5		Premium taxes		9.1			6.8			7.5			8.1			9.1
	(61.3	)		(64.5	)		(55.9	)		(60.3	)		(61.4	)	Deferral of acquisition costs		(19.7	)		(14.7	)		(16.6	)		(13.0	)		(17.1	)
	42.4			46.3			50.1			49.8			49.5		Amortization of deferred acquisition costs, value of business acquired and other intangible assets		12.1			12.0			12.9			11.8			12.8
	2,094.3			2,297.7			2,331.0			2,180.9			2,103.4		Total benefits and expenses		535.1			524.6			492.4			555.9			530.5
$	310.4		$	203.5		$	189.1		$	284.0		$	269.4		Income before income taxes	$	74.9		$	72.0		$	93.6		$	44.0		$	59.8
															Statistics (% of total premiums):
	16.1	%		15.8	%		16.2	%		16.1	%		17.1	%	Operating expenses		17.1	%		17.5	%		17.7	%		16.6	%		16.6	%
	15.1			9.5			8.8			13.4			13.2		Income before income taxes		14.2			14.0			18.6			8.5			11.8

Page 4

STANCORP FINANCIAL GROUP, INC.

Financial Results

(Dollars in millions)

EMPLOYEE BENEFITS

																2015			2014
2010			2011			2012			2013			2014				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
															Premiums:
$	835.7		$	892.6		$	883.7		$	849.7		$	808.6		Life and AD&D	$	214.3		$	203.5		$	202.0		$	202.9		$	200.2
	799.9			803.3			801.4			783.0			753.8		LTD		195.1			188.1			187.1			189.4			189.2
	203.7			208.0			212.6			229.0			219.0		STD		60.1			52.0			55.2			57.5			54.3
	81.5			81.6			78.9			78.3			79.0		Other		21.1			20.5			19.9			19.4			19.2
	(27.9	)		(12.5	)		4.0			(13.1	)		(17.6	)	Experience rated refunds		(12.6	)		(1.9	)		(10.3	)		(1.9	)		(3.5	)
	1,892.9			1,973.0			1,980.6			1,926.9			1,842.8		Total premiums		478.0			462.2			453.9			467.3			459.4
	9.3			12.0			13.7			15.1			16.5		Administrative fees		4.0			4.3			3.8			4.2			4.2
	286.3			290.6			294.3			278.5			261.1		Net investment income		63.9			64.9			64.9			66.1			65.2
	2,188.5			2,275.6			2,288.6			2,220.5			2,120.4		Total revenues		545.9			531.4			522.6			537.6			528.8
															Benefits and expenses:
	1,457.3			1,635.0			1,657.1			1,515.9			1,431.4		Benefits to policyholders		369.5			357.7			321.1			382.2			370.4
	4.8			4.6			4.2			4.3			2.6		Interest credited		0.7			—			0.7			1.2			0.7
	306.2			312.3			323.6			313.3			321.4		Operating expenses		83.0			83.1			82.2			78.7			77.4
	129.9			137.1			125.1			126.7			122.6		Commissions and bonuses		37.6			29.1			30.5			29.7			33.3
	31.1			33.0			33.6			31.3			27.9		Premium taxes		8.1			5.9			6.6			7.3			8.1
	(25.5	)		(27.4	)		(18.3	)		(22.2	)		(23.4	)	Deferral of acquisition costs		(10.6	)		(6.0	)		(5.3	)		(3.9	)		(8.2	)
	21.3			23.1			25.2			24.1			22.4		Amortization of deferred acquisition costs, value of business acquired and other intangible assets		5.4			5.3			5.7			5.7			5.7
	1,925.1			2,117.7			2,150.5			1,993.4			1,904.9		Total benefits and expenses		493.7			475.1			441.5			500.9			487.4
$	263.4		$	157.9		$	138.1		$	227.1		$	215.5		Income before income taxes	$	52.2		$	56.3		$	81.1		$	36.7		$	41.4
															Benefit ratio (including interest credited):
	66.8	%		72.1	%		72.6	%		68.5	%		67.6	%	% of total revenues		67.8	%		67.3	%		61.6	%		71.3	%		70.2	%
	77.2			83.1			83.9			78.9			77.8		% of total premiums		77.4			77.4			70.9			82.0			80.8
															Statistics (% of total premiums):
	16.2	%		15.8	%		16.3	%		16.3	%		17.4	%	Operating expenses		17.4	%		18.0	%		18.1	%		16.8	%		16.8	%
	13.9			8.0			7.0			11.8			11.7		Income before income taxes		10.9			12.2			17.9			7.9			9.0
															Annualized new sales:
$	156.9		$	155.5		$	104.0		$	89.9		$	87.5		Life and AD&D	$	64.7		$	32.2		$	22.5		$	5.1		$	27.7
	103.1			107.7			88.4			66.0			66.6		LTD		29.9			26.3			16.9			7.9			15.5
	45.1			42.6			31.2			40.6			31.8		STD		17.8			12.6			7.8			2.9			8.5
	25.5			30.6			21.4			25.6			29.7		Other		10.9			8.2			5.6			5.1			10.8
$	330.6		$	336.4		$	245.0		$	222.1		$	215.6		Total annualized new sales	$	123.3		$	79.3		$	52.8		$	21.0		$	62.5
															Persistency (% of premiums):
	89.8	%		89.8	%		87.3	%		85.2	%		86.7	%	Life and AD&D
	89.1			89.7			87.8			87.9			88.6		LTD
	87.9			87.1			86.6			91.9			82.0		STD
	78.3			76.7			74.2			79.3			73.5		Other
	88.7	%		88.8	%		86.7	%		86.7	%		86.1	%	Total persistency

