Partnerre (PREJF) 8-K PartnerRe Ltd. Reports First Quarter 2008 Results

Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as of March 31, 2008

(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 - March 31, 2008

Table of Contents

	Page
Regulation G	1
Consolidated Financial Statements
Consolidated Income Statements	2
Condensed Consolidated Balance Sheets	3
Consolidated Statements of Comprehensive Income	4
Segment Information
For the three months ended March 31, 2008	5
For the three months ended March 31, 2007	6
Non-Life segment	7
U.S. sub-segment	8
Global (Non-U.S.) P&C sub-segment	9
Global (Non-U.S.) Specialty sub-segment	10
Catastrophe sub-segment	11
Life segment	12
Corporate and Other	13
Distribution of Premiums
Distribution of Premiums by line of business, geography and production source	14
Distribution of Premiums by treaty type	15
Investments
Investment Portfolio	16
Distribution of Corporate Bonds and Equities	17
Distribution of Mortgage/Asset-Backed Securities and Private Market Investments	18
Composition of Net Investment Income and Net Realized Investment Gains (Losses)	19
Loss Reserves
Analysis of Unpaid Losses and Loss Expenses	20
Analysis of Policy Benefits for Life and Annuity Contracts	21
Reserve Development	22
Reconciliation of GAAP and non-GAAP measures	23-24
Diluted Book Value per Common Share - Treasury stock method	25

PartnerRe Ltd.

Regulation G

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

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

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

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

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

1

PartnerRe Ltd.

Consolidated Income Statements

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

(Unaudited)

	For the three months ended																For the year ended
		March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
		2008			2007			2007			2007			2007			2007			2006
Revenues
Gross premiums written		$	1,439,332		$	722,700		$	877,943		$	907,758		$	1,301,763		$	3,810,164		$	3,733,920
Net premiums written		$	1,411,564		$	714,376		$	873,474		$	898,686		$	1,270,573		$	3,757,109		$	3,689,548
(Increase) decrease in unearned premiums			(501,811	)		275,382			182,921			(9,409	)		(428,531	)		20,362			(22,280	)
Net premiums earned			909,753			989,758			1,056,395			889,277			842,042			3,777,471			3,667,268
Net investment income			137,010			137,771			135,577			130,894			119,017			523,259			449,401
Net realized investment gains (losses)			25,112			(16,510	)		(3,103	)		(53,647	)		768			(72,492	)		47,160
Other income (loss)			1,639			(14,530	)		5,445			(8,911	)		517			(17,479	)		23,555
Total revenues			1,073,514			1,096,489			1,194,314			957,613			962,344			4,210,759			4,187,384
Expenses
Losses and loss expenses and life policy benefits			589,668			517,557			562,132			524,038			478,734			2,082,461			2,111,337
Acquisition costs			204,238			227,222			215,456			206,313			200,724			849,715			849,241
Other operating expenses			92,280			88,481			79,073			79,947			78,985			326,486			309,544
Interest expense			11,896			13,374			13,649			13,484			13,510			54,017			61,387
Net foreign exchange losses (gains)			4,798			(1,568	)		3,567			9,308			4,246			15,552			23,204
Total expenses			902,880			845,066			873,877			833,090			776,199			3,328,231			3,354,713
Income before taxes and interest in earnings (losses) of equity investments			170,634			251,423			320,437			124,523			186,145			882,528			832,671
Income tax expense			42,726			4,303			34,825			22,716			19,904			81,748			95,305
Interest in earnings (losses) of equity investments			1,112			(66,517	)		(22,691	)		3,214			3,025			(82,968	)		11,966
Net income		$	129,020		$	180,603		$	262,921		$	105,021		$	169,266		$	717,812		$	749,332
Preferred dividends		$	8,631		$	8,631		$	8,631		$	8,631		$	8,631		$	34,525		$	34,525
Operating earnings available to common shareholders		$	110,211		$	257,369		$	274,198		$	135,951		$	154,924		$	822,442		$	656,382
Comprehensive income, net of tax		$	190,197		$	233,897		$	387,271		$	82,613		$	184,910		$	888,692		$	784,898
Per Share Data:
Earnings per common share:
Basic operating earnings		$	2.03		$	4.69		$	4.90		$	2.40		$	2.72		$	14.66		$	11.55
Net realized investment gains (losses), net of tax			0.17			(0.35	)		0.05			(0.76	)		0.05			(1.00	)		0.82
Interest in earnings (losses) of equity investments, net of tax			0.02			(1.21	)		(0.40	)		0.06			0.05			(1.48	)		0.21
Basic net income		$	2.22		$	3.13		$	4.55		$	1.70		$	2.82		$	12.18		$	12.58
Weighted average number of common shares outstanding			54,248.3			54,892.7			55,906.6			56,682.8			56,960.3			56,104.4			56,822.5
Diluted operating earnings		$	1.98		$	4.55		$	4.78		$	2.34		$	2.66		$	14.29		$	11.36
Net realized investment gains (losses), net of tax			0.16			(0.34	)		0.05			(0.74	)		0.05			(0.98	)		0.80
Interest in earnings (losses) of equity investments, net of tax			0.02			(1.17	)		(0.39	)		0.06			0.05			(1.44	)		0.21
Diluted net income		$	2.16		$	3.04		$	4.44		$	1.66		$	2.76		$	11.87		$	12.37
Weighted average number of common and common share equivalents outstanding			55,711.2			56,578.5			57,329.2			58,148.7			58,200.2			57,557.9			57,802.8

