Partnerre (PREJF) 8-K PartnerRe Ltd. Reports First Quarter 2010 Results

Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as of March 31, 2010

(unaudited)

The following financial supplement is provided to assist in your understanding of PartnerRe Ltd.

This report is for information purposes only. It should be read in conjunction with documents filed with the SEC by PartnerRe Ltd., including the Company’s Annual

Report on Form 10-K and Quarterly Reports on Form 10-Q.

PartnerRe Ltd.

Financial Supplement - March 31, 2010

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 March 31, 2010 and 2009	5-6
	Non-life segment	7
	U.S. sub-segment	8
	Global (Non-U.S.) P&C sub-segment	9
	Global (Non-U.S.) Specialty sub-segment	10
	Catastrophe sub-segment	11
	Paris Re sub-segment	12
	Life segment	13
	Corporate and Other	14
Distribution of Premiums
	Distribution of Premiums by line of business, geography and production source	15
	Distribution of Premiums by treaty type	16
Investments
	Investment Portfolio	17
	Distribution of Corporate Bonds	18
	Distribution of Equities	19
	Distribution of Mortgage/Asset-Backed Securities	20
	Other Invested Assets including Private Markets and Derivative Exposures	21
	Funds Held - Directly Managed Portfolio	22
	Distribution of Corporate Bonds - Funds Held - Directly Managed	23
	Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses)	24
	Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses) on Funds Held - Directly Managed	25
Loss Reserves
	Analysis of Unpaid Losses and Loss Expenses	26
	Analysis of Policy Benefits for Life and Annuity Contracts	27
	Reserve Development	28
Reconciliation of GAAP and non-GAAP measures		29-30
Diluted Book Value per Common Share - Treasury Stock Method		31
Diluted Book Value per Common Share - Rollforward		32-33
Pro-forma Information - Paris Re		34
Paris Re Acqusition Related Expenses		35

PartnerRe Ltd.

Regulation G

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

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

Operating Earnings (Loss) available to Common Shareholders (Operating Earnings (Loss)), Diluted Operating Earnings (Loss) per Common Share and Annualized Operating Return on Beginning Common Shareholders’ Equity (Annualized Operating ROE): The Company uses Operating Earnings (Loss), Diluted Operating Earnings (Loss) per Common Share and Annualized Operating ROE to measure performance, as these measures focus on the underlying fundamentals of the Company’s operations. Operating Earnings (Loss) exclude the impact of net realized and unrealized gains and losses on investments, net of tax, 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 (Loss) per Common Share using Operating Earnings (Loss) 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 (Loss) for the period divided by the common shareholders’ equity as of the beginning of the year (adjusted for the period ended December 31, 2009 to include the equity issued related to the acquisition of Paris Re). Operating Earnings (Loss) and Diluted Operating Earnings (Loss) per Common Share should not be viewed as a substitute for Net Income (Loss) or Diluted Net Income (Loss) per Common Share prepared in accordance with GAAP. Annualized Operating ROE supplements GAAP information.

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
	March 31,		December 31,		September 30,		June 30,		March 31,		December 31,		December 31,
	2010(1)		2009(A)(1)		2009		2009		2009		2009(A)(1)		2008
Revenues
Gross premiums written	$	1,909,326	$	920,645	$	893,714	$	846,149	$	1,340,380	$	4,000,888	$	4,028,248
Net premiums written	$	1,784,165	$	904,440	$	891,547	$	844,659	$	1,308,058	$	3,948,704	$	3,989,435
(Increase) decrease in unearned premiums		(630,386)		432,115		199,144		(18,530)		(441,608)		171,121		(61,411)
Net premiums earned		1,153,779		1,336,555		1,090,691		826,129		866,450		4,119,825		3,928,024
Net investment income		173,122		182,000		145,350		135,593		133,127		596,071		572,964
Net realized and unrealized investment gains (losses)		145,474		25,063		330,226		306,536		(70,120)		591,707		(531,360)
Net realized gain on purchase of capital efficient notes		-		-		-		-		88,427		88,427		-
Other income		1,274		5,986		8,385		3,361		4,582		22,312		10,335
Total revenues		1,473,649		1,549,604		1,574,652		1,271,619		1,022,466		5,418,342		3,979,963
Expenses
Losses and loss expenses and life policy benefits		1,012,337		743,271		574,228		458,898		518,899		2,295,296		2,609,220
Acquisition costs		220,107		271,081		232,475		181,689		199,968		885,214		898,882
Other operating expenses		128,134		146,522		102,224		98,468		83,594		430,808		365,009
Interest expense		7,132		6,657		6,161		6,335		9,146		28,301		51,228
Amortization of intangible assets		4,803		(6,133)		-		-		-		(6,133)		-
Net foreign exchange (gains) losses		(3,627)		(4,046)		961		1,202		3,349		1,464		(6,221)
Total expenses		1,368,886		1,157,352		916,049		746,592		814,956		3,634,950		3,918,118
Income before taxes and interest in earnings (losses) of equity investments		104,763		392,252		658,603		525,027		207,510		1,783,392		61,845
Income tax expense		27,554		51,892		93,433		56,954		59,812		262,090		9,705
Interest in earnings (losses) of equity investments		2,445		14,000		1,535		6,196		(6,177)		15,552		(5,573)
Net income	$	79,654	$	354,360	$	566,705	$	474,269	$	141,521	$	1,536,854	$	46,567
Preferred dividends	$	8,631	$	8,631	$	8,631	$	8,631	$	8,631	$	34,525	$	34,525
Operating (loss) earnings available to common shareholders	$	(41,782)	$	315,049	$	282,064	$	179,290	$	155,742	$	932,146	$	469,304
Comprehensive income (loss), net of tax	$	6,978	$	367,959	$	605,974	$	512,396	$	112,645	$	1,598,973	$	(113,914)
Per Share Data:
Earnings per common share:
Basic operating (loss) earnings	$	(0.51)	$	3.95	$	4.85	$	3.17	$	2.76	$	14.85	$	8.64
Net realized and unrealized investment gains (losses), net of tax		1.35		0.22		4.72		4.94		(1.32)		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		0.03		0.17		0.03		0.12		(0.09)		0.26		(0.07)
Basic net income	$	0.87	$	4.34	$	9.60	$	8.23	$	2.35	$	23.93	$	0.22
Weighted average number of common shares outstanding		81,696.9		79,702.2		58,118.2		56,609.8		56,511.2		62,786.2		54,347.1
Diluted operating (loss) earnings(1)(2)	$	(0.50)	$	3.87	$	4.77	$	3.12	$	2.72	$	14.59	$	8.43
Net realized and unrealized investment gains (losses), net of tax		1.33		0.22		4.64		4.86		(1.30)		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		0.02		0.16		0.03		0.12		(0.09)		0.25		(0.06)
Diluted net income	$	0.85	$	4.25	$	9.44	$	8.10	$	2.32	$	23.51	$	0.22
Weighted average number of common and common share equivalents outstanding		83,328.8		81,441.2		59,128.5		57,469.0		57,320.3		63,890.6		55,639.6

