Partnerre (PREJF) 8-K PartnerRe Ltd. Reports Fourth Quarter and Full Year 2014 Results

Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as at December 31, 2014

(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 - December 31, 2014

Table of Contents

	Page
Regulation G
Life Value in Force
Consolidated Financial Statements
Consolidated Statements of Operations	1
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Cash Flows	3
Consolidated Statements of Comprehensive Income	4
Segment Information
For the three months ended December 31, 2014 and 2013	5-6
For the years ended December 31, 2014 and 2013	7-8
Non-life segment	9
North America sub-segment	10
Global (Non-U.S.) P&C sub-segment	11
Global Specialty sub-segment	12
Catastrophe sub-segment	13
Life and Health segment	14
Corporate and Other	15
Distribution of Premiums
Distribution of Premiums by line of business, geography and production source	16
Distribution of Premiums by reinsurance type for the Non-life sub-segment	17
Investments
Investment Portfolio	18
Distribution of Corporate Bonds	19
Distribution of Equities	20
Distribution of Mortgage/Asset-Backed Securities	21
Other Invested Assets including Private Markets and Derivative Exposures	22
Funds Held - Directly Managed Portfolio	23
Distribution of Corporate Bonds - Funds Held - Directly Managed Portfolio	24
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses)	25
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses) on Funds Held - Directly Managed Portfolio	26
Loss Reserves
Analysis of Unpaid Losses and Loss Expenses	27
Analysis of Policy Benefits for Life and Annuity Contracts	28
Reserve Development	29
Natural Catastrophe Probable Maximum Losses (PMLs)
Single Occurrence Estimated Net PML Exposure	30
Impact of new methodology on Estimated Gross PML Exposure (April 1, 2014 only)	31
Reconciliation of GAAP and non-GAAP measures	32-34
Diluted Book Value per Common Share - Treasury Stock Method	35
Diluted Book Value and Diluted Tangible Book Value per Common Share - Rollforward	36-37

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) attributable to PartnerRe 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 (except where the Company has made a strategic investment in an insurance or reinsurance related investee), net foreign exchange gains and losses, net of tax, loss on redemption of preferred shares, the interest in earnings (losses) of equity method investments, net of tax (except where the Company has made a strategic investment in an insurance or reinsurance related investee and where the Company does not control the investee’s activities) and certain withholding taxes on inter-company dividends (included in other expenses), net of tax, 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 PartnerRe 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 PartnerRe common share and common share equivalents outstanding as of the beginning of the year. 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.

Tangible Book Value and Diluted Tangible Book Value per PartnerRe Common Share and Common Share Equivalents Outstanding: The Company calculates Tangible Book Value using common shareholders’ equity attributable to PartnerRe less goodwill and intangible assets, net of tax. The Company calculates Diluted Tangible Book Value per Common Share using Tangible Book Value divided by the weighted average number of PartnerRe common shares and common share equivalents outstanding. The Company uses these measures as the basis for its prime measure of long-term financial performance (annualized growth in Diluted Tangible Book Value per Common Share plus dividends). Management believes annualized growth in Diluted Tangible Book Value per Common Share plus dividends aligns the Company’s stated long-term objectives with the measure most investors use to evaluate total shareholder value creation given that it focuses on the tangible value of total shareholder returns, excluding the impact of goodwill and intangibles.

Book Value and Tangible Book Value excluding Net Unrealized Gains and Losses on Fixed Income Securities and Funds Held - Directly Managed, Net of Tax (Book Value and Tangible Book Value excluding NURGL) and Diluted Book Value and Diluted Tangible Book Value per PartnerRe Common Share and Common Share Equivalents Outstanding (Diluted Book Value and Diluted Tangible 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 and Diluted Tangible Book Value per Common Share excluding NURGL): The Company calculates Book Value and Tangible Book Value excluding NURGL using common shareholders’ equity attributable to PartnerRe and Tangible Book Value, respectively, less net unrealized gains and losses on fixed income securities and funds held - directly managed, net of tax. Book Value and Tangible 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 and Diluted Tangible Book Value per Common Share excluding NURGL divided by the number of common shares and common share equivalents outstanding.

Total Capital: The Company calculates Total Capital as the sum of common shareholders’ equity attributable to PartnerRe, preferred shares, 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.

All references to per share data, per common share data, common shares and common share equivalent data, and common shareholders’ equity data throughout this Financial Supplement relates to PartnerRe Ltd.’s (PartnerRe) common shareholders.

PartnerRe Ltd.

Life Value In Force

The Company calculates Value in Force (VIF) for its Life portfolio, which represents the value of the Life portfolio that is not recognized in the Consolidated Balance Sheets prepared under generally accepted accounting principles in the United States (U.S. GAAP). Accordingly, there is no corresponding measure that is prepared in accordance with U.S. GAAP. Management believes that this is useful information for investors, analysts, rating agencies and others. The Life VIF calculation includes the business written in the Company’s Life and Health segment, except for the PartnerRe Health business.

The Company’s Life VIF calculation uses market consistent techniques, but primarily differs from a full Market Consistent Embedded Value (MCEV) calculation, as defined in the European Insurance CFO Forum MCEV principles, due to: (i) different methodologies used; and ii) the Life VIF is only a component of MCEV and, specifically, the tangible assets backing the liabilities are not considered in the Company’s calculation.

The Company’s Life VIF, which is calculated on a going concern basis, is the sum of:

• present value of future profits - which is defined as the net present value of shareholders’ projected after-tax cash flows from the in-force business on a best-estimate assumption basis. The discount rates used reflect currency-specific market yields on zero coupon government bonds at given durations and are applied to projected deterministic cash flows and to calculate risk-free investment returns. The best-estimate is defined as median biometric assumptions and does not include any provision for adverse deviation. The Company attributes no value to future new business or renewals of short-term business. Allocated inflated-adjusted expenses are projected on a best estimate basis;

• cost of non-hedgeable risks - which is defined as the cost of holding capital for non-hedgeable financial and non-hedgeable non-financial risks, such as a mortality deviation from shocks or changes in trends. The non-hedgeable risk capital has been determined using an internal economic capital model calibrated to a 99.6% Value at Risk (VaR) corresponding to a 1 in 250 year event;

• frictional costs - which is defined as the cost of double taxation or investment management charges on assets backing required capital;

• time value of options and guarantees (TVOG) - which is defined as the difference between the market value and the intrinsic value of the option calculated using stochastic techniques. The TVOG is significant to the guaranteed minimum death benefit (GMDB) portfolio where the Company covers death claims on savings plans, where the sum reinsured is the difference between the invested premium amount and the current fund value; and

• cost of non-economic excess encumbered capital - which is defined as the cost of any encumbered capital in excess of economic capital required by local regulations.

Actuarial non-economic assumptions, such as current and future mortality, are based on the most recent experience available, combined with internal and industry benchmarks, including trend expectation where appropriate.

The Life VIF is sensitive to changes in assumptions. In particular, the Life VIF is sensitive to changes in yield curves that are used for discounting, changes in equity market value assumptions and implied volatilities.

The Company performs a detailed Life VIF calculation on an annual basis and performs a roll-forward approach on an interim quarterly basis.

PartnerRe Ltd.

Consolidated Statements of Operations

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

(Unaudited)

	For the three months ended															For the year ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2014			2014			2014			2014			2013			2014			2013
Revenues
Gross premiums written	$	1,236,676		$	1,361,280		$	1,462,307		$	1,871,740		$	1,190,761		$	5,932,003		$	5,569,706
Net premiums written	$	1,220,035		$	1,342,690		$	1,418,665		$	1,738,494		$	1,186,002		$	5,719,884		$	5,396,526
Decrease (increase) in unearned premiums	225,695			213,924			(65,596		)	(484,712		)	235,422			(110,689		)	(198,316		)
Net premiums earned	1,445,730			1,556,614			1,353,069			1,253,782			1,421,424			5,609,195			5,198,210
Net investment income	114,686			118,176			129,967			116,867			114,351			479,696			484,367
Net realized and unrealized investment gains (losses)	98,329			(34,420		)	165,717			142,172			99,419			371,796			(160,735		)
Other income	4,297			2,223			9,265			404			3,361			16,190			16,565
Total revenues	1,663,042			1,642,593			1,658,018			1,513,225			1,638,555			6,476,877			5,538,407
Expenses
Losses and loss expenses and life policy benefits	869,923			959,543			883,846			749,457			879,014			3,462,770			3,157,808
Acquisition costs	324,884			321,756			302,573			264,608			318,738			1,213,822			1,077,628
Other expenses (1) (2)	122,539			108,615			107,072			111,462			131,125			449,688			500,466
Interest expense	12,244			12,241			12,240			12,238			12,236			48,963			48,929
Amortization of intangible assets	6,479			7,003			7,003			7,002			6,044			27,486			27,180
Net foreign exchange (gains) losses	(7,301		)	(8,206		)	(2,023		)	(670		)	8,382			(18,201		)	18,203
Total expenses	1,328,768			1,400,952			1,310,711			1,144,097			1,355,539			5,184,528			4,830,214
Income before taxes and interest in (losses) earnings of equity method investments	334,274			241,641			347,307			369,128			283,016			1,292,349			708,193
Income tax expense	53,143			45,617			78,440			62,305			11,078			239,506			48,416
Interest in (losses) earnings of equity method investments	(1,013		)	5,294			4,925			6,064			3,988			15,270			13,665
Net income	280,118			201,318			273,792			312,887			275,926			1,068,113			673,442
Net income attributable to noncontrolling interests	(3,225		)	(4,920		)	(1,951		)	(3,044		)	(4,138		)	(13,139		)	(9,434		)
Net income attributable to PartnerRe	276,893			196,398			271,841			309,843			271,788			1,054,974			664,008
Preferred dividends	14,184			14,184			14,184			14,184			14,184			56,735			57,861
Loss on redemption of preferred shares	—			—			—			—			—			—			9,135
Net income attributable to PartnerRe common shareholders	$	262,709		$	182,214		$	257,657		$	295,659		$	257,604		$	998,239		$	597,012
Operating earnings attributable to PartnerRe common shareholders	$	218,340		$	226,660		$	133,508		$	176,910		$	157,405		$	755,418		$	721,733
Comprehensive income attributable to PartnerRe	$	251,528		$	198,578		$	288,630		$	294,394		$	265,577		$	1,033,129		$	641,173
Earnings and dividends per share data attributable to PartnerRe common shareholders:
Basic operating earnings	$	4.48		$	4.58		$	2.66		$	3.43		$	2.97		$	15.10		$	13.03
Net realized and unrealized investment gains (losses), net of tax	1.69			(0.72		)	2.46			2.24			1.73			5.73			(2.30		)
Net foreign exchange (losses) gains, net of tax	(0.61		)	(0.24		)	(0.06		)	(0.02		)	0.07			(0.92		)	0.05
Loss on redemption of preferred shares	—			—			—			—			—			—			(0.16		)
Interest in (losses) earnings of equity method investments, net of tax	(0.04		)	0.06			0.07			0.07			0.09			0.17			0.16
Withholding tax on inter-company dividends, net of tax (2)	(0.13		)	—			—			—			—			(0.12		)	—
Basic net income	$	5.39		$	3.68		$	5.13		$	5.72		$	4.86		$	19.96		$	10.78
Weighted average number of common shares outstanding	48,707,096			49,514,980			50,241,216			51,652,177			53,013,136			50,019,480			55,378,980
Diluted operating earnings (1)	$	4.37		$	4.47		$	2.60		$	3.36		$	2.91		$	14.76		$	12.79
Net realized and unrealized investment gains (losses), net of tax	1.64			(0.70		)	2.41			2.20			1.70			5.60			(2.25		)
Net foreign exchange (losses) gains, net of tax	(0.60		)	(0.23		)	(0.06		)	(0.02		)	0.07			(0.90		)	0.04
Loss on redemption of preferred shares	—			—			—			—			—			—			(0.16		)
Interest in (losses) earnings of equity method investments, net of tax	(0.03		)	0.06			0.07			0.07			0.08			0.17			0.16
Withholding tax on inter-company dividends, net of tax (2)	(0.12		)	—			—			—			—			(0.12		)	—
Diluted net income	$	5.26		$	3.60		$	5.02		$	5.61		$	4.76		$	19.51		$	10.58
Weighted average number of common shares and common share equivalents outstanding	49,958,224			50,681,325			51,328,761			52,727,573			54,165,736			51,174,225			56,448,105
Dividends declared per common share	$	0.67		$	0.67		$	0.67		$	0.67		$	0.64		$	2.68		$	2.56
(1)Includes an expense related to the restructuring of the Company’s business support operations and Global Non-life operations. See page 15 for the expense and per share data.
(2) Withholding taxes on certain inter-company dividends are included in other expenses.

