8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant To Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): November 3, 2010

PartnerRe Ltd.

(Exact Name of Registrant as Specified in Charter)

Bermuda

(State or Other Jurisdiction of Incorporation)

001-14536	Not Applicable
(Commission File Number)	(IRS Employer Identification No.)
Wellesley House, 90 Pitts Bay Road, Pembroke, Bermuda	HM 08
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (441) 292-0888

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

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

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

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

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

Item 2.02 Results of Operations and Financial Condition

On November 3, 2010, PartnerRe Ltd. issued a press release reporting its 2010 third quarter results. A copy of the press release, as well as a financial supplement, are attached hereto as Exhibits 99.1 and 99.2, respectively, to this Form 8-K and are hereby incorporated by reference to this Item 2.02.

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

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release of PartnerRe Ltd., dated November 3, 2010
99.2	Financial Supplement

SIGNATURES

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

	PartnerRe Ltd. (Registrant)
Date: November 4, 2010	By:	/s/    AMANDA E. SODERGREN
	Name:	Amanda E. Sodergren
	Title:	Chief Legal Counsel

Index to Exhibits

Exhibit No.	Description
99.1	Press Release of PartnerRe Ltd., dated November 3, 2010
99.2	Financial Supplement

EX-99.1

Exhibit 99.1

News Release

PartnerRe Ltd. Reports Third Quarter and Nine Month 2010 Results

• Third Quarter Operating Earnings per share of $3.69; Net Income per share of $6.76

• Third Quarter Annualized Operating ROE of 15.8%; Annualized Net Income ROE of 29.0%

• Nine Month Operating Earnings per share of $4.93; Net Income per share of $9.68

• Nine Month Annualized Operating ROE of 7.3%; Annualized Net Income ROE of 14.4%

• Book Value of $93.21 per share, up 10% year-to-date, and 12% year-over-year

PEMBROKE, Bermuda, November 3, 2010 — PartnerRe Ltd. (NYSE, Euronext: PRE) today reported net income of $524.9 million, or $6.76 per share on a fully diluted basis for the third quarter of 2010. This net income includes net after-tax realized and unrealized gains on investments of $233.0 million, or $3.05 per share. Net income for the third quarter of 2009 was $566.7 million, or $9.44 per share, including net after-tax realized gains on investments of $274.4 million, or $4.64 per share. Operating earnings for the third quarter of 2010 were $281.9 million, or $3.69 per share on a fully diluted basis. This compares to operating earnings of $282.1 million, or $4.77 per share, for the third quarter of 2009.

Net income for the first nine months of 2010 was $795.5 million, or $9.68 per share. This net income includes net after-tax realized and unrealized gains on investments of $373.3 million, or $4.69 per share. Net income for the first nine months of 2009 was $1,182.5 million, or $19.95 per share, including net after-tax realized and unrealized gains on investments of $479.4 million, or $8.27 per share, as well as a net after-tax gain of $57.0 million, or $0.98 per share, from the purchase of approximately 75% of the Company’s outstanding Capital Efficient Notes (CENts) in the first quarter of 2009. Operating earnings for the first nine months of 2010 were $391.6 million, or $4.93 per share on a fully diluted basis. This compares to operating earnings of $617.1 million, or $10.64 per share, for the first nine months of 2009.

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

Commenting on the third quarter and nine-month 2010 results, PartnerRe Chief Executive Officer Patrick Thiele said, “PartnerRe had an excellent third quarter. Our reinsurance results generated a Non-life combined ratio of 80.7%, including an estimated $64 million loss from the New Zealand earthquake, while our invested assets continued to perform well generating solid returns both in the third quarter and year-to-date. Through September 30, 2010, we have grown GAAP book value per share 10%, in line with our long-term goal, to a new high of $93.21. As a result, we continued repurchasing common shares and increased the common share dividend by 10% during the quarter, leading to a total increase in the common dividend of 17% year over year.”

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

News Release

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

	Three months ended September 30						Nine months ended September 30
U.S.$ thousands (except per share amounts and ratios)	2010			2009			2010			2009
Net Premiums Written	$	987,612		$	891,547		$	3,884,511		$	3,044,264
Net Premiums Earned	$	1,313,414		$	1,090,691		$	3,571,824		$	2,783,270
Non-life Combined Ratio		80.7	%		78.1	%		95.2	%		82.5	%
Net Income	$	524,937		$	566,705		$	795,518		$	1,182,494
Net Income per share (a)	$	6.76		$	9.44		$	9.68		$	19.95
Operating Earnings (a)	$	281,857		$	282,064		$	391,612		$	617,097
Operating Earnings per share (a)	$	3.69		$	4.77		$	4.93		$	10.64

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

Net premiums written for the third quarter of 2010 were $987.6 million, compared to $891.5 million in the third quarter of 2009. Total revenues for the third quarter of 2010 were $1.8 billion, up from $1.6 billion in the third quarter of 2009, and included $1.3 billion of net premiums earned, compared to $1.1 billion in the third quarter of 2009; net investment income of $164.4 million, which compares to $145.3 million in the third quarter of 2009; and pre-tax net realized and unrealized investment gains of $293.2 million as compared to pre-tax net realized and unrealized investment gains of $330.2 million for the third quarter of 2009.

For the first nine months of 2010, net premiums written were $3.9 billion, compared to $3.0 billion in the first nine months of 2009. Total revenues for the first nine months of 2010 were $4.6 billion, compared to $3.9 billion for the first nine months of 2009, and included $3.6 billion of net premiums earned, compared to $2.8 billion in the first nine months of 2009; net investment income of $512.0 million, which compares to $414.1 million for the first nine

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

News Release

months of 2009; and pre-tax net realized and unrealized investment gains of $484.7 million as compared to pre-tax net realized and unrealized investment gains of $566.6 million for the first nine months of 2009; and a pre-tax gain of $88.4 million from the purchase of approximately 75% of the Company’s outstanding CENts during the first quarter of 2009.

Results by Segment

The Non-life segment reported net premiums written of $804 million for the third quarter of 2010, compared to $733 million in the same period in 2009. The combined ratio was 80.7% for the third quarter of 2010, including 5.6 points from the New Zealand earthquake, compared to 78.1% for the same period in 2009, which reflected no significant large losses. The Company’s estimate of losses from the New Zealand earthquake includes revised client information received this week. The Non-life technical result was $299 million for the third quarter of 2010 compared to $263 million in the same period in 2009. For the first nine months of 2010, Non-life net premiums written were $3.3 billion, compared to $2.6 billion for same period of 2009. The nine-month technical result was $386 million, compared to $582 million for the same period in 2009. The combined ratio for the nine month period was 95.2%, including 14.9 points related to the 2010 large catastrophic losses, compared to 82.5% in 2009.

The U.S. business, which represented 24% of total net premiums written for the quarter, reported net premiums written of $242 million for the third quarter of 2010, compared to $279 million in last year’s third quarter. Net premiums earned were $247 million in the third quarter of 2010, compared to $312 million for the same period in 2009. The technical ratio for this sub-segment was 75.5% for the third quarter of 2010, compared to 80.6% in the third quarter of 2009. The technical result for the third quarter of 2010 was $60 million, compared to $61 million for the same period in 2009. For the first nine months of 2010, net premiums written were $704 million, compared to $841 million in the first nine months of 2009. Net premiums earned for the first nine months of 2010 were $664 million, compared to $812 million for the same period in 2009. The nine-month technical ratio was 83.1%, compared to 86.7% in 2009. The technical result for the first nine months of 2010 was $112 million compared to $108 million in 2009.

The Global (Non-U.S.) P&C business, which represented 15% of total net premiums written for the quarter, reported net premiums written of $149 million for the third quarter of 2010, compared to $124 million for the same period in 2009. Net premiums earned during the third quarter of 2010 were $177 million, compared to $160 million in the third quarter of 2009. The technical ratio for this sub-segment was 101.1% for the third quarter of 2010 compared to 76.7% for the same period in 2009. The technical result for the third quarter of 2010 was a

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

News Release

loss of $2 million, compared to a gain of $37 million for the same period in 2009. For the nine month period ended September 30, 2010, net premiums written were $630 million, compared to $541 million for the first nine months of 2009. Net premiums earned for the first nine months of 2010 were $516 million, compared to $478 million for the same period in 2009. The nine-month technical ratio was 109.8%, compared to 75.3% in 2009. The technical result for the first nine months of 2010 was a loss of $51 million compared to a gain of $118 million for the first nine months of 2009.

The Global (Non-U.S.) Specialty business, which represented 27% of total net premiums written for the quarter, reported net premiums written of $269 million for the third quarter of 2010, compared to $283 million for the third quarter of 2009. Net premiums earned were $288 million for the third quarter, compared to $295 million in the same period in 2009. This sub-segment’s technical ratio was 70.6% for the third quarter of 2010 compared to 90.9% for the third quarter of 2009. The technical result for the third quarter of 2010 was $85 million, compared to $27 million for the same period in 2009. For the nine-month period ended September 30, 2010, net premiums written were $906 million, compared to $846 million in the first nine months of 2009. Net premiums earned for the first nine months of 2010 were $810 million, compared to $774 million for the same period in 2009. The nine-month technical ratio was 83.3%, compared to 88.8% in 2009. The technical result for the first nine months of 2010 was $135 million compared to $87 million for the first nine months of 2009.

The Catastrophe business, which represented 9% of total net premiums written for the quarter, reported net premiums written of $84 million for the third quarter of 2010 compared to $47 million for the same period in 2009. Net premiums earned were $174 million for the third quarter of 2010, compared to $159 million in the same period in 2009. This sub-segment’s technical ratio was 41.0% for the third quarter of 2010, reflecting 29.5 points from the New Zealand earthquake, compared to 13.0% for the third quarter of 2009, which reflected no significant large losses. The technical result for the third quarter of 2010 was $103 million, compared to $138 million for the same period in 2009. For the nine-month period ended September 30, 2010, net premiums written were $455 million, compared to $376 million for the first nine months of 2009. Net premiums earned for the first nine months of 2010 were $328 million, compared to $290 million for the same period in 2009. The nine-month technical ratio was 57.6%, reflecting 42.4 points from the 2010 large catastrophic losses, compared to 7.3% in 2009. The technical result for the first nine months of 2010 was $140 million in 2010 compared to $269 million in 2009.

The PARIS RE business, which represented 6% of total net premiums written for the third quarter of 2010, reported net premiums written of $60 million. Net premiums earned were $242 million for the third quarter of 2010. This sub-segment’s technical ratio was 78.3%,

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

News Release

while the technical result was $53 million for the third quarter 2010. For the nine-month period ended September 30, 2010, net premiums written were $654 million, and net premiums earned were $730 million. The nine-month technical ratio was 93.1%, and the technical result was $50 million.

The Life segment, which represented 19% of total net premiums written for the third quarter of 2010, reported net premiums written of $183 million for the third quarter of 2010, compared to $157 million in the third quarter of 2009. The allocated underwriting result for the third quarter was $10 million, compared to $20 million in the same period of 2009. For the nine-month period ended September 30, 2010, net premiums written were $533 million, with an allocated underwriting result of $10 million, compared with net premiums written of $433 million and an allocated underwriting result of $41 million in the first nine months of 2009.

The Company’s capital markets and investment activities are reported under the heading of “Corporate and Other”. Within Corporate and Other, capital markets and investment activities contributed $144 million to pre-tax operating income in the third quarter and $449 million to pre-tax operating income in the first nine months of the year, as compared to $133 million and $371 million in 2009, respectively. Separately, as the Company reports changes in the unrealized market values of invested assets and funds held – directly managed assets in net income, the capital markets and investment activities contributed pre-tax non-operating gains of $294 million and $490 million in the third quarter and first nine months of 2010, respectively, compared to pre-tax non-operating gains of $332 million and $568 million, respectively, in the third quarter and first nine months of 2009.

Balance Sheet Items

At September 30, 2010, total assets were $24.3 billion, compared to $23.7 billion at December 31, 2009. Over the trailing 12 month period, total investments, cash and funds held – directly managed increased 42% to $18.5 billion at September 30, 2010, primarily related to the acquisition of PARIS RE. Gross Non-life loss and loss expense reserves were $10.7 billion at September 30, 2010, compared to $10.8 billion at December 31, 2009. During the third quarter of 2010, the Company’s estimate of Non-life reserves for prior accident years was reduced by $136 million due to favorable development. The overall prior year reserve development for the third quarter of 2010 in the Non-life segment includes net favorable development in all sub-segments except for the Catastrophe sub-segment, with reductions of $58 million in the U.S. sub-segment, $14 million in the Global (Non-U.S.) P&C sub-segment, $61 million in the Global (Non-U.S.) Specialty sub-segment, and $16 million in the PARIS RE sub-segment, with adverse development of $13 million in the

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

News Release

Catastrophe sub-segment. In the third quarter of 2009, Non-life reserves for prior years developed favorably by $122 million. Policy benefits for life and annuity contracts were $1.7 billion at September 30, 2010, compared to $1.6 billion at December 31, 2009. During the third quarter of 2010, the Company’s estimate of Life reserves for prior years developed adversely by $4 million, while there was favorable development of $14 million in the third quarter of 2009.

