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 month period
ended June 30, 2009. For the three month period ended June 30, 2009,
Scottish Re reported net income attributable to ordinary shareholders of
$176.9 million, or $0.81 per diluted ordinary share, as compared to a
net loss attributable to ordinary shareholders of $466.0 million, or
($6.81) per diluted ordinary share, for the prior year period. The net
income attributable to ordinary shareholders for the three month period
ended June 30, 2009 was driven by net realized and unrealized gains of
$133.1 million resulting from an overall market recovery of fixed
maturity investments and an additional $59.8 million gain associated
with the sale, in the first quarter of 2009, to Hannover
Ruckversicherung AG (“Hannover Re”) of a block of individual life
reinsurance business acquired by the Company from ING.
The gain on sale of the individual life reinsurance business to Hannover
Re was subject to certain contingencies which resulted in the
recognition of a $702.2 million gain for the six month period ended June
30, 2009, of which $642.4 million and $59.8 million were recognized in
the first and second quarters of 2009 respectively. An additional $1.4
million gain may be recognized in the second half of 2009 if additional
contingencies are satisfied.
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., and Scottish Re (U.S.), Inc.
Additional information about Scottish Re Group Limited can be obtained
from its Web site, www.scottishre.com.
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