Scottish Re Group Profits Decline Sharply
Bermuda-based re/insurer Scottish Re Group Limited announced yesterday [May 19] that it has posted to its web site its consolidated financial statements for the three month period ended March 31, 2011.
For the three month period ended March 31, 2011, Scottish Re reported net income attributable to ordinary shareholders of $22.4 million, or $0.10 per diluted ordinary share, as compared to net income attributable to ordinary shareholders of $99.5 million, or $0.46 per diluted ordinary share, for the three month period ended March 31, 2010.
The $22.4 million of net income attributable to ordinary shareholders for the three month period ended March 31, 2011 was primarily driven by $25.7 million of net realised and unrealised gains associated with the company’s invested assets.
The $99.5 million of net income attributable to ordinary shareholders for the three month period ended March 31, 2010 was primarily driven by $83.0 million of net realised and unrealised gains associated with the company’s invested assets and a $36.4 million income tax benefit which principally resulted from a reconsideration of an uncertain tax provision.
Scottish Re Group Limited is a global life reinsurance specialist with operating businesses in Bermuda, Ireland, and the United States.
