8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant To Section 13 Or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported):  February 4, 2008
PartnerRe Ltd.
(Exact Name of Registrant as Specified in Charter)
	Bermuda
	(State or Other Jurisdiction of Incorporation)
0-2253		Not Applicable
(Commission File Number)		(IRS Employer Identification No.)
Wellesley House, 90 Pitts Bay Road, Pembroke, Bermuda		HM 08
(Address of Principal Executive Offices)		(Zip Code)
Registrant’s telephone number, including area code: (441) 292-0888

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02   Results of Operations and Financial Condition

On February 4, 2008, PartnerRe Ltd. issued a press release reporting its 2007 fourth quarter and full year results. A copy of the press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.

Item 9.01   Financial Statements and Exhibits

(d)   Exhibits.

Exhibit No.	Description
99.1	Press Release of PartnerRe Ltd., dated February 4, 2008

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		PartnerRe Ltd. (Registrant)
Date:	February 4, 2008	By:	/s/ Marc Wetherhill
			Name:	Marc Wetherhill
			Title:	Associate General Counsel

Index to Exhibits

Exhibit No.	Description
99.1	Press Release of PartnerRe Ltd., dated February 4, 2008

EX-99.1

Exhibit 99.1

News Release

PartnerRe Ltd. Reports Fourth Quarter and Full Year 2007 Results

§   Fourth Quarter Net Income per share of $3.04; Operating Earnings per share of $4.55

§   Fourth Quarter Annualized Net Income ROE of 21%; Annualized Operating ROE of 32%

§   Full Year Net Income per share of $11.87; Operating Earnings per share of $14.29

§   Full Year Net Income ROE of 21%; Operating ROE of 25%

§   Year-End Book Value per share of $67.96, an increase of 21% year over year

PEMBROKE, Bermuda, February 4, 2008 -- PartnerRe Ltd. (NYSE:PRE) today reported net income of $180.6 million, or $3.04 per share, for the fourth quarter of 2007. This net income includes net after-tax realized losses on investments and net after-tax losses from the Company’s interest in the results of equity investments aggregating at $85.4 million, or $1.51 per share. Net income for the fourth quarter of 2006 was $242.7 million or $4.03 per share, including $24.0 million, or $0.42 per share, in net after-tax realized gains on investments and net after-tax earnings from the Company’s interest in the results of equity investments. Operating earnings for the fourth quarter of 2007 were $257.4 million or $4.55 per share. This compares to operating earnings of $210.1 million, or $3.61 per share, for the fourth quarter of 2006. Operating earnings exclude net after-tax realized investment gains/losses, and interest in results of equity investments, and are calculated after payment of preferred dividends. All references to per share amounts are on a fully diluted basis.

For the year ended December 31, 2007, net income was $717.8 million, or $11.87 per share. Net income includes $139.2 million, or $2.42 per share, in net after-tax realized losses on investments and net after-tax losses from the Company’s interest in the results of equity investments. Operating earnings were $822.4 million, or $14.29 per share. Net income for the full year 2006 was $749.3 million, or $12.37 per share. Net income included $58.4 million, or $1.01 per share, net after-tax realized gains on investments and net after-tax earnings from the Company’s interest in the results of equity investments. Operating earnings for the full year 2006 were $656.4 million, or $11.36 per share.

PartnerRe Ltd. President & CEO Patrick Thiele said, “We had another excellent year in 2007. We closed the fourth quarter with strong results despite challenging capital markets conditions, and we enter 2008 in a position of strength and stability. We grew our book value per share by 21% for the year, and over a five-year cumulative period achieved 15% growth in book value on a compounded annual basis, in addition to an average annual dividend yield of 2.3% over the five-year period. In addition, we recently announced a 7% increase in our common stock dividend, marking the fifteenth consecutive year that we have increased our annual dividend.”

PartnerRe Ltd. Wellesley House South 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com  

News Release

Summary unaudited consolidated financial data for the period is set out below.

U.S.$ thousands (except per share amounts and ratios)	Three months ended December 31		Year ended December 31
	2007	2006	2007	2006
Net Premiums Written	$714,376	$721,263	$3,757,109	$3,689,548
Net Premiums Earned	$989,758	$1,001,881	$3,777,471	$3,667,268
Non-life Combined Ratio	79.0%	79.8%	80.4%	84.4%
Net Income	$180,603	$242,717	$717,812	$749,332
Net Income per share (a)	$3.04	$4.03	$11.87	$12.37
Operating Earnings (a)	$257,369	$210,102	$822,442	$656,382
Operating Earnings per share (a)	$4.55	$3.61	$14.29	$11.36

(a)   Net income per share is defined as net income available to common shareholders divided by the weighted average number of fully diluted shares outstanding for the period. Net income available to common shareholders is defined as net income less preferred dividends. Operating earnings is defined as net income available to common shareholders excluding after-tax net realized gains/losses on investments and interest in earnings/losses of equity investments. Operating earnings per share is defined as operating earnings divided by the weighted average number of fully diluted shares outstanding for the period.

