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): October 26, 2009

PartnerRe Ltd.

(Exact Name of Registrant as Specified in Charter)

Bermuda

(State or Other Jurisdiction of Incorporation)

001-14536	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):

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

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

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

¨ 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 October 26, 2009, PartnerRe Ltd. issued a press release reporting its third quarter and nine month 2009 results. A copy of the press release, as well as a financial supplement, are attached hereto as Exhibits 99.1 and 99.2, respectively, to this Form 8-K and are hereby incorporated by reference to this Item 2.02.

As provided in General Instruction B.2 of Form 8-K, the information and exhibits contained in this Form 8-K are not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, are not otherwise subject to the liabilities of that section and are not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release of PartnerRe Ltd., dated October 26, 2009
99.2	Financial Supplement

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:   October 27, 2009	By:	/S/    AMANDA E. SODERGREN
	Name:	Amanda E. Sodergren
	Title:	Chief Legal Counsel

Index to Exhibits

Exhibit No.	Description
99.1	Press Release of PartnerRe Ltd., dated October 26, 2009
99.2	Financial Supplement

EX-99.1

Exhibit 99.1

News Release

PartnerRe Ltd. Reports Third Quarter and Nine Month 2009 Results

• Third Quarter Operating Earnings per share of $4.77; Net Income per share of $9.44

• Third Quarter Annualized Operating ROE of 30.7%; Annualized Net Income ROE of 60.7%

• Nine Month Operating Earnings per share of $10.64; Net Income per share of $19.95

• Nine Month Annualized Operating ROE of 22.4%; Annualized Net Income ROE of 41.9%

• Record Book Value of $83.07 per share, up 30% year-to-date, and 27% year-over-year

PEMBROKE, Bermuda, October 26, 2009 — PartnerRe Ltd. (NYSE:PRE) today reported net income of $566.7 million, or $9.44 per share on a fully diluted basis for the third quarter of 2009. This net income includes after-tax net realized and unrealized gains on investments of $274.4 million, or $4.64 per share. Net loss for the third quarter of 2008 was $(151.7) million, or $(3.01) per share, including after-tax net realized and unrealized losses on investments of $(281.1) million, or $(5.27) per share. Operating earnings for the third quarter of 2009 were $282.1 million, or $4.77 per share on a fully diluted basis. This compares to operating earnings of $121.3 million, or $2.27 per share, for the third quarter of 2008.

Net income for the first nine months of 2009 was $1.2 billion, or $19.95 per share. This net income includes after-tax net realized and unrealized gains on investments of $479.4 million, or $8.27 per share, as well as a after-tax net gain of $57.0 million or $0.98 per share, from the purchase of approximately 75% of the Company’s outstanding Capital Efficient Notes (CENts) in the first quarter of 2009. Net loss for the first nine months of 2008 was $(48.7) million, or $(1.38) per share, including after-tax net realized and unrealized losses on investments of $(491.3) million, or $(9.10) per share. Operating earnings for the first nine months of 2009 were $617.1 million, or $10.64 per share on a fully diluted basis. This compares to operating earnings of $415.4 million, or $7.70 per share, for the first nine months of 2008.

Operating earnings exclude after-tax net realized and unrealized investment gains and losses, after-tax net realized gain on the purchase of the CENts and after-tax interest in results of equity investments, and are calculated after payment of preferred dividends. All references to per share amounts in the text of this press release are on a fully diluted basis.

Commenting on the third quarter and nine month 2009 results, PartnerRe President & Chief Executive Officer Patrick Thiele said, “PartnerRe had another excellent quarter and first nine months of 2009, with both its reinsurance and capital markets activities performing well. For the first nine months of 2009, we achieved an operating return on beginning equity of 22%, and 30% growth in GAAP book value per share. Our reinsurance results benefited from a low level of large losses while our investment operations continued to participate fully in the improvement experienced by the global capital markets.”

PartnerRe Ltd. Wellesley House, 5^th Floor 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 September 30						Nine months ended September 30
	2009			2008			2009			2008
Net Premiums Written	$	891,547		$	869,194		$	3,044,264		$	3,237,027
Net Premiums Earned	$	1,090,691		$	1,078,459		$	2,783,270		$	2,943,752
Non-life Combined Ratio		78.1	%		95.5	%		82.5	%		91.4	%
Net Income (Loss)	$	566,705		$	(151,719	)	$	1,182,494		$	(48,723	)
Net Income (Loss) per share (a)	$	9.44		$	(3.01	)	$	19.95		$	(1.38	)
Operating Earnings (a)	$	282,064		$	121,331		$	617,097		$	415,373
Operating Earnings per share (a)	$	4.77		$	2.27		$	10.64		$	7.70

(a) Net income/loss per share is defined as net income/loss available to common shareholders divided by the weighted average number of fully diluted shares outstanding for the period. Net income/loss available to common shareholders is defined as net income/loss less preferred dividends. Operating earnings is defined as net income/loss available to common shareholders excluding after-tax net realized and unrealized gains/losses on investments, after-tax net realized gain on the purchase of the CENts and after-tax 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. As the effect of dilutive securities would have been anti-dilutive in the three months and nine months ended September 30, 2008, the fully diluted per share figures for the period were compiled using the basic weighted average number of common shares outstanding.

Net premiums written for the third quarter of 2009 were $891.5 million, compared to $869.2 million in the third quarter of 2008. Total revenues for the third quarter of 2009 were $1.6 billion, compared to $896.6 million in the third quarter of 2008, and included $1.1 billion of net premiums earned, reflecting a slight increase over the third quarter of 2008; net investment income of $145.3 million, essentially flat with the third quarter of 2008; and pre-tax net realized and unrealized investment gains of $330.2 million, as compared to pre-tax net realized and unrealized investment losses of $(324.2) million for the third quarter of 2008. Foreign exchange negatively impacted comparisons as a result of the year-over-year strengthening of the U.S. dollar. Excluding the impact of foreign exchange, net premiums written, net premiums earned and net investment income would have increased relative to the amounts reported for the third quarter of 2008 by 8%, 6% and 3%, respectively.

PartnerRe Ltd. Wellesley House, 5^th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com

News Release

For the first nine months of 2009, net premiums written were $3.0 billion, compared to $3.2 billion in the first nine months of 2008. Total revenues for the first nine months of 2009 were $3.9 billion, compared to $2.8 billion for the first nine months of 2008, and included $2.8 billion of net premiums earned, compared to $2.9 billion in the first nine months of 2008; net investment income of $414.1 million, which compares to $428.6 million for the first nine months of 2008; pre-tax net realized and unrealized investment gains of $566.6 million as compared to pre-tax net realized and unrealized investment losses of $(595.3) million for the first nine months of 2008; and a pre-tax gain of $88.4 million ($57.0 million after-tax) from the purchase of approximately 75% of the Company’s outstanding CENts during the first quarter of 2009. Foreign exchange negatively impacted comparisons as a result of the year-over-year strengthening of the U.S. dollar. Excluding the impact of foreign exchange, net premiums written would have increased approximately 1% while net premiums earned and net investment income would have increased approximately 2%, relative to the amounts reported for the first nine months of 2008.

Separately, the Company announced today that its Board of Directors declared a quarterly dividend of $0.47 per common share. The dividend will be payable on December 1, 2009, to common shareholders of record on November 20, 2009, with the stock trading ex-dividend commencing November 18, 2009.

The Company recently provided an update on its acquisition of PARIS RE, announcing the successful closing of the block purchase of PARIS RE shares, bringing total ownership of PARIS RE to 83% at that time. Subsequent to that announcement, the Company has signed agreements to purchase an additional 4,521,051 PARIS RE shares to bring its estimated total ownership of PARIS RE to approximately 87%. At the same time the Company has entered into binding voting commitments with certain other shareholders of PARIS RE which, when combined with the PARIS RE shares already purchased, give the Company more than 90% of the PARIS RE voting rights based on the number of PARIS RE common shares currently outstanding. The Company remains optimistic that it will complete the full acquisition of PARIS RE by year-end 2009.

Results by Segment

The Non-life segment reported net premiums written of $733 million for the third quarter of 2009, compared to $723 million in the same period in 2008. The combined ratio was 78.1% for the third quarter of 2009, compared to 95.5% for the same period in 2008 which included 20 points related to the impact by Hurricanes Ike and Gustav. The Non-life technical result was $263 million for the third quarter of 2009 compared to $97 million for the prior year period. For the first nine months, Non-life net premiums written were $2.6 billion, compared

PartnerRe Ltd. Wellesley House, 5^th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com

News Release

to $2.8 billion for same period of 2008. The nine month technical result was $582 million, compared to $388 million for the same period in 2008. The combined ratio for the nine month period was 82.5% compared to 91.4% in 2008.

The U.S. business, which represented 32% of total net premiums written for the third quarter, reported net premiums written of $279 million for the third quarter of 2009, compared to $264 million in last year’s third quarter. Net premiums earned were $312 million in the third quarter of 2009, compared to $276 million for the same period in 2008. The technical ratio for this sub-segment was 80.6% for the 2009 third quarter, compared to 101.1% in the third quarter of 2008. The technical result for the third quarter of 2009 was a gain of $61 million, compared to a loss of $(3) million for the same period in 2008. Net premiums written for the first nine months of 2009 were $841 million, flat with the same period in 2008. The nine-month technical ratio was 86.7%, compared to 97.6% in 2008. The technical result for the first nine months was $108 million compared to $19 million in the same period in 2008.

The Global (Non-U.S.) P&C business, which represented 14% of total net premiums written for the quarter, reported net premiums written of $124 million for the third quarter of 2009, compared to $137 million for the same period in 2008. Net premiums earned during the quarter were $160 million, compared to $195 million in the third quarter of 2008. The technical ratio for this sub-segment was 76.7% for the third quarter of 2009 compared to 74.5% for the same period in 2008. The technical result for the third quarter of 2009 was $37 million, compared to $50 million for the same period in 2008. For the first nine months of 2009, net premiums written were $541 million, compared to $642 million for the first nine months of 2008. The nine-month technical ratio was 75.3%, compared to 82.3% in 2008. The technical result for the first nine months was $118 million in 2009 compared to $103 million in the same period in 2008.

The Global (Non-U.S.) Specialty business, which represented 32% of total net premiums written for the quarter, reported net premiums written of $283 million for the third quarter of 2009, compared to $274 million for the third quarter of 2008. Net premiums earned were $295 million for the quarter, compared to $290 million in the same period in 2008. This sub-segment’s technical ratio was 90.9% for the third quarter of 2009 compared to 88.6% for the third quarter of 2008. The technical result for the third quarter of 2009 was $27 million, compared to $33 million for the same period in 2008. For the nine-month period, net premiums written were $846 million, compared to $898 million in the first nine months of 2008. The nine-month technical ratio was 88.8%, compared to 86.8% in 2008. The technical result for the first nine months was $87 million in 2009 compared to $103 million in the same period in 2008.

PartnerRe Ltd. Wellesley House, 5^th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com

News Release

The Catastrophe business, which represented 5% of total net premiums written for the quarter, reported net premiums written of $47 million for the third quarter of 2009, compared to $48 million for the prior year period. Net premiums earned were $159 million for the quarter, flat with the same period in 2008. This sub-segment’s technical ratio was 13.0% for the third quarter 2009, compared to 89.5% for the third quarter of 2008, reflecting the impact of Hurricane Ike and Gustav in the 2008 third quarter. The technical result for the third quarter 2009 was $138 million, compared to $17 million for the same period in 2008. For the nine-month period, net premiums written were $376 million, compared to $391 million for the prior year period. The nine-month technical ratio was 7.3%, compared to 45.7% in 2008. The technical result for the first nine months was $269 million in 2009 compared to $163 million in the same period 2008.

The Life segment, which represented 17% of total net premiums written for the third quarter of 2009, reported net premiums written of $157 million for the third quarter, compared to $141 million in the third quarter of 2008. The allocated underwriting result for the quarter was $20 million, compared to $9 million in the same period of 2008. For the nine-month period in 2009, net premiums written were $433 million, with an allocated underwriting result of $41 million, compared with net premiums written of $448 million and an allocated underwriting result of $21 million in the first nine months of 2008.

The Company’s capital markets and investment activities are reported under the heading of “Corporate and Other”. Within Corporate and Other, capital markets and investment activities contributed $133 million to pre-tax operating income in the third quarter and $371 million to pre-tax operating income in the first nine months of the year (exclusive of Life investment income), as compared to $119 million and $368 million in 2008, respectively. Separately, with the Company reporting changes in the unrealized market values of invested assets in net income, capital markets and investment activities contributed pre-tax non-operating gains of $332 million and $568 million in the third quarter and first nine months of 2009, respectively, compared to pre-tax non-operating losses of $(324) million and $(595) million, respectively, in the third quarter and first nine months of 2008.

Balance Sheet Items

At September 30, 2009, total assets were $17.8 billion as compared to $16.3 billion at December 31, 2008. Over the trailing 12 month period, total investments and cash increased 13% to $13.1 billion at September 30, 2009. Gross Non-life loss and loss expense reserves were $7.6 billion at September 30, 2009, compared to $7.5 billion at December 31, 2008. During the third quarter of 2009, the Company’s estimate of Non-life reserves for prior accident years was reduced by $122 million due to favorable development. The overall third

PartnerRe Ltd. Wellesley House, 5^th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com

News Release

quarter prior year reserve development in the Non-life segment includes net favorable development in all sub-segments, with reductions of $43 million in the U.S. sub-segment, $46 million in the Global (Non-U.S.) P&C sub-segment, $18 million in the Global (Non-U.S.) Specialty sub-segment, and $15 million in the Catastrophe sub-segment. In the third quarter of 2008, Non-life reserves for prior years developed favorably by $103 million. Policy benefits for life and annuity contracts increased by 10% year-to-date to $1.6 billion at September 30, 2009. During the third quarter of 2009, the Company’s estimate of Life reserves for prior years developed favorably by $14 million, while there was $5 million adverse development on prior estimates in the third quarter of 2008.

