8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant To Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 31, 2011

PartnerRe Ltd.

(Exact Name of Registrant as Specified in Charter)

Bermuda

(State or Other Jurisdiction of Incorporation)

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

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

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

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

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

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

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

Item 2.02 Results of Operations and Financial Condition

On October 31, 2011, PartnerRe Ltd. issued a press release reporting its 2011 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 October 31, 2011
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 1, 2011	By:	/s/ Amanda E. Sodergren
			Name:	Amanda E. Sodergren
			Title:	Chief Legal Counsel

Index to Exhibits

Exhibit No.	Description
99.1	Press Release of PartnerRe Ltd., dated October 31, 2011
99.2	Financial Supplement

EX-99.1

Exhibit 99.1

News Release

PartnerRe Ltd. Reports Third Quarter and Nine Month 2011 Results

• Third Quarter Operating Earnings per share of $2.41; Net Income per share of $2.43

• Third Quarter Annualized Operating ROE of 10.3%; Annualized Net Income ROE of 10.4%

• Nine Month Operating Loss per share of $7.43; Net Loss per share of $7.88

• Nine Month Annualized Operating ROE of (10.6)%; Annualized Net Income ROE of (11.2)%

• Book Value of $85.26 per share, up 2% for the quarter, and down 9% year-to-date

PEMBROKE, Bermuda, October 31, 2011 — PartnerRe Ltd. (NYSE, Euronext: PRE) today reported net income of $180.1 million, or $2.43 per share on a fully diluted basis for the third quarter of 2011. This net income includes net after-tax realized and unrealized gains on investments of $6.2 million, or $0.09 per share. Net income for the third quarter of 2010 was $524.9 million, or $6.76 per share on a fully diluted basis, including net after-tax realized and unrealized gains on investments of $233.0 million, or $3.05 per share. The Company recorded operating earnings of $164.5 million, or $2.41 per share on a fully diluted basis, for the third quarter of 2011. This compares to operating earnings of $301.6 million, or $3.95 per share, for the third quarter of 2010.

Net loss for the first nine months of 2011 was $502.6 million, or $7.88 per share. This net loss includes net after-tax realized and unrealized losses on investments of $41.3 million, or $0.61 per share. Net income for the first nine months of 2010 was $795.5 million, or $9.68 per share, including net after-tax realized and unrealized gains on investments of $373.3 million, or $4.69 per share. Operating loss for the first nine months of 2011 was $503.9 million, or $7.43 per share on a fully diluted basis. This compares to operating earnings of $393.0 million, or $4.94 per share, for the first nine months of 2010.

Operating earnings or loss excludes net after-tax realized and unrealized investment gains and losses, net after-tax foreign exchange gains and losses, and net after-tax interest in results of equity investments, and is 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 results for the third quarter and first nine months of 2011, PartnerRe President & Chief Executive Officer Costas Miranthis said, “We had respectable third quarter results overall, with a 10.3% annualized operating ROE, which is below our long term ROE goal, but reasonable given the current low interest rate environment.”

Mr. Miranthis added, “The third quarter benefitted from the absence of large catastrophic losses, and also from the fact that reported losses were considerably lower than expectations, resulting in favorable reserve development. Results were negatively impacted, however, by an increase in our provisions for the earthquake events of the first quarter. This increase reflects our revised view of ultimate losses incorporating most recently available information including cedants’ own estimate of loss.”

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

“As we approach the January 1 renewals, we are cautiously optimistic about market trends,” Mr. Miranthis said. “We are beginning to see price increases in many lines, particularly short tail lines, as well as increased demand for reinsurance. Our strong capital base positions us well to take advantage of any opportunities. We will assess such opportunities, as well as other capital management alternatives, with the objective of maximizing the growth of our economic value per share over the medium term.”

Highlights for the third quarter and first nine months of 2011 include:

Results of operations:

• For the third quarter, net premiums written were up 9%, or 2% on a constant foreign exchange basis, to $1.1 billion primarily related to new business and increased treaty participations within the Global (Non-U.S.) Specialty sub-segment, increased agricultural premiums within the North America sub-segment and increased premiums in our Life segment. These increases were partially offset by the effect of the Company’s decisions in prior quarters to cancel and non-renew business in order to reposition its portfolios, and also reflects a continued competitive pricing environment in many markets. For the first nine months of 2011, net premiums written were down 7% to $3.6 billion across all sub-segments, except for the North America sub-segment and Life segment, primarily due to the effect of the cancellations and non-renewals described for the third quarter, while foreign exchange increased net premiums written by 2%.

• For the third quarter, net premiums earned were down 1% to $1.3 billion primarily due to the impact of the cancelled and non-renewed business in the Global (Non-U.S) P&C, Catastrophe and Global (Non-U.S.) Specialty sub-segments, which was partially offset by the favorable impact of foreign exchange and the growth in the North America sub-segment’s agriculture business. For the first nine months of 2011, net premiums earned were down 3% to $3.5 billion primarily for the same reasons described for the third quarter.

• For the third quarter, the Non-life combined ratio was 93.1%. The Non-Life combined ratio included 16.5 points (or $178 million) of net adverse prior quarter loss development, which was primarily related to the Japan earthquake and resulting tsunami (Japan earthquake), the February 2011 New Zealand earthquake (New Zealand earthquake) and other mid-sized loss events that occurred during the first half of 2011, and 16.2 points (or $176 million) of net favorable loss development on prior accident years. For the first nine months of 2011, the Non-life combined ratio was

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

126.7% and included 47.1 points (or $1,346 million) related to the 2011 catastrophic events including the Japan earthquake, the New Zealand earthquake, the April and May 2011 U.S. tornados, the Australian cyclone and flood events and losses related to an aggregate contract covering events in Australia and New Zealand (together “the 2011 catastrophic events”) and included 16.7 points (or $479 million) of net favorable loss development on prior accident years.

• For the first nine months of 2011, our total direct losses related to the 2011 catastrophic events are estimated to be $1,403 million pre-tax, net of reinstatements, reinsurance and commission adjustments, and include $1,346 million in our Non-life segment, $3 million in our Life segment and $54 million in our Corporate and Other segment primarily related to insurance-linked securities.

• For the third quarter, net investment income was flat at $164 million primarily reflecting lower reinvestment rates, which was partially offset by the positive impact of foreign exchange of 3%. For the first nine months of 2011, net investment income was down 7% to $474 million primarily due to lower reinvestment rates.

• For the third quarter, pre-tax net realized and unrealized investment gains were $26 million and primarily related to decreases in risk-free interest rates, partially offset by widening credit spreads and losses from equity securities. For the first nine months of 2011, pre-tax net realized and unrealized investment losses were $8 million primarily due to widening credit spreads and losses from equity securities, which were partially offset by decreases in risk free interest rates.

• For the third quarter, the effective tax rate on operating earnings and non-operating earnings was 6% and 96%, respectively. For the first nine months of 2011, the effective tax rate on operating losses and non-operating losses was (6)% and 522%, respectively.

Balance sheet and capitalization:

• Total investments, cash and funds held – directly managed at September 30, 2011 were flat at $18.2 billion compared to December 31, 2010.

• Net Non-life loss and loss expense reserves were up 7% to $11.0 billion at September 30, 2011 when compared to December 31, 2010, primarily due to the impact of the 2011 catastrophic events.

• Net policy benefits for life and annuity contracts were down 4% to $1.7 billion when compared to December 31, 2010.

• Total capital was $7.5 billion at September 30, 2011, down 6% from $8.0 billion at December 31, 2010. The decrease was primarily due to the comprehensive loss of $515 million for the first nine months of 2011, which was driven by the net loss of $503 million and a decrease of $11 million in the currency translation account, and also reflects the issuance of $374 million 7.25% Series E Cumulative Redeemable Preferred Shares in June 2011, share repurchases and dividends paid in 2011.

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

• Total shareholders’ equity was $6.7 billion at September 30, 2011 compared to $7.2 billion at December 31, 2010. The decrease was primarily driven by the factors described above under total capital.

• Book value per common share at September 30, 2011 was $85.26 on a fully diluted basis compared to $93.77 per diluted share at December 31, 2010.

Segment and sub-segment highlights for the third quarter and first nine months of 2011 include:

Non-life:

• For the third quarter of 2011, all Non-life sub-segments, except for the Global (Non-U.S.) P&C sub-segment, reported an increase in net premiums written compared to the third quarter of 2011 due to new business, increased treaty participations and increased bound premiums in certain lines of business. For the first nine months of 2011, all sub-segments, with the exception of the North America sub-segment, reported a reduction in net premiums written compared to the first nine months of 2010. The reductions in net premiums written primarily related to the effect of the Company’s decision to cancel and non-renew business in prior periods in order to reposition portfolios, including a reduction in the exposure and limits of its catastrophe exposed business, and also reflects a continued competitive pricing environment in many markets.

• For the third quarter, the North America sub-segment’s net premiums written were up 8% primarily due to an increased level of bound agricultural premiums for the 2011 underwriting year compared to the 2010 underwriting year. This sub-segment reported a technical ratio of 82.7%, which included $75 million, or 22.7 points, of net favorable prior year loss development and $10 million, or 2.9 points, of net adverse prior quarter loss development. For the first nine months of 2011, the North America sub-segment’s net premiums written were up 5% primarily due to the same factors describing the third quarter. This sub-segment reported a technical ratio of 90.1%, which included $169 million, or 19.9 points, of net favorable prior year loss development and $51 million, or 6.0 points, of losses related to the 2011 catastrophic events.

• For the third quarter, the Global (Non-U.S.) P&C sub-segment’s net premiums written were down 9%, or 21% on a constant foreign exchange basis, due to the effect of cancellations and non-renewals in prior quarters in all lines of this sub-segment, driven by decreases in pricing and a reduction in catastrophe exposed business. This sub-segment reported a technical ratio of 79.8%, which included $35 million, or 18.1

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

points, of net favorable prior year loss development. For the first nine months of 2011, the Global (Non-U.S.) P&C sub-segment’s net premiums written were down 25%, due to the same reasons describing the third quarter. This sub-segment was less affected by catastrophe losses for the first nine months of 2011 compared to the same period last year and reported a technical ratio of 92.5%, which included $53 million, or 9.4 points, attributable to the 2011 catastrophic events and $90 million, or 15.8 points, of net favorable prior year loss development.

• For the third quarter, the Global (Non-U.S.) Specialty sub-segment’s net premiums written were up 23%, or 15% on a constant foreign exchange basis, primarily due to new business and increased treaty participations, within the specialty property, marine and credit/surety lines of business, which were partially offset by the effects of the repositioning of the Company’s portfolio. This sub-segment’s technical ratio of 91.0% included $30 million, or 8.3 points, of net favorable prior year loss development. For the first nine months of 2011, the Global (Non-U.S.) Specialty sub-segment’s net premiums written were down 9%, due mainly to the Company’s decision to cancel and non-renew business in order to reposition its portfolios and the decrease in specialty casualty renewals written at January 1, 2011. These declines in net premiums written were partially offset by the factors describing the increase in net premiums written during the third quarter of 2011. This sub-segment’s technical ratio of 89.6% included $122 million, or 12.0 points, of net favorable prior year loss development and $31 million, or 3.0 points, of losses related to the 2011 catastrophic events.

• For the third quarter, the Catastrophe sub-segment’s net premiums written were up 2% from $87 million in 2010 to $89 million in 2011. Net premiums written were down 4% on a constant foreign exchange basis and reflect a continuing reduction of certain catastrophe limits and exposures as part of the portfolio rebalancing, which was partially offset by new business written and improved pricing in certain markets. This sub-segment’s technical ratio of 92.4% included net adverse prior quarter loss development of $165 million, or 83.2 points, primarily related to the Japan earthquake and New Zealand earthquake and other mid-sized loss events that occurred during the first half of 2011, and $36 million, or 18.2 points, of net favorable prior year loss development. For the first nine months of 2011, the Catastrophe sub-segment’s net premiums written were down 15% primarily due to the reduction of certain catastrophe limits and exposures described for the third quarter of 2011. This sub-segment reported a technical loss for the first nine months of 2011, which included $1,211 million, or 284.6 points, of losses related to the 2011 catastrophic events and $98 million, or 22.6 points, of net favorable prior year loss development.

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

Life:

• For the third quarter, the Life segment’s net premiums written increased by 6%. Without the favorable effect of foreign exchange, net premiums written would have decreased by 4% primarily due to the restructuring of a longevity treaty from a traditional treaty to a swap basis during the first quarter of 2011. This segment’s technical result was $2 million and reflected net adverse loss development of $5 million. For the first nine months of 2011, the Life segment’s net premiums written increased by 12%. Without the favorable effect of foreign exchange, net premiums written would have increased by 7% due to growth in the longevity and mortality business compared to the same period in 2010. This segment’s technical result was $20 million and reflected net adverse loss development of $4 million.

• The Life allocated underwriting result, which includes the technical result, allocated investment income and operating expenses, was $9 million for the third quarter of 2011 comparable to $10 million in the same period in 2010. The Life allocated underwriting result increased to $32 million for the first nine months of 2011 compared to $10 million in the same period in 2010 which was primarily due to a charge of $20 million recorded in the second quarter of 2010 related to an impaired life annuity treaty.

Corporate and Other:

• For the third quarter, investment and capital markets activities contributed $167 million to pre-tax net income, excluding investment income allocated to the Life segment. Of this amount, $146 million was included in pre-tax operating earnings and an additional $21 million in net realized and unrealized gains on investments and losses from equity investee companies in pre-tax net income. For the first nine months of 2011, investment and capital markets activities contributed income of $403 million to pre-tax net loss, excluding Life investment income. Of this amount, income of $416 million was included in pre-tax operating loss and $13 million in net realized and unrealized losses on investments and losses from equity investee companies in pre-tax net loss.

Separately, as announced by the Company today, the Board of Directors declared a quarterly dividend of $0.60 per common share. The dividend will be payable on December 1, 2011, to common shareholders of record on November 18, 2011, with the stock trading ex-dividend commencing November 16, 2011.

The Company has posted its third quarter 2011 financial supplement on its website www.partnerre.com in the Investor Relations section on the Financial Reports page under Supplementary Financial Data, which includes a reconciliation of GAAP and non-GAAP measures.

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

News Release

The Company will hold a dial-in conference call and question and answer session with investors at 10 a.m. Eastern tomorrow, November 1. Investors and analysts are encouraged to call in 15 minutes prior to the commencement of the call. The conference call can be accessed by dialing (800) 723-6604 or, from outside the United States, by dialing (785) 830-7977. The media are invited to listen to the call live over the Internet on the Investor Relations section of PartnerRe’s web site, www.partnerre.com. To listen to the webcast, please log on to the broadcast at least five minutes prior to the start.

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 foreign exchange gains/losses 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.