Page 5

STANCORP FINANCIAL GROUP, INC.

Financial Results

(Dollars in millions)

INDIVIDUAL DISABILITY

																2015			2014
2010			2011			2012			2013			2014				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	163.3		$	172.3		$	176.6		$	190.5		$	199.1		Premiums	$	50.4		$	51.8		$	50.3		$	48.9		$	48.1
	0.3			0.3			0.2			0.2			0.2		Administrative fees		—			0.1			—			0.1			—
	52.6			53.0			54.7			53.7			53.1		Net investment income		13.7			13.3			13.1			13.3			13.4
	216.2			225.6			231.5			244.4			252.4		Total revenues		64.1			65.2			63.4			62.3			61.5
															Benefits and expenses:
	109.1			115.9			116.2			121.8			130.0		Benefits to policyholders		22.3			31.1			34.1			38.8			26.0
	25.6			26.4			25.5			26.7			27.8		Operating expenses		7.6			7.1			7.1			6.8			6.8
	45.8			48.0			47.6			47.5			48.0		Commissions and bonuses		12.9			12.4			12.9			11.6			11.1
	3.4			3.6			3.9			3.9			3.6		Premium taxes		1.0			0.9			0.9			0.8			1.0
	(35.8	)		(37.1	)		(37.6	)		(38.1	)		(38.0	)	Deferral of acquisition costs		(9.1	)		(8.7	)		(11.3	)		(9.1	)		(8.9	)
	21.1			23.2			24.9			25.7			27.1		Amortization of deferred acquisition costs, value of business acquired and other intangible assets		6.7			6.7			7.2			6.1			7.1
	169.2			180.0			180.5			187.5			198.5		Total benefits and expenses		41.4			49.5			50.9			55.0			43.1
$	47.0		$	45.6		$	51.0		$	56.9		$	53.9		Income before income taxes	$	22.7		$	15.7		$	12.5		$	7.3		$	18.4
															Benefit ratio:
	50.5	%		51.4	%		50.2	%		49.8	%		51.5	%	% of total revenues		34.8	%		47.7	%		53.8	%		62.3	%		42.3	%
	66.8			67.3			65.8			63.9			65.3		% of total premiums		44.2			60.0			67.8			79.3			54.1
															Statistics (% of premiums):
	15.7	%		15.3	%		14.4	%		14.0	%		14.0	%	Operating expenses		15.1	%		13.7	%		14.1	%		13.9	%		14.1	%
	28.8			26.5			28.9			29.9			27.1		Income before income taxes		45.0			30.3			24.9			14.9			38.3
$	21.1		$	22.2		$	21.1		$	21.3		$	22.6		Annualized new sales	$	5.7		$	5.9		$	7.3		$	4.9		$	4.5
	94.8	%		95.1	%		95.0	%		94.5	%		94.6	%	Persistency (% of premiums)

Page 6

STANCORP FINANCIAL GROUP, INC.