(1) See page 35 for further analysis of Paris Re acquisition related expenses.

(2) Diluted operating loss per share for the three months ended March 31, 2010 was calculated using the weighted average number of common and common share equivalents outstanding as the denominator. While this results in diluted operating loss per share being anti-dilutive, it is the Company’s policy to use the net income or loss per share denominator for calculating operating earnings or loss per share.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

1

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	March 31,				December 31,				September 30,				June 30,				March 31,				December 31,				December 31,
	2010				2009(A)				2009				2009				2009				2008				2007
Assets
Total investments	$	15,228,997			$	15,301,510			$	12,285,816			$	11,453,886			$	10,830,252			$	10,886,391			$	10,917,341
Funds held - directly managed		1,981,665				2,124,826				-				-				-				-				-
Cash and cash equivalents		1,319,275				738,309				772,250				616,290				571,638				838,280				654,895
Accrued investment income		204,591				218,739				167,902				184,925				170,693				169,103				176,386
Reinsurance balances receivable		2,908,652				2,249,181				1,977,265				2,051,940				2,125,796				1,719,694				1,449,702
Funds held by reinsured companies		900,257				938,039				851,932				827,457				753,187				786,422				1,083,036
Deferred acquisition costs		709,745				614,857				646,341				673,685				659,012				617,121				641,818
Goodwill		455,533				455,533				429,519				429,519				429,519				429,519				429,519
Intangible assets		224,264				247,269				-				-				-				-				-
Other assets		884,197				844,281				628,621				736,369				734,677				832,790				796,799
Total assets	$	24,817,176			$	23,732,544			$	17,759,646			$	16,974,071			$	16,274,774			$	16,279,320			$	16,149,496
Liabilities
Unpaid losses and loss expenses	$	10,930,486			$	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		1,613,662				1,615,193				1,580,380				1,546,779				1,421,420				1,432,015				1,541,687
Unearned premiums		2,371,256				1,706,816				1,594,274				1,771,401				1,706,598				1,273,787				1,267,873
Other reinsurance balances payable		488,664				426,091				216,537				237,397				217,335				209,007				156,055
Debt obligations		1,020,989				520,989				520,989				520,989				520,989				907,605				877,605
Other liabilities		1,003,608				1,006,245				844,594				733,227				733,160				747,132				753,283
Total liabilities		17,428,665				16,086,817				12,315,092				12,206,393				11,992,707				12,080,212				11,827,939
Total shareholders’ equity		7,388,511				7,645,727				5,444,554				4,767,678				4,282,067				4,199,108				4,321,557
Total liabilities and shareholders’ equity	$	24,817,176			$	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)	$	85.84			$	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 share-based awards)	$	84.12			$	84.51			$	83.07			$	73.85			$	65.55			$	63.95			$	67.96
Number of Common and Common Share Equivalents Outstanding		81,647.4				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)		750,000	9			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			63,384	1			250,000	5			250,000	5
6.75% Series C cumulative preferred shares, aggregate liquidation		290,000	3			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	3			230,000	4			230,000	4			230,000	5			230,000	5			230,000	4
Common shareholders’ equity		6,868,511	84			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	$	8,201,895	100	%	$	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 and PartnerRe Finance B LLC, the issuers of the senior notes, do not meet U.S. GAAP consolidation requirements. Accordingly, the Company shows the related intercompany debt of $250.0 million and $500.0 million, respectively, on its Condensed Consolidated Balance Sheets.

(2) PartnerRe Finance II, the issuer of the capital efficient notes, does not meet U.S. GAAP consolidation requirements. Accordingly, the Company shows the related intercompany debt of $71.0 million for all Condensed Consolidated Balance Sheet dates in 2010 and 2009 and $257.6 million for all other Condensed Consolidated Balance Sheet dates presented.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

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
	March 31, 2010		December 31, 2009(A)		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2009(A)		December 31, 2008
Net cash provided by operating activities:
Underwriting operations	$	238	$	198	$	168	$	37	$	147	$	550	$	604
Investment income		199		167		169		136		131		603		580
Taxes and foreign exchange		(23)		(41)		10		1		(24)		(54)		(25)
Net cash provided by operating activities	$	414	$	324	$	347	$	174	$	254	$	1,099	$	1,159
Net cash provided by operating activities	$	414	$	324	$	347	$	174	$	254	$	1,099	$	1,159
Net cash (used in) provided by investing activities(1)		(31)		12		(169)		(110)		(180)		(447)		(944)
Net cash provided by (used in) financing activities(2)		225		(373)		(30)		(33)		(329)		(765)		(2)
Effect of foreign exchange rate changes on cash		(27)		3		8		13		(11)		13		(30)
Increase (decrease) in cash and cash equivalents		581		(34)		156		44		(266)		(100)		183
Cash and cash equivalents - beginning of period		738		772		616		572		838		838		655
Cash and cash equivalents - end of period	$	1,319	$	738	$	772	$	616	$	572	$	738	$	838

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

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

3

PartnerRe Ltd.