At September 30, 2009, total capital was $5.8 billion, and total shareholder’s equity was $5.4 billion. This compares to total capital of $4.9 billion, and total shareholder’s equity of $4.2 billion at December 31, 2008. Total capital and shareholders’ equity at September 30, 2009 reflect the initial purchase by PartnerRe of 6% of PARIS RE common shares. Book value per common share at September 30, 2009 was $83.07 on a fully diluted basis compared to $63.95 per diluted share at December 31, 2008.

For additional information, the Company has posted a third quarter 2009 financial supplement on its website www.partnerre.com in the Investor Relations section on the Financial Reports page under Supplementary Financial Data.

Commentary and Outlook

“As we move toward the end of 2009, the non-life market overall remains unchanged – stable to gradually deteriorating; and without any precipitating events, there will likely be a continuation of those trends in 2010,” said Mr. Thiele. “Despite that trend, PartnerRe continues to perform well, and we expect that to continue through the remainder of the year and into 2010, barring any unusually large loss events.”

Mr. Thiele added: “Our acquisition of PARIS RE enhances an already well-balanced portfolio of attractively priced risks. The integration of PARIS RE into the PartnerRe group will provide us with both increased diversification of reinsurance and capital markets risk, and, with expanded capital and resources, significant growth opportunities at a time when industry demand is likely to remain stagnant. We are confident that the larger and stronger PartnerRe will be better able to achieve its financial goals, with reduced risk.”

PartnerRe Ltd. Wellesley House, 5^th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com

News Release

The Company uses operating earnings, diluted operating earnings per share and annualized 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 after-tax net realized and unrealized gains/losses on investments, after-tax net realized gain on the purchase of the CENts, and the after-tax 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 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, senior notes and capital efficient notes, to manage the capital structure of the Company.

PartnerRe 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, other lines, life/annuity and health, and alternative risk products. For the year ended December 31, 2008, total revenues were $4.0 billion. At September 30, 2009, total assets were $17.8 billion, total capital was $5.8 billion and total shareholders’ equity was $5.4 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 and integrating new acquisitions, levels and pricing of new and renewal business achieved, credit, interest, currency and other risks associated with the Company’s, PARIS RE’s, or the combined company’s investment portfolio, changes in accounting policies, failure to consummate or delay in consummating the complete acquisition of PARIS RE, 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, 5^th Floor 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 (Loss)

(Expressed in thousands of U.S. dollars, except per share data)

(Unaudited)

	For the three months ended September 30, 2009		For the three months ended September 30, 2008			For the nine months ended September 30, 2009			For the nine months ended September 30, 2008
Revenues
Gross premiums written	$	893,714	$	868,584		$	3,080,243		$	3,276,079
Net premiums written	$	891,547	$	869,194		$	3,044,264		$	3,237,027
Decrease (increase) in unearned premiums		199,144		209,265			(260,994	)		(293,275	)
Net premiums earned		1,090,691		1,078,459			2,783,270			2,943,752
Net investment income		145,350		146,138			414,071			428,642
Net realized and unrealized investment gains (losses)		330,226		(324,184	)		566,643			(595,327	)
Net realized gain on purchase of capital efficient notes		—		—			88,427			—
Other income (loss)		8,385		(3,838	)		16,327			2,390
Total revenues		1,574,652		896,575			3,868,738			2,779,457
Expenses
Losses and loss expenses and life policy benefits		574,228		751,961			1,552,025			1,890,349
Acquisition costs		232,475		232,814			614,133			665,222
Other operating expenses		102,224		86,939			284,286			275,956
Interest expense		6,161		11,877			21,643			38,687
Net foreign exchange losses		961		4,597			5,511			7,820
Total expenses		916,049		1,088,188			2,477,598			2,878,034
Income (loss) before taxes and interest in earnings (losses) of equity investments		658,603		(191,613	)		1,391,140			(98,577	)
Income tax expense (benefit)		93,433		(39,508	)		210,198			(50,205	)
Interest in earnings (losses) of equity investments		1,535		386			1,552			(351	)
Net income (loss)	$	566,705	$	(151,719	)	$	1,182,494		$	(48,723	)
Preferred dividends	$	8,631	$	8,631		$	25,894		$	25,894
Operating earnings available to common shareholders	$	282,064	$	121,331		$	617,097		$	415,373
Comprehensive income (loss), net of tax	$	605,974	$	(243,372	)	$	1,231,014		$	(68,477	)
Per Share Data:
Earnings (loss) per common share:
Basic operating earnings	$	4.85	$	2.27		$	10.81		$	7.70
Net realized and unrealized investment gains (losses), net of tax		4.72		(5.27	)		8.40			(9.10	)
Net realized gain on purchase of capital efficient notes, net of tax		—		—			1.00			—
Interest in earnings (losses) of equity investments, net of tax		0.03		(0.01	)		0.05			0.02
Basic net income (loss)	$	9.60	$	(3.01	)	$	20.26		$	(1.38	)
Weighted average number of common shares outstanding		58,118.2		53,339.9			57,085.6			53,952.7
Diluted operating earnings	$	4.77	$	2.27		$	10.64		$	7.70
Net realized and unrealized investment gains (losses), net of tax		4.64		(5.27	)		8.27			(9.10	)
Net realized gain on purchase of capital efficient notes, net of tax		—		—			0.98			—
Interest in earnings (losses) of equity investments, net of tax		0.03		(0.01	)		0.06			0.02
Diluted net income (loss)	$	9.44	$	(3.01	)	$	19.95		$	(1.38	)
Weighted average number of common and common share equivalents outstanding		59,128.5		53,339.9			57,978.5			53,952.7

PartnerRe Ltd.

Consolidated Balance Sheets

(Expressed in thousands of U.S. dollars, except per share and parenthetical share and per share data)

(Unaudited)

	September 30, 2009			December 31, 2008
Assets
Investments:
Fixed maturities, trading securities, at fair value	$	11,252,027		$	10,181,995
Short-term investments, trading securities, at fair value		48,364			117,091
Equities, trading securities, at fair value		865,144			512,812
Other invested assets		120,281			74,493
Total investments		12,285,816			10,886,391
Cash and cash equivalents, at fair value, which approximates amortized cost		772,250			838,280
Accrued investment income		167,902			169,103
Reinsurance balances receivable		1,977,265			1,719,694
Reinsurance recoverable on paid and unpaid losses		148,663			153,594
Funds held by reinsured companies		851,932			786,422
Deferred acquisition costs		646,341			617,121
Deposit assets		320,455			342,132
Net tax assets		64,917			215,703
Goodwill		429,519			429,519
Net receivable for securities sold		—			43,007
Other assets		94,586			78,354
Total assets	$	17,759,646		$	16,279,320
Liabilities
Unpaid losses and loss expenses	$	7,558,318		$	7,510,666
Policy benefits for life and annuity contracts		1,580,380			1,432,015
Unearned premiums		1,594,274			1,273,787
Other reinsurance balances payable		216,537			209,007
Deposit liabilities		341,275			362,485
Net tax liabilities		278,860			219,679
Accounts payable, accrued expenses and other		188,855			164,968
Net payable for securities purchased		35,604			—
Current portion of long-term debt		200,000			200,000
Long-term debt		—			200,000
Debt related to senior notes		250,000			250,000
Debt related to capital efficient notes		70,989			257,605
Total liabilities		12,315,092			12,080,212
Shareholders’ Equity
Common shares (par value $1.00, issued: 2009, 58,276,502; 2008, 57,748,507)		58,277			57,749
Series C cumulative preferred shares (par value $1.00, issued and outstanding:
2009 and 2008, 11,600,000; aggregate liquidation preference: 2009 and 2008, $290,000,000)		11,600			11,600
Series D cumulative preferred shares (par value $1.00, issued and outstanding:
2009 and 2008, 9,200,000; aggregate liquidation preference: 2009 and 2008, $230,000,000)		9,200			9,200
Additional paid-in capital		1,501,960			1,465,688
Accumulated other comprehensive income:
Net unrealized gains on investments, net of tax		4,908			3,943
Currency translation adjustment		82,731			34,888
Unfunded pension obligation, net of tax		(16,311	)		(16,023	)
Retained earnings		3,792,561			2,729,662
Common shares held in treasury, at cost (2009, 5,000; 2008, 1,295,173)		(372	)		(97,599	)
Total shareholders’ equity		5,444,554			4,199,108
Total liabilities and shareholders’ equity	$	17,759,646		$	16,279,320
Shareholders’ Equity Per Common Share (excluding cumulative preferred shares: 2009 and 2008, $520,000,000)	$	84.51		$	65.17
Diluted Book Value Per Common and Common Share Equivalents Outstanding (assuming exercise of all stock-based awards)	$	83.07		$	63.95
Number of Common and Common Share Equivalents Outstanding		59,281.8			57,533.9

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the three months ended September 30, 2009

	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non-life Segment			Life Segment			Corporate and Other			Total
Gross premiums written	$	279		$	125		$	284		$	47		$	735		$	157		$	2		$	894
Net premiums written	$	279		$	124		$	283		$	47		$	733		$	157		$	2		$	892
Decrease in unearned premiums		33			36			12			112			193			3			2			198
Net premiums earned	$	312		$	160		$	295		$	159		$	926		$	160		$	4		$	1,090
Losses and loss expenses and life policy benefits		(171	)		(84	)		(195	)		(9	)		(459	)		(115	)		—			(574	)
Acquisition costs		(80	)		(39	)		(73	)		(12	)		(204	)		(28	)		—			(232	)
Technical result	$	61		$	37		$	27		$	138		$	263		$	17		$	4		$	284
Other income														5			—			3			8
Other operating expenses														(61	)		(13	)		(28	)		(102	)
Underwriting result													$	207		$	4			n/a		$	190
Net investment income																	16			129			145
Allocated underwriting result (1)																$	20			n/a			n/a
Net realized and unrealized investment gains																				330			330
Interest expense																				(6	)		(6	)
Net foreign exchange losses																				(1	)		(1	)
Income tax expense																				(93	)		(93	)
Interest in earnings of equity investments																				2			2
Net income																				n/a		$	567
Loss ratio (2)		54.9	%		52.2	%		66.1	%		5.6	%		49.5	%
Acquisition ratio (3)		25.7			24.5			24.8			7.4			22.0
Technical ratio (4)		80.6	%		76.7	%		90.9	%		13.0	%		71.5	%
Other operating expense ratio (5)														6.6
Combined ratio (6)														78.1	%
For the three months ended September 30, 2008
	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non-life Segment			Life Segment			Corporate and Other			Total
Gross premiums written	$	263		$	137		$	276		$	48		$	724		$	140		$	5		$	869
Net premiums written	$	264		$	137		$	274		$	48		$	723		$	141		$	5		$	869
Decrease in unearned premiums		12			58			16			111			197			8			5			210
Net premiums earned	$	276		$	195		$	290		$	159		$	920		$	149		$	10		$	1,079
Losses and loss expenses and life policy benefits		(212	)		(98	)		(185	)		(128	)		(623	)		(114	)		(15	)		(752	)
Acquisition costs		(67	)		(47	)		(72	)		(14	)		(200	)		(32	)		(1	)		(233	)
Technical result	$	(3	)	$	50		$	33		$	17		$	97		$	3		$	(6	)	$	94
Other (loss) income														(5	)		—			1			(4	)
Other operating expenses														(55	)		(11	)		(21	)		(87	)
Underwriting result													$	37		$	(8	)		n/a		$	3
Net investment income																	17			129			146
Allocated underwriting result (1)																$	9			n/a			n/a
Net realized and unrealized investment losses																				(324	)		(324	)
Interest expense																				(12	)		(12	)
Net foreign exchange losses																				(5	)		(5	)
Income tax benefit																				40			40
Interest in earnings of equity investments																				—			—
Net loss																				n/a		$	(152	)
Loss ratio (2)		76.9	%		50.3	%		63.8	%		80.8	%		67.8	%
Acquisition ratio (3)		24.2			24.2			24.8			8.7			21.7
Technical ratio (4)		101.1	%		74.5	%		88.6	%		89.5	%		89.5	%
Other operating expense ratio (5)														6.0
Combined ratio (6)														95.5	%

(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.

