Partnerre 8K . Reports Second Quarter and Half Year 2008 Results | PREJF 29 Jul 08

Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as of June 30, 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 - June 30, 2008

Table of Contents

	Page
Regulation G
Consolidated Financial Statements
Consolidated Income Statements	1-2
Condensed Consolidated Balance Sheets	3
Condensed Consolidated Statements of Cash Flows	4-5
Consolidated Statements of Comprehensive Income	6
Segment Information
For the three months ended June 30, 2008 and 2007	7-8
For the six months ended June 30, 2008 and 2007	9-10
Non-Life segment	11-12
U.S. sub-segment	13-14
Global (Non-U.S.) P&C sub-segment	15-16
Global (Non-U.S.) Specialty sub-segment	17-18
Catastrophe sub-segment	19-20
Life segment	21-22
Corporate and Other	23-24
Distribution of Premiums
Distribution of Premiums by line of business, geography and production source	25-26
Distribution of Premiums by treaty type	27-28
Investments
Investment Portfolio	29
Distribution of Corporate Bonds and Equities	30
Distribution of Mortgage/Asset-Backed Securities and Private Market Investments	31
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses)	32-33
Loss Reserves
Analysis of Unpaid Losses and Loss Expenses	34
Analysis of Policy Benefits for Life and Annuity Contracts	35
Reserve Development	36
Reconciliation of GAAP and non-GAAP measures	37-39
Diluted Book Value per Common Share - Treasury Stock Method	40
Diluted Book Value per Common Share - Rollforward	41-42

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 and unrealized 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, capital efficient notes and senior notes. The Company uses Total Capital a a measure to manage the capital structure of the Company.

PartnerRe Ltd.
Consolidated Income Statements
(Expressed in thousands of U.S. dollars or shares, except per share data)
(Unaudited)

	For the three months ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2008			2008			2007			2007			2007

Revenues
Gross premiums written		$	968,163		$	1,439,332		$	722,700		$	877,943		$	907,758

Net premiums written		$	956,269		$	1,411,564		$	714,376		$	873,474		$	898,686
(Increase) decrease in unearned premiums			(730	)		(501,811	)		275,382			182,921			(9,409	)
Net premiums earned			955,539			909,753			989,758			1,056,395			889,277
Net investment income			145,494			137,010			137,771			135,577			130,894
Net realized and unrealized investment (losses) gains (1)			(296,255	)		25,112			(16,510	)		(3,103	)		(53,647	)
Other income (loss)			4,591			1,639			(14,530	)		5,445			(8,911	)
Total revenues			809,369			1,073,514			1,096,489			1,194,314			957,613

Expenses
Losses and loss expenses and life policy benefits			548,720			589,668			517,557			562,132			524,038
Acquisition costs			228,170			204,238			227,222			215,456			206,313
Other operating expenses			96,737			92,280			88,481			79,073			79,947
Interest expense			14,914			11,896			13,374			13,649			13,484
Net foreign exchange (gains) losses			(1,574	)		4,798			(1,568	)		3,567			9,308
Total expenses			886,967			902,880			845,066			873,877			833,090

(Loss) income before taxes and interest in (losses) earnings of equity investments			(77,598	)		170,634			251,423			320,437			124,523
Income tax (benefit) expense			(53,423	)		42,726			4,303			34,825			22,716
Interest in (losses) earnings of equity investments			(1,849	)		1,112			(66,517	)		(22,691	)		3,214
Net (loss) income		$	(26,024	)	$	129,020		$	180,603		$	262,921		$	105,021

Preferred dividends		$	8,631		$	8,631		$	8,631		$	8,631		$	8,631

Operating earnings available to common shareholders		$	183,830		$	110,211		$	257,369		$	274,198		$	135,951

Comprehensive (loss) income, net of tax		$	(15,302	)	$	190,197		$	233,897		$	387,271		$	82,613

Per Share Data:
(Loss) earnings per common share:
Basic operating earnings		$	3.39		$	2.03		$	4.69		$	4.90		$	2.40
Net realized and unrealized investment (losses) gains, net of tax (1)			(4.04	)		0.17			(0.35	)		0.05			(0.76	)
Interest in earnings (losses) of equity investments, net of tax			0.01			0.02			(1.21	)		(0.40	)		0.06
Basic net (loss) income		$	(0.64	)	$	2.22		$	3.13		$	4.55		$	1.70

Weighted average number of common shares outstanding			54,276.6			54,248.3			54,892.7			55,906.6			56,682.8

Diluted operating earnings		$	3.39		$	1.98		$	4.55		$	4.78		$	2.34
Net realized and unrealized investment (losses) gains, net of tax (1)			(4.04	)		0.16			(0.34	)		0.05			(0.74	)
Interest in earnings (losses) of equity investments, net of tax			0.01			0.02			(1.17	)		(0.39	)		0.06
Diluted net (loss) income		$	(0.64	)	$	2.16		$	3.04		$	4.44		$	1.66

Weighted average number of common and common share equivalents outstanding			54,276.6			55,711.2			56,578.5			57,329.2			58,148.7

(1) Following the adoption of SFAS 159 on January 1, 2008, net realized and unrealized investment losses include both realized and unrealized losses on investments. Prior to the adoption of SFAS 159, net realized and unrealized investment losses included realized losses on investments and other-than-temporary impairment charges.

PartnerRe Ltd.

Consolidated Income Statements

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

(Unaudited)

	For the six months ended						For the year ended
	June 30,			June 30,			December 31,			December 31,
	2008			2007			2007			2006

Revenues
Gross premiums written	$	2,407,495		$	2,209,521		$	3,810,164		$	3,733,920

Net premiums written	$	2,367,833		$	2,169,258		$	3,757,109		$	3,689,548
(Increase) decrease in unearned premiums		(502,540	)		(437,940	)		20,362			(22,280	)
Net premiums earned		1,865,293			1,731,318			3,777,471			3,667,268
Net investment income		282,504			249,911			523,259			449,401
Net realized and unrealized investment (losses) gains (1)		(271,143	)		(52,879	)		(72,492	)		47,160
Other income (loss)		6,228			(8,393	)		(17,479	)		23,555
Total revenues		1,882,882			1,919,957			4,210,759			4,187,384

Expenses
Losses and loss expenses and life policy benefits		1,138,388			1,002,772			2,082,461			2,111,337
Acquisition costs		432,408			407,037			849,715			849,241
Other operating expenses		189,017			158,931			326,486			309,544
Interest expense		26,810			26,994			54,017			61,387
Net foreign exchange losses		3,223			13,554			15,552			23,204
Total expenses		1,789,846			1,609,288			3,328,231			3,354,713

Income before taxes and interest in (losses) earnings of equity investments		93,036			310,669			882,528			832,671
Income tax (benefit) expense		(10,697	)		42,620			81,748			95,305
Interest in (losses) earnings of equity investments		(737	)		6,239			(82,968	)		11,966
Net income	$	102,996		$	274,288		$	717,812		$	749,332

Preferred dividends	$	17,263		$	17,263		$	34,525		$	34,525

Operating earnings available to common shareholders	$	294,041		$	290,875		$	822,442		$	656,382

Comprehensive income, net of tax	$	174,895		$	267,524		$	888,692		$	784,898

Per Share Data:
Earnings per common share:
Basic operating earnings	$	5.42		$	5.12		$	14.66		$	11.55
Net realized and unrealized investment (losses) gains, net of tax (1)		(3.87	)		(0.71	)		(1.00	)		0.82
Interest in earnings (losses) of equity investments, net of tax		0.03			0.11			(1.48	)		0.21
Basic net income	$	1.58		$	4.52		$	12.18		$	12.58

Weighted average number of common shares outstanding		54,262.5			56,820.8			56,104.4			56,822.5

Diluted operating earnings	$	5.28		$	5.00		$	14.29		$	11.36
Net realized and unrealized investment (losses) gains, net of tax (1)		(3.77	)		(0.69	)		(0.98	)		0.80
Interest in earnings (losses) of equity investments, net of tax		0.03			0.11			(1.44	)		0.21
Diluted net income	$	1.54		$	4.42		$	11.87		$	12.37

Weighted average number of common and common share equivalents outstanding		55,685.6			58,173.7			57,557.9			57,802.8

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

		June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007			June 30, 2007			December 31, 2006			December 31, 2005