2

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	March 31,				December 31,				September 30,				June 30,				March 31,				December 31,				December 31,
	2008				2007				2007				2007				2007				2006				2005
Assets
Total investments	$	11,691,038			$	10,917,341			$	10,695,174			$	9,890,107			$	9,860,401			$	9,689,937			$	8,577,360
Cash and cash equivalents		497,567				654,895				834,259				1,052,192				1,099,323				988,788				1,001,378
Accrued investment income		179,611				176,386				147,399				170,541				169,387				157,923				143,548
Reinsurance balances receivable		2,135,239				1,449,702				1,774,779				1,899,596				1,995,587				1,573,566				1,493,507
Funds held by reinsured companies		954,421				1,083,036				1,097,801				989,702				981,927				1,002,402				970,614
Deferred acquisition costs		750,627				641,818				660,831				644,653				617,710				542,698				437,741
Other assets		1,082,416				1,113,771				1,036,645				1,018,747				1,021,209				992,911				1,119,982
Total assets	$	17,290,919			$	16,036,949			$	16,246,888			$	15,665,538			$	15,745,544			$	14,948,225			$	13,744,130
Liabilities
Unpaid losses and loss expenses	$	7,573,371			$	7,231,436			$	7,110,240			$	6,944,959			$	6,926,221			$	6,870,785			$	6,737,661
Policy benefits for life and annuity contracts		1,600,447				1,541,687				1,622,564				1,494,205				1,500,249				1,430,691				1,223,871
Unearned premiums		1,837,778				1,267,873				1,535,611				1,694,517				1,675,348				1,215,624				1,136,233
Reinsurance balances payable		155,133				119,853				194,438				122,275				122,808				115,897				127,607
Debt obligations		877,605				877,605				877,605				877,605				877,605				877,605				826,186
Other liabilities		773,981				676,938				681,207				594,735				736,369				651,776				599,785
Total liabilities		12,818,315				11,715,392				12,021,665				11,728,296				11,838,600				11,162,378				10,651,343
Total shareholders' equity		4,472,604				4,321,557				4,225,223				3,937,242				3,906,944				3,785,847				3,092,787
Total liabilities and shareholders' equity	$	17,290,919			$	16,036,949			$	16,246,888			$	15,665,538			$	15,745,544			$	14,948,225			$	13,744,130
Shareholders’ Equity Per Common Share (excluding cumulative preferred shares)	$	72.84			$	70.07			$	66.74			$	60.49			$	59.73			$	57.22			$	45.35
Diluted Book Value Per Common and Common Share Equivalents Outstanding (assuming exercise of all stock-based awards)	$	70.93			$	67.96			$	65.07			$	58.96			$	58.45			$	56.07			$	44.57
Number of Common and Common Share Equivalents Outstanding		55,725.7				55,936.4				56,938.8				57,959.6				57,944.3				58,248.8				57,724.1
Capital Structure:
Long-term debt	$	620,000	12	%	$	620,000	12	%	$	620,000	12	%	$	620,000	13	%	$	620,000	13	%	$	620,000	13	%	$	620,000	16	%
Capital efficient notes(1)		250,000	5			250,000	5			250,000	5			250,000	5			250,000	5			250,000	6			-	-
Trust preferred securities(2)		-	-			-	-			-	-			-	-			-	-			-	-			200,000	5
6.75% Series C cumulative preferred shares, aggregate liquidation		290,000	5			290,000	6			290,000	6			290,000	6			290,000	6			290,000	6			290,000	7
6.5% Series D cumulative preferred shares, aggregate liquidation		230,000	4			230,000	4			230,000	4			230,000	5			230,000	5			230,000	5			230,000	6
Common shareholders' equity		3,952,604	74			3,801,557	73			3,705,223	73			3,417,242	71			3,386,944	71			3,265,847	70			2,572,787	66
Total Capital	$	5,342,604	100	%	$	5,191,557	100	%	$	5,095,223	100	%	$	4,807,242	100	%	$	4,776,944	100	%	$	4,655,847	100	%	$	3,912,787	100	%

(1) PartnerRe Finance II, the issuer of the capital efficient notes, does not meet the consolidation requirements of FIN 46(R). Accordingly, the Company shows the related intercompany debt of $257.6 million on its Consolidated Balance Sheets.

(2) Neither the Trust that issued the securities nor PartnerRe Finance I, which owns the Trust, meet the consolidation requirements of FIN 46(R). Accordingly, the Company shows the related intercompany debt of $206.2 million on its Consolidated Balance Sheets.

3

PartnerRe Ltd.

Consolidated Statements of Comprehensive Income

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
		March 31,			December 31,		September 30,			June 30,			March 31,			December 31,		December 31,
		2008			2007		2007			2007			2007			2007		2006
Net income		$	129,020		$	180,603	$	262,921		$	105,021		$	169,266		$	717,812	$	749,332
Change in net unrealized gains or losses on investments, net of tax			8,574			13,243		71,997			(54,167	)		6,761			37,834		(20,136	)
Change in currency translation adjustment			53,006			35,744		52,702			31,695			8,902			129,043		56,120
Change in unfunded pension obligation, net of tax			(403	)		4,307		(349	)		64			(19	)		4,003		(418	)
Comprehensive income		$	190,197		$	233,897	$	387,271		$	82,613		$	184,910		$	888,692	$	784,898

4

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the three months ended March 31, 2008