Financial Results

(Dollars in millions)

ASSET MANAGEMENT

																2015			2014
2010			2011			2012			2013			2014				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	41.5		$	8.0		$	6.7		$	6.9		$	10.5		Premiums	$	3.7		$	1.8		$	3.1		$	3.0		$	2.6
	121.5			119.9			118.8			124.9			133.4		Administrative fees		33.7			34.2			33.9			33.1			32.2
	251.0			262.7			278.6			293.2			283.3		Net investment income		71.2			72.2			69.4			72.2			69.5
	414.0			390.6			404.1			425.0			427.2		Total revenues		108.6			108.2			106.4			108.3			104.3
															Benefits and expenses:
	53.4			20.3			19.7			17.7			20.8		Benefits to policyholders		6.9			5.3			5.6			5.2			4.7
	153.6			156.4			167.1			172.1			162.0		Interest credited		40.4			41.8			38.0			39.4			42.8
	119.0			115.2			117.4			116.5			122.7		Operating expenses		31.3			31.4			31.3			30.1			29.9
	30.4			33.6			31.0			33.7			36.6		Commissions and bonuses		10.2			11.0			9.8			8.4			7.4
	0.2			0.1			—			0.1			—		Premium taxes		—			—			—			—			—
	0.1			—			—			—			—		Interest expense		—			—			—			—			—
	(14.7	)		(17.2	)		(15.5	)		(16.6	)		(18.7	)	Deferral of acquisition costs		(5.3	)		(6.5	)		(5.6	)		(3.5	)		(3.1	)
	16.5			20.9			20.4			22.2			25.9		Amortization of deferred acquisition costs, value of business acquired and other intangible assets		5.7			6.5			6.5			6.7			6.2
	358.5			329.3			340.1			345.7			349.3		Total benefits and expenses		89.2			89.5			85.6			86.3			87.9
$	55.5		$	61.3		$	64.0		$	79.3		$	77.9		Income before income taxes	$	19.4		$	18.7		$	20.8		$	22.0		$	16.4
															Assets under administration:
$	15,281.7		$	13,764.9		$	14,855.4		$	17,346.4		$	19,021.9		Retirement Plans	$	19,832.8		$	19,021.9		$	18,533.4		$	18,701.1		$	17,790.6
	2,684.2			2,975.7			3,206.4			3,378.9			3,317.7		Individual Annuities		3,338.3			3,317.7			3,290.8			3,250.4			3,310.9
	2,697.3			2,691.6			2,781.5			3,056.0			3,304.1		Mortgage loans for other investors		3,324.9			3,304.1			3,255.0			3,175.3			3,114.0
	1,224.5			1,001.5			849.0			913.7			884.4		Private client wealth management		858.4			884.4			894.8			901.7			913.8
$	21,887.7		$	20,433.7		$	21,692.3		$	24,695.0		$	26,528.1		Total assets under administration	$	27,354.4		$	26,528.1		$	25,974.0		$	26,028.5		$	25,129.3
															Annualized operating expenses:
															(% of average assets under administration)
	0.57	%		0.58	%		0.59	%		0.52	%		0.47	%	Retirement Plans		0.45	%		0.47	%		0.47	%		0.47	%		0.48	%
															Interest credited:
															(% of net investment income)
	56.5	%		54.6	%		53.7	%		54.5	%		57.9	%	Retirement Plans		56.6	%		57.7	%		58.7	%		56.6	%		58.5	%
	69.0			66.5			68.1			65.4			61.3		Individual Annuities		62.8			62.3			56.7			58.6			67.0
$	363.8		$	410.3		$	364.2		$	387.9		$	396.4		Individual Annuity sales	$	119.8		$	137.7		$	124.0		$	78.9		$	55.8
$	887.5		$	1,007.7		$	1,184.2		$	1,303.1		$	1,177.4		Commercial mortgage loans originated	$	335.0		$	256.8		$	303.5		$	372.0		$	245.1

Page 7

STANCORP FINANCIAL GROUP, INC.