Assets
Total investments	$	11,561,358		$	11,691,038		$	10,917,341		$	10,695,174		$	9,890,107		$	9,689,937		$	8,577,360
Cash and cash equivalents		480,349			497,567			654,895			834,259			1,052,192			988,788			1,001,378
Accrued investment income		201,234			179,611			176,386			147,399			170,541			157,923			143,548
Reinsurance balances receivable		2,160,974			2,135,239			1,449,702			1,774,779			1,899,596			1,573,566			1,493,507
Funds held by reinsured companies		938,804			954,421			1,083,036			1,097,801			989,702			1,002,402			970,614
Deferred acquisition costs		756,582			750,627			641,818			660,831			644,653			542,698			437,741
Other assets		1,097,842			1,082,416			1,113,771			1,036,645			1,018,747			992,911			1,119,982
Total assets	$	17,197,143		$	17,290,919		$	16,036,949		$	16,246,888		$	15,665,538		$	14,948,225		$	13,744,130


Liabilities
Unpaid losses and loss expenses	$	7,614,036		$	7,573,371		$	7,231,436		$	7,110,240		$	6,944,959		$	6,870,785		$	6,737,661
Policy benefits for life and annuity contracts		1,641,389			1,600,447			1,541,687			1,622,564			1,494,205			1,430,691			1,223,871
Unearned premiums		1,837,256			1,837,778			1,267,873			1,535,611			1,694,517			1,215,624			1,136,233
Reinsurance balances payable		150,547			155,133			119,853			194,438			122,275			115,897			127,607
Debt obligations		907,605			877,605			877,605			877,605			877,605			877,605			826,186
Other liabilities		637,068			773,981			676,938			681,207			594,735			651,776			599,785
Total liabilities		12,787,901			12,818,315			11,715,392			12,021,665			11,728,296			11,162,378			10,651,343

Total shareholders' equity		4,409,242			4,472,604			4,321,557			4,225,223			3,937,242			3,785,847			3,092,787

Total liabilities and shareholders' equity	$	17,197,143		$	17,290,919		$	16,036,949		$	16,246,888		$	15,665,538		$	14,948,225		$	13,744,130

Shareholders’ Equity Per Common Share (excluding cumulative preferred shares)	$	72.02		$	72.84		$	70.07		$	66.74		$	60.49		$	57.22		$	45.35
Diluted Book Value Per Common and Common Share Equivalents Outstanding (assuming exercise of all stock-based awards)	$	70.22		$	70.93		$	67.96		$	65.07		$	58.96		$	56.07		$	44.57

Number of Common and Common Share Equivalents Outstanding		55,388.3			55,725.7			55,936.4			56,938.8			57,959.6			58,248.8			57,724.1

Capital Structure:
Long-term debt	$	400,000	8%	$	620,000	12%	$	620,000	12%	$	620,000	12%	$	620,000	13%	$	620,000	13%	$	620,000	16%
Senior notes(1)		250,000	5		-	-		-	-		-	-		-	-		-	-		-	-
Capital efficient notes(2)		250,000	5		250,000	5		250,000	5		250,000	5		250,000	5		250,000	6		-	-
Trust preferred securities(3)		-	-		-	-		-	-		-	-		-	-		-	-		200,000	5
6.75% Series C cumulative preferred shares, aggregate liquidation		290,000	5		290,000	5		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	4		230,000	5		230,000	5		230,000	6
Common shareholders' equity		3,889,242	73		3,952,604	74		3,801,557	73		3,705,223	73		3,417,242	71		3,265,847	70		2,572,787	66
Total Capital	$	5,309,242	100%	$	5,342,604	100%	$	5,191,557	100%	$	5,095,223	100%	$	4,807,242	100%	$	4,655,847	100%	$	3,912,787	100%

(1) PartnerRe Finance A LLC, the issuer of the senior notes, does not meet the consolidation requirements of FIN 46(R). Accordingly, the Company shows the related intercompany debt of $250 million on its Consolidated Balance Sheets.

(2) 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.

(3) 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.

PartnerRe Ltd.
Condensed Consolidated Statements of Cash Flows
(Expressed in millions of U.S. dollars)
(Unaudited)

	For the three months ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2008			2008			2007			2007			2007

Net cash provided by (used in) operating activities:

Underwriting operations	$	102		$	159		$	134		$	262		$	74

Investment income		127			141			111			162			132

Taxes and foreign exchange		(7	)		(3	)		(20	)		(12	)		(13	)

Cash flow from operations		222			297			225			412			193

Transfer (to) from trading securities (1)		-			-			(300	)		(86	)		99

Net cash provided by (used in) operating activities as published	$	222		$	297		$	(75	)	$	326		$	292


Net cash provided by (used in) operating activities	$	222		$	297		$	(75	)	$	326		$	292

Net cash (used in) provided by investing activities (1)		(209	)		(406	)		43			(445	)		(282	)

Net cash used in financing activities		(28	)		(49	)		(146	)		(107	)		(61	)

Effect of foreign exchange rate changes on cash		(2	)		-			(1	)		8			4

Decrease in cash and cash equivalents		(17	)		(158	)		(179	)		(218	)		(47	)

Cash and cash equivalents - beginning of period		497			655			834			1,052			1,099

Cash and cash equivalents - end of period	$	480		$	497		$	655		$	834		$	1,052

(1) Following the adoption of SFAS 159 on January 1, 2008, purchases and sales of trading securities are classified within investing activities.

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the six months ended						For the year ended
	June 30,			June 30,			December 31,			December 31,
	2008			2007			2007			2006

Net cash provided by operating activities:

Underwriting operations	$	261		$	254		$	650		$	440

Investment income		268			242			515			465

Taxes and foreign exchange		(10	)		(34	)		(66	)		(23	)

Cash flow from operations		519			462			1,099			882

Transfer from (to) trading securities (1)		-			514			128			(390	)

Net cash provided by operating activities as published	$	519		$	976		$	1,227		$	492


Net cash provided by operating activities	$	519		$	976		$	1,227		$	492

Net cash used in investing activities (1)		(615	)		(791	)		(1,193	)		(437	)

Net cash used in financing activities		(77	)		(126	)		(379	)		(73	)

Effect of foreign exchange rate changes on cash		(2	)		4			11			6

(Decrease) increase in cash and cash equivalents		(175	)		63			(334	)		(12	)

Cash and cash equivalents - beginning of period		655			989			989			1,001

Cash and cash equivalents - end of period	$	480		$	1,052		$	655		$	989

(1) Following the adoption of SFAS 159 on January 1, 2008, purchases and sales of trading securities are classified within investing activities.

PartnerRe Ltd.

Consolidated Statements of Comprehensive Income

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	June 30,			March 31,			December 31,		September 30,			June 30,
	2008			2008			2007		2007			2007

Net (loss) income	$	(26,024	)	$	129,020		$	180,603	$	262,921		$	105,021

Change in net unrealized gains or losses on investments, net of tax		6,653			8,574			13,243		71,997			(54,167	)
Change in currency translation adjustment		4,000			53,006			35,744		52,702			31,695
Change in unfunded pension obligation, net of tax		69			(403	)		4,307		(349	)		64

Comprehensive (loss) income, net of tax	$	(15,302	)	$	190,197		$	233,897	$	387,271		$	82,613

	For the six months ended						For the year ended
	June 30,			June 30,			December 31,		December 31,
	2008			2007			2007		2006

Net income	$	102,996		$	274,288		$	717,812	$	749,332

Change in net unrealized gains or losses on investments, net of tax		15,227			(47,406	)		37,834		(20,136	)
Change in currency translation adjustment		57,006			40,597			129,043		56,120
Change in unfunded pension obligation, net of tax		(334	)		45			4,003		(418	)

Comprehensive income, net of tax	$	174,895		$	267,524		$	888,692	$	784,898

PartnerRe Ltd.
Segment Information
(in millions of U.S. dollars)
(Unaudited)

For the three months ended June 30, 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	$	254	$	134	$	291	$	145	$	824	$	138	$	6	$	968

Net premiums written	$	246	$	132	$	291	$	145	$	814	$	136	$	6	$	956
Decrease (increase) in unearned premiums		39		54		(19)		(80)		(6)		10		(4)		-
Net premiums earned	$	285	$	186	$	272	$	65	$	808	$	146	$	2	$	956
Losses and loss expenses and
life policy benefits		(227)		(87)		(144)		20		(438)		(111)		-		(549)
Acquisition costs		(64)		(48)		(75)		(7)		(194)		(34)		-		(228)
Technical result	$	(6)	$	51	$	53	$	78	$	176	$	1	$	2	$	179

Other income										2		-		3		5
Other operating expenses										(63)		(12)		(22)		(97)
Underwriting result									$	115	$	(11)		n/a	$	87

Net investment income												18		127		145
Allocated underwriting result (1)											$	7		n/a		n/a

Net realized and unrealized investment losses														(296)		(296)
Interest expense														(15)		(15)
Net foreign exchange gains														2		2
Income tax benefit														53		53
Interest in losses of equity investments														(2)		(2)
Net loss														n/a	$	(26)