At September 30, 2010, total capital was $8.4 billion, and total shareholders’ equity was $7.6 billion. This compares to total capital of $8.0 billion, and total shareholders’ equity of $7.6 billion at December 31, 2009. Book value per common share at September 30, 2010 was $93.21 on a fully diluted basis compared to $84.51 per diluted share at December 31, 2009.

For additional information, the Company has posted a third quarter 2010 financial supplement on its website www.partnerre.com in the Investor Relations section on the Financial Reports page under Supplementary Financial Data.

Commentary and Outlook

PartnerRe President and Chief Operating Officer Costas Miranthis said, “As we move toward the end of 2010, the Non-life market remains unchanged, and we expect a continuation of stable to moderately declining pricing and terms in the January 1, 2011 renewals. We will underwrite the January 1 renewals as a single entity having now fully integrated the PARIS RE book into PartnerRe’s existing portfolio. The optimization of the combined portfolio may result in some further shrinkage of the book.”

“Our increased strength and capabilities continue to present us with opportunities across our book,” Mr. Miranthis said. “Specifically, we are seeing attractive opportunities in our Life business both in mortality and longevity. Ultimately, our larger and more diversified book of business gives us greater flexibility to generate shareholder value over the long-term.”

The Company uses operating earnings, diluted operating earnings per share and annualized operating return on beginning common shareholders’ equity to measure performance, as these measures focus on the underlying fundamentals of our operations without the impact of after-tax net realized and unrealized gains/losses on investments, after-tax net realized gain on the purchase of the CENts, and the after-tax interest in earnings/losses of equity investments, where the Company does not control the investee companies’ activities. The

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

News Release

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

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company, through its wholly owned subsidiaries, also offers capital markets products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines, life/annuity and health, and alternative risk products. For the year ended December 31, 2009, total revenues were $5.4 billion. At September 30, 2010, total assets were $24.3 billion, total capital was $8.4 billion and total shareholders’ equity was $7.6 billion.

PartnerRe on the Internet: www.partnerre.com

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

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

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

PartnerRe Ltd.

Consolidated Statements of Operations and Comprehensive Income

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

(Unaudited)

	For the three months ended September 30, 2010		For the three months ended September 30, 2009		For the nine months ended September 30, 2010			For the nine months ended September 30, 2009
Revenues
Gross premiums written	$	1,008,464	$	893,714	$	4,057,965		$	3,080,243
Net premiums written	$	987,612	$	891,547	$	3,884,511		$	3,044,264
Decrease (increase) in unearned premiums		325,802		199,144		(312,687	)		(260,994	)
Net premiums earned		1,313,414		1,090,691		3,571,824			2,783,270
Net investment income		164,402		145,350		511,978			414,071
Net realized and unrealized investment gains		293,164		330,226		484,683			566,643
Net realized gain on purchase of capital efficient notes		—		—		—			88,427
Other income		3,363		8,385		5,391			16,327
Total revenues		1,774,343		1,574,652		4,573,876			3,868,738
Expenses
Losses and loss expenses and life policy benefits		748,879		574,228		2,465,847			1,552,025
Acquisition costs		261,668		232,475		725,919			614,133
Other operating expenses		118,221		102,224		406,506			284,286
Interest expense		12,297		6,161		32,232			21,643
Amortization of intangible assets		10,003		—		22,639			—
Net foreign exchange losses		27,074		961		12,426			5,511
Total expenses		1,178,142		916,049		3,665,569			2,477,598
Income before taxes and interest in earnings of equity investments		596,201		658,603		908,307			1,391,140
Income tax expense		72,576		93,433		117,892			210,198
Interest in earnings of equity investments		1,312		1,535		5,103			1,552
Net income	$	524,937	$	566,705	$	795,518		$	1,182,494
Preferred dividends	$	8,631	$	8,631	$	25,894		$	25,894
Operating earnings available to common shareholders	$	281,857	$	282,064	$	391,612		$	617,097
Comprehensive income, net of tax	$	631,249	$	605,974	$	722,498		$	1,231,014
Per Share Data:
Earnings per common share:
Basic operating earnings	$	3.75	$	4.85	$	5.02		$	10.81
Net realized and unrealized investment gains, net of tax		3.09		4.72		4.78			8.40
Net realized gain on purchase of capital efficient notes, net of tax		—		—		—			1.00
Interest in earnings of equity investments, net of tax		0.02		0.03		0.06			0.05
Basic net income	$	6.86	$	9.60	$	9.86		$	20.26
Weighted average number of common shares outstanding		75,238.3		58,118.2		78,076.6			57,085.6
Diluted operating earnings (1)	$	3.69	$	4.77	$	4.93		$	10.64
Net realized and unrealized investment gains, net of tax		3.05		4.64		4.69			8.27
Net realized gain on purchase of capital efficient notes, net of tax		—		—		—			0.98
Interest in earnings of equity investments, net of tax		0.02		0.03		0.06			0.06
Diluted net income	$	6.76	$	9.44	$	9.68		$	19.95
Weighted average number of common and common share equivalents outstanding		76,428.5		59,128.5		79,494.2			57,978.5

(1) Income before taxes and interest in earnings of equity investments includes $5.7 million and $10.0 million of expenses related to the acquisition of Paris Re for the three months and nine months ended September 30, 2010, respectively, and includes ($0.8) million and $34.4 million of expenses related to the Company’s voluntary severance plan for the three months and nine months ended September 30, 2010, respectively. See page 53 of the Company’s Financial Supplement as of September 30, 2010.

PartnerRe Ltd.

Consolidated Balance Sheets

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

(Unaudited)

	September 30, 2010			December 31, 2009
Assets
Investments:
Fixed maturities, trading securities, at fair value	$	13,769,651		$	14,143,093
Short-term investments, trading securities, at fair value		89,016			137,346
Equities, trading securities, at fair value		1,027,338			795,539
Other invested assets		296,105			225,532
Total investments		15,182,110			15,301,510
Funds held - directly managed		1,919,325			2,124,826
Cash and cash equivalents, at fair value, which approximates amortized cost		1,437,722			738,309
Accrued investment income		201,400			218,739
Reinsurance balances receivable		2,494,034			2,249,181
Reinsurance recoverable on paid and unpaid losses		395,865			367,453
Funds held by reinsured companies		918,832			938,039
Deferred acquisition costs		664,058			614,857
Deposit assets		277,275			313,798
Net tax assets		40,276			79,044
Goodwill		455,533			455,533
Intangible assets		191,252			247,269
Other assets		94,141			83,986
Total assets	$	24,271,823		$	23,732,544
Liabilities
Unpaid losses and loss expenses	$	10,705,562		$	10,811,483
Policy benefits for life and annuity contracts		1,735,930			1,615,193
Unearned premiums		2,019,892			1,706,816
Other reinsurance balances payable		528,014			426,091
Deposit liabilities		290,598			330,015
Net tax liabilities		349,866			444,789
Accounts payable, accrued expenses and other		238,679			231,441
Current portion of long-term debt		—			200,000
Debt related to senior notes		750,000			250,000
Debt related to capital efficient notes		70,989			70,989
Total liabilities		16,689,530			16,086,817
Shareholders’ Equity
Common shares (par value $1.00, issued: 2010, 83,538,734 shares; 2009, 82,585,707 shares)		83,539			82,586
Series C cumulative preferred shares (par value $1.00, issued and outstanding:
2010 and 2009, 11,600,000 shares; aggregate liquidation preference: 2010 and 2009, $290,000)		11,600			11,600
Series D cumulative preferred shares (par value $1.00, issued and outstanding:
2010 and 2009, 9,200,000 shares; aggregate liquidation preference: 2010 and 2009, $230,000)		9,200			9,200
Additional paid-in capital		3,395,567			3,357,004
Accumulated other comprehensive income:
Currency translation adjustment		16,337			82,843
Other accumulated comprehensive (loss) income		(4,430	)		2,084
Retained earnings		4,753,328			4,100,782
Common shares held in treasury, at cost (2010, 8,957,377 shares; 2009, 5,000 shares)		(682,848	)		(372	)
Total shareholders’ equity		7,582,293			7,645,727
Total liabilities and shareholders’ equity	$	24,271,823		$	23,732,544
Shareholders’ Equity Per Common Share (excluding cumulative preferred shares: 2010 and 2009, $520,000,000)	$	94.69		$	86.29
Diluted Book Value Per Common and Common Share Equivalents Outstanding (assuming exercise of all share-based awards)	$	93.21		$	84.51
Number of Common and Common Share Equivalents Outstanding		75,771.5			84,319.7

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the three months ended September 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	$	242		$	149		$	276		$	91		$	66		$	824		$	183		$	1		$	1,008
Net premiums written	$	242		$	149		$	269		$	84		$	60		$	804		$	183		$	1		$	988
Decrease in unearned premiums		5			28			19			90			182			324			1			—			325
Net premiums earned	$	247		$	177		$	288		$	174		$	242		$	1,128		$	184		$	1		$	1,313
Losses and loss expenses and life policy benefits		(115	)		(133	)		(141	)		(58	)		(154	)		(601	)		(147	)		(1	)		(749	)
Acquisition costs		(72	)		(46	)		(62	)		(13	)		(35	)		(228	)		(33	)		—			(261	)
Technical result	$	60		$	(2	)	$	85		$	103		$	53		$	299		$	4		$	—		$	303
Other income																	2			—			1			3
Other operating expenses																	(81	)		(11	)		(26	)		(118	)
Underwriting result																$	220		$	(7	)		n/a		$	188
Net investment income																				17			147			164
Allocated underwriting result (1)																			$	10			n/a			n/a
Net realized and unrealized investment gains																							293			293
Interest expense																							(12	)		(12	)
Amortization of intangible assets																							(10	)		(10	)
Net foreign exchange losses																							(27	)		(27	)
Income tax expense																							(72	)		(72	)
Interest in earnings of equity investments																							1			1
Net income																							n/a		$	525
Loss ratio (2)		46.5	%		75	%		49.1	%		33.5	%		63.6	%		53.3	%
Acquisition ratio (3)		29			26.1			21.5			7.5			14.7			20.2
Technical ratio (4)		75.5	%		101.1	%		70.6	%		41	%		78.3	%		73.5	%
Other operating expense ratio (5)																	7.2
Combined ratio (6)																	80.7	%

For the three months ended September 30, 2009

	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non-life Segment			Life Segment			Corporate and Other			Total
Gross premiums written	$	279		$	125		$	284		$	47		$	735		$	157		$	2		$	894
Net premiums written	$	279		$	124		$	283		$	47		$	733		$	157		$	2		$	892
Decrease in unearned premiums		33			36			12			112			193			3			2			198
Net premiums earned	$	312		$	160		$	295		$	159		$	926		$	160		$	4		$	1,090
Losses and loss expenses and life policy benefits		(171	)		(84	)		(195	)		(9	)		(459	)		(115	)		—			(574	)
Acquisition costs		(80	)		(39	)		(73	)		(12	)		(204	)		(28	)		—			(232	)
Technical result	$	61		$	37		$	27		$	138		$	263		$	17		$	4		$	284
Other income														5			—			3			8
Other operating expenses														(61	)		(13	)		(28	)		(102	)
Underwriting result													$	207		$	4			n/a		$	190
Net investment income																	16			129			145
Allocated underwriting result (1)																$	20			n/a			n/a
Net realized and unrealized investment gains																				330			330
Interest expense																				(6	)		(6	)
Net foreign exchange losses																				(1	)		(1	)
Income tax expense																				(93	)		(93	)
Interest in earnings of equity investments																				2			2
Net income																				n/a		$	567
Loss ratio (2)		54.9	%		52.2	%		66.1	%		5.6	%		49.5	%
Acquisition ratio (3)		25.7			24.5			24.8			7.4			22
Technical ratio (4)		80.6	%		76.7	%		90.9	%		13	%		71.5	%
Other operating expense ratio (5)														6.6
Combined ratio (6)														78.1	%

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

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

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

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

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

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

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the nine months ended September 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	$	704		$	634		$	944		$	462		$	773		$	3,517		$	537		$	4		$	4,058
Net premiums written	$	704		$	630		$	906		$	455		$	654		$	3,349		$	533		$	3		$	3,885
(Increase) decrease in unearned premiums		(40	)		(114	)		(96	)		(127	)		76			(301	)		(12	)		—			(313	)
Net premiums earned	$	664		$	516		$	810		$	328		$	730		$	3,048		$	521		$	3		$	3,572
Losses and loss expenses and life policy benefits		(360	)		(437	)		(499	)		(163	)		(559	)		(2,018	)		(447	)		(1	)		(2,466	)
Acquisition costs		(192	)		(130	)		(176	)		(25	)		(121	)		(644	)		(82	)		—			(726	)
Technical result	$	112		$	(51	)	$	135		$	140		$	50		$	386		$	(8	)	$	2		$	380
Other income																	3			2			—			5
Other operating expenses																	(241	)		(38	)		(127	)		(406	)
Underwriting result																$	148		$	(44	)		n/a		$	(21	)
Net investment income																				54			458			512
Allocated underwriting result (1)																			$	10			n/a			n/a
Net realized and unrealized investment gains																							485			485
Interest expense																							(32	)		(32	)
Amortization of intangible assets																							(23	)		(23	)
Net foreign exchange losses																							(12	)		(12	)
Income tax expense																							(118	)		(118	)
Interest in earnings of equity investments																							5			5
Net income																							n/a		$	796
Loss ratio (2)		54.2	%		84.6	%		61.6	%		49.9	%		76.6	%		66.2	%
Acquisition ratio (3)		28.9			25.2			21.7			7.7			16.5			21.1
Technical ratio (4)		83.1	%		109.8	%		83.3	%		57.6	%		93.1	%		87.3	%
Other operating expense ratio (5)																	7.9
Combined ratio (6)																	95.2	%

For the nine months ended September 30, 2009

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

EX-99.2

	Exhibit 99.2
PartnerRe Ltd.