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the nine months ended September 30, 2009

	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non-life Segment			Life Segment			Corporate and Other			Total
Gross premiums written	$	840		$	544		$	875		$	376		$	2,635		$	438		$	7		$	3,080
Net premiums written	$	841		$	541		$	846		$	376		$	2,604		$	433		$	7		$	3,044
Increase in unearned premiums		(29	)		(63	)		(72	)		(86	)		(250	)		(10	)		(1	)		(261	)
Net premiums earned	$	812		$	478		$	774		$	290		$	2,354		$	423		$	6		$	2,783
Losses and loss expenses and life policy benefits		(498	)		(241	)		(504	)		2			(1,241	)		(313	)		2			(1,552	)
Acquisition costs		(206	)		(119	)		(183	)		(23	)		(531	)		(83	)		—			(614	)
Technical result	$	108		$	118		$	87		$	269		$	582		$	27		$	8		$	617
Other income														9			2			5			16
Other operating expenses														(170	)		(34	)		(80	)		(284	)
Underwriting result													$	421		$	(5	)		n/a		$	349
Net investment income																	46			368			414
Allocated underwriting result (1)																$	41			n/a			n/a
Net realized and unrealized investment gains																				567			567
Net realized gain on purchase of capital efficient notes																				89			89
Interest expense																				(22	)		(22	)
Net foreign exchange losses																				(6	)		(6	)
Income tax expense																				(210	)		(210	)
Interest in earnings of equity investments																				1			1
Net income																				n/a		$	1,182
Loss ratio (2)		61.3	%		50.5	%		65.1	%		(0.8	)%		52.7	%
Acquisition ratio (3)		25.4			24.8			23.7			8.1			22.6
Technical ratio (4)		86.7	%		75.3	%		88.8	%		7.3	%		75.3	%
Other operating expense ratio (5)														7.2
Combined ratio (6)														82.5	%
For the nine months ended September 30, 2008
	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non-life Segment			Life Segment			Corporate and Other			Total
Gross premiums written	$	849		$	645		$	921		$	391		$	2,806		$	453		$	17		$	3,276
Net premiums written	$	841		$	642		$	898		$	391		$	2,772		$	448		$	17		$	3,237
Increase in unearned premiums		(14	)		(60	)		(118	)		(90	)		(282	)		(8	)		(3	)		(293	)
Net premiums earned	$	827		$	582		$	780		$	301		$	2,490		$	440		$	14		$	2,944
Losses and loss expenses and life policy benefits		(610	)		(332	)		(476	)		(111	)		(1,529	)		(347	)		(15	)		(1,891	)
Acquisition costs		(198	)		(147	)		(201	)		(27	)		(573	)		(91	)		(1	)		(665	)
Technical result	$	19		$	103		$	103		$	163		$	388		$	2		$	(2	)	$	388
Other (loss) income														(2	)		—			4			2
Other operating expenses														(175	)		(32	)		(69	)		(276	)
Underwriting result													$	211		$	(30	)		n/a		$	114
Net investment income																	51			378			429
Allocated underwriting result (1)																$	21			n/a			n/a
Net realized and unrealized investment losses																				(595	)		(595	)
Interest expense																				(39	)		(39	)
Net foreign exchange losses																				(8	)		(8	)
Income tax benefit																				50			50
Interest in losses of equity investments																				—			—
Net loss																				n/a		$	(49	)
Loss ratio (2)		73.7	%		57.1	%		61.1	%		36.6	%		61.4	%
Acquisition ratio (3)		23.9			25.2			25.7			9.1			23.0
Technical ratio (4)		97.6	%		82.3	%		86.8	%		45.7	%		84.4	%
Other operating expense ratio (5)														7.0
Combined ratio (6)														91.4	%

EX-99.2

Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as of September 30, 2009

(unaudited)

The following financial supplement is provided to assist in your understanding of PartnerRe Ltd.

This report is for information purposes only. It should be read in conjunction with documents filed with the SEC by PartnerRe Ltd., including the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

PartnerRe Ltd.

Financial Supplement - September 30, 2009

Table of Contents

		Page
Regulation G
Consolidated Financial Statements
	Consolidated Income Statements	1-2
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Cash Flows	4-5
	Consolidated Statements of Comprehensive Income	6
Segment Information
	For the three months ended September 30, 2009 and 2008	7-8
	For the nine months ended September 30, 2009 and 2008	9-10
	Non-life segment	11-12
	U.S. sub-segment	13-14
	Global (Non-U.S.) P&C sub-segment	15-16
	Global (Non-U.S.) Specialty sub-segment	17-18
	Catastrophe sub-segment	19-20
	Life segment	21-22
	Corporate and Other	23-24
Distribution of Premiums
	Distribution of Premiums by line of business, geography and production source	25-26
	Distribution of Premiums by treaty type	27-28
Investments
	Investment Portfolio	29
	Distribution of Corporate Bonds and Equities	30-31
	Distribution of Mortgage/Asset-Backed Securities	32
	Other Invested Assets including Private Markets and Derivative Exposures	33
	Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses)	34-35
Loss Reserves
	Analysis of Unpaid Losses and Loss Expenses	36-37
	Analysis of Policy Benefits for Life and Annuity Contracts	38-39
	Reserve Development	40
Reconciliation of GAAP and non-GAAP measures		41-43
Diluted Book Value per Common Share - Treasury Stock Method		44
Diluted Book Value per Common Share - Rollforward		45-46

PartnerRe Ltd.

Regulation G

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has also included certain non-GAAP financial measures within the meaning of Regulation G. Management believes that these non-GAAP financial measures are important to investors, analysts, rating agencies and others who use the Company’s financial information and will help provide a consistent basis for comparison between quarters and for comparison with other companies within the industry. However, investors should consider these non-GAAP measures in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.

The reconciliation of non-GAAP financial measures to the most comparable GAAP financial measures in accordance with Regulation G is included within the relevant tables.

Operating Earnings available to Common Shareholders (Operating Earnings), Diluted Operating Earnings per Common Share and Annualized Operating Return on Beginning Common Shareholders’ Equity (Annualized Operating ROE): The Company uses Operating Earnings, Diluted Operating Earnings per Common Share and Annualized Operating ROE to measure performance, as these measures focus on the underlying fundamentals of the Company’s operations. Operating Earnings exclude the impact of net realized and unrealized gains and losses on investments, net of tax, net realized gain on purchase of capital efficient notes, net of tax, and the interest in earnings (losses) of equity investments, net of tax, where the Company does not control the investee companies’ activities, and are calculated after preferred dividends. The Company calculates Diluted Operating Earnings per Common Share using Operating Earnings for the period divided by the weighted average number of common and common share equivalents outstanding. The Company calculates Diluted Operating Earnings per Common Share using Operating Earnings for the period divided by the weighted average number of common and common share equivalents outstanding. The Company calculates Annualized Operating ROE using annualized Operating Earnings for the period divided by the common shareholders’ equity as of the beginning of the year. Operating Earnings and Diluted Operating Earnings per Common Share should not be viewed as a substitute for Net Income or Diluted Net Income per Common Share prepared in accordance with GAAP. Annualized Operating ROE supplements GAAP information.

Book Value excluding Net Unrealized Gains and Losses on Fixed Income Securities, Net of Tax (Book Value excluding NURGL) and Diluted Book Value per Common and Common Share Equivalents Outstanding excluding Net Unrealized Gains and Losses on Fixed Income Securities, Net of Tax (Diluted Book Value excluding NURGL): The Company calculates Book Value excluding NURGL using common shareholders’ equity less net unrealized gains and losses on fixed income securities, net of tax. Book Value excluding NURGL focuses on the underlying fundamentals of the Company’s financial position without the impact of interest rates and credit spreads on the unrealized gains and losses on fixed income securities, net of tax. The Company calculates Diluted Book Value excluding NURGL using Book Value excluding NURGL divided by the weighted average number of common and common share equivalents outstanding.

Total Capital: The Company calculates total capital as the sum of total shareholders’ equity, long-term debt, senior notes and capital efficient notes. The Company uses Total Capital as a measure to manage the capital structure of the Company.

PartnerRe Ltd.

Consolidated Income Statements

(Expressed in thousands of U.S. dollars or shares, except per share data)

(Unaudited)

	For the three months ended
	September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008
Revenues
Gross premiums written	$	893,714	$	846,149	$	1,340,380	$	752,169	$	868,584
Net premiums written	$	891,547	$	844,659	$	1,308,058	$	752,408	$	869,194
Decrease (increase) in unearned premiums		199,144		(18,530)		(441,608)		231,864		209,265
Net premiums earned		1,090,691		826,129		866,450		984,272		1,078,459
Net investment income		145,350		135,593		133,127		144,321		146,138
Net realized and unrealized investment gains (losses)		330,226		306,536		(70,120)		63,967		(324,184)
Net realized gain on purchase of capital efficient notes		-		-		88,427		-		-
Other income (loss)		8,385		3,361		4,582		7,946		(3,838)
Total revenues		1,574,652		1,271,619		1,022,466		1,200,506		896,575
Expenses
Losses and loss expenses and life policy benefits		574,228		458,898		518,899		718,871		751,961
Acquisition costs		232,475		181,689		199,968		233,660		232,814
Other operating expenses		102,224		98,468		83,594		89,053		86,939
Interest expense		6,161		6,335		9,146		12,541		11,877
Net foreign exchange losses (gains)		961		1,202		3,349		(14,041)		4,597
Total expenses		916,049		746,592		814,956		1,040,084		1,088,188
Income (loss) before taxes and interest in earnings (losses) of equity investments		658,603		525,027		207,510		160,422		(191,613)
Income tax expense (benefit)		93,433		56,954		59,812		59,910		(39,508)
Interest in earnings (losses) of equity investments		1,535		6,196		(6,177)		(5,222)		386
Net income (loss)	$	566,705	$	474,269	$	141,521	$	95,290	$	(151,719)
Preferred dividends	$	8,631	$	8,631	$	8,631	$	8,631	$	8,631
Operating earnings available to common shareholders	$	282,064	$	179,290	$	155,742	$	53,931	$	121,331
Comprehensive income (loss), net of tax	$	605,974	$	512,396	$	112,645	$	(45,437)	$	(243,372)
Per Share Data:
Earnings (loss) per common share:
Basic operating earnings	$	4.85	$	3.17	$	2.76	$	0.97	$	2.27
Net realized and unrealized investment gains (losses), net of tax		4.72		4.94		(1.32)		0.68		(5.27)
Net realized gain on purchase of capital efficient notes, net of tax		-		-		1.00		-		-
Interest in earnings (losses) of equity investments, net of tax		0.03		0.12		(0.09)		(0.09)		(0.01)
Basic net income (loss)	$	9.60	$	8.23	$	2.35	$	1.56	$	(3.01)
Weighted average number of common shares outstanding		58,118.2		56,609.8		56,511.2		55,521.6		53,339.9
Diluted operating earnings	$	4.77	$	3.12	$	2.72	$	0.95	$	2.27
Net realized and unrealized investment gains (losses), net of tax		4.64		4.86		(1.30)		0.67		(5.27)
Net realized gain on purchase of capital efficient notes, net of tax		-		-		0.99		-		-
Interest in earnings (losses) of equity investments, net of tax		0.03		0.12		(0.09)		(0.09)		(0.01)
Diluted net income (loss)	$	9.44	$	8.10	$	2.32	$	1.53	$	(3.01)
Weighted average number of common and common share equivalents outstanding		59,128.5		57,469.0		57,320.3		56,602.1		53,339.9

1

PartnerRe Ltd.

Consolidated Income Statements

(Expressed in thousands of U.S. dollars or shares, except per share data)

(Unaudited)

	For the nine months ended				For the year ended
	September 30, 2009		September 30, 2008		December 31, 2008		December 31, 2007
Revenues
Gross premiums written	$	3,080,243	$	3,276,079	$	4,028,248	$	3,810,164
Net premiums written	$	3,044,264	$	3,237,027	$	3,989,435	$	3,757,109
(Increase) decrease in unearned premiums		(260,994)		(293,275)		(61,411)		20,362
Net premiums earned		2,783,270		2,943,752		3,928,024		3,777,471
Net investment income		414,071		428,642		572,964		523,259
Net realized and unrealized investment gains (losses) (1)		566,643		(595,327)		(531,360)		(72,492)
Net realized gain on purchase of capital efficient notes		88,427		-		-		-
Other income (loss)		16,327		2,390		10,335		(17,479)
Total revenues		3,868,738		2,779,457		3,979,963		4,210,759
Expenses
Losses and loss expenses and life policy benefits		1,552,025		1,890,349		2,609,220		2,082,461
Acquisition costs		614,133		665,222		898,882		849,715
Other operating expenses		284,286		275,956		365,009		326,486
Interest expense		21,643		38,687		51,228		54,017
Net foreign exchange losses (gains)		5,511		7,820		(6,221)		15,552
Total expenses		2,477,598		2,878,034		3,918,118		3,328,231
Income (loss) before taxes and interest in earnings (losses) of equity investments		1,391,140		(98,577)		61,845		882,528
Income tax expense (benefit)		210,198		(50,205)		9,705		81,748
Interest in earnings (losses) of equity investments		1,552		(351)		(5,573)		(82,968)
Net income (loss)	$	1,182,494	$	(48,723)	$	46,567	$	717,812
Preferred dividends	$	25,894	$	25,894	$	34,525	$	34,525
Operating earnings available to common shareholders	$	617,097	$	415,373	$	469,304	$	822,442
Comprehensive income (loss), net of tax	$	1,231,014	$	(68,477)	$	(113,914)	$	888,692
Per Share Data:
Earnings (loss) per common share:
Basic operating earnings	$	10.81	$	7.70	$	8.64	$	14.66
Net realized and unrealized investment gains (losses), net of tax (1)		8.40		(9.10)		(8.35)		(1.00)
Net realized gain on purchase of capital efficient notes, net of tax		1.00		-		-		-
Interest in earnings (losses) of equity investments, net of tax		0.05		0.02		(0.07)		(1.48)
Basic net income (loss)	$	20.26	$	(1.38)	$	0.22	$	12.18
Weighted average number of common shares outstanding		57,085.6		53,952.7		54,347.1		56,104.4
Diluted operating earnings	$	10.64	$	7.70	$	8.43	$	14.29
Net realized and unrealized investment gains (losses), net of tax (1)		8.27		(9.10)		(8.15)		(0.98)
Net realized gain on purchase of capital efficient notes, net of tax		0.98		-		-		-
Interest in earnings (losses) of equity investments, net of tax		0.06		0.02		(0.06)		(1.44)
Diluted net income (loss)	$	19.95	$	(1.38)	$	0.22	$	11.87
Weighted average number of common and common share equivalents outstanding		57,978.5		53,952.7		55,639.6		57,557.9

(1) Effective January 1, 2008, net realized and unrealized investment gains (losses) include both realized and unrealized gains (losses) on investments.

Prior to this date, net realized and unrealized investment gains (losses) included realized gains (losses) on investments and other-than-temporary impairment charges.