Loss ratio (2)		79.6	%	46.7	%	52.8	%	(30.7)	%	54.2	%
Acquisition ratio (3)		22.7		25.6		27.7		10.2		24.0
Technical ratio (4)		102.3	%	72.3	%	80.5	%	(20.5)	%	78.2	%
Other operating expense ratio (5)										7.7
Combined ratio (6)										85.9	%

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

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

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

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

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

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

PartnerRe Ltd.
Segment Information
(in millions of U.S. dollars)
(Unaudited)

For the three months ended June 30, 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	$	229	$	129	$	275	$	131	$	764	$	144	$	-	$	908

Net premiums written	$	229	$	127	$	275	$	132	$	763	$	136	$	-	$	899
Decrease (increase) in unearned premiums		12		46		(10)		(66)		(18)		7		1		(10)
Net premiums earned	$	241	$	173	$	265	$	66	$	745	$	143	$	1	$	889
Losses and loss expenses and
life policy benefits		(150)		(131)		(110)		(16)		(407)		(117)		-		(524)
Acquisition costs		(56)		(44)		(70)		(7)		(177)		(29)		-		(206)
Technical result	$	35	$	(2)	$	85	$	43	$	161	$	(3)	$	1	$	159

Other income (loss)										2		-		(11)		(9)
Other operating expenses										(52)		(8)		(20)		(80)
Underwriting result									$	111	$	(11)		n/a	$	70

Net investment income												15		116		131
Allocated underwriting result (1)											$	4		n/a		n/a

Net realized investment losses														(54)		(54)
Interest expense														(13)		(13)
Net foreign exchange losses														(9)		(9)
Income tax expense														(23)		(23)
Interest in earnings of equity investments														3		3
Net income														n/a	$	105

Loss ratio (2)		62.1	%	75.6	%	41.4	%	24.7	%	54.6	%
Acquisition ratio (3)		23.5		25.6		26.2		10.0		23.7
Technical ratio (4)		85.6	%	101.2	%	67.6	%	34.7	%	78.3	%
Other operating expense ratio (5)										7.0
Combined ratio (6)										85.3	%

(A) The Company reports the results of ChannelRe on a one-quarter lag. The three months ended June 30, 2007 include the Company’s share of ChannelRe’s net income in the amount of $3.2 million.

PartnerRe Ltd.
Segment Information
(in millions of U.S. dollars)
(Unaudited)

For the six months ended June 30, 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	$	586	$	509	$	645	$	343	$	2,083	$	313	$	11	$	2,407

Net premiums written	$	578	$	505	$	624	$	343	$	2,050	$	307	$	11	$	2,368
Increase in unearned premiums		(27)		(118)		(134)		(201)		(480)		(16)		(7)		(503)
Net premiums earned	$	551	$	387	$	490	$	142	$	1,570	$	291	$	4	$	1,865
Losses and loss expenses and
life policy benefits		(398)		(234)		(291)		18		(905)		(233)		-		(1,138)
Acquisition costs		(131)		(100)		(129)		(13)		(373)		(59)		-		(432)
Technical result	$	22	$	53	$	70	$	147	$	292	$	(1)	$	4	$	295

Other income										3		-		3		6
Other operating expenses										(120)		(21)		(48)		(189)
Underwriting result									$	175	$	(22)		n/a	$	112

Net investment income												33		249		282
Allocated underwriting result (1)											$	11		n/a		n/a

Net realized and unrealized investment losses														(271)		(271)
Interest expense														(27)		(27)
Net foreign exchange losses														(3)		(3)
Income tax benefit														11		11
Interest in losses of equity investments														(1)		(1)
Net income														n/a	$	103

Loss ratio (2)		72.2	%	60.6	%	59.5	%	(12.9)	%	57.6	%
Acquisition ratio (3)		23.7		25.7		26.3		9.6		23.8
Technical ratio (4)		95.9	%	86.3	%	85.8	%	(3.3)	%	81.4	%
Other operating expense ratio (5)										7.6
Combined ratio (6)										89.0	%

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the six months ended June 30, 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	$	524	$	462	$	580	$	343	$	1,909	$	300	$	1	$	2,210

Net premiums written	$	523	$	459	$	560	$	343	$	1,885	$	283	$	1	$	2,169
Increase in unearned premiums		(61)		(110)		(74)		(183)		(428)		(10)		-		(438)
Net premiums earned	$	462	$	349	$	486	$	160	$	1,457	$	273	$	1	$	1,731
Losses and loss expenses and
life policy benefits		(287)		(249)		(209)		(45)		(790)		(213)		-		(1,003)
Acquisition costs		(114)		(90)		(127)		(16)		(347)		(60)		-		(407)
Technical result	$	61	$	10	$	150	$	99	$	320	$	-	$	1	$	321

Other income (loss)										4		-		(12)		(8)
Other operating expenses										(104)		(15)		(40)		(159)
Underwriting result									$	220	$	(15)		n/a	$	154

Net investment income												26		224		250
Allocated underwriting result (1)											$	11		n/a		n/a

Net realized investment losses														(53)		(53)
Interest expense														(27)		(27)
Net foreign exchange losses														(13)		(13)
Income tax expense														(43)		(43)
Interest in earnings of equity investments														6		6
Net income														n/a	$	274

Loss ratio (2)		62.1	%	71.2	%	43.1	%	28.2	%	54.2	%
Acquisition ratio (3)		24.6		25.7		26.0		10.2		23.8
Technical ratio (4)		86.7	%	96.9	%	69.1	%	38.4	%	78.0	%
Other operating expense ratio (5)										7.1
Combined ratio (6)										85.1	%

(A) The Company reports the results of ChannelRe on a one-quarter lag. The six months ended June 30, 2007 include the Company's share of ChannelRe's net income in the amount of $6.1 million.

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

		For the three months ended
		June 30,		March 31,		December 31,		September 30,		June 30,
		2008		2008		2007		2007		2007

Net premiums written	$	814	$	1,236	$	569	$	730	$	763

Net premiums earned	$	808	$	763	$	838	$	909	$	745

Losses and loss expenses		(438)		(468)		(409)		(429)		(407)
Acquisition costs		(194)		(179)		(194)		(193)		(177)
Technical result	$	176	$	116	$	235	$	287	$	161

Other income		2		1		-		2		2
Other operating expenses		(63)		(57)		(59)		(52)		(52)
Underwriting result	$	115	$	60	$	176	$	237	$	111


Loss ratio (1)		54.2	%	61.3	%	48.8	%	47.2	%	54.6	%
Acquisition ratio (2)		24.0		23.5		23.2		21.3		23.7
Technical ratio (3)		78.2	%	84.8	%	72.0	%	68.5	%	78.3	%
Other operating expense ratio (4)		7.7		7.5		7.0		5.7		7.0
Combined ratio (5)		85.9	%	92.3	%	79.0	%	74.2	%	85.3	%

(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.

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the six months ended						For the year ended
		June 30,		June 30,			December 31,		December 31,
		2008		2007			2007		2006

Net premiums written	$	2,050	$	1,885		$	3,185	$	3,192

Net premiums earned	$	1,570	$	1,457		$	3,203	$	3,172

Losses and loss expenses		(905)		(790)			(1,627)		(1,741)
Acquisition costs		(373)		(347)			(734)		(731)
Technical result	$	292	$	320		$	842	$	700

Other income		3		4			7		5
Other operating expenses		(120)		(104)			(214)		(206)
Underwriting result	$	175	$	220		$	635	$	499


Loss ratio (1)		57.6	%	54.2	%		50.8	%	54.8	%
Acquisition ratio (2)		23.8		23.8			22.9		23.1
Technical ratio (3)		81.4	%	78.0	%		73.7	%	77.9	%
Other operating expense ratio (4)		7.6		7.1			6.7		6.5
Combined ratio (5)		89.0	%	85.1	%		80.4	%	84.4	%

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

U.S. sub-segment

	For the three months ended
		June 30,		March 31,		December 31,		September 30,		June 30,
		2008		2008		2007		2007		2007

Net premiums written	$	246	$	332	$	218	$	279	$	229

Net premiums earned	$	285	$	266	$	264	$	273	$	241

Losses and loss expenses		(227)		(171)		(161)		(160)		(150)
Acquisition costs		(64)		(66)		(63)		(64)		(56)
Technical result	$	(6)	$	29	$	40	$	49	$	35


Loss ratio (1)		79.6	%	64.2	%	61.0	%	58.6	%	62.1	%
Acquisition ratio (2)		22.7		24.9		23.8		23.3		23.5
Technical ratio (3)		102.3	%	89.1	%	84.8	%	81.9	%	85.6	%