The Company uses operating earnings, diluted operating earnings per share and annualized operating return on beginning diluted book value per common and common share equivalents outstanding 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 foreign exchange gains/losses, and the after-tax interest in earnings/losses of equity investments, where the Company does not control the investee companies’ activities. The Company uses technical ratio and technical result as measures of underwriting performance. The technical ratio is defined as the sum of the loss and acquisition ratios. These metrics exclude other operating expenses. The Company also uses combined ratio to measure results for the Non-life segment. The combined ratio is the sum of the technical and other operating expense ratios. The Company uses allocated underwriting result as a measure of underwriting performance for its Life operations. This metric 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. 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. 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

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, mortality, longevity and health, and alternative risk products. For the year ended December 31, 2010, total revenues were $5.9 billion. At September 30, 2011, total assets were $23.6 billion, total capital was $7.5 billion and total shareholders’ equity was $6.7 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 Investor Contact: Robin Sidders Media Contact: Celia Powell	(212) 687-8080 Drew Brown/Briana Kelly

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

PartnerRe Ltd.

Consolidated Statements of Operations and Comprehensive Income (Loss)

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

(Unaudited)

	For the three months ended September 30, 2011			For the three months ended September 30, 2010			For the nine months ended September 30, 2011			For the nine months ended September 30, 2010
Revenues
Gross premiums written	$	1,095,326		$	1,008,464		$	3,735,091		$	4,057,965
Net premiums written	$	1,079,557		$	987,612		$	3,606,444		$	3,884,511
Decrease (increase) in unearned premiums		214,762			325,802			(140,091	)		(312,687	)
Net premiums earned		1,294,319			1,313,414			3,466,353			3,571,824
Net investment income		163,647			164,402			473,608			511,978
Net realized and unrealized investment gains (losses)		26,139			293,164			(7,860	)		484,683
Other income		1,434			3,363			4,843			5,391
Total revenues		1,485,539			1,774,343			3,936,944			4,573,876
Expenses
Losses and loss expenses and life policy benefits		881,626			748,879			3,303,366			2,465,847
Acquisition costs		262,489			261,668			699,589			725,919
Other operating expenses		103,822			118,221			321,813			406,506
Interest expense		12,216			12,297			36,730			32,232
Amortization of intangible assets		9,520			10,003			27,512			22,639
Net foreign exchange (gains) losses		(10,587	)		27,074			(20,020	)		12,426
Total expenses		1,259,086			1,178,142			4,368,990			3,665,569
Income (loss) before taxes and interest in (losses) earnings of equity investments		226,453			596,201			(432,046	)		908,307
Income tax expense		41,803			72,576			65,632			117,892
Interest in (losses) earnings of equity investments		(4,527	)		1,312			(4,970	)		5,103
Net income (loss)	$	180,123		$	524,937		$	(502,648	)	$	795,518
Preferred dividends	$	14,352		$	8,631		$	31,614		$	25,894
Operating earnings (loss) available to common shareholders	$	164,498		$	301,608		$	(503,921	)	$	393,026
Comprehensive income (loss), net of tax	$	126,271		$	631,249		$	(514,571	)	$	722,498
Per share data:
Earnings (loss) per common share:
Basic operating earnings (loss)	$	2.43		$	4.01		$	(7.43	)	$	5.03
Net realized and unrealized investment gains (losses), net of tax		0.09			3.09			(0.61	)		4.78
Net foreign exchange (losses) gains, net of tax		—			(0.26	)		0.24			(0.01	)
Interest in (losses) earnings of equity investments, net of tax		(0.07	)		0.02			(0.08	)		0.06
Basic net income (loss)	$	2.45		$	6.86		$	(7.88	)	$	9.86
Weighted average number of common shares outstanding		67,743,296			75,238,329			67,788,427			78,076,561
Diluted operating earnings (loss)	$	2.41		$	3.95		$	(7.43	)	$	4.94
Net realized and unrealized investment gains (losses), net of tax		0.09			3.05			(0.61	)		4.69
Net foreign exchange (losses) gains, net of tax		—			(0.26	)		0.24			(0.01	)
Interest in (losses) earnings of equity investments, net of tax		(0.07	)		0.02			(0.08	)		0.06
Diluted net income (loss)	$	2.43		$	6.76		$	(7.88	)	$	9.68
Weighted average number of common shares and common share equivalents outstanding		68,181,982			76,428,460			67,788,427			79,494,247
Dividends declared per common share	$	0.60		$	0.50		$	1.75		$	1.50

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, 2011			December 31, 2010
Assets
Investments:
Fixed maturities, trading securities, at fair value	$	14,356,056		$	12,824,389
Short-term investments, trading securities, at fair value		97,661			49,397
Equities, trading securities, at fair value		1,001,148			1,071,676
Other invested assets		334,991			352,405
Total investments		15,789,856			14,297,867
Funds held – directly managed		1,322,761			1,772,118
Cash and cash equivalents, at fair value, which approximates amortized cost		1,073,432			2,111,084
Accrued investment income		198,503			201,928
Reinsurance balances receivable		2,313,538			2,076,884
Reinsurance recoverable on paid and unpaid losses		447,015			382,878
Funds held by reinsured companies		814,950			937,032
Deferred acquisition costs		602,275			595,557
Deposit assets		235,470			256,702
Net tax assets		38,532			14,960
Goodwill		455,533			455,533
Intangible assets		142,760			178,715
Other assets		184,488			83,113
Total assets	$	23,619,113		$	23,364,371
Liabilities
Unpaid losses and loss expenses	$	11,352,599		$	10,666,604
Policy benefits for life and annuity contracts		1,678,201			1,750,410
Unearned premiums		1,787,351			1,599,139
Other reinsurance balances payable		493,926			491,194
Deposit liabilities		244,775			268,239
Net tax liabilities		339,031			316,325
Accounts payable, accrued expenses and other		194,558			244,552
Debt related to senior notes		750,000			750,000
Debt related to capital efficient notes		70,989			70,989
Total liabilities		16,911,430			16,157,452
Shareholders’ Equity
Common shares (par value $1.00; issued: 2011, 84,580,948 shares; 2010, 84,033,089 shares)		84,581			84,033
Preferred shares (par value $1.00; issued and outstanding: 2011, 35,750,000 shares; 2010, 20,800,000 shares; aggregate liquidation value: 2011, $893,750; 2010, $520,000)		35,750			20,800
Additional paid-in capital		3,796,410			3,419,864
Accumulated other comprehensive (loss) income:
Currency translation adjustment		5,227			16,101
Other accumulated comprehensive loss		(13,094	)		(12,045	)
Retained earnings		4,108,524			4,761,178
Common shares held in treasury, at cost (2011, 16,831,534 shares; 2010, 14,046,895 shares)		(1,309,715	)		(1,083,012	)
Total shareholders’ equity		6,707,683			7,206,919
Total liabilities and shareholders’ equity	$	23,619,113		$	23,364,371
Shareholders’ Equity Per Common Share (excluding preferred shares: 2011, $893,750; 2010, $520,000)	$	85.82		$	95.55
Diluted Book Value Per Common Share and Common Share Equivalents Outstanding (assuming exercise of all share-based awards)	$	85.26		$	93.77
Number of Common Share and Common Share Equivalents Outstanding		68,188,100			71,312,305

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

For the three months ended September 30, 2011
	North America			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	$	288		$	144		$	368		$	95		$	895		$	194		$	6		$	1,095
Net premiums written	$	287		$	144		$	360		$	89		$	880		$	194		$	6		$	1,080
Decrease in unearned premiums		42			49			2			110			203			9			2			214
Net premiums earned	$	329		$	193		$	362		$	199		$	1,083		$	203		$	8		$	1,294
Losses and loss expenses and life policy benefits		(192	)		(102	)		(247	)		(169	)		(710	)		(168	)		(4	)		(882	)
Acquisition costs		(80	)		(52	)		(82	)		(15	)		(229	)		(33	)		—			(262	)
Technical result	$	57		$	39		$	33		$	15		$	144		$	2		$	4		$	150
Other income														1			—			—			1
Other operating expenses														(69	)		(12	)		(23	)		(104	)
Underwriting result													$	76		$	(10	)		n/a		$	47
Net investment income																	19			145			164
Allocated underwriting result (1)																$	9			n/a			n/a
Net realized and unrealized investment gains																				26			26
Interest expense																				(12	)		(12	)
Amortization of intangible assets																				(9	)		(9	)
Net foreign exchange gains																				11			11
Income tax expense																				(42	)		(42	)
Interest in losses of equity investments																				(5	)		(5	)
Net income																				n/a		$	180
Loss ratio (2)		58.4	%		52.9	%		68.3	%		85.0	%		65.6	%
Acquisition ratio (3)		24.3			26.9			22.7			7.4			21.1
Technical ratio (4)		82.7	%		79.8	%		91.0	%		92.4	%		86.7	%
Other operating expense ratio (5)														6.4
Combined ratio (6)														93.1	%

For the three months ended September 30, 2010
	North America			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	$	267		$	158		$	303		$	96		$	824		$	183		$	1		$	1,008
Net premiums written	$	267		$	158		$	292		$	87		$	804		$	183		$	1		$	988
Decrease in unearned premiums		21			67			72			164			324			1			—			325
Net premiums earned	$	288		$	225		$	364		$	251		$	1,128		$	184		$	1		$	1,313
Losses and loss expenses and life policy benefits		(137	)		(174	)		(199	)		(91	)		(601	)		(147	)		(1	)		(749	)
Acquisition costs		(80	)		(56	)		(74	)		(18	)		(228	)		(33	)		—			(261	)
Technical result	$	71		$	(5	)	$	91		$	142		$	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)		47.5	%		77.1	%		54.8	%		36.4	%		53.3	%
Acquisition ratio (3)		27.8			25.2			20.2			7.2			20.2
Technical ratio (4)		75.3	%		102.3	%		75.0	%		43.6	%		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.

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

For the nine months ended September 30, 2011
	North America			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	$	868		$	585		$	1,092		$	581		$	3,126		$	597		$	12		$	3,735
Net premiums written	$	868		$	581		$	1,007		$	542		$	2,998		$	596		$	12		$	3,606
(Increase) decrease in unearned premiums		(18	)		(14	)		14			(110	)		(128	)		(8	)		(4	)		(140	)
Net premiums earned	$	850		$	567		$	1,021		$	432		$	2,870		$	588		$	8		$	3,466
Losses and loss expenses and life policy benefits		(556	)		(379	)		(675	)		(1,209	)		(2,819	)		(479	)		(5	)		(3,303	)
Acquisition costs		(210	)		(145	)		(240	)		(16	)		(611	)		(89	)		—			(700	)
Technical result	$	84		$	43		$	106		$	(793	)	$	(560	)	$	20		$	3		$	(537	)
Other income														4			—			1			5
Other operating expenses														(206	)		(38	)		(78	)		(322	)
Underwriting result													$	(762	)	$	(18	)		n/a		$	(854	)
Net investment income																	50			424			474
Allocated underwriting result (1)																$	32			n/a			n/a
Net realized and unrealized investment losses																				(8	)		(8	)
Interest expense																				(37	)		(37	)
Amortization of intangible assets																				(27	)		(27	)
Net foreign exchange gains																				20			20
Income tax expense																				(66	)		(66	)
Interest in losses of equity investments																				(5	)		(5	)
Net loss																				n/a		$	(503	)
Loss ratio (2)		65.5	%		66.8	%		66.1	%		279.9	%		98.2	%
Acquisition ratio (3)		24.6			25.7			23.5			3.5			21.3
Technical ratio (4)		90.1	%		92.5	%		89.6	%		283.4	%		119.5	%
Other operating expense ratio (5)														7.2
Combined ratio (6)														126.7	%

For the nine months ended September 30, 2010
	North America			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	$	831		$	792		$	1,183		$	711		$	3,517		$	537		$	4		$	4,058
Net premiums written	$	830		$	780		$	1,103		$	636		$	3,349		$	533		$	3		$	3,885
Increase in unearned premiums		(51	)		(94	)		(27	)		(129	)		(301	)		(12	)		—			(313	)
Net premiums earned	$	779		$	686		$	1,076		$	507		$	3,048		$	521		$	3		$	3,572
Losses and loss expenses and life policy benefits		(432	)		(561	)		(794	)		(231	)		(2,018	)		(447	)		(1	)		(2,466	)
Acquisition costs		(218	)		(170	)		(219	)		(37	)		(644	)		(82	)		—			(726	)
Technical result	$	129		$	(45	)	$	63		$	239		$	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)		55.5	%		81.8	%		73.7	%		45.6	%		66.2	%
Acquisition ratio (3)		27.9			24.8			20.4			7.2			21.1
Technical ratio (4)		83.4	%		106.6	%		94.1	%		52.8	%		87.3	%
Other operating expense ratio (5)														7.9
Combined ratio (6)														95.2	%

EX-99.2

Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as of September 30, 2011

(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, 2011

Table of Contents

	Page
Regulation G and Basis of Presentation
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 (Loss)		6
Segment Information
For the three months ended September 30, 2011 and 2010		7-8
For the nine months ended September 30, 2011 and 2010		9-10
Non-life segment		11-12
North America sub-segment		13-14
Global (Non-U.S.) P&C sub-segment		15-16
Global (Non-U.S.) Specialty sub-segment		17-18
Catastrophe sub-segment		19-20
Life segment		21-22
Corporate and Other		23-24
Distribution of Premiums
Distribution of Premiums by line of business, geography and production source		25-26
Distribution of Premiums by reinsurance type		27-28
Investments
Investment Portfolio		29
Distribution of Corporate Bonds		30
Distribution of Equities		31
Distribution of Mortgage/Asset-Backed Securities		32
Other Invested Assets including Private Markets and Derivative Exposures		33
Funds Held - Directly Managed Portfolio		34
Distribution of Corporate Bonds - Funds Held - Directly Managed Portfolio		35
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses)		36-37
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses) on Funds Held - Directly Managed Portfolio		38-39
Loss Reserves
Analysis of Unpaid Losses and Loss Expenses		40-41
Analysis of Policy Benefits for Life and Annuity Contracts		42-43
Reserve Development		44-45
Reconciliation of GAAP and non-GAAP measures		46-49
Diluted Book Value per Common Share - Treasury Stock Method		50
Diluted Book Value per Common Share - Rollforward		51-53
Paris Re Acquisition Related Expenses		54-55

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 Diluted Book Value per Common Share and Common Share Equivalents Outstanding (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, net foreign exchange gains and losses, 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 shares and common share equivalents outstanding. The Company calculates Annualized Operating ROE using annualized Diluted Operating Earnings (Loss) per Common Share for the period divided by the Diluted Book Value per common share and common share equivalents outstanding 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 Share and Common Share Equivalents Outstanding (Diluted Book Value per Common Share) 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 shares 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.

