Scottish Re Group Limited Announces Operating Results for the First Quarter Ended March 31, 2005.HAMILTON Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. , Bermuda Bermuda (bûrmy  `də), British dependency (2005 est. pop. 65,400), 21 sq mi (53 sq km), comprising some 150 coral rocks, islets, and islands (of which some 20 are inhabited), in the -- Scottish Re Group Limited (NYSE NYSESee: New York Stock Exchange :SCT Sacrococcygeal teratoma (SCT) A tumor occurring at the base of the fetus's tailbone. Mentioned in: Prenatal Surgery ) today reported that net income for the quarter ended March 31, 2005 was $33.4 million, or $0.74 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ordinary share, as compared to $10.1 million, or $0.27 per diluted ordinary share for the prior year period. Net operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before were $26.9 million, or $0.60 per diluted ordinary share for the quarter ended March 31, 2005 as compared to $16.6 million or $0.45 per diluted ordinary share for the prior year period. Net operating earnings is a non-GAAP measurement. We determine net operating earnings by adjusting GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net income by net realized capital gains and losses and the change in value of embedded Inserted into. See embedded system. derivatives derivatives In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. 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 con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial performance, the Company believes that the presentation of net operating earnings enhances the understanding of its results of operations by highlighting earnings attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the normal, recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. operations of its reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. business. However, net operating earnings are not a substitute for net income determined in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP. Total revenue for the quarter ended March 31, 2005 increased to $558.1 million from $179.2 million for the prior year period, an increase of 211%. Excluding realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. and losses and the change in fair value of the embedded derivative derivative: see calculus. derivative In mathematics, a fundamental concept of differential calculus representing the instantaneous rate of change of a function. , total revenue for the quarter ended March 31, 2005 increased to $549.4 million from $186.4 million for the prior year period, an increase of 195%. Total benefits and expenses increased to $524.7 million for the quarter ended March 31, 2005 from $167.9 million, an increase of 213%. The increases were principally driven by the acquisition of the ING Re individual life business and growth in the Company's reinsurance business in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The Company's operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. ratio (which is the ratio of operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. to total revenue excluding realized gains/losses and the change in value of embedded derivatives) for the twelve months ended March 31, 2005 was 5.5%, as compared to an operating expense ratio of 6.6% for the year ended December December: see month. 31, 2004. The Company's total assets were $10.1 billion as of March 31, 2005. The core investment portfolio, comprising fixed maturity investments, preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and substantially all of the cash and cash equivalents, totaled $5.4 billion and had an average quality rating of "AA-", an effective duration of 3.5 years and a weighted average book yield of 4.3%. This compares with a portfolio balance of $4.3 billion, an average quality rating of "AA-," effective duration of 3.8 years and an average book yield of 4.2% as of December 31, 2004. Funds withheld at interest, totaling $1.9 billion, had an average quality rating of "A", an effective duration of 5.2 years and a weighted average book yield of 5.8% at March 31, 2005. This compares with a total of $2.1 billion with an average quality rating of "A+", an effective duration of 3.9 years and an average book yield of 5.2% at December 31, 2004. Significant amounts of cash received as of December 31, 2004 in connection with the closing of the ING acquisition temporarily reduced the effective duration and average book yield, and increased the average quality rating of our funds withheld portfolio at December 31, 2004 as compared to March 31, 2005. The market value of the funds withheld at interest amounted to $1.9 billion at March 31, 2005. "We are pleased to report net operating earnings of $0.60 this first quarter, which is the midpoint mid·point n. 1. Mathematics The point of a line segment or curvilinear arc that divides it into two parts of the same length. 