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Scottish Re’s Posts Increase In Q2 Revenue, Profit

Reported a net income of $176.9m as compared to a net loss of $466m in the second quarter of 2008

Scottish Re Group has posted consolidated unaudited financials for the three month period ended June 30, 2009. The company reported revenue of $317.8m for the second quarter, as compared to $214.2m for the corresponding quarter of 2008.

The company posted a net income of $176.9m, or $0.81 per diluted ordinary share, for the second quarter of 2009, as compared to a net loss of $466m, or $6.81 per diluted ordinary share, for the same period of previous year.

According to the company, net income was driven by net realised and unrealised gains of $133.1m, resulting from an overall market recovery of fixed maturity investments. It is also due to an additional $59.8m gain associated with the sale of a block of individual life reinsurance business acquired by the company from ING, to Hannover Ruckversicherung.