Scottish Re Group Limited Announces Operating Results for the Second Quarter Ended June 30, 2007



    HAMILTON, BERMUDA, August 14 /CNW/ - After a five day extension resulting
from last week's Form 12b-25 filing, Scottish Re Group Limited (NYSE:  SCT)
today reported that net income available to ordinary shareholders for the
three months ended June 30, 2007 was $99.5 million, or $0.63 per diluted
ordinary share, as compared to a net loss available to ordinary shareholders
of $123.9 million, or $2.31 per diluted ordinary share, for the prior year
period. Net income available to ordinary shareholders for the six months ended
June 30, 2007 was $64.7 million, or $0.58 per diluted ordinary share, as
compared to a net loss available to ordinary shareholders of $112.3 million,
or $2.10 per diluted ordinary share for the prior year period.

    Net operating earnings available to ordinary shareholders for the three
months ended June 30, 2007 was $98.2 million, or $0.62 per diluted ordinary
share, as compared to a net operating loss of $130.3 million, or $2.43 per
diluted ordinary share, for the prior year period. Net operating earnings
available to ordinary shareholders for the six months ended June 30, 2007 was
$62.3 million, or $0.56 per diluted ordinary share, as compared to a net
operating loss of $116.0 million, or $2.17 per diluted ordinary share, for the
prior year period.

    Included in net income available to ordinary shareholders and net
operating earnings for the three months ended June 30, 2007 is a significant
one-time tax benefit. This benefit resulted from the interaction between the
release of a previously recorded valuation allowance following the
redomestication of Orkney Re, Inc. and Section 382 of the Internal Revenue
Code restrictions on the future deduction of net operating losses incurred
prior to the change-in-control.

    Excluding the one-time tax benefit, we reported a pre-tax operating loss
of $52.9 million for the three months ended June 30, 2007 as compared to a
pre-tax operating loss of $28.5 million for the prior year period. The pre-tax
operating loss increased over the prior year period primarily due to expenses
incurred in the current quarter related to the change-in-control. As in the
first quarter of 2007, we continue to report pre-tax operating losses due to
the impact our underlying GAAP valuation models have on profit emergence in
our North America traditional life reinsurance business, the impact of our
current financial strength ratings on the level of new business production and
collateral financing costs, and the costs of penetrating certain international
markets.

    Despite the second quarter pre-tax operating loss, we made significant
progress on several fronts. New business production of $5.8 billion in our
North America segment was higher than planned and, despite our financial
strength ratings, we won a number of new treaties and incurred no treaty
recaptures. Mortality experience in our North America segment was favorable to
plan for the second consecutive quarter. We also exited our Middle Eastern
business through a retrocession arrangement with Arab Insurance Group because
that business did not meet our strategic objectives. Additionally, we
initiated the first phase of our restructuring program. We incurred $20.3
million of restructuring expenses during the current quarter and expect to
incur an additional $6.0 million of restructuring expenses in the second half
of 2007.

    Paul Goldean, Chief Executive Officer of Scottish Re Group Limited,
commented, "Following the completion of the equity investment transaction with
affiliates of MassMutual Capital Partners and Cerberus Capital Management on
May 7, 2007, we have taken the first steps towards re-establishing our
position as a leading global life reinsurance company. We initiated a series
of process improvement initiatives across the Company focused on strengthening
our financial, risk management and operational controls."

    "Our new Board of Directors was elected and met earlier this month.
During this meeting, I resigned from the Board of Directors and George Zippel,
our incoming Chief Executive Officer effective tomorrow, was elected to the
Board. As planned, a number of key executives have left the organization. We
are actively recruiting their replacements and expect to make further
organizational changes in the coming quarter."

    Mr. Goldean concluded, "We have also undertaken a detailed review of our
non-prime investment exposure which includes $2.1 billion of subprime
residential Asset Backed Securities and an additional $1.0 billion of Alt-A
Residential Mortgage Backed Securities. We are working actively with our third
party investment managers to further evaluate and proactively manage our
subprime and Alt-A exposures. Additional disclosure of our subprime and Alt-A
exposures have been made available in our Form 10-Q for the three months ended
June 30, 2007."