2. A position midway between two extremes. of our publicly issued guidance range," said Scott E. Willkomm, President and Chief Executive Officer of Scottish Re Group Limited. "This strong showing was driven, in large part, by the performance of our traditional life reinsurance business in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and the contribution of the ING acquisition." "According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the recently released Society of Actuaries Mission Statement The Society of Actuaries is a professional organization for actuaries based in North America. Its headquarters are located in Schaumburg, Illinois. market share statistics, we are also pleased to report that Scottish Re was ranked second in the United States in terms of inforce ordinary life reinsurance for 2004," he said. "While these market share statistics evidence the impact of the ING Re acquisition and the overall growth of the Scottish Re franchise, we must reaffirm re·af·firm tr.v. re·af·firmed, re·af·firm·ing, re·af·firms To affirm or assert again. re that we are not driven by market share objectives, and remain committed to quality over quantity in building our business." "On a trailing twelve months In commerce, the trailing twelve months (TTM) is a moving measurement (for example, an average or a sum) over the 12 previous months, using the most recent data available. Also sometimes known as last twelve months (LTM). basis, our return on average equity - measured by dividing net operating earnings by average shareholders equity excluding the effect of FAS 115 and the change in fair value of embedded derivatives - was 11.9%, up from 11.3% for fiscal 2004," Mr. Willkomm added. "Thus, we continue to make demonstrable de·mon·stra·ble adj. 1. Capable of being demonstrated or proved: demonstrable truths. 2. Obvious or apparent: demonstrable lies. progress towards our 15% ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. goal." As of March 31, 2005, the Company had approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.0 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. of life reinsurance in force covering approximately 13.5 million lives with an average benefit per life of $74,000 in our North American operations North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. . As of March 31, 2004, we had approximately $286.0 billion of life reinsurance in force in our Life Reinsurance North America segment covering 6.9 million lives with an average benefit per life of $41,000. Mortality experience in the first quarter was slightly better than expected and on an inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. to date basis, mortality experience was approximately 95% of expected levels. The Company's book value per share was $21.75 at March 31, 2005 as compared to $21.60 per share at December 31, 2004. Including the Cypress Cypress, city, United States Cypress (sī`prəs), city (1990 pop. 42,655), Orange co., S Calif. near Long Beach; inc. 1956. Forest Lawn–Cypress, a branch of the famous cemetery in Glendale, Calif. warrants and excluding the effect of FAS 115 and the fair value of embedded derivatives our book value per share was $20.36 at March 31, 2005 compared to $19.80 at December 31, 2004. In connection with the acquisition of ING Re, the Company raised approximately $180 million of new equity capital from the Cypress Group by issuing to Cypress on December 31, 2004 (1) 3,953,183 ordinary shares; (2) Class C Warrants to purchase 3,206,431 ordinary shares and (3) notes convertible into 2,170,896 ordinary shares. The conversion of the Class C Warrants and the convertible notes into ordinary shares was subject to shareholder and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals. On April 7, 2005, shareholder approval was received and on May 4, 2005 all regulatory approvals were received. Accordingly, as of May 11, 2005, all common equivalents will be converted into the Company's ordinary shares resulting in the Cypress Group owning 9,330,510 of the Company's ordinary shares. The Company's earnings conference call will be held at 11.00 am (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) on Tuesday Tuesday: see week. , May 10, 2005. The dial-in number is 877-502-2902 or 706-679-5950 and the reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. number is 5412793. A replay of the call will be available beginning at 1:00 pm on Tuesday, May 10, 2005 and running through Tuesday, May 24, 2005. The dial-in number for the replay is 800-642-1687 or 706-645-9291 and the PIN code is 5412793. In addition, a simultaneous Web cast, as well as an on-demand