	U.S.			Global  (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non-Life Segment			Life Segment			Corporate and Other			Total
Gross premiums written	$	332		$	375		$	354		$	198		$	1,259		$	174		$	6		$	1,439
Net premiums written	$	332		$	373		$	333		$	198		$	1,236		$	170		$	6		$	1,412
Increase in unearned premiums		(66	)		(172	)		(114	)		(121	)		(473	)		(25	)		(4	)		(502	)
Net premiums earned	$	266		$	201		$	219		$	77		$	763		$	145		$	2		$	910
Losses and loss expenses and
life policy benefits		(171	)		(147	)		(148	)		(2	)		(468	)		(122	)		-			(590	)
Acquisition costs		(66	)		(52	)		(54	)		(7	)		(179	)		(25	)		-			(204	)
Technical result	$	29		$	2		$	17		$	68		$	116		$	(2	)	$	2		$	116
Other income														1			-			-			1
Other operating expenses														(57	)		(9	)		(26	)		(92	)
Underwriting result													$	60		$	(11	)		n/a		$	25
Net investment income																	13			124			137
Allocated underwriting result (1)																$	2			n/a			n/a
Net realized investment gains																				25			25
Interest expense																				(12	)		(12	)
Net foreign exchange losses																				(4	)		(4	)
Income tax expense																				(43	)		(43	)
Interest in earnings of equity investments																				1			1
Net income																				n/a		$	129
Loss ratio (2)		64.2	%		73.4	%		67.7	%		2.0	%		61.3	%
Acquisition ratio (3)		24.9			25.9			24.6			9.1			23.5
Technical ratio (4)		89.1	%		99.3	%		92.3	%		11.1	%		84.8	%
Other operating expense ratio (5)														7.5
Combined ratio (6)														92.3	%

(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 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.

5

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the three months ended March 31, 2007

	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Total Non-Life Segment			Life Segment			Corporate and Other (A)			Total
Gross premiums written	$	296		$	332		$	305		$	212		$	1,145		$	157		$	-		$	1,302
Net premiums written	$	295		$	332		$	284		$	212		$	1,123		$	148		$	-		$	1,271
Increase in unearned premiums		(74	)		(155	)		(64	)		(118	)		(411	)		(18	)		-			(429	)
Net premiums earned	$	221		$	177		$	220		$	94		$	712		$	130		$	-		$	842
Losses and loss expenses and
life policy benefits		(137	)		(118	)		(99	)		(29	)		(383	)		(96	)		-			(479	)
Acquisition costs		(57	)		(46	)		(57	)		(10	)		(170	)		(31	)		-			(201	)
Technical result	$	27		$	13		$	64		$	55		$	159		$	3		$	-		$	162
Other income (loss)														2			-			(1	)		1
Other operating expenses														(51	)		(7	)		(21	)		(79	)
Underwriting result													$	110		$	(4	)		n/a		$	84
Net investment income																	11			108			119
Allocated underwriting result (1)																$	7			n/a			n/a
Net realized investment gains																				1			1
Interest expense																				(14	)		(14	)
Net foreign exchange losses																				(4	)		(4	)
Income tax expense																				(20	)		(20	)
Interest in earnings of equity investments																				3			3
Net income																				n/a		$	169
Loss ratio (2)		62.0	%		66.8	%		45.1	%		30.6	%		53.8	%
Acquisition ratio (3)		25.9			25.9			25.9			10.3			23.8
Technical ratio (4)		87.9	%		92.7	%		71.0	%		40.9	%		77.6	%
Other operating expense ratio (5)														7.2
Combined ratio (6)														84.8	%

(A) The Company reports the results of ChannelRe on a one-quarter lag. The period includes the Company’s share of ChannelRe’s net income in the amount of $3.0 million.

6

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2008			2007			2007			2007			2007			2007			2006
Net premiums written	$	1,236		$	569		$	730		$	763		$	1,123		$	3,185		$	3,192
Net premiums earned	$	763		$	838		$	909		$	745		$	712		$	3,203		$	3,172
Losses and loss expenses		(468	)		(409	)		(429	)		(407	)		(383	)		(1,627	)		(1,741	)
Acquisition costs		(179	)		(194	)		(193	)		(177	)		(170	)		(734	)		(731	)
Technical result	$	116		$	235		$	287		$	161		$	159		$	842		$	700
				��
Other income		1			-			2			2			2			7			5
Other operating expenses		(57	)		(59	)		(52	)		(52	)		(51	)		(214	)		(206	)
Underwriting result	$	60		$	176		$	237		$	111		$	110		$	635		$	499
Loss ratio (1)		61.3	%		48.8	%		47.2	%		54.6	%		53.8	%		50.8	%		54.8	%
Acquisition ratio (2)		23.5			23.2			21.3			23.7			23.8			22.9			23.1
Technical ratio (3)		84.8	%		72.0	%		68.5	%		78.3	%		77.6	%		73.7	%		77.9	%
Other operating expense ratio (4)		7.5			7.0			5.7			7.0			7.2			6.7			6.5
Combined ratio (5)		92.3	%		79.0	%		74.2	%		85.3	%		84.8	%		80.4	%		84.4	%

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

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

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

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

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

7

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

U.S. sub-segment

		For the three months ended															For the year ended
		March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
		2008			2007			2007			2007			2007			2007			2006
Net premiums written	$	332		$	218		$	279		$	229		$	295		$	1,020		$	1,029
Net premiums earned	$	266		$	264		$	273		$	241		$	221		$	999		$	1,030
Losses and loss expenses		(171	)		(161	)		(160	)		(150	)		(137	)		(608	)		(725	)
Acquisition costs		(66	)		(63	)		(64	)		(56	)		(57	)		(241	)		(243	)
Technical result	$	29		$	40		$	49		$	35		$	27		$	150		$	62
Loss ratio (1)		64.2	%		61.0	%		58.6	%		62.1	%		62.0	%		60.8	%		70.3	%
Acquisition ratio (2)		24.9			23.8			23.3			23.5			25.9			24.1			23.7
Technical ratio (3)		89.1	%		84.8	%		81.9	%		85.6	%		87.9	%		84.9	%		94.0	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		48	%		54	%		54	%		45	%		49	%		50	%		52	%
Property		16			7			14			18			16			14			15
Agriculture		16			20			11			17			4			12			12
Multiline		10			7			6			5			17			9			8
Motor		5			6			8			7			7			7			7
Other		5			6			7			8			7			8			6
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

