Press Release Source: Scottish Re Group Limited On Monday June 7, 2010, 7:23 pm EDT
HAMILTON, Bermuda--(BUSINESS WIRE)--Scottish Re Group Limited (Pink Sheets:SKRRF - News) ("Scottish Re" or the "Company"), announced today that it has posted to its website the Company’s consolidated unaudited financial statements for the three month period ended March 31, 2010. For the three month period ended March 31, 2010, Scottish Re reported net income attributable to ordinary shareholders of $99.5 million, or $0.46 per diluted ordinary share, as compared to net income attributable to ordinary shareholders of $1,661.6 million, or $7.61 per diluted ordinary share, for the prior year period.
The net income attributable to ordinary shareholders for the three month period ended March, 31, 2010 was primarily driven by $83 million of net realized and unrealized gains in the Company’s invested assets and a $36 million income tax benefit resulting principally from the Company’s release of a liability following the reconsideration of an uncertain tax position.
The net income attributable to ordinary shareholders for the three month period ended March 31, 2009 was primarily driven by a $642 million gain associated with the sale to Hannover Ruckversicherung AG of a block of individual life reinsurance business and a $1,150 million gain generated by the de-consolidation of Ballantyne Re plc from the Company’s consolidated financial statements.
To view the financial statement documents go to Scottish Re's website at www.scottishre.com.
About Scottish Re
Scottish Re Group Limited is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Ireland and the United States. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (Dublin) Limited and Scottish Re (U.S.), Inc. Additional information about Scottish Re Group Limited can be obtained from its website, www.scottishre.com.