Basis of Presentation

Effective January 1, 2011, the Company redefined its Operating Earnings (Loss), Diluted Operating Earnings (Loss) per Common Share and Annualized Operating ROE calculations. Following the redefinition, Operating Earnings (Loss) exclude the impact of net foreign exchange gains and losses, net of tax, in addition to 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, and are calculated after preferred dividends. In addition, following the redefinition, Annualized Operating ROE is calculated on a diluted per share basis. All periods presented have been recast to reflect the Company’s redefined non-GAAP measures. See page 48 for a reconciliation of the previously published non-GAAP measures to the redefined non-GAAP measures.

The Company’s Non-life sub-segment information has been recast for all periods presented to reflect the redefined financial reporting segments, as announced by the Company on January 11, 2011. The new presentation continues to include three segments: Non-life, Life, and Corporate and Other. The Non-life segment now has four sub-segments: North America, Global (Non-U.S.) P&C, Global (Non-U.S.) Specialty, and Catastrophe. The Life segment remains unchanged. Paris Re is no longer presented as a separate Non-life sub-segment and its historical results have been recast into the Company’s other Non-life sub-segments. In addition, management responsibilities for certain lines of business and certain other treaties have been redefined, and accordingly, the historical Non-life sub-segment results have been recast to reflect these changes.

The Company’s financial position and its results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

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, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Revenues
Gross premiums written	$	1,095,326		$	1,082,205		$	1,557,561		$	827,301		$	1,008,464
Net premiums written	$	1,079,557		$	1,056,467		$	1,470,419		$	820,605		$	987,612
Decrease (increase) in unearned premiums		214,762			50,978			(405,830	)		384,041			325,802
Net premiums earned		1,294,319			1,107,445			1,064,589			1,204,646			1,313,414
Net investment income		163,647			158,328			151,633			160,804			164,402
Net realized and unrealized investment gains (losses)		26,139			78,199			(112,199	)		(83,201	)		293,164
Other income		1,434			1,596			1,813			5,079			3,363
Total revenues		1,485,539			1,345,568			1,105,836			1,287,328			1,774,343
Expenses
Losses and loss expenses and life policy benefits		881,626			814,523			1,607,217			817,772			748,879
Acquisition costs		262,489			229,251			207,849			246,617			261,668
Other operating expenses		103,822			113,694			104,297			133,245			118,221
Interest expense		12,216			12,214			12,300			12,181			12,297
Amortization of intangible assets		9,520			9,165			8,827			8,821			10,003
Net foreign exchange (gains) losses		(10,587	)		(8,737	)		(695	)		8,260			27,074
Total expenses		1,259,086			1,170,110			1,939,795			1,226,896			1,178,142
Income (loss) before taxes and interest in (losses) earnings of equity investments		226,453			175,458			(833,959	)		60,432			596,201
Income tax expense (benefit)		41,803			50,085			(26,258	)		10,892			72,576
Interest in (losses) earnings of equity investments		(4,527	)		(1,188	)		745			7,495			1,312
Net income (loss)	$	180,123		$	124,185		$	(806,956	)	$	57,035		$	524,937
Preferred dividends	$	14,352		$	8,631		$	8,631		$	8,631		$	8,631
Operating earnings (loss) available to common shareholders	$	164,498		$	67,153		$	(735,572	)	$	98,782		$	301,608
Comprehensive income (loss), net of tax	$	126,271		$	128,568		$	(769,410	)	$	49,184		$	631,249
Per Share Data:
Earnings (loss) per common share:
Basic operating earnings (loss)	$	2.43		$	0.99		$	(10.82	)	$	1.35		$	4.01
Net realized and unrealized investment gains (losses), net of tax		0.09			0.61			(1.30	)		(0.98	)		3.09
Net foreign exchange (losses) gains, net of tax		—			0.13			0.11			0.19			(0.26	)
Interest in (losses) earnings of equity investments, net of tax		(0.07	)		(0.02	)		0.02			0.10			0.02
Basic net income (loss)	$	2.45		$	1.71		$	(11.99	)	$	0.66		$	6.86
Weighted average number of common shares outstanding		67,743.3			67,628.1			67,997.4			73,168.6			75,238.3
Diluted operating earnings (loss) (1)	$	2.41		$	0.98		$	(10.82	)	$	1.33		$	3.95
Net realized and unrealized investment gains (losses), net of tax		0.09			0.60			(1.30	)		(0.96	)		3.05
Net foreign exchange (losses) gains, net of tax		—			0.13			0.11			0.19			(0.26	)
Interest in (losses) earnings of equity investments, net of tax		(0.07	)		(0.02	)		0.02			0.09			0.02
Diluted net income (loss)	$	2.43		$	1.69		$	(11.99	)	$	0.65		$	6.76
Weighted average number of common shares and common share equivalents outstanding		68,182.0			68,442.3			67,997.4			74,494.7			76,428.5
Dividends declared per common share	$	0.60		$	0.60		$	0.55		$	0.55		$	0.50

(1) See page 54 for further analysis of Paris Re acquisition related expenses.

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, 2011			September 30, 2010			December 31, 2010		December 31, 2009
Revenues
Gross premiums written	$	3,735,091		$	4,057,965		$	4,885,266	$	4,000,888
Net premiums written	$	3,606,444		$	3,884,511		$	4,705,116	$	3,948,704
(Increase) decrease in unearned premiums		(140,091	)		(312,687	)		71,355		171,121
Net premiums earned		3,466,353			3,571,824			4,776,471		4,119,825
Net investment income		473,608			511,978			672,782		596,071
Net realized and unrealized investment (losses) gains		(7,860	)		484,683			401,482		591,707
Net realized gain on purchase of capital efficient notes		—			—			—		88,427
Other income		4,843			5,391			10,470		22,312
Total revenues		3,936,944			4,573,876			5,861,205		5,418,342
Expenses
Losses and loss expenses and life policy benefits		3,303,366			2,465,847			3,283,618		2,295,296
Acquisition costs		699,589			725,919			972,537		885,214
Other operating expenses		321,813			406,506			539,751		430,808
Interest expense		36,730			32,232			44,413		28,301
Amortization of intangible assets		27,512			22,639			31,461		(6,133	)
Net foreign exchange (gains) losses		(20,020	)		12,426			20,686		1,464
Total expenses		4,368,990			3,665,569			4,892,466		3,634,950
(Loss) income before taxes and interest in (losses) earnings of equity investments		(432,046	)		908,307			968,739		1,783,392
Income tax expense		65,632			117,892			128,784		262,090
Interest in (losses) earnings of equity investments		(4,970	)		5,103			12,597		15,552
Net (loss) income	$	(502,648	)	$	795,518		$	852,552	$	1,536,854
Preferred dividends	$	31,614		$	25,894		$	34,525	$	34,525
Operating (loss) earnings available to common shareholders	$	(503,921	)	$	393,026		$	491,807	$	930,704
Comprehensive (loss) income, net of tax	$	(514,571	)	$	722,498		$	771,681	$	1,598,973
Per Share Data:
(Loss) earnings per common share:
Basic operating (loss) earnings	$	(7.43	)	$	5.03		$	6.40	$	14.82
Net realized and unrealized investment (losses) gains, net of tax		(0.61	)		4.78			3.92		7.92
Net realized gain on purchase of capital efficient notes, net of tax		—			—			—		0.91
Net foreign exchange gains (losses), net of tax		0.24			(0.01	)		0.17		0.02
Interest in (losses) earnings of equity investments, net of tax		(0.08	)		0.06			0.16		0.26
Basic net (loss) income	$	(7.88	)	$	9.86		$	10.65	$	23.93
Weighted average number of common shares outstanding		67,788.4			78,076.6			76,839.5		62,786.2
Diluted operating (loss) earnings (1)	$	(7.43	)	$	4.94		$	6.29	$	14.57
Net realized and unrealized investment (losses) gains, net of tax		(0.61	)		4.69			3.86		7.78
Net realized gain on purchase of capital efficient notes, net of tax		—			—			—		0.89
Net foreign exchange gains (losses), net of tax		0.24			(0.01	)		0.16		0.02
Interest in (losses) earnings of equity investments, net of tax		(0.08	)		0.06			0.15		0.25
Diluted net (loss) income	$	(7.88	)	$	9.68		$	10.46	$	23.51
Weighted average number of common shares and common share equivalents outstanding		67,788.4			79,494.2			78,234.3		63,890.6
Dividends declared per common share	$	1.75		$	1.50		$	2.05	$	1.88

(1) See page 55 for further analysis of Paris Re acquisition related expenses.

2

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	September 30, 2011				June 30, 2011				March 31, 2011				December 31, 2010				September 30, 2010				December 31, 2009
Assets
Total investments	$	15,789,856			$	15,955,923			$	14,684,553			$	14,297,867			$	15,182,110			$	15,301,510
Funds held - directly managed		1,322,761				1,379,513				1,514,453				1,772,118				1,919,325				2,124,826
Cash and cash equivalents		1,073,432				1,606,842				2,009,737				2,111,084				1,437,722				738,309
Accrued investment income		198,503				181,806				187,718				201,928				201,400				218,739
Reinsurance balances receivable		2,313,538				2,517,586				2,515,845				2,076,884				2,494,034				2,249,181
Funds held by reinsured companies		814,950				846,466				848,182				937,032				918,832				938,039
Deferred acquisition costs		602,275				661,564				671,417				595,557				664,058				614,857
Goodwill		455,533				455,533				455,533				455,533				455,533				455,533
Intangible assets		142,760				154,194				166,187				178,715				191,252				247,269
Other assets		905,505				840,495				849,150				737,653				807,557				844,281
Total assets	$	23,619,113			$	24,599,922			$	23,902,775			$	23,364,371			$	24,271,823			$	23,732,544
Liabilities
Unpaid losses and loss expenses	$	11,352,599			$	12,016,271			$	11,887,316			$	10,666,604			$	10,705,562			$	10,811,483
Policy benefits for life and annuity contracts		1,678,201				1,726,180				1,670,768				1,750,410				1,735,930				1,615,193
Unearned premiums		1,787,351				2,067,996				2,102,053				1,599,139				2,019,892				1,706,816
Other reinsurance balances payable		493,926				554,386				505,198				491,194				528,014				426,091
Debt obligations		820,989				820,989				820,989				820,989				820,989				520,989
Other liabilities		778,364				782,056				741,618				829,116				879,143				1,006,245
Total liabilities		16,911,430				17,967,878				17,727,942				16,157,452				16,689,530				16,086,817
Total shareholders’ equity		6,707,683				6,632,044				6,174,833				7,206,919				7,582,293				7,645,727
Total liabilities and shareholders’ equity	$	23,619,113			$	24,599,922			$	23,902,775			$	23,364,371			$	24,271,823			$	23,732,544
Shareholders’ Equity Per Common Share (excluding preferred shares)	$	85.82			$	84.71			$	83.85			$	95.55			$	94.69			$	86.29
Diluted Book Value Per Common Share and Common Share Equivalents Outstanding (assuming exercise of all share-based awards)	$	85.26			$	83.71			$	82.50			$	93.77			$	93.21			$	84.51
Number of Common Shares and Common Share Equivalents Outstanding		68,188.1				68,552.0				68,542.4				71,312.3				75,771.5				84,319.7
Capital Structure:
Senior notes (1)	$	750,000	10	%	$	750,000	10	%	$	750,000	11	%	$	750,000	9	%	$	750,000	9	%	$	250,000	3	%
Capital efficient notes (2)		63,384	1			63,384	1			63,384	1			63,384	1			63,384	1			63,384	1
Preferred shares, aggregate liquidation		893,750	12			893,750	12			520,000	7			520,000	7			520,000	6			520,000	7
Common shareholders’ equity		5,813,933	77			5,738,294	77			5,654,833	81			6,686,919	83			7,062,293	84			7,125,727	89
Total Capital	$	7,521,067	100	%	$	7,445,428	100	%	$	6,988,217	100	%	$	8,020,303	100	%	$	8,395,677	100	%	$	7,959,111	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 on its Condensed Consolidated Balance Sheets.

3

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the three months ended
	September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Net cash (used in) provided by operating activities:
Underwriting operations (1)	$	(314	)	$	84		$	340		$	156		$	230
Investment income		167			186			189			176			179
Taxes and foreign exchange		(12	)		(14	)		(43	)		(17	)		(58	)
Net cash (used in) provided by operating activities	$	(159	)	$	256		$	486		$	315		$	351
Net cash (used in) provided by operating activities	$	(159	)	$	256		$	486		$	315		$	351
Net cash (used in) provided by investing activities		(292	)		(987	)		(320	)		775			294
Net cash (used in) provided by financing activities		(55	)		322			(286	)		(412	)		(326	)
Effect of foreign exchange rate changes on cash		(28	)		6			19			(5	)		34
(Decrease) increase in cash and cash equivalents		(534	)		(403	)		(101	)		673			353
Cash and cash equivalents - beginning of period		1,607			2,010			2,111			1,438			1,085
Cash and cash equivalents - end of period	$	1,073		$	1,607		$	2,010		$	2,111		$	1,438

(1) For the three months ended March 31, 2011, net cash provided by underwriting operations includes approximately $265 million of cash related to the release of assets from the Funds Held - Directly Managed Portfolio.

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, 2011			September 30, 2010			December 31, 2010			December 31, 2009
Net cash provided by operating activities:
Underwriting operations (3)	$	111		$	494		$	650		$	550
Investment income		542			586			762			603
Taxes and foreign exchange		(69	)		(168	)		(185	)		(54	)
Net cash provided by operating activities	$	584		$	912		$	1,227		$	1,099
Net cash provided by operating activities	$	584		$	912		$	1,227		$	1,099
Net cash (used in) provided by investing activities (1)		(1,599	)		326			1,102			(447	)
Net cash (used in) financing activities (2)		(19	)		(510	)		(922	)		(765	)
Effect of foreign exchange rate changes on cash		(4	)		(28	)		(34	)		13
(Decrease) increase in cash and cash equivalents		(1,038	)		700			1,373			(100	)
Cash and cash equivalents - beginning of period		2,111			738			738			838
Cash and cash equivalents - end of period	$	1,073		$	1,438		$	2,111		$	738

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

(3) For the nine months ended September 30, 2011, net cash provided by underwriting operations includes approximately $265 million of cash related to the release of assets from the Funds Held-Directly Managed Portfolio.

5

PartnerRe Ltd.