Financial Supplement

Financial Information

as of September 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 - September 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 September 30, 2010 and 2009		7-8
For the nine months ended September 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 Portfolio		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 Portfolio		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
	September 30, 2010 (1)		June 30, 2010 (1)			March 31, 2010 (1)			December 31, 2009 (A) (1)			September 30, 2009
Revenues
Gross premiums written	$	1,008,464	$	1,140,175		$	1,909,326		$	920,645		$	893,714
Net premiums written	$	987,612	$	1,112,735		$	1,784,165		$	904,440		$	891,547
Decrease (increase) in unearned premiums		325,802		(8,104	)		(630,386	)		432,115			199,144
Net premiums earned		1,313,414		1,104,631			1,153,779			1,336,555			1,090,691
Net investment income		164,402		174,454			173,122			182,000			145,350
Net realized and unrealized investment gains		293,164		46,046			145,474			25,063			330,226
Other income		3,363		753			1,274			5,986			8,385
Total revenues		1,774,343		1,325,884			1,473,649			1,549,604			1,574,652
Expenses
Losses and loss expenses and life policy benefits		748,879		704,631			1,012,337			743,271			574,228
Acquisition costs		261,668		244,144			220,107			271,081			232,475
Other operating expenses		118,221		160,151			128,134			146,522			102,224
Interest expense		12,297		12,803			7,132			6,657			6,161
Amortization of intangible assets		10,003		7,833			4,803			(6,133	)		—
Net foreign exchange losses (gains)		27,074		(11,021	)		(3,627	)		(4,046	)		961
Total expenses		1,178,142		1,118,541			1,368,886			1,157,352			916,049
Income before taxes and interest in earnings of equity investments		596,201		207,343			104,763			392,252			658,603
Income tax expense		72,576		17,762			27,554			51,892			93,433
Interest in earnings of equity investments		1,312		1,346			2,445			14,000			1,535
Net income	$	524,937	$	190,927		$	79,654		$	354,360		$	566,705
Preferred dividends	$	8,631	$	8,631		$	8,631		$	8,631		$	8,631
Operating earnings (loss) available to common shareholders	$	281,857	$	151,537		$	(41,782	)	$	315,049		$	282,064
Comprehensive income, net of tax	$	631,249	$	84,271		$	6,978		$	367,959		$	605,974
Per Share Data:
Earnings per common share:
Basic operating earnings (loss)	$	3.75	$	1.96		$	(0.51	)	$	3.95		$	4.85
Net realized and unrealized investment gains, net of tax		3.09		0.38			1.35			0.22			4.72
Interest in earnings of equity investments, net of tax		0.02		0.02			0.03			0.17			0.03
Basic net income	$	6.86	$	2.36		$	0.87		$	4.34		$	9.60
Weighted average number of common shares outstanding		75,238.3		77,365.4			81,696.9			79,702.2			58,118.2
Diluted operating earnings (loss) (1) (2)	$	3.69	$	1.92		$	(0.50	)	$	3.87		$	4.77
Net realized and unrealized investment gains, net of tax		3.05		0.38			1.33			0.22			4.64
Interest in earnings of equity investments, net of tax		0.02		0.01			0.02			0.16			0.03
Diluted net income	$	6.76	$	2.31		$	0.85		$	4.25		$	9.44
Weighted average number of common and common share equivalents outstanding		76,428.5		78,796.4			83,328.8			81,441.2			59,128.5

(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 nine months ended						For the year ended
	September 30, 2010 (1)			September 30, 2009			December 31, 2009 (A) (1)			December 31, 2008
Revenues
Gross premiums written	$	4,057,965		$	3,080,243		$	4,000,888		$	4,028,248
Net premiums written	$	3,884,511		$	3,044,264		$	3,948,704		$	3,989,435
(Increase) decrease in unearned premiums		(312,687	)		(260,994	)		171,121			(61,411	)
Net premiums earned		3,571,824			2,783,270			4,119,825			3,928,024
Net investment income		511,978			414,071			596,071			572,964
Net realized and unrealized investment gains (losses)		484,683			566,643			591,707			(531,360	)
Net realized gain on purchase of capital efficient notes		—			88,427			88,427			—
Other income		5,391			16,327			22,312			10,335
Total revenues		4,573,876			3,868,738			5,418,342			3,979,963
Expenses
Losses and loss expenses and life policy benefits		2,465,847			1,552,025			2,295,296			2,609,220
Acquisition costs		725,919			614,133			885,214			898,882
Other operating expenses		406,506			284,286			430,808			365,009
Interest expense		32,232			21,643			28,301			51,228
Amortization of intangible assets		22,639			—			(6,133	)		—
Net foreign exchange losses (gains)		12,426			5,511			1,464			(6,221	)
Total expenses		3,665,569			2,477,598			3,634,950			3,918,118
Income before taxes and interest in earnings (losses) of equity investments		908,307			1,391,140			1,783,392			61,845
Income tax expense		117,892			210,198			262,090			9,705
Interest in earnings (losses) of equity investments		5,103			1,552			15,552			(5,573	)
Net income	$	795,518		$	1,182,494		$	1,536,854		$	46,567
Preferred dividends	$	25,894		$	25,894		$	34,525		$	34,525
Operating earnings available to common shareholders	$	391,612		$	617,097		$	932,146		$	469,304
Comprehensive income (loss), net of tax	$	722,498		$	1,231,014		$	1,598,973		$	(113,914	)
Per Share Data:
Earnings per common share:
Basic operating earnings	$	5.02		$	10.81		$	14.85		$	8.64
Net realized and unrealized investment gains (losses), net of tax		4.78			8.40			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		0.06			0.05			0.26			(0.07	)
Basic net income	$	9.86		$	20.26		$	23.93		$	0.22
Weighted average number of common shares outstanding		78,076.6			57,085.6			62,786.2			54,347.1
Diluted operating earnings (1)	$	4.93		$	10.64		$	14.59		$	8.43
Net realized and unrealized investment gains (losses), net of tax		4.69			8.27			7.78			(8.15	)
Net realized gain on purchase of capital efficient notes, net of tax		—			0.98			0.89			—
Interest in earnings (losses) of equity investments, net of tax		0.06			0.06			0.25			(0.06	)
Diluted net income	$	9.68		$	19.95		$	23.51		$	0.22
Weighted average number of common and common share equivalents outstanding		79,494.2			57,978.5			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)

	September 30, 2010				June 30, 2010				March 31, 2010				December 31, 2009 (A)				September 30, 2009				December 31, 2008				December 31, 2007
Assets
Total investments	$	15,182,110			$	14,796,197			$	15,228,997			$	15,301,510			$	12,285,816			$	10,886,391			$	10,917,341
Funds held - directly managed		1,919,325				1,875,305				1,981,665				2,124,826				—				—				—
Cash and cash equivalents		1,437,722				1,085,325				1,319,275				738,309				772,250				838,280				654,895
Accrued investment income		201,400				184,715				204,591				218,739				167,902				169,103				176,386
Reinsurance balances receivable		2,494,034				2,627,422				2,908,652				2,249,181				1,977,265				1,719,694				1,449,702
Funds held by reinsured companies		918,832				859,050				900,257				938,039				851,932				786,422				1,083,036
Deferred acquisition costs		664,058				672,694				709,745				614,857				646,341				617,121				641,818
Goodwill		455,533				455,533				455,533				455,533				429,519				429,519				429,519
Intangible assets		191,252				206,044				224,264				247,269				—				—				—
Other assets		807,557				873,849				884,197				844,281				628,621				832,790				796,799
Total assets	$	24,271,823			$	23,636,134			$	24,817,176			$	23,732,544			$	17,759,646			$	16,279,320			$	16,149,496
Liabilities
Unpaid losses and loss expenses	$	10,705,562			$	10,342,589			$	10,930,486			$	10,811,483			$	7,558,318			$	7,510,666			$	7,231,436
Policy benefits for life and annuity contracts		1,735,930				1,566,899				1,613,662				1,615,193				1,580,380				1,432,015				1,541,687
Unearned premiums		2,019,892				2,295,576				2,371,256				1,706,816				1,594,274				1,273,787				1,267,873
Other reinsurance balances payable		528,014				478,862				488,664				426,091				216,537				209,007				156,055
Debt obligations		820,989				1,020,989				1,020,989				520,989				520,989				907,605				877,605
Other liabilities		879,143				859,977				1,003,608				1,006,245				844,594				747,132				753,283
Total liabilities		16,689,530				16,564,892				17,428,665				16,086,817				12,315,092				12,080,212				11,827,939
Total shareholders’ equity		7,582,293				7,071,242				7,388,511				7,645,727				5,444,554				4,199,108				4,321,557
Total liabilities and shareholders’ equity	$	24,271,823			$	23,636,134			$	24,817,176			$	23,732,544			$	17,759,646			$	16,279,320			$	16,149,496
Shareholders’ Equity Per Common Share (excluding cumulative preferred shares)	$	94.69			$	86.94			$	85.84			$	86.29			$	84.51			$	65.17			$	70.07
Diluted Book Value Per Common and Common Share Equivalents Outstanding (assuming exercise of all share-based awards)	$	93.21			$	85.32			$	84.12			$	84.51			$	83.07			$	63.95			$	67.96
Number of Common and Common Share Equivalents Outstanding		75,771.5				76,780.8				81,647.4				84,319.7				59,281.8				57,533.9				55,936.4
Capital Structure:
Long-term debt	$	—	—	%	$	—	—	%	$	—	—	%	$	—	—	%	$	—	—	%	$	200,000	4	%	$	620,000	12	%
Senior notes (1)		750,000	9			750,000	9			750,000	9			250,000	3			250,000	4			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	3			290,000	4			290,000	3			290,000	4			290,000	5			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	3			230,000	4			230,000	5			230,000	4
Common shareholders’ equity		7,062,293	84			6,551,242	83			6,868,511	84			7,125,727	89			4,924,554	86			3,679,108	75			3,801,557	73
Total Capital	$	8,395,677	100	%	$	7,884,626	100	%	$	8,201,895	100	%	$	7,959,111	100	%	$	5,757,938	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
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009 (A)			September 30, 2009
Net cash provided by operating activities:
Underwriting operations	$	204		$	6		$	238		$	198		$	168
Investment income		179			208			199			167			169
Taxes and foreign exchange		(58	)		(87	)		(23	)		(41	)		10
Net cash provided by operating activities	$	325		$	127		$	414		$	324		$	347
Net cash provided by operating activities	$	325		$	127		$	414		$	324		$	347
Net cash provided by (used in) investing activities (1)		320			84			(31	)		12			(169	)
Net cash (used in) provided by financing activities (2)		(326	)		(409	)		225			(373	)		(30	)
Effect of foreign exchange rate changes on cash		34			(36	)		(27	)		3			8
Increase (decrease) in cash and cash equivalents		353			(234	)		581			(34	)		156
Cash and cash equivalents - beginning of period		1,085			1,319			738			772			616
Cash and cash equivalents - end of period	$	1,438		$	1,085		$	1,319		$	738		$	772

