Silent Winter's post in Minor Ring of Protection broken in 1.0.6.0591 -steam? was marked as the answer
^Does he already have an item increasing those stats? (e.g. minor cloak of protection)
Multiple items with the same increases don't stack - Check the character record sheet and see if the info is greyed out there and 'suppressed' written in brackets.
Might explain why it ups 2 of the 3 stats on your PC (maybe they've already got a ring of reflex or something)