Consolidated Statements of Comprehensive Income (Loss)

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Net income (loss)	$	180,123		$	124,185		$	(806,956	)	$	57,035		$	524,937
Change in currency translation adjustment		(54,958	)		6,303			37,781			(236	)		107,572
Change in net unrealized gains or losses on investments, net of tax		(244	)		(249	)		(252	)		(266	)		(256	)
Change in unfunded pension obligation, net of tax		1,350			(1,671	)		17			(7,349	)		(1,004	)
Comprehensive income (loss)	$	126,271		$	128,568		$	(769,410	)	$	49,184		$	631,249

	For the nine months ended						For the year ended
	September 30, 2011			September 30, 2010			December 31, 2010			December 31, 2009
Net (loss) income	$	(502,648	)	$	795,518		$	852,552		$	1,536,854
Change in currency translation adjustment		(10,874	)		(66,506	)		(66,742	)		47,955
Change in net unrealized gains or losses on investments, net of tax		(745	)		(4,642	)		(4,908	)		8,079
Change in unfunded pension obligation, net of tax		(304	)		(1,872	)		(9,221	)		6,085
Comprehensive (loss) income	$	(514,571	)	$	722,498		$	771,681		$	1,598,973

6

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the three months ended September 30, 2011
	North America			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	$	288		$	144		$	368		$	95		$	895		$	194		$	6		$	1,095
Net premiums written	$	287		$	144		$	360		$	89		$	880		$	194		$	6		$	1,080
Decrease in unearned premiums		42			49			2			110			203			9			2			214
Net premiums earned	$	329		$	193		$	362		$	199		$	1,083		$	203		$	8		$	1,294
Losses and loss expenses and life policy benefits		(192	)		(102	)		(247	)		(169	)		(710	)		(168	)		(4	)		(882	)
Acquisition costs		(80	)		(52	)		(82	)		(15	)		(229	)		(33	)		—			(262	)
Technical result	$	57		$	39		$	33		$	15		$	144		$	2		$	4		$	150
Other income														1			—			—			1
Other operating expenses														(69	)		(12	)		(23	)		(104	)
Underwriting result													$	76		$	(10	)		n/a		$	47
Net investment income																	19			145			164
Allocated underwriting result (1)																$	9			n/a			n/a
Net realized and unrealized investment gains																				26			26
Interest expense																				(12	)		(12	)
Amortization of intangible assets																				(9	)		(9	)
Net foreign exchange gains																				11			11
Income tax expense																				(42	)		(42	)
Interest in losses of equity investments																				(5	)		(5	)
Net income																				n/a		$	180
Loss ratio (2)		58.4	%		52.9	%		68.3	%		85.0	%		65.6	%
Acquisition ratio (3)		24.3			26.9			22.7			7.4			21.1
Technical ratio (4)		82.7	%		79.8	%		91.0	%		92.4	%		86.7	%
Other operating expense ratio (5)														6.4
Combined ratio (6)														93.1	%

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

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

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

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

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

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

7

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the three months ended September 30, 2010
	North America			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	$	267		$	158		$	303		$	96		$	824		$	183		$	1		$	1,008
Net premiums written	$	267		$	158		$	292		$	87		$	804		$	183		$	1		$	988
Decrease in unearned premiums		21			67			72			164			324			1			—			325
Net premiums earned	$	288		$	225		$	364		$	251		$	1,128		$	184		$	1		$	1,313
Losses and loss expenses and life policy benefits		(137	)		(174	)		(199	)		(91	)		(601	)		(147	)		(1	)		(749	)
Acquisition costs		(80	)		(56	)		(74	)		(18	)		(228	)		(33	)		—			(261	)
Technical result	$	71		$	(5	)	$	91		$	142		$	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)		47.5	%		77.1	%		54.8	%		36.4	%		53.3	%
Acquisition ratio (3)		27.8			25.2			20.2			7.2			20.2
Technical ratio (4)		75.3	%		102.3	%		75.0	%		43.6	%		73.5	%
Other operating expense ratio (5)														7.2
Combined ratio (6)														80.7	%

8

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the nine months ended September 30, 2011
	North America			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	$	868		$	585		$	1,092		$	581		$	3,126		$	597		$	12		$	3,735
Net premiums written	$	868		$	581		$	1,007		$	542		$	2,998		$	596		$	12		$	3,606
(Increase) decrease in unearned premiums		(18	)		(14	)		14			(110	)		(128	)		(8	)		(4	)		(140	)
Net premiums earned	$	850		$	567		$	1,021		$	432		$	2,870		$	588		$	8		$	3,466
Losses and loss expenses and life policy benefits		(556	)		(379	)		(675	)		(1,209	)		(2,819	)		(479	)		(5	)		(3,303	)
Acquisition costs		(210	)		(145	)		(240	)		(16	)		(611	)		(89	)		—			(700	)
Technical result	$	84		$	43		$	106		$	(793	)	$	(560	)	$	20		$	3		$	(537	)
Other income														4			—			1			5
Other operating expenses														(206	)		(38	)		(78	)		(322	)
Underwriting result													$	(762	)	$	(18	)		n/a		$	(854	)
Net investment income																	50			424			474
Allocated underwriting result (1)																$	32			n/a			n/a
Net realized and unrealized investment losses																				(8	)		(8	)
Interest expense																				(37	)		(37	)
Amortization of intangible assets																				(27	)		(27	)
Net foreign exchange gains																				20			20
Income tax expense																				(66	)		(66	)
Interest in losses of equity investments																				(5	)		(5	)
Net loss																				n/a		$	(503	)
Loss ratio (2)		65.5	%		66.8	%		66.1	%		279.9	%		98.2	%
Acquisition ratio (3)		24.6			25.7			23.5			3.5			21.3
Technical ratio (4)		90.1	%		92.5	%		89.6	%		283.4	%		119.5	%
Other operating expense ratio (5)														7.2
Combined ratio (6)														126.7	%

9

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the nine months ended September 30, 2010
	North America			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	$	831		$	792		$	1,183		$	711		$	3,517		$	537		$	4		$	4,058
Net premiums written	$	830		$	780		$	1,103		$	636		$	3,349		$	533		$	3		$	3,885
Increase in unearned premiums		(51	)		(94	)		(27	)		(129	)		(301	)		(12	)		—			(313	)
Net premiums earned	$	779		$	686		$	1,076		$	507		$	3,048		$	521		$	3		$	3,572
Losses and loss expenses and life policy benefits		(432	)		(561	)		(794	)		(231	)		(2,018	)		(447	)		(1	)		(2,466	)
Acquisition costs		(218	)		(170	)		(219	)		(37	)		(644	)		(82	)		—			(726	)
Technical result	$	129		$	(45	)	$	63		$	239		$	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)		55.5	%		81.8	%		73.7	%		45.6	%		66.2	%
Acquisition ratio (3)		27.9			24.8			20.4			7.2			21.1
Technical ratio (4)		83.4	%		106.6	%		94.1	%		52.8	%		87.3	%
Other operating expense ratio (5)														7.9
Combined ratio (6)														95.2	%

10

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment
	For the three months ended
	September 30, 2011 (A)			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Net premiums written	$	880		$	857		$	1,262		$	611		$	804
Net premiums earned	$	1,083		$	905		$	881		$	982		$	1,128
Losses and loss expenses		(710	)		(646	)		(1,463	)		(639	)		(601	)
Acquisition costs		(229	)		(203	)		(178	)		(213	)		(228	)
Technical result	$	144		$	56		$	(760	)	$	130		$	299
Other income		1			—			1			2			2
Other operating expenses		(69	)		(71	)		(66	)		(78	)		(81	)
Underwriting result	$	76		$	(15	)	$	(825	)	$	54		$	220
Loss ratio (2)		65.6	%		71.4	%		166.0	%		65.1	%		53.3	%
Acquisition ratio (3)		21.1			22.4			20.3			21.6			20.2
Technical ratio (4)		86.7	%		93.8	%		186.3	%		86.7	%		73.5	%
Other operating expense ratio (5)		6.4			7.9			7.4			7.9			7.2
Combined ratio (6)		93.1	%		101.7	%		193.7	%		94.6	%		80.7	%

(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, 2011, net premiums written and net premiums earned include foreign exchange impacts of $49.7 million and $81.2 million, respectively, compared to the three months ended September 30, 2010.

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, 2011 (A)			September 30, 2010			December 31, 2010			December 31, 2009
Net premiums written	$	2,998		$	3,349		$	3,961		$	3,351
Net premiums earned	$	2,870		$	3,048		$	4,029		$	3,525
Losses and loss expenses		(2,819	)		(2,018	)		(2,657	)		(1,858	)
Acquisition costs		(611	)		(644	)		(856	)		(772	)
Technical result	$	(560	)	$	386		$	516		$	895
Other income		4			3			5			13
Other operating expenses		(206	)		(241	)		(317	)		(253	)
Underwriting result	$	(762	)	$	148		$	204		$	655
Loss ratio (2)		98.2	%		66.2	%		65.9	%		52.7	%
Acquisition ratio (3)		21.3			21.1			21.3			21.9
Technical ratio (4)		119.5	%		87.3	%		87.2	%		74.6	%
Other operating expense ratio (5)		7.2			7.9			7.8			7.2
Combined ratio (6)		126.7	%		95.2	%		95.0	%		81.8	%

(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, 2011, net premiums written and net premiums earned include foreign exchange impacts of $65.0 million and $113.9 million, respectively, compared to the nine months ended September 30, 2010.

12

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

North America sub-segment

	For the three months ended
	September 30, 2011 (A)			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Net premiums written	$	287		$	242		$	338		$	196		$	267
Net premiums earned	$	329		$	261		$	259		$	260		$	288
Losses and loss expenses		(192	)		(190	)		(174	)		(145	)		(137	)
Acquisition costs		(80	)		(63	)		(66	)		(71	)		(80	)
Technical result	$	57		$	8		$	19		$	44		$	71
Loss ratio (2)		58.4	%		72.8	%		67.0	%		55.9	%		47.5	%
Acquisition ratio (3)		24.3			24.1			25.6			27.2			27.8
Technical ratio (4)		82.7	%		96.9	%		92.6	%		83.1	%		75.3	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		37	%		40	%		42	%		47	%		42	%
Property		19			19			17			17			29
Agriculture		25			23			14			11			11
Motor		7			8			10			12			10
Multiline		5			5			11			5			2
Credit/Surety		5			5			5			8			5
Other		2			—			1			—			1
		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, 2011, net premiums written and net premiums earned include foreign exchange impacts of $2.3 million and $5.0 million, respectively, compared to the three months ended September 30, 2010.

13

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

North America sub-segment

	For the nine months ended						For the year ended
	September 30, 2011 (A)			September 30, 2010			December 31, 2010			December 31, 2009
Net premiums written	$	868		$	830		$	1,026		$	1,162
Net premiums earned	$	850		$	779		$	1,038		$	1,210
Losses and loss expenses		(556	)		(432	)		(577	)		(728	)
Acquisition costs		(210	)		(218	)		(288	)		(311	)
Technical result	$	84		$	129		$	173		$	171
Loss ratio (2)		65.5	%		55.5	%		55.6	%		60.2	%
Acquisition ratio (3)		24.6			27.9			27.8			25.7
Technical ratio (4)		90.1	%		83.4	%		83.4	%		85.9	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		40	%		41	%		42	%		37	%
Property		18			27			26			23
Agriculture		20			8			8			21
Motor		9			11			11			8
Multiline		7			5			5			4
Credit/Surety		5			6			6			5
Other		1			2			2			2
		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, 2011, net premiums written and net premiums earned include foreign exchange impacts of $11.7 million and $11.3 million, respectively, compared to the nine months ended September 30, 2010.

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, 2011 (A)			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Net premiums written	$	144		$	121		$	317		$	118		$	158
Net premiums earned	$	193		$	193		$	181		$	228		$	225
Losses and loss expenses		(102	)		(127	)		(150	)		(141	)		(174	)
Acquisition costs		(52	)		(53	)		(40	)		(57	)		(56	)
Technical result	$	39		$	13		$	(9	)	$	30		$	(5	)
Loss ratio (2)		52.9	%		65.9	%		82.8	%		61.9	%		77.1	%
Acquisition ratio (3)		26.9			27.6			22.1			24.9			25.2
Technical ratio (4)		79.8	%		93.5	%		104.9	%		86.8	%		102.3	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		71	%		78	%		67	%		71	%		68	%
Motor		21			14			21			18			23
Casualty		8			8			12			11			9
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, 2011, net premiums written and net premiums earned include foreign exchange impacts of $18.2 million and $25.0 million, respectively, compared to the three months ended September 30, 2010.

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, 2011 (A)			September 30, 2010			December 31, 2010			December 31, 2009
Net premiums written	$	581		$	780		$	898		$	679
Net premiums earned	$	567		$	686		$	914		$	729
Losses and loss expenses		(379	)		(561	)		(702	)		(392	)
Acquisition costs		(145	)		(170	)		(227	)		(174	)
Technical result	$	43		$	(45	)	$	(15	)	$	163
Loss ratio (2)		66.8	%		81.8	%		76.8	%		53.7	%
Acquisition ratio (3)		25.7			24.8			24.9			23.8
Technical ratio (4)		92.5	%		106.6	%		101.7	%		77.5	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		70	%		65	%		66	%		67	%
Motor		20			23			22			22
Casualty		10			12			12			11
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, 2011, net premiums written and net premiums earned include foreign exchange impacts of $15.8 million and $32.8 million, respectively, compared to the nine months ended September 30, 2010.

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, 2011  (A)			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Net premiums written	$	360		$	333		$	315		$	287		$	292
Net premiums earned	$	362		$	341		$	317		$	329		$	364
Losses and loss expenses		(247	)		(206	)		(221	)		(191	)		(199	)
Acquisition costs		(82	)		(78	)		(80	)		(73	)		(74	)
Technical result	$	33		$	57		$	16		$	65		$	91
Loss ratio (2)		68.3	%		60.3	%		69.7	%		57.9	%		54.8	%
Acquisition ratio (3)		22.7			22.9			25.3			22.2			20.2
Technical ratio (4)		91.0	%		83.2	%		95.0	%		80.1	%		75.0	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		16	%		14	%		12	%		25	%		19	%
Credit/Surety		18			20			25			18			16
Energy		11			7			7			5			9
Engineering		13			12			14			15			17
Marine		20			21			18			21			18
Specialty casualty		4			7			19			(1	)		6
Specialty property		13			12			4			13			8
Other		5			7			1			4			7
Total		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended September 30, 2011, net premiums written and net premiums earned include foreign exchange impacts of $23.4 million and $39.4 million, respectively, compared to the three months ended September 30, 2010.

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, 2011 (A)			September 30, 2010			December 31, 2010			December 31, 2009
Net premiums written	$	1,007		$	1,103		$	1,391		$	1,113
Net premiums earned	$	1,021		$	1,076		$	1,405		$	1,116
Losses and loss expenses		(675	)		(794	)		(985	)		(732	)
Acquisition costs		(240	)		(219	)		(292	)		(254	)
Technical result	$	106		$	63		$	128		$	130
Loss ratio (2)		66.1	%		73.7	%		70.0	%		65.6	%
Acquisition ratio (3)		23.5			20.4			20.8			22.7
Technical ratio (4)		89.6	%		94.1	%		90.8	%		88.3	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		14	%		14	%		16	%		17	%
Credit/Surety		21			16			16			16
Energy		8			8			8			9
Engineering		13			13			14			19
Marine		20			20			20			16
Specialty casualty		10			15			11			11
Specialty property		10			7			8			6
Other		4			7			7			6
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, 2011, net premiums written and net premiums earned include foreign exchange impacts of $26.1 million and $50.9 million, respectively, compared to the nine months ended September 30, 2010.