8

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
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2008			2007			2007			2007			2007			2007			2006
Net premiums written	$	373		$	127		$	151		$	127		$	332		$	738		$	760
Net premiums earned	$	201		$	217		$	192		$	173		$	177		$	758		$	775
Losses and loss expenses		(147	)		(140	)		(135	)		(131	)		(118	)		(523	)		(505	)
Acquisition costs		(52	)		(55	)		(46	)		(44	)		(46	)		(191	)		(209	)
Technical result	$	2		$	22		$	11		$	(2	)	$	13		$	44		$	61
Loss ratio (1)		73.4	%		64.4	%		70.3	%		75.6	%		66.8	%		69.0	%		65.1	%
Acquisition ratio (2)		25.9			25.3			24.2			25.6			25.9			25.2			27.1
Technical ratio (3)		99.3	%		89.7	%		94.5	%		101.2	%		92.7	%		94.2	%		92.2	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		64	%		71	%		71	%		73	%		63	%		68	%		67	%
Casualty		17			13			12			13			17			15			14
Motor		19			16			17			14			20			17			19
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

9

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended																For the year ended
		March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
		2008			2007			2007			2007			2007			2007			2006
Net premiums written		$	333		$	216		$	250		$	275		$	284		$	1,026		$	991
Net premiums earned		$	219		$	247		$	274		$	265		$	220		$	1,006		$	979
Losses and loss expenses			(148	)		(122	)		(119	)		(110	)		(99	)		(450	)		(446	)
Acquisition costs			(54	)		(66	)		(68	)		(70	)		(57	)		(260	)		(236	)
Technical result		$	17		$	59		$	87		$	85		$	64		$	296		$	297
Loss ratio (1)			67.7	%		49.4	%		43.5	%		41.4	%		45.1	%		44.7	%		45.6	%
Acquisition ratio (2)			24.6			26.7			24.7			26.2			25.9			25.9			24.1
Technical ratio (3)			92.3	%		76.1	%		68.2	%		67.6	%		71.0	%		70.6	%		69.7	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space			11	%		21	%		18	%		20	%		11	%		17	%		20	%
Credit/Surety			19			21			20			17			18			19			18
Engineering			16			26			21			20			13			20			17
Marine			12			15			14			11			13			13			12
Specialty casualty			19			6			8			14			19			12			12
Specialty property			15			4			7			5			16			8			8
Other			8			7			12			13			10			11			13
Total			100	%		100	%		100	%		100	%		100	%		100	%		100	%

10

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2008			2007			2007			2007			2007			2007			2006
Net premiums written	$	198		$	8		$	50		$	132		$	212		$	401		$	412
Net premiums earned	$	77		$	110		$	170		$	66		$	94		$	440		$	388
Losses and loss expenses		(2	)		14			(15	)		(16	)		(29	)		(46	)		(65	)
Acquisition costs		(7	)		(10	)		(15	)		(7	)		(10	)		(42	)		(43	)
Technical result	$	68		$	114		$	140		$	43		$	55		$	352		$	280
Loss ratio (1)		2.0	%		(12.8	)%		8.8	%		24.7	%		30.6	%		10.5	%		16.9	%
Acquisition ratio (2)		9.1			9.6			9.1			10.0			10.3			9.6			11.1
Technical ratio (3)		11.1	%		(3.2	)%		17.9	%		34.7	%		40.9	%		20.1	%		28.0	%

11

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2008			2007			2007			2007			2007			2007			2006
Net premiums written	$	170		$	144		$	142		$	136		$	148		$	569		$	487
Net premiums earned	$	145		$	151		$	147		$	143		$	130		$	571		$	487
Life policy benefits		(122	)		(109	)		(133	)		(117	)		(96	)		(455	)		(363	)
Acquisition costs		(25	)		(33	)		(22	)		(29	)		(31	)		(116	)		(117	)
Technical result	$	(2	)	$	9		$	(8	)	$	(3	)	$	3		$	-		$	7
Other operating expenses		(9	)		(9	)		(8	)		(8	)		(7	)		(33	)		(29	)
Underwriting result	$	(11	)	$	-		$	(16	)	$	(11	)	$	(4	)	$	(33	)	$	(22	)
Net investment income		13			11			16			15			11			54			51
Allocated underwriting result (1)	$	2		$	11		$	-		$	4		$	7		$	21		$	29
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		86	%		81	%		80	%		79	%		87	%		82	%		79	%
Longevity		12			15			18			19			10			15			19
Health		2			4			2			2			3			3			2
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

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

12

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2008			2007			2007			2007			2007			2007			2006
Technical result	$	2		$	1		$	-		$	1		$	-		$	3		$	-
Other income (loss)		-			(15	)		3			(11	)		(1	)		(24	)		19
Corporate expenses		(22	)		(16	)		(15	)		(19	)		(18	)		(67	)		(62	)
Other operating expenses		(4	)		(4	)		(4	)		(1	)		(3	)		(13	)		(13	)
Net investment income		124			127			120			115			108			469			398
Net realized investment gains (losses)		25			(17	)		(3	)		(54	)		1			(72	)		47
Interest expense		(12	)		(13	)		(14	)		(13	)		(14	)		(54	)		(61	)
Net foreign exchange (losses) gains		(4	)		2			(3	)		(9	)		(4	)		(15	)		(24	)
Income tax expense		(43	)		(4	)		(35	)		(23	)		(20	)		(82	)		(95	)
Interest in earnings (losses) of equity investments (A)		1			(67	)		(23	)		3			3			(83	)		12
PartnerRe's interest in ChannelRe's net income (loss) (A)		-			(76	)		(23	)		3			3			(93	)		12

(A) The Company reports the results of its equity investments on a one-quarter lag.

13

PartnerRe Ltd.

