Partnerre (PREJF) 8-K PartnerRe Ltd. Reports Fourth Quarter and Full Year 2008 Results

Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as of December 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—December 31, 2008

Table of Contents

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

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): 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 year. 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): 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 and credit spreads 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: 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 as a measure to manage the capital structure of the Company.

PartnerRe Ltd.

Consolidated Income Statements

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

(Unaudited)

	For the three months ended															For the year ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Revenues
Gross premiums written	$	752,169		$	868,584		$	968,163		$	1,439,332		$	722,700		$	4,028,248		$	3,810,164
Net premiums written	$	752,408		$	869,194		$	956,269		$	1,411,564		$	714,376		$	3,989,435		$	3,757,109
Decrease (increase) in unearned premiums		231,864			209,265			(730	)		(501,811	)		275,382			(61,411	)		20,362
Net premiums earned		984,272			1,078,459			955,539			909,753			989,758			3,928,024			3,777,471
Net investment income		144,321			146,138			145,494			137,010			137,771			572,964			523,259
Net realized and unrealized investment gains (losses)(1)		63,967			(324,184	)		(296,255	)		25,112			(16,510	)		(531,360	)		(72,492	)
Other income (loss)		7,946			(3,838	)		4,591			1,639			(14,530	)		10,335			(17,479	)
Total revenues		1,200,506			896,575			809,369			1,073,514			1,096,489			3,979,963			4,210,759
Expenses
Losses and loss expenses and life policy benefits		718,871			751,961			548,720			589,668			517,557			2,609,220			2,082,461
Acquisition costs		233,660			232,814			228,170			204,238			227,222			898,882			849,715
Other operating expenses		89,053			86,939			96,737			92,280			88,481			365,009			326,486
Interest expense		12,541			11,877			14,914			11,896			13,374			51,228			54,017
Net foreign exchange (gains) losses		(14,041	)		4,597			(1,574	)		4,798			(1,568	)		(6,221	)		15,552
Total expenses		1,040,084			1,088,188			886,967			902,880			845,066			3,918,118			3,328,231
Income (loss) before taxes and interest in (losses) earnings of equity investments		160,422			(191,613	)		(77,598	)		170,634			251,423			61,845			882,528
Income tax expense (benefit)		59,910			(39,508	)		(53,423	)		42,726			4,303			9,705			81,748
Interest in (losses) earnings of equity investments		(5,222	)		386			(1,849	)		1,112			(66,517	)		(5,573	)		(82,968	)
Net income (loss)	$	95,290		$	(151,719	)	$	(26,024	)	$	129,020		$	180,603		$	46,567		$	717,812
Preferred dividends	$	8,631		$	8,631		$	8,631		$	8,631		$	8,631		$	34,525		$	34,525
Operating earnings available to common shareholders	$	53,931		$	121,331		$	183,830		$	110,211		$	257,369		$	469,304		$	822,442
Comprehensive (loss) income, net of tax	$	(45,437	)	$	(243,372	)	$	(15,302	)	$	190,197		$	233,897		$	(113,914	)	$	888,692
Per Share Data:
Earnings (loss) per common share:
Basic operating earnings	$	0.97		$	2.27		$	3.39		$	2.03		$	4.69		$	8.64		$	14.66
Net realized and unrealized investment gains (losses), net of tax(1)		0.68			(5.27	)		(4.04	)		0.17			(0.35	)		(8.35	)		(1.00	)
Interest in (losses) earnings of equity investments, net of tax		(0.09	)		(0.01	)		0.01			0.02			(1.21	)		(0.07	)		(1.48	)
Basic net income (loss)	$	1.56		$	(3.01	)	$	(0.64	)	$	2.22		$	3.13		$	0.22		$	12.18
Weighted average number of common shares outstanding		55,521.6			53,339.9			54,276.6			54,248.3			54,892.7			54,347.1			56,104.4
Diluted operating earnings	$	0.95		$	2.27		$	3.39		$	1.98		$	4.55		$	8.43		$	14.29
Net realized and unrealized investment gains (losses), net of tax(1)		0.67			(5.27	)		(4.04	)		0.16			(0.34	)		(8.15	)		(0.98	)
Interest in (losses) earnings of equity investments, net of tax		(0.09	)		(0.01	)		0.01			0.02			(1.17	)		(0.06	)		(1.44	)
Diluted net income (loss)	$	1.53		$	(3.01	)	$	(0.64	)	$	2.16		$	3.04		$	0.22		$	11.87
Weighted average number of common and common share equivalents outstanding		56,602.1			53,339.9			54,276.6			55,711.2			56,578.5			55,639.6			57,557.9

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

1

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	December 31, 2008				September 30, 2008				June 30, 2008				March 31, 2008				December 31, 2007				December 31, 2006
Assets
Total investments	$	10,886,391			$	10,859,773			$	11,561,358			$	11,691,038			$	10,917,341			$	9,689,937
Cash and cash equivalents		838,280				675,594				480,349				497,567				654,895				988,788
Accrued investment income		169,103				154,551				201,234				179,611				176,386				157,923
Reinsurance balances receivable		1,719,694				1,871,981				2,160,974				2,135,239				1,449,702				1,573,566
Funds held by reinsured companies		786,422				893,583				938,804				954,421				1,083,036				1,002,402
Deferred acquisition costs		617,121				690,145				756,582				750,627				641,818				542,698
Other assets		1,262,309				1,362,712				1,288,269				1,244,785				1,226,318				1,078,198
Total assets	$	16,279,320			$	16,508,339			$	17,387,570			$	17,453,288			$	16,149,496			$	15,033,512
Liabilities
Unpaid losses and loss expenses	$	7,510,666			$	7,484,625			$	7,614,036			$	7,573,371			$	7,231,436			$	6,870,785
Policy benefits for life and annuity contracts		1,432,015				1,526,275				1,641,389				1,600,447				1,541,687				1,430,691
Unearned premiums		1,273,787				1,555,263				1,837,256				1,837,778				1,267,873				1,215,624
Reinsurance balances payable		173,235				147,420				150,547				155,133				119,853				115,897
Debt obligations		907,605				907,605				907,605				877,605				877,605				877,605
Other liabilities		782,904				802,465				827,495				936,350				789,485				737,063
Total liabilities		12,080,212				12,423,653				12,978,328				12,980,684				11,827,939				11,247,665
Total shareholders’ equity		4,199,108				4,084,686				4,409,242				4,472,604				4,321,557				3,785,847
Total liabilities and shareholders' equity	$	16,279,320			$	16,508,339			$	17,387,570			$	17,453,288			$	16,149,496			$	15,033,512
Shareholders’ Equity Per Common Share (excluding cumulative preferred shares)	$	65.17			$	66.91			$	72.02			$	72.84			$	70.07			$	57.22
Diluted Book Value Per Common and Common Share Equivalents Outstanding (assuming exercise of all stock-based awards)	$	63.95			$	65.38			$	70.22			$	70.93			$	67.96			$	56.07
Number of Common and Common Share Equivalents Outstanding		57,533.9				54,519.3				55,388.3				55,725.7				55,936.4				58,248.8
Capital Structure:
Long-term debt	$	200,000	4	%	$	400,000	8	%	$	400,000	8	%	$	620,000	12	%	$	620,000	12	%	$	620,000	13	%
Senior notes(1)		250,000	5			250,000	5			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
6.75% Series C cumulative preferred shares, aggregate liquidation		290,000	6			290,000	6			290,000	5			290,000	5			290,000	6			290,000	6
6.5% Series D cumulative preferred shares, aggregate liquidation		230,000	5			230,000	5			230,000	4			230,000	4			230,000	4			230,000	5
Common shareholders’ equity		3,679,108	75			3,564,686	71			3,889,242	73			3,952,604	74			3,801,557	73			3,265,847	70
Total Capital	$	4,899,108	100	%	$	4,984,686	100	%	$	5,309,242	100	%	$	5,342,604	100	%	$	5,191,557	100	%	$	4,655,847	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.