Net premiums written for the fourth quarter 2007 were $714.4 million, compared to $721.3 for the fourth quarter of 2006. Total revenues for the quarter were $1.1 billion compared to $1.2 billion for fourth quarter of 2006. Total revenues include $989.8 million of net premiums earned, net investment income of $137.8 million, and net realized investment losses of $16.5 million.

For the full year 2007, net premiums written were $3.8 billion, representing a 2% increase over 2006. Total revenues for the full year 2007 were flat with 2006 at $4.2 billion, including $3.8 billion of net premiums earned, net investment income of $523.3 million, and net realized investment losses of $72.5 million.

During the fourth quarter of 2007, the Company repurchased 1,499,687 common shares at a total cost of approximately $122.7 million. During 2007, the Company repurchased 3.6 million common shares at a total cost of approximately $275.0 million. The Company increased its share repurchase authorization to 5 million shares in November 2007. There are approximately 4.5 million common shares remaining under the current repurchase authorization.

PartnerRe Ltd. Wellesley House South 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com  

News Release

Results by Segment

In the fourth quarter of 2007, the Company redefined its financial reporting segments into the following three segments: Non-Life, Life, and Corporate & Other. These are shown in the segment financial tables and prior periods have been recast to reflect theses changes. The Non-Life segment has four sub-segments: U.S., Global (Non-U.S.) P&C, Global (Non-U.S.) Specialty, and Catastrophe. The Life segment did not change. ART no longer stands as a separate segment: principal finance, insurance-linked securities and strategic investments are incorporated in Corporate & Other.

The Non-Life segment reported net premiums written of $569 million for the fourth quarter of 2007, compared to $582 million for the prior year’s fourth quarter. The combined ratio was 79.0% for the fourth quarter of 2007, compared to 79.8% for the same period in 2006. The Non-Life technical result was $235 million for the fourth quarter of 2007. This compares to $225 million in the fourth quarter of 2006. For the full year, Non-Life net premiums written were $3.2 billion, flat with the same period in 2006. The combined ratio for the full year was 80.4% compared to 84.4% in 2006. The full year technical result was $842 million, compared to $700 million for the same period in 2006.

The U.S. business, which represented approximately 27% of total net premiums written for the year, reported net premiums written of $218 million for the fourth quarter of 2007, compared to $230 million for the prior year’s fourth quarter. Net premiums earned were $264 million for the quarter, compared to $279 million in the same period in 2006. The technical ratio for this sub-segment was 84.8%, compared to 88.2% in the fourth quarter of 2006. For the full year 2007, net premiums written were $1.0 billion, flat with the same period in 2006. The full year technical ratio was 84.9% compared to 94.0% in 2006. The technical result for the full year was $150 million compared to $62 million in 2006.

The Global (Non-U.S.) P&C business, which represented approximately 20% of total net premiums written for the year, reported net premiums written of $127 million for the fourth quarter of 2007 compared to $116 million for the same period in 2006. Net premiums earned during the quarter were $217 million, up 4% from $209 million in the prior year’s fourth quarter. The technical ratio for this sub-segment was 89.7% compared to 91.5% for the same period in 2006. For the full year 2007, net premiums written were $738 million, compared to $760 million for the same period in 2006. The full year technical ratio was 94.2% compared to 92.2% in 2006. The technical result for the full year was $44 million compared to $61 million in 2006.

PartnerRe Ltd. Wellesley House South 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com  

News Release

The Global (Non-U.S.) Specialty business, which represented approximately 27% of total net premiums written for the year, reported net premiums written of $216 million for the fourth quarter, compared to $233 million for the prior year period. Net premiums earned were $247 million for the quarter, compared to $266 million for the same period in 2006. This sub-segment’s technical ratio was 76.1% compared to 59.6% for the fourth quarter of 2006. For the full year, net premiums written were up 4% to $1.0 billion. The full year technical ratio was 70.6% compared to 69.7% in 2006. The technical result for the full year was $296 million, flat with 2006.