18

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the three months ended
	September 30, 2011 (A)			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Net premiums written	$	89		$	161		$	292		$	10		$	87
Net premiums earned	$	199		$	110		$	124		$	165		$	251
Losses and loss expenses		(169	)		(123	)		(918	)		(162	)		(91	)
Acquisition costs		(15	)		(9	)		8			(12	)		(18	)
Technical result	$	15		$	(22	)	$	(786	)	$	(9	)	$	142
Loss ratio (2)		85.0	%		111.7	%		743.0	%		98.0	%		36.4	%
Acquisition ratio (3)		7.4			8.1			(6.7	)		7.3			7.2
Technical ratio (4)		92.4	%		119.8	%		736.3	%		105.3	%		43.6	%

(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, 2011, net premiums written and net premiums earned include foreign exchange impacts of $5.8 million and $11.8 million, respectively, compared to the three months ended September 30, 2010.

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, 2011 (A)			September 30, 2010			December 31, 2010			December 31, 2009
Net premiums written	$	542		$	636		$	646		$	397
Net premiums earned	$	432		$	507		$	672		$	470
Losses and loss expenses		(1,209	)		(231	)		(393	)		(6	)
Acquisition costs		(16	)		(37	)		(49	)		(33	)
Technical result	$	(793	)	$	239		$	230		$	431
Loss ratio (2)		279.9	%		45.6	%		58.5	%		1.3	%
Acquisition ratio (3)		3.5			7.2			7.2			7.0
Technical ratio (4)		283.4	%		52.8	%		65.7	%		8.3	%

(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, 2011, net premiums written and net premiums earned include foreign exchange impacts of $11.3 million and $18.8 million, respectively, compared to the nine months ended September 30, 2010.

20

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the three months ended
	September 30, 2011 (A)			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Net premiums written	$	194		$	195		$	206		$	210		$	183
Net premiums earned	$	203		$	201		$	184		$	222		$	184
Life policy benefits		(168	)		(166	)		(145	)		(177	)		(147	)
Acquisition costs		(33	)		(26	)		(30	)		(34	)		(33	)
Technical result	$	2		$	9		$	9		$	11		$	4
Other income		—			—			—			—			—
Other operating expenses		(12	)		(13	)		(12	)		(17	)		(11	)
Underwriting result	$	(10	)	$	(4	)	$	(3	)	$	(6	)	$	(7	)
Net investment income		19			16			15			18			17
Allocated underwriting result (1)	$	9		$	12		$	12		$	12		$	10
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		71	%		72	%		76	%		56	%		67	%
Longevity		26			25			21			42			30
Health		3			3			3			2			3
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, 2011, net premiums written and net premiums earned include foreign exchange impacts of $18.9 million and $19.1 million, respectively, compared to the three months ended September 30, 2010.

21

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the nine months ended						For the year ended
	September 30, 2011 (A)			September 30, 2010			December 31, 2010			December 31, 2009
Net premiums written	$	596		$	533		$	742		$	591
Net premiums earned	$	588		$	521		$	744		$	587
Life policy benefits		(479	)		(447	)		(624	)		(440	)
Acquisition costs		(89	)		(82	)		(116	)		(113	)
Technical result	$	20		$	(8	)	$	4		$	34
Other income		—			2			2			2
Other operating expenses		(38	)		(38	)		(57	)		(47	)
Underwriting result	$	(18	)	$	(44	)	$	(51	)	$	(11	)
Net investment income		50			54			71			62
Allocated underwriting result (1)	$	32		$	10		$	20		$	51
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		73	%		75	%		70	%		80	%
Longevity		24			22			27			16
Health		3			3			3			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, 2011, net premiums written and net premiums earned include foreign exchange impacts of $24.8 million and $26.2 million, respectively, compared to the nine months ended September 30, 2010.

22

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the three months ended
	September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Technical result	$	4		$	(1	)	$	—		$	(1	)	$	—
Other income		—			1			1			3			1
Corporate expenses - acquisition related		(1	)		(1	)		(2	)		(6	)		(6	)
Corporate expenses - voluntary termination plan		—			—			—			(6	)		1
Corporate expenses		(19	)		(25	)		(19	)		(22	)		(17	)
Other operating expenses		(3	)		(4	)		(5	)		(4	)		(4	)
Net investment income		145			142			137			143			147
Net realized and unrealized investment gains (losses)		26			78			(112	)		(83	)		293
Interest expense		(12	)		(12	)		(12	)		(12	)		(12	)
Amortization of intangible assets		(9	)		(9	)		(9	)		(9	)		(10	)
Net foreign exchange gains (losses)		11			9			—			(8	)		(27	)
Income tax (expense) benefit		(42	)		(50	)		26			(11	)		(72	)
Interest in (losses) earnings of equity investments		(5	)		(1	)		1			7			1

23

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the nine months ended						For the year ended
	September 30, 2011			September 30, 2010			December 31, 2010			December 31, 2009
Technical result	$	3		$	2		$	—		$	10
Other income		1			—			3			7
Corporate expenses - acquisition related		(4	)		(10	)		(16	)		(36	)
Corporate expenses - voluntary termination plan		—			(34	)		(41	)		—
Corporate expenses (1)		(62	)		(72	)		(94	)		(81	)
Other operating expenses		(12	)		(11	)		(15	)		(14	)
Net investment income		424			458			602			534
Net realized and unrealized investment (losses) gains		(8	)		485			402			591
Net realized gain on purchase of capital efficient notes		—			—			—			89
Interest expense		(37	)		(32	)		(44	)		(28	)
Amortization of intangible assets		(27	)		(23	)		(31	)		6
Net foreign exchange gains (losses)		20			(12	)		(21	)		(1	)
Income tax expense		(66	)		(118	)		(129	)		(262	)
Interest in (losses) earnings of equity investments		(5	)		5			13			16

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

24

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended
	September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty		11	%		10	%		12	%		13	%		13	%
Property		14			13			18			14			19
Motor		5			3			7			5			6
Multiline and other		3			2			2			1			1
Specialty
Agriculture		8			7			4			4			5
Aviation/Space		5			5			3			9			5
Catastrophe		8			15			20			1			9
Credit/Surety		7			8			6			8			6
Energy		4			2			2			2			3
Engineering		4			4			3			5			5
Marine		7			7			4			7			5
Specialty casualty		1			2			4			—			2
Specialty property		5			4			1			5			2
Life		18			18			14			26			19
		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Geography:
Europe		38	%		40	%		43	%		47	%		38	%
North America		37			36			36			32			39
Latin America, Caribbean and Africa		12			11			10			11			13
Asia, Australia and New Zealand		13			13			11			10			10
		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Production Source:
Broker		74	%		75	%		72	%		64	%		73	%
Direct		26			25			28			36			27
		100	%		100	%		100	%		100	%		100	%

25

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the nine months ended						For the year ended
	September 30, 2011			September 30, 2010			December 31, 2010			December 31, 2009
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty		11	%		11	%		11	%		13	%
Property		16			19			18			18
Motor		5			7			7			6
Multiline and other		2			2			2			2
Specialty
Agriculture		6			4			4			8
Aviation/Space		4			4			5			5
Catastrophe		15			16			14			10
Credit/Surety		7			6			6			6
Energy		2			2			2			2
Engineering		4			4			4			5
Marine		6			5			6			5
Specialty casualty		3			4			3			3
Specialty property		3			2			2			2
Life		16			14			16			15
		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Geography:
Europe		41	%		42	%		43	%		41	%
North America		36			37			36			41
Latin America, Caribbean and Africa		11			10			11			10
Asia, Australia and New Zealand		12			11			10			8
		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Production Source:
Broker		73	%		74	%		73	%		72	%
Direct		27			26			27			28
		100	%		100	%		100	%		100	%

26

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended
	September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Distribution of Gross Premiums Written by Reinsurance Type Non-life sub-segment:
North America
Non-Proportional		26	%		25	%		47	%		18	%		27	%
Proportional		74			75			53			82			73
Total		100	%		100	%		100	%		100	%		100	%
Global (Non-U.S.) P&C
Non-Proportional		19	%		10	%		34	%		4	%		15	%
Proportional		81			90			66			96			85
Total		100	%		100	%		100	%		100	%		100	%
Global (Non-U.S.) Specialty
Non-Proportional		17	%		20	%		33	%		5	%		15	%
Proportional		83			80			67			95			85
Total		100	%		100	%		100	%		100	%		100	%
Catastrophe
Non-Proportional		98	%		98	%		98	%		89	%		99	%
Proportional		2			2			2			11			1
Total		100	%		100	%		100	%		100	%		100	%
Non-life total
Non-Proportional		29	%		35	%		52	%		10	%		28	%
Proportional		71			65			48			90			72
Total		100	%		100	%		100	%		100	%		100	%

27

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the nine months ended						For the year ended
	September 30, 2011			September 30, 2010			December 31, 2010			December 31, 2009
Distribution of Gross Premiums Written by Reinsurance Type Non-life sub-segment:
North America
Non-Proportional		34	%		37	%		33	%		29	%
Proportional		66			63			67			71
Total		100	%		100	%		100	%		100	%
Global (Non-U.S.) P&C
Non-Proportional		25	%		27	%		23	%		21	%
Proportional		75			73			77			79
Total		100	%		100	%		100	%		100	%
Global (Non-U.S.) Specialty
Non-Proportional		23	%		30	%		22	%		18	%
Proportional		77			70			78			82
Total		100	%		100	%		100	%		100	%
Catastrophe
Non-Proportional		98	%		99	%		99	%		98	%
Proportional		2			1			1			2
Total		100	%		100	%		100	%		100	%
Non-life total
Non-Proportional		41	%		45	%		38	%		32	%
Proportional		59			55			62			68
Total		100	%		100	%		100	%		100	%

28

PartnerRe Ltd.

Investment Portfolio ^(A)

(Expressed in millions of U.S. dollars)

(Unaudited)

	September 30, 2011					June 30, 2011					March 31, 2011					December 31, 2010					September 30, 2010					December 31, 2009
Investments:
Fixed maturities
U.S. government	$	1,162		7	%	$	1,291		8	%	$	745		5	%	$	673		5	%	$	718		5	%	$	803		5	%
Government Sponsored Entities (GSEs)		26		—			184		1			216		2			233		2			352		2			453		3
U.S. municipalities		101		1			99		1			68		—			67		—			28		—			14		—
Non-U.S. sovereign government, supranational and government related		3,230		20			3,258		20			3,068		21			2,819		20			2,980		20			3,059		20
Corporates		6,120		39			5,830		37			6,199		42			6,144		43			6,617		44			6,631		43
Mortgage/asset-backed securities		3,717		24			3,745		23			2,963		20			2,889		20			3,075		20			3,183		21
Total fixed maturities		14,356		91			14,407		90			13,259		90			12,825		90			13,770		91			14,143		92
Short-term investments		98		1			216		2			81		1			49		—			89		—			137		1
Equities		1,001		6			995		6			1,053		7			1,072		8			1,027		7			796		5
Other invested assets		335		2			338		2			292		2			352		2			296		2			226		2
Total investments	$	15,790		100	%	$	15,956		100	%	$	14,685		100	%	$	14,298		100	%	$	15,182		100	%	$	15,302		100	%
Cash and cash equivalents		1,073					1,607					2,010					2,111					1,438					738
Total investments and cash	$	16,863				$	17,563				$	16,695				$	16,409				$	16,620				$	16,040
Maturity distribution:
One year or less	$	576		4	%	$	970		7	%	$	1,004		8	%	$	930		7	%	$	1,046		8	%	$	869		6	%
More than one year through five years		5,580		39			5,404		37			5,113		38			5,022		39			5,549		40			6,346		45
More than five years through ten years		3,840		26			3,831		26			3,613		27			3,418		27			3,624		26			3,343		23
More than ten years		741		5			673		4			647		5			615		5			565		4			539		4
Subtotal		10,737		74			10,878		74			10,377		78			9,985		78			10,784		78			11,097		78
Mortgage/asset-backed securities		3,717		26			3,745		26			2,963		22			2,889		22			3,075		22			3,183		22
Total	$	14,454		100	%	$	14,623		100	%	$	13,340		100	%	$	12,874		100	%	$	13,859		100	%	$	14,280		100	%
Credit quality by market value: (B)
AAA		28	%				58	%				52	%				51	%				51	%				50	%
AA		35					7					8					9					9					10
A		21					19					21					22					23					24
BBB		11					10					12					11					11					12
Below Investment Grade/Unrated		5					6					7					7					6					4
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		3.0 Yrs					3.0 Yrs					2.9 Yrs					3.0 Yrs					3.1 Yrs					3.1 Yrs
Average yield to maturity at market		2.5	%				2.9	%				3.1	%				2.9	%				2.6	%				3.6	%
Average credit quality		AA					AA					AA					AA					AA					AA

(A) The Funds Held - Directly Managed Portfolio is described separately on pages 34-35 and is not reflected here.

(B) The decrease in AAA rated securities and the corresponding increase in AA rated securities at September 30, 2011 compared to June 30, 2011 largely reflects Standard & Poor’s decision in August 2011 to downgrade, from AAA to AA+, U.S. Government securities and other securities that carry either an explicit or an implicit guarantee of the U.S. Government. While other rating agencies did not take a similar rating action, it is the Company’s policy to use Standard & Poor’s ratings, when available, to rate its investments.

29

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)

	September 30, 2011
	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	$	1,507,615		24.6	%		8.9	%		0.8	%
Consumer noncyclical		815,472		13.3			4.8			0.3
Communications		635,722		10.4			3.8			0.6
Utilities		558,008		9.1			3.3			0.2
Government guaranteed corporate debt		451,114		7.4			2.7			0.8
Industrials		388,722		6.3			2.3			0.1
Energy		357,349		5.8			2.1			0.3
Consumer cyclical		302,245		4.9			1.8			0.3
Insurance		278,744		4.6			1.7			0.3
Catastrophe bonds		218,777		3.6			1.3			0.2
Materials		200,243		3.3			1.2			0.1
Longevity and mortality bonds		191,325		3.1			1.1			0.4
Technology		138,173		2.3			0.8			0.1
Real estate investment trusts		59,683		1.0			0.4			0.1
Diversified		16,938		0.3			0.1			—
Total Corporate bonds	$	6,120,130		100.0	%		36.3	%
Finance sector - Corporate bonds
Banks	$	724,738		11.8	%		4.3	%
Investment banking and brokerage		386,404		6.3			2.3
Financial services		176,079		2.9			1.0
Commercial and consumer finance		152,991		2.5			0.9
Other		67,403		1.1			0.4
Total finance sector - Corporate bonds	$	1,507,615		24.6	%		8.9	%

	AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
Credit quality of finance sector - Corporate bonds
Banks	$	147,114		$	158,937		$	365,407		$	44,806		$	8,474		$	724,738
Investment banking and brokerage		—			—			378,391			8,013			—			386,404
Financial services		3,903			149,696			18,958			3,522			—			176,079
Commercial and consumer finance		—			3,485			84,631			64,875			—			152,991
Other		—			14,890			18,160			26,939			7,414			67,403
Total finance sector - Corporate bonds	$	151,017		$	327,008		$	865,547		$	148,155		$	15,888		$	1,507,615
% of total		10	%		22	%		57	%		10	%		1	%		100	%

Concentration of investment risk

The top 10 Corporate bond issues account for 18.8% of the Company’s total corporate bonds. The single largest issue accounts for 2.3% of the company’s total Corporate bonds.