2

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

(Expressed in thousands of U.S. dollars or shares, except per share data)

(Unaudited)

	September 30, 2009				June 30, 2009				March 31, 2009				December 31, 2008				September 30, 2008				December 31, 2007				December 31, 2006
Assets
Total investments	$	12,285,816			$	11,453,886			$	10,830,252			$	10,886,391			$	10,859,773			$	10,917,341			$	9,689,937
Cash and cash equivalents		772,250				616,290				571,638				838,280				675,594				654,895				988,788
Accrued investment income		167,902				184,925				170,693				169,103				154,551				176,386				157,923
Reinsurance balances receivable		1,977,265				2,051,940				2,125,796				1,719,694				1,871,981				1,449,702				1,573,566
Funds held by reinsured companies		851,932				827,457				753,187				786,422				893,583				1,083,036				1,002,402
Deferred acquisition costs		646,341				673,685				659,012				617,121				690,145				641,818				542,698
Other assets		1,058,140				1,165,888				1,164,196				1,262,309				1,362,712				1,226,318				1,078,198
Total assets	$	17,759,646			$	16,974,071			$	16,274,774			$	16,279,320			$	16,508,339			$	16,149,496			$	15,033,512
Liabilities
Unpaid losses and loss expenses	$	7,558,318			$	7,396,600			$	7,393,205			$	7,510,666			$	7,484,625			$	7,231,436			$	6,870,785
Policy benefits for life and annuity contracts		1,580,380				1,546,779				1,421,420				1,432,015				1,526,275				1,541,687				1,430,691
Unearned premiums		1,594,274				1,771,401				1,706,598				1,273,787				1,555,263				1,267,873				1,215,624
Other reinsurance balances payable		216,537				237,397				217,335				209,007				192,219				156,055				154,367
Debt obligations		520,989				520,989				520,989				907,605				907,605				877,605				877,605
Other liabilities		844,594				733,227				733,160				747,132				757,666				753,283				698,593
Total liabilities		12,315,092				12,206,393				11,992,707				12,080,212				12,423,653				11,827,939				11,247,665
Total shareholders’ equity		5,444,554				4,767,678				4,282,067				4,199,108				4,084,686				4,321,557				3,785,847
Total liabilities and shareholders’ equity	$	17,759,646			$	16,974,071			$	16,274,774			$	16,279,320			$	16,508,339			$	16,149,496			$	15,033,512
Shareholders’ Equity Per Common Share (excluding cumulative preferred shares)	$	84.51			$	74.97			$	66.49			$	65.17			$	66.91			$	70.07			$	57.22
Diluted Book Value Per Common and Common Share Equivalents Outstanding (assuming exercise of all stock-based awards)	$	83.07			$	73.85			$	65.55			$	63.95			$	65.38			$	67.96			$	56.07
Number of Common and Common Share Equivalents Outstanding		59,281.8				57,514.3				57,388.2				57,533.9				54,519.3				55,936.4				58,248.8
Capital Structure:
Long-term debt	$	-	-	%	$	200,000	4	%	$	200,000	4	%	$	200,000	4	%	$	400,000	8	%	$	620,000	12	%	$	620,000	13	%
Senior notes(1)		250,000	4			250,000	5			250,000	5			250,000	5			250,000	5			-	-			-	-
Capital efficient notes(2)		63,384	1			63,384	1			63,384	1			250,000	5			250,000	5			250,000	5			250,000	6
6.75% Series C cumulative preferred shares, aggregate liquidation		290,000	5			290,000	6			290,000	6			290,000	6			290,000	6			290,000	6			290,000	6
6.5% Series D cumulative preferred shares, aggregate liquidation		230,000	4			230,000	4			230,000	5			230,000	5			230,000	5			230,000	4			230,000	5
Common shareholders’ equity		4,924,554	86			4,247,678	80			3,762,067	79			3,679,108	75			3,564,686	71			3,801,557	73			3,265,847	70
Total Capital	$	5,757,938	100	%	$	5,281,062	100	%	$	4,795,451	100	%	$	4,899,108	100	%	$	4,984,686	100	%	$	5,191,557	100	%	$	4,655,847	100	%

(1) PartnerRe Finance A LLC, the issuer of the senior notes, does not meet U.S. GAAP consolidation requirements. Accordingly, the Company shows the related intercompany debt of $250.0 million on its Condensed Consolidated Balance Sheets.

(2) PartnerRe Finance II, the issuer of the capital efficient notes, does not meet U.S. GAAP consolidation requirements. Accordingly, the Company shows the related intercompany debt of $71.0 million as at September 30, 2009, June 30, 2009 and March 31, 2009 and $257.6 million for all other Condensed Consolidated Balance Sheet dates presented.

3

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the three months ended
	September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008
Net cash provided by operating activities:
Underwriting operations	$	168	$	37	$	147	$	153	$	190
Investment income		169		136		131		125		187
Taxes and foreign exchange		10		1		(24)		(10)		(5)
Net cash provided by operating activities	$	347	$	174	$	254	$	268	$	372
Net cash provided by operating activities	$	347	$	174	$	254	$	268	$	372
Net cash used in investing activities		(169)		(110)		(180)		(254)		(73)
Net cash (used in) provided by financing activities		(30)		(33)		(329)		162		(89)
Effect of foreign exchange rate changes on cash		8		13		(11)		(14)		(14)
Increase (decrease) in cash and cash equivalents		156		44		(266)		162		196
Cash and cash equivalents - beginning of period		616		572		838		676		480
Cash and cash equivalents - end of period	$	772	$	616	$	572	$	838	$	676

4

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the nine months ended				For the year ended
	September 30, 2009		September 30, 2008		December 31, 2008		December 31, 2007
Net cash provided by operating activities:
Underwriting operations	$	352	$	451	$	604	$	650
Investment income		436		455		580		515
Taxes and foreign exchange		(13)		(15)		(25)		(66)
Cash flow from operations		775		891		1,159		1,099
Sales of trading securities (1)		-		-		-		128
Net cash provided by operating activities as published	$	775	$	891	$	1,159	$	1,227
Net cash provided by operating activities	$	775	$	891	$	1,159	$	1,227
Net cash used in investing activities (1)		(459)		(690)		(944)		(1,193)
Net cash used in financing activities		(392)		(164)		(2)		(379)
Effect of foreign exchange rate changes on cash		10		(16)		(30)		11
(Decrease) increase in cash and cash equivalents		(66)		21		183		(334)
Cash and cash equivalents - beginning of period		838		655		655		989
Cash and cash equivalents - end of period	$	772	$	676	$	838	$	655

(1) Effective January 1, 2008, purchases and sales of trading securities are classified within investing activities.

5

PartnerRe Ltd.

Consolidated Statements of Comprehensive Income

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008
Net income (loss)	$	566,705	$	474,269	$	141,521	$	95,290	$	(151,719)
Change in net unrealized gains or losses on investments, net of tax		(164)		(9)		1,138		76		(146)
Change in currency translation adjustment		40,121		38,922		(31,200)		(128,163)		(91,732)
Change in unfunded pension obligation, net of tax		(688)		(786)		1,186		(12,640)		225
Comprehensive income (loss)	$	605,974	$	512,396	$	112,645	$	(45,437)	$	(243,372)
	For the nine months ended				For the year ended
	September 30, 2009		September 30, 2008		December 31, 2008		December 31, 2007
Net income (loss)	$	1,182,494	$	(48,723)	$	46,567	$	717,812
Change in net unrealized gains or losses on investments, net of tax		965		15,081		15,157		37,834
Change in currency translation adjustment		47,843		(34,726)		(162,889)		129,043
Change in unfunded pension obligation, net of tax		(288)		(109)		(12,749)		4,003
Comprehensive income (loss)	$	1,231,014	$	(68,477)	$	(113,914)	$	888,692

6

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the three months ended September 30, 2009

	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non-life Segment			Life Segment		Corporate and Other		Total
Gross premiums written	$	279		$	125		$	284		$	47		$	735		$	157	$	2	$	894
Net premiums written	$	279		$	124		$	283		$	47		$	733		$	157	$	2	$	892
Decrease in unearned premiums		33			36			12			112			193			3		2		198
Net premiums earned	$	312		$	160		$	295		$	159		$	926		$	160	$	4	$	1,090
Losses and loss expenses and life policy benefits		(171)			(84)			(195)			(9)			(459)			(115)		-		(574)
Acquisition costs		(80)			(39)			(73)			(12)			(204)			(28)		-		(232)
Technical result	$	61		$	37		$	27		$	138		$	263		$	17	$	4	$	284
Other income														5			-		3		8
Other operating expenses														(61)			(13)		(28)		(102)
Underwriting result													$	207		$	4		n/a	$	190
Net investment income																	16		129		145
Allocated underwriting result (1)																$	20		n/a		n/a
Net realized and unrealized investment gains																			330		330
Interest expense																			(6)		(6)
Net foreign exchange losses																			(1)		(1)
Income tax expense																			(93)		(93)
Interest in earnings of equity investments																			2		2
Net income																			n/a	$	567
Loss ratio (2)		54.9	%		52.2	%		66.1	%		5.6	%		49.5	%
Acquisition ratio (3)		25.7			24.5			24.8			7.4			22.0
Technical ratio (4)		80.6	%		76.7	%		90.9	%		13.0	%		71.5	%
Other operating expense ratio (5)														6.6
Combined ratio (6)														78.1	%

(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.

7

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the three months ended September 30, 2008

	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non-life Segment			Life Segment		Corporate and Other		Total
Gross premiums written	$	263		$	137		$	276		$	48		$	724		$	140	$	5	$	869
Net premiums written	$	264		$	137		$	274		$	48		$	723		$	141	$	5	$	869
Decrease in unearned premiums		12			58			16			111			197			8		5		210
Net premiums earned	$	276		$	195		$	290		$	159		$	920		$	149	$	10	$	1,079
Losses and loss expenses and life policy benefits		(212)			(98)			(185)			(128)			(623)			(114)		(15)		(752)
Acquisition costs		(67)			(47)			(72)			(14)			(200)			(32)		(1)		(233)
Technical result	$	(3)		$	50		$	33		$	17		$	97		$	3	$	(6)	$	94
Other (loss) income														(5)			-		1		(4)
Other operating expenses														(55)			(11)		(21)		(87)
Underwriting result													$	37		$	(8)		n/a	$	3
Net investment income																	17		129		146
Allocated underwriting result (1)																$	9		n/a		n/a
Net realized and unrealized investment losses																			(324)		(324)
Interest expense																			(12)		(12)
Net foreign exchange losses																			(5)		(5)
Income tax benefit																			40		40
Interest in earnings of equity investments																			-		-
Net loss																			n/a	$	(152)
Loss ratio (2)		76.9	%		50.3	%		63.8	%		80.8	%		67.8	%
Acquisition ratio (3)		24.2			24.2			24.8			8.7			21.7
Technical ratio (4)		101.1	%		74.5	%		88.6	%		89.5	%		89.5	%
Other operating expense ratio (5)														6.0
Combined ratio (6)														95.5	%

8

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the nine months ended September 30, 2009

	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non-life Segment			Life Segment		Corporate and Other		Total
Gross premiums written	$	840		$	544		$	875		$	376		$	2,635		$	438	$	7	$	3,080
Net premiums written	$	841		$	541		$	846		$	376		$	2,604		$	433	$	7	$	3,044
Increase in unearned premiums		(29)			(63)			(72)			(86)			(250)			(10)		(1)		(261)
Net premiums earned	$	812		$	478		$	774		$	290		$	2,354		$	423	$	6	$	2,783
Losses and loss expenses and life policy benefits		(498)			(241)			(504)			2			(1,241)			(313)		2		(1,552)
Acquisition costs		(206)			(119)			(183)			(23)			(531)			(83)		-		(614)
Technical result	$	108		$	118		$	87		$	269		$	582		$	27	$	8	$	617
Other income														9			2		5		16
Other operating expenses														(170)			(34)		(80)		(284)
Underwriting result													$	421		$	(5)		n/a	$	349
Net investment income																	46		368		414
Allocated underwriting result (1)																$	41		n/a		n/a
Net realized and unrealized investment gains																			567		567
Net realized gain on purchase of capital efficient notes																			89		89
Interest expense																			(22)		(22)
Net foreign exchange losses																			(6)		(6)
Income tax expense																			(210)		(210)
Interest in earnings of equity investments																			1		1
Net income																			n/a	$	1,182
Loss ratio (2)		61.3	%		50.5	%		65.1	%		(0.8)	%		52.7	%
Acquisition ratio (3)		25.4			24.8			23.7			8.1			22.6
Technical ratio (4)		86.7	%		75.3	%		88.8	%		7.3	%		75.3	%
Other operating expense ratio (5)														7.2
Combined ratio (6)														82.5	%

9

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the nine months ended September 30, 2008

	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non-life Segment			Life Segment		Corporate and Other		Total
Gross premiums written	$	849		$	645		$	921		$	391		$	2,806		$	453	$	17	$	3,276
Net premiums written	$	841		$	642		$	898		$	391		$	2,772		$	448	$	17	$	3,237
Increase in unearned premiums		(14)			(60)			(118)			(90)			(282)			(8)		(3)		(293)
Net premiums earned	$	827		$	582		$	780		$	301		$	2,490		$	440	$	14	$	2,944
Losses and loss expenses and life policy benefits		(610)			(332)			(476)			(111)			(1,529)			(347)		(15)		(1,891)
Acquisition costs		(198)			(147)			(201)			(27)			(573)			(91)		(1)		(665)
Technical result	$	19		$	103		$	103		$	163		$	388		$	2	$	(2)	$	388
Other (loss) income														(2)			-		4		2
Other operating expenses														(175)			(32)		(69)		(276)
Underwriting result													$	211		$	(30)		n/a	$	114
Net investment income																	51		378		429
Allocated underwriting result (1)																$	21		n/a		n/a
Net realized and unrealized investment losses																			(595)		(595)
Interest expense																			(39)		(39)
Net foreign exchange losses																			(8)		(8)
Income tax benefit																			50		50
Interest in losses of equity investments																			-		-
Net loss																			n/a	$	(49)
Loss ratio (2)		73.7	%		57.1	%		61.1	%		36.6	%		61.4	%
Acquisition ratio (3)		23.9			25.2			25.7			9.1			23.0
Technical ratio (4)		97.6	%		82.3	%		86.8	%		45.7	%		84.4	%
Other operating expense ratio (5)														7.0
Combined ratio (6)														91.4	%