1

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	December 31,				September 30,				June 30,				March 31,				December 31,				December 31,
	2014				2014				2014				2014				2013				2012
Assets
Total investments	$	15,299,764			$	15,288,212			$	15,584,828			$	15,479,461			$	15,148,883			$	15,973,230
Funds held - directly managed	608,853				650,374				669,713				764,386				785,768				930,741
Cash and cash equivalents	1,313,468				1,519,287				1,208,220				1,269,037				1,496,485				1,121,705
Accrued investment income	158,737				171,050				170,508				190,169				185,717				184,315
Reinsurance balances receivable	2,454,850				2,974,668				3,015,727				3,064,301				2,465,713				1,991,991
Reinsurance recoverable on paid and unpaid losses	246,158				317,071				358,804				362,149				308,892				348,086
Funds held by reinsured companies	765,905				808,686				863,491				849,256				843,081				805,489
Deferred acquisition costs	661,186				707,481				755,769				725,584				644,952				568,391
Goodwill	456,380				456,380				456,380				456,380				456,380				456,380
Intangible assets	159,604				166,083				173,085				180,088				187,090				214,270
Other assets	145,452				148,051				189,948				176,692				515,334				385,834
Total assets	$	22,270,357			$	23,207,343			$	23,446,473			$	23,517,503			$	23,038,295			$	22,980,432
Liabilities
Unpaid losses and loss expenses	$	9,745,806			$	10,264,001			$	10,399,775			$	10,529,717			$	10,646,318			$	10,709,371
Policy benefits for life and annuity contracts	2,050,107				2,113,463				2,127,412				2,118,479				1,974,133				1,813,244
Unearned premiums	1,750,607				2,048,550				2,357,544				2,299,250				1,723,767				1,534,625
Other reinsurance balances payable	182,395				237,175				254,750				269,487				202,549				238,578
Debt obligations	820,989				820,989				820,989				820,989				820,989				820,989
Other liabilities	616,042				656,909				528,600				638,982				904,380				930,129
Total liabilities	15,165,946				16,141,087				16,489,070				16,676,904				16,272,136				16,046,936
Total shareholders’ equity attributable to PartnerRe	7,048,910				7,013,980				6,910,047				6,780,928				6,709,532				6,933,496
Noncontrolling interests	55,501				52,276				47,356				59,671				56,627				—
Total shareholders’ equity	7,104,411				7,066,256				6,957,403				6,840,599				6,766,159				6,933,496
Total liabilities and shareholders’ equity	$	22,270,357			$	23,207,343			$	23,446,473			$	23,517,503			$	23,038,295			$	22,980,432
Diluted Book Value Per Common Share	$	126.21			$	121.95			$	118.96			$	114.13			$	109.26			$	100.84
Diluted Tangible Book Value Per Common Share	$	114.76			$	110.75			$	107.80			$	103.10			$	98.49			$	90.86
Number of Common Shares and Common Share Equivalents Outstanding	49,087,412				50,513,695				50,910,028				51,935,217				53,596,034				59,893,366
Capital Structure:
Senior notes (1)	$	750,000	9	%	$	750,000	9	%	$	750,000	10	%	$	750,000	10	%	$	750,000	10	%	$	750,000	10	%
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 value	853,750		11		853,750		11		853,750		11		853,750		11		853,750		11		893,750		11
Common shareholders’ equity attributable to PartnerRe	6,195,160		79		6,160,230		79		6,056,297		78		5,927,178		78		5,855,782		78		6,039,746		78
Total Capital	$	7,862,294	100	%	$	7,827,364	100	%	$	7,723,431	100	%	$	7,594,312	100	%	$	7,522,916	100	%	$	7,746,880	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.

2

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2014			2014			2014			2014			2013			2014			2013
Net cash provided by operating activities:
Underwriting operations	$	158		$	240		$	66		$	33		$	133		$	497		$	337
Investment income	147			140			176			142			138			606			637
Taxes and foreign exchange	(36		)	(18		)	(100		)	(96		)	(27		)	(250		)	(147		)
Net cash provided by operating activities	$	269		$	362		$	142		$	79		$	244		$	853		$	827
Net cash provided by operating activities	$	269		$	362		$	142		$	79		$	244		$	853		$	827
Net cash (used in) provided by investing activities	(247		)	84			(15		)	(71		)	(167		)	(250		)	418
Net cash used in financing activities	(215		)	(99		)	(189		)	(232		)	(130		)	(736		)	(866		)
Effect of foreign exchange rate changes on cash	(13		)	(36		)	1			(3		)	(2		)	(50		)	(5		)
(Decrease) increase in cash and cash equivalents	(206		)	311			(61		)	(227		)	(55		)	(183		)	374
Cash and cash equivalents - beginning of period	1,519			1,208			1,269			1,496			1,551			1,496			1,122
Cash and cash equivalents - end of period	$	1,313		$	1,519		$	1,208		$	1,269		$	1,496		$	1,313		$	1,496

3

PartnerRe Ltd.

Consolidated Statements of Comprehensive Income

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2014			2014			2014			2014			2013
Net income attributable to PartnerRe	$	276,893		$	196,398		$	271,841		$	309,843		$	271,788
Change in currency translation adjustment	(12,101		)	1,412			17,020			(15,223		)	(14,866		)
Change in net unrealized gains or losses on investments, net of tax	(218		)	(221		)	(222		)	(225		)	(226		)
Change in unfunded pension obligation, net of tax	(13,046		)	989			(9		)	(1		)	8,881
Comprehensive income attributable to PartnerRe	$	251,528		$	198,578		$	288,630		$	294,394		$	265,577

	For the year ended
	December 31,			December 31,
	2014			2013
Net income attributable to PartnerRe	$	1,054,974		$	664,008
Change in currency translation adjustment	(8,892		)	(31,778		)
Change in net unrealized gains or losses on investments, net of tax	(886		)	(918		)
Change in unfunded pension obligation, net of tax	(12,067		)	9,861
Comprehensive income attributable to PartnerRe	$	1,033,129		$	641,173

4

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

For the three months ended December 31, 2014
	North America			Global (Non-U.S.) P&C			Global Specialty			Catastrophe			Total  Non-life  segment			Life  and Health segment			Corporate and Other			Total
Gross premiums written	$	340		$	122		$	448		$	13		$	923		$	314		$	—		$	1,237
Net premiums written	$	338		$	122		$	446		$	11		$	917		302			$	1		$	1,220
Decrease (increase) in unearned premiums	67			78			(16		)	81			210			16			—			226
Net premiums earned	$	405		$	200		$	430		$	92		$	1,127		$	318		$	1		$	1,446
Losses and loss expenses and life policy benefits	(253		)	(119		)	(213		)	(24		)	(609		)	(261		)	—			(870		)
Acquisition costs	(102		)	(60		)	(117		)	(9		)	(288		)	(37		)	—			(325		)
Technical result	$	50		$	21		$	100		$	59		$	230		$	20		$	1		$	251
Other income													2			2			—			4
Other expenses													(65		)	(17		)	(41		)	(123		)
Underwriting result													$	167		$	5		n/a			$	132
Net investment income																16			99			115
Allocated underwriting result (1)																$	21		n/a			n/a
Net realized and unrealized investment gains																			98			98
Interest expense																			(12		)	(12		)
Amortization of intangible assets																			(6		)	(6		)
Net foreign exchange gains																			7			7
Income tax expense																			(53		)	(53		)
Interest in losses of equity method investments																			(1		)	(1		)
Net income																			n/a			$	280
Loss ratio (2)	62.5		%	59.4		%	49.5		%	26.5		%	54.1		%
Acquisition ratio (3)	25.1			29.9			27.4			9.1			25.5
Technical ratio (4)	87.6		%	89.3		%	76.9		%	35.6		%	79.6		%
Other expense ratio (5)													5.7
Combined ratio (6)													85.3		%

(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 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 expense ratio is obtained by dividing other expenses by net premiums earned.

