Standard Insurance Company
| Company type | Subsidiary |
|---|---|
| Industry | Insurance, Financial services |
| Predecessor | Oregon Life Insurance Company |
| Founded | 1906 |
| Founder | Leo Samuel |
| Headquarters | Portland, Oregon , United States |
Area served | United States (49 states plus Washington, DC) |
| Products | Group and individual disability coverage, group life insurance, accidental death and dismemberment (AD&D), dental plans, retirement solutions, individual annuities |
| Owner | Meiji Yasuda Life (parent company since 2016) |
Number of employees | 3400 (2009) |
| Parent | StanCorp Financial Group (subsidiary of Meiji Yasuda Life) |
Standard Insurance Company, commonly referred to as The Standard, is an American insurance and financial services provider functioning as a subsidiary of StanCorp Financial Group and headquartered in Portland, Oregon. In early 2016, the acquisition of StanCorp Financial by Japanese mutual insurer Meiji Yasuda was finalized following a $5 billion offer made in July 2015.
Serving approximately 8.5 million clients as of mid-2008 through a network of over 30,000 employers, The Standard offers a range of products including group and individual disability coverage, group life insurance, accidental death and dismemberment (AD&D), dental plans, retirement solutions, and individual annuities. Licensed across 49 states plus Washington, DC, it operates under the name Standard Life Insurance Company of New York within New York State. Since 1928, the company has consistently received an “A” or higher rating from A.M. Best. By March 2009, its assets were valued at $14.56 billion, supported by a workforce of about 3,400 employees. Revenue for the year 2005 was reported at $2.15 billion.
The company originated in 1906 when German immigrant Leo Samuel founded it as Oregon Life Insurance Company; it adopted the name Standard Insurance Company in 1946. To commemorate its 100th anniversary in 2006, The Standard launched The Standard Charitable Foundation aimed at assisting individuals and families experiencing significant loss or disability.
In 2016, the company resolved a class action lawsuit involving denied life insurance claims from New Mexico public employees by agreeing to distribute $2.4 million among more than 74,000 impacted policyholders.
The Standard’s corporate offices are located within the Standard Insurance Center and Standard Plaza buildings in Portland, both properties owned by the company.