Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as of June 30, 2010

(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 - June 30, 2010 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 June 30, 2010 and 2009	7-8
For the six months ended June 30, 2010 and 2009	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
Paris Re sub-segment	21
Life segment	22-23
Corporate and Other	24-25
Distribution of Premiums
Distribution of Premiums by line of business, geography and production source	26-27
Distribution of Premiums by reinsurance type	28-29
Investments
Investment Portfolio	30
Distribution of Corporate Bonds	31
Distribution of Equities	32
Distribution of Mortgage/Asset-Backed Securities	33
Other Invested Assets including Private Markets and Derivative Exposures	34
Funds Held - Directly Managed Portfolio	35
Distribution of Corporate Bonds - Funds Held - Directly Managed	36
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses)	37-38
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses) on Funds Held - Directly Managed	39
Loss Reserves
Analysis of Unpaid Losses and Loss Expenses	40-41
Analysis of Policy Benefits for Life and Annuity Contracts	42-43
Reserve Development	44
Reconciliation of GAAP and non-GAAP measures	45-47
Diluted Book Value per Common Share - Treasury Stock Method	48
Diluted Book Value per Common Share - Rollforward	49-51
Pro-forma Information - Paris Re	52
Paris Re Acqusition Related Expenses	53

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 (Loss) available to Common Shareholders (Operating Earnings (Loss)), Diluted Operating Earnings (Loss) per Common Share and Annualized Operating Return on Beginning Common Shareholders’ Equity (Annualized Operating ROE): The Company uses Operating Earnings (Loss), Diluted Operating Earnings (Loss) 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 (Loss) 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 (Loss) per Common Share using Operating Earnings (Loss) 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 (Loss) for the period divided by the common shareholders’ equity as of the beginning of the year (adjusted for the period ended December 31, 2009 to include the equity issued related to the acquisition of Paris Re). Operating Earnings (Loss) and Diluted Operating Earnings (Loss) per Common Share should not be viewed as a substitute for Net Income (Loss) or Diluted Net Income (Loss) 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 and Funds Held - Directly Managed, 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 and Funds Held - Directly Managed, 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 and funds held - directly managed, 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 and funds held - directly managed, 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
	June 30, 2010 (1)		March 31, 2010 (1)		December 31, 2009 (A) (1)		September 30, 2009		June 30, 2009
Revenues
Gross premiums written	$	1,140,175	$	1,909,326	$	920,645	$	893,714	$	846,149
Net premiums written	$	1,112,735	$	1,784,165	$	904,440	$	891,547	$	844,659
(Increase) decrease in unearned premiums		(8,104)		(630,386)		432,115		199,144		(18,530)
Net premiums earned		1,104,631		1,153,779		1,336,555		1,090,691		826,129
Net investment income		174,454		173,122		182,000		145,350		135,593
Net realized and unrealized investment gains		46,046		145,474		25,063		330,226		306,536
Other income		753		1,274		5,986		8,385		3,361
Total revenues		1,325,884		1,473,649		1,549,604		1,574,652		1,271,619
Expenses
Losses and loss expenses and life policy benefits		704,631		1,012,337		743,271		574,228		458,898
Acquisition costs		244,144		220,107		271,081		232,475		181,689
Other operating expenses		160,151		128,134		146,522		102,224		98,468
Interest expense		12,803		7,132		6,657		6,161		6,335
Amortization of intangible assets		7,833		4,803		(6,133)		-		-
Net foreign exchange (gains) losses		(11,021)		(3,627)		(4,046)		961		1,202
Total expenses		1,118,541		1,368,886		1,157,352		916,049		746,592
Income before taxes and interest in earnings of equity investments		207,343		104,763		392,252		658,603		525,027
Income tax expense		17,762		27,554		51,892		93,433		56,954
Interest in earnings of equity investments		1,346		2,445		14,000		1,535		6,196
Net income	$	190,927	$	79,654	$	354,360	$	566,705	$	474,269
Preferred dividends	$	8,631	$	8,631	$	8,631	$	8,631	$	8,631
Operating earnings (loss) available to common shareholders	$	151,537	$	(41,782)	$	315,049	$	282,064	$	179,290
Comprehensive income, net of tax	$	84,271	$	6,978	$	367,959	$	605,974	$	512,396
Per Share Data:
Earnings per common share:
Basic operating earnings (loss)	$	1.96	$	(0.51)	$	3.95	$	4.85	$	3.17
Net realized and unrealized investment gains, net of tax		0.38		1.35		0.22		4.72		4.94
Interest in earnings of equity investments, net of tax		0.02		0.03		0.17		0.03		0.12
Basic net income	$	2.36	$	0.87	$	4.34	$	9.60	$	8.23
Weighted average number of common shares outstanding		77,365.4		81,696.9		79,702.2		58,118.2		56,609.8
Diluted operating earnings (loss) (1) (2)	$	1.92	$	(0.50)	$	3.87	$	4.77	$	3.12
Net realized and unrealized investment gains, net of tax		0.38		1.33		0.22		4.64		4.86
Interest in earnings of equity investments, net of tax		0.01		0.02		0.16		0.03		0.12
Diluted net income	$	2.31	$	0.85	$	4.25	$	9.44	$	8.10
Weighted average number of common and common share equivalents outstanding		78,796.4		83,328.8		81,441.2		59,128.5		57,469.0

(1) See page 53 for further analysis of Paris Re acquisition related expenses.

(2) Diluted operating loss per share for the three months ended March 31, 2010 was calculated using the weighted average number of common and common share equivalents outstanding as the denominator. While this results in diluted operating loss per share being anti-dilutive, it is the Company’s policy to use the net income or loss per share denominator for calculating operating earnings or loss per share.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

1

PartnerRe Ltd.

Consolidated Income Statements

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

(Unaudited)

	For the six months ended				For the year ended
	June 30, 2010 (1)		June 30, 2009		December 31, 2009 (A) (1)		December 31, 2008
Revenues
Gross premiums written	$	3,049,501	$	2,186,528	$	4,000,888	$	4,028,248
Net premiums written	$	2,896,899	$	2,152,717	$	3,948,704	$	3,989,435
(Increase) decrease in unearned premiums		(638,489)		(460,138)		171,121		(61,411)
Net premiums earned		2,258,410		1,692,579		4,119,825		3,928,024
Net investment income		347,576		268,720		596,071		572,964
Net realized and unrealized investment gains (losses)		191,519		236,417		591,707		(531,360)
Net realized gain on purchase of capital efficient notes		-		88,427		88,427		-
Other income		2,028		7,942		22,312		10,335
Total revenues		2,799,533		2,294,085		5,418,342		3,979,963
Expenses
Losses and loss expenses and life policy benefits		1,716,967		977,797		2,295,296		2,609,220
Acquisition costs		464,251		381,657		885,214		898,882
Other operating expenses		288,286		182,062		430,808		365,009
Interest expense		19,935		15,482		28,301		51,228
Amortization of intangible assets		12,636		-		(6,133)		-
Net foreign exchange (gains) losses		(14,648)		4,550		1,464		(6,221)
Total expenses		2,487,427		1,561,548		3,634,950		3,918,118
Income before taxes and interest in earnings (losses) of equity investments		312,106		732,537		1,783,392		61,845
Income tax expense		45,316		116,765		262,090		9,705
Interest in earnings (losses) of equity investments		3,791		17		15,552		(5,573)
Net income	$	270,581	$	615,789	$	1,536,854	$	46,567
Preferred dividends	$	17,263	$	17,263	$	34,525	$	34,525
Operating earnings available to common shareholders	$	109,755	$	335,033	$	932,146	$	469,304
Comprehensive income (loss), net of tax	$	91,249	$	625,040	$	1,598,973	$	(113,914)
Per Share Data:
Earnings per common share:
Basic operating earnings	$	1.38	$	5.92	$	14.85	$	8.64
Net realized and unrealized investment gains (losses), net of tax		1.77		3.63		7.91		(8.35)
Net realized gain on purchase of capital efficient notes, net of tax		-		1.00		0.91		-
Interest in earnings (losses) of equity investments, net of tax		0.04		0.03		0.26		(0.07)
Basic net income	$	3.19	$	10.58	$	23.93	$	0.22
Weighted average number of common shares outstanding		79,519.2		56,560.8		62,786.2		54,347.1
Diluted operating earnings (1)	$	1.35	$	5.84	$	14.59	$	8.43
Net realized and unrealized investment gains (losses), net of tax		1.74		3.57		7.78		(8.15)
Net realized gain on purchase of capital efficient notes, net of tax		-		0.99		0.89		-
Interest in earnings (losses) of equity investments, net of tax		0.04		0.03		0.25		(0.06)
Diluted net income	$	3.13	$	10.43	$	23.51	$	0.22
Weighted average number of common and common share equivalents outstanding		81,050.7		57,394.9		63,890.6		55,639.6

(1) See page 53 for further analysis of Paris Re acquisition related expenses.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

2

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	June 30, 2010				March 31, 2010				December 31, 2009 (A)				September 30, 2009				June 30, 2009				December 31, 2008				December 31, 2007
Assets
Total investments	$	14,796,197			$	15,228,997			$	15,301,510			$	12,285,816			$	11,453,886			$	10,886,391			$	10,917,341
Funds held - directly managed		1,875,305				1,981,665				2,124,826				-				-				-				-
Cash and cash equivalents		1,085,325				1,319,275				738,309				772,250				616,290				838,280				654,895
Accrued investment income		184,715				204,591				218,739				167,902				184,925				169,103				176,386
Reinsurance balances receivable		2,627,422				2,908,652				2,249,181				1,977,265				2,051,940				1,719,694				1,449,702
Funds held by reinsured companies		859,050				900,257				938,039				851,932				827,457				786,422				1,083,036
Deferred acquisition costs		672,694				709,745				614,857				646,341				673,685				617,121				641,818
Goodwill		455,533				455,533				455,533				429,519				429,519				429,519				429,519
Intangible assets		206,044				224,264				247,269				-				-				-				-
Other assets		873,849				884,197				844,281				628,621				736,369				832,790				796,799
Total assets	$	23,636,134			$	24,817,176			$	23,732,544			$	17,759,646			$	16,974,071			$	16,279,320			$	16,149,496
Liabilities
Unpaid losses and loss expenses	$	10,342,589			$	10,930,486			$	10,811,483			$	7,558,318			$	7,396,600			$	7,510,666			$	7,231,436
Policy benefits for life and annuity contracts		1,566,899				1,613,662				1,615,193				1,580,380				1,546,779				1,432,015				1,541,687
Unearned premiums		2,295,576				2,371,256				1,706,816				1,594,274				1,771,401				1,273,787				1,267,873
Other reinsurance balances payable		478,862				488,664				426,091				216,537				237,397				209,007				156,055
Debt obligations		1,020,989				1,020,989				520,989				520,989				520,989				907,605				877,605
Other liabilities		859,977				1,003,608				1,006,245				844,594				733,227				747,132				753,283
Total liabilities		16,564,892				17,428,665				16,086,817				12,315,092				12,206,393				12,080,212				11,827,939
Total shareholders’ equity		7,071,242				7,388,511				7,645,727				5,444,554				4,767,678				4,199,108				4,321,557
Total liabilities and shareholders’ equity	$	23,636,134			$	24,817,176			$	23,732,544			$	17,759,646			$	16,974,071			$	16,279,320			$	16,149,496
Shareholders’ Equity Per Common Share (excluding cumulative preferred shares)	$	86.94			$	85.84			$	86.29			$	84.51			$	74.97			$	65.17			$	70.07
Diluted Book Value Per Common and Common Share Equivalents
Outstanding (assuming exercise of all share-based awards)	$	85.32			$	84.12			$	84.51			$	83.07			$	73.85			$	63.95			$	67.96
Number of Common and Common Share Equivalents Outstanding		76,780.8				81,647.4				84,319.7				59,281.8				57,514.3				57,533.9				55,936.4
Capital Structure:
Long-term debt	$	-	-	%	$	-	-	%	$	-	-	%	$	-	-	%	$	200,000	4	%	$	200,000	4	%	$	620,000	12	%
Senior notes(1)		750,000	9			750,000	9			250,000	3			250,000	4			250,000	5			250,000	5			-	-
Capital efficient notes(2)		63,384	1			63,384	1			63,384	1			63,384	1			63,384	1			250,000	5			250,000	5
6.75% Series C cumulative preferred shares, aggregate liquidation		290,000	4			290,000	3			290,000	4			290,000	5			290,000	6			290,000	6			290,000	6
6.5% Series D cumulative preferred shares, aggregate liquidation		230,000	3			230,000	3			230,000	3			230,000	4			230,000	4			230,000	5			230,000	4
Common shareholders’ equity		6,551,242	83			6,868,511	84			7,125,727	89			4,924,554	86			4,247,678	80			3,679,108	75			3,801,557	73
Total Capital	$	7,884,626	100	%	$	8,201,895	100	%	$	7,959,111	100	%	$	5,757,938	100	%	$	5,281,062	100	%	$	4,899,108	100	%	$	5,191,557	100	%