Consolidated Statements of Comprehensive Income

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	March 31, 2010		December 31, 2009(A)		September 30, 2009		June 30, 2009		March 31, 2009
Net income	$	79,654	$	354,360	$	566,705	$	474,269	$	141,521
Change in currency translation adjustment		(68,743)		112		40,121		38,922		(31,200)
Change in net unrealized gains or losses on investments, net of tax		(4,129)		7,114		(164)		(9)		1,138
Change in unfunded pension obligation, net of tax		196		6,373		(688)		(786)		1,186
Comprehensive income	$	6,978	$	367,959	$	605,974	$	512,396	$	112,645
							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 include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

4

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the three months ended March 31, 2010

	U.S.			Global (Non-U.S.) P&C			Global (Non-U.S.) Specialty			Catastrophe			Paris Re			Total Non-life Segment			Life Segment		Corporate and Other		Total
Gross premiums written	$	293		$	341		$	379		$	246		$	461		$	1,720		$	187	$	2	$	1,909
Net premiums written	$	293		$	339		$	352		$	246		$	377		$	1,607		$	183	$	(6)	$	1,784
(Increase) decrease in unearned premiums		(60)			(173)			(97)			(154)	��		(134)			(618)			(18)		6		(630)
Net premiums earned	$	233		$	166		$	255		$	92		$	243		$	989		$	165	$	-	$	1,154
Losses and loss expenses and life policy benefits		(150)			(193)			(185)			(124)			(229)			(881)			(132)		-		(1,013)
Acquisition costs		(61)			(39)			(51)			(7)			(39)			(197)			(23)		-		(220)
Technical result	$	22		$	(66)		$	19		$	(39)		$	(25)		$	(89)		$	10	$	-	$	(79)
Other income																	1			-		-		1
Other operating expenses																	(78)			(14)		(36)		(128)
Underwriting result																$	(166)		$	(4)		n/a	$	(206)
Net investment income																				16		157		173
Allocated underwriting result(1)																			$	12		n/a		n/a
Net realized and unrealized investment gains																						146		146
Interest expense																						(7)		(7)
Amortization of intangible assets																						(5)		(5)
Net foreign exchange gains																						4		4
Income tax expense																						(27)		(27)
Interest in earnings of equity investments																						2		2
Net income																						n/a	$	80
Loss ratio(2)		64.5	%		116.1	%		72.5	%		134.9	%		94.4	%		89.1	%
Acquisition ratio(3)		26.2			23.8			19.9			8.0			15.8			19.9
Technical ratio(4)		90.7	%		139.9	%		92.4	%		142.9	%		110.2	%		109.0	%
Other operating expense ratio(5)																	7.9
Combined ratio(6)																	116.9	%

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

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

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

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

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

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

5

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the three months ended March 31, 2009

	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	$	312		$	299		$	359		$	205		$	1,175		$	164	$	1	��	$	1,340
Net premiums written	$	312		$	299		$	331		$	205		$	1,147		$	160	$	1		$	1,308
(Increase) decrease in unearned premiums		(71)			(142)			(84)			(126)			(423)			(20)		1			(442)
Net premiums earned	$	241		$	157		$	247		$	79		$	724		$	140	$	2		$	866
Losses and loss expenses and life policy benefits		(162)			(75)			(157)			(11)			(405)			(113)		(1)			(519)
Acquisition costs		(63)			(41)			(60)			(8)			(172)			(28)		-			(200)
Technical result	$	16		$	41		$	30		$	60		$	147		$	(1)	$	1		$	147
Other income														3			1		1			5
Other operating expenses														(54)			(10)		(20)			(84)
Underwriting result													$	96		$	(10)		n/a		$	68
Net investment income																	15		118			133
Allocated underwriting result(1)																$	5		n/a			n/a
Net realized and unrealized investment losses																			(70)			(70)
Net realized gain on purchase of capital efficient notes																			89			89
Interest expense																			(9)			(9)
Net foreign exchange losses																			(3)			(3)
Income tax expense																			(60)			(60)
Interest in losses of equity investments																			(6)			(6)
Net income																			n/a		$	142
Loss ratio(2)		66.9	%		47.9	%		63.6	%		14.1	%		55.9	%
Acquisition ratio(3)		26.2			26.0			24.4			9.6			23.7
Technical ratio(4)		93.1	%		73.9	%		88.0	%		23.7	%		79.6	%
Other operating expense ratio(5)														7.4
Combined ratio(6)														87.0	%

6

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the three months ended															For the year ended
	March 31, 2010(B)			December 31, 2009(A)			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2009(A)			December 31, 2008
Net premiums written	$	1,607		$	747		$	733		$	724		$	1,147		$	3,351		$	3,392
Net premiums earned	$	989		$	1,171		$	926		$	703		$	724		$	3,525		$	3,334
Losses and loss expenses		(881)			(616)			(459)			(377)			(405)			(1,858)			(2,131)
Acquisition costs		(197)			(241)			(204)			(155)			(172)			(772)			(777)
Technical result	$	(89)		$	314		$	263		$	171		$	147		$	895		$	426
Other income		1			4			5			1			3			13			4
Other operating expenses		(78)			(83)			(61)			(55)			(54)			(253)			(231)
Underwriting result	$	(166)		$	235		$	207		$	117		$	96		$	655		$	199
Loss ratio(1)		89.1	%		52.7	%		49.5	%		53.6	%		55.9	%		52.7	%		63.9	%
Acquisition ratio(2)		19.9			20.5			22.0			22.0			23.7			21.9			23.3
Technical ratio(3)		109.0	%		73.2	%		71.5	%		75.6	%		79.6	%		74.6	%		87.2	%
Other operating expense ratio(4)		7.9			7.1			6.6			7.9			7.4			7.2			6.9
Combined ratio(5)		116.9	%		80.3	%		78.1	%		83.5	%		87.0	%		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 include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

(B) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2010, net premiums written and net premiums earned include foreign exchange impacts of $62.3 million and $34.9 million, respectively, compared to the three months ended March 31, 2009.

