Partnerre (PREJF) 8-K PartnerRe Ltd. Reports Fourth Quarter and Full Year 2009 Results

Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as of December 31, 2009

(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, 2009

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, 2009 and 2008	5-6
For the years ended December 31, 2009 and 2008	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
Paris Re sub-segment	14
Life segment	15
Corporate and Other	16
Distribution of Premiums
Distribution of Premiums by line of business, geography and production source	17
Distribution of Premiums by treaty type	18
Investments
Investment Portfolio	19
Distribution of Corporate Bonds	20
Distribution of Equities	21
Distribution of Mortgage/Asset-Backed Securities	22
Other Invested Assets including Private Markets and Derivative Exposures	23
Funds Held - Directly Managed Portfolio	24
Distribution of Corporate Bonds - Funds Held - Directly Managed	25
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses)	26
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses) on Funds Held - Directly Managed	27
Loss Reserves
Analysis of Unpaid Losses and Loss Expenses	28
Analysis of Policy Benefits for Life and Annuity Contracts	29
Reserve Development	30
Reconciliation of GAAP and non-GAAP measures	31-32
Diluted Book Value per Common Share - Treasury Stock Method	33
Diluted Book Value per Common Share - Rollforward	34-35
Pro-forma Information - Paris Re	36
Paris Re Acqusition Related Expenses	37
Pro-forma Condensed Consolidated Balance Sheet at October 2, 2009 (Following Acquisition of Paris Re)	38

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, net realized gain on purchase of capital efficient notes, 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, adjusted to include the equity issued related to the acquisition of Paris Re. 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 and Funds Held - Directly Managed, 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 and Funds Held - Directly Managed, Net of Tax (Diluted Book Value excluding NURGL): The Company calculates Book Value excluding NURGL using common shareholders’ equity less net unrealized gains and losses on fixed income securities and funds held - directly managed, net of tax. Book Value excluding NURGL focuses on the underlying fundamentals of the Company’s financial position without the impact of interest rates and credit spreads on the unrealized gains and losses on fixed income securities and funds held - directly managed, net of tax. The Company calculates Diluted Book Value excluding NURGL using Book Value excluding NURGL divided by the weighted average number of common and common share equivalents outstanding.

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

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, 2009 (A) (1)			September 30, 2009		June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009 (A) (1)			December 31, 2008
Revenues
Gross premiums written	$	920,645		$	893,714	$	846,149		$	1,340,380		$	752,169		$	4,000,888		$	4,028,248
Net premiums written	$	904,440		$	891,547	$	844,659		$	1,308,058		$	752,408		$	3,948,704		$	3,989,435
Decrease (increase) in unearned premiums		432,115			199,144		(18,530	)		(441,608	)		231,864			171,121			(61,411	)
Net premiums earned		1,336,555			1,090,691		826,129			866,450			984,272			4,119,825			3,928,024
Net investment income		182,000			145,350		135,593			133,127			144,321			596,071			572,964
Net realized and unrealized investment gains (losses)		25,063			330,226		306,536			(70,120	)		63,967			591,707			(531,360	)
Net realized gain on purchase of capital efficient notes		—			—		—			88,427			—			88,427			—
Other income		5,986			8,385		3,361			4,582			7,946			22,312			10,335
Total revenues		1,549,604			1,574,652		1,271,619			1,022,466			1,200,506			5,418,342			3,979,963
Expenses
Losses and loss expenses and life policy benefits		743,271			574,228		458,898			518,899			718,871			2,295,296			2,609,220
Acquisition costs		271,081			232,475		181,689			199,968			233,660			885,214			898,882
Other operating expenses		146,522			102,224		98,468			83,594			89,053			430,808			365,009
Interest expense		6,657			6,161		6,335			9,146			12,541			28,301			51,228
Amortization of intangible assets		(6,133	)		—		—			—			—			(6,133	)		—
Net foreign exchange (gains) losses		(4,046	)		961		1,202			3,349			(14,041	)		1,464			(6,221	)
Total expenses		1,157,352			916,049		746,592			814,956			1,040,084			3,634,950			3,918,118
Income before taxes and interest in earnings (losses) of equity investments		392,252			658,603		525,027			207,510			160,422			1,783,392			61,845
Income tax expense		51,892			93,433		56,954			59,812			59,910			262,090			9,705
Interest in earnings (losses) of equity investments		14,000			1,535		6,196			(6,177	)		(5,222	)		15,552			(5,573	)
Net income	$	354,360		$	566,705	$	474,269		$	141,521		$	95,290		$	1,536,854		$	46,567
Preferred dividends	$	8,631		$	8,631	$	8,631		$	8,631		$	8,631		$	34,525		$	34,525
Operating earnings available to common shareholders	$	315,049		$	282,064	$	179,290		$	155,742		$	53,931		$	932,146		$	469,304
Comprehensive income (loss), net of tax	$	367,959		$	605,974	$	512,396		$	112,645		$	(45,437	)	$	1,598,973		$	(113,914	)
Per Share Data:
Earnings per common share:
Basic operating earnings	$	3.95		$	4.85	$	3.17		$	2.76		$	0.97		$	14.85		$	8.64
Net realized and unrealized investment gains (losses), net of tax		0.22			4.72		4.94			(1.32	)		0.68			7.91			(8.35	)
Net realized gain on purchase of capital efficient notes, net of tax		—			—		—			1.00			—			0.91			—
Interest in earnings (losses) of equity investments, net of tax		0.17			0.03		0.12			(0.09	)		(0.09	)		0.26			(0.07	)
Basic net income	$	4.34		$	9.60	$	8.23		$	2.35		$	1.56		$	23.93		$	0.22
Weighted average number of common shares outstanding		79,702.2			58,118.2		56,609.8			56,511.2			55,521.6			62,786.2			54,347.1
Diluted operating earnings (1)	$	3.87		$	4.77	$	3.12		$	2.72		$	0.95		$	14.59		$	8.43
Net realized and unrealized investment gains (losses), net of tax		0.22			4.64		4.86			(1.30	)		0.67			7.78			(8.15	)
Net realized gain on purchase of capital efficient notes, net of tax		—			—		—			0.99			—			0.89			—
Interest in earnings (losses) of equity investments, net of tax		0.16			0.03		0.12			(0.09	)		(0.09	)		0.25			(0.06	)
Diluted net income	$	4.25		$	9.44	$	8.10		$	2.32		$	1.53		$	23.51		$	0.22
Weighted average number of common and common share equivalents outstanding		81,441.2			59,128.5		57,469.0			57,320.3			56,602.1			63,890.6			55,639.6

(1) See page 37 for further analysis of Paris Re acquisition related expenses.

(A) The Company’s results for the three months ended and year ended December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

1

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	December 31, 2009(A)				September 30, 2009				June 30, 2009				March 31, 2009				December 31, 2008				December 31, 2007
Assets
Total investments	$	15,301,510			$	12,285,816			$	11,453,886			$	10,830,252			$	10,886,391			$	10,917,341
Funds held - directly managed		2,124,826				—				—				—				—				—
Cash and cash equivalents		738,309				772,250				616,290				571,638				838,280				654,895
Accrued investment income		218,739				167,902				184,925				170,693				169,103				176,386
Reinsurance balances receivable		2,249,181				1,977,265				2,051,940				2,125,796				1,719,694				1,449,702
Funds held by reinsured companies		938,039				851,932				827,457				753,187				786,422				1,083,036
Deferred acquisition costs		614,857				646,341				673,685				659,012				617,121				641,818
Goodwill		455,533				429,519				429,519				429,519				429,519				429,519
Intangible assets		247,269				—				—				—				—				—
Other assets		844,281				628,621				736,369				734,677				832,790				796,799
Total assets	$	23,732,544			$	17,759,646			$	16,974,071			$	16,274,774			$	16,279,320			$	16,149,496
Liabilities
Unpaid losses and loss expenses	$	10,811,483			$	7,558,318			$	7,396,600			$	7,393,205			$	7,510,666			$	7,231,436
Policy benefits for life and annuity contracts		1,615,193				1,580,380				1,546,779				1,421,420				1,432,015				1,541,687
Unearned premiums		1,706,816				1,594,274				1,771,401				1,706,598				1,273,787				1,267,873
Other reinsurance balances payable		426,091				216,537				237,397				217,335				209,007				156,055
Debt obligations		520,989				520,989				520,989				520,989				907,605				877,605
Other liabilities		1,006,245				844,594				733,227				733,160				747,132				753,283
Total liabilities		16,086,817				12,315,092				12,206,393				11,992,707				12,080,212				11,827,939
Total shareholders’ equity		7,645,727				5,444,554				4,767,678				4,282,067				4,199,108				4,321,557
Total liabilities and shareholders’ equity	$	23,732,544			$	17,759,646			$	16,974,071			$	16,274,774			$	16,279,320			$	16,149,496
Shareholders’ Equity Per Common Share (excluding cumulative preferred shares)	$	86.29			$	84.51			$	74.97			$	66.49			$	65.17			$	70.07
Diluted Book Value Per Common and Common Share Equivalents
Outstanding (assuming exercise of all stock-based awards)	$	84.51			$	83.07			$	73.85			$	65.55			$	63.95			$	67.96
Number of Common and Common Share Equivalents Outstanding		84,319.7				59,281.8				57,514.3				57,388.2				57,533.9				55,936.4
Capital Structure:
Long-term debt	$	—	—	%	$	—	—	%	$	200,000	4	%	$	200,000	4	%	$	200,000	4	%	$	620,000	12	%
Senior notes(1)		250,000	3			250,000	4			250,000	5			250,000	5			250,000	5			—	—
Capital efficient notes(2)		63,384	1			63,384	1			63,384	1			63,384	1			250,000	5			250,000	5
6.75% Series C cumulative preferred shares, aggregate liquidation		290,000	4			290,000	5			290,000	6			290,000	6			290,000	6			290,000	6
6.5% Series D cumulative preferred shares, aggregate liquidation		230,000	3			230,000	4			230,000	4			230,000	5			230,000	5			230,000	4
Common shareholders’ equity		7,125,727	89			4,924,554	86			4,247,678	80			3,762,067	79			3,679,108	75			3,801,557	73
Total Capital	$	7,959,111	100	%	$	5,757,938	100	%	$	5,281,062	100	%	$	4,795,451	100	%	$	4,899,108	100	%	$	5,191,557	100	%