(1) For the three months ended December 31, 2009, net cash provided by (used in) investing activities included $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 included $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 nine months ended						For the year ended
	September 30, 2010			September 30, 2009			December 31, 2009 (A)			December 31, 2008
Net cash provided by operating activities:
Underwriting operations	$	447		$	352		$	550		$	604
Investment income		586			436			603			580
Taxes and foreign exchange		(168	)		(13	)		(54	)		(25	)
Net cash provided by operating activities	$	865		$	775		$	1,099		$	1,159
Net cash provided by operating activities	$	865		$	775		$	1,099		$	1,159
Net cash provided by (used in) investing activities (1)		373			(459	)		(447	)		(944	)
Net cash used in financing activities (2)		(510	)		(392	)		(765	)		(2	)
Effect of foreign exchange rate changes on cash		(28	)		10			13			(30	)
Increase (decrease) in cash and cash equivalents		700			(66	)		(100	)		183
Cash and cash equivalents - beginning of period		738			838			838			655
Cash and cash equivalents - end of period	$	1,438		$	772		$	738		$	838

(1) For the year ended December 31, 2009, net cash provided by (used in) investing activities included $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 included $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
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009 (A)		September 30, 2009
Net income	$	524,937		$	190,927		$	79,654		$	354,360	$	566,705
Change in currency translation adjustment		107,572			(105,335	)		(68,743	)		112		40,121
Change in net unrealized gains or losses on investments, net of tax		(256	)		(257	)		(4,129	)		7,114		(164	)
Change in unfunded pension obligation, net of tax		(1,004	)		(1,064	)		196			6,373		(688	)
Comprehensive income	$	631,249		$	84,271		$	6,978		$	367,959	$	605,974

	For the nine months ended						For the year ended
	September 30, 2010			September 30, 2009			December 31, 2009 (A)		December 31, 2008
Net income	$	795,518		$	1,182,494		$	1,536,854	$	46,567
Change in currency translation adjustment		(66,506	)		47,843			47,955		(162,889	)
Change in net unrealized gains or losses on investments, net of tax		(4,642	)		965			8,079		15,157
Change in unfunded pension obligation, net of tax		(1,872	)		(288	)		6,085		(12,749	)
Comprehensive income (loss)	$	722,498		$	1,231,014		$	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 September 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	$	242		$	149		$	276		$	91		$	66		$	824		$	183		$	1		$	1,008
Net premiums written	$	242		$	149		$	269		$	84		$	60		$	804		$	183		$	1		$	988
Decrease in unearned premiums		5			28			19			90			182			324			1			—			325
Net premiums earned	$	247		$	177		$	288		$	174		$	242		$	1,128		$	184		$	1		$	1,313
Losses and loss expenses and life policy benefits		(115	)		(133	)		(141	)		(58	)		(154	)		(601	)		(147	)		(1	)		(749	)
Acquisition costs		(72	)		(46	)		(62	)		(13	)		(35	)		(228	)		(33	)		—			(261	)
Technical result	$	60		$	(2	)	$	85		$	103		$	53		$	299		$	4		$	—		$	303
Other income																	2			—			1			3
Other operating expenses																	(81	)		(11	)		(26	)		(118	)
Underwriting result																$	220		$	(7	)		n/a		$	188
Net investment income																				17			147			164
Allocated underwriting result (1)																			$	10			n/a			n/a
Net realized and unrealized investment gains																							293			293
Interest expense																							(12	)		(12	)
Amortization of intangible assets																							(10	)		(10	)
Net foreign exchange losses																							(27	)		(27	)
Income tax expense																							(72	)		(72	)
Interest in earnings of equity investments																							1			1
Net income																							n/a		$	525
Loss ratio (2)		46.5	%		75.0	%		49.1	%		33.5	%		63.6	%		53.3	%
Acquisition ratio (3)		29.0			26.1			21.5			7.5			14.7			20.2
Technical ratio (4)		75.5	%		101.1	%		70.6	%		41.0	%		78.3	%		73.5	%
Other operating expense ratio (5)																	7.2
Combined ratio (6)																	80.7	%

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

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

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

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

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

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

7

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the three months ended September 30, 2009

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

8

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the nine months ended September 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	$	704		$	634		$	944		$	462		$	773		$	3,517		$	537		$	4		$	4,058
Net premiums written	$	704		$	630		$	906		$	455		$	654		$	3,349		$	533		$	3		$	3,885
(Increase) decrease in unearned premiums		(40	)		(114	)		(96	)		(127	)		76			(301	)		(12	)		—			(313	)
Net premiums earned	$	664		$	516		$	810		$	328		$	730		$	3,048		$	521		$	3		$	3,572
Losses and loss expenses and life policy benefits		(360	)		(437	)		(499	)		(163	)		(559	)		(2,018	)		(447	)		(1	)		(2,466	)
Acquisition costs		(192	)		(130	)		(176	)		(25	)		(121	)		(644	)		(82	)		—			(726	)
Technical result	$	112		$	(51	)	$	135		$	140		$	50		$	386		$	(8	)	$	2		$	380
Other income																	3			2			—			5
Other operating expenses																	(241	)		(38	)		(127	)		(406	)
Underwriting result																$	148		$	(44	)		n/a		$	(21	)
Net investment income																				54			458			512
Allocated underwriting result (1)																			$	10			n/a			n/a
Net realized and unrealized investment gains																							485			485
Interest expense																							(32	)		(32	)
Amortization of intangible assets																							(23	)		(23	)
Net foreign exchange losses																							(12	)		(12	)
Income tax expense																							(118	)		(118	)
Interest in earnings of equity investments																							5			5
Net income																							n/a		$	796
Loss ratio (2)		54.2	%		84.6	%		61.6	%		49.9	%		76.6	%		66.2	%
Acquisition ratio (3)		28.9			25.2			21.7			7.7			16.5			21.1
Technical ratio (4)		83.1	%		109.8	%		83.3	%		57.6	%		93.1	%		87.3	%
Other operating expense ratio (5)																	7.9
Combined ratio (6)																	95.2	%

9

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the nine months ended September 30, 2009

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

10

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the three months ended
	September 30, 2010 (B)			June 30, 2010			March 31, 2010			December 31, 2009 (A)			September 30, 2009
Net premiums written	$	804		$	939		$	1,607		$	747		$	733
Net premiums earned	$	1,128		$	931		$	989		$	1,171		$	926
Losses and loss expenses		(601	)		(536	)		(881	)		(616	)		(459	)
Acquisition costs		(228	)		(219	)		(197	)		(241	)		(204	)
Technical result	$	299		$	176		$	(89	)	$	314		$	263
Other income		2			1			1			4			5
Other operating expenses		(81	)		(82	)		(78	)		(83	)		(61	)
Underwriting result	$	220		$	95		$	(166	)	$	235		$	207
Loss ratio (2)		53.3	%		57.6	%		89.1	%		52.7	%		49.5	%
Acquisition ratio (3)		20.2			23.4			19.9			20.5			22.0
Technical ratio (4)		73.5	%		81.0	%		109.0	%		73.2	%		71.5	%
Other operating expense ratio (5)		7.2			8.8			7.9			7.1			6.6
Combined ratio (6)		80.7	%		89.8	%		116.9	%		80.3	%		78.1	%

(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 three months ended September 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of ($9.4) million and ($18.5) million, respectively, compared to the three months ended September 30, 2009.

11

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the nine months ended						For the year ended
	September 30, 2010 (B)			September 30, 2009			December 31, 2009 (A)			December 31, 2008
Net premiums written	$	3,349		$	2,604		$	3,351		$	3,392
Net premiums earned	$	3,048		$	2,354		$	3,525		$	3,334
Losses and loss expenses		(2,018	)		(1,241	)		(1,858	)		(2,131	)
Acquisition costs		(644	)		(531	)		(772	)		(777	)
Technical result	$	386		$	582		$	895		$	426
Other income		3			9			13			4
Other operating expenses		(241	)		(170	)		(253	)		(231	)
Underwriting result	$	148		$	421		$	655		$	199
Loss ratio (2)		66.2	%		52.7	%		52.7	%		63.9	%
Acquisition ratio (3)		21.1			22.6			21.9			23.3
Technical ratio (4)		87.3	%		75.3	%		74.6	%		87.2	%
Other operating expense ratio (5)		7.9			7.2			7.2			6.9
Combined ratio (6)		95.2	%		82.5	%		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 nine months ended September 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $74.2 million and $38.5 million, respectively, compared to the nine months ended September 30, 2009.

12

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

U.S. sub-segment

	For the three months ended
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
Net premiums written	$	242		$	170		$	293		$	229		$	279
Net premiums earned	$	247		$	184		$	233		$	291		$	312
Losses and loss expenses		(115	)		(95	)		(150	)		(162	)		(171	)
Acquisition costs		(72	)		(60	)		(61	)		(78	)		(80	)
Technical result	$	60		$	29		$	22		$	51		$	61
Loss ratio (2)		46.5	%		51.4	%		64.5	%		55.7	%		54.9	%
Acquisition ratio (3)		29.0			32.4			26.2			26.7			25.7
Technical ratio (4)		75.5	%		83.8	%		90.7	%		82.4	%		80.6	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		46	%		47	%		44	%		40	%		35	%
Property		24			26			20			11			24
Agriculture		11			(3	)		10			34			21
Motor		10			10			9			11			10
Multiline		2			3			11			1			4
Other		7			17			6			3			6
Total		100	%		100	%		100	%		100	%		100	%

13

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

U.S. sub-segment

	For the nine months ended						For the year ended
	September 30, 2010			September 30, 2009			December 31, 2009			December 31, 2008
Net premiums written	$	704		$	841		$	1,070		$	1,064
Net premiums earned	$	664		$	812		$	1,103		$	1,088
Losses and loss expenses		(360	)		(498	)		(660	)		(812	)
Acquisition costs		(192	)		(206	)		(284	)		(261	)
Technical result	$	112		$	108		$	159		$	15
Loss ratio (2)		54.2	%		61.3	%		59.8	%		74.6	%
Acquisition ratio (3)		28.9			25.4			25.8			24.0
Technical ratio (4)		83.1	%		86.7	%		85.6	%		98.6	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		45	%		40	%		40	%		45	%
Property		23			21			18			15
Agriculture		7			18			22			23
Motor		10			8			9			5
Multiline		6			6			5			6
Other		9			7			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
	September 30, 2010 (A)			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
Net premiums written	$	149		$	142		$	339		$	103		$	124
Net premiums earned	$	177		$	174		$	166		$	190		$	160
Losses and loss expenses		(133	)		(112	)		(193	)		(99	)		(84	)
Acquisition costs		(46	)		(45	)		(39	)		(47	)		(39	)
Technical result	$	(2	)	$	17		$	(66	)	$	44		$	37
Loss ratio (2)		75.0	%		64.4	%		116.1	%		52.3	%		52.2	%
Acquisition ratio (3)		26.1			25.6			23.8			24.7			24.5
Technical ratio (4)		101.1	%		90.0	%		139.9	%		77.0	%		76.7	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		73	%		76	%		69	%		68	%		74	%
Motor		18			16			19			21			20
Casualty		9			8			12			11			6
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 September 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of ($1.7) million and ($6.3) million, respectively, compared to the three months ended September 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 nine months ended						For the year ended
	September 30, 2010 (A)			September 30, 2009			December 31, 2009			December 31, 2008
Net premiums written	$	630		$	541		$	644		$	765
Net premiums earned	$	516		$	478		$	668		$	797
Losses and loss expenses		(437	)		(241	)		(341	)		(454	)
Acquisition costs		(130	)		(119	)		(165	)		(198	)
Technical result	$	(51	)	$	118		$	162		$	145
Loss ratio (2)		84.6	%		50.5	%		51.0	%		56.9	%
Acquisition ratio (3)		25.2			24.8			24.7			24.9
Technical ratio (4)		109.8	%		75.3	%		75.7	%		81.8	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		71	%		70	%		70	%		62	%
Motor		18			20			20			23
Casualty		11			10			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 nine months ended September 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $36.0 million and $20.5 million, respectively, compared to the nine months ended September 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
	September 30, 2010 (A)			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
Net premiums written	$	269		$	285		$	352		$	225		$	283
Net premiums earned	$	288		$	267		$	255		$	263		$	295
Losses and loss expenses		(141	)		(173	)		(185	)		(144	)		(195	)
Acquisition costs		(62	)		(63	)		(51	)		(61	)		(73	)
Technical result	$	85		$	31		$	19		$	58		$	27
Loss ratio (2)		49.1	%		64.9	%		72.5	%		54.6	%		66.1	%
Acquisition ratio (3)		21.5			23.5			19.9			23.4			24.8
Technical ratio (4)		70.6	%		88.4	%		92.4	%		78.0	%		90.9	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		18	%		15	%		12	%		26	%		17	%
Credit/Surety		17			15			18			17			15
Energy		8			9			6			5			9
Engineering		17			16			13			19			26
Marine		17			21			15			15			12
Specialty casualty		6			13			17			7			9
Specialty property		4			7			12			6			6
Other		13			4			7			5			6
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 September 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of ($8.5) million and ($12.0) million, respectively, compared to the three months ended September 30, 2009.

