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Scottish Annuity Reports Higher 2nd Quarter Net Income

By Staff Writer

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NU Online News Service, July 29, 12:47 p.m. – Scottish Annuity & Life Holdings Ltd., Hamilton, Bermuda, a reinsurer, is reporting $7.8 million in net income for the second quarter on $64 million in revenue, up from $3.9 million in net income on $23 million in revenue for the second quarter of 2001.

Net results for the latest quarter include $1.8 million in investment losses.

The balance sheet shows that one type of asset, funds withheld at interest, increased to $880 million, from $562 million at the end of 2001, while the related liability, interest sensitive contract liabilities, increased to $1.1 billion, from $719 million.

The funds withheld at interest had an average quality rating of A, an effective duration of 5.8 years, and a weighted average book yield of 6.68%, the company says.

That compares with a quality rating of A, an effective duration of 6 years and a weighted average book yield of 6.80% on Dec. 31, 2001.