Financial Results

(In millions)

OTHER

																2015			2014
2010			2011			2012			2013			2014				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	(14.6	)	$	(16.7	)	$	(18.0	)	$	(18.6	)	$	(19.3	)	Administrative fees	$	(5.0	)	$	(4.8	)	$	(4.9	)	$	(4.8	)	$	(4.8	)
	13.8			12.9			14.0			18.1			19.7		Net investment income		4.5			5.5			5.2			3.2			5.8
															Net capital (losses) gains:
	(0.7	)		(1.8	)		(3.2	)		(1.1	)		(1.2	)	Total other-than-temporary impairment losses on fixed maturity securities—available-for-sale		—			(0.8	)		(0.3	)		(0.1	)		—
	(48.3	)		(4.5	)		(5.2	)		(11.7	)		(10.9	)	All other net capital (losses) gains		(8.6	)		(6.0	)		(4.4	)		0.6			(1.1	)
	(49.0	)		(6.3	)		(8.4	)		(12.8	)		(12.1	)	Total net capital (losses) gains		(8.6	)		(6.8	)		(4.7	)		0.5			(1.1	)
	(49.8	)		(10.1	)		(12.4	)		(13.3	)		(11.7	)	Total revenues		(9.1	)		(6.1	)		(4.4	)		(1.1	)		(0.1	)
															Benefits and expenses:
	(4.6	)		17.3			4.0			(13.9	)		(1.3	)	Operating expenses		—			0.7			(0.7	)		(0.3	)		(1.0	)
	38.8			38.9			39.9			34.4			31.8		Interest expense		7.8			7.7			7.8			7.9			8.4
	34.2			56.2			43.9			20.5			30.5		Total benefits and expenses		7.8			8.4			7.1			7.6			7.4
$	(84.0	)	$	(66.3	)	$	(56.3	)	$	(33.8	)	$	(42.2	)	Loss before income taxes	$	(16.9	)	$	(14.5	)	$	(11.5	)	$	(8.7	)	$	(7.5	)

Page 8

STANCORP FINANCIAL GROUP, INC.

Consolidated Balance Sheets

(In millions)

CONSOLIDATED

											2015		2014
2010		2011		2012		2013		2014			1st Qtr		4th Qtr		3rd Qtr		2nd Qtr		1st Qtr
										ASSETS
										Investments:
$	6,419.1	$	6,769.5	$	7,190.7	$	7,120.5	$	7,773.7	Fixed maturity securities—available-for-sale	$	7,885.7	$	7,773.7	$	7,654.6	$	7,468.4	$	7,393.5
	4,513.6		4,902.3		5,267.4		5,405.1		5,321.1	Commercial mortgage loans, net		5,366.8		5,321.1		5,342.6		5,453.3		5,383.7
	153.1		92.7		95.5		65.7		37.0	Real estate, net		33.8		37.0		44.3		49.2		60.3
	59.5		128.8		171.7		186.5		301.6	Other invested assets		313.8		301.6		270.5		277.4		187.9
	11,145.3		11,893.3		12,725.3		12,777.8		13,433.4	Total investments		13,600.1		13,433.4		13,312.0		13,248.3		13,025.4
	152.0		138.4		160.7		379.3		251.1	Cash and cash equivalents		320.6		251.1		263.3		237.7		253.0
	101.9		118.8		123.0		118.2		118.4	Premiums and other receivables		132.1		118.4		132.0		122.0		118.7
	110.8		111.7		109.3		106.8		108.0	Accrued investment income		108.2		108.0		108.1		105.9		107.6
	938.3		949.3		972.4		988.1		994.2	Amounts recoverable from reinsurers		1,000.3		994.2		987.4		986.1		984.3
	330.2		344.9		346.5		371.3		381.0	Deferred acquisition costs, value of business acquired and other intangible assets, net		380.7		381.0		376.2		368.0		371.3
	36.0		36.0		36.0		36.0		36.0	Goodwill		36.0		36.0		36.0		36.0		36.0
	111.5		101.3		90.7		84.7		79.3	Property and equipment, net		79.5		79.3		82.6		82.2		83.8
	101.7		113.9		69.3		127.9		129.4	Other assets		71.4		129.4		94.9		124.0		135.3
	4,787.4		4,593.5		5,154.3		6,393.2		7,179.8	Separate account assets		7,458.5		7,179.8		7,031.9		7,133.5		6,528.3
$	17,815.1	$	18,401.1	$	19,787.5	$	21,383.3	$	22,710.6	Total assets	$	23,187.4	$	22,710.6	$	22,424.4	$	22,443.7	$	21,643.7
										LIABILITIES AND SHAREHOLDERS’ EQUITY
										Liabilities:
$	5,502.3	$	5,683.6	$	5,843.2	$	5,846.9	$	5,832.3	Future policy benefits and claims	$	5,842.0	$	5,832.3	$	5,818.0	$	5,855.7	$	5,830.2
	4,627.8		5,078.1		5,531.1		6,051.6		6,537.8	Other policyholder funds		6,628.9		6,537.8		6,372.2		6,204.6		6,174.5
	50.8		103.9		148.6		61.9		60.0	Deferred tax liabilities, net		84.1		60.0		88.8		116.4		95.2
	2.2		251.2		1.0		1.5		1.1	Short-term debt		1.1		1.1		1.2		1.9		1.7
	551.9		300.9		551.4		551.9		503.9	Long-term debt		504.1		503.9		503.7		504.3		504.8
	401.3		402.5		393.2		330.7		440.1	Other liabilities		411.9		440.1		352.9		375.7		290.3
	4,787.4		4,593.5		5,154.3		6,393.2		7,179.8	Separate account liabilities		7,458.5		7,179.8		7,031.9		7,133.5		6,528.3
	15,923.7		16,413.7		17,622.8		19,237.7		20,555.0	Total liabilities		20,930.6		20,555.0		20,168.7		20,192.1		19,425.0
										Shareholders’ equity:
	158.2		82.4		89.6		68.0		5.3	Common stock		11.0		5.3		—		—		42.8
	160.9		235.1		309.3		134.7		114.3	Accumulated other comprehensive income		153.3		114.3		188.7		225.9		184.9
	1,572.3		1,669.9		1,765.8		1,942.9		2,036.0	Retained earnings		2,092.5		2,036.0		2,067.0		2,025.7		1,991.0
	1,891.4		1,987.4		2,164.7		2,145.6		2,155.6	Total shareholders’ equity		2,256.8		2,155.6		2,255.7		2,251.6		2,218.7
$	17,815.1	$	18,401.1	$	19,787.5	$	21,383.3	$	22,710.6	Total liabilities and shareholders’ equity	$	23,187.4	$	22,710.6	$	22,424.4	$	22,443.7	$	21,643.7