(1) PartnerRe Finance A LLC and PartnerRe Finance B LLC, the issuers of the senior notes, do not meet U.S. GAAP consolidation requirements. Accordingly, the Company shows the related intercompany debt of $250.0 million and $500.0 million, respectively, 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 for all Condensed Consolidated Balance Sheet dates in 2010 and 2009 and $257.6 million for all other Condensed Consolidated Balance Sheet dates presented.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

3

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the three months ended
	June 30,     2010		March 31,    2010		December 31, 2009 (A)		September 30, 2009		June 30,     2009
Net cash provided by operating activities:
Underwriting operations	$	6	$	238	$	198	$	168	$	37
Investment income		208		199		167		169		136
Taxes and foreign exchange		(87)		(23)		(41)		10		1
Net cash provided by operating activities	$	127	$	414	$	324	$	347	$	174
Net cash provided by operating activities	$	127	$	414	$	324	$	347	$	174
Net cash provided by (used in) investing activities (1)		84		(31)		12		(169)		(110)
Net cash (used in) provided by financing activities (2)		(409)		225		(373)		(30)		(33)
Effect of foreign exchange rate changes on cash		(36)		(27)		3		8		13
(Decrease) increase in cash and cash equivalents		(234)		581		(34)		156		44
Cash and cash equivalents - beginning of period		1,319		738		772		616		572
Cash and cash equivalents - end of period	$	1,085	$	1,319	$	738	$	772	$	616

(1) For the three months ended December 31, 2009, net cash provided by (used in) investing activities includes $492 million of cash acquired related to the acquisition of Paris Re.

(2) For the three months ended December 31, 2009, net cash (used in) provided by financing activities includes $330 million related to the Paris Re share capital repayment.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

4

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the six months ended				For the year ended
	June 30, 2010		June 30, 2009		December 31, 2009 (A)		December 31, 2008
Net cash provided by operating activities:
Underwriting operations	$	244	$	184	$	550	$	604
Investment income		407		267		603		580
Taxes and foreign exchange		(110)		(23)		(54)		(25)
Net cash provided by operating activities	$	541	$	428	$	1,099	$	1,159
Net cash provided by operating activities	$	541	$	428	$	1,099	$	1,159
Net cash provided by (used in) investing activities (1)		53		(290)		(447)		(944)
Net cash used in financing activities (2)		(184)		(362)		(765)		(2)
Effect of foreign exchange rate changes on cash		(63)		2		13		(30)
Increase (decrease) in cash and cash equivalents		347		(222)		(100)		183
Cash and cash equivalents - beginning of period		738		838		838		655
Cash and cash equivalents - end of period	$	1,085	$	616	$	738	$	838

(1) For the year ended December 31, 2009, net cash provided by (used in) investing activities includes $492 million of cash acquired related to the acquisition of Paris Re.

(2) For the year ended December 31, 2009, net cash used in financing activities includes $330 million related to the Paris Re share capital repayment.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

5

PartnerRe Ltd.

Consolidated Statements of Comprehensive Income

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	June 30, 2010		March 31, 2010		December 31, 2009 (A)		September 30, 2009		June 30, 2009
Net income	$	190,927	$	79,654	$	354,360	$	566,705	$	474,269
Change in currency translation adjustment		(105,335)		(68,743)		112		40,121		38,922
Change in net unrealized gains or losses on investments, net of tax		(257)		(4,129)		7,114		(164)		(9)
Change in unfunded pension obligation, net of tax		(1,064)		196		6,373		(688)		(786)
Comprehensive income	$	84,271	$	6,978	$	367,959	$	605,974	$	512,396
			For the six months ended				For the year ended
			June 30, 2010		June 30, 2009		December 31, 2009 (A)		December  31, 2008
Net income			$	270,581	$	615,789	$	1,536,854	$	46,567
Change in currency translation adjustment				(174,078)		1,129		47,955		(162,889)
Change in net unrealized gains or losses on investments, net of tax				(4,386)		7,722		8,079		15,157
Change in unfunded pension obligation, net of tax				(868)		400		6,085		(12,749)
Comprehensive income (loss)			$	91,249	$	625,040	$	1,598,973	$	(113,914)

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

6

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the three months ended June 30, 2010

	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Paris Re			Total Non-life Segment			Life Segment		Corporate and Other		Total
Gross premiums written	$	170		$	144		$	288		$	125		$	246		$	973		$	167	$	-	$	1,140
Net premiums written	$	170		$	142		$	285		$	125		$	217		$	939		$	167	$	7	$	1,113
Decrease (increase) in unearned premiums		14			32			(18)			(63)			27			(8)			6		(6)		(8)
Net premiums earned	$	184		$	174		$	267		$	62		$	244		$	931		$	173	$	1	$	1,105
Losses and loss expenses and life policy benefits		(95)			(112)			(173)			19			(175)			(536)			(169)		-		(705)
Acquisition costs		(60)			(45)			(63)			(5)			(46)			(219)			(25)		-		(244)
Technical result	$	29		$	17		$	31		$	76		$	23		$	176		$	(21)	$	1	$	156
Other income (loss)																	1			1		(1)		1
Other operating expenses																	(82)			(13)		(65)		(160)
Underwriting result																$	95		$	(33)		n/a	$	(3)
Net investment income																				20		154		174
Allocated underwriting result (1)																			$	(13)		n/a		n/a
Net realized and unrealized investment gains																						46		46
Interest expense																						(13)		(13)
Amortization of intangible assets																						(8)		(8)
Net foreign exchange gains																						11		11
Income tax expense																						(17)		(17)
Interest in earnings of equity investments																						1		1
Net income																						n/a	$	191
Loss ratio (2)		51.4	%		64.4	%		64.9	%		(30.4)	%		71.8	%		57.6	%
Acquisition ratio (3)		32.4			25.6			23.5			8.1			18.9			23.4
Technical ratio (4)		83.8	%		90.0	%		88.4	%		(22.3)	%		90.7	%		81.0	%
Other operating expense ratio (5)																	8.8
Combined ratio (6)																	89.8	%

(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 June 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	$	248		$	120		$	232		$	125		$	725		$	116	$	5	$	846
Net premiums written	$	249		$	118		$	232		$	125		$	724		$	116	$	5	$	845
Decrease (increase) in unearned premiums		9			43			-			(73)			(21)			7		(5)		(19)
Net premiums earned	$	258		$	161		$	232		$	52		$	703		$	123	$	-	$	826
Losses and loss expenses and life policy benefits		(164)			(83)			(152)			22			(377)			(85)		3		(459)
Acquisition costs		(63)			(38)			(50)			(4)			(155)			(27)		-		(182)
Technical result	$	31		$	40		$	30		$	70		$	171		$	11	$	3	$	185
Other income														1			-		2		3
Other operating expenses														(55)			(11)		(32)		(98)
Underwriting result													$	117		$	-		n/a	$	90
Net investment income																	15		121		136
Allocated underwriting result (1)																$	15		n/a		n/a
Net realized and unrealized investment gains																			307		307
Interest expense																			(6)		(6)
Net foreign exchange losses																			(2)		(2)
Income tax expense																			(57)		(57)
Interest in earnings of equity investments																			6		6
Net income																			n/a	$	474
Loss ratio (2)		63.7	%		51.5	%		65.5	%		(43.0)	%		53.6	%
Acquisition ratio (3)		24.2			23.7			21.5			7.9			22.0
Technical ratio (4)		87.9	%		75.2	%		87.0	%		(35.1)	%		75.6	%
Other operating expense ratio (5)														7.9
Combined ratio (6)														83.5	%

8

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the six months ended June 30, 2010

	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Paris Re			Total Non-life Segment			Life Segment		Corporate and Other		Total
Gross premiums written	$	462		$	485		$	667		$	371		$	707		$	2,692		$	354	$	3	$	3,049
Net premiums written	$	462		$	482		$	637		$	371		$	594		$	2,546		$	349	$	2	$	2,897
Increase in unearned premiums		(45)			(142)			(115)			(218)			(106)			(626)			(12)		(1)		(639)
Net premiums earned	$	417		$	340		$	522		$	153		$	488		$	1,920		$	337	$	1	$	2,258
Losses and loss expenses and life policy benefits		(245)			(305)			(358)			(105)			(405)			(1,418)			(299)		-		(1,717)
Acquisition costs		(121)			(84)			(113)			(12)			(85)			(415)			(49)		-		(464)
Technical result	$	51		$	(49)		$	51		$	36		$	(2)		$	87		$	(11)	$	1	$	77
Other income (loss)																	2			1		(1)		2
Other operating expenses																	(160)			(27)		(101)		(288)
Underwriting result																$	(71)		$	(37)		n/a	$	(209)
Net investment income																				37		311		348
Allocated underwriting result (1)																			$	-		n/a		n/a
Net realized and unrealized investment gains																						191		191
Interest expense																						(20)		(20)
Amortization of intangible assets																						(13)		(13)
Net foreign exchange gains																						15		15
Income tax expense																						(45)		(45)
Interest in earnings of equity investments																						4		4
Net income																						n/a	$	271
Loss ratio (2)		58.7	%		89.6	%		68.6	%		68.4	%		83.0	%		73.9	%
Acquisition ratio (3)		28.9			24.7			21.8			8.0			17.4			21.6
Technical ratio (4)		87.6	%		114.3	%		90.4	%		76.4	%		100.4	%		95.5	%
Other operating expense ratio (5)																	8.3
Combined ratio (6)																	103.8	%