7

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

U.S. sub-segment

	For the three months ended															For the year ended
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2009			December 31, 2008
Net premiums written	$	293		$	229		$	279		$	249		$	312		$	1,070		$	1,064
Net premiums earned	$	233		$	291		$	312		$	258		$	241		$	1,103		$	1,088
Losses and loss expenses		(150)			(162)			(171)			(164)			(162)			(660)			(812)
Acquisition costs		(61)			(78)			(80)			(63)			(63)			(284)			(261)
Technical result	$	22		$	51		$	61		$	31		$	16		$	159		$	15
Loss ratio(1)		64.5	%		55.7	%		54.9	%		63.7	%		66.9	%		59.8	%		74.6	%
Acquisition ratio(2)		26.2			26.7			25.7			24.2			26.2			25.8			24.0
Technical ratio(3)		90.7	%		82.4	%		80.6	%		87.9	%		93.1	%		85.6	%		98.6	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		44	%		40	%		35	%		39	%		45	%		40	%		45	%
Property		20			11			24			20			18			18			15
Multiline		11			1			4			3			10			5			6
Agriculture		10			34			21			19			15			22			23
Motor		9			11			10			7			8			9			5
Other		6			3			6			12			4			6			6
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

8

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended															For the year ended
	March 31, 2010(A)			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2009			December 31, 2008
Net premiums written	$	339		$	103		$	124		$	118		$	299		$	644		$	765
Net premiums earned	$	166		$	190		$	160		$	161		$	157		$	668		$	797
Losses and loss expenses		(193)			(99)			(84)			(83)			(75)			(341)			(454)
Acquisition costs		(39)			(47)			(39)			(38)			(41)			(165)			(198)
Technical result	$	(66)		$	44		$	37		$	40		$	41		$	162		$	145
Loss ratio(1)		116.1	%		52.3	%		52.2	%		51.5	%		47.9	%		51.0	%		56.9	%
Acquisition ratio(2)		23.8			24.7			24.5			23.7			26.0			24.7			24.9
Technical ratio(3)		139.9	%		77.0	%		76.7	%		75.2	%		73.9	%		75.7	%		81.8	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		69	%		68	%		74	%		75	%		66	%		70	%		62	%
Motor		19			21			20			18			21			20			23
Casualty		12			11			6			7			13			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 March 31, 2010, net premiums written and net premiums earned include foreign exchange impacts of $27.8 million and $15.9 million, respectively, compared to the three months ended March 31, 2009.

9

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended															For the year ended
	March 31, 2010(A)			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2009			December 31, 2008
Net premiums written	$	352		$	225		$	283		$	232		$	331		$	1,071		$	1,150
Net premiums earned	$	255		$	263		$	295		$	232		$	247		$	1,037		$	1,046
Losses and loss expenses		(185)			(144)			(195)			(152)			(157)			(648)			(721)
Acquisition costs		(51)			(61)			(73)			(50)			(60)			(245)			(281)
Technical result	$	19		$	58		$	27		$	30		$	30		$	144		$	44
Loss ratio(1)		72.5	%		54.6	%		66.1	%		65.5	%		63.6	%		62.5	%		69.0	%
Acquisition ratio(2)		19.9			23.4			24.8			21.5			24.4			23.6			26.8
Technical ratio(3)		92.4	%		78.0	%		90.9	%		87.0	%		88.0	%		86.1	%		95.8	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		12	%		26	%		17	%		17	%		9	%		16	%		16	%
Credit/Surety		18			17			15			13			14			15			20
Engineering		13			19			26			17			15			19			19
Energy		6			5			9			6			13			9			7
Marine		15			15			12			19			15			15			13
Specialty casualty		17			7			9			13			17			12			13
Specialty property		12			6			6			8			12			8			8
Other		7			5			6			7			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 March 31, 2010, net premiums written and net premiums earned include foreign exchange impacts of $21.0 million and $14.3 million, respectively, compared to the three months ended March 31, 2009.

10

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the three months ended															For the year ended
	March 31, 2010(A)			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2009			December 31, 2008
Net premiums written	$	246		$	12		$	47		$	125		$	205		$	388		$	413
Net premiums earned	$	92		$	115		$	159		$	52		$	79		$	405		$	403
Losses and loss expenses		(124)			(3)			(9)			22			(11)			(1)			(144)
Acquisition costs		(7)			(9)			(12)			(4)			(8)			(32)			(37)
Technical result	$	(39)		$	103		$	138		$	70		$	60		$	372		$	222
Loss ratio(1)		134.9	%		3.1	%		5.6	%		(43.0)	%		14.1	%		0.3	%		35.8	%
Acquisition ratio(2)		8.0			7.6			7.4			7.9			9.6			8.0			9.2
Technical ratio(3)		142.9	%		10.7	%		13.0	%		(35.1)	%		23.7	%		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 March 31, 2010, net premiums written and net premiums earned include foreign exchange impacts of $13.7 million and $4.8 million, respectively, compared to the three months ended March 31, 2009.

11

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Paris Re sub-segment

	For the three months ended March 31, 2010			For the period from October 2, 2009 to December 31, 2009
Net premiums written	$	377		$	178
Net premiums earned	$	243		$	312
Losses and loss expenses		(229)			(208)
Acquisition costs		(39)			(46)
Technical result	$	(25)		$	58
Loss ratio(1)		94.4	%		66.7	%
Acquisition ratio(2)		15.8			14.7
Technical ratio(3)		110.2	%		81.4	%
Distribution of Net Premiums Written by Major Lines of Business:
Catastrophe		30	%		5	%
Motor		15			14
Specialty casualty		14			2
Property		12			17
Marine		11			11
Agriculture		6			6
Credit/Surety		4			15
Energy		2			6
Specialty property		1			11
Other		5			13
Total		100	%		100	%

12

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the three months ended															For the year ended
	March 31, 2010(A)			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2009			December 31, 2008
Net premiums written	$	183		$	157		$	157		$	116		$	160		$	591		$	579
Net premiums earned	$	165		$	164		$	160		$	123		$	140		$	587		$	576
Life policy benefits		(132)			(127)			(115)			(85)			(113)			(440)			(463)
Acquisition costs		(23)			(30)			(28)			(27)			(28)			(113)			(120)
Technical result	$	10		$	7		$	17		$	11		$	(1)		$	34		$	(7)
Other income		-			-			-			-			1			2			-
Other operating expenses		(14)			(13)			(13)			(11)			(10)			(47)			(43)
Underwriting result	$	(4)		$	(6)		$	4		$	-		$	(10)		$	(11)		$	(50)
Net investment income		16			16			16			15			15			62			67
Allocated underwriting result(1)	$	12		$	10		$	20		$	15		$	5		$	51		$	17
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		80	%		76	%		79	%		80	%		86	%		80	%		86	%
Longevity		17			20			17			15			10			16			11
Health		3			4			4			5			4			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 March 31, 2010, net premiums written and net premiums earned include foreign exchange impacts of $14.7 million and $12.9 million, respectively, compared to the three months ended March 31, 2009.