Distribution of Premiums

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2008			2007			2007			2007			2007			2007			2006
Distribution of Net Premiums Written by Line of Business:
Non-Life
Property and casualty
Casualty	$	220		$	134		$	168		$	118		$	202		$	621		$	638
Property		291			104			146			134			257			641			663
Motor		90			34			49			33			86			203			221
Multiline and other		43			16			21			19			57			118			122
Specialty
Agriculture		68			48			41			52			25			165			167
Aviation/Space		36			47			46			54			30			176			198
Catastrophe		198			8			50			132			212			401			412
Credit/Surety		75			60			66			60			66			252			213
Engineering		53			55			53			56			37			201			171
Energy		15			11			21			21			16			68			78
Marine		41			32			34			31			36			134			118
Specialty casualty		63			13			19			38			54			124			123
Specialty property		49			8			17			15			45			84			79
Life		170			144			142			136			148			569			487
	$	1,412		$	714		$	873		$	899		$	1,271		$	3,757		$	3,690
Distribution of Gross Premiums Written by Geography:
Europe		52	%		47	%		40	%		40	%		50	%		45	%		42	%
North America		36			41			44			47			38			42			43
Asia, Australia and New Zealand		5			6			6			8			6			6			8
Latin America, Caribbean and Africa		7			6			10			5			6			7			7
		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Production Source:
Broker		70	%		65	%		69	%		72	%		68	%		69	%		69	%
Direct		30			35			31			28			32			31			31
		100	%		100	%		100	%		100	%		100	%		100	%		100	%

14

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2008			2007			2007			2007			2007			2007			2006
Distribution of Gross Premiums Written by Treaty Type
Non-Life sub-segment:
U.S.
Non-Proportional		45	%		20	%		35	%		33	%		56	%		37	%		42	%
Proportional		55			80			65			67			44			63			58
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Global (Non U.S.) P&C
Non-Proportional		36	%		8	%		16	%		10	%		41	%		25	%		25	%
Proportional		64			92			84			90			59			75			75
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Global (Non U.S.) Specialty
Non-Proportional		26	%		6	%		12	%		14	%		26	%		15	%		17	%
Proportional		74			94			88			86			74			85			83
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Catastrophe
Non-Proportional		98	%		96	%		98	%		98	%		100	%		99	%		94	%
Proportional		2			4			2			2			-			1			6
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Non-Life total
Non-Proportional		45	%		13	%		27	%		33	%		52	%		35	%		37	%
Proportional		55			87			73			67			48			65			63
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

15

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	March 31,				December 31,				September 30,				June 30,				March 31,				December 31,				December 31,
	2008 (1)				2007				2007				2007				2007				2006				2005
Investments:
Fixed maturities
U.S. government	$	1,158	10	%	$	1,239	11	%	$	1,503	14	%	$	1,475	15	%	$	1,473	15	%	$	1,510	16	%	$	915	11	%
States or political subdivisions of states of the U.S.		-	-			-	-			-	-			-	-			1	-			1	-			6	-
Other foreign governments		3,112	27			2,821	26			2,734	26			2,309	23			1,956	20			1,557	16			1,703	20
Corporates		3,533	30			3,133	29			2,632	25			2,550	26			2,775	28			2,866	29			2,565	30
Mortgage/asset-backed securities		2,573	22			2,306	21			2,101	20			1,839	19			1,912	19			1,902	20			1,498	17
Total fixed maturities		10,376	89			9,499	87			8,970	85			8,173	83			8,117	82			7,836	81			6,687	78
Short-term investments		144	1			97	1			122	1			87	1			81	1			133	1			231	3
Equities		1,100	9			872	8			1,324	12			1,417	14			1,340	14			1,015	11			1,334	15
Trading securities		-	-			399	4			141	1			72	1			197	2			600	6			220	3
Other invested assets		71	1			50	-			138	1			141	1			125	1			105	1			105	1
Total investments	$	11,691	100	%	$	10,917	100	%	$	10,695	100	%	$	9,890	100	%	$	9,860	100	%	$	9,689	100	%	$	8,577	100	%
Cash and cash equivalents	$	498			$	655			$	834			$	1,052			$	1,099			$	989			$	1,001
Total investments and cash		12,189				11,572				11,529				10,942				10,960				10,679				9,579
Maturity distribution:
One year or less	$	770	8	%	$	633	7	%	$	711	8	%	$	867	10	%	$	801	10	%	$	849	11	%	$	745	11	%
More than one year through five years		3,692	35			3,451	36			3,159	35			2,942	36			2,967	36			2,678	34			2,499	36
More than five years through ten years		3,056	29			2,800	29			2,754	30			2,240	27			2,170	27			2,112	26			1,878	27
More than ten years		429	4			406	4			367	4			372	5			348	4			428	5			298	4
Subtotal		7,947	76			7,290	76			6,991	77			6,421	78			6,286	77			6,067	76			5,420	78
Mortgage/asset-backed securities		2,573	24			2,306	24			2,101	23			1,839	22			1,912	23			1,902	24			1,498	22
Total	$	10,520	100	%	$	9,596	100	%	$	9,092	100	%	$	8,260	100	%	$	8,198	100	%	$	7,969	100	%	$	6,918	100	%

Credit quality by market value:
AAA	66	%	68	%	69	%	70	%	70	%	69	%	65	%
AA	6		6		5		5		5		4		3
A	14		12		12		12		11		13		15
BBB	11		11		11		10		10		10		11
Below Investment Grade/Unrated	3		3		3		3		4		4		6
	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Expected average duration	4.0	Yrs	3.9	Yrs	4.0	Yrs	3.9	Yrs	4.1	Yrs	4.1	Yrs	3.3	Yrs
Average yield to maturity at market	4.4	%	4.7	%	5.0	%	5.2	%	4.9	%	4.9	%	4.5	%
Average credit quality	AA		AA		AA		AA		AA		AA		AA

(1) On January 1, 2008, the Company adopted SFAS 159. Following the adoption of SFAS 159, the fixed maturities, short-term investments and equities previously classified as available for sale securities are classified as trading securities.

16

PartnerRe Ltd.