10

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the three months ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Net premiums written	$	733		$	724		$	1,147		$	620		$	723
Net premiums earned	$	926		$	703		$	724		$	844		$	920
Losses and loss expenses		(459)			(377)			(405)			(603)			(623)
Acquisition costs		(204)			(155)			(172)			(204)			(200)
Technical result	$	263		$	171		$	147		$	37		$	97
Other income (loss)		5			1			3			6			(5)
Other operating expenses		(61)			(55)			(54)			(56)			(55)
Underwriting result	$	207		$	117		$	96		$	(13)		$	37
Loss ratio (1)		49.5	%		53.6	%		55.9	%		71.3	%		67.8	%
Acquisition ratio (2)		22.0			22.0			23.7			24.3			21.7
Technical ratio (3)		71.5	%		75.6	%		79.6	%		95.6	%		89.5	%
Other operating expense ratio (4)		6.6			7.9			7.4			6.6			6.0
Combined ratio (5)		78.1	%		83.5	%		87.0	%		102.2	%		95.5	%

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

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

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

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

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

11

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the nine months ended						For the year ended
	September 30, 2009			September 30, 2008			December 31, 2008			December 31, 2007
Net premiums written	$	2,604		$	2,772		$	3,392		$	3,185
Net premiums earned	$	2,354		$	2,490		$	3,334		$	3,203
Losses and loss expenses		(1,241)			(1,529)			(2,131)			(1,627)
Acquisition costs		(531)			(573)			(777)			(734)
Technical result	$	582		$	388		$	426		$	842
Other income (loss)		9			(2)			4			7
Other operating expenses		(170)			(175)			(231)			(214)
Underwriting result	$	421		$	211		$	199		$	635
Loss ratio (1)		52.7	%		61.4	%		63.9	%		50.8	%
Acquisition ratio (2)		22.6			23.0			23.3			22.9
Technical ratio (3)		75.3	%		84.4	%		87.2	%		73.7	%
Other operating expense ratio (4)		7.2			7.0			6.9			6.7
Combined ratio (5)		82.5	%		91.4	%		94.1	%		80.4	%

12

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

U.S. sub-segment

	For the three months ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Net premiums written	$	279		$	249		$	312		$	223		$	264
Net premiums earned	$	312		$	258		$	241		$	261		$	276
Losses and loss expenses		(171)			(164)			(162)			(202)			(212)
Acquisition costs		(80)			(63)			(63)			(63)			(67)
Technical result	$	61		$	31		$	16		$	(4)		$	(3)
Loss ratio (1)		54.9	%		63.7	%		66.9	%		77.3	%		76.9	%
Acquisition ratio (2)		25.7			24.2			26.2			24.5			24.2
Technical ratio (3)		80.6	%		87.9	%		93.1	%		101.8	%		101.1	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		35	%		39	%		45	%		40	%		44	%
Property		24			20			18			18			16
Agriculture		21			19			15			28			20
Motor		10			7			8			4			7
Multiline		4			3			10			2			6
Other		6			12			4			8			7
Total		100	%		100	%		100	%		100	%		100	%

13

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

U.S. sub-segment

	For the nine months ended						For the year ended
	September 30, 2009			September 30, 2008			December 31, 2008			December 31, 2007
Net premiums written	$	841		$	841		$	1,064		$	1,020
Net premiums earned	$	812		$	827		$	1,088		$	999
Losses and loss expenses		(498)			(610)			(812)			(608)
Acquisition costs		(206)			(198)			(261)			(241)
Technical result	$	108		$	19		$	15		$	150
Loss ratio (1)		61.3	%		73.7	%		74.6	%		60.8	%
Acquisition ratio (2)		25.4			23.9			24.0			24.1
Technical ratio (3)		86.7	%		97.6	%		98.6	%		84.9	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		40	%		47	%		45	%		50	%
Property		21			14			15			14
Agriculture		18			22			23			12
Motor		8			5			5			7
Multiline		6			7			6			9
Other		7			5			6			8
Total		100	%		100	%		100	%		100	%

14

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Global (Non-U.S.) P&C sub-segment

	For the three months ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Net premiums written	$	124		$	118		$	299		$	123		$	137
Net premiums earned	$	160		$	161		$	157		$	215		$	195
Losses and loss expenses		(84)			(83)			(75)			(122)			(98)
Acquisition costs		(39)			(38)			(41)			(51)			(47)
Technical result	$	37		$	40		$	41		$	42		$	50
Loss ratio (1)		52.2	%		51.5	%		47.9	%		56.6	%		50.3	%
Acquisition ratio (2)		24.5			23.7			26.0			23.8			24.2
Technical ratio (3)		76.7	%		75.2	%		73.9	%		80.4	%		74.5	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		74	%		75	%		66	%		57	%		60	%
Motor		20			18			21			28			27
Casualty		6			7			13			15			13
Total		100	%		100	%		100	%		100	%		100	%

15

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Global (Non-U.S.) P&C sub-segment

	For the nine months ended						For the year ended
	September 30, 2009			September 30, 2008			December 31, 2008			December 31, 2007
Net premiums written	$	541		$	642		$	765		$	738
Net premiums earned	$	478		$	582		$	797		$	758
Losses and loss expenses		(241)			(332)			(454)			(523)
Acquisition costs		(119)			(147)			(198)			(191)
Technical result	$	118		$	103		$	145		$	44
Loss ratio (1)		50.5	%		57.1	%		56.9	%		69.0	%
Acquisition ratio (2)		24.8			25.2			24.9			25.2
Technical ratio (3)		75.3	%		82.3	%		81.8	%		94.2	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		70	%		63	%		62	%		68	%
Motor		20			22			23			17
Casualty		10			15			15			15
Total		100	%		100	%		100	%		100	%

16

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Global (Non-U.S.) Specialty sub-segment

	For the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2009			2009			2009			2008			2008
Net premiums written	$	283		$	232		$	331		$	251		$	274
Net premiums earned	$	295		$	232		$	247		$	266		$	290
Losses and loss expenses		(195)			(152)			(157)			(245)			(185)
Acquisition costs		(73)			(50)			(60)			(80)			(72)
Technical result	$	27		$	30		$	30		$	(59)		$	33
Loss ratio (1)		66.1	%		65.5	%		63.6	%		92.0	%		63.8	%
Acquisition ratio (2)		24.8			21.5			24.4			30.1			24.8
Technical ratio (3)		90.9	%		87.0	%		88.0	%		122.1	%		88.6	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		17	%		17	%		9	%		22	%		18	%
Credit/Surety		15			13			14			22			21
Engineering		26			17			15			22			16
Energy		9			6			13			6			8
Marine		12			19			15			12			14
Specialty casualty		9			13			17			8			12
Specialty property		6			8			12			3			6
Other		6			7			5			5			5
Total		100	%		100	%		100	%		100	%		100	%

17

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Global (Non-U.S.) Specialty sub-segment

	For the nine months ended						For the year ended
	September 30, 2009			September 30, 2008			December 31, 2008			December 31, 2007
Net premiums written	$	846		$	898		$	1,150		$	1,026
Net premiums earned	$	774		$	780		$	1,046		$	1,006
Losses and loss expenses		(504)			(476)			(721)			(450)
Acquisition costs		(183)			(201)			(281)			(260)
Technical result	$	87		$	103		$	44		$	296
Loss ratio (1)		65.1	%		61.1	%		69.0	%		44.7	%
Acquisition ratio (2)		23.7			25.7			26.8			25.9
Technical ratio (3)		88.8	%		86.8	%		95.8	%		70.6	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		14	%		15	%		16	%		17	%
Credit/Surety		14			20			20			19
Engineering		19			17			19			20
Energy		10			7			7			7
Marine		15			13			13			13
Specialty casualty		13			15			13			12
Specialty property		9			9			8			8
Other		6			4			4			4
Total		100	%		100	%		100	%		100	%

18

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the three months ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Net premiums written	$	47		$	125		$	205		$	23		$	48
Net premiums earned	$	159		$	52		$	79		$	102		$	159
Losses and loss expenses		(9)			22			(11)			(34)			(128)
Acquisition costs		(12)			(4)			(8)			(10)			(14)
Technical result	$	138		$	70		$	60		$	58		$	17
Loss ratio (1)		5.6	%		(43.0)	%		14.1	%		33.4	%		80.8	%
Acquisition ratio (2)		7.4			7.9			9.6			9.4			8.7
Technical ratio (3)		13.0	%		(35.1)	%		23.7	%		42.8	%		89.5	%

19

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the nine months ended						For the year ended
	September 30, 2009			September 30, 2008			December 31, 2008			December 31, 2007
Net premiums written	$	376		$	391		$	413		$	401
Net premiums earned	$	290		$	301		$	403		$	440
Losses and loss expenses		2			(111)			(144)			(46)
Acquisition costs		(23)			(27)			(37)			(42)
Technical result	$	269		$	163		$	222		$	352
Loss ratio (1)		(0.8)	%		36.6	%		35.8	%		10.5	%
Acquisition ratio (2)		8.1			9.1			9.2			9.6
Technical ratio (3)		7.3	%		45.7	%		45.0	%		20.1	%

20

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the three months ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Net premiums written	$	157		$	116		$	160		$	131		$	141
Net premiums earned	$	160		$	123		$	140		$	136		$	149
Life policy benefits		(115)			(85)			(113)			(116)			(114)
Acquisition costs		(28)			(27)			(28)			(29)			(32)
Technical result	$	17		$	11		$	(1)		$	(9)		$	3
Other income		-			-			1			-			-
Other operating expenses		(13)			(11)			(10)			(11)			(11)
Underwriting result	$	4		$	-		$	(10)		$	(20)		$	(8)
Net investment income		16			15			15			16			17
Allocated underwriting result (1)	$	20		$	15		$	5		$	(4)		$	9
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		79	%		80	%		86	%		86	%		86	%
Longevity		17			15			10			11			11
Health		4			5			4			3			3
Total		100	%		100	%		100	%		100	%		100	%

(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.

21

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the nine months ended						For the year ended
	September 30, 2009			September 30, 2008			December 31, 2008			December 31, 2007
Net premiums written	$	433		$	448		$	579		$	569
Net premiums earned	$	423		$	440		$	576		$	571
Life policy benefits		(313)			(347)			(463)			(455)
Acquisition costs		(83)			(91)			(120)			(116)
Technical result	$	27		$	2		$	(7)		$	-
Other income		2			-			-			-
Other operating expenses		(34)			(32)			(43)			(33)
Underwriting result	$	(5)		$	(30)		$	(50)		$	(33)
Net investment income		46			51			67			54
Allocated underwriting result (1)	$	41		$	21		$	17		$	21
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		82	%		86	%		86	%		82	%
Longevity		14			11			11			15
Health		4			3			3			3
Total		100	%		100	%		100	%		100	%

22

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the three months ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Technical result	$	4		$	3		$	1		$	4		$	(6	)
Other income		3			2			1			2			1
Corporate expenses		(25	)		(29	)		(16	)		(18	)		(16	)
Other operating expenses		(3	)		(3	)		(4	)		(4	)		(5	)
Net investment income		129			121			118			128			129
Net realized and unrealized investment gains (losses)		330			307			(70	)		64			(324	)
Net realized gain on purchase of capital efficient notes		-			-			89			-			-
Interest expense		(6	)		(6	)		(9	)		(13	)		(12	)
Net foreign exchange (losses) gains		(1	)		(2	)		(3	)		14			(5	)
Income tax (expense) benefit		(93	)		(57	)		(60	)		(60	)		40
Interest in earnings (losses) of equity investments		2			6			(6	)		(5	)		-

23

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the nine months ended						For the year ended
	September 30, 2009			September 30, 2008			December 31, 2008			December 31, 2007
Technical result	$	8		$	(2	)	$	1		$	3
Other income (loss)		5			4			6			(24	)
Corporate expenses		(70	)		(57	)		(75	)		(67	)
Other operating expenses		(10	)		(12	)		(16	)		(13	)
Net investment income		368			378			506			469
Net realized and unrealized investment gains (losses) (1)		567			(595	)		(531	)		(72	)
Net realized gain on purchase of capital efficient notes		89			-			-			-
Interest expense		(22	)		(39	)		(51	)		(54	)
Net foreign exchange (losses) gains		(6	)		(8	)		6			(15	)
Income tax (expense) benefit		(210	)		50			(10	)		(82	)
Interest in earnings (losses) of equity investments		1			-			(5	)		(83	)
PartnerRe’s interest in ChannelRe’s net loss (2)		-			-			-			(93	)

(1) Effective January 1, 2008, net realized and unrealized investment gains (losses) include both realized and unrealized gains (losses) on investments. Prior to this date, net realized and unrealized investment gains (losses) included realized gains (losses) on investments and other-than-temporary impairment charges.

(2) The 2007 period includes the Company’s share of ChannelRe Holdings’ net loss and a charge which represented the write-down of its total investment in ChannelRe Holdings due to anticipated unrealized mark-to-market losses on Channel Reinsurance Ltd’s credit derivative portfolio, which it expected to incur during the three months ended December 31, 2007, for a total of $92.8 million.