The Catastrophe business, which represented approximately 11% of total net premiums written for the year, reported net premiums written of $8 million for the fourth quarter of 2007, compared to $3 million for the prior year period. Net premiums earned were $110 million for the current quarter, compared to $102 million for the same period in 2006. This sub-segment’s technical ratio was (3.2)% for the quarter compared to 34.4% for the fourth quarter of 2006. For the full year, net premiums written were $401 million compared to $412 million in 2006. The full year technical ratio was 20.1% compared to 28.0% in 2006. The technical result for the full year was $352 million, compared with $280 million in 2006.

The Life segment, which writes business primarily in Europe, Canada and Latin America, and represented approximately 15% of total net premiums written for the year, reported net premiums written of $144 million for the quarter, up 6% as compared with the fourth quarter of 2006. The allocated underwriting result for the quarter was $11 million, compared to $24 million for the comparable period in 2006. For the full year, net premiums written increased 17% to $569 million, with an allocated underwriting result of $21 million, compared to $29 million for the comparable period in 2006.

The Company’s capital markets and investment activities are reported under the heading of “Corporate & Other”. Within Corporate & Other, capital markets and investment activities contributed $29 million to pre-tax income in the fourth quarter of 2007. Non-life net investment income of $127 million and a technical result of $1 million were reduced by net realized investment losses and interest in losses of equity investments, both non-operating items, as well as other income/loss, totaling $99 million. This amount includes a non-operating charge of $76 million reflecting our previously announced write-down of the Company’s total investment in ChannelRe. In the fourth quarter 2006, capital markets and investment activities contributed $137 million to pre-tax income. For the full year 2007, capital markets and investment activities contributed $293 million to pre-tax income, as compared to $476 million for the full year 2006. Other operating expenses also included in Corporate & Other were $80 million for the full year 2007, of which $67 million are related to corporate expenses, as compared to $75 million in the prior year.

PartnerRe Ltd. Wellesley House South 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com  

News Release

Balance Sheet Items

At December 31, 2007, total assets were $16.0 billion as compared to $14.9 billion at December 31, 2006. Over the last 12 months, total investments and cash increased 8% to $11.6 billion. Gross Non-Life loss and loss expense reserves increased 5% year over year to $7.2 billion at December 31, 2007.  During the fourth quarter, the Company’s estimate of Non-Life reserves for prior accident years developed favorably by $96 million. The overall fourth quarter prior year reserve development in the Non-Life segment includes net favorable development in all sub-segments, with $22 million in the U.S. sub-segment, $25 million in the Global (Non-U.S.) P&C sub-segment, $42 million in the Global (Non-U.S) Specialty sub-segment, and $7 million in the Catastrophe sub-segment. In the fourth quarter of 2006, Non-Life reserves for prior years developed favorably by $49 million. Policy benefits for life and annuity contacts increased by 8% year over year to $1.5 billion at December 31, 2007. During the fourth quarter of 2007, the Company’s estimate of Life reserves for prior years developed favorably by $2 million, compared to $17 million in 2006.

At December 31, 2007, total capital was $5.2 billion, and total shareholders’ equity was $4.3 billion. This compares to total capital of $4.7 billion, and total shareholders’ equity of $3.8 billion at December 31, 2006. Book value per common share at December 31, 2007 was $67.96 on a fully diluted basis compared to $56.07 per share at December 31, 2006.

Commentary and Outlook

Mr. Thiele said, “Following our strong performance in 2007, we were able to maintain priced profitability on 2008 business at good levels, above our long-term operating return on equity goal of 13% over the cycle, during the January 1 renewals. We held our production flat on a year-over-year basis despite increased competition, declining prices in most major markets and most lines of business, and continued retention of premium by cedants. Our strong franchise and position in the global reinsurance market, and the stability of our balance sheet, positions us to continue to generate shareholder value over the long-term.”

_____________________________________________

The Company uses operating earnings, diluted operating earnings per share and operating return on beginning common shareholders’ equity to measure performance, as these measures focus on the underlying fundamentals of our operations without the impact of realized gains/losses from the sale of investments, which is driven by the timing of the disposition of investments, nor the interest in earnings/losses of equity investments, where the Company does not control the investee companies’ activities. The Company uses technical ratio and technical result as measures of underwriting

PartnerRe Ltd. Wellesley House South 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com  

News Release

performance. The technical ratio is defined as the sum of the loss and acquisition ratios. These metrics exclude other operating expenses. The Company also uses combined ratio to measure results for the Non-Life segment. The combined ratio is the sum of the technical and other operating expense ratios. The Company uses total capital, which is defined as total shareholders’ equity, long-term debt and capital efficient notes, to manage the capital structure of the Company.

