Scottish Re Group Limited Announces Operating Results for the Fourth Quarter and Year Ended December 31, 2006
HAMILTON, Bermuda, Feb. 20 /PRNewswire-FirstCall/ -- Scottish Re Group Limited (NYSE: SCT) today reported that the net loss available to ordinary shareholders for the three months ended December 31, 2006 was $233.8 million, or a loss of $3.86 per diluted ordinary share, as compared to net income available to ordinary shareholders of $58.5 million, or $1.18 per diluted ordinary share for the prior year period. The net loss available to ordinary shareholders for the year ended December 31, 2006 was $376.7 million, or a loss of $6.70 per diluted ordinary share, as compared to net income available to ordinary shareholders of $125.4 million, or $2.64 per diluted ordinary share for the prior year.
The net operating loss available to ordinary shareholders for the three months ended December 31, 2006 was $228.4 million, or a loss of $3.77 per diluted ordinary share, as compared to net operating earnings of $50.8 million, or $1.03 per diluted ordinary share for the prior year period. The net operating loss available to ordinary shareholders for the year ended December 31, 2006 was $368.3 million, or a loss of $6.56 per diluted ordinary share, as compared to net operating earnings of $130.1 million, or $2.74 per diluted ordinary share for the prior year.
"We are disappointed with the results for the quarter, but are pleased with our ability to maintain our business throughout this very difficult period. Although the consequences of the rating downgrades have continued to impact our operating results, we are confident that the proposed transaction with MassMutual Capital and Cerberus (the "Investors") will significantly improve our financial situation and stabilize the Company as we move into the second quarter of 2007," said Paul Goldean, Chief Executive Officer of Scottish Re Group Limited.
Mr. Goldean further added, "We have been working closely with the Investors throughout our closing process for the fourth quarter ended December 31, 2006. Due to the operating results for the quarter, combined with the Investors' continued detailed review of our operations, the Investors requested additional protections in our agreement with them. Under the terms of an amendment to the Securities Purchase Agreement unanimously approved by our Board of Directors on February 19, 2007, we have agreed to provide an additional indemnity to the Investors, in an amount not to exceed $68.5 million, with respect to adverse mortality experience in our in-force ING Block (measured over a period of up to three years commencing January 1, 2007). As with the existing indemnification provisions in the Securities Purchase Agreement, we will settle any such indemnification obligation through the adjustment of the number of ordinary shares into which the convertible shares may be converted and all indemnification matters will be submitted to the independent members of our Board of Directors."
Mr. Goldean concluded by stating, "I can affirmatively state that MassMutual Capital and Cerberus remain committed to closing the transaction and the amendment noted above is not expected to have any impact on the timing of the closing."
In order to provide our shareholders an opportunity to consider the amendment, we will circulate a Supplement to our Proxy Statement containing information about the amendment on or about February 21, 2007 and we intend to adjourn to March 2, 2007 the Extraordinary General Meeting originally planned for February 23, 2007. The Extraordinary General Meeting will be held at the Fairmont Princess Hotel, 76 Pitts Bay Road, Pembroke HM 11, Hamilton Bermuda HM CX
at 11 a.m. local time. If you have already sent in a proxy relating to the Extraordinary General Meeting, you do not need to take any additional action if you do not want to change your vote, and your previously provided proxy will be voted at the meeting as you so indicated.
The net operating loss for the fourth quarter was primarily attributable to the following factors:
1.
5% higher than expected mortality in our North America Segment of approximately $11.0 million;
2.
Unfavorable lapse experience in our North America Segment of approximately $14.0 million;
3.
The reversal of an expected recovery from a specific client of approximately $15.0 million due to corrected data from the client;
4.
The write-off of goodwill and unrecoverable deferred acquisition costs of approximately $34.0 million and $12.0 million, respectively, related to our International Segment;
5.
Tax expense of $118.2 million principally related to a $91.0 million valuation allowance established on deferred tax assets. The valuation allowance resulted from a specific tax planning strategy no longer being available to the Company. The other components of the higher tax expense primarily related to valuation allowance movements on deferred tax assets based on actual results of legal entity statutory income and movements in statutory reserves for the period; and
6.
Higher operating expenses, including legal, directors' fees and the relocation of our offices from Windsor to London (approximately $14.0 million in total) plus higher collateral finance facility and interest costs as a result of our rating downgrades and liquidity situation (approximately $8.0 million).