Distribution of Net Premiums Written by Major Lines of Business:
Casualty		47	%	48	%	54	%	54	%	45	%
Agriculture		32		16		20		11		17
Property		11		16		7		14		18
Multiline		3		10		7		6		5
Motor		4		5		6		8		7
Other		3		5		6		7		8
Total		100	%	100	%	100	%	100	%	100	%

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

U.S. sub-segment

	For the six months ended					For the year ended
		June 30,		June 30,			December 31,		December 31,
		2008		2007			2007		2006

Net premiums written	$	578	$	523		$	1,020	$	1,029

Net premiums earned	$	551	$	462		$	999	$	1,030

Losses and loss expenses		(398)		(287)			(608)		(725)
Acquisition costs		(131)		(114)			(241)		(243)
Technical result	$	22	$	61		$	150	$	62


Loss ratio (1)		72.2	%	62.1	%		60.8	%	70.3	%
Acquisition ratio (2)		23.7		24.6			24.1		23.7
Technical ratio (3)		95.9	%	86.7	%		84.9	%	94.0	%


Distribution of Net Premiums Written by Major Lines of Business:
Casualty		47	%	47	%		50	%	52	%
Agriculture		23		9			12		12
Property		14		17			14		15
Multiline		7		11			9		8
Motor		5		7			7		7
Other		4		9			8		6
Total		100	%	100	%		100	%	100	%

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended
		June 30,		March 31,		December 31,		September 30,		June 30,
		2008		2008		2007		2007		2007

Net premiums written	$	132	$	373	$	127	$	151	$	127

Net premiums earned	$	186	$	201	$	217	$	192	$	173

Losses and loss expenses		(87)		(147)		(140)		(135)		(131)
Acquisition costs		(48)		(52)		(55)		(46)		(44)
Technical result	$	51	$	2	$	22	$	11	$	(2)


Loss ratio (1)		46.7	%	73.4	%	64.4	%	70.3	%	75.6	%
Acquisition ratio (2)		25.6		25.9		25.3		24.2		25.6
Technical ratio (3)		72.3	%	99.3	%	89.7	%	94.5	%	101.2	%


Distribution of Net Premiums Written by Major Lines of Business:
Property		63	%	64	%	71	%	71	%	73	%
Casualty		13		17		13		12		13
Motor		24		19		16		17		14
Total		100	%	100	%	100	%	100	%	100	%

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the six months ended					For the year ended
		June 30,		June 30,			December 31,		December 31,
		2008		2007			2007		2006

Net premiums written	$	505	$	459		$	738	$	760

Net premiums earned	$	387	$	349		$	758	$	775

Losses and loss expenses		(234)		(249)			(523)		(505)
Acquisition costs		(100)		(90)			(191)		(209)
Technical result	$	53	$	10		$	44	$	61


Loss ratio (1)		60.6	%	71.2	%		69.0	%	65.1	%
Acquisition ratio (2)		25.7		25.7			25.2		27.1
Technical ratio (3)		86.3	%	96.9	%		94.2	%	92.2	%


Distribution of Net Premiums Written by Major Lines of Business:
Property		64	%	66	%		68	%	67	%
Casualty		15		16			15		14
Motor		21		18			17		19
Total		100	%	100	%		100	%	100	%

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended
		June 30,		March 31,		December 31,		September 30,		June 30,
		2008		2008		2007		2007		2007

Net premiums written	$	291	$	333	$	216	$	250	$	275

Net premiums earned	$	272	$	219	$	247	$	274	$	265

Losses and loss expenses		(144)		(148)		(122)		(119)		(110)
Acquisition costs		(75)		(54)		(66)		(68)		(70)
Technical result	$	53	$	17	$	59	$	87	$	85


Loss ratio (1)		52.8	%	67.7	%	49.4	%	43.5	%	41.4	%
Acquisition ratio (2)		27.7		24.6		26.7		24.7		26.2
Technical ratio (3)		80.5	%	92.3	%	76.1	%	68.2	%	67.6	%


Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		15	%	11	%	21	%	18	%	20	%
Credit/Surety		20		19		21		20		17
Engineering		20		16		26		21		20
Marine		12		12		15		14		11
Specialty casualty		13		19		6		8		14
Specialty property		6		15		4		7		5
Other		14		8		7		12		13
Total		100	%	100	%	100	%	100	%	100	%

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the six months ended					For the year ended
		June 30,		June 30,			December 31,		December 31,
		2008		2007			2007		2006

Net premiums written	$	624	$	560		$	1,026	$	991

Net premiums earned	$	490	$	486		$	1,006	$	979

Losses and loss expenses		(291)		(209)			(450)		(446)
Acquisition costs		(129)		(127)			(260)		(236)
Technical result	$	70	$	150		$	296	$	297


Loss ratio (1)		59.5	%	43.1	%		44.7	%	45.6	%
Acquisition ratio (2)		26.3		26.0			25.9		24.1
Technical ratio (3)		85.8	%	69.1	%		70.6	%	69.7	%


Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		13	%	15	%		17	%	20	%
Credit/Surety		20		18			19		18
Engineering		18		16			20		17
Marine		12		12			13		12
Specialty casualty		16		16			12		12
Specialty property		10		11			8		8
Other		11		12			11		13
Total		100	%	100	%		100	%	100	%

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

		For the three months ended
		June 30,		March 31,		December 31,		September 30,		June 30,
		2008		2008		2007		2007		2007

Net premiums written	$	145	$	198	$	8	$	50	$	132

Net premiums earned	$	65	$	77	$	110	$	170	$	66

Losses and loss expenses		20		(2)		14		(15)		(16)
Acquisition costs		(7)		(7)		(10)		(15)		(7)
Technical result	$	78	$	68	$	114	$	140	$	43


Loss ratio (1)		(30.7)	%	2.0	%	(12.8)	%	8.8	%	24.7	%
Acquisition ratio (2)		10.2		9.1		9.6		9.1		10.0
Technical ratio (3)		(20.5)	%	11.1	%	(3.2)	%	17.9	%	34.7	%

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the six months ended					For the year ended
		June 30,		June 30,			December 31,		December 31,
		2008		2007			2007		2006

Net premiums written	$	343	$	343		$	401	$	412

Net premiums earned	$	142	$	160		$	440	$	388

Losses and loss expenses		18		(45)			(46)		(65)
Acquisition costs		(13)		(16)			(42)		(43)
Technical result	$	147	$	99		$	352	$	280


Loss ratio (1)		(12.9)	%	28.2	%		�� 10.5	%	16.9	%
Acquisition ratio (2)		9.6		10.2			9.6		11.1
Technical ratio (3)		(3.3)	%	38.4	%		20.1	%	28.0	%

PartnerRe Ltd. Segment Information (Expressed in millions of U.S. dollars) (Unaudited)

Life segment

	For the three months ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2008				2008				2007				2007				2007

Net premiums written		$	136			$	170			$	144			$	142			$	136

Net premiums earned		$	146			$	145			$	151			$	147			$	143

Life policy benefits			(111	)			(122	)			(109	)			(133	)			(117	)
Acquisition costs			(34	)			(25	)			(33	)			(22	)			(29	)
Technical result		$	1			$	(2	)		$	9			$	(8	)		$	(3	)

Other operating expenses			(12	)			(9	)			(9	)			(8	)			(8	)
Underwriting result		$	(11	)		$	(11	)		$	-			$	(16	)		$	(11	)

Net investment income			18				15				11				16				15
Allocated underwriting result (1)		$	7			$	4			$	11			$	-			$	4


Distribution of Net Premiums Written by Major Lines of Business:
Mortality			85		%		86		%		81		%		80		%		79		%
Longevity			12				12				15				18				19
Health			3				2				4				2				2
Total			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.