Page 9

STANCORP FINANCIAL GROUP, INC.

Cash and Investments Statistics

(Dollars in millions)

CONSOLIDATED

																2015			2014
2010			2011			2012			2013			2014				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Investments:
															Fixed maturity securities—available-for-sale:
$	5,620.7		$	5,983.3		$	6,222.3		$	6,179.2		$	6,715.1		Public	$	6,810.8		$	6,715.1		$	6,615.1		$	6,419.6		$	6,409.0
	798.4			786.2			968.4			941.3			1,058.6		Private		1,074.9			1,058.6			1,039.5			1,048.8			984.5
	6,419.1			6,769.5			7,190.7			7,120.5			7,773.7		Total fixed maturity securities—available-for-sale		7,885.7			7,773.7			7,654.6			7,468.4			7,393.5
	4,513.6			4,902.3			5,267.4			5,405.1			5,321.1		Commercial mortgage loans, net		5,366.8			5,321.1			5,342.6			5,453.3			5,383.7
	153.1			92.7			95.5			65.7			37.0		Real estate, net		33.8			37.0			44.3			49.2			60.3
	59.5			128.8			171.7			186.5			301.6		Other invested assets		313.8			301.6			270.5			277.4			187.9
	11,145.3			11,893.3			12,725.3			12,777.8			13,433.4		Total investments		13,600.1			13,433.4			13,312.0			13,248.3			13,025.4
	152.0			138.4			160.7			379.3			251.1		Cash and cash equivalents		320.6			251.1			263.3			237.7			253.0
$	11,297.3		$	12,031.7		$	12,886.0		$	13,157.1		$	13,684.5		Total cash and investments	$	13,920.7		$	13,684.5		$	13,575.3		$	13,486.0		$	13,278.4
															Percent of cash and investments:
	56.8	%		56.3	%		55.8	%		54.1	%		56.8	%	Fixed maturity securities—available-for-sale		56.6	%		56.8	%		56.4	%		55.4	%		55.7	%
	40.0			40.7			40.9			41.1			38.9		Commercial mortgage loans, net		38.6			38.9			39.4			40.4			40.5
	1.4			0.8			0.7			0.5			0.3		Real estate, net		0.2			0.3			0.3			0.4			0.5
	0.5			1.1			1.3			1.4			2.2		Other invested assets		2.3			2.2			2.0			2.0			1.4
	1.3			1.1			1.3			2.9			1.8		Cash and cash equivalents		2.3			1.8			1.9			1.8			1.9
															Fixed maturity securities—available-for-sale:
	106.7	%		109.0	%		110.3	%		104.5	%		105.2	%	Market value as a % of amortized cost		106.1	%		105.2	%		105.3	%		106.4	%		105.5	%

Page 10

STANCORP FINANCIAL GROUP, INC.