24

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended
	September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty	12	%	13	%	14	%	14	%	16	%
Property	18		16		19		15		14
Motor	6		4		6		6		6
Multiline and other	2		3		3		2		3
Specialty
Agriculture	9		8		5		10		7
Aviation/Space	5		5		2		7		6
Catastrophe	5		15		16		3		6
Credit/Surety	6		5		5		9		8
Engineering	8		5		4		7		5
Energy	3		2		3		2		2
Marine	4		5		4		4		5
Specialty casualty	3		3		4		3		4
Specialty property	2		2		3		1		2
Life	17		14		12		17		16
	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Geography:
North America	42	%	48	%	38	%	42	%	44	%
Europe	36		32		49		45		42
Latin America, Caribbean and Africa	15		9		7		9		9
Asia, Australia and New Zealand	7		11		6		4		5
	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Production Source:
Broker	73	%	76	%	69	%	69	%	71	%
Direct	27		24		31		31		29
	100	%	100	%	100	%	100	%	100	%

25

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the nine months ended				For the year ended
	September 30, 2009		September 30, 2008		December 31, 2008		December 31, 2007
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty	13	%	15	%	15	%	17	%
Property	18		16		16		17
Motor	6		6		6		5
Multiline and other	3		3		3		3
Specialty
Agriculture	7		7		7		4
Aviation/Space	4		4		5		5
Catastrophe	12		12		10		11
Credit/Surety	5		7		7		7
Engineering	5		5		5		5
Energy	3		2		2		2
Marine	4		3		4		4
Specialty casualty	4		4		4		3
Specialty property	2		2		2		2
Life	14		14		14		15
	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Geography:
North America	42	%	41	%	41	%	42	%
Europe	40		46		46		45
Latin America, Caribbean and Africa	10		7		8		7
Asia, Australia and New Zealand	8		6		5		6
	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Production Source:
Broker	72	%	72	%	71	%	69	%
Direct	28		28		29		31
	100	%	100	%	100	%	100	%

26

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended
	September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008
Distribution of Gross Premiums Written by Treaty Type
Non-life sub-segment:
U.S.
Non-Proportional	26	%	27	%	45	%	14	%	32	%
Proportional	74		73		55		86		68
Total	100	%	100	%	100	%	100	%	100	%
Global (Non-U.S.) P&C
Non-Proportional	22	%	16	%	34	%	6	%	18	%
Proportional	78		84		66		94		82
Total	100	%	100	%	100	%	100	%	100	%
Global (Non-U.S.) Specialty
Non-Proportional	13	%	21	%	23	%	7	%	12	%
Proportional	87		79		77		93		88
Total	100	%	100	%	100	%	100	%	100	%
Catastrophe
Non-Proportional	98	%	97	%	99	%	96	%	97	%
Proportional	2		3		1		4		3
Total	100	%	100	%	100	%	100	%	100	%
Non-life total
Non-Proportional	25	%	35	%	45	%	12	%	26	%
Proportional	75		65		55		88		74
Total	100	%	100	%	100	%	100	%	100	%

27

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the nine months ended				For the year ended
	September 30, 2009		September 30, 2008		December 31, 2008		December 31, 2007
Distribution of Gross Premiums Written by Treaty Type
Non-life sub-segment:
U.S.
Non-Proportional	33	%	36	%	32	%	37	%
Proportional	67		64		68		63
Total	100	%	100	%	100	%	100	%
Global (Non-U.S.) P&C
Non-Proportional	27	%	27	%	24	%	25	%
Proportional	73		73		76		75
Total	100	%	100	%	100	%	100	%
Global (Non-U.S.) Specialty
Non-Proportional	19	%	18	%	15	%	15	%
Proportional	81		82		85		85
Total	100	%	100	%	100	%	100	%
Catastrophe
Non-Proportional	98	%	97	%	97	%	99	%
Proportional	2		3		3		1
Total	100	%	100	%	100	%	100	%
Non-life total
Non-Proportional	37	%	37	%	32	%	35	%
Proportional	63		63		68		65
Total	100	%	100	%	100	%	100	%

28

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	September 30, 2009(1)					June 30, 2009(1)					March 31, 2009(1)					December 31, 2008(1)					September 30, 2008(1)					December 31, 2007					December 31, 2006
Investments:
Fixed maturities
U.S. government	$	630		5	%	$	754		6	%	$	881		8	%	$	836		7	%	$	614		6	%	$	1,217		11	%	$	1,000		10	%
Government Sponsored Entities (GSEs)		72		1			68		1			80		1			95		1			249		2			328		3			358		4
U.S. municipalities		4		-			4		-			-		-			-		-			-		-			-		-			-		-
Other foreign governments		3,039		25			3,177		28			2,869		27			2,824		26			2,839		26			2,821		26			1,985		21
Corporates		4,502		37			3,860		34			3,392		31			3,413		31			3,286		30			2,861		26			2,341		24
Mortgage/asset-backed securities		3,005		24			2,894		25			3,058		28			3,014		28			2,787		26			2,272		21			2,152		22
Total fixed maturities		11,252		92			10,757		94			10,280		95			10,182		93			9,775		90			9,499		87			7,836		81
Short-term investments		49		-			64		-			69		1			117		1			114		1			97		1			134		1
Equities		865		7			527		5			426		4			513		5			858		8			872		8			1,015		11
Trading securities		-		-			-		-			-		-			-		-			-		-			399		4			600		6
Other invested assets		120		1			106		1			55		-			74		1			113		1			50		-			105		1
Total investments	$	12,286		100	%	$	11,454		100	%	$	10,830		100	%	$	10,886		100	%	$	10,860		100	%	$	10,917		100	%	$	9,690		100	%
Cash and cash equivalents	$	772				$	616				$	572				$	838				$	676				$	655				$	989
Total investments and cash		13,058					12,070					11,402					11,724					11,536					11,572					10,679
Maturity distribution:
One year or less	$	526		5	%	$	506		5	%	$	452		4	%	$	545		5	%	$	705		7	%	$	730		7	%	$	848		11	%
More than one year through five years		4,402		39			4,342		40			3,697		36			3,649		35			3,528		36			3,444		36			2,610		33
More than five years through ten years		2,964		26			2,701		25			2,791		27			2,730		27			2,518		25			2,764		29			2,000		25
More than ten years		404		3			378		3			351		3			361		4			351		4			386		4			360		4
Subtotal		8,296		73			7,927		73			7,291		70			7,285		71			7,102		72			7,324		76			5,818		73
Mortgage/asset-backed securities		3,005		27			2,894		27			3,058		30			3,014		29			2,787		28			2,272		24			2,152		27
Total	$	11,301		100	%	$	10,821		100	%	$	10,349		100	%	$	10,299		100	%	$	9,889		100	%	$	9,596		100	%	$	7,970		100	%
Credit quality by market value:
AAA		51	%				58	%				62	%				62	%				59	%				65	%				65	%
AA		7					6					6					5					8					7					5
A		26					21					19					19					17					12					14
BBB		12					12					10					11					12					12					11
Below Investment Grade/Unrated		4					3					3					3					4					4					5
		100	%				100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		3.0	Yrs				3.0	Yrs				3.0	Yrs				3.1	Yrs				4.1	Yrs				3.9	Yrs				4.1	Yrs
Average yield to maturity at market		3.6	%				4.3	%				4.8	%				5.2	%				5.4	%				4.7	%				4.9	%
Average credit quality		AA					AA					AA					AA					AA					AA					AA

(1) Effective January 1, 2008, the Company reclassified its fixed maturities, short-term investments and equities from available-for-sale securities to trading securities.

29

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)

	September 30, 2009
	Fair Value			Percentage to Total Fair Value of Corporate Bonds			Percentage to Invested Assets and Cash			Largest Single Issuer as a Percentage of Invested Assets and Cash
Distribution by sector - Corporate bonds
Finance	$	1,383,025			30.7	%		10.6	%		1.0	%
Consumer noncyclical		684,343			15.2			5.2			0.3
Communications		595,080			13.2			4.6			0.8
Utilities		343,022			7.6			2.6			0.2
Industrials		323,380			7.2			2.5			0.3
Catastrophe bonds		269,927			6.0			2.1			0.5
Consumer cyclical		238,740			5.3			1.8			0.2
Energy		228,871			5.1			1.8			0.2
Insurance		170,388			3.8			1.3			0.2
Materials		137,674			3.0			1.1			0.2
Technology		80,757			1.8			0.6			0.1
Real estate investment trusts		43,688			1.0			0.3			0.2
Diversified		3,576			0.1			-			-
Total Corporate bonds	$	4,502,471			100.0	%		34.5	%
Finance sector - Corporate bonds
Banks	$	520,848			11.6	%		4.0	%
Investment banking and brokerage		374,762			8.3			2.9
Financial services		221,696			4.9			1.7
Commercial and consumer finance		218,600			4.9			1.7
Other		47,119			1.0			0.3
Total finance sector - Corporate bonds	$	1,383,025			30.7	%		10.6	%
Credit quality of finance sector - Corporate bonds	AAA			AA			A			BBB			Non-Investment Grade			Total
Banks	$	39,532		$	116,490		$	322,365		$	34,861		$	7,600		$	520,848
Investment banking and brokerage		22,768			-			345,116			6,878			-			374,762
Financial services		8,334			154,333			41,817			17,212			-			221,696
Commercial and consumer finance		-			-			126,676			85,910			6,014			218,600
Other		2,372			9,037			10,175			21,520			4,015			47,119
Total finance sector - Corporate bonds	$	73,006		$	279,860		$	846,149		$	166,381		$	17,629		$	1,383,025
% of total		5.3	%		20.2	%		61.2	%		12.0	%		1.3	%		100.0	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 21.3% of the Company’s total corporate bonds. The single largest issuer accounts for 3.2% of the Company’s total corporate bonds.

30

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

	September 30, 2009
	Fair Value		Percentage to Total Fair Value of Equities		Percentage to Invested Assets and Cash		Largest Single Issuer as a Percentage of Invested Assets and Cash
Distribution by sector - Equities
Technology	$	93,486	16.0	%	0.7	%	0.2	%
Energy		85,107	14.6		0.6		0.2
Consumer noncyclical		81,690	14.0		0.6		0.1
Finance		76,946	13.2		0.6		-
Communications		66,532	11.4		0.5		0.1
Industrials		59,425	10.2		0.5		0.1
Consumer cyclical		51,554	8.8		0.4		-
Insurance		36,834	6.3		0.3		0.1
Materials		21,735	3.7		0.1		-
Real estate investment trusts		10,748	1.8		0.1		-
Total equities	$	584,057	100.0	%	4.4	%
6% interest in PARIS RE Holdings Limited		113,762			0.9
Mutual funds and exchange traded funds (ETFs)
Funds holding fixed income securities		33,708			0.3
Funds and ETFs holding equities		133,617			1.0
Total equities	$	865,144			6.6	%

Concentration of investment risk

The single largest issuer is PARIS RE Holdings Limited which accounts for 13.1% of the Company’s total equities.

The single largest fund is a health care index fund, which accounts for 11.2% of the Company’s total equities.

Excluding equity securities held in mutual funds, exchange traded funds and PARIS RE Holdings Limited, the top 10 common stock issuers account for 27.3% of the Company’s total equities and the single largest issuer accounts for 5.0% of the Company’s total equities.

31

PartnerRe Ltd.

Distribution of Mortgage/Asset-Backed Securities

(Expressed in thousands of U.S. dollars)

(Unaudited)

Fixed Maturities - Mortgage/Asset-Backed Securities by type and by rating

	Rating at September 30, 2009
	GNMA			GSEs			AAA			AA			A			BBB			Non-Investment Grade			Total
U.S. Asset-Backed Securities	$	-		$	-		$	269,462		$	47,011		$	35,608		$	90,723		$	100,054		$	542,858
U.S. Collaterized Mortgage Obligations		-			13,469			-			-			-			-			-			13,469
U.S. Mortgage Backed Securities (MBS)		175,268			1,885,629			-			-			-			-			-			2,060,897
U.S. Commercial Mortgage Backed Securities (CMBS)		-			-			41,764			-			20,522			1,436			-			63,722
U.S. MBS Interest Only		-			44,009			-			-			-			-			-			44,009
Subtotal U.S. mortgage/asset-backed securities	$	175,268		$	1,943,107		$	311,226		$	47,011		$	56,130		$	92,159		$	100,054		$	2,724,955
Non-U.S. Asset-Backed Securities	$	-		$	-		$	18,508		$	9,358		$	2,263		$	-		$	-		$	30,129
Non-U.S. Collaterized Mortgage Obligations		-			-			105,628			5,258			-			491			-			111,377
Non-U.S. Commercial Mortgage Backed Securities (CMBS)		-			-			16,943			-			-			-			-			16,943
Non-U.S. Mortgage Backed Securities		-			-			118,925			-			-			2,976			-			121,901
Subtotal Non-U.S. mortgage/asset-backed securities	$	-		$	-		$	260,004		$	14,616		$	2,263		$	3,467		$	-		$	280,350
Total mortgage/asset-backed securities	$	175,268		$	1,943,107		$	571,230		$	61,627		$	58,393		$	95,626		$	100,054		$	3,005,305
Corporate Securities		-			72,200			-			-			-			-			-			72,200
Total	$	175,268		$	2,015,307		$	571,230		$	61,627		$	58,393		$	95,626		$	100,054		$	3,077,505
% of total		5.8	%		65.5	%		18.5	%		2.0	%		1.9	%		3.1	%		3.2	%		100.0	%

32

PartnerRe Ltd.

Other Invested Assets including Private Markets and Derivative Exposures

(Expressed in thousands of U.S. dollars)

(Unaudited)

Carrying and Notional Values of Private Markets Investments and Other Invested Assets

	September 30, 2009
	Investments		Fair Value of Derivatives		Carrying Value		Net Notional Amount of Derivatives		Total Net Exposures (1)
Private Markets Investments
Principal Finance - Investments	$	26,047	$	-	$	26,047	$	-	$	26,047
Principal Finance - Derivative Exposure Assumed		-		(8,318)		(8,318)		232,415		224,097
Insurance-Linked Securities		-		(3,291)		(3,291)		61,156		57,865
Strategic Investments		120,587		-		120,587		-		120,587
Total other invested assets - Private Markets Exposure Assumed		146,634		(11,609)		135,025		293,571		428,596
Other Credit Derivatives - Exposure Assumed		-		519		519		5,000		5,519
Other Credit Derivatives - Protection Purchased		-		(1,030)		(1,030)		(208,770)		(209,800)
Other (2)		9,967		(24,200)		(14,233)
Total other invested assets	$	156,601	$	(36,320)	$	120,281

(1) The total net exposures originated in Private Markets are $1,078 million. In addition to the net exposures listed above of $429 million, the Company has the following other net exposures originated in Private Markets:

- Principal Finance: $289 million of assets listed under Investments - Fixed Maturities, $2 million of limits on transactions that use reinsurance accounting and ($3) million of assets listed under Other Assets for a total exposure of $538 million.