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the six months ended								For the year ended
		June 30,				June 30,			December 31,				December 31,
		2008				2007			2007				2006

Net premiums written		$	307			$	283		$	569			$	487

Net premiums earned		$	291			$	273		$	571			$	487

Life policy benefits			(233	)			(213	)		(455	)			(363	)
Acquisition costs			(59	)			(60	)		(116	)			(117	)
Technical result		$	(1	)		$	-		$	-			$	7

Other operating expenses			(21	)			(15	)		(33	)			(29	)
Underwriting result		$	(22	)		$	(15	)	$	(33	)		$	(22	)

Net investment income			33				26			54				51
Allocated underwriting result (1)		$	11			$	11		$	21			$	29


Distribution of Net Premiums Written by Major Lines of Business:
Mortality			86		%		83	%		82		%		79		%
Longevity			12				14			15				19
Health			2				3			3				2
Total			100		%		100	%		100		%		100		%

PartnerRe Ltd.
Segment Information
(Expressed in millions of U.S. dollars)
(Unaudited)

Corporate and Other

	For the three months ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2008			2008			2007			2007			2007

Technical result	$	2		$	2		$	1		$	-		$	1

Other income (loss)		3			-			(15	)		3			(11	)
Corporate expenses		(18	)		(22	)		(16	)		(15	)		(19	)
Other operating expenses		(4	)		(4	)		(4	)		(4	)		(1	)

Net investment income		127			122			127			120			116

Net realized and unrealized investment (losses) gains (1)		(296	)		25			(17	)		(3	)		(54	)
Interest expense		(15	)		(12	)		(13	)		(14	)		(13	)
Net foreign exchange gains (losses)		2			(4	)		2			(3	)		(9	)
Income tax benefit (expense)		53			(43	)		(4	)		(35	)		(23	)
Interest in (losses) earnings of equity investments (A)		(2	)		1			(67	)		(23	)		3


PartnerRe's interest in ChannelRe's net (loss) income (A)		-			-			(76	)		(23	)		3

(1)

Following the adoption of SFAS 159 on January 1, 2008, net realized and unrealized investment losses include both realized and unrealized losses on investments. Prior to the adoption of SFAS 159, net realized and unrealized investment losses included realized losses on investments and other-than-temporary impairment charges.

(A)

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

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the six months ended						For the year ended
	June 30,			June 30,			December 31,			December 31,
	2008			2007			2007			2006

Technical result	$	4		$	1		$	3		$	-

Other income (loss)		3			(12	)		(24	)		19
Corporate expenses		(40	)		(36	)		(67	)		(62	)
Other operating expenses		(8	)		(4	)		(13	)		(13	)

Net investment income		249			224			469			398

Net realized and unrealized investment (losses) gains (1)		(271	)		(53	)		(72	)		47
Interest expense		(27	)		(27	)		(54	)		(61	)
Net foreign exchange losses		(3	)		(13	)		(15	)		(24	)
Income tax benefit (expense)		11			(43	)		(82	)		(95	)
Interest in (losses) earnings of equity investments (A)		(1	)		6			(83	)		12


PartnerRe's interest in ChannelRe's net income (loss) (A)		-			6			(93	)		12

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

		For the three months ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2008			2008			2007			2007			2007

Distribution of Net Premiums Written by
Line of Business:
	Non-Life
	Property and casualty
	Casualty		14	%		16	%		19	%		19	%		13	%
	Property		11			21			15			17			15
	Motor		4			6			5			5			4
	Multiline and other		2			3			2			3			2
	Specialty
	Agriculture		10			5			7			5			6
	Aviation/Space		5			3			6			5			6
	Catastrophe		15			14			1			6			15
	Credit/Surety		7			5			8			8			7
	Engineering		6			4			8			6			6
	Energy		3			1			2			2			2
	Marine		3			3			4			4			3
	Specialty casualty		4			4			2			2			4
	Specialty property		2			3			1			2			2
	Life		14			12			20			16			15
		$	100	%		100	%		100	%		100	%		100	%

Distribution of Gross Premiums Written by
Geography:
	Europe		39	%		52	%		47	%		40	%		40	%
	North America		47			36			41			44			47
	Asia, Australia and New Zealand		7			5			6			6			8
	Latin America, Caribbean and Africa		7			7			6			10			5
			100	%		100	%		100	%		100	%		100	%

Distribution of Gross Premiums Written by
Production Source:
	Broker		75	%		70	%		65	%		69	%		72	%
	Direct		25			30			35			31			28
			100	%		100	%		100	%		100	%		100	%

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

		For the six months ended						For the year ended
		June 30,			June 30,			December 31,			December 31,
		2008			2007			2007			2006

Distribution of Net Premiums Written by
Line of Business:
	Non-Life
	Property and casualty
	Casualty		15	%		15	%		17	%		17	%
	Property		17			18			17			18
	Motor		6			5			5			6
	Multiline and other		2			4			3			3
	Specialty
	Agriculture		7			3			4			5
	Aviation/Space		3			4			5			6
	Catastrophe		14			16			11			11
	Credit/Surety		6			6			7			6
	Engineering		5			4			5			5
	Energy		2			2			2			2
	Marine		3			3			4			3
	Specialty casualty		4			4			3			3
	Specialty property		3			3			2			2
	Life		13			13			15			13
			100	%		100	%	$	100	%		100	%

Distribution of Gross Premiums Written by
Geography:
	Europe		47	%		46	%		45	%		42	%
	North America		40			42			42			43
	Asia, Australia and New Zealand		6			7			6			8
	Latin America, Caribbean and Africa		7			5			7			7
			100	%		100	%		100	%		100	%

Distribution of Gross Premiums Written by
Production Source:
	Broker		72	%		70	%		69	%		69	%
	Direct		28			30			31			31
			100	%		100	%		100	%		100	%

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2008			2008			2007			2007			2007

Distribution of Gross Premiums Written by Treaty Type
Non-Life sub-segment:

U.S.
Non-Proportional		30	%		45	%		20	%		35	%		33	%
Proportional		70			55			80			65			67
Total		100	%		100	%		100	%		100	%		100	%

Global (Non U.S.) P&C
Non-Proportional		13	%		36	%		8	%		16	%		10	%
Proportional		87			64			92			84			90
Total		100	%		100	%		100	%		100	%		100	%

Global (Non U.S.) Specialty
Non-Proportional		13	%		26	%		6	%		12	%		14	%
Proportional		87			74			94			88			86
Total		100	%		100	%		100	%		100	%		100	%

Catastrophe
Non-Proportional		97	%		98	%		96	%		98	%		98	%
Proportional		3			2			4			2			2
Total		100	%		100	%		100	%		100	%		100	%

Non-Life total
Non-Proportional		33	%		45	%		13	%		27	%		33	%
Proportional		67			55			87			73			67
Total		100	%		100	%		100	%		100	%		100	%

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the six months ended						For the year ended
	June 30,			June 30,			December 31,			December 31,
	2008			2007			2007			2006

Distribution of Gross Premiums Written by Treaty Type
Non-Life sub-segment:

U.S.
Non-Proportional		38	%		46	%		37	%		42	%
Proportional		62			54			63			58
Total		100	%		100	%		100	%		100	%

Global (Non U.S.) P&C
Non-Proportional		30	%		32	%		25	%		25	%
Proportional		70			68			75			75
Total		100	%		100	%		100	%		100	%

Global (Non U.S.) Specialty
Non-Proportional		20	%		20	%		15	%		17	%
Proportional		80			80			85			83
Total		100	%		100	%		100	%		100	%

Catastrophe
Non-Proportional		97	%		99	%		99	%		94	%
Proportional		3			1			1			6
Total		100	%		100	%		100	%		100	%

Non-Life total
Non-Proportional		40	%		44	%		35	%		37	%
Proportional		60			56			65			63
Total		100	%		100	%		100	%		100	%

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

		June 30,					March 31,					December 31,					September 30,					June 30,					December 31,					December 31,
		2008 (1)					2008 (1)					2007					2007					2007					2006					2005

Investments:
Fixed maturities
	U.S. government	$	874		8	%	$	1,135		10	%	$	1,217		11	%	$	1,073		10	%	$	1,043		11	%	$	1,000		10	%	$	716		8	%
	Government Sponsored Entities (GSEs)		271		2			297		2			328		3			434		4			427		4			357		4			201		2
	States or political subdivisions of states of the U.S.		-		-			-		-			-		-			-		-			-		-			1		-			1		-
	Other foreign governments		2,917		25			3,112		27			2,821		26			2,734		26			2,349		24			1,985		21			1,775		21
	Corporates		3,774		33			3,495		30			3,111		28			2,769		26			2,590		26			2,731		28			2,625		31
	Mortgage/asset-backed securities		2,452		21			2,337		20			2,022		19			1,960		18			1,764		18			1,762		18			1,369		16
	Total fixed maturities		10,288		89			10,376		89			9,499		87			8,970		84			8,173		83			7,836		81			6,687		78
Short-term investments			108		1			144		1			97		1			122		1			87		1			133		1			231		3
Equities			1,065		9			1,100		9			872		8			1,324		13			1,417		14			1,015		11			1,334		16
Trading securities			-		-			-		-			399		4			141		1			72		1			600		6			220		2
Other invested assets			100		1			71		1			50		-			138		1			141		1			105		1			105		1
Total investments		$	11,561		100	%	$	11,691		100	%	$	10,917		100	%	$	10,695		100	%	$	9,890		100	%	$	9,689		100	%	$	8,577		100	%