(1) PartnerRe Finance A LLC, the issuer of the senior notes, does not meet U.S. GAAP consolidation requirements. Accordingly, the Company shows the related intercompany debt of $250.0 million on its Condensed Consolidated Balance Sheets.

(2) PartnerRe Finance II, the issuer of the capital efficient notes, does not meet U.S. GAAP consolidation requirements. Accordingly, the Company shows the related intercompany debt of $71.0 million for each quarter of 2009 and $257.6 million for all other Condensed Consolidated Balance Sheet dates presented.

(A) The Company’s results at December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

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, 2009(A)			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009(A)			December 31, 2008
Net cash provided by operating activities:
Underwriting operations	$	198		$	168		$	37		$	147		$	153		$	550		$	604
Investment income		167			169			136			131			125			603			580
Taxes and foreign exchange		(41	)		10			1			(24	)		(10	)		(54	)		(25	)
Net cash provided by operating activities	$	324		$	347		$	174		$	254		$	268		$	1,099		$	1,159
Net cash provided by operating activities	$	324		$	347		$	174		$	254		$	268		$	1,099		$	1,159
Net cash provided by (used in) investing activities(1)		12			(169	)		(110	)		(180	)		(254	)		(447	)		(944	)
Net cash (used in) provided by financing activities(2)		(373	)		(30	)		(33	)		(329	)		162			(765	)		(2	)
Effect of foreign exchange rate changes on cash		3			8			13			(11	)		(14	)		13			(30	)
(Decrease) increase in cash and cash equivalents		(34	)		156			44			(266	)		162			(100	)		183
Cash and cash equivalents - beginning of period		772			616			572			838			676			838			655
Cash and cash equivalents - end of period	$	738		$	772		$	616		$	572		$	838		$	738		$	838

(1) For the three months and the year ended December 31, 2009, net cash provided by (used in) investing activities includes $492 million of cash acquired related to the acquisition of Paris Re.

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

(A) The Company’s results for the three months ended and year ended December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

3

PartnerRe Ltd.

Consolidated Statements of Comprehensive Income

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	December 31, 2009(A)		September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Net income	$	354,360	$	566,705		$	474,269		$	141,521		$	95,290
Change in currency translation adjustment		112		40,121			38,922			(31,200	)		(128,163	)
Change in net unrealized gains or losses on investments, net of tax		7,114		(164	)		(9	)		1,138			76
Change in unfunded pension obligation, net of tax		6,373		(688	)		(786	)		1,186			(12,640	)
Comprehensive income (loss)	$	367,959	$	605,974		$	512,396		$	112,645		$	(45,437	)
									For the year ended
									December 31, 2009(A)			December 31, 2008
Net income									$	1,536,854		$	46,567
Change in currency translation adjustment										47,955			(162,889	)
Change in net unrealized gains or losses on investments, net of tax										8,079			15,157
Change in unfunded pension obligation, net of tax										6,085			(12,749	)
Comprehensive income (loss)									$	1,598,973		$	(113,914	)

(A) The Company’s results for the three months ended and year ended December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

4

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

	For the three months ended December 31, 2009
	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Paris Re (A)			Total Non-life Segment			Life Segment			Corporate and Other			Total
Gross premiums written	$	229		$	103		$	227		$	12		$	193		$	764		$	157		$	—		$	921
Net premiums written	$	229		$	103		$	225		$	12		$	178		$	747		$	157		$	—		$	904
Decrease in unearned premiums		62			87			38			103			134			424			7			2			433
Net premiums earned	$	291		$	190		$	263		$	115		$	312		$	1,171		$	164		$	2		$	1,337
Losses and loss expenses and life policy benefits		(162	)		(99	)		(144	)		(3	)		(208	)		(616	)		(127	)		—			(743	)
Acquisition costs		(78	)		(47	)		(61	)		(9	)		(46	)		(241	)		(30	)		—			(271	)
Technical result	$	51		$	44		$	58		$	103		$	58		$	314		$	7		$	2		$	323
Other income																	4			—			2			6
Other operating expenses																	(83	)		(13	)		(51	)		(147	)
Underwriting result																$	235		$	(6	)		n/a		$	182
Net investment income																				16			166			182
Allocated underwriting result (1)																			$	10			n/a			n/a
Net realized and unrealized investment gains																							25			25
Interest expense																							(7	)		(7	)
Amortization of intangible assets																							6			6
Net foreign exchange gains																							4			4
Income tax expense																							(52	)		(52	)
Interest in earnings of equity investments																							14			14
Net income																							n/a		$	354
Loss ratio(2)		55.7	%		52.3	%		54.6	%		3.1	%		66.7	%		52.7	%
Acquisition ratio(3)		26.7			24.7			23.4			7.6			14.7			20.5
Technical ratio(4)		82.4	%		77.0	%		78.0	%		10.7	%		81.4	%		73.2	%
Other operating expense ratio(5)																	7.1
Combined ratio(6)																	80.3	%

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

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

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

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

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

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

(A) The Company’s results for the three months and year ended December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

5

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	%

6

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

	For the year ended December 31, 2009
	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Paris Re (A)			Total Non-life Segment			Life Segment			Corporate and Other			Total
Gross premiums written	$	1,069		$	646		$	1,102		$	388		$	193		$	3,398		$	595		$	8		$	4,001
Net premiums written	$	1,070		$	644		$	1,071		$	388		$	178		$	3,351		$	591		$	7		$	3,949
Decrease (increase) in unearned premiums		33			24			(34	)		17			134			174			(4	)		1			171
Net premiums earned	$	1,103		$	668		$	1,037		$	405		$	312		$	3,525		$	587		$	8		$	4,120
Losses and loss expenses and life policy benefits		(660	)		(341	)		(648	)		(1	)		(208	)		(1,858	)		(440	)		2			(2,296	)
Acquisition costs		(284	)		(165	)		(245	)		(32	)		(46	)		(772	)		(113	)		—			(885	)
Technical result	$	159		$	162		$	144		$	372		$	58		$	895		$	34		$	10		$	939
Other income																	13			2			7			22
Other operating expenses																	(253	)		(47	)		(131	)		(431	)
Underwriting result																$	655		$	(11	)		n/a		$	530
Net investment income																				62			534			596
Allocated underwriting result(1)																			$	51			n/a			n/a
Net realized and unrealized investment gains																							591			591
Net realized gain on purchase of capital efficient notes																							89			89
Interest expense																							(28	)		(28	)
Amortization of intangible assets																							6			6
Net foreign exchange losses																							(1	)		(1	)
Income tax expense																							(262	)		(262	)
Interest in earnings of equity investments																							16			16
Net income																							n/a		$	1,537
Loss ratio(2)		59.8	%		51.0	%		62.5	%		0.3	%		66.7	%		52.7	%
Acquisition ratio(3)		25.8			24.7			23.6			8.0			14.7			21.9
Technical ratio(4)		85.6	%		75.7	%		86.1	%		8.3	%		81.4	%		74.6	%
Other operating expense ratio(5)																	7.2
Combined ratio(6)																	81.8	%

(A) The Company’s results for the three months and year ended December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

7

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	%

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, 2009 (A) (B)			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009 (A) (B)			December 31, 2008
Net premiums written	$	747		$	733		$	724		$	1,147		$	620		$	3,351		$	3,392
Net premiums earned	$	1,171		$	926		$	703		$	724		$	844		$	3,525		$	3,334
Losses and loss expenses		(616	)		(459	)		(377	)		(405	)		(603	)		(1,858	)		(2,131	)
Acquisition costs		(241	)		(204	)		(155	)		(172	)		(204	)		(772	)		(777	)
Technical result	$	314		$	263		$	171		$	147		$	37		$	895		$	426
Other income		4			5			1			3			6			13			4
Other operating expenses		(83	)		(61	)		(55	)		(54	)		(56	)		(253	)		(231	)
Underwriting result	$	235		$	207		$	117		$	96		$	(13	)	$	655		$	199
Loss ratio(1)		52.7	%		49.5	%		53.6	%		55.9	%		71.3	%		52.7	%		63.9	%
Acquisition ratio(2)		20.5			22.0			22.0			23.7			24.3			21.9			23.3
Technical ratio(3)		73.2	%		71.5	%		75.6	%		79.6	%		95.6	%		74.6	%		87.2	%
Other operating expense ratio(4)		7.1			6.6			7.9			7.4			6.6			7.2			6.9
Combined ratio(5)		80.3	%		78.1	%		83.5	%		87.0	%		102.2	%		81.8	%		94.1	%

(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.

