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Scottish Re Posts to its Web Site Second Quarter 2010 Financial Statements

^{Published on 2010-08-20 16:26:09 - Market Wire}
 

HAMILTON, Bermuda--([ BUSINESS WIRE ])--Scottish Re Group Limited (Pink Sheets:SKRRF), "Scottish Re" or the "Company", announced today that it has posted to its web site its consolidated unaudited financial statements for the three and six month periods ended June 30, 2010. For the three month period ended June 30, 2010, Scottish Re reported net income attributable to ordinary shareholders of $78.0 million, or $0.36 per diluted ordinary share, as compared to a net income attributable to ordinary shareholders of $176.9 million, or $0.81 per diluted ordinary share, for the prior year period.

The net income attributable to ordinary shareholders for the three month period ended June 30, 2010 was driven by $83.4 million of net realized and unrealized gains in the Companya™s invested assets.

For the three month period ended June 30, 2009, the net income attributable to ordinary shareholders was driven by $133.1 million of net realized and unrealized gains in the Companya™s invested assets and the recognition of an additional $59.8 million gain following the satisfaction of certain contingencies related to the first quarter 2009 sale to Hannover Ruckversicherung AG of a block of individual life reinsurance business.

To view the financial statement documents go to Scottish Re's Web site 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 Web site, [ www.scottishre.com ].