Distribution of Corporate Bonds and Equities

(Unaudited)

	March 31, 2008			March 31, 2008
Distribution by sector - Corporate bonds			Distribution by sector - Equities
Finance	45.7	%	Consumer noncyclical	17.3	%
Communications	11.7		Industrials	14.2
Consumer noncyclical	10.0		Insurance	13.3
Industrials	6.8		Real estate investment trusts	10.4
Insurance	6.2		Consumer cyclical	10.1
Energy	5.6		Energy	9.3
Consumer cyclical	5.0		Finance	8.3
Technology	3.4		Communications	7.2
Utilities	2.7		Utilities	5.0
Materials	2.1		Technology	4.1
Real estate investment trusts	0.8		Materials	0.8
Total	100.0	%	Total	100.0	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 18.8% of the Company's total corporate bonds. The single largest issuer accounts for 3.2% of the Company's total corporate bonds.

The Top 10 common stock issuers, excluding equity securities held in mutual funds and exchange traded funds, account for 18.9% of the Company's total equities. The single largest issuer accounts for 2.6% of the Company's total equities.

17

PartnerRe Ltd.

Distribution of Mortgage/Asset -Backed Securities and Private Markets Investments

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	Rating at March 31, 2008
	AAA			AA				A		BBB			Total
U.S. Asset-Backed Securities	$	53,518		$	3		$	926		$	5,832		$	60,279
U.S. Collaterized Mortgage Obligations		59,929			-			-			2,789			62,718
U.S. Mortgage Backed Securities (MBS)		2,102,875			-			-			-			2,102,875
U.S. MBS Interest Only		4,378			-			-			-			4,378
Subtotal U.S. mortgage/asset-backed securities	$	2,220,700		$	3		$	926		$	8,621		$	2,230,250
Non-U.S. Asset-Backed Securities	$	21,376		$	10,789		$	21,042		$	17,153		$	70,360
Non-U.S. Collaterized Mortgage Obligations		92,100			14,128			-			8,469			114,697
Non-U.S. Mortgage Backed Securities		153,549			-			-			4,322			157,871
Subtotal Non-U.S. mortgage/asset-backed securities	$	267,025		$	24,917		$	21,042		$	29,944		$	342,928
Total mortgage/asset-backed securities	$	2,487,725		$	24,920		$	21,968		$	38,565		$	2,573,178
% of total		96.7	%		1.0	%		0.8	%		1.5	%		100.0	%

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

	March 31, 2008
									Net Notional
			Fair Value			Carrying			Amount of		Total Net
	Investments		of Derivatives			Value			Derivatives		Exposures (1)
Private Markets Investments
Principal Finance	$	39,062	$	(41,782	)	$	(2,720	)	$	265,433	$	262,713
Insurance-Linked Securities		-		1,963			1,963			17,500		19,463
Strategic Investments		64,270		-			64,270			-		64,270
Total other invested assets - Private Markets Investments	$	103,332	$	(39,819	)	$	63,513		$	282,933	$	346,446
Other		7,821		(440	)		7,381
Total other invested assets	$	111,153	$	(40,259	)	$	70,894

(1)   The total net exposures originated in Private Markets are $568 million. In addition to the net exposures listed above of $346 million, the Company has the following other net exposures originated in Private Markets:

-   Principal Finance: $36 million of assets listed under Investments - Fixed Maturities and $24 million of limits on transactions that use reinsurance accounting for a total exposure of $322 million.

-   Insurance-Linked Securities: $103 million of bonds listed under Investments - Fixed Maturities and $56 million of limits on transactions that use reinsurance accounting for a total exposure of $178 million.

-   Strategic Investments: $4 million of assets listed under Other Assets for a total exposure of $68 million.

18

PartnerRe Ltd.

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

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended																For the year ended
		March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
		2008 (1)			2007			2007			2007			2007			2007			2006
Fixed maturities		$	119,676		$	118,984		$	108,522		$	99,715		$	94,450		$	421,672		$	333,888
Short-term investments, trading securities, cash and cash equivalents			6,295			14,550			12,424			14,611			14,033			55,618			61,453
Equities			8,360			7,597			9,042			9,683			10,061			36,383			33,163
Funds held and other			8,856			3,122			11,380			11,753			6,084			32,339			40,446
Investment expenses			(6,177	)		(6,482	)		(5,791	)		(4,868	)		(5,611	)		(22,753	)		(19,549	)
Net investment income		$	137,010		$	137,771		$	135,577		$	130,894		$	119,017		$	523,259		$	449,401
Net realized investment gains (losses) on fixed maturities and short-term investments, excluding other-than-temporary impairments		$	45,042		$	4,992		$	3,251		$	(19,759	)	$	(5,327	)	$	(16,842	)	$	(28,100	)
Net realized investment (losses) gains on equities, excluding other-than-temporary impairments			(25,780	)		23,303			(3,094	)		46,767			15,062			82,037			91,149
Other-than-temporary impairments			-			(36,866	)		(13,941	)		(63,762	)		(10,428	)		(124,997	)		(26,561	)
Net realized gains (losses) on trading securities			-			1,562			(8,087	)		11,197			13,995			18,667			21,685
Change in net unrealized investment (losses) gains on trading securities			-			(13,981	)		2,197			(3,841	)		(15,682	)		(31,308	)		11,359
Net realized and unrealized investment losses on equity securities sold but not yet purchased			-			(391	)		(1,036	)		(5,251	)		(2,720	)		(9,398	)		(10,484	)
Net realized and unrealized (losses) gains on designated hedging activities			-			(1,996	)		3,894			3,385			2,200			7,482			10,645
Net realized and unrealized gains (losses) on other invested assets			21,308			16,000			11,547			(18,207	)		1,067			10,408			(1,242	)
Change in net unrealized investment losses on securities subject to the fair value option under SFAS 159			(15,458	)		-			-			-			-			-			-
Net other realized and unrealized investment (losses) gains			-			(9,133	)		2,166			(4,176	)		2,601			(8,541	)		(21,291	)
Net realized investment gains (losses)		$	25,112		$	(16,510	)	$	(3,103	)	$	(53,647	)	$	768		$	(72,492	)	$	47,160