(A) The Company’s results for the three months and year ended December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

(B) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended December 31, 2009, net premiums written and net premiums earned include foreign exchange impacts of $11.6 million and $21.7 million, respectively, compared to the three months ended December 31, 2008. For the year ended December 31, 2009, net premiums written and net premiums earned include foreign exchange impacts of $(160.6) million and $(126.8) million, respectively, compared to the year ended December 31, 2008.

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, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009			December 31, 2008
Net premiums written	$	229		$	279		$	249		$	312		$	223		$	1,070		$	1,064
Net premiums earned	$	291		$	312		$	258		$	241		$	261		$	1,103		$	1,088
Losses and loss expenses		(162	)		(171	)		(164	)		(162	)		(202	)		(660	)		(812	)
Acquisition costs		(78	)		(80	)		(63	)		(63	)		(63	)		(284	)		(261	)
Technical result	$	51		$	61		$	31		$	16		$	(4	)	$	159		$	15
Loss ratio(1)		55.7	%		54.9	%		63.7	%		66.9	%		77.3	%		59.8	%		74.6	%
Acquisition ratio(2)		26.7			25.7			24.2			26.2			24.5			25.8			24.0
Technical ratio(3)		82.4	%		80.6	%		87.9	%		93.1	%		101.8	%		85.6	%		98.6	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		40	%		35	%		39	%		45	%		40	%		40	%		45	%
Agriculture		34			21			19			15			28			22			23
Property		11			24			20			18			18			18			15
Motor		11			10			7			8			4			9			5
Other		4			10			15			14			10			11			12
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, 2009(A)			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009(A)			December 31, 2008
Net premiums written	$	103		$	124		$	118		$	299		$	123		$	644		$	765
Net premiums earned	$	190		$	160		$	161		$	157		$	215		$	668		$	797
Losses and loss expenses		(99	)		(84	)		(83	)		(75	)		(122	)		(341	)		(454	)
Acquisition costs		(47	)		(39	)		(38	)		(41	)		(51	)		(165	)		(198	)
Technical result	$	44		$	37		$	40		$	41		$	42		$	162		$	145
Loss ratio(1)		52.3	%		52.2	%		51.5	%		47.9	%		56.6	%		51.0	%		56.9	%
Acquisition ratio(2)		24.7			24.5			23.7			26.0			23.8			24.7			24.9
Technical ratio(3)		77.0	%		76.7	%		75.2	%		73.9	%		80.4	%		75.7	%		81.8	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		68	%		74	%		75	%		66	%		57	%		70	%		62	%
Motor		21			20			18			21			28			20			23
Casualty		11			6			7			13			15			10			15
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended December 31, 2009, net premiums written and net premiums earned include foreign exchange impacts of $4.5 million and $9.1 million, respectively, compared to the three months ended December 31, 2008. For the year ended December 31, 2009, net premiums written and net premiums earned include foreign exchange impacts of $(78.4) million and $(65.8) million, respectively, compared to the year ended December 31, 2008.

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, 2009(A)			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009(A)			December 31, 2008
Net premiums written	$	225		$	283		$	232		$	331		$	251		$	1,071		$	1,150
Net premiums earned	$	263		$	295		$	232		$	247		$	266		$	1,037		$	1,046
Losses and loss expenses		(144	)		(195	)		(152	)		(157	)		(245	)		(648	)		(721	)
Acquisition costs		(61	)		(73	)		(50	)		(60	)		(80	)		(245	)		(281	)
Technical result	$	58		$	27		$	30		$	30		$	(59	)	$	144		$	44
Loss ratio(1)		54.6	%		66.1	%		65.5	%		63.6	%		92.0	%		62.5	%		69.0	%
Acquisition ratio(2)		23.4			24.8			21.5			24.4			30.1			23.6			26.8
Technical ratio(3)		78.0	%		90.9	%		87.0	%		88.0	%		122.1	%		86.1	%		95.8	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		26	%		17	%		17	%		9	%		22	%		16	%		16	%
Credit/Surety		17			15			13			14			22			15			20
Engineering		19			26			17			15			22			19			19
Energy		5			9			6			13			6			9			7
Marine		15			12			19			15			12			15			13
Specialty casualty		7			9			13			17			8			12			13
Specialty property		6			6			8			12			3			8			8
Other		5			6			7			5			5			6			4
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended December 31, 2009, net premiums written and net premiums earned include foreign exchange impacts of $6.7 million and $9.1 million, respectively, compared to the three months ended December 31, 2008. For the year ended December 31, 2009, net premiums written and net premiums earned include foreign exchange impacts of $(64.7) million and $(51.6) million, respectively, compared to the year ended December 31, 2008.

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, 2009(A)			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009(A)			December 31, 2008
Net premiums written	$	12		$	47		$	125		$	205		$	23		$	388		$	413
Net premiums earned	$	115		$	159		$	52		$	79		$	102		$	405		$	403
Losses and loss expenses		(3	)		(9	)		22			(11	)		(34	)		(1	)		(144	)
Acquisition costs		(9	)		(12	)		(4	)		(8	)		(10	)		(32	)		(37	)
Technical result	$	103		$	138		$	70		$	60		$	58		$	372		$	222
Loss ratio(1)		3.1	%		5.6	%		(43.0	)%		14.1	%		33.4	%		0.3	%		35.8	%
Acquisition ratio(2)		7.6			7.4			7.9			9.6			9.4			8.0			9.2
Technical ratio(3)		10.7	%		13.0	%		(35.1	)%		23.7	%		42.8	%		8.3	%		45.0	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended December 31, 2009, net premiums written and net premiums earned include foreign exchange impacts of $0.5 million and $3.5 million, respectively, compared to the three months ended December 31, 2008. For the year ended December 31, 2009, net premiums written and net premiums earned include foreign exchange impacts of $(16.3) million and $(8.2) million, respectively, compared to the year ended December 31, 2008.

13

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Paris Re sub-segment

	For the period from October 2, 2009 to December 31, 2009
Net premiums written	$	178
Net premiums earned	$	312
Losses and loss expenses		(208	)
Acquisition costs		(46	)
Technical result	$	58
Loss ratio(1)		66.7	%
Acquisition ratio(2)		14.7
Technical ratio(3)		81.4	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		17	%
Credit/Surety		15
Motor		14
Marine		11
Specialty property		11
Agriculture		6
Energy		6
Other		20
Total		100	%

14

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, 2009 (A)				September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009 (A)			December 31, 2008
Net premiums written	$	157			$	157		$	116		$	160		$	131		$	591		$	579
Net premiums earned	$	164			$	160		$	123		$	140		$	136		$	587		$	576
Life policy benefits		(127	)			(115	)		(85	)		(113	)		(116	)		(440	)		(463	)
Acquisition costs		(30	)			(28	)		(27	)		(28	)		(29	)		(113	)		(120	)
Technical result	$	7			$	17		$	11		$	(1	)	$	(9	)	$	34		$	(7	)
Other income		—				—			—			1			—			2			—
Other operating expenses		(13	)			(13	)		(11	)		(10	)		(11	)		(47	)		(43	)
Underwriting result	$	(6	)		$	4		$	—		$	(10	)	$	(20	)	$	(11	)	$	(50	)
Net investment income		16				16			15			15			16			62			67
Allocated underwriting result(1)	$	10			$	20		$	15		$	5		$	(4	)	$	51		$	17
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		76	%			79	%		80	%		86	%		86	%		80	%		86	%
Longevity		20				17			15			10			11			16			11
Health		4		��		4			5			4			3			4			3
Total		100	%			100	%		100	%		100	%		100	%		100	%		100	%

(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.

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended December 31, 2009, net premiums written and net premiums earned include foreign exchange impacts of $3.8 million and $4.0 million, respectively, compared to the three months ended December 31, 2008. For the year ended December 31, 2009, net premiums written and net premiums earned include foreign exchange impacts of $(60.2) million and $(59.6) million, respectively, compared to the year ended December 31, 2008.