Cash and cash equivalents		$	480				$	498				$	655				$	834				$	1,052				$	989				$	1,001
Total investments and cash			12,041					12,189					11,572					11,529					10,942					10,679					9,579


Maturity distribution:
One year or less		$	790		8	%	$	863		8	%	$	752		8	%	$	709		8	%	$	865		11	%	$	847		11	%	$	745		11	%
More than one year through five years			3,698		35			3,749		36			3,533		37			3,186		35			2,947		36			2,681		34			2,500		36
More than five years through ten years			3,003		29			3,140		30			2,882		30			2,820		31			2,237		27			2,111		26			1,872		27
More than ten years			453		4			431		4			407		4			417		4			447		5			568		7			432		6
Subtotal			7,944		76			8,183		78			7,574		79			7,132		78			6,496		79			6,207		78			5,549		80
Mortgage/asset-backed securities			2,452		24			2,337		22			2,022		21			1,960		22			1,764		21			1,762		22			1,369		20
Total		$	10,396		100	%	$	10,520		100	%	$	9,596		100	%	$	9,092		100	%	$	8,260		100	%	$	7,969		100	%	$	6,918		100	%


Credit quality by market value:
AAA			59	%				64	%				65	%				66	%				67	%				65	%				61	%
AA			8					7					7					6					6					5					4
A			17					14					12					13					13					14					17
BBB			12					11					12					12					10					11					12
Below Investment Grade/Unrated			4					4					4					3					4					5					6
			100	%				100	%				100	%				100	%				100	%				100	%				100	%


Expected average duration			3.8	Yrs				4.0	Yrs				3.9	Yrs				4.0	Yrs				3.9	Yrs				4.1	Yrs				3.3	Yrs
Average yield to maturity at market			5.0	%				4.4	%				4.7	%				5.0	%				5.2	%				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.

PartnerRe Ltd.

Distribution of Corporate Bonds and Equities

(Unaudited)

		June 30, 2008				June 30, 2008

Distribution by sector - Corporate bonds				Distribution by sector - Equities
	Finance	43.6	%		Industrials	16.1	%
	Communications	12.8			Consumer noncyclical	14.3
	Consumer noncyclical	9.7			Energy	12.9
	Industrials	8.7			Finance	12.8
	Insurance	6.7			Insurance	10.1
	Energy	5.7			Real estate investment trusts	7.4
	Consumer cyclical	4.5			Consumer cyclical	6.5
	Technology	2.7			Utilities	5.7
	Utilities	2.6			Communications	5.4
	Materials	2.2			Technology	4.4
	Real estate investment trusts	0.8			Materials	3.0
	Total	100.0	%		Other	1.4
					Total	100.0	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 19.5% of the Company's total corporate bonds. The single largest issuer accounts for 2.9% 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 20.6% of the Company's total equities. The single largest issuer accounts for 3.4% of the Company's total equities.

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 June 30, 2008
		GNMA			GSEs			AAA			AA					A	BBB			Total

U.S. Asset-Backed Securities		$	-		$	-		$	266,383		$	95,534		$	4,689		$	14,807		$	381,413
U.S. Collaterized Mortgage Obligations			-			-			60,928			-			933			-			61,861
U.S. Mortgage Backed Securities (MBS)			101,618			1,737,848			-			796			-			-			1,840,262
U.S. MBS Interest Only			-			16,131			-			-			-			-			16,131
Subtotal U.S. mortgage/asset-backed securities		$	101,618		$	1,753,979		$	327,311		$	96,330		$	5,622		$	14,807		$	2,299,667

Non-U.S. Asset-Backed Securities		$	-		$	-		$	89,052		$	10,579		$	12,900		$	21,084		$	133,615
Non-U.S. Collaterized Mortgage Obligations			-			-			6,102			-			-			-			6,102
Non-U.S. Mortgage Backed Securities			-			-			12,738			-			-			-			12,738
Subtotal Non-U.S. mortgage/asset-backed securities		$	-		$	-		$	107,892		$	10,579		$	12,900		$	21,084		$	152,455

Total mortgage/asset-backed securities		$	101,618		$	1,753,979		$	435,203		$	106,909		$	18,522		$	35,891		$	2,452,122

Corporate Securities			-			271,508			-			-			-			-			271,508

Total		$	101,618		$	2,025,487		$	435,203		$	106,909		$	18,522		$	35,891		$	2,723,630

% of total			3.7	%		74.4	%		16.0	%		3.9	%		0.7	%		1.3	%		100.0	%

Carrying and Notional Values of Private Markets Investments and Other Invested Assets
	June 30, 2008
										Net Notional
				Fair Value			Carrying			Amount of		Total Net
		Investments		of Derivatives			Value			Derivatives		Exposures (1)
Private Markets Investments
Principal Finance		$	44,719	$	(18,024	)	$	26,695		$	233,374	$	260,069
Insurance-Linked Securities			-		(3,811	)		(3,811	)		45,000		41,189
Strategic Investments			68,289		-			68,289			-		68,289
Total other invested assets - Private Markets Investments		$	113,008	$	(21,835	)	$	91,173		$	278,374	$	369,547

Other			9,951		(1,431	)		8,520

Total other invested assets		$	122,959	$	(23,266	)	$	99,693

(1)

The total net exposures originated in Private Markets are $796 million. In addition to the net exposures listed above of $370 million, the Company has the following other net exposures originated in Private Markets:

Principal Finance: $149 million of assets listed under Investments - Fixed Maturities and $23 million of limits on transactions that use reinsurance accounting for a total exposure of $432 milion.

Insurance-Linked Securities: $150 million of bonds listed under Investments - Fixed Maturities and $101 million of limits on transactions that use reinsurance accounting for a total exposure of $292 million.

Strategic Investments: $4 million of assets listed under Other Assets for a total exposure of $72 million.

PartnerRe Ltd.

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

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2008 (1)			2008 (1)			2007			2007			2007

Fixed maturities		$	129,056		$	119,676		$	118,984		$	108,522		$	99,715
Short-term investments, trading securities, cash and cash
equivalents			4,695			6,295			14,550			12,424			14,611
Equities			7,155			8,360			7,597			9,042			9,683
Funds held and other			10,779			8,856			3,122			11,380			11,753
Investment expenses			(6,191	)		(6,177	)		(6,482	)		(5,791	)		(4,868	)
Net investment income		$	145,494		$	137,010		$	137,771		$	135,577		$	130,894



Net realized investment gains (losses) on fixed maturities and short-term investments, excluding other-than-temporary impairments		$	17,844		$	45,042		$	4,992		$	3,251		$	(19,759	)
Net realized investment (losses) gains on equities, excluding other-than-temporary impairments			(20,658	)		(25,780	)		23,303			(3,094	)		46,767
Other-than-temporary impairments			-			-			(36,866	)		(13,941	)		(63,762	)
Net realized gains (losses) on trading securities			-			-			1,562			(8,087	)		11,197
Change in net unrealized investment (losses) gains on trading securities			-			-			(13,981	)		2,197			(3,841	)
Net realized and unrealized investment losses on equity securities sold but not yet purchased			-			-			(391	)		(1,036	)		(5,251	)
Net realized and unrealized (losses) gains on designated hedging activities			-			-			(1,996	)		3,894			3,385
Net realized (losses) gains on other invested assets			(16,040	)		23,440			16,000			11,547			(18,207	)
Change in net unrealized gains (losses) on other invested assets			13,947			(2,132	)		-			-			-
Change in net unrealized investment (losses) gains on fixed maturities subject to the fair value option under SFAS 159			(303,100	)		73,750			-			-			-
Change in net unrealized investment losses on short-term investments subject to the fair value option under SFAS 159			(193	)		(122	)		-			-			-
Change in net unrealized investment gains (losses) on equities subject to the fair value option under SFAS 159			14,784			(89,086	)		-			-			-
Net other realized and unrealized investment (losses) gains			(2,839	)		-			(9,133	)		2,166			(4,176	)
Net realized and unrealized investment (losses) gains		$	(296,255	)	$	25,112		$	(16,510	)	$	(3,103	)	$	(53,647	)

(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 and unrealized investment gains (losses) in the Consolidated Statements of Operations. Net investment income and net realized and unrealized 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 change in net unrealized investment gains and losses on securities subject to the fair value option under SFAS 159.

PartnerRe Ltd.