9

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the six months ended June 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	$	561		$	419		$	591		$	330		$	1,901		$	281	$	5	$	2,187
Net premiums written	$	561		$	417		$	563		$	330		$	1,871		$	277	$	5	$	2,153
Increase in unearned premiums		(61)			(99)			(84)			(199)			(443)			(14)		(3)		(460)
Net premiums earned	$	500		$	318		$	479		$	131		$	1,428		$	263	$	2	$	1,693
Losses and loss expenses and life policy benefits		(326)			(158)			(309)			11			(782)			(198)		2		(978)
Acquisition costs		(126)			(79)			(110)			(12)			(327)			(55)		-		(382)
Technical result	$	48		$	81		$	60		$	130		$	319		$	10	$	4	$	333
Other income														3			1		4		8
Other operating expenses														(109)			(21)		(52)		(182)
Underwriting result													$	213		$	(10)		n/a	$	159
Net investment income																	30		239		269
Allocated underwriting result (1)																$	20		n/a		n/a
Net realized and unrealized investment gains																			236		236
Net realized gain on purchase of capital efficient notes																			89		89
Interest expense																			(15)		(15)
Net foreign exchange losses																			(5)		(5)
Income tax expense																			(117)		(117)
Interest in earnings of equity investments																			-		-
Net income																			n/a	$	616
Loss ratio (2)		65.2	%		49.6	%		64.5	%		(8.6)	%		54.8	%
Acquisition ratio (3)		25.2			24.9			23.0			8.9			22.9
Technical ratio (4)		90.4	%		74.5	%		87.5	%		0.3	%		77.7	%
Other operating expense ratio (5)														7.6
Combined ratio (6)														85.3	%

10

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the three months ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2010 (B)			2010			2009 (A)			2009			2009
Net premiums written	$	939		$	1,607		$	747		$	733		$	724
Net premiums earned	$	931		$	989		$	1,171		$	926		$	703
Losses and loss expenses		(536)			(881)			(616)			(459)			(377)
Acquisition costs		(219)			(197)			(241)			(204)			(155)
Technical result	$	176		$	(89)		$	314		$	263		$	171
Other income		1			1			4			5			1
Other operating expenses		(82)			(78)			(83)			(61)			(55)
Underwriting result	$	95		$	(166)		$	235		$	207		$	117
Loss ratio (2)		57.6	%		89.1	%		52.7	%		49.5	%		53.6	%
Acquisition ratio (3)		23.4			19.9			20.5			22.0			22.0
Technical ratio (4)		81.0	%		109.0	%		73.2	%		71.5	%		75.6	%
Other operating expense ratio (5)		8.8			7.9			7.1			6.6			7.9
Combined ratio (6)		89.8	%		116.9	%		80.3	%		78.1	%		83.5	%

(A) The Company's results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

(B) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances.

For the three months ended June 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $21.3 million and $22.1 million, respectively, compared to the three months ended June 30, 2009.

11

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the six months ended						For the year ended
	June 30, 2010 (B)			June 30, 2009			December 31, 2009 (A)			December 31, 2008
Net premiums written	$	2,546		$	1,871		$	3,351		$	3,392
Net premiums earned	$	1,920		$	1,428		$	3,525		$	3,334
Losses and loss expenses		(1,418)			(782)			(1,858)			(2,131)
Acquisition costs		(415)			(327)			(772)			(777)
Technical result	$	87		$	319		$	895		$	426
Other income		2			3			13			4
Other operating expenses		(160)			(109)			(253)			(231)
Underwriting result	$	(71)		$	213		$	655		$	199
Loss ratio (2)		73.9	%		54.8	%		52.7	%		63.9	%
Acquisition ratio (3)		21.6			22.9			21.9			23.3
Technical ratio (4)		95.5	%		77.7	%		74.6	%		87.2	%
Other operating expense ratio (5)		8.3			7.6			7.2			6.9
Combined ratio (6)		103.8	%		85.3	%		81.8	%		94.1	%

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

(B) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the six months ended June 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $83.6 million and $57.0 million, respectively, compared to the six months ended June 30, 2009.

12

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

U.S. sub-segment

	For the three months ended
	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Net premiums written	$	170		$	293		$	229		$	279		$	249
Net premiums earned	$	184		$	233		$	291		$	312		$	258
Losses and loss expenses		(95)			(150)			(162)			(171)			(164)
Acquisition costs		(60)			(61)			(78)			(80)			(63)
Technical result	$	29		$	22		$	51		$	61		$	31
Loss ratio (2)		51.4	%		64.5	%		55.7	%		54.9	%		63.7	%
Acquisition ratio (3)		32.4			26.2			26.7			25.7			24.2
Technical ratio (4)		83.8	%		90.7	%		82.4	%		80.6	%		87.9	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		47	%		44	%		40	%		35	%		39	%
Property		26			20			11			24			20
Agriculture		(3)			10			34			21			19
Motor		10			9			11			10			7
Multiline		3			11			1			4			3
Other		17			6			3			6			12
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 six months ended						For the year ended
	June 30, 2010			June 30, 2009			December 31, 2009			December 31, 2008
Net premiums written	$	462		$	561		$	1,070		$	1,064
Net premiums earned	$	417		$	500		$	1,103		$	1,088
Losses and loss expenses		(245)			(326)			(660)			(812)
Acquisition costs		(121)			(126)			(284)			(261)
Technical result	$	51		$	48		$	159		$	15
Loss ratio (2)		58.7	%		65.2	%		59.8	%		74.6	%
Acquisition ratio (3)		28.9			25.2			25.8			24.0
Technical ratio (4)		87.6	%		90.4	%		85.6	%		98.6	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		45	%		42	%		40	%		45	%
Property		22			19			18			15
Agriculture		5			17			22			23
Motor		10			7			9			5
Multiline		8			7			5			6
Other		10			8			6			6
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
	June 30, 2010 (A)			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Net premiums written	$	142		$	339		$	103		$	124		$	118
Net premiums earned	$	174		$	166		$	190		$	160		$	161
Losses and loss expenses		(112)			(193)			(99)			(84)			(83)
Acquisition costs		(45)			(39)			(47)			(39)			(38)
Technical result	$	17		$	(66)		$	44		$	37		$	40
Loss ratio (2)		64.4	%		116.1	%		52.3	%		52.2	%		51.5	%
Acquisition ratio (3)		25.6			23.8			24.7			24.5			23.7
Technical ratio (4)		90.0	%		139.9	%		77.0	%		76.7	%		75.2	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		76	%		69	%		68	%		74	%		75	%
Motor		16			19			21			20			18
Casualty		8			12			11			6			7
Total		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended June 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $10.3 million and $11.3 million, respectively, compared to the three months ended June 30, 2009.

15

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the six months ended						For the year ended
	June 30, 2010 (A)			June 30, 2009			December 31, 2009			December 31, 2008
Net premiums written	$	482		$	417		$	644		$	765
Net premiums earned	$	340		$	318		$	668		$	797
Losses and loss expenses		(305)			(158)			(341)			(454)
Acquisition costs		(84)			(79)			(165)			(198)
Technical result	$	(49)		$	81		$	162		$	145
Loss ratio (2)		89.6	%		49.6	%		51.0	%		56.9	%
Acquisition ratio (3)		24.7			24.9			24.7			24.9
Technical ratio (4)		114.3	%		74.5	%		75.7	%		81.8	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		71	%		68	%		70	%		62	%
Motor		18			20			20			23
Casualty		11			12			10			15
Total		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the six months ended June 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $38.1 million and $27.3 million, respectively, compared to the six months ended June 30, 2009.

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
	June 30, 2010 (A)			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Net premiums written	$	285		$	352		$	225		$	283		$	232
Net premiums earned	$	267		$	255		$	263		$	295		$	232
Losses and loss expenses		(173)			(185)			(144)			(195)			(152)
Acquisition costs		(63)			(51)			(61)			(73)			(50)
Technical result	$	31		$	19		$	58		$	27		$	30
Loss ratio (2)		64.9	%		72.5	%		54.6	%		66.1	%		65.5	%
Acquisition ratio (3)		23.5			19.9			23.4			24.8			21.5
Technical ratio (4)		88.4	%		92.4	%		78.0	%		90.9	%		87.0	%
Distribution of Net Premiums Written by Major Lines of Business:
Marine		21	%		15	%		15	%		12	%		19	%
Engineering		16			13			19			26			17
Aviation/Space		15			12			26			17			17
Credit/Surety		15			18			17			15			13
Specialty casualty		13			17			7			9			13
Energy		9			6			5			9			6
Specialty property		7			12			6			6			8
Other		4			7			5			6			7
Total		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended June 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $8.0 million and $7.0 million, respectively, compared to the three months ended June 30, 2009.

17

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the six months ended						For the year ended
	June 30, 2010 (A)			June 30, 2009			December 31, 2009			December 31, 2008
Net premiums written	$	637		$	563		$	1,071		$	1,150
Net premiums earned	$	522		$	479		$	1,037		$	1,046
Losses and loss expenses		(358)			(309)			(648)			(721)
Acquisition costs		(113)			(110)			(245)			(281)
Technical result	$	51		$	60		$	144		$	44
Loss ratio (2)		68.6	%		64.5	%		62.5	%		69.0	%
Acquisition ratio (3)		21.8			23.0			23.6			26.8
Technical ratio (4)		90.4	%		87.5	%		86.1	%		95.8	%
Distribution of Net Premiums Written by Major Lines of Business:
Marine		18	%		17	%		15	%		13	%
Credit/Surety		17			14			15			20
Specialty casualty		15			15			12			13
Engineering		14			16			19			19
Aviation/Space		13			12			16			16
Specialty property		10			10			8			8
Energy		7			10			9			7
Other		6			6			6			4
Total		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the six months ended June 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $29.0 million and $21.3 million, respectively, compared to the six months ended June 30, 2009.

18

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the three months ended
	June 30, 2010 (A)			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Net premiums written	$	125		$	246		$	12		$	47		$	125
Net premiums earned	$	62		$	92		$	115		$	159		$	52
Losses and loss expenses		19			(124)			(3)			(9)			22
Acquisition costs		(5)			(7)			(9)			(12)			(4)
Technical result	$	76		$	(39)		$	103		$	138		$	70
Loss ratio (2)		(30.4)	%		134.9	%		3.1	%		5.6	%		(43.0)	%
Acquisition ratio (3)		8.1			8.0			7.6			7.4			7.9
Technical ratio (4)		(22.3)	%		142.9	%		10.7	%		13.0	%		(35.1)	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended June 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $3.0 million and $3.8 million, respectively, compared to the three months ended June 30, 2009.

19

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the six months ended						For the year ended
	June 30, 2010 (A)			June 30, 2009			December 31, 2009			December 31, 2008
Net premiums written	$	371		$	330		$	388		$	413
Net premiums earned	$	153		$	131		$	405		$	403
Losses and loss expenses		(105)			11			(1)			(144)
Acquisition costs		(12)			(12)			(32)			(37)
Technical result	$	36		$	130		$	372		$	222
Loss ratio (2)		68.4	%		(8.6)	%		0.3	%		35.8	%
Acquisition ratio (3)		8.0			8.9			8.0			9.2
Technical ratio (4)		76.4	%		0.3	%		8.3	%		45.0	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the six months ended June 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $16.7 million and $8.6 million, respectively, compared to the six months ended June 30, 2009.