15

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, 2009 (A)			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009 (A)			December 31, 2008
Technical result	$	2		$	4		$	3		$	1		$	4		$	10		$	1
Other income		2			3			2			1			2			7			6
Corporate expenses - acquisition related		(18	)		(8	)		(10	)		—			—			(36	)		—
Corporate expenses (1)		(28	)		(17	)		(19	)		(16	)		(18	)		(81	)		(75	)
Other operating expenses		(5	)		(3	)		(3	)		(4	)		(4	)		(14	)		(16	)
Net investment income		166			129			121			118			128			534			506
Net realized and unrealized investment gains (losses)		25			330			307			(70	)		64			591			(531	)
Net realized gain on purchase of capital efficient notes		—			—			—			89			—			89			—
Interest expense		(7	)		(6	)		(6	)		(9	)		(13	)		(28	)		(51	)
Amortization of intangible assets		6			—			—			—			—			6			—
Net foreign exchange gains (losses)		4			(1	)		(2	)		(3	)		14			(1	)		6
Income tax expense		(52	)		(93	)		(57	)		(60	)		(60	)		(262	)		(10	)
Interest in earnings (losses) of equity investments		14			2			6			(6	)		(5	)		16			(5	)

(1) The Company’s corporate expenses for the three months ended and year ended December 31, 2009 include $9 million of corporate expenses related to Paris Re.

(A) The Company’s results for the three months ended and year ended December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

16

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended										For the year ended
	December 31, 2009 (A)		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		December 31, 2009 (A)		December 31, 2008
Distribution of Net Premiums Written by
Line of Business:
Non-life
Property and casualty
Casualty	11	%	12	%	13	%	14	%	14	%	12	%	15	%
Property	14		18		16		19		15		17		16
Motor	8		6		4		6		6		6		6
Multiline and other	1		2		3		3		2		2		3
Specialty
Agriculture	11		9		8		5		10		8		7
Aviation/Space	7		5		5		2		7		5		5
Catastrophe	2		5		15		16		3		10		10
Credit/Surety	8		6		5		5		9		6		7
Engineering	5		8		5		4		7		5		5
Energy	3		3		2		3		2		3		2
Marine	6		4		5		4		4		5		4
Specialty casualty	2		3		3		4		3		3		4
Specialty property	4		2		2		3		1		3		2
Life	18		17		14		12		17		15		14
	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by
Geography:
North America	39	%	42	%	48	%	38	%	42	%	41	%	41	%
Europe	41		36		32		49		45		41		46
Latin America, Caribbean and Africa	12		15		9		7		9		10		8
Asia, Australia and New Zealand	8		7		11		6		4		8		5
	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by
Production Source:
Broker	70	%	73	%	76	%	69	%	69	%	72	%	71	%
Direct	30		27		24		31		31		28		29
	100	%	100	%	100	%	100	%	100	%	100	%	100	%

(A) The Company’s results for the three months and year ended December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

17

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended										For the year ended
	December 31, 2009 (A)		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		December 31, 2009 (A)		December 31, 2008
Distribution of Gross Premiums Written by Treaty Type
Non-life sub-segment:
U.S.
Non-Proportional	12	%	26	%	27	%	45	%	14	%	29	%	32	%
Proportional	88		74		73		55		86		71		68
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Global (Non-U.S.) P&C
Non-Proportional	5	%	22	%	16	%	34	%	6	%	24	%	24	%
Proportional	95		78		84		66		94		76		76
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Global (Non-U.S.) Specialty
Non-Proportional	9	%	13	%	21	%	23	%	7	%	17	%	15	%
Proportional	91		87		79		77		93		83		85
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Catastrophe
Non-Proportional	92	%	98	%	97	%	99	%	96	%	98	%	97	%
Proportional	8		2		3		1		4		2		3
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Paris Re
Non-Proportional	48	%	n/a	%	n/a	%	n/a	%	n/a	%	46	%	n/a	%
Proportional	52		n/a		n/a		n/a		n/a		54		n/a
Total	100	%	n/a	%	n/a	%	n/a	%	n/a	%	100	%	n/a	%
Non-life total
Non-Proportional	20	%	25	%	35	%	45	%	12	%	33	%	32	%
Proportional	80		75		65		55		88		67		68
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%

(A) The Company’s results for the three months and year ended December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

18

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	December 31, 2009(1) (A) (B)					September 30, 2009(1)					June 30, 2009(1)					March 31, 2009(1)					December 31, 2008(1)					December 31, 2007
Investments:
Fixed maturities
U.S. government	$	803		5	%	$	630		5	%	$	754		6	%	$	881		8	%	$	836		7	%	$	1,217		11	%
Government Sponsored Entities (GSEs)		453		3			72		1			68		1			80		1			95		1			328		3
U.S. municipalities		14		—			4		—			4		—			—		—			—		—			—		—
Other foreign governments		3,059		20			3,039		25			3,177		28			2,869		27			2,824		26			2,821		26
Corporates		6,631		43			4,502		37			3,860		34			3,392		31			3,413		31			2,861		26
Mortgage/asset-backed securities		3,183		21			3,005		24			2,894		25			3,058		28			3,014		28			2,272		21
Total fixed maturities		14,143		92			11,252		92			10,757		94			10,280		95			10,182		93			9,499		87
Short-term investments		137		1			49		—			64		—			69		1			117		1			97		1
Equities		796		5			865		7			527		5			426		4			513		5			872		8
Trading securities		—		—			—		—			—		—			—		—			—		—			399		4
Other invested assets		226		2			120		1			106		1			55		—			74		1			50		—
Total investments	$	15,302		100	%	$	12,286		100	%	$	11,454		100	%	$	10,830		100	%	$	10,886		100	%	$	10,917		100	%
Cash and cash equivalents	$	738				$	772				$	616				$	572				$	838				$	655
Total investments and cash		16,040					13,058					12,070					11,402					11,724					11,572
Maturity distribution:
One year or less	$	869		6	%	$	526		5	%	$	506		5	%	$	452		4	%	$	545		5	%	$	730		7	%
More than one year through five years		6,346		45			4,402		39			4,342		40			3,697		36			3,649		35			3,444		36
More than five years through ten years		3,343		23			2,964		26			2,701		25			2,791		27			2,730		27			2,764		29
More than ten years		539		4			404		3			378		3			351		3			361		4			386		4
Subtotal		11,097		78			8,296		73			7,927		73			7,291		70			7,285		71			7,324		76
Mortgage/asset-backed securities		3,183		22			3,005		27			2,894		27			3,058		30			3,014		29			2,272		24
Total	$	14,280		100	%	$	11,301		100	%	$	10,821		100	%	$	10,349		100	%	$	10,299		100	%	$	9,596		100	%
Credit quality by market value:
AAA		50	%				51	%				58	%				62	%				62	%				65	%
AA		10					7					6					6					5					7
A		24					26					21					19					19					12
BBB		12					12					12					10					11					12
Below Investment Grade/Unrated		4					4					3					3					3					4
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		3.1 Yrs					3.0 Yrs					3.0 Yrs					3.0 Yrs					3.1 Yrs					3.9 Yrs
Average yield to maturity at market		3.6	%				3.6	%				4.3	%				4.8	%				5.2	%				4.7	%
Average credit quality		AA					AA					AA					AA					AA					AA

(1) Effective January 1, 2008, the Company reclassified its fixed maturities, short-term investments and equities from available-for-sale securities to trading securities.

(A) The Company’s results at December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

(B) Paris Re’s Funds Held - Directly Managed Portfolio is described separately in the following pages and is not reflected here.

19

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)

December 31, 2009

	Fair Value (A)			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	$	1,927,907			29.1	%		12.0	%		1.0	%
Consumer noncyclical		854,307			12.9			5.3			0.2
Government guaranteed corporate debt		719,297			10.8			4.5			0.9
Communications		678,552			10.2			4.2			0.8
Utilities		501,040			7.6			3.1			0.1
Catastrophe bonds		429,760			6.5			2.7			0.4
Industrials		379,387			5.7			2.4			0.2
Energy		311,187			4.7			1.9			0.2
Consumer cyclical		264,751			4.0			1.7			0.3
Insurance		201,836			3.0			1.3			0.1
Materials		173,849			2.6			1.1			0.1
Technology		108,590			1.6			0.7			0.1
Real estate investment trusts		76,678			1.2			0.5			0.1
Diversified		4,268			0.1			—			—
Total Corporate bonds	$	6,631,409			100.0	%		41.4	%
Finance sector - Corporate bonds
Banks	$	862,264			13.0	%		5.4	%
Investment banking and brokerage		357,192			5.4			2.2
Financial services		439,163			6.6			2.7
Commercial and consumer finance		223,404			3.4			1.4
Other		45,884			0.7			0.3
Total finance sector - Corporate bonds	$	1,927,907			29.1	%		12.0	%
Credit quality of finance sector - Corporate bonds	AAA			AA			A			BBB			Non-Investment Grade			Total
Banks	$	71,886		$	279,038		$	443,907		$	62,768		$	4,665		$	862,264
Investment banking and brokerage		—			—			350,178			7,014			—			357,192
Financial services		48,100			215,875			147,472			24,663			3,053			439,163
Commercial and consumer finance		—			—			134,002			86,357			3,045			223,404
Other		2,510			9,066			13,024			17,170			4,114			45,884
Total finance sector - Corporate bonds	$	122,496		$	503,979		$	1,088,583		$	197,972		$	14,877		$	1,927,907
% of total		6.3	%		26.1	%		56.5	%		10.3	%		0.8	%		100.0	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 20.4% of the Company’s total corporate bonds. The single largest issuer accounts for 2.7% of the Company’s total corporate bonds.