2

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Net cash provided by (used in) operating activities:
Underwriting operations	$	153		$	190		$	102		$	159		$	134		$	604		$	650
Investment income		125			187			127			141			111			580			515
Taxes and foreign exchange		(10	)		(5	)		(7	)		(3	)		(20	)		(25	)		(66	)
Cash flow from operations		268			372			222			297			225			1,159			1,099
Purchases of trading securities (1)		—			—			—			—			(300	)		—			128
Net cash provided by (used in) operating activities as published	$	268		$	372		$	222		$	297		$	(75	)	$	1,159		$	1,227
Net cash provided by (used in) operating activities	$	268		$	372		$	222		$	297		$	(75	)	$	1,159		$	1,227
Net cash (used in) provided by investing activities(1)		(254	)		(73	)		(211	)		(406	)		43			(944	)		(1,193	)
Net cash provided by (used in) financing activities		162			(89	)		(26	)		(49	)		(146	)		(2	)		(379	)
Effect of foreign exchange rate changes on cash		(14	)		(14	)		(2	)		—			(1	)		(30	)		11
Increase (decrease) in cash and cash equivalents		162			196			(17	)		(158	)		(179	)		183			(334	)
Cash and cash equivalents - beginning of period		676			480			497			655			834			655			989
Cash and cash equivalents - end of period	$	838		$	676		$	480		$	497		$	655		$	838		$	655

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

3

PartnerRe Ltd.

Consolidated Statements of Comprehensive (Loss) Income

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Net income (loss)	$	95,290		$	(151,719	)	$	(26,024	)	$	129,020		$	180,603
Change in net unrealized gains or losses on investments, net of tax		76			(146	)		6,653			8,574			13,243
Change in currency translation adjustment		(128,163	)		(91,732	)		4,000			53,006			35,744
Change in unfunded pension obligation, net of tax		(12,640	)		225			69			(403	)		4,307
Comprehensive (loss) income, net of tax	$	(45,437	)	$	(243,372	)	$	(15,302	)	$	190,197		$	233,897

	For the year ended
	December 31, 2008			December 31, 2007
Net income	$	46,567		$	717,812
Change in net unrealized gains or losses on investments, net of tax		15,157			37,834
Change in currency translation adjustment		(162,889	)		129,043
Change in unfunded pension obligation, net of tax		(12,749	)		4,003
Comprehensive (loss) income, net of tax	$	(113,914	)	$	888,692

4

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the three months ended December 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	$	223		$	123		$	252		$	23		$	621		$	130		$	1		$	752
Net premiums written	$	223		$	123		$	251		$	23		$	620		$	131		$	1		$	752
Decrease in unearned premiums		38			92			15			79			224			5			3			232
Net premiums earned	$	261		$	215		$	266		$	102		$	844		$	136		$	4		$	984
Losses and loss expenses and life policy benefits		(202	)		(122	)		(245	)		(34	)		(603	)		(116	)		—			(719	)
Acquisition costs		(63	)		(51	)		(80	)		(10	)		(204	)		(29	)		—			(233	)
Technical result	$	(4	)	$	42		$	(59	)	$	58		$	37		$	(9	)	$	4		$	32
Other income														6			—			2			8
Other operating expenses														(56	)		(11	)		(22	)		(89	)
Underwriting result													$	(13	)	$	(20	)		n/a		$	(49	)
Net investment income																	16			128			144
Allocated underwriting result (1)																$	(4	)		n/a			n/a
Net realized and unrealized investment gains																				64			64
Interest expense																				(13	)		(13	)
Net foreign exchange gains																				14			14
Income tax expense																				(60	)		(60	)
Interest in losses of equity investments																				(5	)		(5	)
Net income																				n/a		$	95
Loss ratio(2)		77.3	%		56.6	%		92.0	%		33.4	%		71.3	%
Acquisition ratio(3)		24.5			23.8			30.1			9.4			24.3
Technical ratio(4)		101.8	%		80.4	%		122.1	%		42.8	%		95.6	%
Other operating expense ratio(5)														6.6
Combined ratio(6)														102.2	%

(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 December 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	$	218		$	127		$	217		$	8		$	570		$	152		$	1		$	723
Net premiums written	$	218		$	127		$	216		$	8		$	569		$	144		$	1		$	714
Decrease in unearned premiums		46			90			31			102			269			7			—			276
Net premiums earned	$	264		$	217		$	247		$	110		$	838		$	151		$	1		$	990
Losses and loss expenses and life policy benefits		(161	)		(140	)		(122	)		14			(409	)		(109	)		—			(518	)
Acquisition costs		(63	)		(55	)		(66	)		(10	)		(194	)		(33	)		—			(227	)
Technical result	$	40		$	22		$	59		$	114		$	235		$	9		$	1		$	245
Other loss														—			—			(15	)		(15	)
Other operating expenses														(59	)		(9	)		(20	)		(88	)
Underwriting result													$	176		$	—			n/a		$	142
Net investment income																	11			127			138
Allocated underwriting result (1)																$	11			n/a			n/a
Net realized investment losses																				(17	)		(17	)
Interest expense																				(13	)		(13	)
Net foreign exchange gains																				2			2
Income tax expense																				(4	)		(4	)
Interest in losses of equity investments																				(67	)		(67	)
Net income																				n/a		$	181
Loss ratio(2)		61.0	%		64.4	%		49.4	%		(12.8	)%		48.8	%
Acquisition ratio(3)		23.8			25.3			26.7			9.6			23.2
Technical ratio(4)		84.8	%		89.7	%		76.1	%		(3.2	)%		72.0	%
Other operating expense ratio(5)														7.0
Combined ratio(6)														79.0	%

(A) The Company reports the results of ChannelRe Holdings on a one-quarter lag. The three months ended December 31, 2007 includes a charge of $76.2 million which represents the write-down of its total investment in ChannelRe Holdings due to anticipated unrealized mark-to-market losses on Channel Reinsurance Ltd’s credit derivative portfolio, which it expected to incur during the three months ended December 31, 2007.