Total revenues for the three months ended December 31, 2006 decreased to $668.2 million from $675.0 million for the prior year period, a decrease of 1.0%. Excluding realized gains and losses and the change in value of the embedded derivatives, total revenues for the three months ended December 31, 2006 increased to $675.5 million from $666.0 million for the prior year period, an increase of 1.4%. Total revenues for the year ended December 31, 2006 increased to $2,451.5 million from $2,297.3 million for the prior year, an increase of 6.7%. Excluding realized gains and losses and the change in value of the embedded derivatives, total revenues for the year ended December 31, 2006 increased to $2,473.1 million from $2,302.1 million for the prior year, an increase of 7.4%.
Total benefits and expenses increased to $783.0 million for the three months ended December 31, 2006 from $615.8 million for the prior year period, an increase of 27.2%. Total benefits and expenses increased to $2,599.0 million for the year ended December 31, 2006 from $2,183.7 million for the prior year, an increase of 19.0%.
The Company's operating expense ratio (which is the ratio of operating expenses to total revenue excluding realized gains and losses and the change in value of embedded derivatives) for the year ended December 31, 2006 was 6.2%, as compared to an operating expense ratio of 5.0% for the prior year.
For the three months ended December 31, 2006, the Company had a pre-tax loss of $114.8 million before minority interest as compared to a pre-tax profit of $59.2 million for the prior year period. Income tax expense for the three months ended December 31, 2006 was $118.2 million compared to an income tax benefit of $1.2 million in the same year period. For the year ended December 31, 2006, the Company had a pre-tax loss of $147.5 million before minority interest as
compared to a pre-tax profit of $113.6 million for the prior year. Income tax expense for the year ended December 31, 2006 was $220.6 million compared to an income tax benefit of $16.4 million in the prior year. The change in our effective tax rate in the fourth quarter ended December 31, 2006 compared to the prior year is primarily related to valuation allowance movements on deferred tax assets.
We look forward to sharing additional information at our scheduled earnings call and additionally, have posted to our Website,http://www.scottishre.com a Financial Data Supplement to add further clarification to our financial results for the quarter.
The Company's earnings listen-only conference call will be held at 8:30 am (EST) on Wednesday, February 21, 2007. The dial-in number is (888) 603-6873 (U.S.) or (973) 582-2706 (International) and the passcode is 8375492. The conference call will also be broadcast live via audio Webcast, which will be available on the home page of the Company's Website athttp://www.scottishre.com. Following the earnings conference call, a replay of the call will be available for two weeks beginning at 10:30 am (EST) on Wednesday, February 21, 2007, and ending on Tuesday, March 6, 2007. The dial-in number for the call replay is (877) 519-4471 (U.S.) or (973) 341-3080 (International) and the passcode is 8375492. An audio Webcast of the call will be archived and available for the same period on the Company's Website athttp://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,http://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. Important events that could cause the actual results of operations or financial condition of the Company to differ include, but are not necessarily limited to:
*
our ability to consummate the close of the MassMutual Capital and Cerberus transaction (including obtaining necessary regulatory approvals and shareholder approval) and realize the benefits of such transaction;
*
impact on our financial condition of the failure to complete the close of the MassMutual Capital and Cerberus transaction;
*
the validity of assumptions and methodologies used by management in analyzing potential run-off scenarios and in predicting our further capital and liquidity needs and the inability to predict with certainty any future scenarios;
*