Other Investment Statistics

(Dollars in millions)

CONSOLIDATED

																2015			2014
2010			2011			2012			2013			2014				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Portfolio yield:
	5.31	%		5.08	%		4.66	%		4.34	%		3.99	%	Fixed maturity securities—available-for-sale		3.97	%		3.99	%		4.03	%		4.15	%		4.18	%
	6.45			6.34			6.09			5.84			5.61		Commercial mortgage loans, net		5.53			5.61			5.66			5.72			5.80
															Fixed maturity securities—available-for-sale:
															Quality rating (as % of fixed maturities):
	71.8	%		70.2	%		66.2	%		63.4	%		61.8	%	A- or higher		61.5	%		61.8	%		62.3	%		62.2	%		62.7	%
	23.0			24.6			28.4			31.0			32.7		BBB- to BBB+		32.9			32.7			32.0			31.8			31.5
	3.5			3.9			3.8			4.0			3.9		BB- to BB+		4.0			3.9			3.8			4.1			4.1
	1.7			1.3			1.6			1.6			1.6		B+ or lower		1.6			1.6			1.9			1.9			1.7
															Commercial mortgage loan statistics:
															Sixty-day delinquencies:
$	19.6		$	17.1		$	21.3		$	15.2		$	8.6		Book value	$	4.6		$	8.6		$	10.6		$	14.4		$	21.7
	0.43	%		0.34	%		0.40	%		0.28	%		0.16	%	Rates—overall %		0.08	%		0.16	%		0.19	%		0.26	%		0.40	%
$	118.6		$	40.3		$	23.6		$	20.0		$	5.2		Foreclosed during period	$	—		$	—		$	1.7		$	0.6		$	2.9
	9.3			5.1			9.8			7.4			0.5		In process of foreclosure		0.8			0.5			1.4			5.5			3.0
	8.2			5.1			9.8			7.4			0.5		Included in sixty-day delinquencies		0.8			0.5			1.4			5.5			3.0
	76.6			93.7			77.6			100.8			108.8		Net balance of restructured loans*		110.9			108.8			97.6			95.5			88.5
															Reserve balances:
$	36.1		$	48.1		$	46.6		$	43.6		$	40.0		Commercial mortgage loans, net	$	38.9		$	40.0		$	41.5		$	44.4		$	43.5

* Amount is calculated using statutory accounting principles

Page 11

STANCORP FINANCIAL GROUP, INC.

Financial Highlights Comparison

(Dollars in millions-except per share data)