- Insurance-Linked Securities: $307 million of bonds listed under Investments - Fixed Maturities and $53 million of limits on transactions that use reinsurance accounting for a total exposure of $418 million.

- Strategic Investments: ($2) million of futures included in Other and $3 million of assets listed under Cash and Other Assets for a total exposure of $122 million.

(2) Other includes foreign currency and fixed income hedging instruments used to manage currency and duration exposure, respectively, and other miscellaneous invested assets.

33

PartnerRe Ltd.

Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses)

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008
Fixed maturities	$	138,741	$	132,017	$	129,135	$	134,729	$	131,289
Short-term investments, cash and cash equivalents		2,694		1,287		1,902		3,795		4,099
Equities		3,408		3,533		3,096		6,534		7,366
Funds held and other		8,988		8,001		7,377		7,490		10,136
Investment expenses		(8,481)		(9,245)		(8,383)		(8,227)		(6,752)
Net investment income	$	145,350	$	135,593	$	133,127	$	144,321	$	146,138
Net realized investment gains (losses) on fixed maturities and short-term investments (1)	$	35,224	$	8,048	$	20,284	$	12,883	$	(91,845)
Net realized investment gains (losses) on equities		11,292		(61,760)		(41,408)		(126,362)		(57,681)
Net realized (losses) gains on other invested assets		(10,057)		15,998		16,308		28,305		(35,347)
Change in net unrealized (losses) gains on other invested assets		(26,906)		37,725		(20,047)		(10,933)		2,330
Change in net unrealized investment gains (losses) on fixed maturities subject to the fair value option		243,234		186,819		(48,371)		176,067		(97,577)
Change in net unrealized investment (losses) gains on short-term investments subject to the fair value option		(898)		(206)		(375)		1,915		(1,049)
Change in net unrealized investment gains (losses) on equities subject to the fair value option (2)		74,384		121,199		3,489		(14,052)		(56,280)
Net other realized and unrealized investment gains (losses)		3,953		(1,287)		-		(3,856)		13,265
Net realized and unrealized investment gains (losses)	$	330,226	$	306,536	$	(70,120)	$	63,967	$	(324,184)

(1) Net realized investment gains (losses) on fixed maturities and short-term investments includes a $95.1 million write-down of defaulted securities for the three months ended September 30, 2008.

(2) Change in net unrealized investment gains (losses) on equities subject to the fair value option includes an $18.2 million unrealized gain on the Company’s equity holding of PARIS RE Holdings Limited for the three months ended September 30, 2009.

34

PartnerRe Ltd.

Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses) ⁽¹⁾

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the nine months ended				For the year ended
	September 30, 2009		September 30, 2008		December 31, 2008 (1)		December 31, 2007
Fixed maturities	$	399,894	$	380,021	$	514,751	$	421,672
Short-term investments, trading securities, cash and cash equivalents		5,883		15,089		18,884		55,618
Equities		10,037		22,881		29,415		36,383
Funds held and other		24,366		29,771		37,261		32,339
Investment expenses		(26,109)		(19,120)		(27,347)		(22,753)
Net investment income	$	414,071	$	428,642	$	572,964	$	523,259
Net realized investment gains (losses) on fixed maturities and short-term investments, excluding other-than-temporary impairments (2)	$	63,556	$	(28,959)	$	(16,076)	$	(16,842)
Net realized investment (losses) gains on equities, excluding other-than-temporary impairments		(91,876)		(104,119)		(230,481)		82,037
Other-than-temporary impairments		-		-		-		(124,997)
Net realized gains on trading securities		-		-		-		18,667
Change in net unrealized investment losses on trading securities		-		-		-		(31,308)
Net realized and unrealized investment losses on equity securities sold but not yet purchased		-		-		-		(9,398)
Net realized and unrealized gains on designated hedging activities		-		-		-		7,482
Net realized gains (losses) on other invested assets		22,249		(27,947)		358		10,408
Change in net unrealized (losses) gains on other invested assets		(9,228)		14,145		3,212		-
Change in net unrealized investment gains (losses) on fixed maturities subject to the fair value option		381,683		(326,927)		(150,860)		-
Change in net unrealized investment (losses) gains on short-term investments subject to the fair value option		(1,479)		(1,364)		551		-
Change in net unrealized investment gains (losses) on equities subject to the fair value option (3)		199,072		(130,582)		(144,634)		-
Net other realized and unrealized investment gains (losses)		2,666		10,426		6,570		(8,541)
Net realized and unrealized investment gains (losses)	$	566,643	$	(595,327)	$	(531,360)	$	(72,492)

(1) On January 1, 2008, the Company elected the fair value option under then newly-issued U.S. GAAP guidance. For all periods prior to this election, unrealized gains and losses, net of tax, on available-for-sale securities were recorded as a component of accumulated other comprehensive income in the Consolidated Balance Sheets. Following the election, the Company’s available-for-sale securities were reclassified as trading securities and all changes in pre-tax unrealized investment gains and losses are now recorded in net realized and unrealized investment gains (losses) in the Consolidated Statements of Operations. Net investment income and net realized and unrealized investment gains and losses on securities previously classified as trading have been recorded within the related investments classification (fixed maturities or equities) beginning in 2008, and the change in net unrealized investment gains and losses on such securities are included in change in net unrealized investment gains and losses on securities subject to the fair value option.

(2) Net realized investment gains (losses) on fixed maturities and short-term investments includes a $95.1 million write-down of defaulted securities for the nine months ended September 30, 2008 and the year ended December 31, 2008.

(3) Change in net unrealized investment gains (losses) on equities subject to the fair value option includes an $18.2 million unrealized gain on the Company’s equity holding of PARIS RE Holdings Limited for the nine months ended September 30, 2009.

35

PartnerRe Ltd.

Analysis of Unpaid Losses and Loss Expenses

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the three months ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	7,396,600		$	7,393,205		$	7,510,666		$	7,484,625		$	7,614,036
Reinsurance recoverable at beginning of period		(126,020)			(128,025)			(125,215)			(125,248)			(133,385)
Net liability at beginning of period		7,270,580			7,265,180			7,385,451			7,359,377			7,480,651
Net incurred losses related to:
Current year		581,607			516,512			505,497			670,595			740,948
Prior years		(122,786)			(142,909)			(99,583)			(68,080)			(102,505)
		458,821			373,603			405,914			602,515			638,443
Net losses paid (1)		(426,582)			(599,585)			(337,094)			(396,595)			(445,973)
Effects of foreign exchange rate changes		131,539			231,382			(189,091)			(179,846)			(313,744)
Net liability at end of period		7,434,358			7,270,580			7,265,180			7,385,451			7,359,377
Reinsurance recoverable at end of period		123,960			126,020			128,025			125,215			125,248
Gross liability at end of period	$	7,558,318		$	7,396,600		$	7,393,205		$	7,510,666		$	7,484,625
Breakdown of gross liability at end of period:
Case reserves	$	3,293,042		$	3,241,898		$	3,075,384		$	3,107,780		$	3,095,309
Additional case reserves		270,565			274,225			271,084			311,408			290,115
Incurred but not reported reserves		3,994,711			3,880,477			4,046,737			4,091,478			4,099,201
Gross liability at end of period	$	7,558,318		$	7,396,600		$	7,393,205		$	7,510,666		$	7,484,625
Breakdown of gross liability at end of period by Non-life sub-segment:
U.S.	$	2,754,789		$	2,745,499		$	2,859,266		$	2,807,091		$	2,707,225
Global (Non-U.S.) P&C		2,290,796			2,232,911			2,157,454			2,291,856			2,428,686
Global (Non-U.S.) Specialty		2,261,162			2,151,115			2,062,985			2,082,290			2,003,353
Catastrophe		251,571			267,075			313,500			329,429			345,361
Gross liability at end of period	$	7,558,318		$	7,396,600		$	7,393,205		$	7,510,666		$	7,484,625
Unrecognized time value of non-life reserves	$	853,155		$	882,592		$	738,705		$	732,982		$	1,046,590
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		93.0	%		160.5	%		83.0	%		65.8	%		69.9	%
Non-life paid losses to net premiums earned ratio		45.9	%		85.3	%		46.4	%		46.8	%		48.0	%

(1) The increase in paid losses for the three months ended June 30, 2009 compared to other periods is primarily due to the annual statement of account settlement for our U.S. agriculture business written in 2008. The three months ended June 30, 2009 and 2008 contain $157 million and $24 million, respectively, of paid losses related to the settlement of our U.S. agriculture business.

36

PartnerRe Ltd.

Analysis of Unpaid Losses and Loss Expenses

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the nine months ended						As at and for the year ended
	September 30, 2009			September 30, 2008			December 31, 2008			December 31, 2007
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	7,510,666		$	7,231,436		$	7,231,436		$	6,870,785
Reinsurance recoverable at beginning of period		(125,215)			(132,479)			(132,479)			(138,585)
Net liability at beginning of period		7,385,451			7,098,957			7,098,957			6,732,200
Net incurred losses related to:
Current year		1,603,616			1,893,579			2,564,174			2,041,752
Prior years		(365,278)			(349,856)			(417,936)			(414,043)
		1,238,338			1,543,723			2,146,238			1,627,709
Net losses paid (1)		(1,363,260)			(1,184,224)			(1,580,819)			(1,620,367)
Effects of foreign exchange rate changes		173,829			(99,079)			(278,925)			359,415
Net liability at end of period		7,434,358			7,359,377			7,385,451			7,098,957
Reinsurance recoverable at end of period		123,960			125,248			125,215			132,479
Gross liability at end of period	$	7,558,318		$	7,484,625		$	7,510,666		$	7,231,436
Breakdown of gross liability at end of period:
Case reserves	$	3,293,042		$	3,095,309		$	3,107,780		$	3,062,414
Additional case reserves		270,565			290,115			311,408			306,487
Incurred but not reported reserves		3,994,711			4,099,201			4,091,478			3,862,535
Gross liability at end of period	$	7,558,318		$	7,484,625		$	7,510,666		$	7,231,436
Breakdown of gross liability at end of period by Non-life sub-segment:
U.S.	$	2,754,789		$	2,707,225		$	2,807,091		$	2,515,820
Global (Non-U.S.) P&C		2,290,796			2,428,686			2,291,856			2,542,278
Global (Non-U.S.) Specialty		2,261,162			2,003,353			2,082,290			1,887,187
Catastrophe		251,571			345,361			329,429			286,151
Gross liability at end of period	$	7,558,318		$	7,484,625		$	7,510,666		$	7,231,436
Unrecognized time value of non-life reserves	$	853,155		$	1,046,590		$	732,982		$	1,121,912
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		110.1	%		76.7	%		73.7	%		99.6	%
Non-life paid losses to net premiums earned ratio		57.8	%		47.3	%		47.2	%		50.5	%

(1) The increase in paid losses for the nine months ended September 30, 2009 compared to the prior year period is primarily due to the annual statement of account settlement for our U.S. agriculture business written in 2008, which was primarily settled during the three months ended June 30, 2009. The nine months ended September 30, 2009 and 2008 contain $207 million and $81 million, respectively, of paid losses related to the settlement of our U.S. agriculture business.

37

PartnerRe Ltd.

Analysis of Policy Benefits for Life and Annuity Contracts

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the three months ended
	September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,546,779	$	1,421,420	$	1,432,015	$	1,526,275	$	1,641,389
Reinsurance recoverable at beginning of period		(22,090)		(22,341)		(24,102)		(31,968)		(40,163)
Net liability at beginning of period		1,524,689		1,399,079		1,407,913		1,494,307		1,601,226
Net incurred losses related to:
Current year		129,161		89,391		105,736		101,945		108,506
Prior years		(13,754)		(4,097)		7,249		14,411		5,012
		115,407		85,294		112,985		116,356		113,518
Net losses paid		(97,087)		(77,158)		(68,527)		(69,260)		(107,837)
Effects of foreign exchange rate changes		15,756		117,474		(53,292)		(133,490)		(112,600)
Net liability at end of period		1,558,765		1,524,689		1,399,079		1,407,913		1,494,307
Reinsurance recoverable at end of period		21,615		22,090		22,341		24,102		31,968
Gross liability at end of period	$	1,580,380	$	1,546,779	$	1,421,420	$	1,432,015	$	1,526,275

38

PartnerRe Ltd.