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

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the six months ended							For the year ended
		June 30,			June 30,			December 31,			December 31,
		2008 (1)			2007			2007			2006

Fixed maturities		$	248,732		$	194,165		$	421,672		$	333,888
Short-term investments, trading securities, cash and cash
equivalents			10,990			28,644			55,618			61,453
Equities			15,514			19,744			36,383			33,163
Funds held and other			19,636			17,837			32,339			40,446
Investment expenses			(12,368	)		(10,479	)		(22,753	)		(19,549	)
Net investment income		$	282,504		$	249,911		$	523,259		$	449,401



Net realized investment gains (losses) on fixed maturities and short-term investments, excluding other-than-temporary impairments		$	62,886		$	(25,086	)	$	(16,842	)	$	(28,100	)
Net realized investment (losses) gains on equities, excluding other-than-temporary impairments			(46,438	)		61,829			82,037			91,149
Other-than-temporary impairments			-			(74,190	)		(124,997	)		(26,561	)
Net realized gains on trading securities			-			25,192			18,667			21,685
Change in net unrealized investment (losses) gains on trading securities			-			(19,523	)		(31,308	)		11,359
Net realized and unrealized investment losses on equity
securities sold but not yet purchased			-			(7,971	)		(9,398	)		(10,484	)
Net realized and unrealized gains on designated hedging activities			-			5,585			7,482			10,645
Net realized gains (losses) on other invested assets			7,400			(17,140	)		10,408			(1,242	)
Change in net unrealized gains on other invested assets			11,815			-			-			-
Change in net unrealized investment losses on fixed maturities subject to the fair value option under SFAS 159			(229,350	)		-			-			-
Change in net unrealized investment losses on short-term investments subject to the fair value option under SFAS 159			(315	)		-			-			-
Change in net unrealized investment losses on equities subject to the fair value option under SFAS 159			(74,302	)		-			-			-
Net other realized and unrealized investment losses			(2,839	)		(1,575	)		(8,541	)		(21,291	)
Net realized and unrealized investment (losses) gains		$	(271,143	)	$	(52,879	)	$	(72,492	)	$	47,160

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
		June 30,				March 31,				December 31,				September 30,				June 30,			December 31,				December 31,
		2008				2008				2007				2007				2007			2007				2006

Reconciliation of beginning and ending liability for unpaid losses and loss expenses:

Gross liability at beginning of period		$	7,573,371			$	7,231,436			$	7,110,240			$	6,944,959			$	6,926,221		$	6,870,785			$	6,737,661
Reinsurance recoverable at beginning of period			(135,629	)			(132,479	)			(134,704	)			(129,440	)			(130,970	)		(138,585	)			(185,280	)
Net liability at beginning of period			7,437,742				7,098,957				6,975,536				6,815,519				6,795,251			6,732,200				6,552,381

Net incurred losses related to:
Current year			567,961				584,670				504,483				518,009				513,120			2,041,752				1,999,730
Prior years			(130,667	)			(116,684	)			(95,746	)			(88,787	)			(106,555	)		(414,043	)			(251,748	)
			437,294				467,986				408,737				429,222				406,565			1,627,709				1,747,982

Net losses paid			(395,895	)			(342,356	)			(389,224	)			(434,139	)			(442,216	)		(1,620,367	)			(1,860,555	)

Effects of foreign exchange rate changes			1,510				213,155				103,908				164,934				55,919			359,415				292,392

Net liability at end of period			7,480,651				7,437,742				7,098,957				6,975,536				6,815,519			7,098,957				6,732,200
Reinsurance recoverable at end of period			133,385				135,629				132,479				134,704				129,440			132,479				138,585
Gross liability at end of period		$	7,614,036			$	7,573,371			$	7,231,436			$	7,110,240			$	6,944,959		$	7,231,436			$	6,870,785


Breakdown of gross liability at end of period:
Case reserves		$	3,198,182			$	3,163,431			$	3,062,414			$	3,069,483			$	2,980,552		$	3,062,414			$	2,946,228
Additional case reserves			304,796				320,706				306,487				299,365				285,973			306,487				294,554
Incurred but not reported reserves			4,111,058				4,089,234				3,862,535				3,741,392				3,678,434			3,862,535				3,630,003
Gross liability at end of period		$	7,614,036			$	7,573,371			$	7,231,436			$	7,110,240			$	6,944,959		$	7,231,436			$	6,870,785


Breakdown of gross liability at end of period by Non-Life sub-segment:
U.S.		$	2,674,545			$	2,581,781			$	2,515,820			$	2,455,670			$	2,462,931		$	2,515,820			$	2,391,868
Global (Non-U.S.) P&C			2,658,505				2,708,713				2,542,278				2,485,459				2,377,972			2,542,278				2,305,683
Global (Non-U.S.) Specialty			2,049,163				2,009,980				1,887,187				1,840,396				1,760,131			1,887,187				1,747,408
Catastrophe			231,823				272,897				286,151				328,715				343,925			286,151				425,826
Gross liability at end of period		$	7,614,036			$	7,573,371			$	7,231,436			$	7,110,240			$	6,944,959		$	7,231,436			$	6,870,785


Unrecognized time value of non-life reserves		$	1,184			$	1,053			$	1,122			$	1,171			$	1,268		$	1,122			$	1,143


Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio			90.5		%		73.2		%		95.2		%		101.1		%		108.8	%		99.6		%		106.4	%
Non-life paid losses to net premiums earned ratio			48.9		%		44.8		%		46.4		%		47.7		%		59.3	%		50.5		%		58.5	%

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
	June 30,			March 31,			December 31,			September 30,			June 30,			December 31,			December 31,
	2008			2008			2007			2007			2007			2007			2006

Reconciliation of beginning and ending policy benefits for life and annuity contracts:

Gross liability at beginning of period	$	1,600,447		$	1,541,687		$	1,622,564		$	1,494,205		$	1,500,249		$	1,430,691		$	1,223,871
Reinsurance recoverable at beginning of period		(44,458	)		(43,098	)		(40,871	)		(39,231	)		(42,610	)		(42,542	)		(31,033	)
Net liability at beginning of period		1,555,989			1,498,589			1,581,693			1,454,974			1,457,639			1,388,149			1,192,838

Net incurred losses related to:
Current year		111,785			116,382			111,099			124,408			115,280			453,099			375,355
Prior year		(359	)		5,300			(2,280	)		8,501			2,193			1,653			(12,000	)
		111,426			121,682			108,819			132,909			117,473			454,752			363,355

Net losses paid		(68,124	)		(107,217	)		(204,512	)		(49,806	)		(142,008	)		(430,281	)		(277,717	)

Effects of foreign exchange rate changes		1,935			42,935			12,589			43,616			21,870			85,969			109,673

Net liability at end of period		1,601,226			1,555,989			1,498,589			1,581,693			1,454,974			1,498,589			1,388,149
Reinsurance recoverable at end of period		40,163			44,458			43,098			40,871			39,231			43,098			42,542
Gross liability at end of period	$	1,641,389		$	1,600,447		$	1,541,687		$	1,622,564		$	1,494,205		$	1,541,687		$	1,430,691

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
		June 30,		March 31,			December 31,		September 30,			June 30,
		2008		2008			2007		2007			2007

Prior year net favorable (adverse) reserve development:

Non-Life segment:
U.S.		$	22,378	$	15,725		$	22,242	$	19,407		$	17,840
Global (Non-U.S.) P&C			51,959		57,550			25,152		12,328			19,546
Global (Non-U.S.) Specialty			31,880		32,865			41,708		44,836			56,724
Catastrophe			24,450		10,544			6,644		12,216			12,445
Total Non-Life net prior year reserve development		$	130,667	$	116,684		$	95,746	$	88,787		$	106,555


Life segment		$	359	$	(5,300	)	$	2,280	$	(8,501	)	$	(2,193	)

	For the six months ended						For the year ended
		June 30,			June 30,		December 31,			December 31,
		2008			2007		2007			2006

Prior year net favorable (adverse) reserve development:

Non-Life segment:
U.S.		$	38,103		$	30,612	$	72,261		$	1,549
Global (Non-U.S.) P&C			109,509			59,496		96,976			66,318
Global (Non-U.S.) Specialty			64,745			115,586		202,130			208,536
Catastrophe			34,994			23,816		42,676			(24,655	)
Total Non-Life net prior year reserve development		$	247,351		$	229,510	$	414,043		$	251,748


Life segment		$	(4,941	)	$	4,568	$	(1,653	)	$	12,000

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	For the three months ended
	June 30,				March 31,			December 31,				September 30,				June 30,
	2008				2008			2007				2007				2007

Reconciliation of GAAP and non-GAAP measures:


Annualized return on beginning common shareholders' equity (1) calculated with net (loss) income available to common shareholders		(3.6	)	%		12.7	%		21.1		%		31.1		%		11.8	%
Less:

Annualized net realized and unrealized investment (losses) gains, net of tax, on beginning common shareholders' equity (1) (2)		(23.0	)			1.0			(2.3	)			0.3				(5.3	)