13

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the three months ended										For the year ended
	March 31, 2010		December 31, 2009(A)		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2009(A)		December 31, 2008
Technical result	$	-	$	2	$	4	$	3	$	1	$	10	$	1
Other income		-		2		3		2		1		7		6
Corporate expenses - acquisition related		(4)		(18)		(8)		(10)		-		(36)		-
Corporate expenses(1)		(28)		(28)		(17)		(19)		(16)		(81)		(75)
Other operating expenses		(4)		(5)		(3)		(3)		(4)		(14)		(16)
Net investment income		157		166		129		121		118		534		506
Net realized and unrealized investment gains (losses)		146		25		330		307		(70)		591		(531)
Net realized gain on purchase of capital efficient notes		-		-		-		-		89		89		-
Interest expense		(7)		(7)		(6)		(6)		(9)		(28)		(51)
Amortization of intangible assets		(5)		6		-		-		-		6		-
Net foreign exchange gains (losses)		4		4		(1)		(2)		(3)		(1)		6
Income tax expense		(27)		(52)		(93)		(57)		(60)		(262)		(10)
Interest in earnings (losses) of equity investments		2		14		2		6		(6)		16		(5)

(1) The Company’s corporate expenses for the three months ended March 31, 2010 and the year ended December 31, 2009 include $6 million and $9 million, respectively, of corporate expenses related to Paris Re.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

14

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended										For the year ended
	March 31, 2010		December 31, 2009(A)		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2009(A)		December 31, 2008
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty	10	%	11	%	12	%	13	%	14	%	12	%	15	%
Property	19		14		18		16		19		17		16
Motor	8		8		6		4		6		6		6
Multiline and other	2		1		2		3		3		2		3
Specialty
Agriculture	4		11		9		8		5		8		7
Aviation/Space	3		7		5		5		2		5		5
Catastrophe	20		2		5		15		16		10		10
Credit/Surety	5		8		6		5		5		6		7
Engineering	3		5		8		5		4		5		5
Energy	2		3		3		2		3		3		2
Marine	5		6		4		5		4		5		4
Specialty casualty	6		2		3		3		4		3		4
Specialty property	3		4		2		2		3		3		2
Life	10		18		17		14		12		15		14
	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Geography:
Europe	48	%	41	%	36	%	32	%	49	%	41	%	46	%
North America	36		39		42		48		38		41		41
Latin America, Caribbean and Africa	8		12		15		9		7		10		8
Asia, Australia and New Zealand	8		8		7		11		6		8		5
	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Production Source:
Broker	74	%	70	%	73	%	76	%	69	%	72	%	71	%
Direct	26		30		27		24		31		28		29
	100	%	100	%	100	%	100	%	100	%	100	%	100	%

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

15

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended										For the year ended
	March 31, 2010		December 31, 2009(A)		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2009(A)		December 31, 2008
Distribution of Gross Premiums Written by Treaty Type
Non-life sub-segment:
U.S.
Non-Proportional	42	%	12	%	26	%	27	%	45	%	29	%	32	%
Proportional	58		88		74		73		55		71		68
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Global (Non-U.S.) P&C
Non-Proportional	36	%	5	%	22	%	16	%	34	%	24	%	24	%
Proportional	64		95		78		84		66		76		76
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Global (Non-U.S.) Specialty
Non-Proportional	25	%	9	%	13	%	21	%	23	%	17	%	15	%
Proportional	75		91		87		79		77		83		85
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Catastrophe
Non-Proportional	99	%	92	%	98	%	97	%	99	%	98	%	97	%
Proportional	1		8		2		3		1		2		3
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Paris Re
Non-Proportional	71	%	48	%	n/a	%	n/a	%	n/a	%	46	%	n/a	%
Proportional	29		52		n/a		n/a		n/a		54		n/a
Total	100	%	100	%	n/a	%	n/a	%	n/a	%	100	%	n/a	%
Non-life total
Non-Proportional	53	%	20	%	25	%	35	%	45	%	33	%	32	%
Proportional	47		80		75		65		55		67		68
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

n/a - not applicable

16

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	March 31, 2010 (1) (B)					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	$	709		5	%	$	803		5	%	$	630		5	%	$	754		6	%	$	881		8	%	$	836		7	%	$	1,217		11	%
Government Sponsored Entities (GSEs)		416		3			453		3			72		1			68		1			80		1			95		1			328		3
U.S. municipalities		26		-			14		-			4		-			4		-			-		-			-		-			-		-
Other foreign governments		2,918		19			3,059		20			3,039		25			3,177		28			2,869		27			2,824		26			2,821		26
Corporates		6,851		45			6,631		43			4,502		37			3,860		34			3,392		31			3,413		31			2,861		26
Mortgage/asset-backed securities		3,170		21			3,183		21			3,005		24			2,894		25			3,058		28			3,014		28			2,272		21
Total fixed maturities		14,090		93			14,143		92			11,252		92			10,757		94			10,280		95			10,182		93			9,499		87
Short-term investments		72		-			137		1			49		-			64		-			69		1			117		1			97		1
Equities		879		6			796		5			865		7			527		5			426		4			513		5			872		8
Trading securities		-		-			-		-			-		-			-		-			-		-			-		-			399		4
Other invested assets		188		1			226		2			120		1			106		1			55		-			74		1			50		-
Total investments	$	15,229		100	%	$	15,302		100	%	$	12,286		100	%	$	11,454		100	%	$	10,830		100	%	$	10,886		100	%	$	10,917		100	%
Cash and cash equivalents	$	1,319				$	738				$	772				$	616				$	572				$	838				$	655
Total investments and cash		16,548					16,040					13,058					12,070					11,402					11,724					11,572
Maturity distribution:
One year or less	$	669		5	%	$	869		6	%	$	526		5	%	$	506		5	%	$	452		4	%	$	545		5	%	$	730		7	%
More than one year through five years		6,107		43			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		3,574		25			3,343		23			2,964		26			2,701		25			2,791		27			2,730		27			2,764		29
More than ten years		642		5			539		4			404		3			378		3			351		3			361		4			386		4
Subtotal		10,992		78			11,097		78			8,296		73			7,927		73			7,291		70			7,285		71			7,324		76
Mortgage/asset-backed securities		3,170		22			3,183		22			3,005		27			2,894		27			3,058		30			3,014		29			2,272		24
Total	$	14,162		100	%	$	14,280		100	%	$	11,301		100	%	$	10,821		100	%	$	10,349		100	%	$	10,299		100	%	$	9,596		100	%
Credit quality by market value:
AAA		51	%				50	%				51	%				58	%				62	%				62	%				65	%
AA		10					10					7					6					6					5					7
A		23					24					26					21					19					19					12
BBB		11					12					12					12					10					11					12
Below Investment Grade/Unrated		5					4					4					3					3					3					4
		100	%				100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		3.1	Yrs				3.1	Yrs				3.0	Yrs				3.0	Yrs				3.0	Yrs				3.1	Yrs				3.9	Yrs
Average yield to maturity at market		3.2	%				3.6	%				3.6	%				4.3	%				4.8	%				5.2	%				4.7	%
Average credit quality		AA					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 include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