30

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

	September 30, 2011
	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	$	145,445		20.3	%		0.9	%		0.1	%
Energy		90,609		12.6			0.5			0.1
Technology		90,119		12.6			0.5			0.1
Finance		80,972		11.3			0.5			0.1
Communications		75,404		10.5			0.4			0.1
Industrials		64,275		9.0			0.4			0.1
Consumer cyclical		58,917		8.2			0.4			—
Insurance		35,684		5.0			0.2			0.1
Utilities		31,765		4.4			0.2			—
Materials		30,916		4.3			0.2			—
Real estate investment trusts		10,341		1.4			0.1			—
Diversified		2,839		0.4			—			—
Total equities	$	717,286		100.0	%		4.3	%
Mutual funds and exchange traded funds (ETFs)
Funds holding fixed income securities		241,995					1.4
Funds and ETFs holding equities		41,867					0.2
Total equities	$	1,001,148					5.9	%

Concentration of investment risk

The single largest fund in funds and ETFs holding equities is an emerging markets fixed income fund, which accounts for 16.6% of the Company’s total equities. Excluding equity securities held in mutual funds and exchange traded funds, the top 10 common stock issuers account for 17.7% of the Company’s total equities. Excluding equity securities held in mutual funds and exchange traded funds, the single largest issuer accounts for 2.8% of the Company’s total equities.

31

PartnerRe Ltd.

Distribution of Mortgage/Asset-Backed Securities

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	Rating at September 30, 2011
	GNMA			GSEs			AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
U.S. Asset-Backed Securities	$	—		$	—		$	86,758		$	9,349		$	69,684		$	24,997		$	279,033		$	469,821
U.S. Collaterized Mortgage Obligations		11,593			111,524			14,366			—			—			—			79,134			216,617
U.S. Mortgage Backed Securities (MBS)		587,205			1,940,689			—			—			—			—			—			2,527,894
U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			46,235			—			15,814			2,339			2,411			66,799
U.S. MBS Interest Only		17,931			6,187			—			—			—			—			—			24,118
	$	616,729		$	2,058,400		$	147,359		$	9,349		$	85,498		$	27,336		$	360,578		$	3,305,249
Non-U.S. Asset-Backed Securities	$	—		$	—		$	108,786		$	18,532		$	33,669		$	—		$	—		$	160,987
Non-U.S. Collaterized Mortgage Obligations		—			—			193,540			—			33,159			4,098			485			231,282
Non-U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			19,563			—			—			—			—			19,563
	$	—		$	—		$	321,889		$	18,532		$	66,828		$	4,098		$	485		$	411,832
Total mortgage/asset-backed securities	$	616,729		$	2,058,400		$	469,248		$	27,881		$	152,326		$	31,434		$	361,063		$	3,717,081
Corporate Securities		—			26,188			—			—			—			—			—			26,188
Total	$	616,729		$	2,084,588		$	469,248		$	27,881		$	152,326		$	31,434		$	361,063		$	3,743,269
% of total		16	%		56	%		12	%		1	%		4	%		1	%		10	%		100	%

32

PartnerRe Ltd.

Other Invested Assets including Private Markets and Derivative Exposures

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	September 30, 2011														June 30, 2011						December 31, 2010
	Investments		Fair Value of Derivatives			Carrying Value			Net Notional Amount of Derivatives			Total Net Exposures (1)			Carrying Value			Total Net Exposures			Carrying Value			Total Net Exposures
Private Markets Investments
Principal Finance - Investments	$	190,360	$	—		$	190,360		$	—		$	190,360		$	173,948		$	173,948		$	137,882		$	137,882
Principal Finance - Derivative Exposure Assumed		—		(14,968	)		(14,968	)		159,401			144,433			(11,858	)		164,186			(13,444	)		165,364
Insurance-Linked Securities		—		(2,005	)		(2,005	)		154,375			152,370			(14,852	)		80,996			(73	)		88,692
Commodities Futures		—		(6,309	)		(6,309	)		50,255			43,946			(1,516	)		49,368			—			—
Strategic Investments		188,243		—			188,243			—			188,243			188,019			188,019			179,589			179,589
Total other invested assets - Private Markets Exposure Assumed		378,603		(23,282	)		355,321			364,031			719,352			333,741			656,517			303,954			571,527
Other Credit Derivatives - Exposure Assumed		—		181			181			5,000			5,181			462			5,462			533			5,533
Other Credit Derivatives - Protection Purchased		—		(1,005	)		(1,005	)		(100,387	)		(101,392	)		(2,158	)		(112,048	)		(2,314	)		(116,066	)
Other (2)		7,353		(26,859	)		(19,506	)								6,328						50,232
Total other invested assets	$	385,956	$	(50,965	)	$	334,991								$	338,373					$	352,405

(1) The total net exposures originated in Private Markets are $1,717 million at September 30, 2011($1,746 million and $1,644 million at June 30, 2011 and December 31, 2010, respectively). In addition to the net exposures listed above of $719 million ($656 million and $572 million at June 30, 2011 and December 31, 2010, respectively), the Company has the following other net exposures originated in Private Markets:

- Principal Finance: $494 million of assets listed under Investments - Fixed Maturities and $6 million listed under Investments - Equities for a total exposure of $835 million ($856 million and $661 million at June 30, 2011 and December 31, 2010, respectively).

- Insurance-Linked Securities: $410 million of bonds listed under Investments - Fixed Maturities and $80 million of limits on transactions that use reinsurance accounting for a total exposure of $642 million ($640 million and $788 million at June 30, 2011 and December 31, 2010, respectively).

- Strategic Investments: $7 million of assets listed under Investments - Fixed Maturities and $1 million of assets listed under Other Assets for a total exposure of $196 million ($201 million and $195 million at June 30, 2011 and December 31, 2010, respectively).

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

33

PartnerRe Ltd.

Funds Held - Directly Managed Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	September 30, 2011					June 30, 2011					March 31, 2011					December 31, 2010					September 30, 2010					December 31, 2009
Investments:
Fixed maturities
U.S. government	$	111		10	%	$	77		7	%	$	76		6	%	$	95		6	%	$	100		6	%	$	119		6	%
Government Sponsored Entities (GSEs)		156		13			154		13			155		13			193		12			202		11			180		10
U.S. municipalities		—		—			—		—			—		—			—		—			—		—			1		—
Non-U.S. sovereign government, supranational and government related		303		26			313		27			360		29			385		25			438		25			548		30
Corporates		531		46			551		47			571		47			799		52			929		54			900		49
Mortgage/asset-backed securities		—		—			—		—			—		—			12		1			12		1			18		1
Total fixed maturities		1,101		95			1,095		94			1,162		95			1,484		96			1,681		97			1,766		96
Short-term investments		35		3			42		4			44		3			38		3			18		1			28		2
Other invested assets		18		2			22		2			23		2			21		1			31		2			39		2
Total investments	$	1,154		100	%	$	1,159		100	%	$	1,229		100	%	$	1,543		100	%	$	1,730		100	%	$	1,833		100	%
Cash and cash equivalents		135					149					111					129					46					146
Total investments and cash	$	1,289				$	1,308				$	1,340				$	1,672				$	1,776				$	1,979
Accrued investment income		17					15					18					20					26					25
Other funds held assets/liabilities		17					57					156					80					117					121
Total funds held - directly managed	$	1,323				$	1,380				$	1,514				$	1,772				$	1,919				$	2,125
Maturity distribution:
One year or less	$	203		18	%	$	223		20	%	$	241		20	%	$	289		19	%	$	298		17	%	$	360		20	%
More than one year through five years		646		57			621		55			647		54			814		53			910		54			903		50
More than five years through ten years		260		23			266		23			288		24			376		25			427		25			423		24
More than ten years		27		2			27		2			30		2			31		2			52		3			90		5
Subtotal		1,136		100			1,137		100			1,206		100			1,510		99			1,687		99			1,776		99
Mortgage/asset-backed securities		—		—			—		—			—		—			12		1			12		1			18		1
Total	$	1,136		100	%	$	1,137		100	%	$	1,206		100	%	$	1,522		100	%	$	1,699		100	%	$	1,794		100	%
Credit quality by market value: (B)
AAA		23	%				43	%				42	%				45	%				41	%				38	%
AA		50					30					30					27					27					26
A		23					23					24					24					27					29
BBB		4					4					4					4					4					5
Below Investment Grade/Unrated		—					—					—					—					1					2
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		2.9 Yrs					3.1 Yrs					3.1 Yrs					3.1 Yrs					3.2 Yrs					3.0 Yrs
Average yield to maturity at market		1.8	%				2.1	%				2.4	%				2.4	%				2.1	%				2.6	%
Average credit quality		AA					AA					AA					AA					AA					AA

(B) The decrease in AAA rated securities and the corresponding increase in AA rated securities compared to June 30, 2011 largely reflects Standard & Poor’s decision to downgrade, from AAA to AA+, U.S. Government securities and other securities that carry either an explicit or an implicit guarantee of the U.S. Government. While other rating agencies did not take similar rating action, it is the policy of the Company to use Standard & Poor’s ratings, when available, to rate its investments.

34

PartnerRe Ltd.

Distribution of Corporate Bonds

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

			September 30, 2011
	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	$	247,728		46.7	%		19.2	%		1.2	%
Consumer noncyclical		74,569		14.1			5.8			0.7
Government guaranteed corporate debt		42,608		8.0			3.3			0.9
Energy		41,019		7.7			3.2			0.8
Utilities		35,766		6.8			2.8			0.4
Communications		26,415		5.0			2.0			0.5
Materials		20,370		3.8			1.6			0.4
Industrials		13,143		2.5			1.0			0.4
Consumer cyclical		12,384		2.3			1.0			0.6
Technology		12,308		2.3			0.9			0.3
Real estate investment trusts		3,379		0.6			0.3			0.3
Insurance		1,210		0.2			0.1			0.1
Total Corporate bonds	$	530,899		100.0	%		41.2	%
Finance sector - Corporate bonds
Banks	$	135,216		25.5	%		10.5	%
Investment banking and brokerage		39,443		7.4			3.1
Financial services		29,735		5.6			2.3
Commercial and consumer finance		27,600		5.2			2.1
Other		15,734		3.0			1.2
Total finance sector - Corporate bonds	$	247,728		46.7	%		19.2	%

	AAA			AA			A			BBB			Total
Credit quality of finance sector - Corporate bonds
Banks	$	32,405		$	67,003		$	29,242		$	6,566$			135,216
Investment banking and brokerage		24,494			—			14,949			—			39,443
Financial services		4,654			20,706			4,375			—			29,735
Commercial and consumer finance		10,331			4,469			8,765			4,035			27,600
Other		11,075			—			3,997			662			15,734
Total finance sector - Corporate bonds	$	82,959		$	92,178		$	61,328		$	11,263		$	247,728
% of total		33	%		37	%		25	%		5	%		100	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 21.8% of the Company’s total corporate bonds within the Funds Held - Directly Managed Portfolio. The single largest issuer accounts for 3.0% of the Company’s total corporate bonds within the Funds Held - Directly Managed portfolio.

35

PartnerRe Ltd.

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

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Fixed maturities	$	145,861		$	141,535		$	135,947		$	136,724		$	142,056
Short-term investments, cash and cash equivalents		887			1,142			1,243			2,358			1,589
Equities		4,322			6,545			4,190			5,441			6,097
Funds held and other		14,522			11,295			12,590			14,535			11,971
Funds held - directly managed		9,180			8,635			8,168			13,596			11,463
Investment expenses		(11,125	)		(10,824	)		(10,505	)		(11,850	)		(8,774	)
Net investment income (1)	$	163,647		$	158,328		$	151,633		$	160,804		$	164,402
Net realized investment gains on fixed maturities and short-term investments	$	63,611		$	13,007		$	7,434		$	66,432		$	56,290
Net realized investment gains on equities		2,480			26,219			37,031			6,943			14,592
Net realized (losses) gains on other invested assets		(97,741	)		(63,269	)		12,244			(6,259	)		(34,738	)
Change in net unrealized (losses) gains on other invested assets		(212	)		(7,253	)		(37,453	)		46,092			5,392
Change in net unrealized investment gains (losses) on fixed maturities		188,716			130,907			(140,228	)		(254,361	)		134,467
Change in net unrealized investment gains (losses) on short-term investments		1,240			194			(641	)		(140	)		324
Change in net unrealized investment (losses) gains on equities		(145,095	)		(30,197	)		16,118			86,373			79,650
Net other realized and unrealized investment gains (losses)		1,193			23			1			(3	)		10,852
Net realized and unrealized investment gains (losses) on funds held - directly managed		11,947			8,568			(6,705	)		(28,278	)		26,335
Net realized and unrealized investment gains (losses)	$	26,139		$	78,199		$	(112,199	)	$	(83,201	)	$	293,164

(1) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the three months ended September 30, 2011, net investment income includes foreign exchange impacts of $4.2 million compared to the three months ended September 30, 2010.

36

PartnerRe Ltd.

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

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the nine months ended						For the year ended
	September 30, 2011			September 30, 2010			December 31, 2010			December 31, 2009
Fixed maturities	$	423,343		$	443,534		$	580,258		$	559,330
Short-term investments, cash and cash equivalents		3,271			6,183			8,541			11,799
Equities		15,056			15,353			20,794			13,861
Funds held and other		38,407			38,259			52,794			32,793
Funds held - directly managed		25,984			38,179			51,775			17,766
Investment expenses		(32,453	)		(29,530	)		(41,380	)		(39,478	)
Net investment income (2)	$	473,608		$	511,978		$	672,782		$	596,071
Net realized investment gains on fixed maturities and short-term investments	$	84,052		$	106,994		$	173,426		$	105,249
Net realized investment gains (losses) on equities (1)		65,730			37,793			44,736			(45,258	)
Net realized losses on other invested assets		(148,766	)		(62,310	)		(68,568	)		(35,426	)
Change in net unrealized (losses) gains on other invested assets		(44,918	)		(42,350	)		3,742			58,196
Change in net unrealized investment gains on fixed maturities		179,395			399,229			144,868			320,934
Change in net unrealized investment gains (losses) on short-term investments		794			(2,093	)		(2,234	)		2,010
Change in net unrealized investment (losses) gains on equities		(159,174	)		(21,549	)		64,825			185,925
Net other realized and unrealized investment gains		1,217			13,338			13,335			1,777
Net realized and unrealized investment gains (losses) on funds held - directly managed		13,810			55,631			27,352			(1,700	)
Net realized and unrealized investment (losses) gains	$	(7,860	)	$	484,683		$	401,482		$	591,707

(1) Net realized investment gains 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.