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

5

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

For the three months ended December 31, 2013
	North America			Global (Non-U.S.) P&C			Global Specialty			Catastrophe			Total  Non-life  segment			Life  and Health segment			Corporate and Other			Total
Gross premiums written	$	372		$	128		$	423		$	18		$	941		$	250		$	—		$	1,191
Net premiums written	$	372		$	128		$	419		$	18		$	937		$	249		$	—		$	1,186
Decrease (increase) in unearned premiums	45			85			(4		)	99			225			9			1			235
Net premiums earned	$	417		$	213		$	415		$	117		$	1,162		$	258		$	1		$	1,421
Losses and loss expenses and life policy benefits	(293		)	(110		)	(223		)	(51		)	(677		)	(202		)	—			(879		)
Acquisition costs	(98		)	(62		)	(105		)	(11		)	(276		)	(42		)	—			(318		)
Technical result	$	26		$	41		$	87		$	55		$	209		$	14		$	1		$	224
Other income													—			3			—			3
Other expenses													(70		)	(19		)	(42		)	(131		)
Underwriting result													$	139		$	(2	)	n/a			$	96
Net investment income																15			99			114
Allocated underwriting result (1)																$	13		n/a			n/a
Net realized and unrealized investment gains																			99			99
Interest expense																			(12		)	(12		)
Amortization of intangible assets																			(6		)	(6		)
Net foreign exchange losses																			(8		)	(8		)
Income tax expense																			(11		)	(11		)
Interest in earnings of equity method investments																			4			4
Net income																			n/a			$	276
Loss ratio (2)	70.2		%	51.5		%	53.8		%	43.2		%	58.2		%
Acquisition ratio (3)	23.5			29.4			25.2			9.5			23.8
Technical ratio (4)	93.7		%	80.9		%	79.0		%	52.7		%	82.0		%
Other expense ratio (5)													6.0
Combined ratio (6)													88.0		%

6

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

For the year ended December 31, 2014
	North America			Global (Non-U.S.) P&C			Global Specialty			Catastrophe			Total  Non-life  segment			Life  and Health segment			Corporate and Other			Total
Gross premiums written	$	1,642		$	803		$	1,797		$	425		$	4,667		$	1,265		$	—		$	5,932
Net premiums written	$	1,630		$	794		$	1,696		$	380		$	4,500		$	1,220		$	—		$	5,720
(Increase) decrease in unearned premiums	(33		)	(26		)	(58		)	4			(113		)	2			—			(111		)
Net premiums earned	$	1,597		$	768		$	1,638		$	384		$	4,387		$	1,222		$	—		$	5,609
Losses and loss expenses and life policy benefits	(1,000		)	(438		)	(963		)	(62		)	(2,463		)	(1,000		)	—			(3,463		)
Acquisition costs	(401		)	(222		)	(400		)	(42		)	(1,065		)	(149		)	—			(1,214		)
Technical result	$	196		$	108		$	275		$	280		$	859		$	73		$	—		$	932
Other income													3			8			5			16
Other expenses													(252		)	(68		)	(130		)	(450		)
Underwriting result													$	610		$	13		n/a			$	498
Net investment income																60			420			480
Allocated underwriting result (1)																$	73		n/a			n/a
Net realized and unrealized investment gains																			372			372
Interest expense																			(49		)	(49		)
Amortization of intangible assets																			(27		)	(27		)
Net foreign exchange gains																			18			18
Income tax expense																			(239		)	(239		)
Interest in earnings of equity method investments																			15			15
Net income																			n/a			$	1,068
Loss ratio (2)	62.6		%	57.0		%	58.8		%	16.1		%	56.1		%
Acquisition ratio (3)	25.1			28.9			24.4			11.0			24.3
Technical ratio (4)	87.7		%	85.9		%	83.2		%	27.1		%	80.4		%
Other expense ratio (5)													5.8
Combined ratio (6)													86.2		%

7

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

For the year ended December 31, 2013
	North America			Global (Non-U.S.) P&C			Global Specialty			Catastrophe			Total  Non-life  segment			Life  and Health segment			Corporate and Other			Total
Gross premiums written	$	1,601		$	818		$	1,676		$	495		$	4,590		$	972		$	8		$	5,570
Net premiums written	$	1,587		$	811		$	1,579		$	450		$	4,427		$	964		$	6		$	5,397
(Increase) decrease in unearned premiums	(54		)	(68		)	(73		)	3			(192		)	(7		)	—			(199		)
Net premiums earned	$	1,533		$	743		$	1,506		$	453		$	4,235		$	957		$	6		$	5,198
Losses and loss expenses and life policy benefits	(975		)	(373		)	(920		)	(132		)	(2,400		)	(760		)	2			(3,158		)
Acquisition costs	(351		)	(196		)	(362		)	(44		)	(953		)	(125		)	—			(1,078		)
Technical result	$	207		$	174		$	224		$	277		$	882		$	72		$	8		$	962
Other income													3			11			3			17
Other expenses													(259		)	(71		)	(170		)	(500		)
Underwriting result													$	626		$	12		n/a			$	479
Net investment income																61			423			484
Allocated underwriting result (1)																$	73		n/a			n/a
Net realized and unrealized investment losses																			(161		)	(161		)
Interest expense																			(49		)	(49		)
Amortization of intangible assets																			(27		)	(27		)
Net foreign exchange losses																			(18		)	(18		)
Income tax expense																			(49		)	(49		)
Interest in earnings of equity method investments																			14			14
Net income																			n/a			$	673
Loss ratio (2)	63.6		%	50.2		%	61.1		%	29.0		%	56.7		%
Acquisition ratio (3)	22.9			26.4			24.0			9.7			22.5
Technical ratio (4)	86.5		%	76.6		%	85.1		%	38.7		%	79.2		%
Other expense ratio (5)													6.1
Combined ratio (6)													85.3		%

8

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the three months ended															For the year ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2014 (A)			2014			2014			2014			2013			2014 (A)			2013
Gross premiums written	$	923		$	1,025		$	1,136		$	1,583		$	941		$	4,667		$	4,590
Net premiums written	$	917		$	1,019		$	1,108		$	1,456		$	937		$	4,500		$	4,427
Net premiums earned	$	1,127		$	1,227		$	1,042		$	992		$	1,162		$	4,387		$	4,235
Losses and loss expenses	(609		)	(688		)	(632		)	(534		)	(677		)	(2,463		)	(2,400		)
Acquisition costs	(288		)	(284		)	(260		)	(233		)	(276		)	(1,065		)	(953		)
Technical result	$	230		$	255		$	150		$	225		$	209		$	859		$	882
Other income (loss)	2			(1		)	1			1			—			3			3
Other expenses	(65		)	(62		)	(61		)	(65		)	(70		)	(252		)	(259		)
Underwriting result	$	167		$	192		$	90		$	161		$	139		$	610		$	626
Loss ratio (2)	54.1		%	56.1		%	60.6		%	53.8		%	58.2		%	56.1		%	56.7		%
Acquisition ratio (3)	25.5			23.1			25.0			23.6			23.8			24.3			22.5
Technical ratio (4)	79.6		%	79.2		%	85.6		%	77.4		%	82.0		%	80.4		%	79.2		%
Other expense ratio (5)	5.7			5.0			5.9			6.5			6.0			5.8			6.1
Combined ratio (6)	85.3		%	84.2		%	91.5		%	83.9		%	88.0		%	86.2		%	85.3		%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended December 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $(14.0) million and $(21.9) million, respectively, compared to the three months ended December 31, 2013. For the year ended December 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $(5.8) million and $(16.9) million, respectively, compared to the year ended December 31, 2013.

9

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

North America sub-segment

	For the three months ended															For the year ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2014 (A)			2014			2014			2014			2013			2014 (A)			2013
Gross premiums written	$	340		$	372		$	400		$	530		$	372		$	1,642		$	1,601
Net premiums written	$	338		$	372		$	392		$	527		$	372		$	1,630		$	1,587
Net premiums earned	$	405		$	424		$	390		$	379		$	417		$	1,597		$	1,533
Losses and loss expenses	(253		)	(247		)	(240		)	(260		)	(293		)	(1,000		)	(975		)
Acquisition costs	(102		)	(106		)	(102		)	(92		)	(98		)	(401		)	(351		)
Technical result	$	50		$	71		$	48		$	27		$	26		$	196		$	207
Loss ratio (2)	62.5		%	58.2		%	61.5		%	68.6		%	70.2		%	62.6		%	63.6		%
Acquisition ratio (3)	25.1			24.9			26.1			24.3			23.5			25.1			22.9
Technical ratio (4)	87.6		%	83.1		%	87.6		%	92.9		%	93.7		%	87.7		%	86.5		%
Distribution of Net Premiums Written by Major Lines of Business:
Agriculture	26		%	22		%	31		%	31		%	40		%	28		%	30		%
Casualty	39			40			38			33			33			37			37
Credit/Surety	7			7			6			8			4			7			3
Motor	5			7			3			4			4			4			4
Multiline	8			6			8			9			5			8			6
Other	—			3			3			1			1			2			5
Property	15			15			11			14			13			14			15
Total	100		%	100		%	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 December 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $(0.6) million and $(1.4) million, respectively, compared to the three months ended December 31, 2013. For the year ended December 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $(5.6) million and $(5.6) million, respectively, compared to the year ended December 31, 2013.

10

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													For the year ended
	December 31,			September 30,		June 30,		March 31,			December 31,			December 31,			December 31,
	2014 (A)			2014		2014		2014			2013			2014 (A)			2013
Gross premiums written	$	122		162		155		$	364		$	128		$	803		818
Net premiums written	$	122		164		148		$	361		$	128		$	794		811
Net premiums earned	$	200		202		187		$	179		$	213		$	768		743
Losses and loss expenses	(119		)	(123	)	(103	)	(94		)	(110		)	(438		)	(373	)
Acquisition costs	(60		)	(56	)	(52	)	(54		)	(62		)	(222		)	(196	)
Technical result	$	21		23		32		$	31		$	41		$	108		174
Loss ratio (2)	59.4		%	61.1	%	54.6	%	52.4		%	51.5		%	57.0		%	50.2	%
Acquisition ratio (3)	29.9			27.6		27.9		30.1			29.4			28.9			26.4
Technical ratio (4)	89.3		%	88.7	%	82.5	%	82.5		%	80.9		%	85.9		%	76.6	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty	7		%	7	%	8	%	10		%	5		%	8		%	9	%
Motor	48			43		37		37			54			40			37
Property	45			50		55		53			41			52			54
Total	100		%	100	%	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 December 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $(3.4) million and $(7.2) million, respectively, compared to the three months ended December 31, 2013. For the year ended December 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $2.9 million and $(2.4) million, respectively, compared to the year ended December 31, 2013.