17

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the nine months ended						For the year ended
	September 30, 2010 (A)			September 30, 2009			December 31, 2009			December 31, 2008
Net premiums written	$	906		$	846		$	1,071		$	1,150
Net premiums earned	$	810		$	774		$	1,037		$	1,046
Losses and loss expenses		(499	)		(504	)		(648	)		(721	)
Acquisition costs		(176	)		(183	)		(245	)		(281	)
Technical result	$	135		$	87		$	144		$	44
Loss ratio (2)		61.6	%		65.1	%		62.5	%		69.0	%
Acquisition ratio (3)		21.7			23.7			23.6			26.8
Technical ratio (4)		83.3	%		88.8	%		86.1	%		95.8	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		15	%		14	%		16	%		16	%
Credit/Surety		17			14			15			20
Energy		8			10			9			7
Engineering		15			19			19			19
Marine		18			15			15			13
Specialty casualty		12			13			12			13
Specialty property		10			9			8			8
Other		5			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 nine months ended September 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $20.5 million and $9.2 million, respectively, compared to the nine months ended September 30, 2009.

18

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the three months ended
	September 30, 2010 (A)			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
Net premiums written	$	84		$	125		$	246		$	12		$	47
Net premiums earned	$	174		$	62		$	92		$	115		$	159
Losses and loss expenses		(58	)		19			(124	)		(3	)		(9	)
Acquisition costs		(13	)		(5	)		(7	)		(9	)		(12	)
Technical result	$	103		$	76		$	(39	)	$	103		$	138
Loss ratio (2)		33.5	%		(30.4	)%		134.9	%		3.1	%		5.6	%
Acquisition ratio (3)		7.5			8.1			8.0			7.6			7.4
Technical ratio (4)		41.0	%		(22.3	)%		142.9	%		10.7	%		13.0	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended September 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $0.9 million and ($0.1) million, respectively, compared to the three months ended September 30, 2009.

19

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the nine months ended						For the year ended
	September 30, 2010 (A)			September 30, 2009			December 31, 2009			December 31, 2008
Net premiums written	$	455		$	376		$	388		$	413
Net premiums earned	$	328		$	290		$	405		$	403
Losses and loss expenses		(163	)		2			(1	)		(144	)
Acquisition costs		(25	)		(23	)		(32	)		(37	)
Technical result	$	140		$	269		$	372		$	222
Loss ratio (2)		49.9	%		(0.8	)%		0.3	%		35.8	%
Acquisition ratio (3)		7.7			8.1			8.0			9.2
Technical ratio (4)		57.6	%		7.3	%		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 nine months ended September 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $17.6 million and $8.5 million, respectively, compared to the nine months ended September 30, 2009.

20

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Paris Re sub-segment

													For the
													nine months
	For the three months ended									For the period			ended
	September 30,			June 30,			March 31,			from October 2, 2009			September 30,
	2010			2010			2010			to December 31, 2009			2010
Net premiums written	$	60		$	217		$	377		$	178		$	654
Net premiums earned	$	242		$	244		$	243		$	312		$	730
Losses and loss expenses		(154	)		(175	)		(229	)		(208	)		(559	)
Acquisition costs		(35	)		(46	)		(39	)		(46	)		(121	)
Technical result	$	53		$	23		$	(25	)	$	58		$	50
Loss ratio (2)		63.6	%		71.8	%		94.4	%		66.7	%		76.6	%
Acquisition ratio (3)		14.7			18.9			15.8			14.7			16.5
Technical ratio (4)		78.3	%		90.7	%		110.2	%		81.4	%		93.1	%
Distribution of Net Premiums Written by Major Lines of Business:
Catastrophe		4	%		31	%		30	%		5	%		28	%
Property		25			12			12			17			13
Specialty property		1			10			1			11			4
Agriculture		12			8			6			6			7
Motor		18			7			15			14			12
Marine		10			6			11			11			9
Credit/Surety		7			6			4			15			5
Energy		7			5			2			6			4
Specialty casualty		4			4			14			2			10
Other		12			11			5			13			8
Total		100	%		100	%		100	%		100	%		100	%

21

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the three months ended
	September 30, 2010 (A)			June 30, 2010 (A)			March 31, 2010			December 31, 2009			September 30, 2009
Net premiums written	$	183		$	167		$	183		$	157		$	157
Net premiums earned	$	184		$	173		$	165		$	164		$	160
Life policy benefits		(147	)		(169	)		(132	)		(127	)		(115	)
Acquisition costs		(33	)		(25	)		(23	)		(30	)		(28	)
Technical result	$	4		$	(21	)	$	10		$	7		$	17
Other income		—			1			—			—			—
Other operating expenses		(11	)		(13	)		(14	)		(13	)		(13	)
Underwriting result	$	(7	)	$	(33	)	$	(4	)	$	(6	)	$	4
Net investment income		17			20			16			16			16
Allocated underwriting result (1)	$	10		$	(13	)	$	12		$	10		$	20
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		67	%		79	%		80	%		76	%		79	%
Longevity		30			18			17			20			17
Health		3			3			3			4			4
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 September 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of ($9.9) million and ($10.4) million, respectively, compared to the three months ended September 30, 2009.

22

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the nine months ended						For the year ended
	September 30, 2010 (A)			September 30, 2009			December 31, 2009			December 31, 2008
Net premiums written	$	533		$	433		$	591		$	579
Net premiums earned	$	521		$	423		$	587		$	576
Life policy benefits		(447	)		(313	)		(440	)		(463	)
Acquisition costs		(82	)		(83	)		(113	)		(120	)
Technical result	$	(8	)	$	27		$	34		$	(7	)
Other income		2			2			2			—
Other operating expenses		(38	)		(34	)		(47	)		(43	)
Underwriting result	$	(44	)	$	(5	)	$	(11	)	$	(50	)
Net investment income		54			46			62			67
Allocated underwriting result (1)	$	10		$	41		$	51		$	17
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		75	%		82	%		80	%		86	%
Longevity		22			14			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 nine months ended September 30, 2010, net premiums written and net premiums earned include foreign exchange impacts of $10.8 million and $8.7 million, respectively, compared to the nine months ended September 30, 2009.

23

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the three months ended
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009 (A)			September 30, 2009
Technical result	$	—		$	1		$	—		$	2		$	4
Other income (loss)		1			(1	)		—			2			3
Corporate expenses - acquisition related		(6	)		(2	)		(3	)		(18	)		(8	)
Corporate expenses - voluntary termination plan		1			(34	)		(1	)		—			—
Corporate expenses (1)		(17	)		(26	)		(28	)		(28	)		(17	)
Other operating expenses		(4	)		(3	)		(4	)		(5	)		(3	)
Net investment income		147			154			157			166			129
Net realized and unrealized investment gains		293			46			146			25			330
Interest expense		(12	)		(13	)		(7	)		(7	)		(6	)
Amortization of intangible assets		(10	)		(8	)		(5	)		6			—
Net foreign exchange (losses) gains		(27	)		11			4			4			(1	)
Income tax expense		(72	)		(17	)		(27	)		(52	)		(93	)
Interest in earnings of equity investments		1			1			2			14			2

(1) The Company’s corporate expenses for the three months ended September 30, 2010, June 30, 2010, March 31, 2010 and December 31, 2009 include $Nil, $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 nine months ended						For the year ended
	September 30, 2010			September 30, 2009			December 31, 2009 (A)			December 31, 2008
Technical result	$	2		$	8		$	10		$	1
Other income		—			5			7			6
Corporate expenses - acquisition related		(10	)		—			(36	)		—
Corporate expenses - voluntary termination plan		(34	)		—			—			—
Corporate expenses (1)		(72	)		(70	)		(81	)		(75	)
Other operating expenses		(11	)		(10	)		(14	)		(16	)
Net investment income		458			368			534			506
Net realized and unrealized investment gains (losses)		485			567			591			(531	)
Net realized gain on purchase of capital efficient notes		—			89			89			—
Interest expense		(32	)		(22	)		(28	)		(51	)
Amortization of intangible assets		(23	)		—			6			—
Net foreign exchange (losses) gains		(12	)		(6	)		(1	)		6
Income tax expense		(118	)		(210	)		(262	)		(10	)
Interest in earnings (losses) of equity investments		5			1			16			(5	)

(1) The Company’s corporate expenses for the nine months ended September 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
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009 (A)			September 30, 2009
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty		13	%		8	%		10	%		11	%		12	%
Property		18			16			19			14			18
Motor		6			5			8			8			6
Multiline and other		1			4			2			1			2
Specialty
Agriculture		5			2			4			11			9
Aviation/Space		5			5			3			7			5
Catastrophe		9			17			20			2			5
Credit/Surety		6			6			5			8			6
Energy		3			3			2			3			3
Engineering		5			4			3			5			8
Marine		5			7			5			6			4
Specialty casualty		2			4			6			2			3
Specialty property		3			4			3			4			2
Life		19			15			10			18			17
		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Geography:
North America		39	%		36	%		36	%		39	%		42	%
Europe		38			36			48			41			36
Latin America, Caribbean and Africa		13			12			8			12			15
Asia, Australia and New Zealand		10			16			8			8			7
		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Production Source:
Broker		73	%		76	%		74	%		70	%		73	%
Direct		27			24			26			30			27
		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 nine months ended						For the year ended
	September 30, 2010			September 30, 2009			December 31, 2009 (A)			December 31, 2008
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty		10	%		13	%		12	%		15	%
Property		18			18			17			16
Motor		7			6			6			6
Multiline and other		2			3			2			3
Specialty
Agriculture		4			7			8			7
Aviation/Space		4			4			5			5
Catastrophe		16			12			10			10
Credit/Surety		6			5			6			7
Energy		2			3			3			2
Engineering		4			5			5			5
Marine		6			4			5			4
Specialty casualty		4			4			3			4
Specialty property		3			2			3			2
Life		14			14			15			14
		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Geography:
Europe		42	%		40	%		41	%		46	%
North America		37			42			41			41
Asia, Australia and New Zealand		11			8			8			5
Latin America, Caribbean and Africa		10			10			10			8
		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Production Source:
Broker		74	%		72	%		72	%		71	%
Direct		26			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
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009 (A)			September 30, 2009
Distribution of Gross Premiums Written by Reinsurance Type Non-life sub-segment:
U.S.
Non-Proportional		27	%		31	%		42	%		12	%		26	%
Proportional		73			69			58			88			74
Total		100	%		100	%		100	%		100	%		100	%
Global (Non-U.S.) P&C
Non-Proportional		20	%		11	%		36	%		5	%		22	%
Proportional		80			89			64			95			78
Total		100	%		100	%		100	%		100	%		100	%
Global (Non-U.S.) Specialty
Non-Proportional		12	%		23	%		25	%		9	%		13	%
Proportional		88			77			75			91			87
Total		100	%		100	%		100	%		100	%		100	%
Catastrophe
Non-Proportional		99	%		97	%		99	%		92	%		98	%
Proportional		1			3			1			8			2
Total		100	%		100	%		100	%		100	%		100	%
Paris Re
Non-Proportional		16	%		51	%		71	%		48	%		n/a	%
Proportional		84			49			29			52			n/a
Total		100	%		100	%		100	%		100	%		n/a	%
Non-life total
Non-Proportional		28	%		39	%		53	%		20	%		25	%
Proportional		72			61			47			80			75
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.

