Scottish Re Group Limited has recorded a first-quarter income of $33.4 million? more than triple the $10.1 million for the same period last year.

The company said the increase was principally due to an acquisition and growth in its reinsurance business.

Net operating earnings were $26.9 million for the quarter ended March 31, 2005 compared to $16.6 million for the prior year period. Revenue rose to $558.1 million, a 211 percent improvement from $179.2 million in the prior year period.

?We are pleased to report net operating earnings of $0.60 per share this first quarter, which is the midpoint 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 and the contribution of the ING acquisition.?

?According to the recently released Society of Actuaries 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. 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 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 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 percent, up from 11.3 percent for fiscal 2004,? Mr. Willkomm added.

?Thus, we continue to make demonstrable progress towards our 15 percent ROE goal.?

As of March 31, 2005, the company had approximately $1 trillion 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. As of March 31, 2004, the company had approximately $286 billion of life reinsurance in force in its Life Reinsurance North America segment covering 6.9 million lives with an average benefit per life of $41,000. Scottish Re said that mortality experience in the first quarter was slightly better than expected and on an inception to date basis, mortality experience was approximately 95 percent of expected levels.