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 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 income;
*
changes in the rate of policyholder withdrawals or recapture of reinsurance treaties;
*
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;
*
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) |
| Three months ended December 31 | Year ended December 31 |
| 2006 | 2005 | 2006 | 2005 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Audited) |
Total revenue Net operating earnings (loss) available to ordinary | $668,207 | $674,980 | $2,451,500 | $2,297,329 |
shareholders* | (228,371) | 50,778 | (368,348) | 130,058 |
Net income (loss) | (231,558) | 60,776 | (366,714) | 130,197 |
Net income (loss) available | | | | |
to ordinary shareholders | (233,823) | 58,510 | (376,657) | 125,439 |
| | | | |
Net operating earnings (loss) | | | | |
per ordinary share | | | | |
Basic | $(3.77) | $1.10 | $(6.56) | $2.97 |
Diluted | $(3.77) | $1.03 | $(6.56) | $2.74 |
| | | | |
Earnings (loss) per ordinary | | | | |
share | | | | |
Basic | $(3.86) | $1.26 | $(6.70) | $2.86 |
Diluted | $(3.86) | $1.18 | $(6.70) | $2.64 |
| | | | |
Dividends declared per | | | | |
ordinary share | $0.00 | $0.05 | $0.10 | $0.20 |
| | | | |
Weighted average ordinary | | | | |
shares outstanding | | | | |
Basic | 60,554,104 | 46,312,567 | 56,182,222 | 43,838,261 |
Diluted | 60,554,104 | 49,450,464 | 56,182,222 | 47,531,116 |
| | * | 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. |
| | |
| December 31, 2006 | December 31, 2005 |
Book value per ordinary share | $15.39 | $21.48 |
Basic book value per ordinary share – excluding other comprehensive income and value of embedded derivatives |
$15.50 | $21.89 |
Fully converted book value per ordinary share – excluding other comprehensive income and value of embedded derivatives | $15.78 | $21.17 |
| | |
Scottish Re Group Limited |
Consolidated Balance Sheets |
(Stated in Thousands of United States Dollars, Except Share Data) |
| | |
| December 31, 2006 | December 31, 2005 |
| (Unaudited) | (Audited) |
Assets | | |
Fixed maturity investments | $8,065,524 | $5,292,595 |
Preferred stock | 116,933 | 133,804 |
Cash and cash equivalents | 622,756 | 1,420,205 |
Other investments | 65,448 | 54,619 |
Funds withheld at interest | 1,942,079 | 2,597,416 |
Total investments | 10,812,740 | 9,498,639 |
Accrued interest receivable | 57,538 | 44,012 |
Reinsurance balances and risk fees receivable | 481,908 | 426,838 |
Deferred acquisition costs | 618,737 | 594,583 |
Amounts recoverable from reinsurers | 554,589 | 560,005 |
Present value of in-force business | 48,779 | 54,743 |
Goodwill | - | 34,125 |
Other assets | 178,311 | 87,198 |
Deferred tax assets | - | 55,453 |
Segregated assets | 683,470 | 760,707 |
Total assets | $13,436,072 | $12,116,303 |
| | |
Liabilities | | |
Reserves for future policy benefits | $3,919,901 | $3,526,220 |
Interest sensitive contract liabilities | 3,399,410 | 3,907,573 |
Collateral finance facilities | 3,757,435 | 1,985,681 |
Accounts payable and other liabilities | 95,260 | 83,130 |
Reinsurance balances payable | 72,304 | 175,263 |
Current income tax payable | 48 | 9,155 |
Deferred tax liability | 169,977 | - |
Long term debt | 129,500 | 244,500 |
Segregated liabilities | 683,470 | 760,707 |
Total liabilities | 12,227,305 | 10,692,229 |
| | |
Minority interest | 7,910 | 9,305 |
Mezzanine equity | 143,665 | 143,057 |
| | |
Shareholders' equity | | |
Ordinary shares, par value $0.01 per share: | | |
Issued 60,554,104 shares (2005 - 53,391,939) | 606 | 534 |
Preferred shares, par value $0.01 per share: | | |
Issued: 5,000,000 shares (2005 - 5,000,000) | 125,000 | 125,000 |
Additional paid-in capital | 1,050,860 | 893,767 |
Accumulated other comprehensive income (loss) | 340 | (9,991) |
Retained (deficit) earnings | (119,614) | 262,402 |
Total shareholders' equity | 1,057,192 | 1,271,712 |
Total liabilities, minority interest, | | |
mezzanine equity and shareholders' equity | $13,436,072 | $12,116,303 |
| | | | |
Scottish Re Group Limited |
Consolidated Statements of Income (Loss) |
(Stated in Thousands of United States Dollars) |
| Three months ended December 31 | Year ended December 31 |