_____________________________________________

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company, through its wholly owned subsidiaries, also offers alternative risk products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines, life/annuity and health, and alternative risk products. At December 31, 2007, total revenues were $4.2 billion, total assets were $16.0 billion, total capital was $5.2 billion and total shareholders’ equity was $4.3 billion.

PartnerRe on the Internet: www.partnerre.com

Forward-looking statements contained in this press release are based on the Company’s assumptions and expectations concerning future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. PartnerRe’s forward-looking statements could be affected by numerous foreseeable and unforeseeable events and developments such as exposure to catastrophe, or other large property and casualty losses, adequacy of reserves, risks associated with implementing business strategies, levels and pricing of new and renewal business achieved, credit, interest, currency and other risks associated with the Company’s investment portfolio, changes in accounting policies, and other factors identified in the Company’s filings with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information contained herein, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company disclaims any obligation to publicly update or revise any forward-looking information or statements.

Contacts:	PartnerRe Ltd.	Sard Verbinnen & Co.
	(441) 292-0888	(212) 687-8080
	Investor Contact: Robin Sidders	Drew Brown/Jane Simmons
	Media Contact: Celia Powell

PartnerRe Ltd. Wellesley House South 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com  

PartnerRe Ltd. Consolidated Statements of Operations and Comprehensive Income
(Expressed in thousands of U.S. dollars, except per share data) (Unaudited)
	For the three			For the three			For the year			For the year
	months ended			months ended			ended			ended
	December 31,			December 31,			December 31,			December 31,
	2007			2006			2007			2006
Revenues
Gross premiums written	$	722,700		$	730,015		$	3,810,164		$	3,733,920
Net premiums written	$	714,376		$	721,263		$	3,757,109		$	3,689,548
Decrease (increase) in unearned premiums		275,382			280,618			20,362			(22,280	)
Net premiums earned		989,758			1,001,881			3,777,471			3,667,268
Net investment income		137,771			126,019			523,259			449,401
Net realized investment (losses) gains		(16,510	)		27,984			(72,492	)		47,160
Other (loss) income		(14,530	)		(4,802	)		(17,479	)		23,555
Total revenues		1,096,489			1,151,082			4,210,759			4,187,384
Expenses
Losses and loss expenses and life policy benefits		517,557			530,426			2,082,461			2,111,337
Acquisition costs		227,222			229,868			849,715			849,241
Other operating expenses		88,481			77,778			326,486			309,544
Interest expense		13,374			21,795			54,017			61,387
Net foreign exchange (gains) losses		(1,568	)		9,600			15,552			23,204
Total expenses		845,066			869,467			3,328,231			3,354,713
Income before taxes and interest in (losses) earnings of equity investments		251,423			281,615			882,528			832,671
Income tax expense		4,303			42,415			81,748			95,305
Interest in (losses) earnings of equity investments		(66,517	)		3,517			(82,968	)		11,966
Net income	$	180,603		$	242,717		$	717,812		$	749,332
Preferred dividends	$	8,631		$	8,631		$	34,525		$	34,525
Operating earnings available to common shareholders	$	257,369		$	210,102		$	822,442		$	656,382
Comprehensive income, net of tax	$	233,897		$	262,900		$	888,692		$	784,898
Per Share Data:
Earnings per common share:
Basic operating earnings	$	4.69		$	3.69		$	14.66		$	11.55
Net realized investment (losses) gains, net of tax		(0.35	)		0.36			(1.00	)		0.82
Interest in (losses) earnings of equity investments, net of tax		(1.21	)		0.06			(1.48	)		0.21
Basic net income	$	3.13		$	4.11		$	12.18		$	12.58
Weighted average number of common shares outstanding		54,892.7			56,978.6			56,104.4			56,822.5
Diluted operating earnings	$	4.55		$	3.61		$	14.29		$	11.36
Net realized investment (losses) gains, net of tax		(0.34	)		0.36			(0.98	)		0.80
Interest in (losses) earnings of equity investments, net of tax		(1.17	)		0.06			(1.44	)		0.21
Diluted net income	$	3.04		$	4.03		$	11.87		$	12.37
Weighted average number of common and
common share equivalents outstanding		56,578.5			58,151.0			57,557.9			57,802.8

