Scottish Re Group Ltd. made a profit of $78 million, or 36 cents per share, during the second quarter of 2010 driven by $83.4 million of net realised and unrealised gains in its invested assets.

That compares with a net income of $176.9 million, or 81 cents per share, in the same period last year.

The company's net income attributable to ordinary shareholders for the three month period ended June 30, 2010 was driven by $83.4 million of net realised and unrealised gains in its invested assets.

For the three-month period ended June 30, 2009, the net income was produced from the $133.1 million in net realised and unrealised gains in the company's invested assets and the recognition of an additional $59.8 million gain following the satisfaction of certain contingencies related to its first quarter 2009 sale of a block of individual life reinsurance business to Hannover Ruckversicherung AG.