6

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the year ended December 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	$	1,072		$	769		$	1,172		$	413		$	3,426		$	584		$	18		$	4,028
Net premiums written	$	1,064		$	765		$	1,150		$	413		$	3,392		$	579		$	18		$	3,989
Decrease (increase) in unearned premiums		24			32			(104	)		(10	)		(58	)		(3	)		—			(61	)
Net premiums earned	$	1,088		$	797		$	1,046		$	403		$	3,334		$	576		$	18		$	3,928
Losses and loss expenses and life policy benefits		(812	)		(454	)		(721	)		(144	)		(2,131	)		(463	)		(15	)		(2,609	)
Acquisition costs		(261	)		(198	)		(281	)		(37	)		(777	)		(120	)		(2	)		(899	)
Technical result	$	15		$	145		$	44		$	222		$	426		$	(7	)	$	1		$	420
Other income														4			—			6			10
Other operating expenses														(231	)		(43	)		(91	)		(365	)
Underwriting result													$	199		$	(50	)		n/a		$	65
Net investment income																	67			506			573
Allocated underwriting result(1)																$	17			n/a			n/a
Net realized and unrealized investment losses																				(531	)		(531	)
Interest expense																				(51	)		(51	)
Net foreign exchange gains																				6			6
Income tax expense																				(10	)		(10	)
Interest in losses of equity investments																				(5	)		(5	)
Net income																				n/a		$	47
Loss ratio(2)		74.6	%		56.9	%		69.0	%		35.8	%		63.9	%
Acquisition ratio(3)		24.0			24.9			26.8			9.2			23.3
Technical ratio(4)		98.6	%		81.8	%		95.8	%		45.0	%		87.2	%
Other operating expense ratio(5)														6.9
Combined ratio(6)														94.1	%

7

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the year ended December 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	$	1,020		$	740		$	1,049		$	401		$	3,210		$	597		$	3		$	3,810
Net premiums written	$	1,020		$	738		$	1,026		$	401		$	3,185		$	569		$	3		$	3,757
(Increase) decrease in unearned premiums		(21	)		20			(20	)		39			18			2			—			20
Net premiums earned	$	999		$	758		$	1,006		$	440		$	3,203		$	571		$	3		$	3,777
Losses and loss expenses and life policy benefits		(608	)		(523	)		(450	)		(46	)		(1,627	)		(455	)		—			(2,082	)
Acquisition costs		(241	)		(191	)		(260	)		(42	)		(734	)		(116	)		—			(850	)
Technical result	$	150		$	44		$	296		$	352		$	842		$	—		$	3		$	845
Other income (loss)														7			—			(24	)		(17	)
Other operating expenses														(214	)		(33	)		(80	)		(327	)
Underwriting result													$	635		$	(33	)		n/a		$	501
Net investment income																	54			469			523
Allocated underwriting result(1)																$	21			n/a			n/a
Net realized investment losses																				(72	)		(72	)
Interest expense																				(54	)		(54	)
Net foreign exchange losses																				(15	)		(15	)
Income tax expense																				(82	)		(82	)
Interest in losses of equity investments																				(83	)		(83	)
Net income																				n/a		$	718
Loss ratio(2)		60.8	%		69.0	%		44.7	%		10.5	%		50.8	%
Acquisition ratio(3)		24.1			25.2			25.9			9.6			22.9
Technical ratio(4)		84.9	%		94.2	%		70.6	%		20.1	%		73.7	%
Other operating expense ratio(5)														6.7
Combined ratio(6)														80.4	%

(A) The Company reports the results of ChannelRe Holdings on a one-quarter lag. The 2007 period includes the Company’s share of ChannelRe Holdings’ net loss and a charge which represents the write-down of its total investment in ChannelRe Holdings due to anticipated unrealized mark-to-market losses on Channel Reinsurance Ltd’s credit derivative portfolio, which it expected to incur during the three months ended December 31, 2007, for a total of $92.8 million.

8

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-Life segment

	For the three months ended															For the year ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Net premiums written	$	620		$	723		$	814		$	1,236		$	569		$	3,392		$	3,185
Net premiums earned	$	844		$	920		$	808		$	763		$	838		$	3,334		$	3,203
Losses and loss expenses		(603	)		(623	)		(438	)		(468	)		(409	)		(2,131	)		(1,627	)
Acquisition costs		(204	)		(200	)		(194	)		(179	)		(194	)		(777	)		(734	)
Technical result	$	37		$	97		$	176		$	116		$	235		$	426		$	842
Other income (loss)		6			(5	)		2			1			—			4			7
Other operating expenses		(56	)		(55	)		(63	)		(57	)		(59	)		(231	)		(214	)
Underwriting result	$	(13	)	$	37		$	115		$	60		$	176		$	199		$	635
Loss ratio(1)		71.3	%		67.8	%		54.2	%		61.3	%		48.8	%		63.9	%		50.8	%
Acquisition ratio(2)		24.3			21.7			24.0			23.5			23.2			23.3			22.9
Technical ratio(3)		95.6	%		89.5	%		78.2	%		84.8	%		72.0	%		87.2	%		73.7	%
Other operating expense ratio(4)		6.6			6.0			7.7			7.5			7.0			6.9			6.7
Combined ratio(5)		102.2	%		95.5	%		85.9	%		92.3	%		79.0	%		94.1	%		80.4	%

(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.

9

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
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Net premiums written	$	223		$	264		$	246		$	332		$	218		$	1,064		$	1,020
Net premiums earned	$	261		$	276		$	285		$	266		$	264		$	1,088		$	999
Losses and loss expenses		(202	)		(212	)		(227	)		(171	)		(161	)		(812	)		(608	)
Acquisition costs		(63	)		(67	)		(64	)		(66	)		(63	)		(261	)		(241	)
Technical result	$	(4	)	$	(3	)	$	(6	)	$	29		$	40		$	15		$	150
Loss ratio(1)		77.3	%		76.9	%		79.6	%		64.2	%		61.0	%		74.6	%		60.8	%
Acquisition ratio(2)		24.5			24.2			22.7			24.9			23.8			24.0			24.1
Technical ratio(3)		101.8	%		101.1	%		102.3	%		89.1	%		84.8	%		98.6	%		84.9	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		40	%		44	%		47	%		48	%		54	%		45	%		50	%
Agriculture		28			20			32			16			20			23			12
Property		18			16			11			16			7			15			14
Multiline		2			6			3			10			7			6			9
Motor		4			7			4			5			6			5			7
Other		8			7			3			5			6			6			8
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