    Other Financial Highlights

    Total revenues for the three months ended June 30, 2007 increased 3% to
$612.7 million from $593.6 million for the prior year period. Excluding
realized gains and losses and the change in value of embedded derivatives,
total revenues for the three months ended June 30, 2007 increased 2% to $611.4
million from $597.6 million for the prior year period. Total revenues for the
six months ended June 30, 2007 increased 4% to $1,218.4 million from $1,171.9
million for the prior year period. Excluding realized gains and losses and the
change in value of embedded derivatives, total revenues for the six months
ended June 30, 2007 increased 3% to $1,215.9 million from $1,179.3 million for
the prior year period.

    Total benefits and expenses increased 6% to $664.3 million for the three
months ended June 30, 2007 from $626.0 million for the prior year period.
Total benefits and expenses increased 8% to $1,290.1 million for the six
months ended June 30, 2007 from $1,197.8 million for the prior year period.

    Operating expenses increased 52% to $59.8 million for the three months
ended June 30, 2007 from $39.4 million for the prior year period. Operating
expenses increased 34% to $94.4 million for the six months ended June 30, 2007
from $70.5 million for the prior year period. The Company's operating expense
ratio (the ratio of operating expenses to total revenues excluding realized
gains and losses and the change in value of embedded derivatives) for the six
months ended June 30, 2007 was 8%, as compared to an operating expense ratio
of 6% for the prior year period.

    Income tax benefit for the three months ended June 30, 2007 was $154.3
million compared to income tax expense of $89.0 million for the prior year
period. Income tax benefit for the six months ended June 30, 2007 was $140.9
million compared to income tax expense of $81.6 million for the prior year
period. In the second quarter of 2007, our valuation allowance decreased by
approximately $203.6 million to $74.0 million. A majority of the valuation
release is attributable to the expected utilization of net operating loss
carryforwards at the U.S. Consolidated Tax Life Group to offset significant
current year taxable income generated from the redomestication of Orkney Re,
Inc. from South Carolina to Delaware, which occurred in May 2007. The net
operating loss carryforwards were previously written off via a valuation
allowance, thus the utilization of these results in an offsetting valuation
allowance release.

    We look forward to sharing additional information at our scheduled
earnings call and additionally, have posted to our Website, www.scottishre.com
a Financial Data Supplement to add further clarification to our financial
results for the quarter.

    The Company's earnings conference call will be held at 8:30 am (EDT) on
Wednesday, August 15, 2007. The dial-in number is 800-657-1263 (U.S.) or
973-633-8200 (International) and the passcode is 8947744. The conference call
will also be broadcast live via audio Webcast, which will be available on the
home page of the Company's Website at www.scottishre.com. Following the
earnings conference call, a replay of the call will be available for two weeks
beginning at 11:00 am (EDT) on Wednesday, August 15 2007, and ending at 12:00
am (EDT) on Wednesday, August 29, 2007. The dial-in number for the call replay
is 877-519-4471 (U.S.) or 973-341-3080 (International) and the passcode is
8947744. An audio Webcast of the call will be archived and available for the
same period on the Company's Website at www.scottishre.com.

    About Scottish Re

    Scottish Re Group Limited is a global life reinsurance specialist.
Scottish Re has operating businesses in Bermuda, Grand Cayman, Guernsey,
Ireland, Singapore, the United Kingdom and the United States. Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance Company
(Cayman) Ltd., Scottish Re (U.S.), Inc. and Scottish Re Limited. Additional
information about Scottish Re Group Limited can be obtained from its Website
at www.scottishre.com.

    Certain statements included herein are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual results to differ materially from
the forward-looking statements. Management of the Company cautions that these
forward-looking statements are not guarantees of our future performance and
are subject to risks and uncertainties that could cause actual results to
differ materially from the results expressed or implied by the forward-looking
statements.

    --  uncertainties relating to the ratings accorded to us and our
insurance subsidiaries;

    --  uncertainties in our ability to raise equity capital or other sources
of funding to support ongoing capital and liquidity needs;

    --  uncertainties relating to future actions that may be taken by
creditors, regulators and ceding insurers relating to our ratings and
financial condition;

    --  the risk that our risk analysis and underwriting may be inadequate;

    --  changes in expectations regarding future realization of gross
deferred tax assets;

    --  exposure to mortality experience which differs from our assumptions;

    --  risks related to recent negative developments in the residential
mortgage market, especially in the subprime sector, and our exposure to such
market;

    --  risks arising from our investment strategy, including risks related
to the market value of our investments, fluctuations in interest rates and our
need for liquidity;

    --  uncertainties arising from control of our invested assets by third
parties;

