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Scottish Annuity Reports Higher Net Income

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NU Online News Service, Nov. 7, 3:16 p.m. – Scottish Annuity & Life Holdings Ltd., Hamilton, Bermuda, is reporting $5.5 million in net income for the third quarter on $33 million in revenue, up from $4.5 million in net income on $19 million in revenue for the third quarter of 2000.

The reinsurer says its earnings for the quarter include $630,000 in claims resulting from the Sept. 11 attacks.

The company ended the quarter with $27 billion in life reinsurance in force, covering 860,000 lives, up from $3 billion in reinsurance in-force and 100,000 in lives Sept. 30, 2000.

With the Sept. 11 claims, mortality experience was 97% of the expected level. Excluding the Sept. 11 claims, mortality experience would have been 88% of the expected level, Scottish Annuity says.