Scottish Re Group has reported a net income of $17.13m for the first quarter of 2012, compared to $22.38m for the same period in 2011.

The total revenues decreased to $130.25m for the first quarter of 2012, compared to $165.74m for the same period a year ago.

Net premiums earned declined to $73.24m for the quarter, compared to $94.34m for the same period in the year ago period.

Net investment income decreased to $29.01m for the quarter, compared to $39.25m for the same period last year.

As of 31 March 2012, the company's total assets were $3.94bn, compared to $3.97bn for the same period last year.

Scottish Re, through its subsidiaries, is engaged in the reinsurance of life insurance, annuities, and annuity-type products primarily in Bermuda, the Cayman Islands, Ireland, and the US.

The company was formerly known as Scottish Annuity & Life Holdings and changed its name to Scottish Re Group in September 2003.