    --  developments in global financial markets that could affect our
investment portfolio and fee and other income;

    --  changes in the rate of policyholder withdrawals or recapture of
reinsurance treaties whether caused by ratings pressures or general market
conditions;

    --  the impact of adjustments to previous financial estimates arising
from our process improvement program under which, among other things, enhance
the automation of our reporting, valuation, and administrative tools (cedant
and retrocession accounting);

    --  the risk that our retrocessionaires may not honor their obligations
to us;

    --  terrorist attacks on the United States and the impact of such attacks
on the economy in general and on our business in particular;

    --  political and economic risks in developing countries;

    --  the impact of acquisitions, including our ability to successfully
integrate acquired businesses, the competing demands for our capital and the
risk of undisclosed liabilities;

    --  the risk that an ownership change will result in a limitation on our
ability to fully utilize tax net operating losses;

    --  loss of the services of any of our key employees;

    --  losses due to foreign currency exchange rate fluctuations;

    --  uncertainties relating to government and regulatory policies (such as
subjecting us to insurance regulation or taxation in additional
jurisdictions);

    --  risks relating to recent class action litigations;

    --  the competitive environment in which we operate and associated
pricing pressures; and

    --  changes in accounting principles.

    Investors are also directed to consider the risks and uncertainties
discussed in documents filed by the Company with the Securities and Exchange
Commission.

    
                          Scottish Re Group Limited
                             Financial Highlights
      (Stated in Thousands of United States Dollars, Except Share Data)
                                 (Unaudited)

                          Three months ended         Six months ended
                                June 30                   June 30
                           2007         2006         2007         2006
                       ------------ ------------ ------------ ------------
    Total revenue      $    612,653 $   593,626  $  1,218,397 $ 1,171,947
    Net operating
     earnings (loss)
     available to
     ordinary
     shareholders(a)         98,232    (130,313)       62,318    (116,024)
    Net income (loss)       102,690    (121,590)       69,478    (107,741)
    Net income (loss)
     available to
     ordinary
     shareholders            99,543    (123,927)       64,650    (112,344)
    Net operating
     earnings (loss)
     per ordinary
     share
      Basic            $       1.44 $     (2.43) $       0.94 $     (2.17)
      Diluted          $       0.62 $     (2.43) $       0.56 $     (2.17)
    Income (loss) per
     ordinary share
      Basic            $       1.46 $     (2.31) $       0.98 $     (2.10)
      Diluted          $       0.63 $     (2.31) $       0.58 $     (2.10)
    Dividends declared
     per ordinary
     share             $          - $         -  $          - $      0.05
    Weighted average
     ordinary shares
     outstanding
      Basic              68,195,614  53,720,242    66,204,855  53,578,152
      Diluted           158,854,955  53,720,242   111,784,966  53,578,152

    (a) Excludes the effects of net realized capital gains and losses and
     the change in value of embedded derivatives, as adjusted for the
     related effects upon the amortization of deferred acquisition costs,
     and taxes related to these items as well as dividends on the
     perpetual preferred shares and imputed dividend on prepaid variable
     share forward contract.
    

    
                                                   June 30,   December 31,
                                                      2007        2006
                                                   ---------- ------------
    Book value per ordinary share                   $   15.21  $     15.39
    Basic book value per ordinary share -
     excluding other comprehensive income and
     value of embedded derivatives                  $   16.36  $     15.50
    Fully diluted book value per ordinary share -
     excluding other comprehensive income and
     value of embedded derivatives                  $    7.83  $     15.78
    

    
                          Scottish Re Group Limited
                         Consolidated Balance Sheets
      (Stated in Thousands of United States Dollars, Except Share Data)