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

17

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)

	March 31, 2010
	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	$	2,015,826			29.4	%		12.2	%		1.0	%
Consumer noncyclical		899,979			13.1			5.4			0.2
Government guaranteed corporate debt		673,144			9.8			4.1			0.8
Communications		652,352			9.5			3.9			0.7
Utilities		505,099			7.4			3.1			0.1
Catastrophe bonds		486,901			7.1			2.9			0.4
Industrials		400,352			5.9			2.4			0.2
Energy		329,781			4.8			2.0			0.2
Consumer cyclical		266,981			3.9			1.6			0.3
Insurance		240,735			3.5			1.5			0.1
Materials		175,992			2.6			1.1			0.1
Technology		116,058			1.7			0.7			0.1
Real estate investment trusts		79,030			1.2			0.5			0.1
Diversified		8,342			0.1			-			-
Total Corporate bonds	$	6,850,572			100.0	%		41.4	%
Finance sector - Corporate bonds
Banks	$	906,891			13.2	%		5.5	%
Investment banking and brokerage		461,178			6.7			2.8
Financial services		318,309			4.7			1.9
Commercial and consumer finance		274,082			4.0			1.7
Other		55,366			0.8			0.3
Total finance sector - Corporate bonds	$	2,015,826			29.4	%		12.2	%
Credit quality of finance sector - Corporate bonds	AAA			AA			A			BBB			Non-Investment Grade			Total
Banks	$	80,731		$	313,181		$	457,304		$	50,709		$	4,966		$	906,891
Investment banking and brokerage		23,197			5,614			424,351			8,016			-			461,178
Financial services		32,715			188,261			74,878			22,455			-			318,309
Commercial and consumer finance		-			6,147			177,197			82,366			8,372			274,082
Other		8,497			8,951			18,610			15,071			4,237			55,366
Total finance sector - Corporate bonds	$	145,140		$	522,154		$	1,152,340		$	178,617		$	17,575		$	2,015,826
% of total		7.2	%		25.9	%		57.1	%		8.9	%		0.9	%		100.0	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 17.8% of the Company's total corporate bonds. The single largest issuer accounts for 2.5% of the Company's total corporate bonds.

18

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

	March 31, 2010
	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
Finance	$	93,709	14.3	%	0.6	%	0.1	%
Technology		93,337	14.2		0.6		0.1
Energy		89,041	13.5		0.5		0.1
Consumer noncyclical		82,943	12.6		0.5		0.1
Industrials		77,241	11.7		0.5		0.1
Consumer cyclical		70,023	10.6		0.4		0.1
Communications		65,597	10.0		0.4		0.1
Insurance		46,081	7.0		0.3		0.1
Materials		29,336	4.5		0.2		-
Real estate investment trusts		9,214	1.4		-		-
Utilities		357	0.1		-		-
Diversified		356	0.1		-		-
Total equities	$	657,235	100.0	%	4.0	%
Mutual funds and exchange traded funds (ETFs)
Funds and ETFs holding equities		186,178			1.1
Funds holding fixed income securities		35,670			0.2
Total equities	$	879,083			5.3	%

Concentration of investment risk

The single largest fund is a Health Care Select Sector SPDR index fund, which accounts for 12.6% 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 23.7% of the Company’s total equities and the single largest issuer accounts for 3.6% of the Company’s total equities.

19

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 March 31, 2010
	GNMA			GSEs			AAA			AA			A			BBB			Non-Investment Grade			Total
U.S. Asset-Backed Securities	$	-		$	4,000		$	267,185		$	-		$	54,345		$	89,528		$	82,646		$	497,704
U.S. Collaterized Mortgage Obligations		8,713			76,132			17,304			1			1,888			-			7,189			111,227
U.S. Mortgage Backed Securities (MBS)		261,726			1,821,995			10,733			-			-			-			95,029			2,189,483
U.S. Commercial Mortgage Backed Securities (CMBS)		-			-			403			-			18,494			-			811			19,708
U.S. MBS Interest Only		-			20,758			-			-			-			-			-			20,758
Subtotal U.S. mortgage/asset-backed securities	$	270,439		$	1,922,885		$	295,625		$	1		$	74,727		$	89,528		$	185,675		$	2,838,880
Non-U.S. Asset-Backed Securities	$	-		$	-		$	35,324		$	7,057		$	-		$	-		$	-		$	42,381
Non-U.S. Collaterized Mortgage Obligations		-			-			259,349			12,748			-			4,982			-			277,079
Non-U.S. Commercial Mortgage Backed Securities (CMBS)		-			-			11,841			-			-			-			-			11,841
Non-U.S. Mortgage Backed Securities		-			-			-			-			-			-			-			-
Subtotal Non-U.S. mortgage/asset-backed securities	$	-		$	-		$	306,514		$	19,805		$	-		$	4,982		$	-		$	331,301
Total mortgage/asset-backed securities	$	270,439		$	1,922,885		$	602,139		$	19,806		$	74,727		$	94,510		$	185,675		$	3,170,181
Corporate Securities		-			416,015			-			-			-			-			-			416,015
Total	$	270,439		$	2,338,900		$	602,139		$	19,806		$	74,727		$	94,510		$	185,675		$	3,586,196
% of total		7.5	%		65.2	%		16.8	%		0.6	%		2.1	%		2.6	%		5.2	%		100.0	%