20

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Paris Re sub-segment

							For the period from October 2, 2009 to December 31, 2009			For the six months ended June 30, 2010
	For the three months ended
	June 30, 2010			March 31, 2010
Net premiums written	$	217		$	377		$	178		$	594
Net premiums earned	$	244		$	243		$	312		$	488
Losses and loss expenses		(175)			(229)			(208)			(405)
Acquisition costs		(46)			(39)			(46)			(85)
Technical result	$	23		$	(25)		$	58		$	(2)
Loss ratio (2)		71.8	%		94.4	%		66.7	%		83.0	%
Acquisition ratio (3)		18.9			15.8			14.7			17.4
Technical ratio (4)		90.7	%		110.2	%		81.4	%		100.4	%
Distribution of Net Premiums Written by Major Lines of Business:
Catastrophe		31	%		30	%		5	%		30	%
Property		12			12			17			12
Specialty property		10			1			11			4
Agriculture		8			6			6			7
Motor		7			15			14			12
Marine		6			11			11			9
Credit/Surety		6			4			15			5
Energy		5			2			6			3
Specialty casualty		4			14			2			10
Other		11			5			13			8
Total		100	%		100	%		100	%		100	%

21

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the three months ended
	June 30, 2010 (A)			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Net premiums written	$	167		$	183		$	157		$	157		$	116
Net premiums earned	$	173		$	165		$	164		$	160		$	123
Life policy benefits		(169)			(132)			(127)			(115)			(85)
Acquisition costs		(25)			(23)			(30)			(28)			(27)
Technical result	$	(21)		$	10		$	7		$	17		$	11
Other income		1			-			-			-			-
Other operating expenses		(13)			(14)			(13)			(13)			(11)
Underwriting result	$	(33)		$	(4)		$	(6)		$	4		$	—
Net investment income		20			16			16			16			15
Allocated underwriting result (1)	$	(13)		$	12		$	10		$	20		$	15
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		79	%		80	%		76	%		79	%		80	%
Longevity		18			17			20			17			15
Health		3			3			4			4			5
Total		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended June 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $6.0 million and $6.2 million, respectively, compared to the three months ended June 30, 2009.

22

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the six months ended						For the year ended
	June 30, 2010 (A)			June 30, 2009			December 31, 2009			December 31, 2008
Net premiums written	$	349		$	277		$	591		$	579
Net premiums earned	$	337		$	263		$	587		$	576
Life policy benefits		(299)			(198)			(440)			(463)
Acquisition costs		(49)			(55)			(113)			(120)
Technical result	$	(11)		$	10		$	34		$	(7)
Other income		1			1			2			-
Other operating expenses		(27)			(21)			(47)			(43)
Underwriting result	$	(37)		$	(10)		$	(11)		$	(50)
Net investment income		37			30			62			67
Allocated underwriting result (1)	$	-		$	20		$	51		$	17
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		80	%		84	%		80	%		86	%
Longevity		17			12			16			11
Health		3			4			4			3
Total		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the six months ended June 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $20.7 million and $19.1 million, respectively, compared to the six months ended June 30, 2009.

23

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the three months ended
	June 30, 2010		March 31, 2010		December 31, 2009 (A)		September 30, 2009		June 30, 2009
Technical result	$	1	$	-	$	2	$	4	$	3
Other (loss) income		(1)		-		2		3		2
Corporate expenses - acquisition related		(2)		(3)		(18)		(8)		(10)
Corporate expenses - voluntary termination plan		(34)		(1)		-		-		-
Corporate expenses (1)		(26)		(28)		(28)		(17)		(19)
Other operating expenses		(3)		(4)		(5)		(3)		(3)
Net investment income		154		157		166		129		121
Net realized and unrealized investment gains		46		146		25		330		307
Interest expense		(13)		(7)		(7)		(6)		(6)
Amortization of intangible assets		(8)		(5)		6		-		-
Net foreign exchange gains (losses)		11		4		4		(1)		(2)
Income tax expense		(17)		(27)		(52)		(93)		(57)
Interest in earnings of equity investments		1		2		14		2		6

(1) The Company’s corporate expenses for the three months ended June 30, 2010, March 31, 2010 and December 31, 2009 include $7 million, $6 million and $9 million, respectively, of corporate expenses related to Paris Re.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

24

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the six months ended				For the year ended
	June 30, 2010		June 30, 2009		December 31, 2009 (A)		December 31, 2008
Technical result	$	1	$	4	$	10	$	1
Other (loss) income		(1)		4		7		6
Corporate expenses - acquisition related		(4)		-		(36)		-
Corporate expenses - voluntary termination plan		(35)		-		-		-
Corporate expenses (1)		(55)		(46)		(81)		(75)
Other operating expenses		(7)		(6)		(14)		(16)
Net investment income		311		239		534		506
Net realized and unrealized investment gains (losses)		191		236		591		(531)
Net realized gain on purchase of capital efficient notes		-		89		89		-
Interest expense		(20)		(15)		(28)		(51)
Amortization of intangible assets		(13)		-		6		-
Net foreign exchange gains (losses)		15		(5)		(1)		6
Income tax expense		(45)		(117)		(262)		(10)
Interest in earnings (losses) of equity investments		4		-		16		(5)

(1) The Company’s corporate expenses for the six months ended June 30, 2010 and the year ended December 31, 2009 include $13 million and $9 million, respectively, of corporate expenses related to Paris Re.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

25

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended
	June 30, 2010		March 31, 2010		December 31, 2009 (A)		September 30, 2009		June 30, 2009
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty	8	%	10	%	11	%	12	%	13	%
Property	16		19		14		18		16
Motor	5		8		8		6		4
Multiline and other	4		2		1		2		3
Specialty
Agriculture	2		4		11		9		8
Aviation/Space	5		3		7		5		5
Catastrophe	17		20		2		5		15
Credit/Surety	6		5		8		6		5
Energy	3		2		3		3		2
Engineering	4		3		5		8		5
Marine	7		5		6		4		5
Specialty casualty	4		6		2		3		3
Specialty property	4		3		4		2		2
Life	15		10		18		17		14
	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Geography:
Europe	36	%	48	%	41	%	36	%	32	%
North America	36		36		39		42		48
Asia, Australia and New Zealand	16		8		8		7		11
Latin America, Caribbean and Africa	12		8		12		15		9
	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Production Source:
Broker	76	%	74	%	70	%	73	%	76	%
Direct	24		26		30		27		24
	100	%	100	%	100	%	100	%	100	%

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

26

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the six months ended				For the year ended
	June 30, 2010		June 30, 2009		December 31, 2009 (A)		December 31, 2008
Distribution of Net Premiums Written by
Line of Business:
Non-life
Property and casualty
Casualty	9	%	13	%	12	%	15	%
Property	18		18		17		16
Motor	7		6		6		6
Multiline and other	3		3		2		3
Specialty
Agriculture	4		6		8		7
Aviation/Space	3		3		5		5
Catastrophe	19		15		10		10
Credit/Surety	6		5		6		7
Energy	2		3		3		2
Engineering	3		4		5		5
Marine	6		4		5		4
Specialty casualty	5		4		3		4
Specialty property	3		3		3		2
Life	12		13		15		14
	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by
Geography:
Europe	44	%	42	%	41	%	46	%
North America	36		42		41		41
Asia, Australia and New Zealand	11		8		8		5
Latin America, Caribbean and Africa	9		8		10		8
	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by
Production Source:
Broker	75	%	72	%	72	%	71	%
Direct	25		28		28		29
	100	%	100	%	100	%	100	%

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

27

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended
	June 30, 2010		March 31, 2010		December 31, 2009 (A)		September 30, 2009		June 30, 2009
Distribution of Gross Premiums Written by Reinsurance Type
Non-life sub-segment:
U.S.
Non-Proportional	31	%	42	%	12	%	26	%	27	%
Proportional	69		58		88		74		73
Total	100	%	100	%	100	%	100	%	100	%
Global (Non-U.S.) P&C
Non-Proportional	11	%	36	%	5	%	22	%	16	%
Proportional	89		64		95		78		84
Total	100	%	100	%	100	%	100	%	100	%
Global (Non-U.S.) Specialty
Non-Proportional	23	%	25	%	9	%	13	%	21	%
Proportional	77		75		91		87		79
Total	100	%	100	%	100	%	100	%	100	%
Catastrophe
Non-Proportional	97	%	99	%	92	%	98	%	97	%
Proportional	3		1		8		2		3
Total	100	%	100	%	100	%	100	%	100	%
Paris Re
Non-Proportional	51	%	71	%	48	%	n/a	%	n/a	%
Proportional	49		29		52		n/a		n/a
Total	100	%	100	%	100	%	n/a	%	n/a	%
Non-life total
Non-Proportional	39	%	53	%	20	%	25	%	35	%
Proportional	61		47		80		75		65
Total	100	%	100	%	100	%	100	%	100	%

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

n/a—not applicable

28

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the six months ended				For the year ended
	June 30, 2010		June 30, 2009		December 31, 2009 (A)		December 31, 2008
Distribution of Gross Premiums Written by Reinsurance Type
Non-life sub-segment:
U.S.
Non-Proportional	38	%	37	%	29	%	32	%
Proportional	62		63		71		68
Total	100	%	100	%	100	%	100	%
Global (Non-U.S.) P&C
Non-Proportional	29	%	29	%	24	%	24	%
Proportional	71		71		76		76
Total	100	%	100	%	100	%	100	%
Global (Non-U.S.) Specialty
Non-Proportional	24	%	22	%	17	%	15	%
Proportional	76		78		83		85
Total	100	%	100	%	100	%	100	%
Catastrophe
Non-Proportional	98	%	98	%	98	%	97	%
Proportional	2		2		2		3
Total	100	%	100	%	100	%	100	%
Paris Re
Non-Proportional	64	%	n/a	%	46	%	n/a	%
Proportional	36		n/a		54		n/a
Total	100	%	n/a	%	100	%	n/a	%
Non-life total
Non-Proportional	48	%	41		33	%	32	%
Proportional	52		59		67		68
Total	100	%	100	%	100	%	100	%

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

n/a—not applicable

29

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	June 30, 2010  (1) (B)					March 31, 2010  (1) (B)					December 31, 2009 (1) (A) (B)					September 30, 2009 (1)					June 30, 2009 (1)					December 31, 2008 (1)					December 31, 2007
Investments:
Fixed maturities
U.S. government	$	690		4	%	$	709		5	%	$	803		5	%	$	630		5	%	$	754		6	%	$	836		7	%	$	1,217		11	%
Government Sponsored Entities (GSEs)		399		3			416		3			453		3			72		1			68		1			95		1			328		3
U.S. municipalities		26		-			26		-			14		-			4		-			4		-			-		-			-		-
Other foreign governments		2,641		18			2,918		19			3,059		20			3,039		25			3,177		28			2,824		26			2,821		26
Corporates		6,787		46			6,851		45			6,631		43			4,502		37			3,860		34			3,413		31			2,861		26
Mortgage/asset-backed securities		3,014		20			3,170		21			3,183		21			3,005		24			2,894		25			3,014		28			2,272		21
Total fixed maturities		13,557		91			14,090		93			14,143		92			11,252		92			10,757		94			10,182		93			9,499		87
Short-term investments		107		1			72		-			137		1			49		-			64		-			117		1			97		1
Equities		886		6			879		6			796		5			865		7			527		5			513		5			872		8
Trading securities		-		-			-		-			-		-			-		-			-		-			-		-			399		4
Other invested assets		246		2			188		1			226		2			120		1			106		1			74		1			50		-
Total investments	$	14,796		100	%	$	15,229		100	%	$	15,302		100	%	$	12,286		100	%	$	11,454		100	%	$	10,886		100	%	$	10,917		100	%
Cash and cash equivalents	$	1,085				$	1,319				$	738				$	772				$	616				$	838				$	655
Total investments and cash		15,881					16,548					16,040					13,058					12,070					11,724					11,572
Maturity distribution:
One year or less	$	1,262		9	%	$	1,142		8	%	$	869		6	%	$	526		5	%	$	506		5	%	$	545		5	%	$	730		7	%
More than one year through five years		5,499		40			5,916		42			6,346		45			4,402		39			4,342		40			3,649		35			3,444		36
More than five years through ten years		3,346		25			3,391		24			3,343		23			2,964		26			2,701		25			2,730		27			2,764		29
More than ten years		543		4			543		4			539		4			404		3			378		3			361		4			386		4
Subtotal		10,650		78			10,992		78			11,097		78			8,296		73			7,927		73			7,285		71			7,324		76
Mortgage/asset-backed securities		3,014		22			3,170		22			3,183		22			3,005		27			2,894		27			3,014		29			2,272		24
Total	$	13,664		100	%	$	14,162		100	%	$	14,280		100	%	$	11,301		100	%	$	10,821		100	%	$	10,299		100	%	$	9,596		100	%
Credit quality by market value:
AAA		50	%				51	%				50	%				51	%				58	%				62	%				65	%
AA		9					10					10					7					6					5					7
A		24					23					24					26					21					19					12
BBB		11					11					12					12					12					11					12
Below Investment Grade/Unrated		6					5					4					4					3					3					4
		100	%				100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		3.1	Yrs				3.1	Yrs				3.1	Yrs				3.0	Yrs				3.0	Yrs				3.1	Yrs				3.9	Yrs
Average yield to maturity at market		2.9	%				3.2	%				3.6	%				3.6	%				4.3	%				5.2	%				4.7	%
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.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

(B) Paris Re’s Funds Held - Directly Managed Portfolio is described separately in the following pages and is not reflected here.