7

PartnerRe Ltd. Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars, except per share and parenthetical share and per share data)  (Unaudited)
	December 31,			December 31,
	2007			2006
Assets
Investments:
Fixed maturities, at fair value
(amortized cost: 2007, $9,401,962; 2006, $7,852,798)	$	9,498,791		$	7,835,680
Short-term investments, at fair value
(amortized cost: 2007, $97,153; 2006, $133,872)		97,307			133,751
Equities, at fair value
(cost: 2007, $838,777; 2006, $920,913)		871,762			1,015,144
Trading securities, at fair value (cost: 2007, $407,541; 2006, $578,445)		399,280			599,972
Other invested assets		50,201			105,390
Total investments		10,917,341			9,689,937
Cash and cash equivalents, at fair value, which approximates amortized cost		654,895			988,788
Accrued investment income		176,386			157,923
Reinsurance balances receivable		1,449,702			1,573,566
Reinsurance recoverable on paid and unpaid losses		158,494			168,840
Funds held by reinsured companies		1,083,036			1,002,402
Deferred acquisition costs		641,818			542,698
Deposit assets		398,079			306,212
Net tax assets		-			17,826
Goodwill		429,519			429,519
Net receivable for securities sold		50,065			-
Other assets		77,614			70,514
Total assets	$	16,036,949		$	14,948,225
Liabilities
Unpaid losses and loss expenses	$	7,231,436		$	6,870,785
Policy benefits for life and annuity contracts		1,541,687			1,430,691
Unearned premiums		1,267,873			1,215,624
Reinsurance balances payable		119,853			115,897
Ceded premiums payable		14,617			17,213
Funds held under reinsurance treaties		21,585			21,257
Deposit liabilities		435,852			350,763
Net payable for securities purchased		-			90,331
Net tax liabilities		37,743			-
Accounts payable, accrued expenses and other		167,141			172,212
Long-term debt		620,000			620,000
Debt related to capital efficient notes		257,605			257,605
Total liabilities		11,715,392			11,162,378
Shareholders’ Equity
Common shares (par value $1.00, issued: 2007, 57,379,516; 2006, 57,076,312)		57,380			57,076
Series C cumulative preferred shares (par value $1.00, issued and outstanding:
2007 and 2006, 11,600,000; aggregate liquidation preference: 2007 and 2006, $290,000,000)		11,600			11,600
Series D cumulative preferred shares (par value $1.00, issued and outstanding:
2007 and 2006, 9,200,000; aggregate liquidation preference: 2007 and 2006, $230,000,000)		9,200			9,200
Additional paid-in capital		1,441,598			1,413,977
Accumulated other comprehensive income:
Net unrealized gains on investments, net of tax		94,747			56,913
Currency translation adjustment		197,777			68,734
Unfunded pension obligation, net of tax		(3,274	)		(7,277	)
Retained earnings		2,753,784			2,175,624
Common shares held in treasury, at cost (2007, 3,129,008 shares; 2006, nil)		(241,255	)		-
Total shareholders' equity		4,321,557			3,785,847
Total liabilities and shareholders' equity	$	16,036,949		$	14,948,225
Shareholders’ Equity Per Common Share (excluding cumulative
preferred shares: 2007 and 2006, $520,000,000)	$	70.07		$	57.22
Diluted Book Value Per Common and Common Share Equivalents
Outstanding (assuming exercise of all stock-based awards)	$	67.96		$	56.07
Number of Common and Common Share Equivalents Outstanding		55,936.4			58,248.8

8

PartnerRe Ltd. Supplementary Information
(in millions of U.S. dollars)
(Unaudited)
SEGMENT INFORMATION
For the three months ended December 31, 2007
		U.S.		Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non- Life Segment			Life Segment			Corporate and Other (A)			Total
Gross premiums written	$	218		$	127		$	217		$	8		$	570		$	152		$	1		$	723
Net premiums written	$	218		$	127		$	216		$	8		$	569		$	144		$	1		$	714
Decrease in unearned premiums		46			90			31			102			269			7			-			276
Net premiums earned	$	264		$	217		$	247		$	110		$	838		$	151		$	1		$	990
Losses and loss expenses and
life policy benefits		(161	)		(140	)		(122	)		14			(409	)		(109	)		-			(518	)
Acquisition costs		(63	)		(55	)		(66	)		(10	)		(194	)		(33	)		-			(227	)
Technical result	$	40		$	22		$	59		$	114		$	235		$	9		$	1		$	245
Other loss														-			-			(15	)		(15	)
Other operating expenses														(59	)		(9	)		(20	)		(88	)
Underwriting result													$	176		$	-			n/a		$	142
Net investment income																	11			127			138
Allocated underwriting result (1)																$	11			n/a			n/a
Net realized investment losses																				(17	)		(17	)
Interest expense																				(13	)		(13	)
Net foreign exchange gains																				2			2
Income tax expense																				(4	)		(4	)
Interest in losses of equity investments																				(67	)		(67	)
Net income																				n/a		$	181

