PartnerRe Ltd. saw its profits rise by more than $10 million for the first quarter of 2009, despite the impact of the economic downturn and the foreign exchange strengthening of the US dollar.

The re/insurer reported net income of $141.5 million or $2.32 per share for the quarter, compared to $129 million or $2.16 per share for the same period in 2008.

Net income included net after-tax realised and unrealised losses on investments of $74.5 million or $1.30 per share, as well as a net after-tax gain of $57 million or 99 cents per share, from the purchase of approximately 75 percent of the company's outstanding Capital Efficient Notes.

PartnerRe president and CEO, Patrick Thiele, said: "PartnerRe posted solid results for the first quarter 2009, with a 16.9 percent operating return on beginning equity and 2.5 percent growth in GAAP book value per share.

"The quarter was relatively uneventful in terms of large losses, resulting in a Non-Life combined ratio of 87 percent.

"The strengthening of the US dollar impacted written and earned premium and net investment income growth, which would all have been positive if not for the impact of currency changes.

"In addition, in a difficult capital markets environment, our invested assets posted a positive return of 0.5 percent in the quarter, in local currencies."