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Scottish Re Group Limited Posts to its Web Site Consolidated Financial Statements for the Year Ended December 31, 2010

^{Published on 2011-04-15 15:10:24 - Market Wire}
 

HAMILTON, Bermuda--([ BUSINESS WIRE ])--Scottish Re Group Limited ("Scottish Re" or the "Company") (Pink Sheets: SKRRF) announced today that it has posted to its web site its consolidated financial statements for the year ended December 31, 2010. For the year ended December 31, 2010, Scottish Re reported net income attributable to ordinary shareholders of $239.1 million, or $1.09 per diluted ordinary share, as compared to net income attributable to ordinary shareholders of $2,305.3 million, or $10.56 per diluted ordinary share, in the prior year.

The net income attributable to ordinary shareholders for the year ended December 31, 2010 was driven primarily by $242.2 million of net realized and unrealized gains on the Companya™s invested assets.

The $2,305.3 million of net income attributable to ordinary shareholders in 2009 was primarily driven by (i) a $1,150.1 million gain on the de-consolidation of a collateral finance facility; (ii) a pre-tax gain of $703.6 million from the sale of a block of life reinsurance business, offset by a $49.8 million income tax expense; (iii) $243.0 million of net realized and unrealized gains on the Companya™s invested assets; (iv) a gain of $253.8 million from the consolidation of a funding agreement resulting from the Companya™s 2009 acquisitions of certain of the related pass-through certificates, offset by a loss of $22.1 million resulting from the revaluation of such pass-through certificates held by third parties at December 31, 2009; and (v) a $53.5 million gain on extinguishment of debt.

The Companya™s consolidated financial statements for the year ended December 31, 2010, are available on the Companya™s web site at [ www.scottishre.com ].

About Scottish Re

Scottish Re Group Limited is a global life reinsurance specialist with operating businesses in Bermuda, Ireland, and the United States. Its 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 ].