On-Demand refers to a service or feature which addresses the user's need for instant gratification and immediacy of use. In most cases the value proposition for an on-demand service is wrapped up in the fact that the user or consumer of the service avoids a significant up-front replay, of the conference call will be available at the Company's Web site, http://www.scottishre.com/conferencecall. Scottish Re Group Limited is a global life reinsurance specialist and issuer of customized life-insurance based wealth management products for high net worth individuals and families. Scottish Re Group Limited has operating companies operating company A business that engages in transactions with outsiders. in Bermuda, Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. , Dublin Dublin, city, Republic of Ireland Dublin, Irish Baile Átha Cliath, county borough (1991 pop. 915,516), Leinster, capital of the Republic of Ireland, on Dublin Bay at the mouth of the Liffey River. , Ireland Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. , Grand Cayman Grand Cayman See Cayman Islands. and Windsor, England There are three places called Windsor in England:
annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. & Life Insurance Company (Cayman) Ltd. and Scottish Re (U.S.), Inc. which are rated A- (excellent) by A.M. Best, A (strong) by Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. , A3 (good) by Moody's Moody's Corporation (NYSE: MCO) is the holding company for Moody's Investors Service which performs financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized ratings scale. and A- (strong) by Standard & Poor's, Scottish Re Limited, which is rated A- (excellent) by A.M. Best, A (strong) by Fitch Ratings and A- (strong) by Standard & Poor's and Scottish Re Life Corporation Limited which is rated A-(excellent) by A.M. Best. Additional information about Scottish Re can be obtained from its Web site, http://www.scottishre.com. Certain statements included herein are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the federal securities laws. The management of Scottish Re Group Limited (the "Company") cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in 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, the Company's ability to attract clients and generate business; the competitive environment; the Company's ability to underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue. The word underwrite has two meanings. business; performance of outside service providers; mortality risk; surrender To give up, return, or yield. The word surrender presupposes the possession or ownership of the thing that is to be returned or given up. It indicates a transfer of title as well as possession, but it does not express or in any way suggest the transaction of a sale risk; investment risk (including asset value risk, reinvestment risk Reinvestment Risk The risk that future proceeds will have to be reinvested at a lower potential interest rate. Notes: This term is usually heard in the context of bonds. and disintermediation The elimination of the distributor and/or retailer (the middleman) when making a purchase. The term is used to refer to purchasing directly from a manufacturer's Web site, the benefits of which are convenience, fast turnaround time and sometimes lower prices. risk); the impact of unforeseen economic changes (such as changes in interest rates, currency exchange rate, inflation rates, recession and other external economic factors); the impact of terrorist activities on the economy, the insurance and related industries in general and the Company in particular; regulatory changes (such as changes in U.S. tax law and insurance regulation which directly affect the competitive environment for the Company's products); rating agency policies and practices; and loss of key executives. 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 Per Share Data)
----------------------------------------------------------------------
Three months ended Three months ended
March 31, 2005 March 31,2004
------------------ ------------------
Total revenue $558,131 $179,179
Net operating earnings(a) 26,930 16,613
Net income 33,420 10,096
Net operating earnings per share
Basic $0.67 $0.47
Diluted $0.60 $0.45
Earnings per share
Basic $0.84 $0.29
Diluted $0.74 $0.27
Dividends per share $0.05 $0.05
Weighted average shares
Outstanding
Basic 39,970,965 35,327,658
Diluted 45,192,171 37,230,112
(a)Excludes effect of realized gains and losses, change in value of
embedded derivatives and amortization of related deferred
acquisition costs.
March 31, 2005 December 31, 2004
-------------- -----------------
Book value per share - including
effect of SFAS 115 and fair
value of derivatives $21.75 $21.60
Book value per share - excluding
effect of SFAS 115 and fair