| 2006 | 2005 | 2006 | 2005 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Audited) |
Revenues | | | | |
Premiums earned | $494,501 | $563,263 | $1,841,985 | $1,933,930 |
Investment income, net | 177,217 | 99,672 | 616,624 | 355,837 |
Fee income | 3,741 | 3,106 | 14,493 | 12,316 |
Realized gains (losses) | (1,434) | (1,835) | (27,405) | 3,738 |
Change in value of embedded | | | | |
derivatives, net | (5,818) | 10,774 | 5,803 | (8,492) |
Total revenues | 668,207 | 674,980 | 2,451,500 | 2,297,329 |
| | | | |
Benefits and expenses | | | | |
Claims and other policy | | | | |
benefits | 467,195 | 411,612 | 1,591,472 | 1,442,505 |
Interest credited to interest | | | | |
sensitive contract liabilities | 32,444 | 33,879 | 172,967 | 132,968 |
Acquisition costs and other | | | | |
insurance expenses, net | 130,541 | 118,425 | 409,185 | 423,775 |
Operating expenses | 42,407 | 31,595 | 152,311 | 115,573 |
Goodwill impairment | 34,125 | - | 34,125 | - |
Collateral finance facilities | | | | |
expense | 70,145 | 15,675 | 215,791 | 48,146 |
Interest expense | 6,175 | 4,641 | 23,139 | 20,738 |
Total benefits and expenses | 783,032 | 615,827 | 2,598,990 | 2,183,705 |
| | | | |
Income (loss) before income | | | | |
taxes and minority interest | (114,825) | 59,153 | (147,490) | 113,624 |
Income tax benefit (expense) | (118,165) | 1,202 | (220,592) | 16,434 |
Income (loss) before minority | | | | |
Interest | (232,990) | 60,355 | (368,082) | 130,058 |
Minority interest | 1,432 | 421 | 1,368 | 139 |
Net income (loss) | (231,558) | 60,776 | (366,714) | 130,197 |
| | | | |
Dividends declared on | | | | |
non-cumulative preferred | | | | |
shares | (2,265) | (2,266) | (9,062) | (4,758) |
Imputed dividend on prepaid | | | | |
variable share forward contract | - | - | (881) | - |
Net income (loss) available to | | | | |
ordinary shareholders | $(233,823) | $58,510 | $(376,657) | $125,439 |
Scottish Re Group Limited
Supplemental Information - Net Operating Earnings (Loss)
(Stated in Thousands of United States Dollars, Except Share Data)
"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 income (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 consolidated financial performance, the Company believes that the presentation of net operating 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 income (loss) determined in accordance with GAAP. Reconciliations to net income (loss) available to ordinary shareholders are provided in the following tables.
| | | | |
| Three months ended December 31 | Year ended December 31 |
| 2006 | 2005 | 2006 | 2005 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Audited) |
Net operating earnings (loss) | | | | |
available to ordinary | | | | |
shareholders | | | | |
| | | | |
Net income (loss) available to ordinary | | | | |
shareholders | $(233,823) | $58,510 | $(376,657) | $125,439 |
Realized losses (gains) | 1,434 | 1,835 | 27,405 | (3,738) |
Change in value of embedded | | | | |
derivatives, net | 5,818 | (10,774) | (5,803) | 8,492 |
Taxes on realized gains (losses) and | | | | |
change in value of embedded derivatives | (1,800) | 1,207 | (13,293) | (135) |
Net operating earnings(loss) | | | | |
available to ordinary shareholders | $(228,371) | $50,778 | $(368,348) | $130,058 |
Net operating earnings (loss) per share | | | | |
available to ordinary shareholders | | | | |
Basic | $(3.77) | $1.10 | $(6.56) | $2.97 |
Diluted | $(3.77) | $1.03 | $(6.56) | $2.74 |
Weighted average number of | | | | |
ordinary shares outstanding | | | | |
Basic | 60,554,104 | 46,312,567 | 56,182,222 | 43,838,261 |
Diluted | 60,554,104 | 49,450,464 | 56,182,222 | 47,531,116 |
| | | | |
Scottish Re Group Limited Supplemental Information - Segment Operating Results (Stated in Thousands of United States Dollars) |
|
Life Reinsurance North America |
|
| Three months ended December 31 | Year ended December 31 |
| 2006 | 2005 | 2006 | 2005 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Audited) |
Revenues | | | | |
Premiums earned, net | $461,065 | $541,679 | $1,719,239 | $1,814,875 |
Investment income, net | 171,783 | 94,562 | 584,359 | 341,539 |
Fee income | 2,975 | 2,316 | 11,491 | 9,233 |