30

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)

	June 30, 2010
	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	$	1,954,437			28.8	%		12.3	%		1.2	%
Consumer noncyclical		885,213			13.0			5.6			0.3
Communications		630,383			9.3			4.0			0.7
Government guaranteed corporate debt		598,709			8.8			3.8			0.8
Utilities		489,052			7.2			3.1			0.2
Catastrophe bonds		470,875			6.9			3.0			0.3
Industrials		425,241			6.3			2.7			0.2
Energy		336,948			5.0			2.1			0.2
Consumer cyclical		275,987			4.1			1.7			0.3
Insurance		253,427			3.7			1.6			0.3
Materials		182,530			2.7			1.1			0.1
Technology		125,746			1.9			0.8			0.1
Life - Insurance Linked Securities		77,717			1.1			0.5			0.3
Real estate investment trusts		71,832			1.1			0.4			0.1
Diversified		9,391			0.1			-			-
Total Corporate bonds	$	6,787,488			100.0	%		42.7	%
Finance sector - Corporate bonds
Banks	$	818,018			12.1	%		5.1	%
Investment banking and brokerage		485,328			7.1			3.1
Financial services		285,432			4.2			1.8
Commercial and consumer finance		283,105			4.2			1.8
Other		82,554			1.2			0.5
Total finance sector - Corporate bonds	$	1,954,437			28.8	%		12.3	%
Credit quality of finance sector - Corporate bonds	AAA			AA			A			BBB			Non- Investment Grade			Total
Banks	$	65,900		$	277,417		$	425,482		$	44,799		$	4,420		$	818,018
Investment banking and brokerage		21,026			-			456,366			7,936			-			485,328
Financial services		36,415			153,384			78,160			17,473			-			285,432
Commercial and consumer finance		-			1,667			195,398			84,456			1,584			283,105
Other		20,787			14,173			30,022			10,937			6,635			82,554
Total finance sector - Corporate bonds	$	144,128		$	446,641		$	1,185,428		$	165,601		$	12,639		$	1,954,437
% of total		7.4	%		22.8	%		60.7	%		8.5	%		0.6	%		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 2.9% of the Company’s total corporate bonds.

31

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

	June 30, 2010
		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
Finance		$	95,615	14.4	%	0.6	%	0.1	%
Consumer noncyclical			91,893	13.8		0.6		0.1
Energy			90,883	13.7		0.6		0.2
Technology			88,867	13.3		0.6		0.1
Industrials			75,614	11.4		0.5		0.1
Consumer cyclical			70,808	10.6		0.4		-
Communications			64,544	9.7		0.4		0.1
Insurance			44,467	6.7		0.3		0.1
Materials			29,166	4.4		0.2		-
Real estate investment trusts			9,457	1.4		-		-
Utilities			2,390	0.4		-		-
Diversified			1,566	0.2		-		-
Total equities		$	665,270	100.0	%	4.2	%
Mutual funds and exchange traded funds (ETFs)
Funds and ETFs holding equities			181,117			1.1
Funds holding fixed income securities			39,612			0.3
Total equities		$	885,999			5.6	%

Concentration of investment risk

The single largest fund is a Health Care Select Sector SPDR index fund, which accounts for 11.6% of the Company’s total equities.

Excluding equity securities held in mutual funds and exchange traded funds, the top 10 common stock issuers account for 21.4% of the Company’s total equities and the single largest issuer accounts for 3.6% of the Company’s total equities.

32

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 June 30, 2010
	GNMA			GSEs			AAA			AA			A			BBB			Non-Investment Grade			Total
U.S. Asset-Backed Securities	$	-		$	4,064		$	193,154		$	4,443		$	57,448		$	25,573		$	242,154		$	526,836
U.S. Collaterized Mortgage Obligations		12,851			58,782			13,723			1			-			1,855			7,454			94,666
U.S. Mortgage Backed Securities (MBS)		289,040			1,717,654			-			-			-			-			-			2,006,694
U.S. Commercial Mortgage Backed Securities (CMBS)		-			-			364			-			18,822			-			854			20,040
U.S. MBS Interest Only		-			9,879			-			-			-			-			-			9,879
Subtotal U.S. mortgage/asset-backed securities	$	301,891		$	1,790,379		$	207,241		$	4,444		$	76,270		$	27,428		$	250,462		$	2,658,115
Non-U.S. Asset-Backed Securities	$	-		$	-		$	76,451		$	11,784		$	-		$	-		$	-		$	88,235
Non-U.S. Collaterized Mortgage Obligations		-			-			239,677			12,637			-			4,417			-			256,731
Non-U.S. Commercial Mortgage Backed Securities (CMBS)		-			-			10,472			-			-			-			-			10,472
Non-U.S. Mortgage Backed Securities		-			-			-			-			-			-			-			-
Subtotal Non-U.S. mortgage/asset-backed securities	$	-		$	-		$	326,600		$	24,421		$	-		$	4,417		$	-		$	355,438
Total mortgage/asset-backed securities	$	301,891		$	1,790,379		$	533,841		$	28,865		$	76,270		$	31,845		$	250,462		$	3,013,553
Corporate Securities		-			398,977			-			-			-			-			-			398,977
Total	$	301,891		$	2,189,356		$	533,841		$	28,865		$	76,270		$	31,845		$	250,462		$	3,412,530
% of total		8.9	%		64.2	%		15.6	%		0.9	%		2.2	%		0.9	%		7.3	%		100.0	%

33

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

	June 30, 2010
	Investments		Fair Value of Derivatives		Carrying Value		Net Notional Amount of Derivatives		Total Net Exposures (1)
Private Markets Investments
Principal Finance - Investments	$	141,162	$	-	$	141,162	$	-	$	141,162
Principal Finance - Derivative Exposure Assumed		-		(17,785)		(17,785)		192,869		175,084
Insurance-Linked Securities		-		(6,768)		(6,768)		116,115		109,347
Strategic Investments		151,624		-		151,624		-		151,624
Total other invested assets - Private Markets Exposure Assumed		292,786		(24,553)		268,233		308,984		577,217
Other Credit Derivatives - Exposure Assumed		-		459		459		5,000		5,459
Other Credit Derivatives - Protection Purchased		-		(1,207)		(1,207)		(172,912)		(174,119)
Other (2)		10,771		(31,592)		(20,821)
Total other invested assets	$	303,557	$	(56,893)	$	246,664

(1) The total net exposures originated in Private Markets are $1,586 million. In addition to the net exposures listed above of $577 million, the Company has the following other net exposures originated in Private Markets:

- Principal Finance: $335 million of assets listed under Investments - Fixed Maturities and $5 million listed under Investment - Equities for a total exposure of $656 milion.

- Insurance-Linked Securities: $590 million of bonds listed under Investments - Fixed Maturities and $65 million of limits on transactions that use reinsurance accounting for a total exposure of $764 million.

- Strategic Investments: $11 million of assets listed under Investments -Fixed Maturities, ($1) million of futures included in Other within Other Invested Assets and $4 million of assets listed under Cash and Other Assets for a total exposure of $166 million.

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

34

PartnerRe Ltd.

Funds Held - Directly Managed Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	June 30, 2010					March 31, 2010					December 31, 2009
Investments:
Fixed maturities
U.S. government	$	98		6	%	$	110		6	%	$	119		6	%
Government Sponsored Entities (GSEs)		215		13			221		12			180		10
U.S. municipalities		-		-			-		-			1		-
Other foreign governments		440		26			481		27			548		30
Corporates		864		51			932		51			900		49
Mortgage/asset-backed securities		13		1			13		1			18		1
Total fixed maturities		1,630		97			1,757		97			1,766		96
Short-term investments		29		2			23		1			28		2
Other invested assets		27		1			32		2			39		2
Total investments	$	1,686		100	%	$	1,812		100	%	$	1,833		100	%
Cash and cash equivalents	$	51				$	25				$	146
Total investments and cash	$	1,737				$	1,837				$	1,979
Accrued investment income		22					28					25
Other funds held assets/liabilities		116					117					121
Total funds held - directly managed	$	1,875				$	1,982				$	2,125
Maturity distribution:
One year or less	$	334		20	%	$	366		21	%	$	360		20	%
More than one year through five years		833		50			899		50			903		50
More than five years through ten years		422		26			421		24			423		24
More than ten years		57		3			81		4			90		5
Subtotal		1,646		99			1,767		99			1,776		99
Mortgage/asset-backed securities		13		1			13		1			18		1
Total	$	1,659		100	%	$	1,780		100	%	$	1,794		100	%
Credit quality by market value:
AAA		43	%				42	%				38	%
AA		26					27					26
A		26					26					29
BBB		4					4					5
Below Investment Grade/Unrated		1					1					2
		100	%				100	%				100	%
Expected average duration		3.2	Yrs				3.2	Yrs				3.0	Yrs
Average yield to maturity at market		2.3	%				2.5	%				2.6	%
Average credit quality		AA					AA					AA

35

PartnerRe Ltd.

