Overview
The Standard was founded in 1906 and our fiscally prudent management approach has helped us navigate through periods of significant volatility to ensure we can keep our financial commitments and grow profitably. This approach is built on the strength of our disciplined financial practices, sound investment strategies, unique mix of high-performing businesses, strong products and services and deep expertise. Recent M&A activity is helping The Standard grow significantly. We are gaining market share in group insurance and increasing retirement assets under administration through organic growth in our businesses and recent M&A activity. Our benefits distribution channel is expanding through a new product distribution partnership, and we continue to add new products and employees to meet the needs of our customers.
Our company remains focused on meeting the challenges ahead and taking advantage of opportunities as they arise, all while providing the best possible experience for our customers.
Dan McMillan, President and CEO
Standard Insurance Company
Financial Strength Ratings
| Standard & Poor's | A+ | (Strong) | 5th of 20 ratings |
| Moody's | A1 | (Good) | 5th of 21 ratings |
| A.M. Best* | A | (Excellent) | 3rd of 13 ratings |
As of February 2024
* Rating includes The Standard Life Insurance Company of New York
Financial Strength Ratings
In the July 2023 issue of Best’s Review, A.M. Best Company recognized Standard Insurance Company for maintaining a financial strength rating of "A" or higher each year since 1928, the first year of A.M. Best’s ratings. The Standard is honored to be among one of only eight life and health insurers to achieve an “A” rating or higher for each of the past 95 years. Given rapidly evolving markets, changing customer needs and challenging economic times, we are proud of this longstanding track record of financial strength.
Portfolio
Bond Portfolio
Our bond portfolio is strong. Our strategy is to maintain a diversified portfolio of high-quality, fixed-maturity securities to keep us well protected should any industries experience difficulties. As of Dec. 31, 2023, we have:
- A $12.99 billion portfolio
- An average portfolio credit quality rating of “A” as measured by Standard & Poor’s
Commercial Mortgage Loan Portfolio
Our commercial mortgage loans have consistently provided a superior balance of risk and return. We offer small commercial mortgage loans to borrowers who want a fixed rate over time, and we rigorously underwrite every commercial mortgage loan we make. The quality of our commercial mortgage loan portfolio is excellent as demonstrated by delinquency rates better than industry rates for an extended period of time. As of Dec. 31, 2023, we have:
- A $10.46 billion portfolio (on approximately 5,800 loans)
- An average loan size of approximately $1.8 million
Balance Sheet as of Dec. 31, 2023
| Assets | $41.00 billion |
|---|---|
Fixed-Maturity Securities A- or Higher BBB- to BBB+ BB- to BB+ B+ or Lower | 53.3% of cash and investments 63.9% 30.5% 3.6% 2.0% |
| Commercial Mortgage Loans | 43.0% of cash and investments |
| Real Estate and Other Invested Assets | 1.8% of cash and investments |
| Cash and Cash Equivalents | 1.9% of cash and investments |
Portfolio Yields Fixed Maturity Securities Commercial Mortgage | 4.22% 5.15% |
| Capital and surplus of the insurance subsidiaries was in excess of 425% of the Company Action Level Risk-Based Capital required by regulators. | |
Corporate Profile
StanCorp Financial Group, Inc., through its subsidiaries marketed as The Standard — Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, StanCorp Mortgage Investors, StanCorp Real Estate, StanCorp Equities, Anthem Life Insurance Company, Anthem Life & Disability Insurance Company and Greater Georgia Life Insurance Company — is a leading provider of financial products and services. StanCorp’s subsidiaries offer group and individual disability insurance, group life and accidental death and dismemberment insurance, group dental and group vision insurance, group accident, critical illness and hospital indemnity insurance, absence management services and paid family leave services, retirement plans products and services, individual annuities, and the origination and servicing of fixed-rate commercial mortgage loans.
StanCorp Financial Group became part of the Meiji Yasuda family of companies in 2016. The Standard serves as Meiji Yasuda’s primary U.S. presence and partner, maintaining its Portland, Oregon, operations and headquarters as well as its employees, management team, brand, product mix, distribution channels and community support.
Meiji Yasuda and The Standard are both leaders in group benefit insurance in their respective markets. Meiji Yasuda, a mutual company owned by policyholders, was founded in 1881 and is headquartered in Tokyo. It is the oldest and third-largest life insurance company in Japan, with the largest share of group insurance in the Japanese market. With more than 52,000 employees and 12 million customers, Meiji Yasuda specializes in group and individual life insurance, bancassurance and group annuity products, and has assets of $365 billion and premium income of $27.5 billion as of March 31, 2023. In addition to Japan, Meiji Yasuda has insurance operations throughout the U.S., Poland, China, Indonesia and Thailand.