20

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

	March 31, 2010
	Investments		Fair Value of Derivatives		Carrying Value		Net Notional Amount of Derivatives		Total Net Exposures (1)
Private Markets Investments
Principal Finance - Investments	$	25,489	$	-	$	25,489	$	-	$	25,489
Principal Finance - Derivative Exposure Assumed		-		(15,985)		(15,985)		196,116		180,131
Insurance-Linked Securities		-		1,329		1,329		52,906		54,235
Strategic Investments		163,622		-		163,622		-		163,622
Total other invested assets - Private Markets Exposure Assumed		189,111		(14,656)		174,455		249,022		423,477
Other Credit Derivatives - Exposure Assumed		-		603		603		5,000		5,603
Other Credit Derivatives - Protection Purchased		-		(2,166)		(2,166)		(190,359)		(192,525)
Other(2)		10,344		4,181		14,525
Total other invested assets	$	199,455	$	(12,038)	$	187,417

(1) The total net exposures originated in Private Markets are $1,371 million. In addition to the net exposures listed above of $423 million, the Company has the following other net exposures originated in Private Markets:

- Principal Finance: $352 million of assets listed under Investments - Fixed Maturities and ($24) million of limits on transactions that use reinsurance accounting for a total exposure of $533 milion.

- Insurance-Linked Securities: $507 million of bonds listed under Investments - Fixed Maturities and $105 million of limits on transactions that use reinsurance accounting for a total exposure of $666 million.

- Strategic Investments: $6 million of assets listed under Investments - Fixed Maturities, ($2) million of futures included in Other and $4 million of assets listed under Cash and Other Assets for a total exposure of $172 million.

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

21

PartnerRe Ltd.

Funds Held - Directly Managed Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	March 31, 2010					December 31, 2009
Investments:
Fixed maturities
U.S. government	$	110		6	%	$	119		6	%
Government Sponsored Entities (GSEs)		221		12			180		10
U.S. municipalities		-		-			1		-
Other foreign governments		481		27			548		30
Corporates		932		51			900		49
Mortgage/asset-backed securities		13		1			18		1
Total fixed maturities		1,757		97			1,766		96
Short-term investments		23		1			28		2
Other invested assets		32		2			39		2
Total investments	$	1,812		100	%	$	1,833		100	%
Cash and cash equivalents	$	25				$	146
Total investments and cash	$	1,837				$	1,979
Accrued investment income		28					25
Other funds held assets/liabilities		117					121
Total funds held - directly managed	$	1,982				$	2,125
Maturity distribution:
One year or less	$	366		21	%	$	360		20	%
More than one year through five years		899		50			903		50
More than five years through ten years		421		24			423		24
More than ten years		81		4			90		5
Subtotal		1,767		99			1,776		99
Mortgage/asset-backed securities		13		1			18		1
Total	$	1,780		100	%	$	1,794		100	%
Credit quality by market value:
AAA		42	%				38	%
AA		27					26
A		26					29
BBB		4					5
Below Investment Grade/Unrated		1					2
		100	%				100	%
Expected average duration		3.2	Yrs				3.0	Yrs
Average yield to maturity at market		2.5	%				2.6	%
Average credit quality		AA					AA

22

PartnerRe Ltd.

Distribution of Corporate Bonds

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

	March 31, 2010
	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	$	442,015			47.4	%		24.1	%		0.9	%
Consumer noncyclical		127,172			13.6			6.9			0.8
Government guaranteed corporate debt		93,831			10.0			5.1			1.9
Utilities		69,033			7.4			3.8			0.4
Energy		57,587			6.2			3.2			1.1
Communications		38,889			4.2			2.1			0.3
Industrials		33,358			3.6			1.8			0.7
Materials		31,861			3.4			1.7			0.3
Consumer cyclical		29,269			3.1			1.6			1.0
Technology		5,349			0.6			0.3			0.3
Insurance		2,350			0.3			0.1			0.1
Diversified		1,680			0.2			0.1			0.1
Total Corporate bonds	$	932,394			100.0	%		50.8	%
Finance sector - Corporate bonds
Banks	$	256,922			27.6	%		14.0	%
Commercial and consumer finance		62,914			6.7			3.4
Financial services		60,071			6.4			3.3
Investment banking and brokerage		38,302			4.1			2.1
Other		23,806			2.6			1.3
Total finance sector - Corporate bonds	$	442,015			47.4	%		24.1	%
Credit quality of finance sector - Corporate bonds	AAA			AA			A			BBB			Non-Investment Grade			Total
Banks	$	76,556		$	93,175		$	87,191		$	-		$	-		$	256,922
Commercial and consumer finance		13,473			17,989			26,043			5,409			-			62,914
Financial services		9,381			37,844			10,743			-			2,103			60,071
Investment banking and brokerage		32,617			-			5,685			-			-			38,302
Other		23,806			-			-			-			-			23,806
Total finance sector - Corporate bonds	$	155,833		$	149,008		$	129,662		$	5,409		$	2,103		$	442,015
% of total		35.3	%		33.7	%		29.3	%		1.2	%		0.5	%		100.0	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 19.9% of the Company’s total corporate bonds. The single largest issuer accounts for 4.6% of the Company’s total corporate bonds.