                                                   June 30,   December 31,
                                                     2007         2006
                                                 (Unaudited)   (Audited)
                                                 ------------ ------------
    Assets
    Fixed maturity investments                   $ 7,977,603  $ 8,065,524
    Preferred stock                                  104,771      116,933
    Cash and cash equivalents                      1,110,585      622,756
    Other investments                                 65,685       65,448
    Funds withheld at interest                     1,747,573    1,942,079
                                                 ------------ ------------
    Total investments                             11,006,217   10,812,740
    Accrued interest receivable                       58,749       57,538
    Reinsurance balances and risk fees receivable    472,594      481,908
    Deferred acquisition costs                       627,114      618,737
    Amounts recoverable from reinsurers              552,822      554,589
    Present value of in-force business                47,282       48,779
    Other assets                                     124,770      178,311
    Deferred tax asset                                 7,283            -
    Segregated assets                                725,716      683,470
                                                 ------------ ------------
     Total assets                                $13,622,547  $13,436,072
                                                 ------------ ------------
    Liabilities
    Reserves for future policy benefits          $ 4,018,420  $ 3,919,901
    Interest sensitive contract liabilities        2,905,150    3,399,410
    Collateral finance facilities                  3,800,603    3,757,435
    Accounts payable and other liabilities           160,612       69,949
    Reinsurance balances payable                     147,830       97,615
    Current income tax payable                         6,476           48
    Deferred tax liability                                 -      169,977
    Long term debt                                   129,500      129,500
    Segregated liabilities                           725,716      683,470
                                                 ------------ ------------
     Total liabilities                            11,894,307   12,227,305
                                                 ------------ ------------
    Minority interest                                  7,388        7,910
    Mezzanine equity
    Convertible cumulative participating
     preferred shares (liquidation preference
     $606.5 million)                                 556,049            -
    Hybrid capital units                                   -      143,656
                                                 ------------ ------------
     Total mezzanine equity                          556,049      143,656
                                                 ------------ ------------
    Shareholders' equity
    Ordinary shares, par value $0.01 per share:
     Issued and outstanding 68,383,370 shares
     (2006 - 60,554,104)                                 684          606
    Non-cumulative perpetual preferred shares,
     par value $0.01 per share: Issued: 5,000,000
     shares (2006 - 5,000,000)                       125,000      125,000
    Additional paid-in capital                     1,204,629    1,050,860
    Accumulated other comprehensive income (loss)    (78,272)         340
    Retained deficit                                 (87,238)    (119,614)
                                                 ------------ ------------
     Total shareholders' equity                    1,164,803    1,057,192
                                                 ------------ ------------
     Total liabilities, minority interest,
      mezzanine equity and shareholders' equity  $13,622,547  $13,436,072
                                                 ------------ ------------
    

    
                          Scottish Re Group Limited
                   Consolidated Statements of Income (Loss)
                (Stated in Thousands of United States Dollars)
                                 (Unaudited)

                               Three months ended     Six months ended
                                    June 30                June 30
                                2007       2006       2007        2006
                              --------- ---------- ----------- -----------
    Revenues
    Premiums earned, net      $446,296  $ 444,942  $  904,510  $  893,963
    Investment income, net     160,879    147,977     302,476     276,999
    Fee and other income         4,234      4,639       8,864       8,372
    Net realized losses         (2,055)   (11,298)     (6,344)    (24,899)
    Change in value of
     embedded derivatives,
     net                         3,299      7,366       8,891      17,512
                              --------- ---------- ----------- -----------
     Total revenues            612,653    593,626   1,218,397   1,171,947
                              --------- ---------- ----------- -----------
    Benefits and expenses
    Claims and other policy
     benefits                  388,248    372,101     771,831     746,564
    Interest credited to
     interest sensitive
     contract liabilities       36,420     55,399      71,722      98,100
    Acquisition costs and
     other insurance
     expenses, net              96,501    104,872     191,608     192,403
    Operating expenses          59,802     39,365      94,382      70,457
    Collateral finance
     facilities expense         75,285     47,236     148,980      78,323
    Interest expense             8,034      7,066      11,610      11,959
                              --------- ---------- ----------- -----------
     Total benefits and
      expenses                 664,290    626,039   1,290,133   1,197,806
                              --------- ---------- ----------- -----------
    Loss before income taxes
     and minority interest     (51,637)   (32,413)    (71,736)    (25,859)
    Income tax benefit
     (expense)                 154,321    (89,043)    140,940     (81,586)
                              --------- ---------- ----------- -----------
    Income (loss) before
     minority interest         102,684   (121,456)     69,204    (107,445)
    Minority interest                6       (134)        274        (296)
                              --------- ---------- ----------- -----------
    Net income (loss)          102,690   (121,590)     69,478    (107,741)
    Dividends declared on
     non-cumulative perpetual
     preferred shares           (2,265)    (2,265)     (4,531)     (4,531)
    Imputed dividend on
     prepaid variable share
     forward contract                -        (72)          -         (72)
    Amount allocated to
     convertible cumulative
     participating preferred
     shareholders                 (882)         -        (297)          -
                              --------- ---------- ----------- -----------
    Net income (loss)
     available to ordinary
     shareholders             $ 99,543  $(123,927) $   64,650  $ (112,344)
                              --------- ---------- ----------- -----------