28

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the nine months ended						For the year ended
	September 30, 2010			September 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		34	%		33	%		29	%		32	%
Proportional		66			67			71			68
Total		100	%		100	%		100	%		100	%
Global (Non-U.S.) P&C
Non-Proportional		27	%		27	%		24	%		24	%
Proportional		73			73			76			76
Total		100	%		100	%		100	%		100	%
Global (Non-U.S.) Specialty
Non-Proportional		21	%		19	%		17	%		15	%
Proportional		79			81			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		60	%		n/a	%		46	%		n/a	%
Proportional		40			n/a			54			n/a
Total		100	%		n/a	%		100	%		n/a	%
Non-life total
Non-Proportional		43	%		37			33	%		32	%
Proportional		57			63			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)

	September 30, 2010 (1) (B)					June 30, 2010 (1) (B)					March 31, 2010 (1) (B)					December 31, 2009 (1) (A) (B)					September 30, 2009 (1)					December 31, 2008 (1)					December 31, 2007
Investments:
Fixed maturities
U.S. government	$	718		5	%	$	690		4	%	$	709		5	%	$	803		5	%	$	630		5	%	$	836		7	%	$	1,217		11	%
Government Sponsored Entities (GSEs)		352		2			399		3			416		3			453		3			72		1			95		1			328		3
U.S. municipalities		28		—			26		—			26		—			14		—			4		—			—		—			—		—
Non-U.S. sovereign government, supranational and government related		2,980		20			2,641		18			2,918		19			3,059		20			3,039		25			2,824		26			2,821		26
Corporates		6,617		44			6,787		46			6,851		45			6,631		43			4,502		37			3,413		31			2,861		26
Mortgage/asset-backed securities		3,075		20			3,014		20			3,170		21			3,183		21			3,005		24			3,014		28			2,272		21
Total fixed maturities		13,770		91			13,557		91			14,090		93			14,143		92			11,252		92			10,182		93			9,499		87
Short-term investments		89		—			107		1			72		—			137		1			49		—			117		1			97		1
Equities		1,027		7			886		6			879		6			796		5			865		7			513		5			872		8
Trading securities		—		—			—		—			—		—			—		—			—		—			—		—			399		4
Other invested assets		296		2			246		2			188		1			226		2			120		1			74		1			50		—
Total investments	$	15,182		100	%	$	14,796		100	%	$	15,229		100	%	$	15,302		100	%	$	12,286		100	%	$	10,886		100	%	$	10,917		100	%
Cash and cash equivalents	$	1,438				$	1,085				$	1,319				$	738				$	772				$	838				$	655
Total investments and cash		16,620					15,881					16,548					16,040					13,058					11,724					11,572
Maturity distribution:
One year or less	$	1,046		8	%	$	1,262		9	%	$	1,142		8	%	$	869		6	%	$	526		5	%	$	545		5	%	$	730		7	%
More than one year through five years		5,549		40			5,499		40			5,916		42			6,346		45			4,402		39			3,649		35			3,444		36
More than five years through ten years		3,624		26			3,346		25			3,391		24			3,343		23			2,964		26			2,730		27			2,764		29
More than ten years		565		4			543		4			543		4			539		4			404		3			361		4			386		4
Subtotal		10,784		78			10,650		78			10,992		78			11,097		78			8,296		73			7,285		71			7,324		76
Mortgage/asset-backed securities		3,075		22			3,014		22			3,170		22			3,183		22			3,005		27			3,014		29			2,272		24
Total	$	13,859		100	%	$	13,664		100	%	$	14,162		100	%	$	14,280		100	%	$	11,301		100	%	$	10,299		100	%	$	9,596		100	%
Credit quality by market value:
AAA		51	%				50	%				51	%				50	%				51	%				62	%				65	%
AA		9					9					10					10					7					5					7
A		23					24					23					24					26					19					12
BBB		11					11					11					12					12					11					12
Below Investment Grade/Unrated		6					6					5					4					4					3					4
		100	%				100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		3.1	Yrs				3.1	Yrs				3.1	Yrs				3.1	Yrs				3.0	Yrs				3.1	Yrs				3.9	Yrs
Average yield to maturity at market		2.6	%				2.9	%				3.2	%				3.6	%				3.6	%				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)

			September 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	$	1,863,670		28.2	%		11.2	%		1.1	%
Consumer noncyclical		840,830		12.7			5.1			0.2
Government guaranteed corporate debt		622,372		9.4			3.7			0.8
Communications		586,245		8.8			3.5			0.5
Utilities		482,761		7.3			2.9			0.1
Catastrophe bonds		461,790		7.0			2.8			0.3
Industrials		385,639		5.8			2.3			0.1
Energy		368,108		5.6			2.2			0.2
Consumer cyclical		279,138		4.2			1.7			0.2
Insurance		256,418		3.9			1.5			0.3
Materials		169,855		2.6			1.0			0.1
Technology		133,654		2.0			0.8			0.1
Life - Insurance Linked Securities		79,060		1.2			0.5			0.3
Real estate investment trusts		76,811		1.2			0.5			0.1
Diversified		10,286		0.1			0.1			—
Total Corporate bonds	$	6,616,637		100.0	%		39.8	%
Finance sector - Corporate bonds
Banks	$	764,906		11.6	%		4.6	%
Investment banking and brokerage		490,429		7.4			2.9
Financial services		283,535		4.3			1.7
Commercial and consumer finance		248,790		3.8			1.5
Other		76,010		1.1			0.5
Total finance sector - Corporate bonds	$	1,863,670		28.2	%		11.2	%

	AAA			AA			A			BBB			Non- Investment Grade			Total
Credit quality of finance sector - Corporate bonds
Banks	$	62,168		$	247,275		$	399,642		$	50,915		$	4,906		$	764,906
Investment banking and brokerage		15,933			—			466,141			8,355			—			490,429
Financial services		44,090			154,536			66,713			18,196			—			283,535
Commercial and consumer finance		—			—			172,573			74,563			1,654			248,790
Other		2,660			16,958			36,378			14,664			5,350			76,010
Total finance sector - Corporate bonds	$	124,851		$	418,769		$	1,141,447		$	166,693		$	11,910		$	1,863,670
% of total		6.7	%		22.5	%		61.3	%		8.9	%		0.6	%		100.0	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 21.0% 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)

			September 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
Consumer noncyclical	$	192,085		20.6	%		1.2	%		0.1	%
Technology		112,288		12.0			0.7			0.1
Finance		107,662		11.5			0.6			0.1
Communications		107,024		11.5			0.6			0.1
Energy		105,804		11.3			0.6			0.2
Industrials		95,402		10.2			0.6			0.1
Consumer cyclical		78,023		8.4			0.5			0.1
Insurance		49,461		5.3			0.3			0.1
Materials		39,572		4.2			0.2			—
Utilities		33,115		3.5			0.2			—
Real estate investment trusts		11,214		1.2			0.1			—
Diversified		2,322		0.3			—			—
Total equities	$	933,972		100.0	%		5.6	%
Mutual funds and exchange traded funds (ETFs)
Funds and ETFs holding equities		53,111					0.3
Funds holding fixed income securities		40,255					0.3
Total equities	$	1,027,338					6.2	%

Concentration of investment risk

The single largest fund is a S&P 500 SPDR index fund, which accounts for 2.2% 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 16.8% of the Company’s total equities and the single largest issuer accounts for 2.7% 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 September 30, 2010
	GNMA			GSEs			AAA			AA			A			BBB			Non- Investment Grade			Total
U.S. Asset-Backed Securities	$	—		$	4,185		$	170,817		$	4,465		$	58,485		$	26,696		$	282,935		$	547,583
U.S. Collaterized Mortgage Obligations		12,554			34,555			35,785			1			—			1,843			9,244			93,982
U.S. Mortgage Backed Securities (MBS)		330,463			1,696,235			—			—			—			—			—			2,026,698
U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			315			—			18,495			—			554			19,364
U.S. MBS Interest Only		—			7,825			—			—			—			—			—			7,825
Subtotal U.S. mortgage/asset-backed securities	$	343,017		$	1,742,800		$	206,917		$	4,466		$	76,980		$	28,539		$	292,733		$	2,695,452
Non-U.S. Asset-Backed Securities	$	—		$	—		$	96,810		$	5,483		$	—		$	—		$	—		$	102,293
Non-U.S. Collaterized Mortgage Obligations		—			—			250,990			13,364			—			3,958			837			269,149
Non-U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			8,237			—			—			—			—			8,237
Subtotal Non-U.S. mortgage/asset-backed securities	$	—		$	—		$	356,037		$	18,847		$	—		$	3,958		$	837		$	379,679
Total mortgage/asset-backed securities	$	343,017		$	1,742,800		$	562,954		$	23,313		$	76,980		$	32,497		$	293,570		$	3,075,131
Corporate Securities		—			352,090			—			—			—			—			—			352,090
Total	$	343,017		$	2,094,890		$	562,954		$	23,313		$	76,980		$	32,497		$	293,570		$	3,427,221
% of total		10.0	%		61.1	%		16.4	%		0.7	%		2.2	%		1.0	%		8.6	%		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

	September 30, 2010
	Investments		Fair Value of Derivatives			Carrying Value			Net Notional Amount of Derivatives			Total Net Exposures (1)
Private Markets Investments
Principal Finance - Investments	$	142,392	$	—		$	142,392		$	—		$	142,392
Principal Finance - Derivative Exposure Assumed		—		(13,408	)		(13,408	)		200,626			187,218
Insurance-Linked Securities		—		(2,159	)		(2,159	)		118,213			116,054
Strategic Investments		161,628		—			161,628			—			161,628
Total other invested assets - Private Markets Exposure Assumed		304,020		(15,567	)		288,453			318,839			607,292
Other Credit Derivatives - Exposure Assumed		—		497			497			5,000			5,497
Other Credit Derivatives - Protection Purchased		—		(1,741	)		(1,741	)		(134,110	)		(135,851	)
Other (2)		10,698		(1,802	)		8,896
Total other invested assets	$	314,718	$	(18,613	)	$	296,105

(1) The total net exposures originated in Private Markets are $1,620 million. In addition to the net exposures listed above of $607 million, the Company has the following other net exposures originated in Private Markets:

• Principal Finance: $368 million of assets listed under Investments - Fixed Maturities and $5 million listed under Investment - Equities for a total exposure of $703 million.

• Insurance-Linked Securities: $562 million of bonds listed under Investments - Fixed Maturities and Short-term and $63 million of limits on transactions that use reinsurance accounting for a total exposure of $741 million.

• Strategic Investments: $12 million of assets listed under Investments - Fixed Maturities, ($1) million of futures included in Other within Other Invested Assets and $3 million of assets listed under Cash and Other Assets for a total exposure of $176 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)

	September 30, 2010					June 30, 2010					March 31, 2010					December 31, 2009
Investments:
Fixed maturities
U.S. government	$	100		6	%	$	98		6	%	$	110		6	%	$	119		6	%
Government Sponsored Entities (GSEs)		202		11			215		13			221		12			180		10
U.S. municipalities		—		—			—		—			—		—			1		—
Non-U.S. sovereign government, supranational and government related		438		25			440		26			481		27			548		30
Corporates		929		54			864		51			932		51			900		49
Mortgage/asset-backed securities		12		1			13		1			13		1			18		1
Total fixed maturities		1,681		97			1,630		97			1,757		97			1,766		96
Short-term investments		18		1			29		2			23		1			28		2
Other invested assets		31		2			27		1			32		2			39		2
Total investments	$	1,730		100	%	$	1,686		100	%	$	1,812		100	%	$	1,833		100	%
Cash and cash equivalents		46					51					25					146
Total investments and cash	$	1,776				$	1,737				$	1,837				$	1,979
Accrued investment income		26					22					28					25
Other funds held assets/liabilities		117					116					117					121
Total funds held - directly managed	$	1,919				$	1,875				$	1,982				$	2,125
Maturity distribution:
One year or less	$	298		17	%	$	334		20	%	$	366		21	%	$	360		20	%
More than one year through five years		910		54			833		50			899		50			903		50
More than five years through ten years		427		25			422		26			421		24			423		24
More than ten years		52		3			57		3			81		4			90		5
Subtotal		1,687		99			1,646		99			1,767		99			1,776		99
Mortgage/asset-backed securities		12		1			13		1			13		1			18		1
Total	$	1,699		100	%	$	1,659		100	%	$	1,780		100	%	$	1,794		100	%
Credit quality by market value:
AAA		41	%				43	%				42	%				38	%
AA		27					26					27					26
A		27					26					26					29
BBB		4					4					4					5
Below Investment Grade/Unrated		1					1					1					2
		100	%				100	%				100	%				100	%
Expected average duration		3.2	Yrs				3.2	Yrs				3.2	Yrs				3.0	Yrs
Average yield to maturity at market		2.1	%				2.3	%				2.5	%				2.6	%
Average credit quality		AA					AA					AA					AA

35

PartnerRe Ltd.