11

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Global Specialty sub-segment

	For the three months ended															For the year ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2014 (A)			2014			2014			2014			2013			2014 (A)			2013
Gross premiums written	$	448		$	432		$	438		$	479		$	423		$	1,797		$	1,676
Net premiums written	$	446		$	428		$	432		$	389		$	419		$	1,696		$	1,579
Net premiums earned	$	430		$	448		$	406		$	355		$	415		$	1,638		$	1,506
Losses and loss expenses	(213		)	(279		)	(270		)	(201		)	(223		)	(963		)	(920		)
Acquisition costs	(117		)	(105		)	(98		)	(79		)	(105		)	(400		)	(362		)
Technical result	$	100		$	64		$	38		$	75		$	87		$	275		$	224
Loss ratio (2)	49.5		%	62.3		%	66.5		%	56.6		%	53.8		%	58.8		%	61.1		%
Acquisition ratio (3)	27.4			23.5			24.2			22.4			25.2			24.4			24.0
Technical ratio (4)	76.9		%	85.8		%	90.7		%	79.0		%	79.0		%	83.2		%	85.1		%
Distribution of Net Premiums Written by Major Lines of Business:
Agriculture	12		%	11		%	14		%	13		%	8		%	13		%	9		%
Aviation/Space	15			13			13			8			16			13			13
Credit/Surety	14			16			15			19			17			16			19
Energy	5			5			5			3			5			4			5
Engineering	10			10			9			10			16			10			14
Marine	18			18			15			16			19			17			19
Multiline	8			8			6			10			3			8			3
Other	—			1			1			1			—			—			—
Specialty casualty	9			7			10			14			8			10			9
Specialty property	9			11			12			6			8			9			9
Total	100		%	100		%	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 December 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $(9.0) million and $(9.9)million, respectively, compared to the three months ended December 31, 2013. For the year ended December 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $1.2 million and $(0.6) million, respectively, compared to the year ended December 31, 2013.

12

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the three months ended													For the year ended
	December 31,			September 30,		June 30,		March 31,			December 31,			December 31,			December 31,
	2014 (A)			2014		2014		2014			2013			2014 (A)			2013
Gross premiums written	$	13		59		143		$	210		$	18		$	425		$	495
Net premiums written	$	11		55		136		$	179		$	18		$	380		$	450
Net premiums earned	$	92		153		59		$	79		$	117		$	384		$	453
Losses and loss expenses	(24		)	(39	)	(19	)	21			(51		)	(62		)	(132		)
Acquisition costs	(9		)	(17	)	(8	)	(8		)	(11		)	(42		)	(44		)
Technical result	$	59		97		32		$	92		$	55		$	280		$	277
Loss ratio (2)	26.5		%	25.2	%	33.4	%	(26.5		)%	43.2		%	16.1		%	29.0		%
Acquisition ratio (3)	9.1			11.7		13.0		10.1			9.5			11.0			9.7
Technical ratio (4)	35.6		%	36.9	%	46.4	%	(16.4		)%	52.7		%	27.1		%	38.7		%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended December 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $(0.9) million and $(3.4) million, respectively, compared to the three months ended December 31, 2013. For the year ended December 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $(4.3) million and $(8.3) million, respectively, compared to the year ended December 31, 2013.

13

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life and Health segment

	For the three months ended															For the year ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2014 (A)			2014			2014			2014			2013			2014 (A)			2013
Gross premiums written	$	314		$	336		$	326		$	289		$	250		$	1,265		$	972
Net premiums written	$	302		$	325		$	311		$	282		$	249		$	1,220		$	964
Net premiums earned	$	318		$	331		$	311		$	262		$	258		$	1,222		$	957
Life policy benefits	(261		)	(272		)	(252		)	(215		)	(202		)	(1,000		)	(760		)
Acquisition costs	(37		)	(38		)	(43		)	(32		)	(42		)	(149		)	(125		)
Technical result	$	20		$	21		$	16		$	15		$	14		$	73		$	72
Other income	2			2			3			1			3			8			11
Other expenses	(17		)	(17		)	(16		)	(17		)	(19		)	(68		)	(71		)
Underwriting result	$	5		$	6		$	3		$	(1	)	$	(2	)	$	13		$	12
Net investment income	16			14			15			15			15			60			61
Allocated underwriting result (1)	$	21		$	20		$	18		$	14		$	13		$	73		$	73
Distribution of Net Premiums Written by Major Lines of Business:
Accident and Health	25		%	24		%	27		%	16		%	15		%	23		%	15		%
Longevity	25			26			22			25			27			25			26
Mortality	50			50			51			59			58			52			59
Total	100		%	100		%	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 December 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $(4.1) million and $(4.5) million, respectively, compared to the three months ended December 31, 2013. For the year ended December 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $22.9 million and $22.1 million, respectively, compared to the year ended December 31, 2013.

14

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the three months ended															For the year ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2014			2014			2014			2014			2013			2014			2013
Technical result	$	1		$	(1	)	$	—		$	—		$	1		$	—		$	8
Other income (loss)	—			1			5			(2		)	—			5			3
Corporate expenses - costs of restructuring (1)	(6		)	(3		)	(2		)	—			(12		)	(11		)	(58		)
Corporate expenses	(35		)	(26		)	(27		)	(28		)	(28		)	(118		)	(105		)
Other expenses	—			—			(1		)	(1		)	(2		)	(1		)	(7		)
Net investment income	99			104			115			102			99			420			423
Net realized and unrealized investment gains (losses)	98			(34		)	166			142			99			372			(161		)
Interest expense	(12		)	(12		)	(12		)	(12		)	(12		)	(49		)	(49		)
Amortization of intangible assets	(6		)	(7		)	(7		)	(7		)	(6		)	(27		)	(27		)
Net foreign exchange gains (losses)	7			8			2			—			(8		)	18			(18		)
Income tax expense	(53		)	(46		)	(78		)	(62		)	(11		)	(239		)	(49		)
Interest in (losses) earnings of equity method investments	(1		)	5			5			6			4			15			14

(1) The costs of restructuring relate to the Company’s reorganization of its business support and Global Non-life operations. During the three months ended December 31, 2014, the three months ended September 30, 2014, the three months ended June 30, 2014 and the three months ended December 31, 2013, these costs predominantly comprised of facility exit costs. For the three months ended December 31, 2014, the three months ended September 30, 2014, the three months ended June 30, 2014 and the three months ended December 31, 2013, these costs had a per diluted share impact, pre-tax, of $0.11, $0.07, $0.05, and $0.22, respectively. During the year ended December 31, 2014, these costs predominantly comprised of facility exit costs. During the year ended December 31, 2013, these costs predominantly comprised of severance costs related to the Company's voluntary and involuntary termination plans, and to a lesser extent, facility exit costs. For the year ended December 31, 2014 and the year ended December 31, 2013, these costs had a per diluted share impact, pre-tax, of $0.21 and $1.03, respectively.

15

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended										For the year ended
	December 31,		September 30,		June 30,		March 31,		December 31,		December 31,		December 31,
	2014		2014		2014		2014		2013		2014		2013
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty	11	%	12	%	11	%	12	%	11	%	12	%	12	%
Motor	6		7		5		9		7		7		7
Multiline and other	5		5		5		5		3		5		4
Property	9		10		9		15		8		11		12
Specialty
Agriculture	12		10		13		12		15		12		11
Aviation/Space	6		4		4		2		6		4		4
Catastrophe	1		4		9		10		1		6		8
Credit/Surety	7		7		6		7		7		7		6
Energy	2		2		1		1		2		1		2
Engineering	4		3		3		2		6		3		4
Marine	6		6		5		4		7		5		6
Specialty casualty	3		2		3		3		3		3		3
Specialty property	3		4		4		2		3		3		3
Life and Health	25		24		22		16		21		21		18
	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Geography:
Asia, Australia and New Zealand	10	%	13	%	13	%	9	%	11	%	11	%	11	%
Europe	38		39		35		45		39		40		40
Latin America, Caribbean and Africa	14		10		9		8		11		10		10
North America	38		38		43		38		39		39		39
	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Production Source:
Broker	68	%	69	%	69	%	71	%	67	%	69	%	71	%
Direct	32		31		31		29		33		31		29
	100	%	100	%	100	%	100	%	100	%	100	%	100	%

16

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended										For the year ended
	December 31,		September 30,		June 30,		March 31,		December 31,		December 31,		December 31,
	2014		2014		2014		2014		2013		2014		2013
Distribution of Gross Premiums Written by Reinsurance Type for the Non-life sub-segment:
North America
Non-Proportional	11	%	16	%	11	%	24	%	7	%	16	%	18	%
Proportional	89		84		89		76		93		84		82
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Global (Non-U.S.) P&C
Non-Proportional	4	%	12	%	8	%	37	%	4	%	22	%	21	%
Proportional	96		88		92		63		96		78		79
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Global Specialty
Non-Proportional	10	%	13	%	16	%	26	%	11	%	17	%	19	%
Proportional	90		87		84		74		89		83		81
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Catastrophe
Non-Proportional	113	%	97	%	96	%	98	%	97	%	98	%	98	%
Proportional	(13	)	3		4		2		3		2		2
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Non-life total
Non-Proportional	11	%	19	%	23	%	38	%	10	%	25	%	28	%
Proportional	89		81		77		62		90		75		72
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%