10

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended															For the year ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Net premiums written	$	123		$	137		$	132		$	373		$	127		$	765		$	738
Net premiums earned	$	215		$	195		$	186		$	201		$	217		$	797		$	758
Losses and loss expenses		(122	)		(98	)		(87	)		(147	)		(140	)		(454	)		(523	)
Acquisition costs		(51	)		(47	)		(48	)		(52	)		(55	)		(198	)		(191	)
Technical result	$	42		$	50		$	51		$	2		$	22		$	145		$	44
Loss ratio(1)		56.6	%		50.3	%		46.7	%		73.4	%		64.4	%		56.9	%		69.0	%
Acquisition ratio(2)		23.8			24.2			25.6			25.9			25.3			24.9			25.2
Technical ratio(3)		80.4	%		74.5	%		72.3	%		99.3	%		89.7	%		81.8	%		94.2	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		57	%		60	%		63	%		64	%		71	%		62	%		68	%
Casualty		15			13			13			17			13			15			15
Motor		28			27			24			19			16			23			17
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

11

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
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Net premiums written	$	251		$	274		$	291		$	333		$	216		$	1,150		$	1,026
Net premiums earned	$	266		$	290		$	272		$	219		$	247		$	1,046		$	1,006
Losses and loss expenses		(245	)		(185	)		(144	)		(148	)		(122	)		(721	)		(450	)
Acquisition costs		(80	)		(72	)		(75	)		(54	)		(66	)		(281	)		(260	)
Technical result	$	(59	)	$	33		$	53		$	17		$	59		$	44		$	296
Loss ratio(1)		92.0	%		63.8	%		52.8	%		67.7	%		49.4	%		69.0	%		44.7	%
Acquisition ratio(2)		30.1			24.8			27.7			24.6			26.7			26.8			25.9
Technical ratio(3)		122.1	%		88.6	%		80.5	%		92.3	%		76.1	%		95.8	%		70.6	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		22	%		18	%		15	%		11	%		21	%		16	%		17	%
Credit/Surety		22			21			20			19			21			20			19
Engineering		22			16			20			16			26			19			20
Marine		12			14			12			12			15			13			13
Specialty casualty		8			12			13			19			6			13			12
Specialty property		3			6			6			15			4			8			8
Other		11			13			14			8			7			11			11
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

12

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the three months ended															For the year ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Net premiums written	$	23		$	48		$	145		$	198		$	8		$	413		$	401
Net premiums earned	$	102		$	159		$	65		$	77		$	110		$	403		$	440
Losses and loss expenses		(34	)		(128	)		20			(2	)		14			(144	)		(46	)
Acquisition costs		(10	)		(14	)		(7	)		(7	)		(10	)		(37	)		(42	)
Technical result	$	58		$	17		$	78		$	68		$	114		$	222		$	352
Loss ratio(1)		33.4	%		80.8	%		(30.7	)%		2.0	%		(12.8	)%		35.8	%		10.5	%
Acquisition ratio(2)		9.4			8.7			10.2			9.1			9.6			9.2			9.6
Technical ratio(3)		42.8	%		89.5	%		(20.5	)%		11.1	%		(3.2	)%		45.0	%		20.1	%

13

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the three months ended															For the year ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Net premiums written	$	131		$	141		$	136		$	170		$	144		$	579		$	569
Net premiums earned	$	136		$	149		$	146		$	145		$	151		$	576		$	571
Life policy benefits		(116	)		(114	)		(111	)		(122	)		(109	)		(463	)		(455	)
Acquisition costs		(29	)		(32	)		(34	)		(25	)		(33	)		(120	)		(116	)
Technical result	$	(9	)	$	3		$	1		$	(2	)	$	9		$	(7	)	$	—
Other operating expenses		(11	)		(11	)		(12	)		(9	)		(9	)		(43	)		(33	)
Underwriting result	$	(20	)	$	(8	)	$	(11	)	$	(11	)	$	—		$	(50	)	$	(33	)
Net investment income		16			17			18			15			11			67			54
Allocated underwriting result(1)	$	(4	)	$	9		$	7		$	4		$	11		$	17		$	21
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		86	%		86	%		85	%		86	%		81	%		86	%		82	%
Longevity		11			11			12			12			15	��		11			15
Health		3			3			3			2			4			3			3
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.

14

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the three months ended															For the year ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Technical result	$	4		$	(6	)	$	2		$	2		$	1		$	1		$	3
Other income (loss)		2			1			3			—			(15	)		6			(24	)
Corporate expenses		(18	)		(16	)		(18	)		(22	)		(16	)		(75	)		(67	)
Other operating expenses		(4	)		(5	)		(4	)		(4	)		(4	)		(16	)		(13	)
Net investment income		128			129			127			122			127			506			469
Net realized and unrealized investment gains (losses)(1)		64			(324	)		(296	)		25			(17	)		(531	)		(72	)
Interest expense		(13	)		(12	)		(15	)		(12	)		(13	)		(51	)		(54	)
Net foreign exchange gains (losses)		14			(5	)		2			(4	)		2			6			(15	)
Income tax (expense) benefit		(60	)		40			53			(43	)		(4	)		(10	)		(82	)
Interest in (losses) earnings of equity investments(A)		(5	)		—			(2	)		1			(67	)		(5	)		(83	)
PartnerRe’s interest in ChannelRe Holdings’ net loss(A)		—			—			—			—			(76	)		—			(93	)

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

(A) The Company reports the results of its equity investments on a one-quarter lag. See also pages 6 and 8.

15

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended										For the year ended
	December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007		December 31, 2008		December 31, 2007
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty	14	%	16	%	14	%	16	%	19	%	15	%	17	%
Property	15		14		11		21		15		16		17
Motor	6		6		4		6		5		6		5
Multiline and other	2		3		2		3		2		3		3
Specialty
Agriculture	10		7		10		5		7		7		4
Aviation/Space	7		6		5		3		6		5		5
Catastrophe	3		6		15		14		1		10		11
Credit/Surety	9		8		7		5		8		7		7
Engineering	7		5		6		4		8		5		5
Energy	2		2		3		1		2		2		2
Marine	4		5		3		3		4		4		4
Specialty casualty	3		4		4		4		2		4		3
Specialty property	1		2		2		3		1		2		2
Life	17		16		14		12		20		14		15
	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Geography:
Europe	45	%	42	%	39	%	52	%	47	%	46	%	45	%
North America	42		44		47		36		41		41		42
Latin America, Caribbean and Africa	9		9		7		7		6		8		7
Asia, Australia and New Zealand	4		5		7		5		6		5		6
	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Production Source:
Broker	69	%	71	%	75	%	70	%	65	%	71	%	69	%
Direct	31		29		25		30		35		29		31
	100	%	100	%	100	%	100	%	100	%	100	%	100	%