(A) The Company’s results at December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

20

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

	December 31, 2009
	Fair Value (A)		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
Technology	$	98,831	15.9	%	0.6	%	0.2	%
Energy		89,115	14.3		0.6		0.2
Finance		83,323	13.4		0.5		0.1
Consumer noncyclical		81,628	13.1		0.5		0.1
Industrials		72,396	11.6		0.5		0.1
Communications		71,706	11.5		0.4		0.1
Consumer cyclical		57,133	9.2		0.3		—
Insurance		32,845	5.3		0.2		0.1
Materials		26,558	4.2		0.2		—
Real estate investment trusts		9,070	1.5		0.1		—
Diversified		391	—		—		—
Total equities	$	622,996	100.0	%	3.9	%
Mutual funds and exchange traded funds (ETFs)
Funds holding fixed income securities		34,993			0.2
Funds and ETFs holding equities		137,550			0.9
Total equities	$	795,539			5.0	%

Concentration of investment risk

The single largest fund is a Select Sector SPDR Health Care Select index fund, which accounts for 13.4% of the Company’s total equities.

Excluding equity securities held in mutual funds and exchange traded funds, the top 10 common stock issuers account for 26% of the Company’s total equities and the single largest issuer accounts for 4.3% of the Company’s total equities.

(A) The Company’s results at December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

21

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 ^(A)

	Rating at December 31, 2009
	GNMA			GSEs			AAA			AA			A			BBB			Non-Investment Grade			Total
U.S. Asset-Backed Securities	$	—		$	—		$	269,590		$	52,649		$	2,567		$	105,016		$	94,362		$	524,184
U.S. Collaterized Mortgage Obligations		—			95,485			21,437			2			1,667			—			6,971			125,562
U.S. Mortgage Backed Securities (MBS)		146,251			1,985,492			436			—			—			—			77,440			2,209,619
U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			523			—			18,560			874			—			19,957
U.S. MBS Interest Only		—			18,135			—			—			—			—			—			18,135
Subtotal U.S. mortgage/asset-backed securities	$	146,251		$	2,099,112		$	291,986		$	52,651		$	22,794		$	105,890		$	178,773		$	2,897,457
Non-U.S. Asset-Backed Securities	$	—		$	—		$	34,365		$	8,708		$	—		$	—		$	—		$	43,073
Non-U.S. Collaterized Mortgage Obligations		—			—			214,868			12,084			—			4,082			—			231,034
Non-U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			11,526			—			—			—			—			11,526
Non-U.S. Mortgage Backed Securities		—			—			—			—			—			—			—			—
Subtotal Non-U.S. mortgage/asset-backed securities	$	—		$	—		$	260,759		$	20,792		$	—		$	4,082		$	—		$	285,633
Total mortgage/asset-backed securities	$	146,251		$	2,099,112		$	552,745		$	73,443		$	22,794		$	109,972		$	178,773		$	3,183,090
Corporate Securities		—			453,006			—			—			—			—			—			453,006
Total	$	146,251		$	2,552,118		$	552,745		$	73,443		$	22,794		$	109,972		$	178,773		$	3,636,096
% of total		4.0	%		70.2	%		15.2	%		2.0	%		0.7	%		3.0	%		4.9	%		100.0	%

(A) The Company’s results at December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

22

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 ^(A)

	December 31, 2009
	Investments		Fair Value of Derivatives			Carrying Value			Net Notional Amount of Derivatives			Total Net Exposures (1)
Private Markets Investments
Principal Finance - Investments	$	25,405	$	—		$	25,405		$	—		$	25,405
Principal Finance - Derivative Exposure Assumed		—		(9,401	)		(9,401	)		246,665			237,264
Insurance-Linked Securities		—		(149	)		(149	)		48,962			48,813
Strategic Investments		160,131		—			160,131			—			160,131
Total other invested assets - Private Markets Exposure Assumed		185,536		(9,550	)		175,986			295,627			471,613
Other Credit Derivatives - Exposure Assumed		—		605			605			5,000			5,605
Other Credit Derivatives - Protection Purchased		—		(2,056	)		(2,056	)		(192,996	)		(195,052	)
Other(2)		8,989		42,008			50,997
Total other invested assets	$	194,525	$	31,007		$	225,532

(1) The total net exposures originated in Private Markets are $1,345 million. In addition to the net exposures listed above of $472 million, the Company has the following other net exposures originated in Private Markets:

- Principal Finance: $368 million of assets listed under Investments - Fixed Maturities and ($17) million of limits on transactions that use reinsurance accounting for a total exposure of $614 milion.

- Insurance-Linked Securities: $472 million of bonds listed under Investments - Fixed Maturities and $49 million of limits on transactions that use reinsurance accounting for a total exposure of $570 million.

- Strategic Investments: ($2) million of futures included in Other and $3 million of assets listed under Cash and Other Assets for a total exposure of $161 million.

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

(A) The Company’s results at December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

23

PartnerRe Ltd.

Funds Held - Directly Managed Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	December 31, 2009
Investments:
Fixed maturities
U.S. government	$	119		6	%
Government Sponsored Entities (GSEs)		180		10
U.S. municipalities		1		—
Other foreign governments		548		30
Corporates		900		49
Mortgage/asset-backed securities		18		1
Total fixed maturities		1,766		96
Short-term investments		28		2
Other invested assets		39		2
Total investments	$	1,833		100	%
Cash and cash equivalents	$	146
Total investments and cash		1,979
Accrued investment income		25
Other funds held assets/liabilities		121
Total funds held - directly managed	$	2,125
Maturity distribution:
One year or less	$	360		20	%
More than one year through five years		903		50
More than five years through ten years		423		24
More than ten years		90		5
Subtotal		1,776		99
Mortgage/asset-backed securities		18		1
Total	$	1,794		100	%
Credit quality by market value:
AAA		38	%
AA		26
A		29
BBB		5
Below Investment Grade/Unrated		2
		100	%
Expected average duration		3.0	Yrs
Average yield to maturity at market		2.6	%
Average credit quality		AA

24

PartnerRe Ltd.

Distribution of Corporate Bonds

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

	December 31, 2009
	Fair Value			Percentage to Total Fair Value of Corporate Bonds			Percentage to Funds Held - - Directly Managed Investments and Cash			Largest Single Issuer as a Percentage of Funds Held - Directly Managed Investments and Cash
Distribution by sector - Corporate bonds
Finance	$	402,571			44.7	%		20.4	%		0.9	%
Consumer noncyclical		125,378			13.9			6.3			0.6
Government guaranteed corporate debt		92,958			10.3			4.7			1.7
Utilities		71,528			8.0			3.6			0.3
Communications		46,528			5.2			2.3			0.4
Energy		43,114			4.8			2.2			1.1
Industrials		36,322			4.0			1.8			0.6
Materials		27,407			3.1			1.4			0.3
Consumer cyclical		25,604			2.8			1.3			0.8
Catastrophe bonds		18,000			2.0			0.9			0.9
Technology		5,289			0.6			0.3			0.3
Insurance		2,279			0.3			0.1			0.1
Diversified		1,785			0.2			0.1			0.1
Real estate investment trusts		1,040			0.1			0.1			0.1
Total Corporate bonds	$	899,803			100.0	%		45.5	%
Finance sector - Corporate bonds
Banks	$	235,319			26.2	%		11.9	%
Investment banking and brokerage		53,247			5.9			2.7
Financial services		50,969			5.7			2.6
Commercial and consumer finance		33,633			3.7			1.7
Other		29,403			3.2			1.5
Total finance sector - Corporate bonds	$	402,571			44.7	%		20.4	%
	AAA			AA			A			BBB			Non-Investment Grade			Total
Credit quality of finance sector - Corporate bonds
Banks	$	54,053		$	92,298		$	78,171		$	4,995		$	5,802		$	235,319
Commercial and consumer finance		2,952			18,473			26,466			5,356			—			53,247
Financial services		9,592			29,999			11,378			—			—			50,969
Investment banking and brokerage		17,139			—			16,494			—			—			33,633
Other		29,403			—			—			—			—			29,403
Total finance sector - Corporate bonds	$	113,139		$	140,770		$	132,509		$	10,351		$	5,802		$	402,571
% of total		28.1	%		35.0	%		32.9	%		2.6	%		1.4	%		100.0	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 21.9% of the Company’s total corporate bonds. The single largest issuer accounts for 5.6% of the Company’s total corporate bonds.

25

PartnerRe Ltd.