17

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	December 31,					September 30,					June 30,					March 31,					December 31,					December 31,
	2014					2014					2014					2014					2013					2012
Investments:
Fixed maturities
U.S. government	$	2,277		15	%	$	2,160		14	%	$	1,827		12	%	$	1,850		12	%	$	1,599		11	%	$	1,113		7	%
U.S. government sponsored enterprises	39			—		25			—		29			—		16			—		25			—		18			—
U.S. states, territories and municipalities	531			3		321			2		221			1		130			1		124			1		243			1
Non-U.S. sovereign government, supranational and government related	1,976			13		2,209			14		2,289			15		2,332			15		2,354			15		2,376			15
Corporates	5,604			37		5,706			37		5,981			38		5,989			39		6,049			40		6,656			42
Mortgage/asset-backed securities	3,492			23		3,530			24		3,660			24		3,581			23		3,442			23		3,989			25
Total fixed maturities	13,919			91		13,951			91		14,007			90		13,898			90		13,593			90		14,395			90
Short-term investments	25			—		37			—		32			—		29			—		14			—		151			1
Equities	1,057			7		1,001			7		1,253			8		1,250			8		1,221			8		1,094			7
Other invested assets	299			2		299			2		293			2		302			2		321			2		333			2
Total investments	$	15,300		100	%	$	15,288		100	%	$	15,585		100	%	$	15,479		100	%	$	15,149		100	%	$	15,973		100	%
Cash and cash equivalents	1,313					1,519					1,208					1,269					1,496					1,122
Total investments and cash	$	16,613				$	16,807				$	16,793				$	16,748				$	16,645				$	17,095
Maturity distribution:
One year or less	$	313		2	%	$	401		3	%	$	428		3	%	$	383		3	%	$	378		3		$	1,081		7	%
More than one year through five years	5,169			37		5,279			38		5,212			37		5,359			38		5,057			37		4,198			29
More than five years through ten years	3,719			27		3,747			27		3,790			27		3,806			27		3,962			29		4,337			30
More than ten years	1,251			9		1,031			7		949			7		798			6		768			6		941			7
Subtotal	10,452			75		10,458			75		10,379			74		10,346			74		10,165			75		10,557			73
Mortgage/asset-backed securities	3,492			25		3,530			25		3,660			26		3,581			26		3,442			25		3,989			27
Total	$	13,944		100	%	$	13,988		100	%	$	14,039		100	%	$	13,927		100	%	$	13,607		100	%	$	14,546		100	%
Credit quality by market value:
AAA	11		%			12		%			12		%			13		%			14		%			13		%
AA	46					44					43					42					41					42
A	19					19					20					21					21					23
BBB	16					17					17					16					16					15
Below Investment Grade/Unrated	8					8					8					8					8					7
	100		%			100		%			100		%			100		%			100		%			100		%
Expected average duration (1)	3.7		Yrs			3.5		Yrs			3.4		Yrs			3.2		Yrs			3.0		Yrs			2.7		Yrs
Average yield to maturity at market (1)	2.4		%			2.3		%			2.2		%			2.5		%			2.5		%			2.0		%
Average credit quality	A					A					A					A					A					A

(1) Includes funds holding fixed income securities that are classified with equities under generally accepted accounting principles in the United States.

18

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)

December 31, 2014
	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	$	1,318,462		23.5		%	7.9		%	0.9		%
Consumer noncyclical	780,054			13.9			4.7			0.2
Communications	635,304			11.3			3.8			0.4
Utilities	602,841			10.8			3.6			0.3
Industrials	461,857			8.2			2.8			0.2
Energy	423,583			7.6			2.5			0.2
Consumer cyclical	358,139			6.4			2.2			0.2
Insurance	270,216			4.8			1.6			0.2
Basic materials	175,214			3.1			1.1			0.3
Real estate investment trusts	143,512			2.6			0.9			0.1
Government guaranteed corporate debt	140,055			2.5			0.8			0.8
Technology	132,355			2.4			0.8			0.1
Catastrophe bonds	93,996			1.7			0.6			0.1
Longevity and mortality bonds	56,116			1.0			0.3			0.2
Diversified	12,456			0.2			0.1			0.1
Total Corporate bonds	$	5,604,160		100.0		%	33.7		%
Finance sector - Corporate bonds
Banks	$	773,552		13.8		%	4.7		%
Investment banking and brokerage	317,698			5.7			1.9
Financial services	147,347			2.6			0.9
Commercial and consumer finance	57,743			1.0			0.3
Other	22,122			0.4			0.1
Total finance sector - Corporate bonds	$	1,318,462		23.5		%	7.9		%
	AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
Credit quality of finance sector - Corporate bonds
Banks	$	—		$	128,007		$	460,079		$	158,272		$	27,194		$	773,552
Investment banking and brokerage	—			—			277,702			38,835			1,161			317,698
Financial services	—			121,007			20,962			1,855			3,523			147,347
Commercial and consumer finance	—			—			4,116			51,164			2,463			57,743
Other	—			2,575			10,299			9,248			—			22,122
Total finance sector - Corporate bonds	$	—		$	251,589		$	773,158		$	259,374		$	34,341		$	1,318,462
% of total	—		%	19		%	59		%	19		%	3		%	100		%

Concentration of investment risk

The top 10 Corporate bond issuers account for 17.8% of the Company’s total corporate bonds. The single largest issuer accounts for2.7% of the Company’s total Corporate bonds.

19

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

	December 31, 2014
	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
Real estate investment trusts	$	213,770	23.0	%	1.3	%	0.2	%
Insurance	145,437		15.6		0.9		0.7
Energy	123,978		13.3		0.7		0.2
Consumer noncyclical	100,134		10.8		0.6		—
Finance	98,328		10.6		0.6		0.1
Technology	61,262		6.6		0.4		0.1
Communications	54,469		5.9		0.3		0.1
Industrials	49,983		5.4		0.3		0.1
Consumer cyclical	39,002		4.2		0.2		—
Utilities	31,748		3.4		0.2		—
Basic materials	11,420		1.2		0.1		—
Diversified	151		—		—		—
Total	$	929,682	100.0	%	5.6	%
Mutual funds and exchange traded funds (ETFs)
Funds and ETFs holding equities	118,246				0.7
Funds holding fixed income securities	8,586				0.1
Total Equities	$	1,056,514			6.4	%

Concentration of investment risk

The single largest fund in funds and ETFs holding equities isVanguard Group Inc, which accounts for 6.7% 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 29.4% of the Company’s total equities. Excluding equity securities held in mutual funds and exchange traded funds, the single largest issuer accounts for 12.9% of the Company’s total equities.

20

PartnerRe Ltd.

Distribution of Mortgage/Asset-Backed Securities ⁽¹⁾ 

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	Rating at December 31, 2014
	GNMA			GSEs			AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
U.S. Asset-Backed Securities	$	—		$	—		$	132,871		$	136,473		$	97,468		$	—		$	465,753		$	832,565
U.S. Collaterized Mortgage Obligations	4,014			2,631			3,387			—			—			—			—			10,032
U.S. Mortgage Backed Securities (MBS)	392,074			1,399,935			—			—			—			—			—			1,792,009
U.S. Commercial Mortgage Backed Securities (CMBS)	5,528			—			7,841			12,402			18,939			—			2,009			46,719
U.S. MBS Interest Only	32,275			54,934			3,891			—			—			—			15,332			106,432
	$	433,891		$	1,457,500		$	147,990		$	148,875		$	116,407		$	—		$	483,094		$	2,787,757
Non-U.S. Asset-Backed Securities	$	—		$	—		$	131,386		$	68,464		$	63,999		$	14,288		$	20,718		$	298,855
Non-U.S. Collaterized Mortgage Obligations	—			—			141,729			54,497			52,940			—			—			249,166
Non-U.S. Commercial Mortgage Backed Securities (CMBS)	—			—			7,743			—			—			—			—			7,743
Non-U.S. Mortgage Backed Securities (MBS)	—			—			148,837			—			—			—			—			148,837
	$	—		$	—		$	429,695		$	122,961		$	116,939		$	14,288		$	20,718		$	704,601
Total mortgage/asset-backed securities	$	433,891		$	1,457,500		$	577,685		$	271,836		$	233,346		$	14,288		$	503,812		$	3,492,358
Corporate Securities	—			38,609			—			—			—			—			—			38,609
Total	$	433,891		$	1,496,109		$	577,685		$	271,836		$	233,346		$	14,288		$	503,812		$	3,530,967
% of total	12		%	42		%	16		%	8		%	7		%	1		%	14		%	100		%

(1) In addition to the mortgage/asset-backed securities above, the Company has derivatives exposure to to-be-announced mortgage-backed securities with a notional value of $235.1 millionand a carrying value of $(0.1) million at December 31, 2014 within Other Invested Assets.

21

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

	December 31, 2014												September 30, 2014					June 30, 2014
	Investments		Fair Value of Derivatives			Carrying Value			Net Notional Amount of Derivatives / Other		Total Net Exposures (1)		Carrying Value			Total Net Exposures (1)		Carrying Value			Total Net Exposures (1)
Private Markets Investments
Principal Finance - Investments	$	101,268	$	—		$	101,268		$	—	$	101,268	$	101,723		$	101,723	$	102,848		$	102,848
Principal Finance - Derivative Exposure Assumed (2)	—		(17,804		)	(17,804		)	42,524		24,720		(11,315		)	31,254		(9,047		)	33,558
Insurance-Linked Securities	—		(336		)	(336		)	206,381		206,045		(375		)	280,863		(950		)	270,019
Strategic Investments	195,263		—			195,263			—		195,263		197,376			197,376		188,373			188,373
Total other invested assets - Private Markets Exposure Assumed	296,531		(18,140		)	278,391			248,905		527,296		287,409			611,216		281,224			594,798
Other (3)	8,752		11,684			20,436							11,851					11,903
Total other invested assets	$	305,283	$	(6,456	)	$	298,827						$	299,260				$	293,127

(1) The total net exposures originated in Private Markets are $1,572 million at December 31, 2014 ($1,599 million and $1,576 million at September 30, 2014 and June 30, 2014, respectively). In addition to the net exposures listed above of $527 million at December 31, 2014 ($611 million and $595 million at September 30, 2014 and June 30, 2014, respectively), the Company has the following other net exposures originated in Private Markets:

• Principal Finance: $721 million of assets listed under Investments - Fixed Maturities and $11 million listed under Investments - Equities for a total exposure of $858 million at December 31, 2014 ($858 million and $857 million at September 30, 2014 and June 30, 2014, respectively).

• Insurance-Linked Securities: $150 million of bonds listed under Investments - Fixed Maturities and $5 million listed under Investments - Equities for a total exposure of $361 million at December 31, 2014 ($399 million and $391 million at September 30, 2014 and June 30, 2014, respectively).

• Strategic Investments: $156 million of assets listed under Investments - Equities and $2 million of assets listed under Other Assets for a total exposure of $353 million at December 31, 2014 ($342 million and $328 million at September 30, 2014 and June 30, 2014, respectively).

(2) The Company enters into interest rate swaps to mitigate notional exposure on certain fixed maturities and total return swaps. Accordingly, the notional value of these interest rate swaps is not presented in the table.

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

22

PartnerRe Ltd.