Loss ratio (2)	61.0	%	64.4	%	49.4	%	(12.8	)%	48.8	%
Acquisition ratio (3)	23.8		25.3		26.7		9.6		23.2
Technical ratio (4)	84.8	%	89.7	%	76.1	%	(3.2	)%	72.0	%
Other operating expense ratio (5)									7.0
Combined ratio (6)									79.0	%

For the three months ended December 31, 2006
		U.S.		Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non- Life Segment			Life Segment			Corporate and Other (A)			Total
Gross premiums written	$	231		$	116		$	233		$	3		$	583		$	143		$	4		$	730
Net premiums written	$	230		$	116		$	233		$	3		$	582		$	135		$	4		$	721
Decrease (increase) in unearned premiums		49			93			33			99			274			10			(3	)		281
Net premiums earned	$	279		$	209		$	266		$	102		$	856		$	145		$	1		$	1,002
Losses and loss expenses and
life policy benefits		(179	)		(135	)		(93	)		(21	)		(428	)		(101	)		(1	)		(530	)
Acquisition costs		(67	)		(56	)		(66	)		(14	)		(203	)		(27	)		-			(230	)
Technical result	$	33		$	18		$	107		$	67		$	225		$	17		$	-		$	242
Other income (loss)														1			-			(6	)		(5	)
Other operating expenses														(52	)		(8	)		(18	)		(78	)
Underwriting result													$	174		$	9			n/a		$	159
Net investment income																	15			111			126
Allocated underwriting result (1)																$	24			n/a			n/a
Net realized investment gains																				28			28
Interest expense																				(22	)		(22	)
Net foreign exchange losses																				(10	)		(10	)
Income tax expense																				(42	)		(42	)
Interest in earnings of equity investments																				4			4
Net income																				n/a		$	243

Loss ratio (2)	64.1	%	64.4	%	35.0	%	20.8	%	50.0	%
Acquisition ratio (3)	24.1		27.1		24.6		13.6		23.7
Technical ratio (4)	88.2	%	91.5	%	59.6	%	34.4	%	73.7	%
Other operating expense ratio (5)									6.1
Combined ratio (6)									79.8	%

(A) The Company reports the results of ChannelRe on a one-quarter lag.  The 2007 period includes a charge of $76.2 million for the three-months ended December 31, 2007, which represents the write-down of its total investment in ChannelRe due to anticipated unrealized mark-to-market losses on ChannelRe’s credit derivative portfolio, which it expects to incur during the three-month period ended December 31, 2007. The 2006 period includes the Company’s share of ChannelRe’s net income in the amount of $3.5 million.

(1) Allocated underwriting result is defined as net premiums earned, other income or loss and allocated net investment income less life policy benefits, acquisition costs and other operating expenses.

(2) Loss ratio is obtained by dividing losses and loss expenses by net premiums earned.

(3) Acquisition ratio is obtained by dividing acquisition costs by net premiums earned.

(4) Technical ratio is defined as the sum of the loss ratio and the acquisition ratio.

(5) Other operating expense ratio is obtained by dividing other operating expenses by net premiums earned.

(6) Combined ratio is defined as the sum of the technical ratio and the other operating expense ratio.

9

 

PartnerRe Ltd.

Supplementary Information

(in millions of U.S. dollars)

(Unaudited)

SEGMENT INFORMATION

For the three months ended December 31, 2007

		U.S.		Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non- Life Segment			Life Segment			Corporate and Other (B)			Total
Gross premiums written	$	1,020		$	740		$	1,049		$	401		$	3,210		$	597		$	3		$	3,810
Net premiums written	$	1,020		$	738		$	1,026		$	401		$	3,185		$	569		$	3		$	3,757
(Increase) decrease in unearned premiums		(21	)		20			(20	)		39			18			2			-			20
Net premiums earned	$	999		$	758		$	1,006		$	440		$	3,203		$	571		$	3		$	3,777
Losses and loss expenses and
life policy benefits		(608	)		(523	)		(450	)		(46	)		(1,627	)		(455	)		-			(2,082	)
Acquisition costs		(241	)		(191	)		(260	)		(42	)		(734	)		(116	)		-			(850	)
Technical result	$	150		$	44		$	296		$	352		$	842		$	-		$	3		$	845
Other income (loss)														7			-			(24	)		(17	)
Other operating expenses														(214	)		(33	)		(80	)		(327	)
Underwriting result													$	635		$	(33	)		n/a		$	501
Net investment income																	54			469			523
Allocated underwriting result (1)																$	21			n/a			n/a
Net realized investment losses																				(72	)		(72	)
Interest expense																				(54	)		(54	)
Net foreign exchange losses																				(15	)		(15	)
Income tax expense																				(82	)		(82	)
Interest in losses of equity investments																				(83	)		(83	)
Net income																				n/a		$	718