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

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	December 31, 2009 (A)			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009 (A)			December 31, 2008
Fixed maturities	$	159,436		$	138,741		$	132,017		$	129,135		$	134,729		$	559,330		$	514,751
Short-term investments, cash and cash equivalents		5,916			2,694			1,287			1,902			3,795			11,799			18,884
Equities		3,825			3,408			3,533			3,096			6,534			13,861			29,415
Funds held and other		8,427			8,988			8,001			7,377			7,490			32,793			37,261
Funds held - directly managed		17,766			—			—			—			—			17,766			—
Investment expenses		(13,370	)		(8,481	)		(9,245	)		(8,383	)		(8,227	)		(39,478	)		(27,347	)
Net investment income(3)	$	182,000		$	145,350		$	135,593		$	133,127		$	144,321		$	596,071		$	572,964
Net realized investment gains (losses) on fixed maturities and short-term investments(1)	$	41,693		$	35,224		$	8,048		$	20,284		$	12,883		$	105,249		$	(16,076	)
Net realized investment gains (losses) on equities (2)		46,617			11,292			(61,760	)		(41,408	)		(126,362	)		(45,258	)		(230,481	)
Net realized (losses) gains on other invested assets		(57,675	)		(10,057	)		15,998			16,308			28,305			(35,426	)		358
Change in net unrealized gains (losses) on other invested assets		67,425			(26,906	)		37,725			(20,047	)		(10,933	)		58,196			3,212
Change in net unrealized investment (losses) gains on fixed maturities subject to the fair value option		(60,750	)		243,234			186,819			(48,371	)		176,067			320,934			(150,860	)
Change in net unrealized investment gains (losses) on short-term investments subject to the fair value option		3,489			(898	)		(206	)		(375	)		1,915			2,010			551
Change in net unrealized investment (losses) gains on equities subject to the fair value option(2)		(13,147	)		74,384			121,199			3,489			(14,052	)		185,925			(144,634	)
Net other realized and unrealized investment (losses) gains		(889	)		3,953			(1,287	)		—			(3,856	)		1,777			6,570
Net realized losses and change in net unrealized investment gains on funds held - directly managed subject to the fair value option		(1,700	)		—			—			—			—			(1,700	)		—
Net realized and unrealized investment gains (losses)	$	25,063		$	330,226		$	306,536		$	(70,120	)	$	63,967		$	591,707		$	(531,360	)

(1) Net realized investment gains (losses) on fixed maturities and short-term investments includes a $95.1 million write-down of defaulted securities for the year ended December 31, 2008.

(2) Net realized investment gains on equities includes $18,275 for the three months and year ended December 31, 2009 related to our equity holding in Paris Re prior to October 2, 2009, the date of acquisition. Change in net unrealized investment (losses) gains on equities subject to the fair value option includes a loss and gain of $18,246 for the three months ended December 31, 2009 and September 30, 2009, respectively, related to our equity holding in Paris Re prior to October 2, 2009, the date of acquisition.

(3) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the three months ended December 31, 2009, net investment income includes foreign exchange impacts of $1.6 million compared to the three months ended December 31, 2008. For the year ended December 31, 2009, net investment income includes foreign exchange impacts of $(20.8) million compared to the year ended December 31, 2008.

(A) The Company’s results for the three months and year ended December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

26

PartnerRe Ltd.

Composition of Net Investment Income and Net Realized and Unrealized Investment Losses

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the period from October 2, 2009 to December 31, 2009
Fixed maturities	$	10,956
Short-term investments, cash and cash equivalents		287
Other		6,934
Investment expenses		(411	)
Net investment income	$	17,766
Net realized investment losses on fixed maturities and short-term investments	$	(2,200	)
Change in net unrealized investment gains on fixed maturities		1,920
Change in net unrealized investment losses on equities		(35	)
Net other realized and unrealized investment losses		(1,385	)
Net realized and unrealized investment losses	$	(1,700	)

27

PartnerRe Ltd.

Analysis of Unpaid Losses and Loss Expenses

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the three months ended															As at and for the year ended
	December 31, 2009 (A)			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009 (A)			December 31, 2008
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	7,558,318		$	7,396,600		$	7,393,205		$	7,510,666		$	7,484,625		$	7,510,666		$	7,231,436
Reinsurance recoverable at beginning of period		(123,960	)		(126,020	)		(128,025	)		(125,215	)		(125,248	)		(125,215	)		(132,479	)
Net liability at beginning of period		7,434,358			7,270,580			7,265,180			7,385,451			7,359,377			7,385,451			7,098,957
Net liability acquired related to the acquisition of Paris Re		3,176,255			—			—			—			—			3,176,255			—
Net incurred losses related to:
Current year		737,152			581,607			516,512			505,497			670,595			2,340,768			2,564,174
Prior years		(120,531	)		(122,786	)		(142,909	)		(99,583	)		(68,080	)		(485,809	)		(417,936	)
		616,621			458,821			373,603			405,914			602,515			1,854,959			2,146,238
Change in reserve agreement(1)		(32,027	)		—			—			—			—			(32,027	)		—
Net losses paid(2)		(680,618	)		(426,582	)		(599,585	)		(337,094	)		(396,595	)		(2,043,878	)		(1,580,819	)
Effects of foreign exchange rate changes		(39,458	)		131,539			231,382			(189,091	)		(179,846	)		134,371			(278,925	)
Net liability at end of period		10,475,131			7,434,358			7,270,580			7,265,180			7,385,451			10,475,131			7,385,451
Reinsurance recoverable at end of period		336,352			123,960			126,020			128,025			125,215			336,352			125,215
Gross liability at end of period	$	10,811,483		$	7,558,318		$	7,396,600		$	7,393,205		$	7,510,666		$	10,811,483		$	7,510,666
Breakdown of gross liability at end of period:
Case reserves	$	4,817,765		$	3,293,042		$	3,241,898		$	3,075,384		$	3,107,780		$	4,817,765		$	3,107,780
Additional case reserves		274,360			270,565			274,225			271,084			311,408			274,360			311,408
Incurred but not reported reserves		5,719,358			3,994,711			3,880,477			4,046,737			4,091,478			5,719,358			4,091,478
Gross liability at end of period	$	10,811,483		$	7,558,318		$	7,396,600		$	7,393,205		$	7,510,666		$	10,811,483		$	7,510,666
Breakdown of gross liability at end of period by Non-life sub-segment:
U.S.	$	2,793,947		$	2,754,789		$	2,745,499		$	2,859,266		$	2,807,091		$	2,793,947		$	2,807,091
Global (Non-U.S.) P&C		2,230,575			2,290,796			2,232,911			2,157,454			2,291,856			2,230,575			2,291,856
Global (Non-U.S.) Specialty		2,198,621			2,261,162			2,151,115			2,062,985			2,082,290			2,198,621			2,082,290
Catastrophe		230,791			251,571			267,075			313,500			329,429			230,791			329,429
Paris Re		3,357,549			—			—			—			—			3,357,549			—
Gross liability at end of period	$	10,811,483		$	7,558,318		$	7,396,600		$	7,393,205		$	7,510,666		$	10,811,483		$	7,510,666
Unrecognized time value of non-life reserves	$	1,190,323		$	853,155		$	882,592		$	738,705		$	732,982		$	1,190,323		$	732,982
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		110.4	%		93.0	%		160.5	%		83.0	%		65.8	%		110.2	%		73.7	%
Non-life paid losses to net premiums earned ratio		58.0	%		45.9	%		85.3	%		46.4	%		46.8	%		57.9	%		47.2	%

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

(2) The increase in paid losses for the three months ended June 30, 2009 compared to other periods is primarily due to the annual statement of account settlement for our U.S. agriculture business written in 2008. The three months ended June 30, 2009 and 2008 contain $157 million and $24 million, respectively, of paid losses related to the settlement of our U.S. agriculture business.

(A) The Company’s results for the year ended December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

28

PartnerRe Ltd.