Distribution of Corporate Bonds

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

			September 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	$	424,431		45.7	%		23.9	%		1.3	%
Consumer noncyclical		131,042		14.1			7.4			0.9
Government guaranteed corporate debt		91,764		9.9			5.2			1.9
Utilities		70,876		7.6			4.0			0.4
Energy		70,609		7.6			4.0			1.2
Communications		47,196		5.1			2.7			0.5
Materials		32,937		3.5			1.8			0.4
Industrials		20,316		2.2			1.1			0.4
Consumer cyclical		20,067		2.2			1.1			0.6
Technology		11,210		1.2			0.6			0.3
Real estate investment trusts		4,557		0.5			0.3			0.3
Insurance		2,368		0.2			0.1			0.1
Diversified		1,673		0.2			0.1			0.1
Total Corporate bonds	$	929,046		100.0	%		52.3	%
Finance sector - Corporate bonds
Banks	$	239,444		25.8	%		13.5	%
Commercial and consumer finance		57,748		6.2			3.2
Investment banking and brokerage		52,862		5.7			3.0
Financial Services		47,575		5.1			2.7
Other		26,802		2.9			1.5
Total finance sector - Corporate bonds	$	424,431		45.7	%		23.9	%

	AAA			AA			A			BBB			Non- Investment Grade			Total
Credit quality of finance sector - Corporate bonds
Banks	$	65,656		$	114,673		$	59,115		$	—		$	—		$	239,444
Commercial and consumer finance		13,727			14,247			24,266			5,508			—			57,748
Investment banking and brokerage		32,520			—			20,342			—			—			52,862
Financial services		9,411			24,873			11,179			—			2,112			47,575
Other		21,325			—			5,477			—			—			26,802
Total finance sector - Corporate bonds	$	142,639		$	153,793		$	120,379		$	5,508		$	2,112		$	424,431
% of total		33.6	%		36.2	%		28.4	%		1.3	%		0.5	%		100.0	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 22.9% of the Company’s total corporate bonds within the Funds Held - Directly Managed Portfolio. The single largest issuer accounts for 5.3% 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
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009 (A)			September 30, 2009
Fixed maturities	$	142,056		$	147,871		$	153,607		$	159,436		$	138,741
Short-term investments, cash and cash equivalents		1,589			1,005			3,589			5,916			2,694
Equities		6,097			5,697			3,559			3,825			3,408
Funds held and other		11,971			15,506			10,782			8,427			8,988
Funds held - directly managed		11,463			14,565			12,151			17,766			n/a
Investment expenses		(8,774	)		(10,190	)		(10,566	)		(13,370	)		(8,481	)
Net investment income (2)	$	164,402		$	174,454		$	173,122		$	182,000		$	145,350
Net realized investment gains on fixed maturities and short-term investments	$	56,290		$	34,622		$	16,082		$	41,693		$	35,224
Net realized investment gains on equities (1)		14,592			10,445			12,756			46,617			11,292
Net realized (losses) gains on other invested assets		(34,738	)		(29,285	)		1,714			(57,675	)		(10,057	)
Change in net unrealized gains (losses) on other invested assets		5,392			(24,784	)		(22,958	)		67,425			(26,906	)
Change in net unrealized investment gains (losses) on fixed maturities subject to the fair value option		134,467			165,665			99,097			(60,750	)		243,234
Change in net unrealized investment gains (losses) on short-term investments subject to the fair value option		324			7			(2,425	)		3,489			(898	)
Change in net unrealized investment gains (losses) on equities subject to the fair value option (1)		79,650			(126,610	)		25,412			(13,147	)		74,384
Net other realized and unrealized investment gains (losses)		10,852			(4,492	)		6,978			(889	)		3,953
Net realized and unrealized investment gains (losses) on funds held - directly managed		26,335			20,478			8,818			(1,700	)		n/a
Net realized and unrealized investment gains	$	293,164		$	46,046		$	145,474		$	25,063		$	330,226

(1) Net realized investment gains 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 gains (losses) 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 September 30, 2010, net investment income includes foreign exchange impacts of ($2.4) million compared to the three months ended September 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 nine months ended						For the year ended
	September 30, 2010			September 30, 2009			December 31, 2009 (A)			December 31, 2008
Fixed maturities	$	443,534		$	399,894		$	559,330		$	514,751
Short-term investments, cash and cash equivalents		6,183			5,883			11,799			18,884
Equities		15,353			10,037			13,861			29,415
Funds held and other		38,259			24,366			32,793			37,261
Funds held - directly managed		38,179			n/a			17,766			n/a
Investment expenses		(29,530	)		(26,109	)		(39,478	)		(27,347	)
Net investment income (3)	$	511,978		$	414,071		$	596,071		$	572,964
Net realized investment gains (losses) on fixed maturities and short-term investments (1)	$	106,994		$	63,556		$	105,249		$	(16,076	)
Net realized investment gains (losses) on equities (2)		37,793			(91,876	)		(45,258	)		(230,481	)
Net realized (losses) gains on other invested assets		(62,310	)		22,249			(35,426	)		358
Change in net unrealized (losses) gains on other invested assets		(42,350	)		(9,228	)		58,196			3,212
Change in net unrealized investment gains (losses) on fixed maturities subject to the fair value option		399,229			381,683			320,934			(150,860	)
Change in net unrealized investment (losses) gains on short-term investments subject to the fair value option		(2,093	)		(1,479	)		2,010			551
Change in net unrealized investment (losses) gains on equities subject to the fair value option (2)		(21,549	)		199,072			185,925			(144,634	)
Net other realized and unrealized investment gains		13,338			2,666			1,777			6,570
Net realized and unrealized investment gains (losses) on funds held - directly managed		55,631			n/a			(1,700	)		n/a
Net realized and unrealized investment gains (losses)	$	484,683		$	566,643		$	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 nine months ended September, 2010, net investment income includes foreign exchange impacts of $5.2 million compared to the nine months ended September 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
	September 30, 2010			June 30, 2010			March 31, 2010			nine months ended September 30, 2010			from October 2, 2009 to December 31, 2009
Fixed maturities	$	11,477		$	12,281		$	11,343		$	35,101		$	10,956
Short-term investments, cash and cash equivalents		84			581			923			1,588			287
Other		666			2,134			223			3,023			6,934
Investment expenses		(764	)		(431	)		(338	)		(1,533	)		(411	)
Net investment income	$	11,463		$	14,565		$	12,151		$	38,179		$	17,766
Net realized investment gains (losses) on fixed maturities and short-term investments	$	1,575		$	(1,357	)	$	(694	)	$	(476	)	$	(2,200	)
Net realized investment gains of equities		78			—			5			83			—
Change in net unrealized investment gains on fixed maturities and short-term investments		24,118			19,988			11,278			55,384			1,920
Change in net unrealized investment gains (losses) on equities		64			—			(99	)		(35	)		(35	)
Net other realized and unrealized investment gains (losses)		500			1,847			(1,672	)		675			(1,385	)
Net realized and unrealized investment gains (losses) on funds held - directly managed	$	26,335		$	20,478		$	8,818		$	55,631		$	(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
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009 (A)			September 30, 2009
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	10,342,589		$	10,930,486		$	10,811,483		$	7,558,318		$	7,396,600
Reinsurance recoverable at beginning of period		(356,883	)		(345,464	)		(336,352	)		(123,960	)		(126,020	)
Net liability at beginning of period		9,985,706			10,585,022			10,475,131			7,434,358			7,270,580
Net liability acquired related to the acquisition of Paris Re		—			—			—			3,176,255			—
Net incurred losses related to:
Current year		738,758			656,861			973,733			737,152			581,607
Prior years		(136,444	)		(120,680	)		(92,830	)		(120,531	)		(122,786	)
		602,314			536,181			880,903			616,621			458,821
Change in reserve agreement (1)		(34,803	)		(35,247	)		9,480			(32,027	)		n/a
Net losses paid		(630,910	)		(761,549	)		(565,229	)		(680,618	)		(426,582	)
Effects of foreign exchange rate changes		431,168			(338,701	)		(215,263	)		(39,458	)		131,539
Net liability at end of period		10,353,475			9,985,706			10,585,022			10,475,131			7,434,358
Reinsurance recoverable at end of period		352,087			356,883			345,464			336,352			123,960
Gross liability at end of period	$	10,705,562		$	10,342,589		$	10,930,486		$	10,811,483		$	7,558,318
Breakdown of gross liability at end of period:
Case reserves	$	4,667,556		$	4,371,226		$	4,616,968		$	4,817,765		$	3,293,042
Additional case reserves		331,446			325,670			241,919			274,360			270,565
Incurred but not reported reserves		5,706,560			5,645,693			6,071,599			5,719,358			3,994,711
Gross liability at end of period	$	10,705,562		$	10,342,589		$	10,930,486		$	10,811,483		$	7,558,318
Breakdown of gross liability at end of period by Non-life sub-segment:
U.S.	$	2,655,837		$	2,717,579		$	2,819,425		$	2,793,947		$	2,754,789
Global (Non-U.S.) P&C		2,268,151			2,053,305			2,241,632			2,230,575			2,290,796
Global (Non-U.S.) Specialty		2,225,650			2,093,607			2,170,448			2,198,621			2,261,162
Catastrophe		329,067			295,056			338,119			230,791			251,571
Paris Re		3,226,857			3,183,042			3,360,862			3,357,549			n/a
Gross liability at end of period	$	10,705,562		$	10,342,589		$	10,930,486		$	10,811,483		$	7,558,318
Unrecognized time value of non-life reserves	$	778,529		$	860,178		$	1,133,396		$	1,190,323		$	853,155
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		104.7	%		142.0	%		64.2	%		110.4	%		93.0	%
Non-life paid losses to net premiums earned ratio		55.8	%		81.8	%		57.1	%		58.0	%		45.9	%

(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 nine months ended						As at and for the year ended
	September 30, 2010			September 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		2,369,352			1,603,616			2,340,768			2,564,174
Prior years		(349,954	)		(365,278	)		(485,809	)		(417,936	)
		2,019,398			1,238,338			1,854,959			2,146,238
Change in reserve agreement (1)		(60,570	)		n/a			(32,027	)		n/a
Net losses paid		(1,957,688	)		(1,363,260	)		(2,043,878	)		(1,580,819	)
Effects of foreign exchange rate changes		(122,796	)		173,829			134,371			(278,925	)
Net liability at end of period		10,353,475			7,434,358			10,475,131			7,385,451
Reinsurance recoverable at end of period		352,087			123,960			336,352			125,215
Gross liability at end of period	$	10,705,562		$	7,558,318		$	10,811,483		$	7,510,666
Breakdown of gross liability at end of period:
Case reserves	$	4,667,556		$	3,293,042		$	4,817,765		$	3,107,780
Additional case reserves		331,446			270,565			274,360			311,408
Incurred but not reported reserves		5,706,560			3,994,711			5,719,358			4,091,478
Gross liability at end of period	$	10,705,562		$	7,558,318		$	10,811,483		$	7,510,666
Breakdown of gross liability at end of period by Non-life sub-segment:
U.S.	$	2,655,837		$	2,754,789		$	2,793,947		$	2,807,091
Global (Non-U.S.) P&C		2,268,151			2,290,796			2,230,575			2,291,856
Global (Non-U.S.) Specialty		2,225,650			2,261,162			2,198,621			2,082,290
Catastrophe		329,067			251,571			230,791			329,429
Paris Re		3,226,857			n/a			3,357,549			n/a
Gross liability at end of period	$	10,705,562		$	7,558,318		$	10,811,483		$	7,510,666
Unrecognized time value of non-life reserves	$	778,529		$	853,155		$	1,190,323		$	732,982
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		96.9	%		110.1	%		110.2	%		73.7	%
Non-life paid losses to net premiums earned ratio		64.2	%		57.8	%		57.9	%		47.2	%

(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

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
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,566,899		$	1,613,662		$	1,615,193		$	1,580,380		$	1,546,779
Reinsurance recoverable at beginning of period		(13,597	)		(15,844	)		(20,465	)		(21,615	)		(22,090	)
Net liability at beginning of period		1,553,302			1,597,818			1,594,728			1,558,765			1,524,689
Net incurred losses related to:
Current year		142,599			139,989			142,561			131,482			129,161
Prior years		3,966			28,461			(11,127	)		(4,831	)		(13,754	)
		146,565			168,450			131,434			126,651			115,407
Net losses paid		(91,329	)		(139,295	)		(56,021	)		(80,316	)		(97,087	)
Effects of foreign exchange rate changes		112,338			(73,671	)		(72,323	)		(10,372	)		15,756
Net liability at end of period		1,720,876			1,553,302			1,597,818			1,594,728			1,558,765
Reinsurance recoverable at end of period		15,054			13,597			15,844			20,465			21,615
Gross liability at end of period	$	1,735,930		$	1,566,899		$	1,613,662		$	1,615,193		$	1,580,380

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 nine months ended						As at and for the year ended
	September 30, 2010			September 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		425,148			324,289			455,770			438,655
Prior years		21,300			(10,602	)		(15,433	)		24,327
		446,448			313,687			440,337			462,982
Net losses paid		(286,645	)		(242,772	)		(323,088	)		(352,438	)
Effects of foreign exchange rate changes		(33,655	)		79,937			69,566			(201,220	)
Net liability at end of period		1,720,876			1,558,765			1,594,728			1,407,913
Reinsurance recoverable at end of period		15,054			21,615			20,465			24,102
Gross liability at end of period	$	1,735,930		$	1,580,380		$	1,615,193		$	1,432,015