(2) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the nine months ended September 30, 2011, net investment income includes foreign exchange impacts of $4.6 million compared to the nine months ended September 30, 2010.

37

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
	September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Fixed maturities	$	7,778		$	8,130		$	7,950		$	11,099		$	11,477
Short-term investments, cash and cash equivalents		667			380			178			19			84
Other		968			326			329			3,055			666
Investment expenses		(233	)		(201	)		(289	)		(577	)		(764	)
Net investment income	$	9,180		$	8,635		$	8,168		$	13,596		$	11,463
Net realized investment gains on fixed maturities and short-term investments	$	121		$	471		$	5,273		$	1,517		$	1,575
Net realized investment (losses) gains on other invested assets		(93	)		2			—			539			78
Change in net unrealized investment gains (losses) on fixed maturities and short-term investments		14,676			10,756			(12,250	)		(28,714	)		24,118
Change in net unrealized investment (losses) gains on other invested assets		(2,757	)		(2,661	)		272			(1,620	)		564
Net realized and unrealized investment gains (losses) on funds held - directly managed	$	11,947		$	8,568		$	(6,705	)	$	(28,278	)	$	26,335

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 nine months ended						For the year ended			For the period
	September 30, 2011			September 30, 2010			December 31, 2010			from October 2, 2009 to December 31, 2009
Fixed maturities	$	23,859		$	35,101		$	46,200		$	10,956
Short-term investments, cash and cash equivalents		1,224			1,588			1,607			287
Other		1,624			3,023			6,078			6,934
Investment expenses		(723	)		(1,533	)		(2,110	)		(411	)
Net investment income	$	25,984		$	38,179		$	51,775		$	17,766
Net realized investment gains (losses) on fixed maturities and short-term investments	$	5,866		$	(476	)	$	1,041		$	(2,200	)
Net realized investment (losses) gains of on other invested assets		(91	)		83			622			—
Change in net unrealized investment gains on fixed maturities and short-term investments		13,182			55,384			26,670			1,920
Change in net unrealized investment (losses) gains on other invested assets		(5,147	)		640			(981	)		(1,420	)
Net realized and unrealized investment gains (losses) on funds held - directly managed	$	13,810		$	55,631		$	27,352		$	(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, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	12,016,271		$	11,887,316		$	10,666,604		$	10,705,562		$	10,342,589
Reinsurance recoverable at beginning of period		(378,581	)		(383,446	)		(348,747	)		(352,087	)		(356,883	)
Net liability at beginning of period		11,637,690			11,503,870			10,317,857			10,353,475			9,985,706
Net incurred losses related to:
Current year		889,469			809,445			1,604,208			768,522			738,758
Prior years		(175,961	)		(161,022	)		(141,901	)		(127,929	)		(136,444	)
		713,508			648,423			1,462,307			640,593			602,314
Change in reserve agreement (1)		(14,630	)		(27,705	)		(367	)		(6,213	)		(34,803	)
Net losses paid		(1,062,917	)		(616,941	)		(525,159	)		(621,330	)		(630,910	)
Effects of foreign exchange rate changes		(280,255	)		130,043			249,232			(48,668	)		431,168
Net liability at end of period		10,993,396			11,637,690			11,503,870			10,317,857			10,353,475
Reinsurance recoverable at end of period		359,203			378,581			383,446			348,747			352,087
Gross liability at end of period	$	11,352,599		$	12,016,271		$	11,887,316		$	10,666,604		$	10,705,562
Breakdown of gross liability at end of period:
Case reserves	$	5,198,774		$	5,093,142		$	4,971,016		$	4,652,281		$	4,667,556
Additional case reserves		563,690			1,284,603			477,079			326,721			331,446
Incurred but not reported reserves		5,590,135			5,638,526			6,439,221			5,687,602			5,706,560
Gross liability at end of period	$	11,352,599		$	12,016,271		$	11,887,316		$	10,666,604		$	10,705,562
Breakdown of gross liability at end of period by Non-life sub-segment:
North America	$	3,294,447		$	3,293,224		$	3,287,790		$	3,211,622		$	3,205,491
Global (Non-U.S.) P&C		2,726,094			2,911,178			2,970,488			2,804,937			2,917,114
Global (Non-U.S.) Specialty		3,902,088			3,970,089			3,907,487			3,781,341			3,820,469
Catastrophe		1,429,970			1,841,780			1,721,551			868,704			762,488
Gross liability at end of period	$	11,352,599		$	12,016,271		$	11,887,316		$	10,666,604		$	10,705,562
Unrecognized time value of non-life reserves	$	614,961		$	968,950		$	1,072,236		$	949,210		$	778,529
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		149.0	%		95.1	%		35.9	%		97.0	%		104.7	%
Non-life paid losses to net premiums earned ratio		97.5	%		68.1	%		59.6	%		63.3	%		55.8	%

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

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, 2011			September 30, 2010			December 31, 2010			December 31, 2009
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	10,666,604		$	10,811,483		$	10,811,483		$	7,510,666
Reinsurance recoverable at beginning of period		(348,747	)		(336,352	)		(336,352	)		(125,215	)
Net liability at beginning of period		10,317,857			10,475,131			10,475,131			7,385,451
Net liability acquired related to the acquisition of Paris Re		—			—			—			3,176,255
Net incurred losses related to:
Current year		3,303,122			2,369,352			3,137,874			2,340,768
Prior years		(478,884	)		(349,954	)		(477,883	)		(485,809	)
		2,824,238			2,019,398			2,659,991			1,854,959
Change in reserve agreement (1)		(42,702	)		(60,570	)		(66,783	)		(32,027	)
Net losses paid		(2,205,017	)		(1,957,688	)		(2,579,018	)		(2,043,878	)
Effects of foreign exchange rate changes		99,020			(122,796	)		(171,464	)		134,371
Net liability at end of period		10,993,396			10,353,475			10,317,857			10,475,131
Reinsurance recoverable at end of period		359,203			352,087			348,747			336,352
Gross liability at end of period	$	11,352,599		$	10,705,562		$	10,666,604		$	10,811,483
Breakdown of gross liability at end of period:
Case reserves	$	5,198,774		$	4,667,556		$	4,652,281		$	4,817,765
Additional case reserves		563,690			331,446			326,721			274,360
Incurred but not reported reserves		5,590,135			5,706,560			5,687,602			5,719,358
Gross liability at end of period	$	11,352,599		$	10,705,562		$	10,666,604		$	10,811,483
Breakdown of gross liability at end of period by Non-life sub-segment:
North America	$	3,294,447		$	3,205,491		$	3,211,622		$	3,355,316
Global (Non-U.S.) P&C		2,726,094			2,917,114			2,804,937			2,937,078
Global (Non-U.S.) Specialty		3,902,088			3,820,469			3,781,341			3,798,025
Catastrophe		1,429,970			762,488			868,704			721,064
Gross liability at end of period	$	11,352,599		$	10,705,562		$	10,666,604		$	10,811,483
Unrecognized time value of non-life reserves	$	614,961		$	778,529		$	949,210		$	1,190,323
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		78.1	%		96.9	%		97.0	%		110.2	%
Non-life paid losses to net premiums earned ratio		76.6	%		64.2	%		63.9	%		57.9	%

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

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,			June 30,			March 31,			December 31,			September 30,
	2011			2011			2011			2010			2010
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,726,180		$	1,670,768		$	1,750,410		$	1,735,930		$	1,566,899
Reinsurance recoverable at beginning of period		(11,624	)		(11,120	)		(14,739	)		(15,054	)		(13,597	)
Net liability at beginning of period		1,714,556			1,659,648			1,735,671			1,720,876			1,553,302
Net incurred losses related to:
Current year		163,065			163,884			148,623			186,646			142,599
Prior years		5,053			2,216			(3,713	)		(9,468	)		3,966
		168,118			166,100			144,910			177,178			146,565
Net losses paid (1)		(141,734	)		(130,994	)		(291,973	)		(133,299	)		(91,329	)
Effects of foreign exchange rate changes		(73,372	)		19,802			71,040			(29,084	)		112,338
Net liability at end of period		1,667,568			1,714,556			1,659,648			1,735,671			1,720,876
Reinsurance recoverable at end of period		10,633			11,624			11,120			14,739			15,054
Gross liability at end of period	$	1,678,201		$	1,726,180		$	1,670,768		$	1,750,410		$	1,735,930

(1) Net losses paid for the three months ended March 31, 2011 includes an approximate $131 million reduction in policy benefits for life and annuity contracts related to the recapture by the cedant of a large longevity treaty that was written on a funds held basis. Contemporaneously, the treaty was rewritten on a net settled mortality swap basis.

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, 2011			September 30, 2010			December 31, 2010			December 31, 2009
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,750,410		$	1,615,193		$	1,615,193		$	1,432,015
Reinsurance recoverable at beginning of period		(14,739	)		(20,465	)		(20,465	)		(24,102	)
Net liability at beginning of period		1,735,671			1,594,728			1,594,728			1,407,913
Net incurred losses related to:
Current year		475,572			425,148			611,795			455,770
Prior years		3,556			21,300			11,832			(15,433	)
		479,128			446,448			623,627			440,337
Net losses paid (1)		(564,701	)		(286,645	)		(419,944	)		(323,088	)
Effects of foreign exchange rate changes		17,470			(33,655	)		(62,740	)		69,566
Net liability at end of period		1,667,568			1,720,876			1,735,671			1,594,728
Reinsurance recoverable at end of period		10,633			15,054			14,739			20,465
Gross liability at end of period	$	1,678,201		$	1,735,930		$	1,750,410		$	1,615,193

(1) Net losses paid for the nine months ended September 30, 2011 includes an approximate $131 million reduction in policy benefits for life and annuity contracts related to the recapture by the cedant of a large longevity treaty that was written on a funds held basis. Contemporaneously, the treaty was rewritten on a net settled mortality swap basis.

43

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2011			2011			2011			2010			2010
Prior year net favorable (adverse) reserve development:
Non-life segment:
North America	$	74,769		$	54,513		$	39,720		$	21,451		$	68,009
Global (Non-U.S.) P&C		34,945			22,228			32,454			34,867			3,877
Global (Non-U.S.) Specialty		30,027			57,847			34,623			56,760			66,741
Catastrophe		36,220			26,434			35,104			14,851			(2,183	)
Total Non-life net prior year reserve development	$	175,961		$	161,022		$	141,901		$	127,929		$	136,444
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(8,461	)	$	2,424		$	(28,314	)	$	7,470		$	(8,868	)
Net prior year reserve development due to all other factors (2)		184,422			158,598			170,215			120,459			145,312
Total Non-life net prior year reserve development	$	175,961		$	161,022		$	141,901		$	127,929		$	136,444
Life segment:
Net prior year reserve development due to GMDB (1)	$	(5,475	)	$	(214	)	$	10,967		$	15,767		$	(556	)
Net prior year reserve development due to all other factors (2)		422			(2,002	)		(7,254	)		(6,299	)		(3,410	)
Total Life net prior year reserve development	$	(5,053	)	$	(2,216	)	$	3,713		$	9,468		$	(3,966	)

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatility in certain referenced global equity markets. At September 30, 2011, 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.

44

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the nine months ended						For the year ended
	September 30, 2011			September 30, 2010			December 31, 2010			December 31, 2009
Prior year net favorable (adverse) reserve development:
Non-life segment:
North America	$	169,002		$	144,329		$	165,780		$	177,571
Global (Non-U.S.) P&C		89,626			62,672			97,539			151,456
Global (Non-U.S.) Specialty		122,497			114,172			170,931			107,632
Catastrophe		97,759			28,781			43,633			49,150
Total Non-life net prior year reserve development	$	478,884		$	349,954		$	477,883		$	485,809
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(34,351	)	$	(14,978	)	$	(7,509	)	$	8,925
Net prior year reserve development due to all other factors (2)		513,235			364,932			485,392			476,884
Total Non-life net prior year reserve development	$	478,884		$	349,954		$	477,883		$	485,809
Life segment:
Net prior year reserve development due to GMDB (1)	$	5,277		$	958		$	16,725		$	16,488
Net prior year reserve development due to all other factors (2)		(8,833	)		(22,258	)		(28,557	)		(1,055	)
Total Life net prior year reserve development	$	(3,556	)	$	(21,300	)	$	(11,832	)	$	15,433

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatility in certain referenced global equity markets. At September 30, 2011, 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.

45

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	For the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2011			2011			2011			2010			2010
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning diluted book value per common share (1)calculated with net income (loss) per share available to common shareholders		10.4	%		7.2	%		(51.2	)%		3.1	%		32.0	%
Less:
Annualized net realized and unrealized investment gains (losses), net of tax, on beginning diluted book value per common share (1)		0.4			2.5			(5.6	)		(4.6	)		14.4
Annualized net foreign exchange (losses) gains, net of tax, on beginning diluted book value per common share (1)		—			0.6			0.4			0.9			(1.2	)
Annualized net interest in (losses) earnings of equity investments, net of tax, on beginning diluted book value per common share (1)		(0.3	)		(0.1	)		0.1			0.5			0.1
Annualized operating return on beginning diluted book value per common share (1)		10.3	%		4.2	%		(46.1	)%		6.3	%		18.7	%
Net income (loss)	$	180,123		$	124,185		$	(806,956	)	$	57,035		$	524,937
Less:
Net realized and unrealized investment gains (losses), net of tax		6,167			40,954			(88,401	)		(71,793	)		232,981
Net foreign exchange (losses) gains, net of tax		(106	)		9,069			7,321			14,260			(19,751	)
Interest in (losses) earnings of equity investments, net of tax		(4,788	)		(1,622	)		1,065			7,155			1,468
Dividends to preferred shareholders		14,352			8,631			8,631			8,631			8,631
Operating earnings (loss) available to common shareholders	$	164,498		$	67,153		$	(735,572	)	$	98,782		$	301,608
Per diluted share:
Net income (loss)	$	2.43		$	1.69		$	(11.99	)	$	0.65		$	6.76
Less:
Net realized and unrealized investment gains (losses), net of tax		0.09			0.60			(1.30	)		(0.96	)		3.05
Net foreign exchange (losses) gains, net of tax		—			0.13			0.11			0.19			(0.26	)
Interest in (losses) earnings of equity investments, net of tax		(0.07	)		(0.02	)		0.02			0.09			0.02
Operating earnings (loss)(2)	$	2.41		$	0.98		$	(10.82	)	$	1.33		$	3.95

(1) Excluding preferred shares of $520,000 as at January 1, 2011 and 2010.

(2) See page 54 for further analysis of Paris Re acquisition related expenses.

