OLDWICK, N.J.–(BUSINESS WIRE)–Oct 9, 2020–

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Standard Insurance Company (Portland, OR) and its affiliate, The Standard Life Insurance Company of New York (White Plains, NY), together referred to as the Standard Insurance Group (The Standard). Additionally, AM Best has affirmed the Long-Term ICR of “bbb+” and the Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” on the outstanding $250 million 5% senior unsecured notes, due 2022, of StanCorp Financial Group, Inc. (StanCorp Financial) (Portland, OR), the intermediate holding company of The Standard.

Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” of Pacific Guardian Life Insurance Company, Limited (Pacific Guardian) (Honolulu, HI). The outlook of these Credit Ratings (ratings) is stable. The Standard and Pacific Guardian are the U.S. insurance subsidiaries of Meiji Yasuda Life Insurance Company (Meiji Yasuda).

The ratings of The Standard reflect its balance sheet strength, which AM Best categorizes as strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

The Standard’s risk-adjusted capital has shown incremental increases over the past two years based on favorable operating results. Dividends to the parent have been lower than historical levels, which has contributed to the capital appreciation. Approximately one-third of The Standard’s invested assets are held in commercial mortgage loans with a concentration of loans on the West Coast. The portfolio is currently performing well as The Standard is the direct underwriter of the loans and has strong underwriting capabilities based on its long history as a loan originator. However, commercial mortgage loan performance overall is under pressure due to the economic impact of the COVID-19 pandemic, especially in retail and hospitality

StanCorp Financial Group, Inc. and primary operating subsidiary Standard Insurance Company have appointed Patrick Criteser and James Lobdell to their boards of directors.

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Patrick Criteser, board member of StanCorp Financial Group, Inc. and Standard Insurance Company (Photo: Business Wire)

Criteser is president and chief executive officer of the Tillamook County Creamery Association, a national dairy co-operative headquartered in Oregon owned by nearly 80 farming families. Prior to that, he was president and chief executive officer of Coffee Bean International. Criteser currently serves on the boards of the Oregon Business Council, the Oregon Community Foundation and Hampton Lumber. His appointment was effective June 30, 2020.

Lobdell is senior vice president of finance, chief financial officer and treasurer of Portland General Electric, Oregon’s largest electric utility. Since joining PGE in 1984, Lobdell has held a number of key positions within the company and its affiliates. He serves on the boards of the Oregon and SW Washington Chapter of the ALS Association and the PGE Foundation. His appointment was effective June 30, 2020.

“Patrick and Jim bring decades of business, financial and operational experience to the board. I’m confident that their demonstrated executive leadership skills and expertise will make them valuable contributors to the StanCorp and Standard Insurance Company boards of directors,” said Greg Ness, chairman, president and chief executive officer.

About StanCorp Financial Group, Inc., and The Standard

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 Investment Advisers, StanCorp Real Estate and StanCorp Equities — 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

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