2014 CONSOLIDATED FINANCIAL HIGHLIGHTS COMPARISON ADJUSTED FOR ASU No. 2014-01

							2014
2014							4th Qtr						3rd Qtr						2nd Qtr						1st Qtr
Adjusted*			As Reported				Adjusted*			As Reported			Adjusted*			As Reported			Adjusted*			As Reported			Adjusted*			As Reported
						Income (loss) before income taxes:
$	269.4		$	254.7		Insurance Services	$	72.0		$	69.0		$	93.6		$	89.3		$	44.0		$	39.7		$	59.8		$	56.7
	77.9			77.9		Asset Management		18.7			18.7			20.8			20.8			22.0			22.0			16.4			16.4
	(42.2	)		(45.7	)	Other		(14.5	)		(14.4	)		(11.5	)		(13.2	)		(8.7	)		(10.4	)		(7.5	)		(7.7	)
	305.1			286.9		Total income before income taxes		76.2			73.3			102.9			96.9			57.3			51.3			68.7			65.4
	94.8			67.6		Income taxes		24.6			17.1			33.1			25.8			16.5			9.4			20.6			15.3
$	210.3		$	219.3		Net income	$	51.6		$	56.2		$	69.8		$	71.1		$	40.8		$	41.9		$	48.1		$	50.1
						Net income per common share:
$	4.89		$	5.10		Basic	$	1.23		$	1.33		$	1.63		$	1.66		$	0.94		$	0.97		$	1.10		$	1.14
	4.84			5.05		Diluted		1.21			1.32			1.62			1.65			0.93			0.96			1.08			1.13
$	210.3		$	219.3		Net income	$	51.6		$	56.2		$	69.8		$	71.1		$	40.8		$	41.9		$	48.1		$	50.1
	(7.6	)		(8.8	)	After-tax net capital (losses) gains		(4.2	)		(4.4	)		(3.0	)		(3.4	)		0.3			(0.3	)		(0.7	)		(0.7	)
$	217.9		$	228.1		Net income excluding after-tax net capital (losses) gains	$	55.8		$	60.6		$	72.8		$	74.5		$	40.5		$	42.2		$	48.8		$	50.8
$	(12.1	)	$	(14.0	)	Net capital (losses) gains	$	(6.8	)	$	(7.2	)	$	(4.7	)	$	(5.2	)	$	0.5		$	(0.5	)	$	(1.1	)	$	(1.1	)
	(4.5	)		(5.2	)	Tax (benefit) expense on net capital (losses) gains		(2.6	)		(2.8	)		(1.7	)		(1.8	)		0.2			(0.2	)		(0.4	)		(0.4	)
$	(7.6	)	$	(8.8	)	After-tax net capital (losses) gains	$	(4.2	)	$	(4.4	)	$	(3.0	)	$	(3.4	)	$	0.3		$	(0.3	)	$	(0.7	)	$	(0.7	)
						Net income per diluted common share:
$	4.84		$	5.05		Net income	$	1.21		$	1.32		$	1.62		$	1.65		$	0.93		$	0.96		$	1.08		$	1.13
	(0.17	)		(0.20	)	After-tax net capital (losses) gains		(0.10	)		(0.10	)		(0.07	)		(0.08	)		—			(0.01	)		(0.02	)		(0.01	)
$	5.01		$	5.25		Net income excluding after-tax net capital (losses) gains	$	1.31		$	1.42		$	1.69		$	1.73		$	0.93		$	0.97		$	1.10		$	1.14
$	2,155.6		$	2,171.8		Shareholders’ equity	$	2,155.6		$	2,171.8		$	2,255.7		$	2,267.3		$	2,251.6		$	2,261.9		$	2,218.7		$	2,227.9
	114.3			114.3		Accumulated other comprehensive income		114.3			114.3			188.7			188.7			225.9			225.9			184.9			184.9
$	2,041.3		$	2,057.5		Shareholders’ equity excluding accumulated other comprehensive income	$	2,041.3		$	2,057.5		$	2,067.0		$	2,078.6		$	2,025.7		$	2,036.0		$	2,033.8		$	2,043.0
	9.8	%		10.1	%	Net income return on average equity		9.4	%		10.1	%		12.4	%		12.6	%		7.3	%		7.5	%		8.8	%		9.1	%
	10.4			10.8		Net income return on average equity (excluding accumulated other comprehensive income)		10.0			10.9			13.6			13.8			8.0			8.2			9.5			9.9
	10.8			11.2		Net income return on average equity (excluding after-tax net capital (losses) gains and accumulated other comprehensive income)		10.9			11.7			14.2			14.5			8.0			8.3			9.7			10.0
						Book value per common share:
$	51.23		$	51.61		Including accumulated other comprehensive income	$	51.23		$	51.61		$	53.11		$	53.38		$	52.42		$	52.66		$	50.71		$	50.93
	2.72			2.71		Accumulated other comprehensive income		2.72			2.71			4.45			4.44			5.26			5.26			4.22			4.23
$	48.51		$	48.90		Excluding accumulated other comprehensive income	$	48.51		$	48.90		$	48.66		$	48.94		$	47.16		$	47.40		$	46.49		$	46.70

* Effective January 1, 2015, the Company adopted Accounting Standards Update (“ASU”) No. 2014-01,Accounting for Investments in Qualified Affordable Housing Projects, on a retrospective basis. In accordance with ASU No. 2014-01, the Company has adjusted its financial results for the periods prior to the first quarter of 2015. The adoption of this ASU will change the timing of the benefit realized in net income, but will not change the cumulative total benefit to net income over the life of the investments. The Consolidated Financial Highlights Comparison shows the adjusted financial results compared to the original as reported financial results for 2014.

Page 12