(1) The Company adopted SFAS 159 effective January 1, 2008. For all periods prior to the adoption of SFAS 159, unrealized gains and losses, net of tax, on available for sale securities were recorded as a component of accumulated other comprehensive income in the Consolidated Balance Sheets. Following the adoption of SFAS 159, the Company's available for sale securities have been reclassified as trading securities and all changes in pre-tax unrealized investment gains and losses are recorded in net realized investment gains (losses) in the Consolidated Statements of Operations. Net investment income and net realized investment gains and losses on securities previously classified as trading have been recorded within the related investments classification (fixed maturities or equities) beginning in 2008, and the change in net unrealized investment gains and losses on such securities are included in the caption "Change in net unrealized investment losses on securities subject to the fair value option under SFAS 159".

19

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
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2008			2007			2007			2007			2007			2007			2006
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	7,231,436		$	7,110,240		$	6,944,959		$	6,926,221		$	6,870,785		$	6,870,785		$	6,737,661
Reinsurance recoverable at beginning of period		(132,479	)		(134,704	)		(129,440	)		(130,970	)		(138,585	)		(138,585	)		(185,280	)
Net liability at beginning of period		7,098,957			6,975,536			6,815,519			6,795,251			6,732,200			6,732,200			6,552,381
Net incurred losses related to:
Current year		584,670			504,483			518,009			513,120			506,140			2,041,752			1,999,730
Prior years		(116,684	)		(95,746	)		(88,787	)		(106,555	)		(122,956	)		(414,043	)		(251,748	)
		467,986			408,737			429,222			406,565			383,184			1,627,709			1,747,982
Net losses paid		(342,356	)		(389,224	)		(434,139	)		(442,216	)		(354,787	)		(1,620,367	)		(1,860,555	)
Effects of foreign exchange rate changes		213,155			103,908			164,934			55,919			34,654			359,415			292,392
Net liability at end of period		7,437,742			7,098,957			6,975,536			6,815,519			6,795,251			7,098,957			6,732,200
Reinsurance recoverable at end of period		135,629			132,479			134,704			129,440			130,970			132,479			138,585
Gross liability at end of period	$	7,573,371		$	7,231,436		$	7,110,240		$	6,944,959		$	6,926,221		$	7,231,436		$	6,870,785
Breakdown of gross liability at end of period:
Case reserves	$	3,163,431		$	3,062,414		$	3,069,483		$	2,980,552		$	2,901,253		$	3,062,414		$	2,946,228
Additional case reserves		320,706			306,487			299,365			285,973			292,862			306,487			294,554
Incurred but not reported reserves		4,089,234			3,862,535			3,741,392			3,678,434			3,732,106			3,862,535			3,630,003
Gross liability at end of period	$	7,573,371		$	7,231,436		$	7,110,240		$	6,944,959		$	6,926,221		$	7,231,436		$	6,870,785
Breakdown of gross liability at end of period by Non-Life sub-segment:
U.S.	$	2,581,781		$	2,515,820		$	2,455,670		$	2,462,931		$	2,438,680		$	2,515,820		$	2,391,868
Global (Non-U.S.) P&C		2,708,713			2,542,278			2,485,459			2,377,972			2,346,986			2,542,278			2,305,683
Global (Non-U.S.) Specialty		2,009,980			1,887,187			1,840,396			1,760,131			1,755,500			1,887,187			1,747,408
Catastrophe		272,897			286,151			328,715			343,925			385,055			286,151			425,826
Gross liability at end of period	$	7,573,371		$	7,231,436		$	7,110,240		$	6,944,959		$	6,926,221		$	7,231,436		$	6,870,785
Unrecognized time value of non-life reserves	$	1,053		$	1,122		$	1,171		$	1,268		$	1,175		$	1,122		$	1,143
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		73.2	%		95.2	%		101.1	%		108.8	%		92.6	%		99.6	%		106.4	%
Non-life paid losses to net premiums earned ratio		44.8	%		46.4	%		47.7	%		59.3	%		49.8	%		50.5	%		58.5	%

20

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
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2008			2007			2007			2007			2007			2007			2006
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,541,687		$	1,622,564		$	1,494,205		$	1,500,249		$	1,430,691		$	1,430,691		$	1,223,871
Reinsurance recoverable at beginning of period		(43,098	)		(40,871	)		(39,231	)		(42,610	)		(42,542	)		(42,542	)		(31,033	)
Net liability at beginning of period		1,498,589			1,581,693			1,454,974			1,457,639			1,388,149			1,388,149			1,192,838
Net incurred losses related to:
Current year		116,382			111,099			124,408			115,280			102,311			453,099			375,355
Prior year		5,300			(2,280	)		8,501			2,193			(6,761	)		1,653			(12,000	)
		121,682			108,819			132,909			117,473			95,550			454,752			363,355
Net losses paid		(107,217	)		(204,512	)		(49,806	)		(142,008	)		(33,954	)		(430,281	)		(277,717	)
Effects of foreign exchange rate changes		42,935			12,589			43,616			21,870			7,894			85,969			109,673
Net liability at end of period		1,555,989			1,498,589			1,581,693			1,454,974			1,457,639			1,498,589			1,388,149
Reinsurance recoverable at end of period		44,458			43,098			40,871			39,231			42,610			43,098			42,542
Gross liability at end of period	$	1,600,447		$	1,541,687		$	1,622,564		$	1,494,205		$	1,500,249		$	1,541,687		$	1,430,691