Distribution of Corporate Bonds

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

	June 30, 2010
	Fair Value			Percentage to Total Fair Value of Corporate Bonds			Percentage to Funds Held - Directly Managed Investments and Cash			Largest Single Issuer as a Percentage of Funds Held - Directly Managed Investments and Cash
Distribution by sector - Corporate bonds
Finance	$	387,172			44.8	%		22.3	%		1.1	%
Consumer noncyclical		124,516			14.4			7.2			0.8
Government guaranteed corporate debt		92,732			10.7			5.3			2.0
Utilities		64,018			7.4			3.7			0.4
Energy		63,622			7.4			3.6			1.2
Communications		34,351			4.0			2.0			0.5
Materials		31,823			3.7			1.8			0.4
Industrials		30,988			3.6			1.8			0.7
Consumer cyclical		26,315			3.0			1.5			1.0
Technology		5,407			0.6			0.3			0.3
Insurance		1,733			0.2			0.1			0.1
Diversified		1,512			0.2			0.1			0.1
Total Corporate bonds	$	864,189			100.0	%		49.7	%
Finance sector - Corporate bonds
Banks	$	216,318			25.0	%		12.4	%
Commercial and consumer finance		54,954			6.4			3.2
Investment banking and brokerage		50,049			5.8			2.9
Financial Services		46,709			5.4			2.7
Other		19,142			2.2			1.1
Total finance sector - Corporate bonds	$	387,172			44.8	%		22.3	%
Credit quality of finance sector - Corporate bonds	AAA			AA			A			BBB			Non- Investment Grade			Total
Banks	$	80,254		$	72,629		$	63,435		$	-		$	-		$	216,318
Commercial and consumer finance		12,328			13,709			23,456			5,461			-			54,954
Investment banking and brokerage		29,236			-			20,813			-			-			50,049
Financial services		8,767			25,051			11,009			-			1,882			46,709
Other		19,142			-			-			-			-			19,142
Total finance sector - Corporate bonds	$	149,727		$	111,389		$	118,713		$	5,461		$	1,882		$	387,172
% of total		38.7	%		28.8	%		30.6	%		1.4	%		0.5	%		100.0	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 23.6% of the Company’s total corporate bonds within the Funds Held - Directly Managed Portfolio. The single largest issuer accounts for 5.8% of the Company’s total corporate bonds within the Funds Held - Directly Managed Portfolio.

36

PartnerRe Ltd.

Composition of Net Investment Income and Net Realized and Unrealized Investment Gains

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	June 30,     2010		March 31, 2010		December 31, 2009 (A)		September 30, 2009		June 30, 2009
Fixed maturities	$	147,871	$	153,607	$	159,436	$	138,741	$	132,017
Short-term investments, cash and cash equivalents		1,005		3,589		5,916		2,694		1,287
Equities		5,697		3,559		3,825		3,408		3,533
Funds held and other		15,506		10,782		8,427		8,988		8,001
Funds held - directly managed		14,565		12,151		17,766		n/a		n/a
Investment expenses		(10,190)		(10,566)		(13,370)		(8,481)		(9,245)
Net investment income (2)	$	174,454	$	173,122	$	182,000	$	145,350	$	135,593
Net realized investment gains on fixed maturities and short-term investments	$	34,622	$	16,082	$	41,693	$	35,224	$	8,048
Net realized investment gains (losses) on equities (1)		10,445		12,756		46,617		11,292		(61,760)
Net realized (losses) gains on other invested assets		(29,285)		1,714		(57,675)		(10,057)		15,998
Change in net unrealized (losses) gains on other invested assets		(24,784)		(22,958)		67,425		(26,906)		37,725
Change in net unrealized investment gains (losses) on fixed maturities subject to the fair value option		165,665		99,097		(60,750)		243,234		186,819
Change in net unrealized investment gains (losses) on short-term investments subject to the fair value option		7		(2,425)		3,489		(898)		(206)
Change in net unrealized investment (losses) gains on equities subject to the fair value option (1)		(126,610)		25,412		(13,147)		74,384		121,199
Net other realized and unrealized investment (losses) gains		(4,492)		6,978		(889)		3,953		(1,287)
Net realized and unrealized investment gains (losses) on funds held - directly managed		20,478		8,818		(1,700)		n/a		n/a
Net realized and unrealized investment gains	$	46,046	$	145,474	$	25,063	$	330,226	$	306,536

(1) Net realized investment gains (losses) on equities include $18,275 for the three months ended December 31, 2009 related to our equity holding in Paris Re prior to October 2, 2009, the date of acquisition. Change in net unrealized investment (losses) gains on equities subject to the fair value option includes a loss and gain of $18,246 for the three months ended December 31, 2009 and September 30, 2009, respectively, related to our equity holding in Paris Re prior to October 2, 2009, the date of acquisition.

(2) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the three months ended June 30, 2010, net investment income includes foreign exchange impacts of $3.4 million compared to the three months ended June 30, 2009.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

n/a - not applicable

37

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 six months ended				For the year ended
	June 30,     2010		June 30, 2009		December 31,     2009 (A)		December 31, 2008
Fixed maturities	$	301,478	$	261,152	$	559,330	$	514,751
Short-term investments, cash and cash equivalents		4,594		3,189		11,799		18,884
Equities		9,256		6,629		13,861		29,415
Funds held and other		26,288		15,378		32,793		37,261
Funds held - directly managed		26,716		n/a		17,766		n/a
Investment expenses		(20,756)		(17,628)		(39,478)		(27,347)
Net investment income (3)	$	347,576	$	268,720	$	596,071	$	572,964
Net realized investment gains (losses) on fixed maturities and short-term investments (1)	$	50,704	$	28,332	$	105,249	$	(16,076)
Net realized investment gains (losses) on equities (2)		23,201		(103,168)		(45,258)		(230,481)
Net realized (losses) gains on other invested assets		(27,571)		32,306		(35,426)		358
Change in net unrealized (losses) gains on other invested assets		(47,742)		17,678		58,196		3,212
Change in net unrealized investment gains (losses) on fixed maturities subject to the fair value option		264,762		138,448		320,934		(150,860)
Change in net unrealized investment (losses) gains on short-term investments subject to the fair value option		(2,418)		(581)		2,010		551
Change in net unrealized investment (losses) gains on equities subject to the fair value option (2)		(101,198)		124,689		185,925		(144,634)
Net other realized and unrealized investment gains (losses)		2,485		(1,287)		1,777		6,570
Net realized and unrealized investment gains (losses) on funds held - directly managed		29,296		n/a		(1,700)		n/a
Net realized and unrealized investment gains (losses)	$	191,519	$	236,417	$	591,707	$	(531,360)

(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 year ended December 31, 2008.

(2) Net realized investment gains (losses) on equities include $18,275 for the year ended December 31, 2009 related to our equity holding in Paris Re prior to October 2, 2009, the date of acquisition. Change in net unrealized investment (losses) gains on equities subject to the fair value option includes a loss and gain of $18,246 for the year ended December 31, 2009, related to our equity holding in Paris Re prior to October 2, 2009, the date of acquisition.

(3) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the six months ended June, 2010, net investment income includes foreign exchange impacts of $7.6 million compared to the six months ended June 30, 2009.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

n/a - not applicable

38

PartnerRe Ltd.

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

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended				For the		For the period from October 2, 2009 to
	June 30, 2010		March 31, 2010		six months ended June 30, 2010		December 31, 2009
Fixed maturities	$	12,281	$	11,343	$	23,624	$	10,956
Short-term investments, cash and cash equivalents		581		923		1,504		287
Other		2,134		223		2,357		6,934
Investment expenses		(431)		(338)		(769)		(411)
Net investment income	$	14,565	$	12,151	$	26,716	$	17,766
Net realized investment losses on fixed maturities and short-term investments	$	(1,357)	$	(694)	$	(2,051)	$	(2,200)
Net realized investment gains of equities		-		5		5		-
Change in net unrealized investment gains on fixed maturities and short-term investments		19,988		11,278		31,266		1,920
Change in net unrealized investment losses on equities		-		(99)		(99)		(35)
Net other realized and unrealized investment gains (losses)		1,847		(1,672)		175		(1,385)
Net realized and unrealized investment gains (losses) on funds held - directly managed	$	20,478	$	8,818	$	29,296	$	(1,700)

39

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
	June 30, 2010		March 31, 2010		December 31, 2009 (A)		September 30, 2009		June 30, 2009
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	10,930,486	$	10,811,483	$	7,558,318	$	7,396,600	$	7,393,205
Reinsurance recoverable at beginning of period		(345,464)		(336,352)		(123,960)		(126,020)		(128,025)
Net liability at beginning of period		10,585,022		10,475,131		7,434,358		7,270,580		7,265,180
Net liability acquired related to the acquisition of Paris Re		-		-		3,176,255		-		-
Net incurred losses related to:
Current year		656,861		973,733		737,152		581,607		516,512
Prior years		(120,680)		(92,830)		(120,531)		(122,786)		(142,909)
		536,181		880,903		616,621		458,821		373,603
Change in reserve agreement (1)		(35,247)		9,480		(32,027)		n/a		n/a
Net losses paid		(761,549)		(565,229)		(680,618)		(426,582)		(599,585)
Effects of foreign exchange rate changes		(338,701)		(215,263)		(39,458)		131,539		231,382
Net liability at end of period		9,985,706		10,585,022		10,475,131		7,434,358		7,270,580
Reinsurance recoverable at end of period		356,883		345,464		336,352		123,960		126,020
Gross liability at end of period	$	10,342,589	$	10,930,486	$	10,811,483	$	7,558,318	$	7,396,600
Breakdown of gross liability at end of period:
Case reserves	$	4,371,226	$	4,616,968	$	4,817,765	$	3,293,042	$	3,241,898
Additional case reserves		325,670		241,919		274,360		270,565		274,225
Incurred but not reported reserves		5,645,693		6,071,599		5,719,358		3,994,711		3,880,477
Gross liability at end of period	$	10,342,589	$	10,930,486	$	10,811,483	$	7,558,318	$	7,396,600
Breakdown of gross liability at end of period by Non-life sub-segment:
U.S.	$	2,717,579	$	2,819,425	$	2,793,947	$	2,754,789	$	2,745,499
Global (Non-U.S.) P&C		2,053,305		2,241,632		2,230,575		2,290,796		2,232,911
Global (Non-U.S.) Specialty		2,093,607		2,170,448		2,198,621		2,261,162		2,151,115
Catastrophe		295,056		338,119		230,791		251,571		267,075
Paris Re		3,183,042		3,360,862		3,357,549		-		-
Gross liability at end of period	$	10,342,589	$	10,930,486	$	10,811,483	$	7,558,318	$	7,396,600
Unrecognized time value of non-life reserves	$	860,178	$	1,133,396	$	1,190,323	$	853,155	$	882,592
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		142.0%		64.2%		110.4%		93.0%		160.5%
Non-life paid losses to net premiums earned ratio		81.8%		57.1%		58.0%		45.9%		85.3%

(1) The change in the reserve agreement is due to (favorable) unfavorable development on Paris Re’s reserves which are guaranteed by Axa under the reserve agreement.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

n/a - not applicable

40

PartnerRe Ltd.