Loss ratio (2)	60.8	%	69.0	%	44.7	%	10.5	%	50.8	%
Acquisition ratio (3)	24.1		25.2		25.9		9.6		22.9
Technical ratio (4)	84.9	%	94.2	%	70.6	%	20.1	%	73.7	%
Other operating expense ratio (5)									6.7
Combined ratio (6)									80.4	%
For the year ended December 31, 2006

		U.S.		Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non- Life Segment			Life Segment			Corporate and Other (B)			Total
Gross premiums written	$	1,030		$	763		$	1,012		$	412		$	3,217		$	507		$	10		$	3,734
Net premiums written	$	1,029		$	760		$	991		$	412		$	3,192		$	487		$	10		$	3,689
Decrease (increase) in unearned premiums		1			15			(12	)		(24	)		(20	)		-			(2	)		(22	)
Net premiums earned	$	1,030		$	775		$	979		$	388		$	3,172		$	487		$	8		$	3,667
Losses and loss expenses and
life policy benefits		(725	)		(505	)		(446	)		(65	)		(1,741	)		(363	)		(7	)		(2,111	)
Acquisition costs		(243	)		(209	)		(236	)		(43	)		(731	)		(117	)		(1	)		(849	)
Technical result	$	62		$	61		$	297		$	280		$	700		$	7		$	-		$	707
Other income														5			-			19			24
Other operating expenses														(206	)		(29	)		(75	)		(310	)
Underwriting result													$	499		$	(22	)		n/a		$	421
Net investment income																	51			398			449
Allocated underwriting result (1)																$	29			n/a			n/a
Net realized investment gains																				47			47
Interest expense																				(61	)		(61	)
Net foreign exchange losses																				(24	)		(24	)
Income tax expense																				(95	)		(95	)
Interest in earnings of equity investments																				12			12
Net income																				n/a		$	749

Loss ratio (2)	70.3	%	65.1	%	45.6	%	16.9	%	54.8	%
Acquisition ratio (3)	23.7		27.1		24.1		11.1		23.1
Technical ratio (4)	94.0	%	92.2	%	69.7	%	28.0	%	77.9	%
Other operating expense ratio (5)									6.5
Combined ratio (6)									84.4	%

(B) The Company reports the results of ChannelRe on one-quarter lag.  The 2007 period includes the Company’s share of ChannelRe’s net loss and a charge which represents the write-down of its total investment in ChannelRe due to anticipated unrealized mark-to-market losses on ChannelRe’s credit derivative portfolio, which it expects to incur during the three-month period ended December 31, 2007, for a total of $92.8 million. The 2006 period includes the Company’s share of ChannelRe’s net income in the amount of $11.7 million.

(1) Allocated underwriting result is defined as net premiums earned, other income or loss and allocated net investment income less life policy benefits, acquisition costs and other operating expenses.

(2) Loss ratio is obtained by dividing losses and loss expenses by net premiums earned.

(3) Acquisition ratio is obtained by dividing acquisition costs by net premiums earned.

(4) Technical ratio is defined as the sum of the loss ratio and the acquisition ratio.

(5) Other operating expense ratio is obtained by dividing other operating expenses by net premiums earned.

(6) Combined ratio is defined as the sum of the technical ratio and the other operating expense ratio.

10

PartnerRe Ltd. Supplementary Information
(Unaudited)
			For the three  months ended December 31, 2007			For the three months ended December 31, 2006			For the year  ended December 31, 2007			For the year  ended December 31, 2006
Distribution of Net Premiums Written by
Line of Business:
	Non-Life
		Property and casualty
		Casualty		19	%		18	%		17	%		17	%
		Property		15			17			17			18
		Motor		5			5			5			6
		Multiline and other		2			2			3			3
		Specialty
		Agriculture		7			6			4			5
		Aviation/Space		6			7			5			6
		Catastrophe		1			1			11			11
		Credit/Surety		8			8			7			6
		Engineering		8			6			5			5
		Energy		2			2			2			2
		Marine		4			4			4			3
		Specialty casualty		2			4			3			3
		Specialty property		1			1			2			2
	Life			20			19			15			13
				100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by
Geography:
		Europe		47	%		41	%		45	%		42	%
		North America		41			45			42			43
		Asia, Australia and New Zealand		6			6			6			8
		Latin America, Caribbean and Africa		6			8			7			7
				100	%		100	%		100	%		100	%
				As at December 31, 2007
Financial Strength Ratings:
Standard & Poor's				AA-
Moody's				Aa3
A.M. Best				A+
Fitch				AA