43

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

				For the three months ended
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009 (A)			September 30, 2009
Prior year net favorable (adverse) reserve development:
Non-life segment:
U.S.	$	58,262		$	46,937		$	21,869		$	47,758		$	42,662
Global (Non-U.S.) P&C		13,645			17,047			34,267			20,019			46,520
Global (Non-U.S.) Specialty		61,443			38,973			33,708			41,433			18,386
Catastrophe		(13,009	)		7,949			1,531			11,321			15,218
Paris Re		16,103			9,774			1,455			—			n/a
Total Non-life net prior year reserve development	$	136,444		$	120,680		$	92,830		$	120,531		$	122,786
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(8,868	)	$	(113	) $		(5,998	)	$	(6,266	)	$	(11,318	)
Net prior year reserve development due to all other factors (2)		145,312			120,793			98,828			126,797			134,104
Total Non-life net prior year reserve development	$	136,444		$	120,680		$	92,830		$	120,531		$	122,786
Life segment:
Net prior year reserve development due to GMDB (1)	$	(556	)	$	(8,677	)	$	10,191		$	4,021		$	14,267
Net prior year reserve development due to all other factors (2)		(3,410	)		(19,784	)		936			810			(513	)
Total Life net prior year reserve development	$	(3,966	)	$	(28,461	)	$	11,127		$	4,831		$	13,754

	For the nine months ended						For the year ended
	September 30, 2010			September 30, 2009			December 31, 2009 (A)			December 31, 2008
Prior year net favorable (adverse) reserve development:
Non-life segment:
U.S.	$	127,068		$	119,816		$	167,573		$	91,801
Global (Non-U.S.) P&C		64,959			133,678			153,697			166,034
Global (Non-U.S.) Specialty		134,124			73,955			115,389			81,839
Catastrophe		(3,528	)		37,829			49,150			78,262
Paris Re		27,331			n/a			—			n/a
Total Non-life net prior year reserve development	$	349,954		$	365,278		$	485,809		$	417,936
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(14,978	)	$	15,191		$	8,925		$	(7,460	)
Net prior year reserve development due to all other factors (2)		364,932			350,087			476,884			425,396
Total Non-life net prior year reserve development	$	349,954		$	365,278		$	485,809		$	417,936
Life segment:
Net prior year reserve development due to GMDB (1)	$	958		$	12,467		$	16,488		$	(33,099	)
Net prior year reserve development due to all other factors (2)		(22,258	)		(1,865	)		(1,055	)		8,772
Total Life net prior year reserve development	$	(21,300	)	$	10,602		$	15,433		$	(24,327	)

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatilty in certain referenced global equity markets. At September 30, 2010, a 10% increase in the referenced global equity market would have decreased reserves by approximately $4.4 million, while a 10% decrease in the referenced global equity market would have increased reserves by approximately $5.7 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)

	September 30, 2010 (2)			June 30, 2010 (2)			March 31, 2010 (2)			December 31, 2009 (A)(B) (2)			September 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		29.0	%		10.2	%		4.0	%		24.4	%		60.7	%
Less:
Annualized net realized and unrealized investment gains net of tax, on beginning common shareholders’ equity (1)		13.1			1.7			6.2			1.2			29.8
Interest in earnings of equity investments, net of tax, on beginning common shareholders’ equity (1)		0.1			—			0.1			0.9			0.2
Annualized operating return on beginning common shareholders’ equity (1)		15.8	%		8.5	%		(2.3	) %		22.3	%		30.7	%
Net income	$	524,937		$	190,927		$	79,654		$	354,360		$	566,705
Less:
Net realized and unrealized investment gains, net of tax		232,981			29,683			110,592			17,582			274,360
Interest in earnings of equity investments, net of tax		1,468			1,076			2,213			13,098			1,650
Dividends to preferred shareholders		8,631			8,631			8,631			8,631			8,631
Operating earnings (loss) available to common shareholders	$	281,857		$	151,537		$	(41,782	)	$	315,049		$	282,064
Per diluted share:
Net income	$	6.76		$	2.31		$	0.85		$	4.25		$	9.44
Less:
Net realized and unrealized investment gains, net of tax		3.05			0.38			1.33			0.22			4.64
Interest in earnings of equity investments, net of tax		0.02			0.01			0.02			0.16			0.03
Operating earnings (loss) (C)	$	3.69		$	1.92		$	(0.50	)	$	3.87		$	4.77

(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 nine months ended						For the year ended
	September 30, 2010 (2)			September 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		14.4	%		41.9	%		37.5	%		0.3	%
Less:
Annualized net realized and unrealized investment gains (losses), net of tax, on beginning common shareholders’ equity (1)		7.0			17.4			13.3			(11.9	)
Annualized net realized gain on purchase of capital efficient notes, net of tax, on beginning common shareholders’ equity (1)		—			2.0			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)		7.3	%		22.4	%		22.3	%		12.3	%
Net income	$	795,518		$	1,182,494		$	1,536,854		$	46,567
Less:
Net realized and unrealized investment gains (losses), net of tax		373,255			479,449			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		4,757			3,099			16,197			(3,641	)
Dividends to preferred shareholders		25,894			25,894			34,525			34,525
Operating earnings available to common shareholders	$	391,612		$	617,097		$	932,146		$	469,304
Per diluted share:
Net income	$	9.68		$	19.95		$	23.51		$	0.22
Less:
Net realized and unrealized investment gains (losses), net of tax		4.69			8.27			7.78			(8.15	)
Net realized gain on purchase of capital efficient notes, net of tax		—			0.98			0.89			—
Interest in earnings (losses) of equity investments, net of tax		0.06			0.06			0.25			(0.06	)
Operating earnings	$	4.93		$	10.64		$	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)

	September 30, 2010		June 30, 2010		March 31, 2010		December 31, 2009 (A)		September 30, 2009		December 31, 2008			December 31, 2007
Reconciliation of GAAP and non-GAAP measures:
Shareholders’ equity	$	7,582,293	$	7,071,242	$	7,388,511	$	7,645,727	$	5,444,554	$	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		7,062,293		6,551,242		6,868,511		7,125,727		4,924,554		3,679,108			3,801,557
Less:
Net unrealized gains (losses) on fixed income securities and funds held - directly managed, net of tax		576,521		443,373		312,948		234,153		287,261		(35,263	)		71,958
Book value excluding net unrealized gains or losses on fixed income securities and funds held - directly managed, net of tax	$	6,485,772	$	6,107,869	$	6,555,563	$	6,891,574	$	4,637,293	$	3,714,371		$	3,729,599
Divided by:
Number of common and common share equivalents outstanding		75,771.5		76,780.8		81,647.4		84,319.7		59,281.8		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	$	85.60	$	79.55	$	80.29	$	81.73	$	78.22	$	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)

	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009 (A)			September 30, 2009			December 31, 2008			December 31, 2007
Total shareholders’ equity	$	7,582,293		$	7,071,242		$	7,388,511		$	7,645,727		$	5,444,554		$	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	$	7,062,293		$	6,551,242		$	6,868,511		$	7,125,727		$	4,924,554		$	3,679,108		$	3,801,557
Basic common shares outstanding		74,581.4			75,349.9			80,015.4			82,580.7			58,271.5			56,453.3			54,250.5
Basic book value per common share	$	94.69		$	86.94		$	85.84		$	86.29		$	84.51		$	65.17		$	70.07
Diluted book value per common share
Common shareholders’ equity	$	7,062,293		$	6,551,242		$	6,868,511		$	7,125,727		$	4,924,554		$	3,679,108		$	3,801,557
Basic common shares outstanding		74,581.4			75,349.9			80,015.4			82,580.7			58,271.5			56,453.3			54,250.5
Add: Stock options and other		2,977.0			3,022.4			3,255.0			3,331.7			2,350.6			2,365.8			3,018.5
Add: Restricted stock units		977.2			1,215.6			1,096.9			1,189.1			728.4			751.0			680.6
Add: Forward sale contract		—			—			—			—			—			—			115.4
Less: Stock options and other bought back via treasury stock method		(2,764.1	)		(2,807.1	)		(2,719.9	)		(2,781.8	)		(2,068.7	)		(2,036.2	)		(2,128.6	)
Diluted common and common share equivalents outstanding		75,771.5			76,780.8			81,647.4			84,319.7			59,281.8			57,533.9			55,936.4
Diluted book value per common share	$	93.21		$	85.32		$	84.12		$	84.51		$	83.07		$	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 September 30, 2010						As of and for the three months ended September 30, 2009
	Common shareholders’ equity			Diluted book value per common share			Common shareholders’ equity			Diluted book value per common share
Common shareholders’ equity / diluted book value per common share at beginning of period	$	6,551		$	85.32		$	4,248		$	73.85
Technical result		303			3.96			284			4.81
Other operating expenses		(118	)		(1.55	)		(102	)		(1.73	)
Net investment income		164			2.15			145			2.46
Amortization of intangible assets		(10	)		(0.13	)		—			—
Other, net		(36	)		(0.47	)		1			0.02
Operating income tax expense		(12	)		(0.16	)		(37	)		(0.64	)
Preferred dividends		(9	)		(0.11	)		(9	)		(0.15	)
Operating earnings		282			3.69			282			4.77
Net realized and unrealized investment gains, net of tax		233			3.05			274			4.64
Interest in earnings of equity investments, net of tax		1			0.02			2			0.03
Net income available to common shareholders		516			6.76			558			9.44
Common share dividends		(38	)		(0.50	)		(27	)		(0.47	)
Change in currency translation adjustment		108			1.41			40			0.67
(Repurchase) issuance of common shares, net		(74	)		(0.11	)		106			(0.22	)
Change in other accumulated comprehensive income or loss, net of tax		(1	)		(0.02	)		—			(0.01	)
Impact of change in number of common and common share equivalents outstanding		n/a			0.35			n/a			(0.19	)
Common shareholders’ equity / diluted book value per common share at end of period	$	7,062		$	93.21		$	4,925		$	83.07

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 nine months ended September 30, 2010						As of and for the nine months ended September 30, 2009
	Common shareholders’ equity			Diluted book value per common share			Common shareholders’ equity			Diluted book value per common share
Common shareholders’ equity / diluted book value per common share at beginning of period	$	7,126		$	84.51		$	3,679		$	63.95
Technical result		380			4.78			617			10.64
Other operating expenses		(406	)		(5.11	)		(284	)		(4.90	)
Net investment income		512			6.44			414			7.14
Amortization of intangible assets		(23	)		(0.29	)		—			—
Other, net		(39	)		(0.49	)		(11	)		(0.19	)
Operating income tax expense		(6	)		(0.08	)		(93	)		(1.60	)
Preferred dividends		(26	)		(0.32	)		(26	)		(0.45	)
Operating earnings		392			4.93			617			10.64
Net realized and unrealized investment gains, net of tax		373			4.69			479			8.27
Net realized gain on purchase of capital efficient notes, net of tax		—			—			57			0.98
Interest in earnings of equity investments, net of tax		5			0.06			3			0.06
Net income available to common shareholders		770			9.68			1,156			19.95
Common share dividends		(117	)		(1.50	)		(80	)		(1.41	)
Change in currency translation adjustment		(67	)		(0.84	)		48			0.83
(Repurchase) issuance of common shares, net		(643	)		0.41			120			0.07
Change in other accumulated comprehensive income or loss, net of tax		(7	)		(0.08	)		2			0.02
Impact of change in number of common and common share equivalents outstanding		n/a			1.03			n/a			(0.34	)
Common shareholders’ equity / diluted book value per common share at end of period	$	7,062		$	93.21		$	4,925		$	83.07

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)

	For the three months ended												For the nine months ended			For the year ended
	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2010			December 31, 2009
Acquisition related expenses:
Corporate expenses - acquisition related	$	5,654		$	1,798		$	2,468		$	18,029		$	9,920		$	36,521
Corporate expenses - voluntary termination plan		(803	)		33,755			1,409			—			34,361			—
Amortization of intangible assets		10,003			7,833			4,803			(6,133	)		22,639			(6,133	)
Amortization of intangible assets included in acquisition costs (1)		4,789			10,388			18,202			46,410			33,379			46,410
Total acquisition related expenses	$	19,643		$	53,774		$	26,882		$	58,306		$	100,299		$	76,798
Less: Amortization of intangible assets included in acquisition costs		(4,789	)		(10,388	)		(18,202	)		(46,410	)		(33,379	)		(46,410	)
Total acquisition related expenses, excluding those included in acquisition costs	$	14,854		$	43,386		$	8,680		$	11,896		$	66,920		$	30,388
Divided by:
Weighted average number of common and common share equivalents outstanding		76,428.5			78,796.4			83,328.8			81,441.2			79,494.2			63,890.6
Impact of acquisition related expenses on diluted operating loss or earnings per share, pre-tax	$	0.19		$	0.55		$	0.10		$	0.15		$	0.84		$	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 December 31, 2010	$	8,822	$	3,715	$	12,537
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	$	171,744	$	12,158	$	183,902

(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 $191.3 million, $206.0 million, $224.3 million and $247.3 million at September 30, 2010, June 30, 2010, March 31, 2010 and December 31, 2009, respectively, are recorded gross of a deferred tax benefit of $55.5 million, $48.6 million, $56.3 million and $63.1 million, respectively.

(4) Total intangible assets of $191.3 million and $247.3 million at September 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