Funds Held - Directly Managed Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	December 31, 2014					September 30, 2014					June 30, 2014					March 31, 2014					December 31, 2013					December 31, 2012
Investments:
Fixed maturities
U.S. government	$	105		22	%	$	104		22	%	$	105		20	%	$	104		17	%	$	108		19	%	$	129		15	%
U.S. government sponsored enterprises	49			10		45			9		50			10		50			8		50			9		90			11
Non-U.S. sovereign government, supranational and government related	128			27		123			26		128			25		179			30		137			25		234			28
Corporates	177			38		192			40		215			42		245			41		249			44		362			44
Total fixed maturities	459			97	%	464			97	%	498			97	%	578			96		544			97		815			98
Short-term investments	—			—		—			—		—			—		3			1		2			—		—			—
Other invested assets	14			3	%	15			3	%	16			3	%	15			3		15			3		18			2
Total investments	$	473		100	%	$	479		100	%	$	514		100	%	$	596		100	%	$	561		100	%	$	833		100	%
Cash and cash equivalents	42					53					41					37					85					54
Total investments and cash	$	515				$	532				$	555				$	633				$	646				$	887
Accrued investment income	6					6					6					7					7					10
Other funds held assets/liabilities	88					112					109					124					133					34
Total funds held - directly managed	$	609				$	650				$	670				$	764				$	786				$	931
Maturity distribution:
One year or less	$	77		16	%	$	87		19	%	$	72		15	%	$	99		17	%	$	89		16	%	$	133		17	%
More than one year through five years	241			53		258			56		261			52		298			51		331			61		515			63
More than five years through ten years	141			31		117			25		165			33		157			27		109			20		141			17
More than ten years	—			—		2			—		—			—		27			5		17			3		26			3
Total	$	459		100	%	$	464		100	%	$	498		100	%	$	581		100	%	$	546		100	%	$	815		100	%
Credit quality by market value:
AAA	12		%			12		%			12		%			15		%			13		%			12		%
AA	64					64					62					58					58					58
A	17					17					18					21					22					24
BBB	7					7					8					6					7					6
	100		%			100		%			100		%			100		%			100		%			100		%
Expected average duration	3.4		Yrs			3.1		Yrs			3.4		Yrs			3.3		Yrs			2.9		Yrs			3.0		Yrs
Average yield to maturity at market	1.0		%			0.9		%			1.1		%			1.2		%			1.2		%			1.0		%
Average credit quality	AA					AA					AA					AA					AA					AA

23

PartnerRe Ltd.

Distribution of Corporate Bonds

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

	December 31, 2014
	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	$	52,254		29.5		%	10.1		%	1.3		%
Energy	30,063			17.0			5.8			1.8
Consumer noncyclical	28,947			16.3			5.6			1.7
Utilities	18,080			10.2			3.5			1.1
Communications	12,230			6.9			2.4			0.8
Basic materials	10,115			5.7			2.0			0.9
Consumer cyclical	8,212			4.6			1.6			1.4
Government guaranteed corporate debt	5,895			3.3			1.1			1.1
Industrials	4,253			2.4			0.8			0.6
Technology	3,988			2.2			0.8			0.8
Real estate investment trusts	3,310			1.9			0.6			0.6
Total Corporate bonds	$	177,347		100.0		%	34.3		%
Finance sector - Corporate bonds
Banks	$	42,304		23.9		%	8.2		%
Financial services	8,947			5.0			1.7
Investment banking and brokerage	1,003			0.6			0.2
Total finance sector - Corporate bonds	$	52,254		29.5		%	10.1		%
	AAA			AA			A			BBB			Total
Credit quality of finance sector - Corporate bonds
Banks	$	14,685		$	11,559		$	14,575		$	1,485		$	42,304
Financial services	—			4,711			4,236			—			8,947
Investment banking and brokerage	1,003			—			—			—			1,003
Total finance sector - Corporate bonds	$	15,688		$	16,270		$	18,811		$	1,485		$	52,254
% of total	30		%	31		%	36		%	3		%	100		%

Concentration of investment risk

The Top 10 corporate bond issuers account for 37.2% of the Company’s total corporate bonds within the Funds Held - Directly Managed Portfolio. The single largest issuer accounts for 5.3% of the Company’s total corporate bonds within the Funds Held - Directly Managed portfolio.

24

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															For the year ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2014			2014			2014			2014			2013			2014			2013
Fixed maturities	$	109,468		$	108,290		$	114,637		$	111,019		$	108,580		$	443,414		$	446,299
Short-term investments, cash and cash equivalents	190			216			193			269			421			868			1,886
Equities	6,720			11,999			14,473			7,134			6,278			40,326			32,989
Funds held and other	8,996			7,493			8,963			7,740			8,252			33,192			34,215
Funds held - directly managed	3,194			3,485			3,229			3,933			4,785			13,841			20,502
Investment expenses	(13,882		)	(13,307		)	(11,528		)	(13,228		)	(13,965		)	(51,945		)	(51,524		)
Net investment income (1)	$	114,686		$	118,176		$	129,967		$	116,867		$	114,351		$	479,696		$	484,367
Net realized investment gains on fixed maturities and short-term investments	$	26,699		$	37,809		$	31,205		$	25,022		$	18,363		$	120,734		$	118,575
Net realized investment gains on equities	30,334			33,894			33,678			827			6,049			98,733			75,217
Net realized (losses) gains on other invested assets	(19,887		)	7,019			(17,753		)	9,935			(78,098		)	(20,686		)	20,497
Change in net unrealized (losses) gains on other invested assets	(11,843		)	(6,538		)	(14,121		)	(25,678		)	98,809			(58,180		)	56,652
Change in net unrealized investment gains (losses) on fixed maturities and short-term investments	61,085			(75,537		)	123,434			119,799			(68,619		)	228,781			(525,787		)
Change in net unrealized investment gains (losses) on equities	17,052			(31,093		)	6,322			10,325			126,551			2,605			118,010
Net other realized and unrealized investment (losses) gains	(5,801		)	575			611			991			198			(3,624		)	(2,107		)
Net realized and unrealized investment gains (losses) on funds held - directly managed	690			(549		)	2,341			951			(3,834		)	3,433			(21,792		)
Net realized and unrealized investment gains (losses)	$	98,329		$	(34,420	)	$	165,717		$	142,172		$	99,419		$	371,796		$	(160,735	)

(1) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the three months ended December 31, 2014, net investment income includes foreign exchange impacts of $(1.2) million compared to the three months ended December 31, 2013. For the year ended December 31, 2014, net investment income includes foreign exchange impacts of $1.5 million compared to the year ended December 31, 2013.

25

PartnerRe Ltd.

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

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2014			2014			2014			2014			2013			2014			2013
Fixed maturities	$	3,000		$	3,128		$	2,936		$	3,725		$	4,054		$	12,789		$	18,804
Short-term investments, cash and cash equivalents	11			8			9			31			343			59			1,246
Other	399			527			456			378			285			1,760			1,287
Investment expenses	(216		)	(178		)	(172		)	(201		)	103			(767		)	(835		)
Net investment income	$	3,194		$	3,485		$	3,229		$	3,933		$	4,785		$	13,841		$	20,502
Net realized investment gains (losses) on fixed maturities and short-term investments	$	194		$	(32	)	$	1,601		$	197		$	1,695		$	1,959		$	6,021
Net realized investment gains on other invested assets	53			—			—			—			—			53			19
Change in net unrealized investment gains (losses) on fixed maturities and short-term investments	946			(209		)	259			942			(4,618		)	1,938			(24,176		)
Change in net unrealized investment (losses) gains on other invested assets	(503		)	(308		)	481			(188		)	(911		)	(517		)	(3,656		)
Net realized and unrealized investment gains (losses) on funds held - directly managed	$	690		$	(549	)	$	2,341		$	951		$	(3,834	)	$	3,433		$	(21,792	)

26

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															As at and for the year ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2014			2014			2014			2014			2013			2014			2013
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	10,264,001		$	10,399,775		$	10,529,717		$	10,646,318		$	10,564,542		$	10,646,318		$	10,709,371
Reinsurance recoverable at beginning of period	(249,338		)	(244,543		)	(251,666		)	(267,384		)	(285,206		)	(267,384		)	(291,330		)
Net liability at beginning of period	10,014,663			10,155,232			10,278,051			10,378,934			10,279,336			10,378,934			10,418,041
Net incurred losses related to:
Current year	779,029			853,508			792,275			698,170			849,706			3,122,981			3,118,755
Prior years	(169,443		)	(165,763		)	(160,880		)	(164,327		)	(173,000		)	(660,413		)	(721,499		)
	609,586			687,745			631,395			533,843			676,706			2,462,568			2,397,256
Change in reserve agreement (1)	(16,977		)	—			2,324			(10,760		)	(3,607		)	(25,412		)	(49,544		)
Net losses paid	(882,812		)	(513,127		)	(767,435		)	(635,175		)	(589,413		)	(2,798,549		)	(2,401,559		)
Effects of foreign exchange rate changes	(193,003		)	(315,187		)	10,897			11,209			15,912			(486,084		)	14,740
Net liability at end of period	9,531,457			10,014,663			10,155,232			10,278,051			10,378,934			9,531,457			10,378,934
Reinsurance recoverable at end of period	214,349			249,338			244,543			251,666			267,384			214,349			267,384
Gross liability at end of period	$	9,745,806		$	10,264,001		$	10,399,775		$	10,529,717		$	10,646,318		$	9,745,806		$	10,646,318
Breakdown of gross liability at end of period:
Case reserves	$	4,236,038		$	4,420,406		$	4,425,723		$	4,552,142		$	4,663,164		$	4,236,038		$	4,663,164
Additional case reserves	253,890			321,607			380,582			332,758			403,145			253,890			403,145
Incurred but not reported reserves	5,255,878			5,521,988			5,593,470			5,644,817			5,580,009			5,255,878			5,580,009
Gross liability at end of period	$	9,745,806		$	10,264,001		$	10,399,775		$	10,529,717		$	10,646,318		$	9,745,806		$	10,646,318
Breakdown of gross liability at end of period by Non-life sub-segment:
North America	$	3,307,948		$	3,541,332		$	3,468,159		$	3,550,399		$	3,535,946		$	3,307,948		$	3,535,946
Global (Non-U.S.) P&C	2,175,965			2,261,968			2,364,579			2,428,416			2,444,129			2,175,965			2,444,129
Global Specialty	3,769,758			3,924,377			3,975,834			3,920,012			3,951,543			3,769,758			3,951,543
Catastrophe	492,135			536,324			591,203			630,890			714,700			492,135			714,700
Gross liability at end of period	$	9,745,806		$	10,264,001		$	10,399,775		$	10,529,717		$	10,646,318		$	9,745,806		$	10,646,318
Unrecognized time value of non-life reserves (2)	$	474,258		$	603,499		$	621,803		$	665,021		$	733,528		$	474,258		$	733,528
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio	144.8		%	74.6		%	121.6		%	119.0		%	87.1		%	113.6		%	100.2		%
Non-life paid losses to net premiums earned ratio	78.3		%	41.9		%	73.7		%	64.0		%	50.7		%	63.8		%	56.6		%

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

(2) The unrecognized time value of non-life reserves represents the difference between the recorded gross/net liability for unpaid losses and loss expenses and the amount of gross/net liability for unpaid losses and loss expenses that would be recorded if the underlying unpaid losses and loss expenses were discounted. The unrecognized time value, or discount, in the non-life reserves is calculated by applying appropriate risk-free rates by currency and duration to the underlying unpaid losses and loss expenses.

