Scottish Re Group has reported total revenues of $231.3m for the first quarter of 2010, a decrease of 84.7% compared to $1.52bn for the same quarter in 2009.
The company’s income before income taxes for the quarter was $63.39m, compared to $1.71bn for the same period last year.
The company earned net premiums of $102.5m for the first quarter of 2010, an increase of 3.1% compared to$99.38m for the same quarter in 2009.
For the quarter ended March 31, 2010, the company posted net income of $99.5m, or $0.46 per share, compared to $1.6bn, or $7.61 per share, for the same period last year.
The net income attributable to ordinary shareholders for the three month period ended March, 31, 2010, was due to $83m of net realized and unrealized gains in the company’s invested assets and a $36m income tax benefit resulting from its release of a liability following the reconsideration of an uncertain tax position.