	(in thousands of U.S. dollars)				(in thousands of U.S. dollars)
Capital Structure:
Long-term debt	$	620,000	12	%	$	620,000	13	%
Capital efficient notes(1)		250,000	5			250,000	6
6.75% Series C cumulative preferred shares, aggregate liquidation		290,000	6			290,000	6
6.5% Series D cumulative preferred shares, aggregate liquidation		230,000	4			230,000	5
Common shareholders' equity		3,801,557	73			3,265,847	70
Total Capital	$	5,191,557	100	%	$	4,655,847	100	%

⁽¹⁾  PartnerRe Finance II, the issuer of the capital efficient notes, does not meet the consolidation requirements of FIN 46(R).

Accordingly, the Company shows the related intercompany debt of $257.6 million on its Consolidated Balance Sheets.

11

PartnerRe Ltd. Supplementary Information
(Unaudited)
		As at				As at
		December 31,				December 31,
		2007				2006
Investment Portfolio:
Credit Quality	AAA		68		%		69	%
	AA		6				4
	A		12				13
	BBB		11				10
	Below Investment Grade/Unrated		3				4
			100		%		100	%
By Class	U.S. Government		14		%		12	%
	U.S. Mortgage/Asset Backed		15				16
	U.S. Corporates		19				20
	Foreign Fixed Income		35				29
	Equities and Equity Substitutes		11				14
	Cash (net of pending transactions)		6				9
			100		%		100	%
Expected average duration			3.9		Yrs		4.1	Yrs
Average yield to maturity at market			4.7		%		4.9	%
(fixed income securities and cash)
Average Credit Quality		AA				AA
		For the three				For the three			For the year				For the year
		months ended				months ended			ended				ended
		December 31,				December 31,			December 31,				December 31,
		2007				2006			2007				2006
								(in thousands of U.S. dollars except per share data)
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning common shareholders' equity (1)
calculated with net income available to common shareholders			21.1		%		36.4	%		20.9		%		27.8	%
Less:
Annualized net realized investment (losses) gains, net of tax, on beginning
common shareholders' equity (1)			(2.3	)			3.2			(1.7	)			1.8
Interest in (losses) earnings of equity investments, net of tax,  on beginning
common shareholders' equity (1)			(8.1	)			0.5			(2.6	)			0.5
Annualized operating return on beginning common shareholders' equity(1)			31.5		%		32.7	%		25.2		%		25.5	%
Net income		$	180,603			$	242,717		$	717,812			$	749,332
Less:
Net realized investment (losses) gains, net of tax			(18,982	)			20,467			(56,288	)			46,459
Interest in (losses) earnings of equity investments, net of tax			(66,415	)			3,517			(82,867	)			11,966
Dividends to preferred shareholders			8,631				8,631			34,525				34,525
Operating earnings available to common shareholders		$	257,369			$	210,102		$	822,442			$	656,382
Per diluted share:
Net income		$	3.04			$	4.03		$	11.87			$	12.37
Less:
Net realized investment (losses) gains, net of tax			(0.34	)			0.36			(0.98	)			0.80
Interest in (losses) earnings of equity investments, net of tax			(1.17	)			0.06			(1.44	)			0.21
Operating earnings		$	4.55			$	3.61		$	14.29			$	11.36
(1) Excluding cumulative preferred shares: 2007 and 2006, $520,000

12

PartnerRe Ltd. Supplementary Information (in thousands of U.S. dollars except share and per share data)
(Unaudited)
	As at		As at
	December 31,		December 31,
	2007		2006
Reconciliation of GAAP and non-GAAP measures:
Shareholders' equity	$	4,321,557	$	3,785,847
Less:
6.75% Series C cumulative preferred shares, aggregate liquidation		290,000		290,000
6.5% Series D cumulative preferred shares, aggregate liquidation		230,000		230,000
Common shareholders' equity	$	3,801,557	$	3,265,847
Less:
Net unrealized gains (losses) on fixed income securities, net of tax		71,958		(18,694	)
Book value excluding net unrealized gains (losses) on fixed income securities	$	3,729,599	$	3,284,541
Divided by:
Number of common and common share equivalents outstanding		55,936.4		58,248.8
Equals:
Diluted book value per common and common share equivalents
outstanding excluding net unrealized gains (losses) on fixed income securities	$	66.68	$	56.39

13