46

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, 2011			September 30, 2010			December 31, 2010			December 31, 2009 (A)
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning diluted book value per common share calculated with net (loss) income(1) per share available to common shareholders		(11.2	)%		15.3	%		12.4	%		37.4	%
Less:
Annualized net realized and unrealized investment (losses) gains, net of tax, on beginning diluted book value per common share (1)		(0.9	)		7.4			4.6			13.3
Annualized net realized gain on purchase of capital efficient notes, net of tax, on beginning diluted book value per common share (1)		—			—			—			1.5
Annualized net foreign exchange gains (losses), net of tax, on beginning diluted book value per common share (1)		0.4			—			0.2			—
Annualized net interest in (losses) earnings of equity investments, net of tax, on beginning diluted book value per common share (1)		(0.1	)		0.1			0.2			0.3
Annualized operating return on beginning diluted book value per common share (1)		(10.6	)%		7.8	%		7.4	%		22.3	%
Net (loss) income	$	(502,648	)	$	795,518		$	852,552		$	1,536,854
Less:
Net realized and unrealized investment (losses) gains, net of tax		(41,280	)		373,255			301,462			497,031
Net realized gain on purchase of capital efficient notes, net of tax		—			—			—			56,955
Net foreign exchange gains (losses), net of tax		16,284			(1,414	)		12,847			1,442
Interest in (losses) earnings of equity investments, net of tax		(5,345	)		4,757			11,911			16,197
Dividends to preferred shareholders		31,614			25,894			34,525			34,525
Operating (loss) earnings available to common shareholders	$	(503,921	)	$	393,026		$	491,807		$	930,704
Per diluted share:
Net (loss) income	$	(7.88	)	$	9.68		$	10.46		$	23.51
Less:
Net realized and unrealized investment (losses) gains, net of tax		(0.61	)		4.69			3.86			7.78
Net realized gain on purchase of capital efficient notes, net of tax		—			—			—			0.89
Net foreign exchange gains (losses), net of tax		0.24			(0.01	)		0.16			0.02
Interest in (losses) earnings of equity investments, net of tax		(0.08	)		0.06			0.15			0.25
Operating (loss) earnings(A) (2)	$	(7.43	)	$	4.94		$	6.29		$	14.57

(1) Excluding preferred shares of $520,000 as at January 1, 2011, 2010 and 2009.

(2) See page 55 for further analysis of Paris Re acquisition related expenses.

(A) For the year ended December 31, 2009, return on beginning diluted book value per common share is the sum of the operating earnings per diluted share for the nine months ended September 30, 2009 divided by the beginning diluted book value per common share plus the operating earnings per diluted share for the three months ended December 31, 2009 divided by the beginning diluted book value per common share plus the per diluted share impact of equity issued related to the acquisition of Paris Re.

47

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 September 30, 2010
	For the three months ended									For the year ended
	December 31, 2010			September 30, 2010						December 31, 2010			December 31, 2009 (A)
Reconciliation of previously published and redefined non-GAAP measures (1)
Annualized operating return on beginning common shareholders’ equity - previously published		6.3	%		15.8	%		7.3	%		7.1	%		22.3	%
Less:
Impact of excluding net foreign exchange gains (losses), net of tax		0.9			(1.2	)		—			0.2			—
Impact of redefining calculation to a per diluted share basis		(0.9	)		(1.7	)		(0.5	)		(0.5	)		—
Annualized operating return on beginning diluted book value per common share - redefined		6.3	%		18.7	%		7.8	%		7.4	%		22.3	%
Operating earnings available to common shareholders - previously published	$	113,042		$	281,857		$	391,612		$	504,654		$	932,146
Less:
Net foreign exchange losses		(8,260	)		(27,074	)		(12,426	)		(20,686	)		(1,464	)
Tax benefit on net foreign exchange losses		22,520			7,323			11,012			33,533			2,906
Net foreign exchange gains (losses), net of tax		14,260			(19,751	)		(1,414	)		12,847			1,442
Operating earnings available to common shareholders - redefined	$	98,782		$	301,608		$	393,026		$	491,807		$	930,704
Per diluted share:
Operating earnings - previously published	$	1.52		$	3.69		$	4.93		$	6.45		$	14.59
Less:
Net foreign exchange (losses) gains		(0.11	)		(0.35	)		(0.15	)		(0.27	)		(0.02	)
Tax benefit on net foreign exchange (losses) gains		0.30			0.09			0.14			0.43			0.04
Net foreign exchange gains (losses), net of tax		0.19			(0.26	)		(0.01	)		0.16			0.02
Operating earnings - redefined	$	1.33		$	3.95		$	4.94		$	6.29		$	14.57

(1) See Basis of Presentation for an explanation of the redefined non-GAAP measures.

48

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	September 30, 2011		June 30, 2011		March 31, 2011		December 31, 2010		September 30, 2010		December 31, 2009
Reconciliation of GAAP and non-GAAP measures:
Shareholders’ equity	$	6,707,683	$	6,632,044	$	6,174,833	$	7,206,919	$	7,582,293	$	7,645,727
Less:
Preferred shares, aggregate liquidation		893,750		893,750		520,000		520,000		520,000		520,000
Common shareholders’ equity		5,813,933		5,738,294		5,654,833		6,686,919		7,062,293		7,125,727
Less:
Net unrealized gains on fixed income securities and funds held - directly managed, net of tax		501,803		350,653		242,193		364,032		576,521		234,153
Book value excluding net unrealized gains or losses on fixed income securities and funds held - directly managed, net of tax	$	5,312,130	$	5,387,641	$	5,412,640	$	6,322,887	$	6,485,772	$	6,891,574
Divided by:
Number of common shares and common share equivalents outstanding		68,188.1		68,552.0		68,542.4		71,312.3		75,771.5		84,319.7
Equals:
Diluted book value per common share and common share equivalents outstanding, excluding net unrealized gains or losses on fixed income securities and funds held - directly managed, net of tax	$	77.90	$	78.59	$	78.97	$	88.66	$	85.60	$	81.73

49

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, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010			December 31, 2009
Total shareholders’ equity	$	6,707,683		$	6,632,044		$	6,174,833		$	7,206,919		$	7,582,293		$	7,645,727
Less: preferred shares		(893,750	)		(893,750	)		(520,000	)		(520,000	)		(520,000	)		(520,000	)
Common shareholders’ equity	$	5,813,933		$	5,738,294		$	5,654,833		$	6,686,919		$	7,062,293		$	7,125,727
Basic common shares outstanding		67,749.4			67,737.8			67,439.6			69,986.2			74,581.4			82,580.7
Basic book value per common share	$	85.82		$	84.71		$	83.85		$	95.55		$	94.69		$	86.29
Diluted book value per common share
Common shareholders’ equity	$	5,813,933		$	5,738,294		$	5,654,833		$	6,686,919		$	7,062,293		$	7,125,727
Basic common shares outstanding		67,749.4			67,737.8			67,439.6			69,986.2			74,581.4			82,580.7
Add: Stock options and other		688.6			2,329.0			2,769.2			3,293.4			2,977.0			3,331.7
Add: Restricted stock units		573.9			647.6			825.6			940.4			977.2			1,189.1
Less: Stock options and other bought back via treasury stock method		(823.8	)		(2,162.4	)		(2,492.0	)		(2,907.7	)		(2,764.1	)		(2,781.8	)
Diluted common shares and common share equivalents outstanding		68,188.1			68,552.0			68,542.4			71,312.3			75,771.5			84,319.7
Diluted book value per common share	$	85.26		$	83.71		$	82.50		$	93.77		$	93.21		$	84.51

(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 contracts, if any, are also added to determine the diluted common shares and common share equivalents outstanding.

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 three months ended September 30, 2011						As of and for the three months ended September 30, 2010
	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	$	5,738		$	83.71		$	6,551		$	85.32
Technical result		150			2.20			303			3.96
Other operating expenses		(104	)		(1.52	)		(118	)		(1.55	)
Net investment income		164			2.40			164			2.15
Amortization of intangible assets		(9	)		(0.14	)		(10	)		(0.13	)
Other, net		(12	)		(0.16	)		(9	)		(0.12	)
Operating income tax expense		(11	)		(0.16	)		(19	)		(0.25	)
Preferred dividends		(14	)		(0.21	)		(9	)		(0.11	)
Operating earnings		164			2.41			302			3.95
Net realized and unrealized investment gains, net of tax		6			0.09			233			3.05
Net foreign exchange losses, net of tax		—			—			(20	)		(0.26	)
Interest in (losses) earnings of equity investments, net of tax		(4	)		(0.07	)		1			0.02
Net income available to common shareholders		166			2.43			516			6.76
Common share dividends		(41	)		(0.60	)		(38	)		(0.50	)
Change in currency translation adjustment		(55	)		(0.81	)		108			1.41
Issuance (repurchase) of common shares, net		5			0.05			(74	)		(0.11	)
Change in other accumulated comprehensive income or loss, net of tax		1			0.02			(1	)		(0.02	)
Impact of change in number of common and common share equivalents outstanding		n/a			0.46			n/a			0.35
Common shareholders’ equity / diluted book value per common share at end of period	$	5,814		$	85.26		$	7,062		$	93.21

51

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, 2011						As of and for the nine months ended September 30, 2010
	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	$	6,687		$	93.77		$	7,126		$	84.51
Technical result		(537	)		(7.91	)		380			4.78
Other operating expenses		(322	)		(4.75	)		(406	)		(5.11	)
Net investment income		474			6.99			512			6.44
Amortization of intangible assets		(27	)		(0.41	)		(23	)		(0.29	)
Other, net		(32	)		(0.47	)		(27	)		(0.34	)
Operating income tax expense		(28	)		(0.41	)		(17	)		(0.22	)
Preferred dividends		(32	)		(0.47	)		(26	)		(0.32	)
Operating (loss) earnings		(504	)		(7.43	)		393			4.94
Net realized and unrealized investment (losses) gains, net of tax		(41	)		(0.61	)		373			4.69
Net foreign exchange gains (losses), net of tax		16			0.24			(1	)		(0.01	)
Interest in (losses) earnings of equity investments, net of tax		(5	)		(0.08	)		5			0.06
Net (loss) income available to common shareholders		(534	)		(7.88	)		770			9.68
Common share dividends		(118	)		(1.75	)		(117	)		(1.50	)
Change in currency translation adjustment		(11	)		(0.16	)		(67	)		(0.84	)
Repurchase of common shares, net		(197	)		0.24			(643	)		0.41
Preferred shares issuance costs		(12	)		(0.18	)		—			—
Change in other accumulated comprehensive income or loss, net of tax		(1	)		(0.01	)		(7	)		(0.08	)
Impact of change in number of common and common share equivalents outstanding		n/a			1.23			n/a			1.03
Common shareholders’ equity / diluted book value per common share at end of period	$	5,814		$	85.26		$	7,062		$	93.21

52

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, 2010						As of and for the year ended December 31, 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		520			6.65			939			14.70
Other operating expenses		(540	)		(6.90	)		(431	)		(6.74	)
Net investment income		673			8.60			596			9.33
Amortization of intangible assets		(31	)		(0.40	)		6			0.10
Other, net		(33	)		(0.43	)		(5	)		(0.10	)
Operating income tax expense		(62	)		(0.79	)		(139	)		(2.18	)
Preferred dividends		(35	)		(0.44	)		(35	)		(0.54	)
Operating earnings		492			6.29			931			14.57
Net realized and unrealized investment gains, net of tax		301			3.86			497			7.78
Net realized gain on purchase of capital efficient notes, net of tax		—			—			57			0.89
Net foreign exchange gains, net of tax		13			0.16			1			0.02
Interest in earnings of equity investments, net of tax		12			0.15			16			0.25
Net income available to common shareholders		818			10.46			1,502			23.51
Common share dividends		(158	)		(2.05	)		(117	)		(1.88	)
Change in currency translation adjustment		(67	)		(0.85	)		48			0.75
(Repurchase) issuance of common shares, net		(1,018	)		1.15			2,000			(1.59	)
Change in other accumulated comprehensive income or loss, net of tax		(14	)		(0.18	)		14			0.23
Impact of change in number of common and common share equivalents outstanding		n/a			0.73			n/a			(0.46	)
Common shareholders’ equity / diluted book value per common share at end of period	$	6,687		$	93.77		$	7,126		$	84.51

53

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
	September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Acquisition related expenses:
Corporate expenses - acquisition related	$	518		$	1,168		$	2,335		$	6,155		$	5,654
Corporate expenses - voluntary termination plan		—			—			—			6,323			(803	)
Amortization of intangible assets		9,520			9,165			8,827			8,821			10,003
Amortization of intangible assets included in acquisition costs (1)		1,914			2,829			3,700			3,715			4,789
Total acquisition related expenses	$	11,952		$	13,162		$	14,862		$	25,014		$	19,643
Less: Amortization of intangible assets included in acquisition costs		(1,914	)		(2,829	)		(3,700	)		(3,715	)		(4,789	)
Total acquisition related expenses, excluding those included in acquisition costs	$	10,038		$	10,333		$	11,162		$	21,299		$	14,854
Divided by:
Weighted average number of common shares and common share equivalents outstanding		68,182.0			68,442.3			67,997.4			74,494.7			76,428.5
Impact of acquisition related expenses on diluted operating earnings or loss per share, pre-tax	$	0.15		$	0.15		$	0.16		$	0.29		$	0.19

	Total amortization of intangible assets (3)
Estimated remaining amortization of intangible assets, pre-tax (2):
For the three months ended December 31, 2011	$	8,893
For the year ended December 31, 2012		31,799
For the year ended December 31, 2013		19,479
For the year ended December 31, 2014 and thereafter		75,239
Total	$	135,410

(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 $142.8 million and $178.7 million at September 30, 2011 and December 31, 2010, respectively, are recorded gross of a deferred tax benefit of $42.7 million and $46.9 million, respectively, and includes a $7.4 million intangible asset related to U.S. licenses that is not being amortized.

54

PartnerRe Ltd.

Paris Re Acquisition Related Expenses

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

(Unaudited)

	For the nine months ended						For the year ended
	September 30, 2011			September 30, 2010			December 31, 2010			December 31, 2009
Acquisition related expenses:
Corporate expenses - acquisition related	$	4,021		$	9,920		$	16,075		$	36,521
Corporate expenses - voluntary termination plan		—			34,361			40,684			—
Amortization of intangible assets		27,512			22,639			31,461			(6,133	)
Amortization of intangible assets included in acquisition costs (1)		8,443			33,379			37,094			46,410
Total acquisition related expenses	$	39,976		$	100,299		$	125,314		$	76,798
Less: Amortization of intangible assets included in acquisition costs		(8,443	)		(33,379	)		(37,094	)		(46,410	)
Total acquisition related expenses, excluding those included in acquisition costs	$	31,533		$	66,920		$	88,220		$	30,388
Divided by:
Weighted average number of common and common share equivalents outstanding		67,788.4			79,494.2			78,234.3			63,890.6
Impact of acquisition related expenses on diluted operating loss or earnings per share, pre-tax	$	0.47		$	0.84		$	1.13		$	0.48

(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.

55