Interest in earnings (losses) of equity investments, net of tax, on beginning common shareholders' equity (1)		0.1				0.1			(8.1	)			(2.8	)			0.4
Annualized operating return on beginning common shareholders' equity (1)		19.3		%		11.6	%		31.5		%		33.6		%		16.7	%



Net (loss) income	$	(26,024	)		$	129,020		$	180,603			$	262,921			$	105,021
Less:
Net realized and unrealized investment (losses) gains, net of tax (2)		(219,063	)			8,936			(18,982	)			2,784				(42,775	)
Interest in earnings (losses) of equity investments, net of tax		578				1,242			(66,415	)			(22,692	)			3,214
Dividends to preferred shareholders		8,631				8,631			8,631				8,631				8,631
Operating earnings available to common shareholders	$	183,830			$	110,211		$	257,369			$	274,198			$	135,951



Per diluted share:
Net (loss) income	$	(0.64	)		$	2.16		$	3.04			$	4.44			$	1.66
Less:
Net realized and unrealized investment (losses) gains, net of tax (2)		(4.04	)			0.16			(0.34	)			0.05				(0.74	)
Interest in earnings (losses) of equity investments, net of tax		0.01				0.02			(1.17	)			(0.39	)			0.06
Operating earnings	$	3.39			$	1.98		$	4.55			$	4.78			$	2.34

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

(2)

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	For the six months ended							For the year ended
	June 30,				June 30,			December 31,				December 31,
	2008				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		4.5		%		15.7	%		20.9		%		27.8	%
Less:
Annualized net realized and unrealized investment (losses) gains, net of tax, on beginning common shareholders' equity (1) (2)		(11.1	)			(2.5	)		(1.7	)			1.8
Interest in earnings (losses) of equity investments, net of tax, on beginning common shareholders' equity (1)		0.1				0.4			(2.6	)			0.5
Annualized operating return on beginning common shareholders' equity(1)		15.5		%		17.8	%		25.2		%		25.5	%


Net income	$	102,996			$	274,288		$	717,812			$	749,332
Less:
Net realized and unrealized investment (losses) gains, net of tax (2)		(210,128	)			(40,089	)		(56,288	)			46,459
Interest in earnings (losses) of equity investments, net of tax		1,820				6,239			(82,867	)			11,966
Dividends to preferred shareholders		17,263				17,263			34,525				34,525
Operating earnings available to common shareholders	$	294,041			$	290,875		$	822,442			$	656,382


Per diluted share:
Net income	$	1.54			$	4.42		$	11.87			$	12.37
Less:
Net realized and unrealized investment (losses) gains, net of tax (2)		(3.77	)			(0.69	)		(0.98	)			0.80
Interest in earnings (losses) of equity investments, net of tax		0.03				0.11			(1.44	)			0.21
Operating earnings	$	5.28			$	5.00		$	14.29			$	11.36

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

(2)

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	June 30,			March 31,		December 31,		September 30,		June 30,			December 31,			December 31,
	2008			2008		2007		2007		2007			2006			2005

Reconciliation of GAAP and non-GAAP measures:

Shareholders' equity	$	4,409,242		$	4,472,604	$	4,321,557	$	4,225,223	$	3,937,242		$	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		3,889,242			3,952,604		3,801,557		3,705,223		3,417,242			3,265,847			2,572,787

Less:
Net unrealized (losses) gains on fixed income securities, net of tax		(96,837	)		139,920		71,958		1,728		(79,079	)		(18,694	)		4,382


Book value excluding net unrealized gains or losses on fixed income securities, net of tax	$	3,986,079		$	3,812,684	$	3,729,599	$	3,703,495	$	3,496,321		$	3,284,541		$	2,568,405

Divided by:
Number of common and common share equivalents outstanding		55,388.3			55,725.7		55,936.4		56,938.8		57,959.6			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	$	71.97		$	68.42	$	66.68	$	65.04	$	60.32		$	56.39		$	44.49

PartnerRe Ltd.

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

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

(Unaudited)

	June 30,			March 31,			December 31,			September 30,			June 30,
	2008			2008			2007			2007			2007

Total shareholders' equity	$	4,409,242		$	4,472,604		$	4,321,557		$	4,225,223		$	3,937,242
Less: preferred shares		(520,000	)		(520,000	)	��	(520,000	)		(520,000	)		(520,000	)
Common shareholders' equity	$	3,889,242		$	3,952,604		$	3,801,557		$	3,705,223		$	3,417,242

Basic common shares outstanding		54,004.9			54,262.9			54,250.5			55,516.1			56,493.7

Basic book value per common share	$	72.02		$	72.84		$	70.07		$	66.74		$	60.49



Diluted book value per common share

Common shareholders' equity	$	3,889,242		$	3,952,604		$	3,801,557		$	3,705,223		$	3,417,242

Basic common shares outstanding		54,004.9			54,262.9			54,250.5			55,516.1			56,493.7
Add: Stock options and other		2,820.1			3,002.5			3,018.5			3,126.2			3,297.4
Add: Restricted stock units		748.9			690.5			680.6			679.3			668.8
Add: Forward sale contract		-			-			115.4			-			-
Less: Stock options and other bought back via treasury stock method		(2,185.6	)		(2,230.2	)		(2,128.6	)		(2,382.8	)		(2,500.3	)

Diluted common and common share equivalents outstanding		55,388.3			55,725.7			55,936.4			56,938.8			57,959.6

Diluted book value per common share	$	70.22		$	70.93		$	67.96		$	65.07		$	58.96

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

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

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

(Unaudited)

	As of and for the three months ended				As of and for the six months ended
	June 30, 2008				June 30, 2008

		Common shareholders' equity		Diluted book value per common share		Common shareholders' equity		Diluted book value per common share

Common shareholders' equity / diluted book value per common share at beginning of period	$	3,953	$	70.93	$	3,802	$	67.96

Technical result		179		3.29		295		5.29
Other operating expenses		(97)		(1.78)		(189)		(3.39)
Net investment income		145		2.68		282		5.07
Other, net		(8)		(0.16)		(24)		(0.43)
Operating income tax expense		(26)		(0.48)		(53)		(0.95)
Preferred dividends		(9)		(0.16)		(17)		(0.31)
Operating earnings		184		3.39		294		5.28

Net realized and unrealized investment losses, net of tax (1)		(219)		(4.04)		(210)		(3.77)
Interest in earnings of equity investments, net of tax		1		0.01		2		0.03
Net (loss) income available to common shareholders		(34)		(0.64)		86		1.54

Common share dividends		(25)		(0.46)		(50)		(0.92)
Change in currency translation adjustment		4		0.07		57		1.02
Change in net unrealized gains or losses on investments, net of tax		6		0.12		15		0.27
Repurchase of common shares, net		�� (14)		(0.27)		(20)		(0.36)
Other, net		(1)		(0.02)		(1)		(0.02)

Impact of change in number of common and common share equivalents outstanding		n/a		0.49		n/a		0.73

Common shareholders' equity / diluted book value per common share at end of period	$	3,889	$	70.22	$	3,889	$	70.22

(1)

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

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

(Unaudited)

	As of and for the year ended					As of and for the year ended
	December 31, 2007					December 31, 2006
			Common shareholders' equity		Diluted book value per common share		Common shareholders' equity		Diluted book value per common share

Common shareholders' equity / diluted book value per common share at beginning of period		$	3,266	$	56.07	$	2,573	$	44.57

Technical result			845		14.69		707		12.23
Other operating expenses			(327)		(5.69)		(310)		(5.36)
Net investment income			523		9.09		449		7.77
Other, net			(86)		(1.50)		(61)		(1.04)
Operating income tax expense			(98)		(1.70)		(94)		(1.64)
Preferred dividends			(35)		(0.60)		(35)		(0.60)
Operating earnings			822		14.29		656		11.36

Net realized investment (losses) gains, net of tax			(56)		(0.98)		47		0.80
Interest in (losses) earnings of equity investments, net of tax			(83)		(1.44)		12		0.21
Net income available to common shareholders			683		11.87		715		12.37

Common share dividends			(96)		(1.72)		(91)		(1.60)
Change in currency translation adjustment			129		2.24		56		0.97
Change in net unrealized gains or losses on investments, net of tax			38		0.66		(20)		(0.35)
(Repurchase) issuance of common shares, net			(213)		(3.71)		40		0.70
Other, net			(5)		(0.08)		(7)		(0.13)

Impact of change in number of common and common share equivalents outstanding			n/a		2.63		n/a		(0.46)

Common shareholders' equity / diluted book value per common share at end of period		$	3,802	$	67.96	$	3,266	$	56.07

Partnerre (PREJF) 8-KPartnerRe Ltd. Reports Second Quarter and Half Year 2008 Results