Scottish Re Group Ltd.'s net income for the third quarter was around four times the value of the company's shares.

The Bermuda-based life reinsurer posted a net profit of $201.9 million, or 92 cents per share, for the July through September period. Yesterday it was trading on the Pink Sheets for 23 cents per share.

This compared with a net net loss of $713.9 million, or $10.44 per share, in the same quarter of 2008.

The company said the gains were driven by net realised and unrealised gains of $191.1 million, resulting from an overall market recovery of fixed maturity investments. In the same period last year, net realised and unrealised losses were $475.4 million.