16

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended										For the year ended
	December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007		December 31, 2008		December 31, 2007
Distribution of Gross Premiums Written by Treaty Type Non-life sub-segment:
U.S.
Non-Proportional	14	%	32	%	30	%	45	%	20	%	32	%	37	%
Proportional	86		68		70		55		80		68		63
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Global (Non U.S.) P&C
Non-Proportional	6	%	18	%	13	%	36	%	8	%	24	%	25	%
Proportional	94		82		87		64		92		76		75
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Global (Non U.S.) Specialty
Non-Proportional	7	%	12	%	13	%	26	%	6	%	15	%	15	%
Proportional	93		88		87		74		94		85		85
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Catastrophe
Non-Proportional	96	%	97	%	97	%	98	%	96	%	97	%	99	%
Proportional	4		3		3		2		4		3		1
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Non-life total
Non-Proportional	12	%	26	%	33	%	45	%	13	%	32	%	35	%
Proportional	88		74		67		55		87		68		65
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%

17

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	December 31, 2008(1)					September 30, 2008(1)					June 30, 2008(1)					March 31, 2008(1)					December 31, 2007					December 31, 2006
Investments:
Fixed maturities
U.S. government	$	836		7	%	$	614		6	%	$	874		8	%	$	1,135		10	%	$	1,217		11	%	$	1,000		10	%
Government Sponsored Entities (GSEs)		95		1			249		2			271		2			297		2			328		3			358		4
Other foreign governments		2,824		26			2,839		26			2,917		25			3,112		27			2,821		26			1,985		21
Corporates		3,413		31			3,286		30			3,503		30			3,225		28			2,861		26			2,341		24
Mortgage/asset-backed securities		3,014		28			2,787		26			2,723		24			2,607		22			2,272		21			2,152		22
Total fixed maturities		10,182		93			9,775		90			10,288		89			10,376		89			9,499		87			7,836		81
Short-term investments		117		1			114		1			108		1			144		1			97		1			134		1
Equities		513		5			858		8			1,065		9			1,100		9			872		8			1,015		11
Trading securities		—		—			—		—			—		—			—		—			399		4			600		6
Other invested assets		74		1			113		1			100		1			71		1			50		—			105		1
Total investments	$	10,886		100	%	$	10,860		100	%	$	11,561		100	%	$	11,691		100	%	$	10,917		100	%	$	9,690		100	%
Cash and cash equivalents	$	838				$	676				$	480				$	498				$	655				$	989
Total investments and cash		11,724					11,536					12,041					12,189					11,572					10,679
Maturity distribution:
One year or less	$	545		5	%	$	705		7	%	$	754		7	%	$	817		8	%	$	730		7	%	$	848		11	%
More than one year through five years		3,649		35			3,528		36			3,611		35			3,680		35			3,444		36			2,610		33
More than five years through ten years		2,730		27			2,518		25			2,896		28			3,026		29			2,764		29			2,000		25
More than ten years		361		4			351		4			412		4			390		3			386		4			360		4
Subtotal		7,285		71			7,102		72			7,673		74			7,913		75			7,324		76			5,818		73
Mortgage/asset-backed securities		3,014		29			2,787		28			2,723		26			2,607		25			2,272		24			2,152		27
Total	$	10,299		100	%	$	9,889		100	%	$	10,396		100	%	$	10,520		100	%	$	9,596		100	%	$	7,970		100	%
Credit quality by market value:
AAA		62	%				59	%				59	%				64	%				65	%				65	%
AA		5					8					8					7					7					5
A		19					17					17					14					12					14
BBB		11					12					12					11					12					11
Below Investment Grade/Unrated		3					4					4					4					4					5
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		3.1	Yrs				4.1	Yrs				3.8	Yrs				4.0	Yrs				3.9	Yrs				4.1	Yrs
Average yield to maturity at market		4.7	%				5.4	%				5.0	%				4.4	%				4.7	%				4.9	%
Average credit quality		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.

18

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)

	December 31, 2008
	Fair Value		Percentage to Total Fair Value of Corporate Bonds		Percentage to Invested Assets and Cash		Largest Single Issuer as a Percentage of Invested Assets and Cash
Distribution by sector - Corporate bonds
Finance	$	1,242,592	36.4	%	10.6	%	0.9	%
Communications		461,452	13.5		3.9		0.8
Consumer noncyclical		452,294	13.3		3.9		0.2
Industrials		337,112	9.9		2.9		0.3
Energy		200,456	5.9		1.7		0.2
Catastrophe bonds		164,388	4.8		1.4		0.3
Consumer cyclical		153,475	4.5		1.3		0.2
Utilities		108,295	3.2		0.9		0.1
Insurance		104,532	3.0		0.9		0.1
Technology		94,432	2.8		0.8		0.3
Materials		76,309	2.2		0.6		0.1
Real estate investment trusts		17,964	0.5		0.2		0.0
Total Corporate bonds	$	3,413,301	100.0	%	29.1	%
Finance sector - Corporate bonds
Banks	$	503,909	14.8	%	4.3	%	0.9	%
Investment banking and brokerage		296,516	8.6		2.5		0.9
Commercial and consumer finance		230,998	6.8		2.0		0.4
Financial services		158,337	4.7		1.4		0.9
Other		52,832	1.5		0.4		0.1
Total finance sector - Corporate bonds	$	1,242,592	36.4	%	10.6	%

Credit quality of finance sector - Corporate bonds	AAA			AA			A			BBB			Non- Investment Grade			Total
Banks	$	—		$	130,300		$	325,798		$	47,811		$	—		$	503,909
Investment banking and brokerage		—			25,116			266,808			4,592			—			296,516
Commercial and consumer finance		—			42,928			131,704			46,529			9,837			230,998
Financial services		109,320			—			34,015			15,002			—			158,337
Other		14,999			4,638			23,406			4,589			5,200			52,832
Total finance sector - Corporate bonds	$	124,319		$	202,982		$	781,731		$	118,523		$	15,037		$	1,242,592
% of total		10.0	%		16.4	%		62.9	%		9.5	%		1.2	%		100.0	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 24.7% of the Company’s total corporate bonds. The single largest issuer accounts for 3.4% of the Company’s total corporate bonds.

19

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

	December 31, 2008
	Fair Value		Percentage to Total Fair Value of Equities		Percentage to Invested Assets and Cash		Largest Single Issuer as a Percentage of Invested Assets and Cash
Distribution by sector - Equities
Consumer noncyclical	$	100,874	27.7	%	0.9	%	0.1	%
Finance		67,809	18.6		0.6		0.1
Communications		41,035	11.3		0.3		0.1
Energy		39,307	10.8		0.3		0.1
Industrials		32,147	8.8		0.3		—
Technology		28,826	7.9		0.3		0.1
Consumer cyclical		27,441	7.6		0.2		—
Materials		16,859	4.6		0.1		0.1
Utilities		8,228	2.3		0.1		—
Diversified		1,388	0.4		—		—
Total equities	$	363,914	100.0	%	3.1	%
Mutual funds and exchange traded funds (ETFs)
Funds holding fixed income securities		74,168			0.6
Funds and ETFs holding equities		74,730			0.7
Total equities	$	512,812			4.4	%

Concentration of investment risk

The Top 10 common stock issuers, excluding equity securities held in mutual funds and exchange traded funds, account for 22.9% of the Company's total equities. The single largest issuer accounts for 4.6% of the Company's total equities.