Analysis of Policy Benefits for Life and Annuity Contracts

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the nine months ended				As at and for the year ended
	September 30, 2009		September 30, 2008		December 31, 2008		December 31, 2007
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,432,015	$	1,541,687	$	1,541,687	$	1,430,691
Reinsurance recoverable at beginning of period		(24,102)		(43,098)		(43,098)		(42,542)
Net liability at beginning of period		1,407,913		1,498,589		1,498,589		1,388,149
Net incurred losses related to:
Current year		324,289		336,710		438,655		453,099
Prior years		(10,602)		9,916		24,327		1,653
		313,687		346,626		462,982		454,752
Net losses paid		(242,772)		(283,178)		(352,438)		(430,281)
Effects of foreign exchange rate changes		79,937		(67,730)		(201,220)		85,969
Net liability at end of period		1,558,765		1,494,307		1,407,913		1,498,589
Reinsurance recoverable at end of period		21,615		31,968		24,102		43,098
Gross liability at end of period	$	1,580,380	$	1,526,275	$	1,432,015	$	1,541,687

39

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008
Prior year net favorable (adverse) reserve development:
Non-life segment:
U.S.	$	42,662	$	55,693	$	21,460	$	37,477	$	16,221
Global (Non-U.S.) P&C		46,520		35,346		51,812		15,957		40,568
Global (Non-U.S.) Specialty		18,386		30,859		24,710		(4,013)		21,107
Catastrophe		15,218		21,011		1,601		18,659		24,609
Total Non-life net prior year reserve development	$	122,786	$	142,909	$	99,583	$	68,080	$	102,505
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(11,318)	$	16,635	$	9,874	$	(23,445)	$	(7,862)
Net prior year reserve development due to all other factors (2)		134,104		126,274		89,709		91,525		110,367
Total Non-life net prior year reserve development	$	122,786	$	142,909	$	99,583	$	68,080	$	102,505
Life segment:
Net prior year reserve development due to GMDB (1)	$	14,267	$	8,017	$	(9,817)	$	(16,900)	$	(5,000)
Net prior year reserve development due to all other factors (2)		(513)		(3,920)		2,568		2,489		(12)
Total Life net prior year reserve development	$	13,754	$	4,097	$	(7,249)	$	(14,411)	$	(5,012)
			For the nine months ended				For the year ended
			September 30, 2009		September 30, 2008		December 31, 2008		December 31, 2007
Prior year net favorable (adverse) reserve development:
Non-life segment:
U.S.			$	119,816	$	54,325	$	91,801	$	72,261
Global (Non-U.S.) P&C				133,678		150,077		166,034		96,976
Global (Non-U.S.) Specialty				73,955		85,851		81,839		202,130
Catastrophe				37,829		59,603		78,262		42,676
Total Non-life net prior year reserve development			$	365,278	$	349,856	$	417,936	$	414,043
Non-life segment:
Net prior year reserve development due to changes in premiums			$	15,191	$	15,986	$	(7,460)	$	4,425
Net prior year reserve development due to all other factors (2)				350,087		333,870		425,396		409,618
Total Non-life net prior year reserve development			$	365,278	$	349,856	$	417,936	$	414,043
Life segment:
Net prior year reserve development due to GMDB (1)			$	12,467	$	(16,199)	$	(33,099)	$	5,000
Net prior year reserve development due to all other factors (2)				(1,865)		6,283		8,772		(6,653)
Total Life net prior year reserve development			$	10,602	$	(9,916)	$	(24,327)	$	(1,653)

(1) The guaranteed minimum death benefit (“GMDB”) reserves are sensitive to volatilty in certain referenced global equity markets. At September 30, 2009, a 10% increase in the referenced global equity market would have decreased reserves by approximately $9 million, while a 10% decrease in the referenced global equity market would have increased reserves by approximately $11 million.

(2) Net prior year reserve development due to all other factors includes, but is not limited to loss experience, changes in assumptions and changes in methodology.

40

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

(in thousands of U.S. dollars except per share data)

(Unaudited)

	For the three months ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning common shareholders’ equity (1) calculated with net income (loss) available to common shareholders		60.7	%		50.6	%		14.4	%		9.1	%		(16.9)	%
Less:
Annualized net realized and unrealized investment gains (losses), net of tax, on beginning common shareholders’ equity (1)		29.8			30.4			(8.1)			3.9			(29.6)
Annualized net realized gain on purchase of capital efficient notes, net of tax, on beginning common shareholders’ equity (1)		-			-			6.2			-			-
Interest in earnings (losses) of equity investments, net of tax, on beginning common shareholders’ equity (1)		0.2			0.7			(0.6)			(0.5)			(0.1)
Annualized operating return on beginning common shareholders’ equity (1)		30.7	%		19.5	%		16.9	%		5.7	%		12.8	%
Net income (loss)	$	566,705		$	474,269		$	141,521		$	95,290		$	(151,719)
Less:
Net realized and unrealized investment gains (losses), net of tax		274,360			279,569			(74,478)			37,637			(281,129)
Net realized gain on purchase of capital efficient notes, net of tax		-			-			56,955			-			-
Interest in earnings (losses) of equity investments, net of tax		1,650			6,779			(5,329)			(4,909)			(552)
Dividends to preferred shareholders		8,631			8,631			8,631			8,631			8,631
Operating earnings available to common shareholders	$	282,064		$	179,290		$	155,742		$	53,931		$	121,331
Per diluted share:
Net income (loss)	$	9.44		$	8.10		$	2.32		$	1.53		$	(3.01)
Less:
Net realized and unrealized investment gains (losses), net of tax		4.64			4.86			(1.30)			0.67			(5.27)
Net realized gain on purchase of capital efficient notes, net of tax		-			-			0.99			-			-
Interest in earnings (losses) of equity investments, net of tax		0.03			0.12			(0.09)			(0.09)			(0.01)
Operating earnings	$	4.77		$	3.12		$	2.72		$	0.95		$	2.27

(1) Excluding cumulative preferred shares: 2009 and 2008, $520,000.

41

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

(in thousands of U.S. dollars except per share data)

(Unaudited)

	For the nine months ended						For the year ended
	September 30, 2009			September 30, 2008			December 31, 2008			December 31, 2007
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning common shareholders’ equity (1) calculated with net income (loss) available to common shareholders		41.9	%		(2.6)	%		0.3	%		20.9	%
Less:
Annualized net realized and unrealized investment gains (losses), net of tax, on beginning common shareholders’ equity (1) (2)		17.4			(17.2)			(11.9)			(1.7)
Annualized net realized gain on purchase of capital efficient notes, net of tax, on beginning common shareholders’ equity (1)		2.0			-			-			-
Interest in earnings (losses) of equity investments, net of tax, on beginning common shareholders’ equity (1)		0.1			-			(0.1)			(2.6)
Annualized operating return on beginning common shareholders’ equity (1)		22.4	%		14.6	%		12.3	%		25.2	%
Net income (loss)	$	1,182,494		$	(48,723)		$	46,567		$	717,812
Less:
Net realized and unrealized investment gains (losses), net of tax (2)		479,449			(491,258)			(453,621)			(56,288)
Net realized gain on purchase of capital efficient notes, net of tax		56,955			-			-			-
Interest in earnings (losses) of equity investments, net of tax		3,099			1,268			(3,641)			(82,867)
Dividends to preferred shareholders		25,894			25,894			34,525			34,525
Operating earnings available to common shareholders	$	617,097		$	415,373		$	469,304		$	822,442
Per diluted share:
Net income (loss)	$	19.95		$	(1.38)		$	0.22		$	11.87
Less:
Net realized and unrealized investment gains (losses), net of tax (2)		8.27			(9.10)			(8.15)			(0.98)
Net realized gain on purchase of capital efficient notes, net of tax		0.98			-			-			-
Interest in earnings (losses) of equity investments, net of tax		0.06			0.02			(0.06)			(1.44)
Operating earnings	$	10.64		$	7.70		$	8.43		$	14.29

(1) Excluding cumulative preferred shares: 2009, 2008 and 2007, $520,000.

(2) Effective January 1, 2008, net realized and unrealized investment gains (losses) include both realized and unrealized gains (losses) on investments. Prior to this date, net realized and unrealized investment gains (losses) included realized gains (losses) on investments and other-than-temporary impairment charges.

42

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

(in thousands of U.S. dollars or shares, except per share data)

(Unaudited)

	September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008		December 31, 2007		December 31, 2006
Reconciliation of GAAP and non-GAAP measures:
Shareholders’ equity	$	5,444,554	$	4,767,678	$	4,282,067	$	4,199,108	$	4,084,686	$	4,321,557	$	3,785,847
Less:
6.75% Series C cumulative preferred shares, aggregate liquidation		290,000		290,000		290,000		290,000		290,000		290,000		290,000
6.5% Series D cumulative preferred shares, aggregate liquidation		230,000		230,000		230,000		230,000		230,000		230,000		230,000
Common shareholders’ equity		4,924,554		4,247,678		3,762,067		3,679,108		3,564,686		3,801,557		3,265,847
Less:
Net unrealized gains (losses) on fixed income securities, net of tax		287,261		79,341		(110,311)		(35,263)		(174,349)		71,958		(18,694)
Book value excluding net unrealized gains or losses on fixed income securities, net of tax	$	4,637,293	$	4,168,337	$	3,872,378	$	3,714,371	$	3,739,035	$	3,729,599	$	3,284,541
Divided by:
Number of common and common share equivalents outstanding		59,281.8		57,514.3		57,388.2		57,533.9		54,519.3		55,936.4		58,248.8
Equals:
Diluted book value per common and common share equivalents outstanding excluding net unrealized gains or losses on fixed income securities, net of tax	$	78.22	$	72.47	$	67.48	$	64.56	$	68.58	$	66.68	$	56.39

43

PartnerRe Ltd.

Diluted Book Value per Common Share - Treasury Stock Method ⁽¹⁾

(in thousands of U.S. dollars or shares, except per share data)

(Unaudited)

	September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008		December 31, 2007		December 31, 2006
Total shareholders’ equity	$	5,444,554	$	4,767,678	$	4,282,067	$	4,199,108	$	4,084,686	$	4,321,557	$	3,785,847
Less: preferred shares		(520,000)		(520,000)		(520,000)		(520,000)		(520,000)		(520,000)		(520,000)
Common shareholders’ equity	$	4,924,554	$	4,247,678	$	3,762,067	$	3,679,108	$	3,564,686	$	3,801,557	$	3,265,847
Basic common shares outstanding		58,271.5		56,655.1		56,579.1		56,453.3		53,275.9		54,250.5		57,076.3
Basic book value per common share	$	84.51	$	74.97	$	66.49	$	65.17	$	66.91	$	70.07	$	57.22
Diluted book value per common share
Common shareholders’ equity	$	4,924,554	$	4,247,678	$	3,762,067	$	3,679,108	$	3,564,686	$	3,801,557	$	3,265,847
Basic common shares outstanding		58,271.5		56,655.1		56,579.1		56,453.3		53,275.9		54,250.5		57,076.3
Add: Stock options and other		2,350.6		2,300.4		2,308.4		2,365.8		2,419.8		3,018.5		3,339.2
Add: Restricted stock units		728.4		731.5		741.7		751.0		751.5		680.6		397.6
Add: Forward sale contract		-		-		-		-		-		115.4		-
Less: Stock options and other bought back via treasury stock method		(2,068.7)		(2,172.7)		(2,241.0)		(2,036.2)		(1,927.9)		(2,128.6)		(2,564.3)
Diluted common and common share equivalents outstanding		59,281.8		57,514.3		57,388.2		57,533.9		54,519.3		55,936.4		58,248.8
Diluted book value per common share	$	83.07	$	73.85	$	65.55	$	63.95	$	65.38	$	67.96	$	56.07

(1) This method assumes that proceeds received upon exercise of options will be used to repurchase the Company’s common shares at the average market price. Unvested restricted stock and the dilutive impact of the Company’s forward sale contract, if any, are also added to determine the diluted common and common share equivalents outstanding.

44

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

(in millions of U.S. dollars, except per share data)

(Unaudited)

	As of and for the three months ended September 30, 2009				As of and for the nine months ended September 30, 2009
	Common shareholders’ equity		Diluted book value per common share		Common shareholders’ equity		Diluted book value per common share
Common shareholders’ equity / diluted book value per common share at beginning of period	$	4,248	$	73.85	$	3,679	$	63.95
Technical result		284		4.81		617		10.64
Other operating expenses		(102)		(1.73)		(284)		(4.90)
Net investment income		145		2.46		414		7.14
Other, net		1		0.02		(11)		(0.19)
Operating income tax expense		(37)		(0.64)		(93)		(1.60)
Preferred dividends		(9)		(0.15)		(26)		(0.45)
Operating earnings		282		4.77		617		10.64
Net realized and unrealized investment gains, net of tax		274		4.64		479		8.27
Net realized gain on purchase of capital efficient notes, net of tax		-		-		57		0.98
Interest in earnings of equity investments, net of tax		2		0.03		3		0.06
Net income available to common shareholders		558		9.44		1,156		19.95
Common share dividends		(27)		(0.47)		(80)		(1.41)
Change in currency translation adjustment		40		0.67		48		0.83
Change in net unrealized gains or losses on investments, net of tax		-		-		1		0.02
Issuance of common shares, net		106		(0.22)		120		0.07
Other, net		-		(0.01)		1		-
Impact of change in number of common and common share equivalents outstanding		n/a		(0.19)		n/a		(0.34)
Common shareholders’ equity / diluted book value per common share at end of period	$	4,925	$	83.07	$	4,925	$	83.07

45

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

(in millions of U.S. dollars, except per share data)

(Unaudited)

	As of and for the year ended December 31, 2008				As of and for the year ended December 31, 2007
	Common shareholders’ equity		Diluted book value per common share		Common shareholders’ equity		Diluted book value per common share
Common shareholders’ equity / diluted book value per common share at beginning of period	$	3,802	$	67.96	$	3,266	$	56.07
Technical result		420		7.55		845		14.69
Other operating expenses		(365)		(6.56)		(327)		(5.69)
Net investment income		573		10.30		523		9.09
Other, net		(35)		(0.63)		(86)		(1.50)
Operating income tax expense		(89)		(1.61)		(98)		(1.70)
Preferred dividends		(35)		(0.62)		(35)		(0.60)
Operating earnings		469		8.43		822		14.29
Net realized and unrealized investment losses, net of tax (1)		(453)		(8.15)		(56)		(0.98)
Interest in losses of equity investments, net of tax		(4)		(0.06)		(83)		(1.44)
Net income available to common shareholders		12		0.22		683		11.87
Common share dividends		(100)		(1.84)		(96)		(1.72)
Change in currency translation adjustment		(163)		(2.93)		129		2.24
Change in net unrealized gains or losses on investments, net of tax		15		0.27		38		0.66
Issuance (repurchase) of common shares, net		126		(0.42)		(213)		(0.98)
Other, net		(13)		(0.23)		(5)		(0.08)
Impact of change in number of common and common share equivalents outstanding		n/a		0.92		n/a		(0.10)
Common shareholders’ equity / diluted book value per common share at end of period	$	3,679	$	63.95	$	3,802	$	67.96

(1) Effective January 1, 2008, net realized and unrealized investment gains (losses) include both realized and unrealized gains (losses) on investments. Prior to this date, net realized and unrealized investment gains (losses) included realized gains (losses) on investments and other-than-temporary impairment charges.

46