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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.

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