value of derivatives and
including the Cypress warrants $20.36 $19.80
Scottish Re Group Limited
Consolidated Balance Sheets
(Stated in Thousands of United States Dollars)
March 31, December 31,
2005 2004
--------------- ----------------
Assets
Fixed maturity investments $4,445,745 $3,392,463
Preferred stock 124,537 125,204
Cash and cash equivalents 831,078 794,639
Other investments 24,979 16,250
Funds withheld at interest 1,920,730 2,056,280
--------------- ----------------
Total investments 7,347,069 6,384,836
Accrued interest receivable 40,983 32,092
Reinsurance balances and risk fees
receivable 492,217 470,817
Deferred acquisition costs 491,643 417,306
Amounts recoverable from reinsurers 766,207 774,503
Present value of inforce business 60,500 62,164
Goodwill 34,125 34,125
Fixed assets 16,914 17,177
Other assets 44,247 21,749
Current income tax receivable 2,553 7,712
Deferred tax benefit 25,289 15,030
Segregated assets 774,162 783,573
--------------- ----------------
Total assets $10,095,909 $9,021,084
=============== ================
Liabilities
Reserves for future policy benefits $3,537,190 $3,370,562
Interest sensitive contract
liabilities 3,258,276 3,181,447
Collateral finance facilities 1,050,000 200,000
Accounts payable and accrued expenses 13,708 23,337
Reinsurance balances payable 105,371 116,589
Other liabilities 47,915 44,974
7.00% Convertible junior subordinated
notes 42,005 41,282
Long term debt 244,500 244,500
Segregated liabilities 774,162 783,573
--------------- ----------------
Total liabilities 9,073,127 8,006,264
--------------- ----------------
Minority Interest 9,844 9,697
Mezzanine Equity 142,599 142,449
Shareholders' Equity
Share capital, par value $0.01 per
share:
Issued and fully paid: 40,022,945
ordinary shares (2004 - 39,931,145) 400 399
Additional paid- in capital 687,024 684,719
Accumulated other comprehensive
income 5,703 31,604
Retained earnings 177,212 145,952
--------------- ----------------
Total shareholders' equity 870,339 862,674
--------------- ----------------
Total liabilities and shareholders'
equity $10,095,909 $9,021,084
=============== ================
Scottish Re Group Limited
Consolidated Statements of Income
(Stated in Thousand of United States Dollars)
Three months ended Three months ended
March 31, 2005 March 31, 2004
------------------- --------------------
Revenues
Premiums earned $465,249 $133,347
Investment income, net 80,479 50,103
Fee income 3,624 2,953
Realized gains 3,294 1,421
Change in value of embedded
derivatives, net 5,485 (8,645)
------------------- --------------------
Total revenues 558,131 179,179
------------------- --------------------
Benefits and expenses
Claims and other policy
benefits 363,272 95,167
Interest credited to interest
sensitive
contract liabilities 30,642 24,193
Acquisition costs and other
insurance expenses, net 93,211 32,869
Operating expenses 24,569 12,854
Collateral finance facilities
expense 7,420 -
Interest expense 5,594 2,777
------------------- --------------------
Total benefits and
expenses 524,708 167,860
------------------- --------------------
Income before income taxes
and minority interest 33,423 11,319
Income tax benefit (expense) 368 (874)
------------------- --------------------
Income before minority
interest 33,791 10,445
Minority interest (371) (349)
------------------- --------------------
Net income $33,420 $10,096
=================== ====================
Scottish Re Group Limited
Supplemental Information - Net Operating Earnings and
Book Value Per Share
(Stated in Thousand of United States Dollars, Except Per
Share Amounts)
Three months ended Three months ended
March 31, 2005 March 31, 2004
------------------- -------------------
Net operating earnings
----------------------
Net income $33,420 $10,096
Realized losses (gains) - non
taxable companies (2,215) 2,121
Realized gains - taxable
companies (1,079) (3,542)
Change in value of embedded
derivatives - non taxable
companies (326) 290
Change in value of embedded
derivatives - taxable
companies (5,159) 8,355
Taxes on realized gains/losses
and change in value of
embedded derivatives 2,289 (707)
------------------- -------------------
Net operating earnings $26,930 $16,613
=================== ===================
Net operating earnings per
share
Basic $0.67 $0.47
Diluted $0.60 $0.45
=================== ===================
Weighted average number of
shares
Outstanding
Basic 39,970,965 35,327,658
Diluted 45,192,171 37,230,112
March 31, December 31,
2005 2004
--------------- ---------------
Book Value Per Share
--------------------
Shareholders' equity $870,339 $862,674
Unrealized (depreciation) appreciation
on investments, net of deferred
acquisition costs and taxes 10,051 (13,661)
Fair value of embedded derivatives (322) 5,162
--------------- ---------------