    Pre tax operating loss
    Pre-tax loss              $(51,637) $ (32,413) $  (71,736) $  (25,859)
    Net realized losses          2,055     11,298       6,344      24,899
    Change in value of
     embedded derivatives,
     net                        (3,299)    (7,366)     (8,891)    (17,512)
                              --------- ---------- ----------- -----------
    Pre-tax operating loss    $(52,881) $ (28,481) $  (74,283) $  (18,472)
                              --------- ---------- ----------- -----------
    

    
                          Scottish Re Group Limited
           Supplemental Information - Net Operating Earnings (Loss)
      (Stated in Thousands of United States Dollars, Except Share Data)
                                 (Unaudited)

    "Net operating earnings (loss) available to ordinary shareholders" is
     a non-GAAP measurement. The Company determines net operating earnings
     (loss) available to ordinary shareholders by adjusting net earnings
     (loss) available to ordinary shareholders by net realized capital
     gains and losses and the change in value of embedded derivatives, as
     adjusted for the related effects upon the amortization of deferred
     acquisition costs and taxes. While these items may be significant
     components in understanding and assessing the Company's earnings
     (loss) available to ordinary shareholders enhances the understanding
     of its results of operations by highlighting earnings attributable to
     the normal, recurring operation of its reinsurance business. However,
     net operating earnings (loss) available to ordinary shareholders is
     not a substitute for net loss determined in accordance with GAAP.
     Reconciliations to net earnings (loss) available to ordinary
     shareholders are provided in the following tables.

                         Three months ended          Six months ended
                              June 30                    June 30
                         2007          2006         2007          2006
                     ------------- ------------ ------------- ------------
    Net operating
     earnings (loss)
     available to
     ordinary
     shareholders
    Net income
     (loss)
     available to
     ordinary shares $     99,543  $  (123,927) $     64,650  $  (112,344)
    Net realized
     losses                 2,055       11,298         6,344       24,899
    Change in value
     of embedded
     derivatives,
     net                   (3,299)      (7,366)       (8,891)     (17,512)
    Taxes on
     realized losses
     and change in
     value of
     embedded
     derivatives              (67)     (10,318)          215      (11,067)
                     ------------- ------------ ------------- ------------
    Net operating
     earnings (loss)
     available to
     ordinary
     shareholders    $     98,232  $  (130,313) $     62,318  $  (116,024)
                     ------------- ------------ ------------- ------------
    Net operating
     earnings (loss)
     per share
     available to
     ordinary
     shareholders
      Basic          $       1.44  $     (2.43) $       0.94  $     (2.17)
      Diluted        $       0.62  $     (2.43) $       0.56  $     (2.17)
    Weighted average
     number of
     ordinary shares
     outstanding
      Basic            68,195,614   53,720,242    66,204,855   53,578,152
      Diluted         158,854,955   53,720,242   111,784,966   53,578,152
    

    
                          Scottish Re Group Limited
             Supplemental Information - Segment Operating Results
                (Stated in Thousands of United States Dollars)
                                 (Unaudited)

                        Life Reinsurance North America


                               Three months ended     Six months ended
                                     June 30               June 30
                                 2007      2006       2007        2006
                               --------- --------- ----------- -----------
    Revenues
    Premiums earned, net       $430,282  $407,549  $  853,653  $  836,467
    Investment income, net      153,449   136,763     291,368     260,704
    Fee and other income          2,711     3,879       6,627       6,896
    Net realized losses          (2,593)   (5,479)     (4,998)    (19,398)
    Change in value of
     embedded derivatives, net    3,299     7,366       8,891      17,512
                               --------- --------- ----------- -----------
     Total revenues             587,148   550,078   1,155,541   1,102,181
                               --------- --------- ----------- -----------
    Benefits and expenses
    Claims and other policy
     benefits                   375,634   338,626     733,568     685,906
    Interest credited to
     interest sensitive
     contract liabilities        36,420    55,399      71,722      98,100
    Acquisition costs and
     other insurance expenses,
     net                         89,657    97,280     176,880     181,688
    Operating expenses           13,161    14,538      25,419      29,130
    Collateral finance
     facilities expense          69,085    45,891     137,941      76,434
    Interest expense              3,233     3,038       6,288       5,600
                               --------- --------- ----------- -----------
     Total benefits and
      expenses                  587,190   554,772   1,151,818   1,076,858
                               --------- --------- ----------- -----------
    Income (loss) before
     income taxes and minority
     interest                  $    (42) $ (4,694) $    3,723  $   25,323
                               --------- --------- ----------- -----------
    Pre tax operating earnings
     (loss)
    Pre-tax income (loss)      $    (42) $ (4,694) $    3,723  $   25,323
    Net realized losses           2,593     5,479       4,998      19,398
    Change in value of
     embedded derivatives, net   (3,299)   (7,366)     (8,891)    (17,512)
                               --------- --------- ----------- -----------
    Pre-tax operating earnings
     (loss)                    $   (748) $ (6,581) $     (170) $   27,209
                               --------- --------- ----------- -----------
    