20

PartnerRe Ltd.

Distribution of Mortgage/Asset-Backed Securities

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	Rating at December 31, 2008
	GNMA			GSEs			AAA			AA			A			BBB			Non- Investment Grade			Total
U.S. Asset-Backed Securities	$	—		$	—		$	246,673		$	93,834		$	40,143		$	22,248		$	69,994		$	472,892
U.S. Collaterized Mortgage Obligations		6,614			39,585			7,904			743			876			2,945			—			58,667
U.S. Mortgage Backed Securities (MBS)		190,015			1,986,054			—			—			—			—			—			2,176,069
U.S. MBS Interest Only		—			18,555			—			—			—			—			—			18,555
Subtotal U.S. mortgage/asset-backed securities	$	196,629		$	2,044,194		$	254,577		$	94,577		$	41,019		$	25,193		$	69,994		$	2,726,183
Non-U.S. Asset-Backed Securities	$	—		$	—		$	13,405		$	6,793		$	11,647		$	13,139		$	—		$	44,984
Non-U.S. Collaterized Mortgage Obligations		—			—			84,356			1,938			—			2,267			—			88,561
Non-U.S. Mortgage Backed Securities		—			—			131,922			18,922			—			3,171			—			154,015
Subtotal Non-U.S. mortgage/asset-backed securities	$	—		$	—		$	229,683		$	27,653		$	11,647		$	18,577		$	—		$	287,560
Total mortgage/asset-backed securities	$	196,629		$	2,044,194		$	484,260		$	122,230		$	52,666		$	43,770		$	69,994		$	3,013,743
Corporate Securities		—			94,527			—			—			—			—			—			94,527
Total	$	196,629		$	2,138,721		$	484,260		$	122,230		$	52,666		$	43,770		$	69,994		$	3,108,270
% of total		6.3	%		68.8	%		15.6	%		3.9	%		1.7	%		1.4	%		2.3	%		100.0	%

21

PartnerRe Ltd.

Other Invested Assets including Private Markets and Derivative Exposures

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	December 31, 2008
	Investments		Fair Value of Derivatives			Carrying Value			Net Notional Amount of Derivatives			Total Net Exposures (1)
Private Markets Investments
Principal Finance - Investments	$	26,310	$	—		$	26,310		$	—		$	26,310
Principal Finance - Derivative Exposure Assumed		—		(42,427	)		(42,427	)		257,233			214,806
Insurance-Linked Securities		—		(5,393	)		(5,393	)		60,000			54,607
Strategic Investments		82,762		—			82,762			—			82,762
Total other invested assets - Private Markets Exposure Assumed		109,072		(47,820	)		61,252			317,233			378,485
Other Credit Derivatives - Exposure Assumed		—		(11,017	)		(11,017	)		28,630			17,613
Principal Finance Derivative - Protection Purchased		—		7,228			7,228			(19,000	)		(11,772	)
Other Credit Derivatives - Protection Purchased		—		13,037			13,037			(276,665	)		(263,628	)
Other(2)		8,937		(4,944	)		3,993
Total other invested assets	$	118,009	$	(43,516	)	$	74,493

(1) The total net exposures originated in Private Markets are $884 million. In addition to the net exposures listed above of $378 million and the Private Market protection purchased of ($12) million, the Company has the following other net exposures originated in Private Markets:

- Principal Finance: $221 million of assets listed under Investments—Fixed Maturities and $12 million of limits on transactions that use reinsurance accounting for a total exposure of $462 million.

- Insurance-Linked Securities: $172 million of bonds listed under Investments—Fixed Maturities and $108 million of limits on transactions that use reinsurance accounting for a total exposure of $335 million.

- Strategic Investments: $4 million of assets listed under Other Assets for a total exposure of $87 million.

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

22

PartnerRe Ltd.

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															For the year ended
	December 31, 2008(1)			September 30, 2008(1)			June 30, 2008(1)			March 31, 2008(1)			December 31, 2007			December 31, 2008			December 31, 2007
Fixed maturities	$	134,729		$	131,289		$	129,056		$	119,676		$	118,984		$	514,751		$	421,672
Short-term investments, trading securities, cash and cash equivalents		3,795			4,099			4,695			6,295			14,550			18,884			55,618
Equities		6,534			7,366			7,155			8,360			7,597			29,415			36,383
Funds held and other		7,490			10,136			10,779			8,856			3,122			37,261			32,339
Investment expenses		(8,227	)		(6,752	)		(6,191	)		(6,177	)		(6,482	)		(27,347	)		(22,753	)
Net investment income	$	144,321		$	146,138		$	145,494		$	137,010		$	137,771		$	572,964		$	523,259
Net realized investment gains (losses) on fixed maturities and short-term investments, excluding other-than-temporary impairments(2)	$	12,883		$	(91,845	)	$	17,844		$	45,042		$	4,992		$	(16,076	)	$	(16,842	)
Net realized investment (losses) gains on equities, excluding other- than-temporary impairments		(126,362	)		(57,681	)		(20,658	)		(25,780	)		23,303			(230,481	)		82,037
Other-than-temporary impairments		—			—			—			—			(36,866	)		—			(124,997	)
Net realized gains on trading securities		—			—			—			—			1,562			—			18,667
Change in net unrealized investment losses on trading securities		—			—			—			—			(13,981	)		—			(31,308	)
Net realized and unrealized investment losses on equity securities sold but not yet purchased		—			—			—			—			(391	)		—			(9,398	)
Net realized and unrealized (losses) gains on designated hedging activities		—			—			—			—			(1,996	)		—			7,482
Net realized gains (losses) on other invested assets		28,305			(35,347	)		(16,040	)		23,440			16,000			358			10,408
Change in net unrealized (losses) gains on other invested assets		(10,933	)		2,330			13,947			(2,132	)		—			3,212			—
Change in net unrealized investment gains (losses) on fixed maturities subject to the fair value option under SFAS 159		176,067			(97,577	)		(303,100	)		73,750			—			(150,860	)		—
Change in net unrealized investment gains (losses) on short-term investments subject to the fair value option under SFAS 159		1,915			(1,049	)		(193	)		(122	)		—			551			—
Change in net unrealized investment (losses) gains on equities subject to the fair value option under SFAS 159		(14,052	)		(56,280	)		14,784			(89,086	)		—			(144,634	)		—
Net other realized and unrealized investment (losses) gains		(3,856	)		13,265			(2,839	)		—			(9,133	)		6,570			(8,541	)
Net realized and unrealized investment gains (losses)	$	63,967		$	(324,184	)	$	(296,255	)	$	25,112		$	(16,510	)	$	(531,360	)	$	(72,492	)

(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.

