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 27, 2009, reinsurer PartnerRe ( PRE) reported that its Q1 FY09 earnings grew 9.7%, helped by a 9.7% decline in total expenses. Net income rose to $141.52 million, or $2.32 per share, from $129.02 million, or $2.16 per share, in Q1 FY08. The latest quarterly results include net after-tax realized and unrealized losses on investments of $74.50 million, or $1.30 per share, and a net after-tax gain of $57.00 million, or $0.99 per share, from the purchase of 75.0% of its outstanding Capital Efficient Notes (CENts). Excluding these items, the company's operating earnings stood at $155.74 million, or $2.72 per share, which beat the most recent consensus estimate of $2.21 per share. Total revenue fell 4.8% to $1.02 billion from $1.07 billion a year ago, hurt by net realized and unrealized investment losses and lower net investment income. Gross premiums written edged down 6.9% to $1.34 billion from $1.44 billion, while net premiums written slipped 7.3% to $1.31 billion from $1.41 billion a year ago. Subsequently, net premiums earned declined 4.8% to $866.45 million from $909.75 million in Q1 FY08. Net investment income was $133.13 million, down 2.8% from $137.01 million in the year ago quarter. Moreover, the company recorded a net realized and unrealized investment loss of $70.12 million, compared to a gain of $25.11 million in the same quarter last year. The non-life segment's net premium written was $1.15 billion, down 7.2% from $1.24 billion in Q1 FY08. The life segment's net premiums written slipped 5.9% to $160.00 million from $170.00 million a year ago, due to the negative impact of unfavorable foreign currency translation. Moreover, the company's combined ratio improved to 87.00% from 92.30%, with the loss ratio advancing 540 basis points to 55.90% from 61.30% in Q1 FY08. Recently, the company declared a regular quarterly dividend of $0.47 per share, payable on June 1, 2009.