27

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															As at and for the year ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2014			2014			2014			2014			2013			2014			2013
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	2,113,463		$	2,127,412		$	2,118,479		$	1,974,133		$	1,908,575		$	1,974,133		$	1,813,244
Reinsurance recoverable at beginning of period	(25,433		)	(23,703		)	(7,691		)	(7,022		)	(6,978		)	(7,022		)	(20,684		)
Net liability at beginning of period	2,088,030			2,103,709			2,110,788			1,967,111			1,901,597			1,967,111			1,792,560
Net incurred losses related to:
Current year	269,438			273,394			258,100			218,307			207,998			1,019,240			799,596
Prior years	(9,101		)	(1,596		)	(5,649		)	(2,693		)	(5,690		)	(19,038		)	(39,044		)
	260,337			271,798			252,451			215,614			202,308			1,000,202			760,552
Net losses paid	(252,950		)	(178,847		)	(274,295		)	(74,812		)	(160,309		)	(780,905		)	(625,546		)
Effects of foreign exchange rate changes	(74,805		)	(108,630		)	14,765			2,875			23,515			(165,796		)	39,545
Net liability at end of period	2,020,612			2,088,030			2,103,709			2,110,788			1,967,111			2,020,612			1,967,111
Reinsurance recoverable at end of period	29,495			25,433			23,703			7,691			7,022			29,495			7,022
Gross liability at end of period	$	2,050,107		$	2,113,463		$	2,127,412		$	2,118,479		$	1,974,133		$	2,050,107		$	1,974,133
Life value in force	$	145,100		$	180,200		$	197,000		$	208,300		$	188,000		$	145,100		$	188,000

28

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2014			2014			2014			2014			2013			2014			2013
Prior year net favorable (adverse) reserve development:
Non-life segment:
North America	$	76,235		$	82,788		$	67,404		$	24,515		$	67,202		$	250,942		$	222,839
Global (Non-U.S.) P&C	27,999			29,404			30,278			46,713			48,793			134,394			180,052
Global Specialty	78,278			50,959			69,244			59,214			61,379			257,696			227,383
Catastrophe	(13,069		)	2,612			(6,046		)	33,885			(4,374		)	17,381			91,225
Total Non-life net prior year reserve development	$	169,443		$	165,763		$	160,880		$	164,327		$	173,000		$	660,413		$	721,499
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(8,389	)	$	(11,215	)	$	(8,631	)	$	(9,669	)	$	(23,458	)	$	(37,940	)	$	(70,810	)
Net prior year reserve development due to all other factors (2)	177,832			176,978			169,511			173,996			196,458			698,353			792,309
Total Non-life net prior year reserve development	$	169,443		$	165,763		$	160,880		$	164,327		$	173,000		$	660,413		$	721,499
Life and Health segment:
Net prior year reserve development due to GMDB (1)	$	3,481		$	(329	)	$	980		$	3,031		$	6,388		$	7,163		$	26,617
Net prior year reserve development due to all other factors (2)	5,620			1,925			4,669			(338		)	(698		)	11,875			12,427
Total Life and Health net prior year reserve development	$	9,101		$	1,596		$	5,649		$	2,693		$	5,690		$	19,038		$	39,044

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatility in certain referenced global equity markets. At December 31, 2014, a 10% increase in the referenced global equity market would have decreased reserves by approximately $2.4 million, while a 10% decrease in the referenced global equity market would have increased reserves by approximately $3.0 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.

29

PartnerRe Ltd.

Natural Catastrophe Probable Maximum Losses (PMLs)

(Expressed in millions of U.S. dollars)

(Unaudited)

Single occurrence estimated net PML exposure ⁽¹⁾⁽²⁾ 

		October 1, 2014 (2)				July 1, 2014 (2)				April 1, 2014				January 1, 2014				October 1, 2013
Zone	Peril	1-in-250 year PML		1-in-500 year PML (Earthquake perils only)		1-in-250 year PML		1-in-500 year PML (Earthquake perils only)		1-in-250 year PML		1-in-500 year PML (Earthquake perils only)		1-in-250 year PML		1-in-500 year PML (Earthquake perils only)		1-in-250 year PML		1-in-500 year PML (Earthquake perils only)
U.S. Southeast	Hurricane	$	757			$	757			$	966			$	908			$	1,054
U.S. Northeast	Hurricane	909				909				1,014				1,008				1,121
U.S. Gulf Coast	Hurricane	870				870				978				960				1,025
Caribbean	Hurricane	189				189				183				192				276
Europe	Windstorm	722				722				630				626				872
Japan	Typhoon	145				145				147				128				124
California	Earthquake	588		$	675	588		$	675	587		$	689	589		$	668	575		$	679
British Columbia	Earthquake	204		391		204		391		209		431		214		378		305		513
Japan	Earthquake	427		481		427		481		433		465		432		466		435		457
Australia	Earthquake	367		495		367		495		348		449		332		426		418		552
New Zealand	Earthquake	218		279		218		279		193		222		203		223		250		272

(1) The PML estimates are pre-tax and net of retrocession and reinstatement premiums. The peril zones in this disclosure are major peril zones for the industry. The Company has exposures in other peril zones that can potentially generate losses greater than the PML estimates in this disclosure.

(2) Effective July 1, 2014, the Company introduced a new methodology to calculate the Natural Catastrophe PML that uses a more granular application of pricing adjustments, correlation, and retrocession at the treaty level. In the above table, only the October 1, 2014 and July 1, 2014 PML data reflects the new methodology. The table on page 31 shows the impact of the new methodology on the gross PML data reported as of April 1, 2014.

For more information regarding cautionary language related to the Natural Catastrophe PML disclosure and the forward-looking statements, as well as uncertainties and limitations associated with certain assumptions and the methodology used, you must refer to the Company’s natural catastrophe PML information and definitions, see Business - Natural Catastrophe Probable Maximum Loss (PML) in Item 1 of Part 1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

30

PartnerRe Ltd.

Natural Catastrophe Probable Maximum Losses (PMLs)

(Unaudited)

Impact of new methodology on estimated gross PML exposure (April 1, 2014) ⁽¹⁾ 

		April 1, 2014 (1)
Zone	Peril	1-in-250 year PML		1-in-500 year PML (Earthquake perils only)
U.S. Southeast	Hurricane	(12	)%
U.S. Northeast	Hurricane	(5	)
U.S. Gulf Coast	Hurricane	(7	)
Caribbean	Hurricane	3
Europe	Windstorm	9
Japan	Typhoon	1
California	Earthquake	(8	)	(3	)%
British Columbia	Earthquake	(5	)	—
Japan	Earthquake	(1	)	(3	)
Australia	Earthquake	—		4
New Zealand	Earthquake	—		4

(1) Effective July 1, 2014, the Company introduced a new methodology to calculate the Natural Catastrophe PML that uses a more granular application of pricing adjustments, correlation, and retrocession at the treaty level. The table above shows the impact of the new methodology on the gross PML data reported as of April 1, 2014 (see page 30).

For more information regarding cautionary language related to the Natural Catastrophe PML disclosure and the forward-looking statements, as well as uncertainties and limitations associated with certain assumptions and the methodology used, you must refer to the Company’s natural catastrophe PML information and definitions, see Business - Natural Catastrophe Probable Maximum Loss (PML) in Item 1 of Part 1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

31

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															For the year ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
	2014			2014			2014			2014			2013			2014			2013
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning diluted book value per common share calculated with net income per share attributable to common shareholders (1)	19.3		%	13.2		%	18.4		%	20.5		%	18.9		%	17.9		%	10.5		%
Less:
Annualized net realized and unrealized investment gains (losses), net of tax, on beginning diluted book value per common share (1)	6.0			(2.5		)	8.8			8.0			6.7			5.1			(2.2		)
Annualized net foreign exchange (losses) gains, net of tax, on beginning diluted book value per common share (1)	(2.2		)	(0.9		)	(0.2		)	(0.1		)	0.3			(0.8		)	—
Annualized net interest in (losses) earnings of equity method investments, net of tax, on beginning diluted book value per common share (1)	(0.1		)	0.2			0.3			0.3			0.4			0.2			0.2
Annualized loss on redemption of preferred shares, on beginning diluted book value per common share (1)	—			—			—			—			—			—			(0.2		)
Withholding tax on inter-company dividends, net of tax, on beginning diluted book value per common share (1)	(0.4		)	—			—			—			—			(0.1		)	—
Annualized operating return on beginning diluted book value per common share (1)	16.0		%	16.4		%	9.5		%	12.3		%	11.5		%	13.5		%	12.7		%
Net income attributable to PartnerRe	$	276,893		$	196,398		$	271,841		$	309,843		$	271,788		$	1,054,974		$	664,008
Less:
Net realized and unrealized investment gains (losses), net of tax	82,128			(35,426		)	123,734			115,817			91,781			286,252			(127,182		)
Net foreign exchange (losses) gains, net of tax	(29,824		)	(11,913		)	(3,175		)	(971		)	3,869			(45,883		)	2,521
Interest in (losses) earnings of equity method investments, net of tax	(1,810		)	2,893			3,590			3,903			4,549			8,577			9,075
Withholding tax on inter-company dividends, net of tax	(6,125		)	—			—			—			—			(6,125		)	—
Dividends to preferred shareholders	14,184			14,184			14,184			14,184			14,184			56,735			57,861
Operating earnings attributable to PartnerRe common shareholders	$	218,340		$	226,660		$	133,508		$	176,910		$	157,405		$	755,418		$	721,733
Per diluted common share:
Net income attributable to PartnerRe common shareholders	$	5.26		$	3.60		$	5.02		$	5.61		$	4.76		$	19.51		$	10.58
Less:
Net realized and unrealized investment gains (losses), net of tax	1.64			(0.70		)	2.41			2.20			1.70			5.60			(2.25		)
Net foreign exchange (losses) gains, net of tax	(0.60		)	(0.23		)	(0.06		)	(0.02		)	0.07			(0.90		)	0.04
Loss on redemption of preferred shares	—			—			—			—			—			—			(0.16		)
Interest in (losses) earnings of equity method investments, net of tax	(0.03		)	0.06			0.07			0.07			0.08			0.17			0.16
Withholding tax on inter-company dividends, net of tax	(0.12		)	—			—			—			—			(0.12		)	—
Operating earnings attributable to PartnerRe common shareholders	$	4.37		$	4.47		$	2.60		$	3.36		$	2.91		$	14.76		$	12.79

(1) Excluding preferred shares of $853,750 at January 1, 2014 and $893,750 at January 1, 2013.