    
                          Scottish Re Group Limited
       Supplemental Information - Segment Operating Results (continued)
                (Stated in Thousands of United States Dollars)
                                 (Unaudited)

                        Life Reinsurance International

                                   Three months ended   Six months ended
                                         June 30             June 30
                                     2007      2006      2007      2006
                                   --------- --------- --------- ---------
    Revenues
    Premiums earned, net           $ 16,014  $ 37,393  $ 50,857  $ 57,496
    Investment income, net            3,037     8,971     6,080    11,960
    Fee and other income                753         -       753         -
    Net realized losses                 (10)   (6,908)     (635)   (8,046)
                                   --------- --------- --------- ---------
     Total revenues                  19,794    39,456    57,055    61,410
                                   --------- --------- --------- ---------
    Benefits and expenses
    Claims and other policy
     benefits                        12,614    33,475    38,263    60,658
    Acquisition costs and other
     insurance expenses, net          5,237     6,185    11,158     9,002
    Operating expenses               11,455     7,874    21,267    13,651
                                   --------- --------- --------- ---------
     Total benefits and expenses     29,306    47,534    70,688    83,311
                                   --------- --------- --------- ---------
    Loss before income taxes       $ (9,512) $ (8,078) $(13,633) $(21,901)
                                   --------- --------- --------- ---------
    Pre-tax operating loss
    Pre-tax loss                   $ (9,512) $ (8,078) $(13,633) $(21,901)
    Net realized losses                  10     6,908       635     8,046
                                   --------- --------- --------- ---------
    Pre-tax operating loss         $ (9,502) $ (1,170) $(12,998) $(13,855)
                                   --------- --------- --------- ---------
    

    
                          Scottish Re Group Limited
       Supplemental Information - Segment Operating Results (continued)
                (Stated in Thousands of United States Dollars)
                                 (Unaudited)

                              Corporate & Other

                                   Three months ended   Six months ended
                                         June 30             June 30
                                     2007      2006      2007      2006
                                   --------- --------- --------- ---------
    Revenues
    Investment income, net         $  4,393  $  2,243  $  5,028  $  4,335
    Fee and other income                770       760     1,484     1,476
    Net realized gains (losses)         548     1,089      (711)    2,545
                                   --------- --------- --------- ---------
      Total revenues                  5,711     4,092     5,801     8,356
                                   --------- --------- --------- ---------
    Benefits and expenses
    Acquisition costs and other
     insurance expenses, net          1,607     1,407     3,570     1,713
    Operating expenses               35,186    16,953    47,696    27,676
    Collateral finance facilities
     expense                          6,200     1,345    11,039     1,889
    Interest expense                  4,801     4,028     5,322     6,359
                                   --------- --------- --------- ---------
     Total benefits and expenses     47,794    23,733    67,627    37,637
                                   --------- --------- --------- ---------
    Loss before income taxes       $(42,083) $(19,641) $(61,826) $(29,281)
                                   --------- --------- --------- ---------
    Pre-tax operating loss
    Pre-tax loss                   $(42,083) $(19,641) $(61,826) $(29,281)
    Net realized loses (gains)         (548)   (1,089)      711    (2,545)
                                   --------- --------- --------- ---------
    Pre-tax operating loss         $(42,631) $(20,730) $(61,115) $(31,826)
                                   --------- --------- --------- ---------
    




For further information:

For further information: Scottish Re Group Limited Investor Relations:
Paul Goldean, 441-298-4378 Investors@scottishre.com or Scottish Re Media:
Rayissa Palmer, 704-752-3422 Info@scottishre.com

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SCOTTISH RE GROUP LIMITED

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