(2) Net realized investment losses on fixed maturities and short-term investments includes a $95,117 write-down of defaulted securities for the three months ended September 30, 2008 and the year ended December 31, 2008.

23

PartnerRe Ltd.

Analysis of Policy Benefits for Life and Annuity Contracts

(Expressed in millions of U.S. dollars)

(Unaudited)

	As at and for the three months ended															As at and for the year ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	7,484,625		$	7,614,036		$	7,573,371		$	7,231,436		$	7,110,240		$	7,231,436		$	6,870,785
Reinsurance recoverable at beginning of period		(125,248	)		(133,385	)		(135,629	)		(132,479	)		(134,704	)		(132,479	)		(138,585	)
Net liability at beginning of period		7,359,377			7,480,651			7,437,742			7,098,957			6,975,536			7,098,957			6,732,200
Net incurred losses related to:
Current year		670,595			740,948			567,961			584,670			504,483			2,564,174			2,041,752
Prior years		(68,080	)		(102,505	)		(130,667	)		(116,684	)		(95,746	)		(417,936	)		(414,043	)
		602,515			638,443			437,294			467,986			408,737			2,146,238			1,627,709
Net losses paid		(396,595	)		(445,973	)		(395,895	)		(342,356	)		(389,224	)		(1,580,819	)		(1,620,367	)
Effects of foreign exchange rate changes		(179,846	)		(313,744	)		1,510			213,155			103,908			(278,925	)		359,415
Net liability at end of period		7,385,451			7,359,377			7,480,651			7,437,742			7,098,957			7,385,451			7,098,957
Reinsurance recoverable at end of period		125,215			125,248			133,385			135,629			132,479			125,215			132,479
Gross liability at end of period	$	7,510,666		$	7,484,625		$	7,614,036		$	7,573,371		$	7,231,436		$	7,510,666		$	7,231,436
Breakdown of gross liability at end of period:
Case reserves	$	3,107,780		$	3,095,309		$	3,198,182		$	3,163,431		$	3,062,414		$	3,107,780		$	3,062,414
Additional case reserves		311,408			290,115			304,796			320,706			306,487			311,408			306,487
Incurred but not reported reserves		4,091,478			4,099,201			4,111,058			4,089,234			3,862,535			4,091,478			3,862,535
Gross liability at end of period	$	7,510,666		$	7,484,625		$	7,614,036		$	7,573,371		$	7,231,436		$	7,510,666		$	7,231,436
Breakdown of gross liability at end of period by Non-life sub-segment:
U.S.	$	2,807,091		$	2,707,225		$	2,674,545		$	2,581,781		$	2,515,820		$	2,807,091		$	2,515,820
Global (Non-U.S.) P&C		2,291,856			2,428,686			2,658,505			2,708,713			2,542,278			2,291,856			2,542,278
Global (Non-U.S.) Specialty		2,082,290			2,003,353			2,049,163			2,009,980			1,887,187			2,082,290			1,887,187
Catastrophe		329,429			345,361			231,823			272,897			286,151			329,429			286,151
Gross liability at end of period	$	7,510,666		$	7,484,625		$	7,614,036		$	7,573,371		$	7,231,436		$	7,510,666		$	7,231,436
Unrecognized time value of non-life reserves	$	732,982		$	1,046,590		$	1,184,280		$	1,053,231		$	1,121,912		$	732,982		$	1,121,912
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		65.8	%		69.9	%		90.5	%		73.2	%		95.2	%		73.7	%		99.6	%
Non-life paid losses to net premiums earned ratio		46.8	%		48.0	%		48.9	%		44.8	%		46.4	%		47.2	%		50.5	%

24

PartnerRe Ltd.

Analysis of Policy Benefits for Life and Annuity Contracts

(Expressed in millions of U.S. dollars)

(Unaudited)

	As at and for the three months ended															As at and for the year ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,526,275		$	1,641,389		$	1,600,447		$	1,541,687		$	1,622,564		$	1,541,687		$	1,430,691
Reinsurance recoverable at beginning of period		(31,968	)		(40,163	)		(44,458	)		(43,098	)		(40,871	)		(43,098	)		(42,542	)
Net liability at beginning of period		1,494,307			1,601,226			1,555,989			1,498,589			1,581,693			1,498,589			1,388,149
Net incurred losses related to:
Current year		101,945			108,506			111,785			116,419			111,099			438,655			453,099
Prior years		14,411			5,012			(359	)		5,263			(2,280	)		24,327			1,653
		116,356			113,518			111,426			121,682			108,819			462,982			454,752
Net losses paid		(69,260	)		(107,837	)		(68,124	)		(107,217	)		(204,512	)		(352,438	)		(430,281	)
Effects of foreign exchange rate changes		(133,490	)		(112,600	)		1,935			42,935			12,589			(201,220	)		85,969
Net liability at end of period		1,407,913			1,494,307			1,601,226			1,555,989			1,498,589			1,407,913			1,498,589
Reinsurance recoverable at end of period		24,102			31,968			40,163			44,458			43,098			24,102			43,098
Gross liability at end of period	$	1,432,015		$	1,526,275		$	1,641,389		$	1,600,447		$	1,541,687		$	1,432,015		$	1,541,687

25

PartnerRe Ltd.

Reserve Development

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the three months ended
	December 31, 2008			September 30, 2008			June 30, 2008		March 31, 2008			December 31, 2007
Prior year net favorable (adverse) reserve development:
Non-life segment:
U.S.	$	37,477		$	16,221		$	22,378	$	15,725		$	22,242
Global (Non-U.S.) P&C		15,957			40,568			51,959		57,550			25,152
Global (Non-U.S.) Specialty		(4,013	)		21,107			31,880		32,865			41,708
Catastrophe		18,659			24,609			24,450		10,544			6,644
Total Non-life net prior year reserve development	$	68,080		$	102,505		$	130,667	$	116,684		$	95,746
Life segment	$	(14,411	)	$	(5,012	)	$	359	$	(5,263	)	$	2,280

	For the year ended
	December 31, 2008			December 31, 2007
Prior year net favorable (adverse) reserve development:
Non-life segment:
U.S.	$	91,801		$	72,261
Global (Non-U.S.) P&C		166,034			96,976
Global (Non-U.S.) Specialty		81,839			202,130
Catastrophe		78,262			42,676
Total Non-life net prior year reserve development	$	417,936		$	414,043
Life segment	$	(24,327	)	$	(1,653	)