32

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	December 31,		September 30,		June 30,		March 31,		December 31,		December 31,
	2014		2014		2014		2014		2013		2012
Reconciliation of GAAP and non-GAAP measures:
Total shareholders’ equity	$	7,104,411	$	7,066,256	$	6,957,403	$	6,840,599	$	6,766,159	$	6,933,496
Less:
Preferred shares, aggregate liquidation value	853,750		853,750		853,750		853,750		853,750		893,750
Noncontrolling interests	55,501		52,276		47,356		59,671		56,627		—
Common shareholders’ equity attributable to PartnerRe	6,195,160		6,160,230		6,056,297		5,927,178		5,855,782		6,039,746
Less:
Goodwill	456,380		456,380		456,380		456,380		456,380		456,380
Intangible assets, net of tax	105,652		109,327		111,990		116,331		120,900		141,249
Tangible book value	$	5,633,128	$	5,594,523	$	5,487,927	$	5,354,467	$	5,278,502	$	5,442,117
Common shares and common share equivalents outstanding	49,087,412		50,513,695		50,910,028		51,935,217		53,596,034		59,893,366
Equals:
Diluted tangible book value per common share	$	114.76	$	110.75	$	107.80	$	103.10	$	98.49	$	90.86

33

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	December 31,		September 30,		June 30,		March 31,		December 31,		December 31,
	2014		2014		2014		2014		2013		2012
Reconciliation of GAAP and non-GAAP measures:
Total shareholders’ equity	$	7,104,411	$	7,066,256	$	6,957,403	$	6,840,599	$	6,766,159	$	6,933,496
Less:
Preferred shares, aggregate liquidation value	853,750		853,750		853,750		853,750		853,750		893,750
Noncontrolling interests	55,501		52,276		47,356		59,671		56,627		—
Common shareholders’ equity attributable to PartnerRe	6,195,160		6,160,230		6,056,297		5,927,178		5,855,782		6,039,746
Less:
Goodwill	456,380		456,380		456,380		456,380		456,380		456,380
Intangible assets, net of tax	105,652		109,327		111,990		116,331		120,900		141,249
Tangible book value	5,633,128		5,594,523		5,487,927		5,354,467		5,278,502		5,442,117
Net unrealized gains on fixed income securities and funds held - directly managed, net of tax (NURGL)	355,028		316,706		388,648		299,871		223,995		657,604
Book value excluding NURGL	$	5,840,132	$	5,843,524	$	5,667,649	$	5,627,307	$	5,631,787	$	5,382,142
Tangible book value excluding NURGL	$	5,278,100	$	5,277,817	$	5,099,279	$	5,054,596	$	5,054,507	$	4,784,513
Divided by:
Number of common shares and common share equivalents outstanding	49,087,412		50,513,695		50,910,028		51,935,217		53,596,034		59,893,366
Equals:
Diluted book value per common share excluding NURGL	$	118.97	$	115.68	$	111.33	$	108.35	$	105.08	$	89.86
Diluted tangible book value per common share excluding NURGL	$	107.52	$	104.48	$	100.16	$	97.33	$	94.31	$	79.88

34

PartnerRe Ltd.

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

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

(Unaudited)

	December 31,		September 30,		June 30,		March 31,		December 31,		December 31,
	2014		2014		2014		2014		2013		2012
Basic book value per common share
Total shareholders’ equity	$	7,104,411	$	7,066,256	$	6,957,403	$	6,840,599	$	6,766,159	$	6,933,496
Less:
Preferred shares, aggregate liquidation value	853,750		853,750		853,750		853,750		853,750		893,750
Noncontrolling interests	55,501		52,276		47,356		59,671		56,627		—
Common shareholders’ equity attributable to PartnerRe	$	6,195,160	$	6,160,230	$	6,056,297	$	5,927,178	$	5,855,782	$	6,039,746
Basic common shares outstanding	47,836,284		49,347,349		49,822,482		50,859,821		52,443,434		58,909,375
Basic book value per common share	$	129.51	$	124.83	$	121.56	$	116.54	$	111.66	$	102.53
Common shareholders’ equity attributable to PartnerRe	$	6,195,160	$	6,160,230	$	6,056,297	$	5,927,178	$	5,855,782	$	6,039,746
Basic common shares outstanding	47,836,284		49,347,349		49,822,482		50,859,821		52,443,434		58,909,375
Add:
Stock options and other	1,997,735		2,005,535		2,121,937		2,230,335		2,382,771		2,892,514
Restricted stock units	931,283		895,359		893,521		848,006		870,054		864,269
Less:
Stock options and other bought back via treasury stock method	1,677,890		1,734,548		1,927,912		2,002,945		2,100,225		2,772,792
Diluted common shares and common share equivalents outstanding	49,087,412		50,513,695		50,910,028		51,935,217		53,596,034		59,893,366
Diluted book value per common share	$	126.21	$	121.95	$	118.96	$	114.13	$	109.26	$	100.84

(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.

35

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

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

(Unaudited)

	As at and for the three months ended December 31, 2014						As at and for the year ended December 31, 2014
	Common shareholders’ equity			Diluted book value per common share			Common shareholders’ equity			Diluted book value per common share
Common shareholders’ equity attributable to PartnerRe / diluted book value per common share at beginning of period	$	6,160		$	121.95		$	5,856		$	109.26
Technical result	251			5.02			932			18.21
Other expenses	(123		)	(2.45		)	(450		)	(8.79		)
Net investment income	115			2.30			480			9.37
Amortization of intangible assets	(6		)	(0.13		)	(27		)	(0.53		)
Other, net	(5		)	(0.10		)	(40		)	(0.77		)
Operating income tax benefit (expense)	—			0.01			(83		)	(1.62		)
Preferred dividends	(14		)	(0.28		)	(57		)	(1.11		)
Operating earnings	218			4.37			755			14.76
Net realized and unrealized investment gains, net of tax	82			1.64			286			5.60
Net foreign exchange losses, net of tax	(30		)	(0.60		)	(46		)	(0.90		)
Interest in (losses) earnings of equity method investments, net of tax	(1		)	(0.03		)	9			0.17
Withholding tax on inter-company dividend, net of tax	(6		)	(0.12		)	(6		)	(0.12		)
Net income attributable to PartnerRe common shareholders	263			5.26			998			19.51
Common share dividends	(33		)	(0.67		)	(134		)	(2.68		)
Change in currency translation adjustment	(12		)	(0.24		)	(9		)	(0.17		)
Repurchase of common shares, net	(170		)	0.26			(503		)	0.55
Change in other accumulated comprehensive income or loss, net of tax	(13		)	(0.27		)	(13		)	(0.25		)
Impact of change in number of common and common share equivalents outstanding	n/a			(0.08		)	n/a			(0.01		)
Common shareholders’ equity attributable to PartnerRe / diluted book value per common share at end of period	$	6,195		$	126.21		$	6,195		$	126.21
Goodwill	(456		)	(9.30		)	(456		)	(9.30		)
Intangible assets, net of tax	(106		)	(2.15		)	(106		)	(2.15		)
Tangible common shareholders’ equity attributable to PartnerRe / diluted tangible book value per common share at end of period	$	5,633		114.76			$	5,633		$	114.76

36

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

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

(Unaudited)

	As at and for the year ended December 31, 2013						As at and for the year ended December 31, 2012
	Common shareholders’ equity			Diluted book value per common share			Common shareholders’ equity			Diluted book value per common share
Common shareholders’ equity attributable to PartnerRe / diluted book value per common share at beginning of period	$	6,040		$	100.84		$	5,574		$	84.82
Technical result	962			17.06			744			11.70
Other expenses	(500		)	(8.87		)	(411		)	(6.47		)
Net investment income	484			8.58			571			8.98
Amortization of intangible assets	(27		)	(0.48		)	(32		)	(0.50		)
Other, net	(47		)	(0.85		)	(36		)	(0.58		)
Operating income tax expense	(92		)	(1.63		)	(110		)	(1.73		)
Preferred dividends	(58		)	(1.02		)	(62		)	(0.97		)
Operating earnings	722			12.79			664			10.43
Net realized and unrealized investment (losses) gains, net of tax	(127		)	(2.25		)	392			6.17
Net foreign exchange gains, net of tax	2			0.04			8			0.13
Loss on redemption of preferred shares	(9		)	(0.16		)	—			—
Interest in earnings of equity method investments, net of tax	9			0.16			9			0.14
Net income attributable to PartnerRe common shareholders	597			10.58			1,073			16.87
Common share dividends	(142		)	(2.56		)	(156		)	(2.48		)
Change in currency translation adjustment	(32		)	(0.56		)	28			0.45
Repurchase of common shares, net	(616		)	0.84			(474		)	2.07
Preferred shares issuance costs	(9		)	(0.15		)	—			—
Recognition of loss on redemption of preferred shares	9			0.16			—			—
Change in other accumulated comprehensive income or loss, net of tax	9			0.16			(5		)	(0.08		)
Impact of change in number of common and common share equivalents outstanding	n/a			(0.05		)	n/a			(0.81		)
Common shareholders’ equity attributable to PartnerRe / diluted book value per common share at end of period	$	5,856		$	109.26		$	6,040		$	100.84
Goodwill	(456		)	(8.51		)	(456		)	(7.62		)
Intangibles, net of tax	(121		)	(2.26		)	(142		)	(2.36		)
Tangible common shareholders’ equity attributable to PartnerRe / diluted tangible book value per common share at end of period	$	5,279		$	98.49		$	5,442		$	90.86

37