Total revenues, reflecting a stronger yen and realized investment losses, rose 1.0% to $5.12 billion, compared with $5.07 billion in the first quarter of 2010.
Net earnings were $395 million, or $.84 per diluted share, compared with $636 million, or $1.35 per share, a year ago.
As a result of significant investment derisking activities, net earnings in the first quarter included after-tax realized investment losses of $376 million, or $.79 per diluted share, compared with losses of $30 million, or $.06 per diluted share in the first quarter of 2010.
During the first quarter, the company sold its holdings of Alpha Bank at a realized after-tax loss of $115 million.
In addition, impairments of the company's two other investments in Greek financial institutions, National Bank of Greece and EFG Eurobank Ergasias, totaled $258 million after taxes.
Subsequent to the quarter, the company sold its investment in EFG Eurobank Ergasias at a small gain over the impaired value.
In addition, the company lowered its holdings of certain concentrated investment positions, which combined with other smaller transactions and impairments, resulted in an after-tax gain of $16 million.