Analysis of Unpaid Losses and Loss Expenses

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the six months ended				As at and for the year ended
	June 30, 2010		June 30, 2009		December 31, 2009 (A)		December 31, 2008
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	10,811,483	$	7,510,666	$	7,510,666	$	7,231,436
Reinsurance recoverable at beginning of period		(336,352)		(125,215)		(125,215)		(132,479)
Net liability at beginning of period		10,475,131		7,385,451		7,385,451		7,098,957
Net liability acquired related to the acquisition of Paris Re		-		-		3,176,255		-
Net incurred losses related to:
Current year		1,630,594		1,022,009		2,340,768		2,564,174
Prior years		(213,510)		(242,492)		(485,809)		(417,936)
		1,417,084		779,517		1,854,959		2,146,238
Change in reserve agreement (1)		(25,767)		n/a		(32,027)		n/a
Net losses paid		(1,326,778)		(936,678)		(2,043,878)		(1,580,819)
Effects of foreign exchange rate changes		(553,964)		42,290		134,371		(278,925)
Net liability at end of period		9,985,706		7,270,580		10,475,131		7,385,451
Reinsurance recoverable at end of period		356,883		126,020		336,352		125,215
Gross liability at end of period	$	10,342,589	$	7,396,600	$	10,811,483	$	7,510,666
Breakdown of gross liability at end of period:
Case reserves	$	4,371,226	$	3,241,898	$	4,817,765	$	3,107,780
Additional case reserves		325,670		274,225		274,360		311,408
Incurred but not reported reserves		5,645,693		3,880,477		5,719,358		4,091,478
Gross liability at end of period	$	10,342,589	$	7,396,600	$	10,811,483	$	7,510,666
Breakdown of gross liability at end of period by Non-life sub-segment:
U.S.	$	2,717,579	$	2,745,499	$	2,793,947	$	2,807,091
Global (Non-U.S.) P&C		2,053,305		2,232,911		2,230,575		2,291,856
Global (Non-U.S.) Specialty		2,093,607		2,151,115		2,198,621		2,082,290
Catastrophe		295,056		267,075		230,791		329,429
Paris Re		3,183,042		n/a		3,357,549		n/a
Gross liability at end of period	$	10,342,589	$	7,396,600	$	10,811,483	$	7,510,666
Unrecognized time value of non-life reserves	$	860,178	$	882,592	$	1,190,323	$	732,982
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		93.6%		120.2%		110.2%		73.7%
Non-life paid losses to net premiums earned ratio		69.1%		65.5%		57.9%		47.2%

(1) The change in the reserve agreement is due to unfavorable (favorable) development on Paris Re’s reserves which are guaranteed by Axa under the reserve agreement.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

n/a - not applicable

41

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
	June 30, 2010		March 31, 2010		December 31, 2009		September 30, 2009		June 30, 2009
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,613,662	$	1,615,193	$	1,580,380	$	1,546,779	$	1,421,420
Reinsurance recoverable at beginning of period		(15,844)		(20,465)		(21,615)		(22,090)		(22,341)
Net liability at beginning of period		1,597,818		1,594,728		1,558,765		1,524,689		1,399,079
Net incurred losses related to:
Current year		139,989		142,561		131,482		129,161		89,391
Prior years		28,461		(11,127)		(4,831)		(13,754)		(4,097)
		168,450		131,434		126,651		115,407		85,294
Net losses paid		(139,295)		(56,021)		(80,316)		(97,087)		(77,158)
Effects of foreign exchange rate changes		(73,671)		(72,323)		(10,372)		15,756		117,474
Net liability at end of period		1,553,302		1,597,818		1,594,728		1,558,765		1,524,689
Reinsurance recoverable at end of period		13,597		15,844		20,465		21,615		22,090
Gross liability at end of period	$	1,566,899	$	1,613,662	$	1,615,193	$	1,580,380	$	1,546,779

42

PartnerRe Ltd.

Analysis of Policy Benefits for Life and Annuity Contracts

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the six months ended				As at and for the year ended
	June 30, 2010		June 30, 2009		December 31, 2009		December 31, 2008
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,615,193	$	1,432,015	$	1,432,015	$	1,541,687
Reinsurance recoverable at beginning of period		(20,465)		(24,102)		(24,102)		(43,098)
Net liability at beginning of period		1,594,728		1,407,913		1,407,913		1,498,589
Net incurred losses related to:
Current year		282,550		195,127		455,770		438,655
Prior years		17,334		3,152		(15,433)		24,327
		299,884		198,279		440,337		462,982
Net losses paid		(195,316)		(145,685)		(323,088)		(352,438)
Effects of foreign exchange rate changes		(145,994)		64,182		69,566		(201,220)
Net liability at end of period		1,553,302		1,524,689		1,594,728		1,407,913
Reinsurance recoverable at end of period		13,597		22,090		20,465		24,102
Gross liability at end of period	$	1,566,899	$	1,546,779	$	1,615,193	$	1,432,015

43

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	June 30, 2010		March 31, 2010		December 31, 2009 (A)		September 30, 2009		June 30, 2009
Prior year net favorable (adverse) reserve development:
Non-life segment:
U.S.	$	46,937	$	21,869	$	47,758	$	42,662	$	55,693
Global (Non-U.S.) P&C		17,047		34,267		20,019		46,520		35,346
Global (Non-U.S.) Specialty		38,973		33,708		41,433		18,386		30,859
Catastrophe		7,949		1,531		11,321		15,218		21,011
Paris Re		9,774		1,455		-		n/a		n/a
Total Non-life net prior year reserve development	$	120,680	$	92,830	$	120,531	$	122,786	$	142,909
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(113)	$	(5,998)	$	(6,266)	$	(11,318)	$	16,635
Net prior year reserve development due to all other factors (2)		120,793		98,828		126,797		134,104		126,274
Total Non-life net prior year reserve development	$	120,680	$	92,830	$	120,531	$	122,786	$	142,909
Life segment:
Net prior year reserve development due to GMDB (1)	$	(8,677)	$	10,191	$	4,021	$	14,267	$	8,017
Net prior year reserve development due to all other factors (2)		(19,784)		936		810		(513)		(3,920)
Total Life net prior year reserve development	$	(28,461)	$	11,127	$	4,831	$	13,754	$	4,097
			For the six months ended				For the year ended
			June 30, 2010		June 30, 2009		December 31, 2009 (A)		December 31, 2008
Prior year net favorable (adverse) reserve development:
Non-life segment:
U.S.			$	68,806	$	77,153	$	167,573	$	91,801
Global (Non-U.S.) P&C				51,314		87,158		153,697		166,034
Global (Non-U.S.) Specialty				72,681		55,569		115,389		81,839
Catastrophe				9,480		22,612		49,150		78,262
Paris Re				11,229		n/a		-		n/a
Total Non-life net prior year reserve development			$	213,510	$	242,492	$	485,809	$	417,936
Non-life segment:
Net prior year reserve development due to changes in premiums			$	(6,111)	$	26,509	$	8,925	$	(7,460)
Net prior year reserve development due to all other factors (2)				219,621		215,983		476,884		425,396
Total Non-life net prior year reserve development			$	213,510	$	242,492	$	485,809	$	417,936
Life segment:
Net prior year reserve development due to GMDB (1)			$	1,514	$	(1,800)	$	16,488	$	(33,099)
Net prior year reserve development due to all other factors (2)				(18,848)		(1,352)		(1,055)		8,772
Total Life net prior year reserve development			$	(17,334)	$	(3,152)	$	15,433	$	(24,327)

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatilty in certain referenced global equity markets. At June 30, 2010, a 10% increase in the referenced global equity market would have decreased reserves by approximately $4.3 million, while a 10% decrease in the referenced global equity market would have increased reserves by approximately $5.5 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.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

n/a - not applicable

44

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
	June 30, 2010 (2)			March 31, 2010 (2)			December 31, 2009 (A)(B) (2)			September 30, 2009			June 30, 2009
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning common shareholders’ equity(1) calculated with net income available to common shareholders		10.2	%		4.0	%		24.4	%		60.7	%		50.6	%
Less:
Annualized net realized and unrealized investment gains net of tax, on beginning common shareholders’ equity (1)		1.7			6.2			1.2			29.8			30.4
Interest in earnings of equity investments, net of tax, on beginning common shareholders’ equity (1)		-			0.1			0.9			0.2			0.7
Annualized operating return on beginning common shareholders’ equity (1)		8.5	%		(2.3)	%		22.3	%		30.7	%		19.5	%
Net income	$	190,927		$	79,654		$	354,360		$	566,705		$	474,269
Less:
Net realized and unrealized investment gains, net of tax		29,683			110,592			17,582			274,360			279,569
Interest in earnings of equity investments, net of tax		1,076			2,213			13,098			1,650			6,779
Dividends to preferred shareholders		8,631			8,631			8,631			8,631			8,631
Operating earnings (loss) available to common shareholders	$	151,537		$	(41,782)		$	315,049		$	282,064		$	179,290
Per diluted share:
Net income	$	2.31		$	0.85		$	4.25		$	9.44		$	8.10
Less:
Net realized and unrealized investment gains, net of tax		0.38			1.33			0.22			4.64			4.86
Interest in earnings of equity investments, net of tax		0.01			0.02			0.16			0.03			0.12
Operating earnings (loss) (C)	$	1.92		$	(0.50)		$	3.87		$	4.77		$	3.12

(1) Excluding cumulative preferred shares of $520,000.

(2) See page 53 for further analysis of Paris Re acquisition related expenses.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

(B) For the three months ended December 31, 2009, annualized return on beginning common shareholders’ equity is calculated by dividing the results for the three months ended December 31, 2009 by beginning of the year common shareholders’ equity plus the equity issued related to the acquisition of Paris Re of $1,980 million.

(C) Diluted operating loss per share for the three months ended March 31, 2010 was calculated using the weighted average number of common and common share equivalents outstanding as the denominator. While this results in diluted operating loss per share being anti-dilutive, it is the Company’s policy to use the net income or loss per share denominator for calculating operating earnings or loss per share.

45

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	For the six months ended						For the year ended
	June 30, 2010 (2)			June 30, 2009			December 31, 2009 (A)(B) (2)			December 31, 2008
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning common shareholders’ equity(1) calculated with net income available to common shareholders		7.1	%		32.5	%		37.5	%		0.3	%
Less:
Annualized net realized and unrealized investment gains (losses), net of tax, on beginning common shareholders’ equity (1)		3.9			11.1			13.3			(11.9)
Annualized net realized gain on purchase of capital efficient notes, net of tax, on beginning common shareholders’ equity (1)		-			3.1			1.6			-
Interest in earnings (losses) of equity investments, net of tax, on beginning common shareholders’ equity (1)		0.1			0.1			0.3			(0.1)
Annualized operating return on beginning common shareholders’ equity (1)		3.1	%		18.2	%		22.3	%		12.3	%
Net income	$	270,581		$	615,789		$	1,536,854		$	46,567
Less:
Net realized and unrealized investment gains (losses), net of tax		140,274			205,090			497,031			(453,621)
Net realized gain on purchase of capital efficient notes, net of tax		-			56,955			56,955			-
Interest in earnings (losses) of equity investments, net of tax		3,289			1,448			16,197			(3,641)
Dividends to preferred shareholders		17,263			17,263			34,525			34,525
Operating earnings available to common shareholders	$	109,755		$	335,033		$	932,146		$	469,304
Per diluted share:
Net income	$	3.13		$	10.43		$	23.51		$	0.22
Less:
Net realized and unrealized investment gains (losses), net of tax		1.74			3.57			7.78			(8.15)
Net realized gain on purchase of capital efficient notes, net of tax		-			0.99			0.89			-
Interest in earnings (losses) of equity investments, net of tax		0.04			0.03			0.25			(0.06)
Operating earnings	$	1.35		$	5.84		$	14.59		$	8.43

(1) Excluding cumulative preferred shares of $520,000.

(2) See page 53 for further analysis of Paris Re acquisition related expenses.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

(B) For the year ended December 31, 2009, return on beginning common shareholders’ equity is the summation of the results for the nine months ended September 30, 2009 divided by beginning of the year common shareholders’ equity plus the results for the three months ended December 31, 2009 divided by the common shareholders’ equity plus the equity issued related to the acquisition of Paris Re of $1,980 million.