Analysis of Policy Benefits for Life and Annuity Contracts

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the three months ended															As at and for the year ended
	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009			December 31, 2008
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,580,380		$	1,546,779		$	1,421,420		$	1,432,015		$	1,526,275		$	1,432,015		$	1,541,687
Reinsurance recoverable at beginning of period		(21,615	)		(22,090	)		(22,341	)		(24,102	)		(31,968	)		(24,102	)		(43,098	)
Net liability at beginning of period		1,558,765			1,524,689			1,399,079			1,407,913			1,494,307			1,407,913			1,498,589
Net incurred losses related to:
Current year		131,482			129,161			89,391			105,736			101,945			455,770			438,655
Prior years		(4,831	)		(13,754	)		(4,097	)		7,249			14,411			(15,433	)		24,327
		126,651			115,407			85,294			112,985			116,356			440,337			462,982
Net losses paid		(80,316	)		(97,087	)		(77,158	)		(68,527	)		(69,260	)		(323,088	)		(352,438	)
Effects of foreign exchange rate changes		(10,372	)		15,756			117,474			(53,292	)		(133,490	)		69,566			(201,220	)
Net liability at end of period		1,594,728			1,558,765			1,524,689			1,399,079			1,407,913			1,594,728			1,407,913
Reinsurance recoverable at end of period		20,465			21,615			22,090			22,341			24,102			20,465			24,102
Gross liability at end of period	$	1,615,193		$	1,580,380		$	1,546,779		$	1,421,420		$	1,432,015		$	1,615,193		$	1,432,015

29

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	December 31, 2009 (A)			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009 (A)			December 31, 2008
Prior year net favorable (adverse) reserve development:
Non-life segment:
U.S.	$	47,758		$	42,662		$	55,693		$	21,460		$	37,477		$	167,573		$	91,801
Global (Non-U.S.) P&C		20,019			46,520			35,346			51,812			15,957			153,697			166,034
Global (Non-U.S.) Specialty		41,433			18,386			30,859			24,710			(4,013	)		115,389			81,839
Catastrophe		11,321			15,218			21,011			1,601			18,659			49,150			78,262
Paris Re		—			—			—			—			—			—			—
Total Non-life net prior year reserve development	$	120,531		$	122,786		$	142,909		$	99,583		$	68,080		$	485,809		$	417,936
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(6,266	)	$	(11,318	)	$	16,635		$	9,874		$	(23,445	)	$	8,925		$	(7,460	)
Net prior year reserve development due to all other factors(2)		126,797			134,104			126,274			89,709			91,525			476,884			425,396
Total Non-life net prior year reserve development	$	120,531		$	122,786		$	142,909		$	99,583		$	68,080		$	485,809		$	417,936
Life segment:
Net prior year reserve development due to GMDB(1)	$	4,021		$	14,267		$	8,017		$	(9,817	)	$	(16,900	)	$	16,488		$	(33,099	)
Net prior year reserve development due to all other factors(2)		810			(513	)		(3,920	)		2,568			2,489			(1,055	)		8,772
Total Life net prior year reserve development	$	4,831		$	13,754		$	4,097		$	(7,249	)	$	(14,411	)	$	15,433		$	(24,327	)

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatilty in certain referenced global equity markets. At December 31, 2009, a 10% increase in the referenced global equity market would have decreased reserves by approximately $8 million, while a 10% decrease in the referenced global equity market would have increased reserves by approximately $10 million.

(2) Net prior year reserve development due to all other factors includes, but is not limited to loss experience, changes in assumptions and changes in methodology.

(A) The Company’s results for the three months and year ended December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

30

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, 2009 (A)(B) (2)			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2009 (A)(C) (2)			December 31, 2008
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning common shareholders’ equity(1) calculated with net income available to common shareholders		24.4	%		60.7	%		50.6	%		14.4	%		9.1	%		37.5	%		0.3	%
Less:
Annualized net realized and unrealized investment gains (losses), net of tax, on beginning common shareholders’ equity(1)		1.2			29.8			30.4			(8.1	)		3.9			13.3			(11.9	)
Annualized net realized gain on purchase of capital efficient notes, net of tax, on beginning common shareholders’ equity(1)		—			—			—			6.2			—			1.6			—
Interest in earnings (losses) of equity investments, net of tax, on beginning common shareholders’ equity(1)		0.9			0.2			0.7			(0.6	)		(0.5	)		0.3			(0.1	)
Annualized operating return on beginning common shareholders’ equity(1)		22.3	%		30.7	%		19.5	%		16.9	%		5.7	%		22.3	%		12.3	%
Net income	$	354,360		$	566,705		$	474,269		$	141,521		$	95,290		$	1,536,854		$	46,567
Less:
Net realized and unrealized investment gains (losses), net of tax		17,582			274,360			279,569			(74,478	)		37,637			497,031			(453,621	)
Net realized gain on purchase of capital efficient notes, net of tax		—			—			—			56,955			—			56,955			—
Interest in earnings (losses) of equity investments, net of tax		13,098			1,650			6,779			(5,329	)		(4,909	)		16,197			(3,641	)
Dividends to preferred shareholders		8,631			8,631			8,631			8,631			8,631			34,525			34,525
Operating earnings available to common shareholders	$	315,049		$	282,064		$	179,290		$	155,742		$	53,931		$	932,146		$	469,304
Per diluted share:
Net income	$	4.25		$	9.44		$	8.10		$	2.32		$	1.53		$	23.51		$	0.22
Less:
Net realized and unrealized investment gains (losses), net of tax		0.22			4.64			4.86			(1.30	)		0.67			7.78			(8.15	)
Net realized gain on purchase of capital efficient notes, net of tax		—			—			—			0.99			—			0.89			—
Interest in earnings (losses) of equity investments, net of tax		0.16			0.03			0.12			(0.09	)		(0.09	)		0.25			(0.06	)
Operating earnings	$	3.87		$	4.77		$	3.12		$	2.72		$	0.95		$	14.59		$	8.43

(1) Excluding cumulative preferred shares: 2009 and 2008, $520,000.

(2) See page 37 for further analysis of Paris Re acquisition related expenses.

(A) The Company’s results for the three months ended and year ended December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

(B) For the three months ended December 31, 2009, annualized return on beginning common shareholders’ equity is calculated by dividing the results for the three months ended December 31, 2009 by beginning of the year common shareholders’ equity plus the equity issued related to the acquisition of Paris Re of $1,980 million.

(C) For the year ended December 31, 2009, return on beginning common shareholders’ equity is the summation of the results for the nine months ended September 30, 2009 divided by beginning of the year common shareholders’ equity plus the results for the three months ended December 31, 2009 divided by the common shareholders’ equity as calculated in (B) above.

31

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	December 31, 2009 (A)		September 30, 2009		June 30, 2009		March 31, 2009			December 31, 2008			December 31, 2007
Reconciliation of GAAP and non-GAAP measures:
Shareholders’ equity	$	7,645,727	$	5,444,554	$	4,767,678	$	4,282,067		$	4,199,108		$	4,321,557
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		7,125,727		4,924,554		4,247,678		3,762,067			3,679,108			3,801,557
Less:
Net unrealized gains (losses) on fixed income securities and funds held - directly managed, net of tax		234,153		287,261		79,341		(110,311	)		(35,263	)		71,958
Book value excluding net unrealized gains or losses on fixed income securities and funds held - directly managed, net of tax	$	6,891,574	$	4,637,293	$	4,168,337	$	3,872,378		$	3,714,371		$	3,729,599
Divided by:
Number of common and common share equivalents outstanding		84,319.7		59,281.8		57,514.3		57,388.2			57,533.9			55,936.4
Equals:
Diluted book value per common and common share equivalents outstanding, excluding net unrealized gains or losses on fixed income securities and funds held - directly managed, net of tax	$	81.73	$	78.22	$	72.47	$	67.48		$	64.56		$	66.68

(A) The Company’s results at December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

32

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, 2009 (A)			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			December 31, 2007
Total shareholders’ equity	$	7,645,727		$	5,444,554		$	4,767,678		$	4,282,067		$	4,199,108		$	4,321,557
Less: preferred shares		(520,000	)		(520,000	)		(520,000	)		(520,000	)		(520,000	)		(520,000	)
Common shareholders’ equity	$	7,125,727		$	4,924,554		$	4,247,678		$	3,762,067		$	3,679,108		$	3,801,557
Basic common shares outstanding		82,580.7			58,271.5			56,655.1			56,579.1			56,453.3			54,250.5
Basic book value per common share	$	86.29		$	84.51		$	74.97		$	66.49		$	65.17		$	70.07
Diluted book value per common share
Common shareholders’ equity	$	7,125,727		$	4,924,554		$	4,247,678		$	3,762,067		$	3,679,108		$	3,801,557
Basic common shares outstanding		82,580.7			58,271.5			56,655.1			56,579.1			56,453.3			54,250.5
Add: Stock options and other		3,331.7			2,350.6			2,300.4			2,308.4			2,365.8			3,018.5
Add: Restricted stock units		1,189.1			728.4			731.5			741.7			751.0			680.6
Add: Forward sale contract		—			—			—			—			—			115.4
Less: Stock options and other bought back via treasury stock method		(2,781.8	)		(2,068.7	)		(2,172.7	)		(2,241.0	)		(2,036.2	)		(2,128.6	)
Diluted common and common share equivalents outstanding		84,319.7			59,281.8			57,514.3			57,388.2			57,533.9			55,936.4
Diluted book value per common share	$	84.51		$	83.07		$	73.85		$	65.55		$	63.95		$	67.96

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

(A) The Company’s results at December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

33

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, 2009 (A)						As of and for the year ended December 31, 2009(A)
	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	$	4,925		$	83.07		$	3,679		$	63.95
Technical result		323			3.96			939			14.70
Other operating expenses		(147	)		(1.80	)		(431	)		(6.74	)
Net investment income		182			2.23			596			9.33
Amortization of intangible assets		6			0.08			6			0.10
Other, net		3			0.04			(7	)		(0.12	)
Operating income tax expense		(43	)		(0.53	)		(136	)		(2.14	)
Preferred dividends		(9	)		(0.11	)		(35	)		(0.54	)
Operating earnings		315			3.87			932			14.59
Net realized and unrealized investment gains, net of tax		18			0.22			497			7.78
Net realized gain on purchase of capital efficient notes, net of tax		—			—			57			0.89
Interest in earnings of equity investments, net of tax		13			0.16			16			0.25
Net income available to common shareholders		346			4.25			1,502			23.51
Common share dividends		(38	)		(0.47	)		(117	)		(1.88	)
Change in currency translation adjustment		—			—			48			0.75
Change in other comprehensive income, net of tax		14			0.17			14			0.23
Issuance of common shares		1,879			(1.66	)		2,000			(1.59	)
Impact of change in number of common and common share equivalents outstanding		n/a			(0.85	)		n/a			(0.46	)
Common shareholders’ equity / diluted book value per common share at end of period	$	7,126		$	84.51		$	7,126		$	84.51

(A) The Company’s results for the three months and year ended December 31, 2009 include the results of Paris Re from October 2, 2009, the date of acquisition.