21

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended													For the year ended
	March 31,			December 31,		September 30,			June 30,			March 31,		December 31,			December 31,
	2008			2007		2007			2007			2007		2007			2006
Prior year net favorable (adverse) reserve development:
Non-Life segment:
U.S.	$	15,725		$	22,242	$	19,407		$	17,840		$	12,772	$	72,261		$	1,549
Global (Non-U.S.) P&C		57,550			25,152		12,328			19,546			39,951		96,976			66,318
Global (Non-U.S.) Specialty		32,865			41,708		44,836			56,724			58,862		202,130			208,536
Catastrophe		10,544			6,644		12,216			12,445			11,371		42,676			(24,655	)
Total Non-Life net prior year reserve development	$	116,684		$	95,746	$	88,787		$	106,555		$	122,956	$	414,043		$	251,748
Life segment	$	(5,300	)	$	2,280	$	(8,501	)	$	(2,193	)	$	6,761	$	(1,653	)	$	12,000

22

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
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2008			2007			2007			2007			2007			2007			2006
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning common shareholders' equity (1) calculated with net income available to common shareholders		12.7	%		21.1	%		31.1	%		11.8	%		19.7	%		20.9	%		27.8	%
Less:
Annualized net realized investment gains (losses), net of tax, on beginning common shareholders' equity (1)		1.0			(2.3	)		0.3			(5.3	)		0.3			(1.7	)		1.8
Interest in earnings (losses) of equity investments, net of tax, on beginning common shareholders' equity (1)		0.1			(8.1	)		(2.8	)		0.4			0.4			(2.6	)		0.5
Annualized operating return on beginning common shareholders' equity(1)		11.6	%		31.5	%		33.6	%		16.7	%		19.0	%		25.2	%		25.5	%
Net income	$	129,020		$	180,603		$	262,921		$	105,021		$	169,266		$	717,812		$	749,332
Less:
Net realized investment gains (losses), net of tax		8,936			(18,982	)		2,784			(42,775	)		2,686			(56,288	)		46,459
Interest in earnings (losses) of equity investments, net of tax		1,242			(66,415	)		(22,692	)		3,214			3,025			(82,867	)		11,966
Dividends to preferred shareholders		8,631			8,631			8,631			8,631			8,631			34,525			34,525
Operating earnings available to common shareholders	$	110,211		$	257,369		$	274,198		$	135,951		$	154,924		$	822,442		$	656,382
Per diluted share:
Net income	$	2.16		$	3.04		$	4.44		$	1.66		$	2.76		$	11.87		$	12.37
Less:
Net realized investment gains (losses), net of tax		0.16			(0.34	)		0.05			(0.74	)		0.05			(0.98	)		0.80
Interest in earnings (losses) of equity investments, net of tax		0.02			(1.17	)		(0.39	)		0.06			0.05			(1.44	)		0.21
Operating earnings	$	1.98		$	4.55		$	4.78		$	2.34		$	2.66		$	14.29		$	11.36

(1) Excluding cumulative preferred shares: 2007 and 2006, $520,000

23

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	March 31,		December 31,		September 30,		June 30,			March 31,			December 31,			December 31,
	2008		2007		2007		2007			2007			2006			2005
Reconciliation of GAAP and non-GAAP measures:
Shareholders' equity	$	4,472,604	$	4,321,557	$	4,225,223	$	3,937,242		$	3,906,944		$	3,785,847		$	3,092,787
Less:
6.75% Series C cumulative preferred shares, aggregate liquidation		290,000		290,000		290,000		290,000			290,000			290,000			290,000
6.5% Series D cumulative preferred shares, aggregate liquidation		230,000		230,000		230,000		230,000			230,000			230,000			230,000
Common shareholders' equity		3,952,604		3,801,557		3,705,223		3,417,242			3,386,944			3,265,847			2,572,787
Less:
Net unrealized gains (losses) on fixed income securities, net of tax		139,920		71,958		1,728		(79,079	)		(12,632	)		(18,694	)		4,382
Book value excluding net unrealized gains or losses on fixed income securities, net of tax	$	3,812,684	$	3,729,599	$	3,703,495	$	3,496,321		$	3,399,576		$	3,284,541		$	2,568,405
Divided by:
Number of common and common share equivalents outstanding		55,725.7		55,936.4		56,938.8		57,959.6			57,944.3			58,248.8			57,724.1
Equals:
Diluted book value per common and common share equivalents outstanding excluding net unrealized gains or losses on fixed income securities, net of tax	$	68.42	$	66.68	$	65.04	$	60.32		$	58.67		$	56.39		$	44.49

24

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)

	March 31,			December 31,			September 30,			June 30,			March 31,
	2008			2007			2007			2007			2007
Total shareholders' equity	$	4,472,604		$	4,321,557		$	4,225,223		$	3,937,242		$	3,906,944
Less: preferred shares		(520,000	)		(520,000	)		(520,000	)		(520,000	)		(520,000	)
Common shareholders' equity	$	3,952,604		$	3,801,557		$	3,705,223		$	3,417,242		$	3,386,944
Basic common shares outstanding		54,262.9			54,250.5			55,516.1			56,493.7			56,704.4
Basic book value per common share	$	72.84		$	70.07		$	66.74		$	60.49		$	59.73
Diluted book value per common share
Common shareholders' equity	$	3,952,604		$	3,801,557		$	3,705,223		$	3,417,242		$	3,386,944
Basic common shares outstanding		54,262.9			54,250.5			55,516.1			56,493.7			56,704.4
Add: Stock options and other		3,002.5			3,018.5			3,126.2			3,297.4			3,220.2
Add: Restricted stock units		690.5			680.6			679.3			668.8			506.4
Add: Forward sale contract		-			115.4			-			-			-
Less: Stock options and other bought back via treasury method		(2,230.2	)		(2,128.6	)		(2,382.8	)		(2,500.3	)		(2,486.7	)
Diluted common and common share equivalents outstanding		55,725.7			55,936.4			56,938.8			57,959.6			57,944.3
Diluted book value per common share	$	70.93		$	67.96		$	65.07		$	58.96		$	58.45

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

25