StanCorp Financial Group
{{Short description|Insurance and finance company}}
{{Infobox company
| name = StanCorp Financial Group
| logo = StanCorplogo.png
| type = Subsidiary
| traded_as =
| company_slogan =
| foundation = 1906
| location = Standard Plaza
Portland, Oregon,
United States
| key_people = J. Gregory Ness {{small|(CEO)}}
| industry = insurance
| products = group life insurance, annuities, group dental insurance, group retirement plans
| revenue = $2,492,900,000 (2006)
| operating_income = {{profit}} $309,700,000 (2006)
| net_income = {{profit}} $203,800,000 (2006)
| num_employees = 3,280
| parent = Meiji Yasuda Life Insurance Company
| subsid = Standard Insurance Company, The Standard Life Insurance Company of New York, StanCorp Investment Advisers, Inc., StanCorp Mortgage Investors, LLC, Standard Retirement Services, Inc.
| homepage = [http://www.stancorpfinancial.com/ www.StanCorpFinancial.com]
| footnotes = financial data[https://archive.today/20130116055637/http://ccbn.10kwizard.com/xml/download.php?repo=tenk&ipage=4710223&format=PDF Form 10-K: 2006 Annual Report.] StanCorp Financial Group, Inc. Retrieved on February 28, 2008.
}}
StanCorp Financial Group, Inc. is an insurance and financial services company based in Portland, Oregon, United States. In 2006 it ranked as number 731 on the Fortune list with in excess of $2 billion in annual revenues. Founded in 1906, the company's main subsidiary is Standard Insurance Company. From 1999 until 2016, StanCorp was publicly traded on the New York Stock Exchange.{{Citation needed|date=April 2020}}
History
The company was founded in Oregon in 1906.[http://www.stancorpfinancial.com/quick.html Quick Facts.] StanCorp Financial Group. Retrieved on February 28, 2008. On February 24, Leo Samuel founded the Oregon Life Insurance Company.[http://www.bizjournals.com/portland/stories/2006/02/20/daily7.html Standard celebrates its 100-year anniversary.] Portland Business Journal, February 21, 2006. In 1946 the company name was changed to Standard Insurance Company. Then in 1962, the company moved its headquarters into the newly constructed Standard Plaza building.[http://skyscraperpage.com/cities/?buildingID=14444] http://skyscraperpage.com/cities/?buildingID=14444 Thirty years later, Standard Insurance acquired the Georgia-Pacific Building in 1982 when Georgia-Pacific moved its headquarters to Atlanta, GA. Then in 1998, StanCorp Financial Group, Inc. was created as the holding company for all the business divisions of the company. The following year the company went public, trading on the New York Stock Exchange.NEW OFFERINGS; Life insurance, dog food on IPO schedule. The Atlanta Journal and Constitution, April 10, 1999.
StanCorp's Standard Insurance purchased part of Teachers Insurance and Annuity Association (TIAA) group life and disability portfolio in 2002 for $75 million.[http://www.bizjournals.com/portland/stories/2002/05/27/daily24.html StanCorp to pay $75 million for TIAA-CREF group insurance business.] Portland Business Journal, May 29, 2002.
In May 2004, Ron Timpe was succeeded by CEO Eric Parsons as the company's chairman of the board of directors.[http://www.bizjournals.com/portland/stories/2004/05/03/daily15.html Parsons succeeds Timpe as StanCorp chairman.] Portland Business Journal, May 4, 2004.
In January 2006, StanCorp was named to the Platinum 400 by Forbes magazine for the fourth year.[http://www.bizjournals.com/portland/stories/2006/01/02/daily6.html Forbes ranks StanCorp among America's best.] Portland Business Journal, January 4, 2006. Later in 2006, the company purchased investment services firm Invesmart for $85 million.Boselovic, Len. Oregon firm buying Invesmart. Pittsburgh Post-Gazette, April 26, 2006.
In 2007, StanCorp made the Fortune 1000 list at number 746.[http://www.bizjournals.com/portland/stories/2007/05/07/daily38.html Nike makes Fortune 500 list.] Portland Business Journal, May 11, 2007. The company purchased several retirement plan administrators in July 2007 to add to their Retirement Services division.[http://www.bizjournals.com/portland/stories/2007/07/02/daily9.html Standard Retirement Services buying DPA and MasterPlan Advisors.] Portland Business Journal, July 2, 2007. As of 2007, all of the divisions employ a total of 3,280 people at approximately 90 offices across the United States. They are headquartered in the Standard Insurance Center and the Standard Plaza buildings in downtown Portland.
Meiji Yasuda Life Insurance Company announced it would purchase StanCorp for $5 billion in July 2015.{{cite news|last1=Bray|first1=Chad|title=Meiji Yasuda to Buy StanCorp Financial for $5 Billion|url=https://www.nytimes.com/2015/07/25/business/dealbook/meiji-yasuda-to-buy-stancorp-financial-for-5-billion.html|accessdate=13 August 2015|work=The New York Times|date=July 24, 2015}} The deal was completed in March 2016.{{cite news|last1=Stevens|first1=Suzanne|title=5 things to know today, including farewell to what was Oregon's fourth-largest public company|url=http://www.bizjournals.com/portland/morning_call/2016/03/5-things-to-know-today-including-farewell-to-what.html|accessdate=9 March 2016|work=Portland Business Journal|date=March 8, 2016}}
See also
References
{{Reflist}}
External links
- [http://www.stancorpfinancial.com/quick.html About StanCorp]
{{formerORCompanies}}
{{Authority control}}
{{DEFAULTSORT:Stancorp Financial Group}}
Category:Companies based in Portland, Oregon
Category:Insurance companies of the United States
Category:Companies formerly listed on the New York Stock Exchange
Category:Financial services companies established in 1906
Category:1906 establishments in Oregon
Category:1999 initial public offerings