46

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	June 30, 2010		March 31, 2010		December 31, 2009 (A)		September 30, 2009		June 30, 2009		December 31, 2008		December 31, 2007
Reconciliation of GAAP and non-GAAP measures:
Shareholders’ equity	$	7,071,242	$	7,388,511	$	7,645,727	$	5,444,554	$	4,767,678	$	4,199,108	$	4,321,557
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		6,551,242		6,868,511		7,125,727		4,924,554		4,247,678		3,679,108		3,801,557
Less:
Net unrealized gains (losses) on fixed income securities and funds held - directly managed, net of tax		443,373		312,948		234,153		287,261		79,341		(35,263)		71,958
Book value excluding net unrealized gains or losses on fixed income securities and funds held - directly managed, net of tax	$	6,107,869	$	6,555,563	$	6,891,574	$	4,637,293	$	4,168,337	$	3,714,371	$	3,729,599
Divided by:
Number of common and common share equivalents outstanding		76,780.8		81,647.4		84,319.7		59,281.8		57,514.3		57,533.9		55,936.4
Equals:
Diluted book value per common and common share equivalents outstanding, excluding net unrealized gains or losses on fixed income securities and funds held - directly managed, net of tax	$	79.55	$	80.29	$	81.73	$	78.22	$	72.47	$	64.56	$	66.68

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

47

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)

	June 30, 2010		March 31, 2010		December 31, 2009 (A)		September 30, 2009		June 30, 2009		December 31, 2008		December 31, 2007
Total shareholders’ equity	$	7,071,242	$	7,388,511	$	7,645,727	$	5,444,554	$	4,767,678	$	4,199,108	$	4,321,557
Less: preferred shares		(520,000)		(520,000)		(520,000)		(520,000)		(520,000)		(520,000)		(520,000)
Common shareholders’ equity	$	6,551,242	$	6,868,511	$	7,125,727	$	4,924,554	$	4,247,678	$	3,679,108	$	3,801,557
Basic common shares outstanding		75,349.9		80,015.4		82,580.7		58,271.5		56,655.1		56,453.3		54,250.5
Basic book value per common share	$	86.94	$	85.84	$	86.29	$	84.51	$	74.97	$	65.17	$	70.07
Diluted book value per common share
Common shareholders’ equity	$	6,551,242	$	6,868,511	$	7,125,727	$	4,924,554	$	4,247,678	$	3,679,108	$	3,801,557
Basic common shares outstanding		75,349.9		80,015.4		82,580.7		58,271.5		56,655.1		56,453.3		54,250.5
Add: Stock options and other		3,022.4		3,255.0		3,331.7		2,350.6		2,300.4		2,365.8		3,018.5
Add: Restricted stock units		1,215.6		1,096.9		1,189.1		728.4		731.5		751.0		680.6
Add: Forward sale contract		-		-		-		-		-		-		115.4
Less: Stock options and other bought back via treasury stock method		(2,807.1)		(2,719.9)		(2,781.8)		(2,068.7)		(2,172.7)		(2,036.2)		(2,128.6)
Diluted common and common share equivalents outstanding		76,780.8		81,647.4		84,319.7		59,281.8		57,514.3		57,533.9		55,936.4
Diluted book value per common share	$	85.32	$	84.12	$	84.51	$	83.07	$	73.85	$	63.95	$	67.96

(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.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

48

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 June 30, 2010				As of and for the three months ended June 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	$	6,869	$	84.12	$	3,762	$	65.55
Technical result		156		1.98		185		3.23
Other operating expenses		(160)		(2.03)		(98)		(1.71)
Net investment income		174		2.21		136		2.36
Amortization of intangible assets		(8)		(0.10)		-		-
Other, net		-		(0.01)		(4)		(0.08)
Operating income tax expense		(1)		(0.02)		(31)		(0.53)
Preferred dividends		(9)		(0.11)		(9)		(0.15)
Operating earnings		152		1.92		179		3.12
Net realized and unrealized investment gains, net of tax		29		0.38		280		4.86
Interest in earnings of equity investments, net of tax		1		0.01		7		0.12
Net income available to common shareholders		182		2.31		466		8.10
Common share dividends		(39)		(0.50)		(27)		(0.47)
Change in currency translation adjustment		(105)		(1.34)		39		0.68
(Repurchase) issuance of common shares, net		(354)		0.50		9		0.06
Change in other comprehensive income, net of tax		(2)		(0.01)		(1)		(0.01)
Impact of change in number of common and common share equivalents outstanding		n/a		0.24		n/a		(0.06)
Common shareholders’ equity / diluted book value per common share at end of period	$	6,551	$	85.32	$	4,248	$	73.85

49

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 six months  ended June 30, 2010				As of and for the six months  ended June 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	$	7,126	$	84.51	$	3,679	$	63.95
Technical result		77		0.95		333		5.80
Other operating expenses		(288)		(3.56)		(182)		(3.17)
Net investment income		348		4.29		269		4.68
Amortization of intangible assets		(13)		(0.16)		-		-
Other, net		(3)		(0.04)		(12)		(0.21)
Operating income tax benefit (expense)		6		0.08		(56)		(0.96)
Preferred dividends		(17)		(0.21)		(17)		(0.30)
Operating earnings		110		1.35		335		5.84
Net realized and unrealized investment gains, net of tax		140		1.74		205		3.57
Net realized gain on purchase of capital efficient notes, net of tax		-		-		57		0.99
Interest in earnings of equity investments, net of tax		3		0.04		2		0.03
Net income available to common shareholders		253		3.13		599		10.43
Common share dividends		(79)		(1.00)		(53)		(0.94)
Change in currency translation adjustment		(174)		(2.15)		8		0.13
Change in other comprehensive income, net of tax		(6)		(0.07)		1		0.03
(Repurchase) issuance of common shares, net		(569)		0.52		14		0.02
Impact of change in number of common and common share equivalents outstanding		n/a		0.38		n/a		0.23
Common shareholders' equity / diluted book value per common share at end of period	$	6,551	$	85.32	$	4,248	$	73.85

50

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, 2009 (A)				As of and for the year  ended December 31, 2008
	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	$	3,679	$	63.95	$	3,802	$	67.96
Technical result		939		14.70		420		7.55
Other operating expenses		(431)		(6.74)		(365)		(6.56)
Net investment income		596		9.33		573		10.30
Amortization of intangible assets		6		0.10		-		-
Other, net		(7)		(0.12)		(35)		(0.63)
Operating income tax expense		(136)		(2.14)		(89)		(1.61)
Preferred dividends		(35)		(0.54)		(35)		(0.62)
Operating earnings		932		14.59		469		8.43
Net realized and unrealized investment gains (losses), net of tax		497		7.78		(453)		(8.15)
Net realized gain on purchase of capital efficient notes, net of tax		57		0.89		-		-
Interest in earnings (losses) of equity investments, net of tax		16		0.25		(4)		(0.06)
Net income available to common shareholders		1,502		23.51		12		0.22
Common share dividends		(117)		(1.88)		(100)		(1.84)
Change in currency translation adjustment		48		0.75		(163)		(2.93)
Change in other comprehensive income, net of tax		14		0.23		2		0.04
Issuance of common shares		2,000		(1.59)		126		(0.42)
Impact of change in number of common and common share equivalents outstanding		n/a		(0.46)		n/a		0.92
Common shareholders’ equity / diluted book value per common share at end of period	$	7,126	$	84.51	$	3,679	$	63.95

(A) The Company's results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

51

PartnerRe Ltd.

Pro-forma information - Paris Re

(in millions of U.S. dollars )

(Unaudited)

The following tables show the pro-forma impact on Paris Re’s previously reported gross premiums written and net premiums earned as if Paris Re had adopted PartnerRe’s accounting policies effective January 1, 2008. The adjustments to align Paris Re’s accounting policies to those of PartnerRe related to the recognition of gross premiums written on proportional treaties and the earning of premiums commensurate with the seasonality of the underlying exposure.

	For the three months ended
	September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008
Gross premiums written
Paris Re (as previously reported)	$	222,383	$	289,461	$	667,223	$	66,516	$	257,985	$	309,417	$	768,694
Adjustment to PartnerRe methodology		46,904		39,966		(135,352)		94,446		62,115		33,760		(249,588)
Pro-forma PartnerRe gross premiums written	$	269,287	$	329,427	$	531,871	$	160,962	$	320,100	$	343,177	$	519,106
Net premiums earned
Paris Re (as previously reported)	$	303,515	$	278,570	$	299,496	$	284,973	$	352,147	$	298,535	$	275,248
Adjustment to PartnerRe methodology		51,915		(50,448)		(18,083)		4,494		57,494		(30,058)		4,634
Pro-forma PartnerRe net premiums earned	$	355,430	$	228,122	$	281,413	$	289,467	$	409,641	$	268,477	$	279,882

	For the nine months ended September 30, 2009		For the year ended December 31, 2008
Gross premiums written
Paris Re (as previously reported)	$	1,179,067	$	1,402,612
Adjustment to PartnerRe methodology		(48,482)		(59,267)
Pro-forma PartnerRe gross premiums written	$	1,130,585	$	1,343,345
Net premiums earned
Paris Re (as previously reported)	$	881,581	$	1,210,903
Adjustment to PartnerRe methodology		(16,616)		36,564
Pro-forma PartnerRe net premiums earned	$	864,965	$	1,247,467

52

PartnerRe Ltd.

Paris Re Acquisition Related Expenses

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

(Unaudited)

	June 30, 2010		For the  three months ended March 31, 2010		December 31, 2009		For the six months  ended June 30, 2010		For the year  ended December 31, 2009
Acquisition related expenses:
Corporate expenses - acquisition related	$	1,798	$	2,468	$	18,029	$	4,266	$	36,521
Corporate expenses - voluntary termination plan		33,755		1,409		-		35,164		-
Amortization of intangible assets		7,833		4,803		(6,133)		12,636		(6,133)
Amortization of intangible assets included in acquisition costs (1)		10,388		18,202		46,410		28,590		46,410
Total acquisition related expenses	$	53,774	$	26,882	$	58,306	$	80,656	$	76,798
Less: Amortization of intangible assets included in acquisition costs		(10,388)		(18,202)		(46,410)		(28,590)		(46,410)
Total acquisition related expenses, excluding those included in acquisition costs	$	43,386	$	8,680	$	11,896	$	52,066	$	30,388
Divided by:
Weighted average number of common and common share equivalents outstanding		78,796.4		83,328.8		81,441.2		81,050.7		63,890.6
Impact of acquisition related expenses on diluted operating loss or earnings per share, pre-tax	$	0.55	$	0.10	$	0.15	$	0.64	$	0.48
					Amortization of intangible assets		Amortization of intangible assets included in acquisition costs(1)		Total amortization of intangible  assets(3)(4)
Estimated remaining amortization of intangible assets, pre-tax (2) :
For the three months ended September 30, 2010					$	10,003	$	4,789	$	14,792
For the three months ended December 31, 2010						8,822		3,715		12,537
Total for the year ended December 31, 2010					$	18,825	$	8,504	$	27,329
For the year ended December 31, 2011						36,405		8,443		44,848
For the year ended December 31, 2012						31,799		-		31,799
For the year ended December 31, 2013						19,479		-		19,479
For the year ended December 31, 2014 and thereafter						75,239		-		75,239
Total					$	181,747	$	16,947	$	198,694

(1) A portion of the amortization of intangible assets is included in acquisition costs. Such amount approximates the amount of acquisition costs that would be included for Paris Re had purchase accounting not been applied.

(2) The estimated amortization of intangible assets is based on estimates of future loss payout and premium earnings patterns. These estimates are continually reviewed and actual results could materially differ from these estimates. Any adjustments will be reflected in the periods in which they are determined.

(3) Total intangible assets of $206.0 million, $224.3 million and $247.3 million at June 30, 2010, March 31, 2010 and December 31, 2009, respectively, are recorded gross of a deferred tax benefit of $48.6 million, $56.3 million and $63.1 million, respectively.

(4) Total intangible assets of $206.0 million and $247.3 million at June 30, 2010 and December 31, 2009, respectively, includes a $7.4 million intangible asset related to U.S. licenses that is not being amortized.

53