Realized gains (losses) | 182 | (2,369) | (19,043) | 1,121 |
Change in value of embedded | | | | |
derivatives, net | (5,818) | 10,774 | 5,803 | (8,492) |
Total revenues | 630,187 | 646,962 | 2,301,849 | 2,158,276 |
| | | | |
Benefits and expenses | | | | |
Claims and other policy | | | | |
benefits | 443,472 | 397,777 | 1,490,346 | 1,365,599 |
Interest credited to interest | | | | |
sensitive contract liabilities | 32,444 | 33,879 | 172,967 | 132,968 |
Acquisition costs and other | | | | |
insurance expenses, net | 104,967 | 114,025 | 360,737 | 400,992 |
Operating expenses | 14,434 | 13,974 | 58,133 | 48,849 |
Collateral finance facilities | | | | |
expense | 64,910 | 14,630 | 205,210 | 43,113 |
Interest expense | 3,027 | 2,396 | 11,613 | 10,823 |
Total benefits and expenses | 663,254 | 576,681 | 2,299,006 | 2,002,344 |
Income (loss) before income | | | | |
taxes and minority interest | $(33,067) | $70,281 | $2,843 | $155,932 |
| | | | |
Pre tax operating earnings | | | | |
(loss) | | | | |
Pre-tax income (loss) | $(33,067) | $70,281 | $2,843 | $155,932 |
Realized losses (gains) | (182) | 2,369 | 19,043 | (1,121) |
Change in value of embedded | | | | |
derivatives, net | 5,818 | (10,774) | (5,803) | 8,492 |
Pre-tax operating earnings | | | | |
(loss) | $(27,431) | $61,876 | $16,083 | $163,303 |
| | | | |
Scottish Re Group Limited Supplemental Information - Segment Operating Results (continued) (Stated in Thousands of United States Dollars) |
|
Life Reinsurance International |
| Three months ended December 31 | Year ended December 31 |
| 2006 | 2005 | 2006 | 2005 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Audited) |
Revenues | | | | |
Premiums earned, net | $33,436 | $21,584 | $122,746 | $119,055 |
Investment income, net | 3,618 | 3,812 | 24,106 | 11,488 |
Realized gains (losses) | (691) | 760 | (11,569) | 1,263 |
Total revenues | 36,363 | 26,156 | 135,283 | 131,806 |
| | | | |
Benefits and expenses | | | | |
Claims and other policy | | | | |
benefits | 23,723 | 13,835 | 101,126 | 76,906 |
Acquisition costs and other | | | | |
insurance expenses, net | 18,934 | 3,891 | 37,332 | 20,722 |
Operating expenses | 9,907 | 5,414 | 31,236 | 25,276 |
Goodwill impairment | 33,758 | - | 33,758 | - |
Total benefits and expenses | 86,322 | 23,140 | 203,452 | 122,904 |
Income (loss) before income | | | | |
taxes | $(49,959) | $3,016 | $(68,169) | $8,902 |
| | | | |
Pre-tax operating earnings | | | | |
(loss) | | | | |
Pre-tax income (loss) | $(49,959) | $3,016 | $(68,169) | $8,902 |
Realized losses (gains) | 691 | (760) | 11,569 | (1,263) |
Pre-tax operating earnings | | | | |
(loss) | $(49,268) | $2,256 | $(56,600) | $7,639 |
| | | | |
Scottish Re Group Limited Supplemental Information - Segment Operating Results (continued) (Stated in Thousands of United States Dollars) |
|
Corporate & Other |
|
| Three months ended December 31 | Year ended December 31 |
| 2006 | 2005 | 2006 | 2005 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Audited) |
Revenues | | | | |
Investment income, net | $1,816 | $1,298 | $8,159 | $2,810 |
Fee income | 766 | 790 | 3,002 | 3,083 |
Realized gains (losses) | (925) | (226) | 3,207 | 1,354 |
Total revenues | 1,657 | 1,862 | 14,368 | 7,247 |
| | | | |
Benefits and expenses | | | | |
Acquisition costs and other | | | | |
insurance expenses, net | 6,640 | 509 | 11,116 | 2,061 |
Operating expenses | 18,066 | 12,207 | 62,942 | 41,448 |
Goodwill impairment | 367 | - | 367 | - |
Collateral finance facilities | | | | |
expense | 5,235 | 1,045 | 10,581 | 5,033 |
Interest expense | 3,148 | 2,245 | 11,526 | 9,915 |
Total benefits and expenses | 33,456 | 16,006 | 96,532 | 58,457 |
Loss before income taxes | $(31,799) | $(14,144) | $(82,164) | $(51,210) |
| | | | |
Pre-tax operating loss | | | | |
Pre-tax loss | $(31,799) | $(14,144) | $(82,164) | $(51,210) |
Realized losses (gains) | 925 | 226 | (3,207) | (1,354) |
Pre-tax operating loss | $(30,874) | (13,918) | $(85,371) | $(52,564) |
Dean E. Miller
Scottish Re Group Limited
Tel. # (441) 298-4395
dean.miller@scottishre.com
SOURCE Scottish Re Group Limited
________
Contact: Dean E. Miller of Scottish Re Group Limited, +1-441-298-4395, dean.miller@scottishre.com
