Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. On April 23, 2009, Delphi Financial Group ( DFG) reported that its Q1 FY09 earnings grew 15.8%, on improved investment performance and continued strength in its insurance operations. Net income rose to $24.48 million or $0.51 per share from $21.14 million or $0.42 per share in Q1 FY08. The latest quarterly earnings included after-tax realized investment losses of $14.30 million or $0.30 per share. Excluding these items, operating earnings were $38.78 million or $0.81 per share, which beat the most recent consensus estimate of $0.61 per share. Total revenue spiked 8.3% to $398.58 million from $368.19 million a year ago, helped by higher net investment income and increased premium and fee income. Premium and fee income edged up 4.5% to $357.72 million from $342.29 million reported in the year-ago quarter. Net investment income swelled 94.4% to $62.86 million from $32.34 million, on increased yield from its investment portfolio. Net realized investment losses widened to $22.00 million from $6.44 million in Q1 FY08. The combined ratio in group employee benefits insurance expanded to 93.20% from 91.30% a year ago, reflecting the higher expense ratios owing to increased spending on new product development at Safety National. Furthermore, the tax equivalent yield on the company's investment portfolio was 5.8% compared to 2.9% a year ago. In addition, total invested assets as of March 31, 2009 remained unchanged at $4.65 billion, while funds under management stood at $1.30 billion at the end of Q1 FY09. Delphi Financial Group paid a regular quarterly cash dividend of $0.10 per share to its common shareholders on March 11, 2009. Looking ahead to FY09, the company lowered its operating earnings guidance to be in the range of $3.20 per share to $3.50 per share, from its previous forecast of $3.40 per share to $3.80 per share.