Total $880,068 $854,175
=============== ===============
Number of shares 40,022,945 39,931,145
Shares arising on conversion of
warrants 3,206,431 3,206,431
--------------- ---------------
Total 43,229,376 43,137,576
=============== ===============
Book value per share - excluding
effect of SFAS 115 and fair value of
embedded derivatives and including
Cypress warrants $20.36 $ 19.80
Scottish Re Group Limited
Supplemental Information - Segment Operating Results
(Stated in Thousand of United States Dollars)
Life Reinsurance North America
Three months ended
March 31
-----------------------------
2005 2004
-------------- --------------
Premiums earned $437,873 $105,601
Investment income, net 77,531 47,407
Fee income 2,900 2,103
Realized gains 1,441 1,693
Change in value of embedded derivatives,
net 5,485 (8,645)
-------------- --------------
Total revenues 525,230 148,159
-------------- --------------
Claims and other policy benefits 344,188 75,592
Interest credited to interest sensitive
contract liabilities 30,642 24,193
Acquisition costs and other insurance
expenses, net 89,055 29,536
Operating expenses 11,672 4,964
Collateral finance facilities expense 6,185 -
Interest expense 2,708 686
-------------- --------------
Total benefits and expenses 484,450 134,971
-------------- --------------
Income before income taxes and minority
interest 40,780 13,188
Income tax benefit (expense) 212 (813)
-------------- --------------
Income before minority interest 40,992 12,375
Minority interest (371) (349)
-------------- --------------
Net income $40,621 $12,026
============== ==============
Net operating earnings
----------------------
Net income $40,621 $12,026
Realized gains (1,441) (1,693)
Change in value of embedded derivatives,
net (5,485) 8,645
Taxes on above items 2,246 (686)
-------------- --------------
Net operating earnings $35,941 $18,292
============== ==============
Scottish Re Group Limited
Supplemental Information - Segment Operating Results (continued)
(Stated in Thousand of United States Dollars)
Life Reinsurance International
Three months ended
March 31
-----------------------------
2005 2004
-------------- --------------
Premiums earned $27,376 $27,746
Investment income, net 2,590 2,149
Realized gains (losses) 497 (151)
-------------- --------------
Total revenues 30,463 29,744
-------------- --------------
Claims and other policy benefits 19,084 19,575
Acquisition costs and other insurance
expenses, net 3,637 2,649
Operating expenses 5,849 4,408
-------------- --------------
Total benefits and expenses 28,570 26,632
-------------- --------------
Income before income taxes 1,893 3,112
Income tax benefit (expense) 130 (38)
-------------- --------------
Net income $2,023 $3,074
============== ==============
Net operating earnings
----------------------
Net income $2,023 $3,074
Realized losses (gains) (497) 151
Taxes on realised losses (gains) 165 (23)
-------------- --------------
Net operating earnings $1,691 $3,202
============== ==============
Scottish Re Group Limited
Supplemental Information - Segment Operating Results (continued)
(Stated in Thousand of United States Dollars)
Corporate & Other
Three months ended
March 31
-----------------------------
2005 2004
-------------- --------------
Investment income, net $358 $547
Fee income 724 850
Realized gains (losses) 1,356 (121)
-------------- --------------
Total revenues 2,438 1,276
-------------- --------------
Acquisition costs and other insurance
expenses, net 519 684
Operating expenses 7,048 3,482
Collateral finance facilities expense 1,235 -
Interest expense 2,886 2,091
-------------- --------------
Total benefits and expenses 11,688 6,257
-------------- --------------
Loss before income taxes (9,250) (4,981)
Income tax benefit (expense) 26 (23)
Net income (loss) $(9,224) $(5,004)
============== ==============
Net operating loss
------------------
Net income (loss) $(9,224) $(5,004)
Realized losses (gains) (1,356) 121
Taxes on realised losses (gains) (122) 2
-------------- --------------
Net operating loss $(10,702) $(4,881)
============== ==============
Scottish Re Group Limited
Supplemental Information - Statement of Income - Business
Acquired from ING
(Stated in Thousand of United States Dollars)
Three months ended
March 31, 2005
------------------
Premiums earned $288,231
Investment income, net 17,509
Realized gains 1,900
Change in value of embedded derivatives, net 4,386
------------------
Total revenues 312,026
------------------
Claims and other policy benefits 229,488
Acquisition costs and other insurance expenses, net 58,484
Operating expenses 5,173
------------------
Total benefits and expenses 293,145
------------------
Income before income taxes and minority interest $18,881
==================
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