26

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	For the three months ended															For the year ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			December 31, 2008			December 31, 2007
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning common shareholders’ equity(1) calculated with net income (loss) available to common shareholders		9.1	%		(16.9	)%		(3.6	)%		12.7	%		21.1	%		0.3	%		20.9	%
Less:
Annualized net realized and unrealized investment gains (losses), net of tax, on beginning common shareholders’ equity(1) (2)		3.9			(29.6	)		(23.0	)		1.0			(2.3	)		(11.9	)		(1.7	)
Interest in (losses) earnings of equity investments, net of tax, on beginning common shareholders’ equity(1)		(0.5	)		(0.1	)		0.1			0.1			(8.1	)		(0.1	)		(2.6	)
Annualized operating return on beginning common shareholders’ equity(1)		5.7	%		12.8	%		19.3	%		11.6	%		31.5	%		12.3	%		25.2	%
Net income (loss)	$	95,290		$	(151,719	)	$	(26,024	)	$	129,020		$	180,603		$	46,567		$	717,812
Less:
Net realized and unrealized investment gains (losses), net of tax(2)		37,637			(281,129	)		(219,063	)		8,936			(18,982	)		(453,621	)		(56,288	)
Interest in (losses) earnings of equity investments, net of tax		(4,909	)		(552	)		578			1,242			(66,415	)		(3,641	)		(82,867	)
Dividends to preferred shareholders		8,631			8,631			8,631			8,631			8,631			34,525			34,525
Operating earnings available to common shareholders	$	53,931		$	121,331		$	183,830		$	110,211		$	257,369		$	469,304		$	822,442
Per diluted share:
Net income (loss)	$	1.53		$	(3.01	)	$	(0.64	)	$	2.16		$	3.04		$	0.22		$	11.87
Less:
Net realized and unrealized investment gains (losses), net of tax(2)		0.67			(5.27	)		(4.04	)		0.16			(0.34	)		(8.15	)		(0.98	)
Interest in (losses) earnings of equity investments, net of tax		(0.09	)		(0.01	)		0.01			0.02			(1.17	)		(0.06	)		(1.44	)
Operating earnings	$	0.95		$	2.27		$	3.39		$	1.98		$	4.55		$	8.43		$	14.29

(1) Excluding cumulative preferred shares: 2008 and 2007, $520,000.

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

27

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008		December 31, 2007		December 31, 2006
Reconciliation of GAAP and non-GAAP measures:
Shareholders’ equity	$	4,199,108		$	4,084,686		$	4,409,242		$	4,472,604	$	4,321,557	$	3,785,847
Less:
6.75% Series C cumulative preferred shares, aggregate liquidation		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
Common shareholders’ equity		3,679,108			3,564,686			3,889,242			3,952,604		3,801,557		3,265,847
Less:
Net unrealized (losses) gains on fixed income securities, net of tax		(35,263	)		(174,349	)		(96,837	)		139,920		71,958		(18,694	)
Book value excluding net unrealized gains or losses on fixed income securities, net of tax	$	3,714,371		$	3,739,035		$	3,986,079		$	3,812,684	$	3,729,599	$	3,284,541
Divided by:
Number of common and common share equivalents outstanding		57,533.9			54,519.3			55,388.3			55,725.7		55,936.4		58,248.8
Equals:
Diluted book value per common and common share equivalents outstanding excluding net unrealized gains or losses on fixed income securities, net of tax	$	64.56		$	68.58		$	71.97		$	68.42	$	66.68	$	56.39

28

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)

	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			December 31, 2006
Total shareholders’ equity	$	4,199,108		$	4,084,686		$	4,409,242		$	4,472,604		$	4,321,557		$	3,785,847
Less: preferred shares		(520,000	)		(520,000	)		(520,000	)		(520,000	)		(520,000	)		(520,000	)
Common shareholders’ equity	$	3,679,108		$	3,564,686		$	3,889,242		$	3,952,604		$	3,801,557		$	3,265,847
Basic common shares outstanding		56,453.3			53,275.9			54,004.9			54,262.9			54,250.5			57,076.3
Basic book value per common share	$	65.17		$	66.91		$	72.02		$	72.84		$	70.07		$	57.22
Diluted book value per common share
Common shareholders’ equity	$	3,679,108		$	3,564,686		$	3,889,242		$	3,952,604		$	3,801,557		$	3,265,847
Basic common shares outstanding		56,453.3			53,275.9			54,004.9			54,262.9			54,250.5			57,076.3
Add: Stock options and other		2,365.8			2,419.8			2,820.1			3,002.5			3,018.5			3,339.2
Add: Restricted stock units		751.0			751.5			748.9			690.5			680.6			397.6
Add: Forward sale contract		—			—			—			—			115.4			—
Less: Stock options and other bought back via treasury stock method		(2,036.2	)		(1,927.9	)		(2,185.6	)		(2,230.2	)		(2,128.6	)		(2,564.3	)
Diluted common and common share equivalents outstanding		57,533.9			54,519.3			55,388.3			55,725.7			55,936.4			58,248.8
Diluted book value per common share	$	63.95		$	65.38		$	70.22		$	70.93		$	67.96		$	56.07

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

29

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

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

(Unaudited)

	As of and for the three months ended December 31, 2008						As of and for the year ended December 31, 2008
	Common shareholders’ equity			Diluted book value per common share			Common shareholders’ equity			Diluted book value per common share
Common shareholders’ equity / diluted book value per common share at beginning of period	$	3,565		$	65.38		$	3,802		$	67.96
Technical result		32			0.56			420			7.55
Other operating expenses		(89	)		(1.57	)		(365	)		(6.56	)
Net investment income		144			2.55			573			10.30
Other, net		10			0.16			(35	)		(0.63	)
Operating income tax expense		(34	)		(0.60	)		(89	)		(1.61	)
Preferred dividends		(9	)		(0.15	)		(35	)		(0.62	)
Operating earnings		54			0.95			469			8.43
Net realized and unrealized investment gains (losses), net of tax(1)		38			0.67			(453	)		(8.15	)
Interest in losses of equity investments, net of tax		(5	)		(0.09	)		(4	)		(0.06	)
Net income available to common shareholders		87			1.53			12			0.22
Common share dividends		(26	)		(0.46	)		(100	)		(1.84	)
Change in currency translation adjustment		(128	)		(2.26	)		(163	)		(2.93	)
Change in net unrealized gains or losses on investments, net of tax		—			—			15			0.27
Issuance of common shares, net		194			(0.24	)		126			(0.42	)
Other, net		(13	)		(0.22	)		(13	)		(0.23	)
Impact of change in number of common and common share equivalents outstanding		n/a			0.22			n/a			0.92
Common shareholders’ equity / diluted book value per common share at end of period	$	3,679		$	63.95		$	3,679		$	63.95

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

30

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

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

(Unaudited)

	As of and for the year ended December 31, 2007						As of and for the year ended 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(1)		(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	)		(0.98	)		40			0.42
Other, net		(5	)		(0.08	)		(7	)		(0.13	)
Impact of change in number of common and common share equivalents outstanding		n/a			(0.10	)		n/a			(0.18	)
Common shareholders’ equity / diluted book value per common share at end of period	$	3,802		$	67.96		$	3,266		$	56.07

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

31