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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, 2008						As of and for the year ended December 31, 2007
	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	$	3,802		$	67.96		$	3,266		$	56.07
Technical result		420			7.55			845			14.69
Other operating expenses		(365	)		(6.56	)		(327	)		(5.69	)
Net investment income		573			10.30			523			9.09
Other, net		(35	)		(0.63	)		(86	)		(1.50	)
Operating income tax expense		(89	)		(1.61	)		(98	)		(1.70	)
Preferred dividends		(35	)		(0.62	)		(35	)		(0.60	)
Operating earnings		469			8.43			822			14.29
Net realized and unrealized investment losses, net of tax(1)		(453	)		(8.15	)		(56	)		(0.98	)
Interest in losses of equity investments, net of tax		(4	)		(0.06	)		(83	)		(1.44	)
Net income available to common shareholders		12			0.22			683			11.87
Common share dividends		(100	)		(1.84	)		(96	)		(1.72	)
Change in currency translation adjustment		(163	)		(2.93	)		129			2.24
Change in net unrealized gains or losses on investments, net of tax		15			0.27			38			0.66
Issuance (repurchase) of common shares, net		126			(0.42	)		(213	)		(0.98	)
Other, net		(13	)		(0.23	)		(5	)		(0.08	)
Impact of change in number of common and common share equivalents outstanding		n/a			0.92			n/a			(0.10	)
Common shareholders’ equity / diluted book value per common share at end of period	$	3,679		$	63.95		$	3,802		$	67.96

(1) Effective January 1, 2008, net realized and unrealized investment gains (losses) include both realized and unrealized gains (losses) on investments. Prior to this date, net realized and unrealized investment gains (losses) included realized gains (losses) on investments and other-than-temporary impairment charges.

35

PartnerRe Ltd.

Pro-forma information - Paris Re

(in millions of U.S. dollars )

(Unaudited)

The following tables show the pro-forma impact on Paris Re’s previously reported gross premiums written and net premiums earned as if Paris Re had adopted PartnerRe’s accounting policies effective January 1, 2008. The adjustments to align Paris Re’s accounting policies to those of PartnerRe related to the recognition of gross premiums written on proportional treaties and the earning of premiums commensurate with the seasonality of the underlying exposure.

	For the three months ended
	September 30, 2009		June 30, 2009			March 31, 2009			December 31, 2008		September 30, 2008			June 30, 2008			March 31, 2008
Gross premiums written
Paris Re (as previously reported)	$	222,383	$	289,461		$	667,223		$	66,516	$	257,985		$	309,417		$	768,694
Adjustment to PartnerRe methodology		46,904		39,966			(135,352	)		94,446		62,115			33,760			(249,588	)
Pro-forma PartnerRe gross premiums written	$	269,287	$	329,427		$	531,871		$	160,962	$	320,100		$	343,177		$	519,106
Net premiums earned
Paris Re (as previously reported)	$	303,515	$	278,570		$	299,496		$	284,973	$	352,147		$	298,535		$	275,248
Adjustment to PartnerRe methodology		51,915		(50,448	)		(18,083	)		4,494		57,494			(30,058	)		4,634
Pro-forma PartnerRe net premiums earned	$	355,430	$	228,122		$	281,413		$	289,467	$	409,641		$	268,477		$	279,882
											For the nine months ended September 30, 2009			For the year ended December 31, 2008
Gross premiums written
Paris Re (as previously reported)											$	1,179,067		$	1,402,612
Adjustment to PartnerRe methodology												(48,482	)		(59,267	)
Pro-forma PartnerRe gross premiums written											$	1,130,585		$	1,343,345
Net premiums earned
Paris Re (as previously reported)											$	881,581		$	1,210,903
Adjustment to PartnerRe methodology												(16,616	)		36,564
Pro-forma PartnerRe net premiums earned											$	864,965		$	1,247,467

36

PartnerRe Ltd.

Paris Re Acquisition Related Expenses

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

(Unaudited)

			For the three months ended December 31, 2009			For the year ended December 31, 2009
Acquisition related expenses:
Corporate expenses - acquisition related			$	18,029		$	36,521
Amortization of intangible assets				(6,133	)		(6,133	)
Amortization of intangible assets included in acquisition costs (1)				46,410			46,410
Total acquisition related expenses			$	58,306		$	76,798
Less: Amortization of intangible assets included in acquisition costs				(46,410	)		(46,410	)
Total acquisition related expenses, excluding those included in acquisition costs			$	11,896		$	30,388
Divided by:
Weighted average number of common and common share equivalents outstanding				81,441.2			63,890.6
Impact of acquisition related expenses on diluted operating earnings per share, pre-tax			$	0.15		$	0.48
	Amortization of intangible assets		Amortization of intangible assets included in acquisition costs (1)			Total amortization of intangible assets (3)(4)
Estimated remaining amortization of intangible assets, pre-tax (2):
For the three months ended March 31, 2010	$	4,803	$	18,201		$	23,004
For the three months ended June 30, 2010		7,833		10,388			18,221
For the three months ended September 30, 2010		10,003		4,789			14,792
For the three months ended December 31, 2010		8,822		3,715			12,537
Total for the year ended December 31, 2010	$	31,461	$	37,093		$	68,554
For the year ended December 31, 2011		36,405		8,443			44,848
For the year ended December 31, 2012		31,799		—			31,799
For the year ended December 31, 2013		19,479		—			19,479
For the year ended December 31, 2014 and thereafter		75,239		—			75,239
Total	$	194,383	$	45,536		$	239,919

(1) A portion of the amortization of intangible assets is included in acquisition costs. Such amount approximates the amount of acquisition costs that would be included for Paris Re had purchase accounting not been applied.

(2) The estimated amortization of intangible assets is based on estimates of future loss payout and premium earnings patterns. These estimates are continually reviewed and actual results could materially differ from these estimates. Any adjustments will be reflected in the periods in which they are determined.

(3) Total intangible assets of $247.3 million at December 31, 2009 are recorded gross of a deferred tax benefit of $63.1 million.

(4) Total intangible assets of $247.3 million at December 31, 2009 includes a $7.4 million intangible asset related to U.S. licenses that is not being amortized.

37

PartnerRe Ltd.

Pro-forma Condensed Consolidated Balance Sheet at October 2, 2009 (Following Acquisition of Paris Re)

(Expressed in thousands of U.S. dollars or shares)

(Unaudited)

	Pro-forma
	PartnerRe October 2, 2009 (1)(2)		Paris Re October 2, 2009		Consolidated October 2, 2009
Assets
Total investments	$	12,172,054	$	2,714,765	$	14,886,819
Funds held - directly managed		—		2,242,006		2,242,006
Cash and cash equivalents		772,250		492,466		1,264,716
Accrued investment income		167,902		35,007		202,909
Reinsurance balances receivable		1,977,265		583,390		2,560,655
Funds held by reinsured companies		851,932		55,183		907,115
Deferred acquisition costs		646,341		—		646,341
Goodwill		429,519		26,014		455,533
Intangible assets(3)		—		287,546		287,546
Other assets		628,621		245,902		874,523
Total assets	$	17,645,884	$	6,682,279	$	24,328,163
Liabilities
Unpaid losses and loss expenses	$	7,558,318	$	3,391,344	$	10,949,662
Policy benefits for life and annuity contracts		1,580,380		—		1,580,380
Unearned premiums		1,594,274		585,465		2,179,739
Other reinsurance balances payable		216,537		171,362		387,899
Debt obligations		520,989		—		520,989
Other liabilities		844,594		554,368		1,398,962
Total liabilities		12,315,092		4,702,539		17,017,631
Total shareholders’ equity		5,330,792		1,979,740		7,310,532
Total liabilities and shareholders’ equity	$	17,645,884	$	6,682,279	$	24,328,163

(1) The change in PartnerRe’s total investments, total assets, total shareholders’ equity and total liabilities and shareholders’ equity at October 2, 2009 compared to September 30, 2009 of $113.8 million reflects the equity holding in Paris Re prior to October 2, 2009, the date of acquisition.

(2) Assumes 100% of acquisition completed on October 2, 2009.

(3) Total intangible assets of $287.5 million at October 2, 2009 are recorded gross of a deferred tax benefit of $69.6 million.

38