23

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
	March 31, 2010		December 31, 2009(A)		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2009(A)		December 31, 2008
Fixed maturities	$	153,607	$	159,436	$	138,741	$	132,017	$	129,135	$	559,330	$	514,751
Short-term investments, cash and cash equivalents		3,589		5,916		2,694		1,287		1,902		11,799		18,884
Equities		3,559		3,825		3,408		3,533		3,096		13,861		29,415
Funds held and other		10,782		8,427		8,988		8,001		7,377		32,793		37,261
Funds held - directly managed		12,151		17,766		n/a		n/a		n/a		17,766		n/a
Investment expenses		(10,566)		(13,370)		(8,481)		(9,245)		(8,383)		(39,478)		(27,347)
Net investment income(3)	$	173,122	$	182,000	$	145,350	$	135,593	$	133,127	$	596,071	$	572,964
Net realized investment gains (losses) on fixed maturities and short-term investments(1)	$	16,082	$	41,693	$	35,224	$	8,048	$	20,284	$	105,249	$	(16,076)
Net realized investment gains (losses) on equities(2)		12,756		46,617		11,292		(61,760)		(41,408)		(45,258)		(230,481)
Net realized gains (losses) on other invested assets		1,714		(57,675)		(10,057)		15,998		16,308		(35,426)		358
Change in net unrealized (losses) gains on other invested assets		(22,958)		67,425		(26,906)		37,725		(20,047)		58,196		3,212
Change in net unrealized investment gains (losses) on fixed maturities subject to the fair value option		99,097		(60,750)		243,234		186,819		(48,371)		320,934		(150,860)
Change in net unrealized investment (losses) gains on short-term investments subject to the fair value option		(2,425)		3,489		(898)		(206)		(375)		2,010		551
Change in net unrealized investment gains (losses) on equities subject to the fair value option(2)		25,412		(13,147)		74,384		121,199		3,489		185,925		(144,634)
Net other realized and unrealized investment gains (losses)		6,978		(889)		3,953		(1,287)		-		1,777		6,570
Net realized gains (losses) and change in net unrealized investment gains (losses) on funds held - directly managed		8,818		(1,700)		n/a		n/a		n/a		(1,700)		n/a
Net realized and unrealized investment gains (losses)	$	145,474	$	25,063	$	330,226	$	306,536	$	(70,120)	$	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 March 31, 2010, net investment income includes foreign exchange impacts of $4.2 million compared to the three months ended March 31, 2009.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

n/a - not applicable

24

PartnerRe Ltd.

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

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the     three months ended March 31, 2010		For the period from October 2, 2009 to December 31, 2009
Fixed maturities	$	11,343	$	10,956
Short-term investments, cash and cash equivalents		923		287
Other		223		6,934
Investment expenses		(338)		(411)
Net investment income	$	12,151	$	17,766
Net realized investment losses on fixed maturities and short-term investments	$	(694)	$	(2,200)
Net realized investment gains of equities		5		-
Change in net unrealized investment gains on fixed maturities and short-term investments		11,278		1,920
Change in net unrealized investment losses on equities		(99)		(35)
Net other realized and unrealized investment losses		(1,672)		(1,385)
Net realized and unrealized investment gains (losses) on funds held - directly managed	$	8,818	$	(1,700)

25

PartnerRe Ltd.

Analysis of Unpaid Losses and Loss Expenses

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the three months ended										As at and for the year ended
	March 31, 2010		December 31, 2009(A)		September 30, 2009		June 30, 2009		March 31, 2009		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	$	10,811,483	$	7,558,318	$	7,396,600	$	7,393,205	$	7,510,666	$	7,510,666	$	7,231,436
Reinsurance recoverable at beginning of period		(336,352)		(123,960)		(126,020)		(128,025)		(125,215)		(125,215)		(132,479)
Net liability at beginning of period		10,475,131		7,434,358		7,270,580		7,265,180		7,385,451		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		973,733		737,152		581,607		516,512		505,497		2,340,768		2,564,174
Prior years		(92,830)		(120,531)		(122,786)		(142,909)		(99,583)		(485,809)		(417,936)
		880,903		616,621		458,821		373,603		405,914		1,854,959		2,146,238
Change in reserve agreement(1)		9,480		(32,027)		-		-		-		(32,027)		-
Net losses paid		(565,229)		(680,618)		(426,582)		(599,585)		(337,094)		(2,043,878)		(1,580,819)
Effects of foreign exchange rate changes		(215,263)		(39,458)		131,539		231,382		(189,091)		134,371		(278,925)
Net liability at end of period		10,585,022		10,475,131		7,434,358		7,270,580		7,265,180		10,475,131		7,385,451
Reinsurance recoverable at end of period		345,464		336,352		123,960		126,020		128,025		336,352		125,215
Gross liability at end of period	$	10,930,486	$	10,811,483	$	7,558,318	$	7,396,600	$	7,393,205	$	10,811,483	$	7,510,666
Breakdown of gross liability at end of period:
Case reserves	$	4,616,968	$	4,817,765	$	3,293,042	$	3,241,898	$	3,075,384	$	4,817,765	$	3,107,780
Additional case reserves		241,919		274,360		270,565		274,225		271,084		274,360		311,408
Incurred but not reported reserves		6,071,599		5,719,358		3,994,711		3,880,477		4,046,737		5,719,358		4,091,478
Gross liability at end of period	$	10,930,486	$	10,811,483	$	7,558,318	$	7,396,600	$	7,393,205	$	10,811,483	$	7,510,666
Breakdown of gross liability at end of period by Non-life sub-segment:
U.S.	$	2,819,425	$	2,793,947	$	2,754,789	$	2,745,499	$	2,859,266	$	2,793,947	$	2,807,091
Global (Non-U.S.) P&C		2,241,632		2,230,575		2,290,796		2,232,911		2,157,454		2,230,575		2,291,856
Global (Non-U.S.) Specialty		2,170,448		2,198,621		2,261,162		2,151,115		2,062,985		2,198,621		2,082,290
Catastrophe		338,119		230,791		251,571		267,075		313,500		230,791		329,429
Paris Re		3,360,862		3,357,549		-		-		-		3,357,549		-
Gross liability at end of period	$	10,930,486	$	10,811,483	$	7,558,318	$	7,396,600	$	7,393,205	$	10,811,483	$	7,510,666
Unrecognized time value of non-life reserves	$	1,133,396	$	1,190,323	$	853,155	$	882,592	$	738,705	$	1,190,323	$	732,982
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		64.2%		110.4%		93.0%		160.5%		83.0%		110.2%		73.7%
Non-life paid losses to net premiums earned ratio		57.1%		58.0%		45.9%		85.3%		46.4%		57.9%		47.2%

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

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

26

PartnerRe Ltd.

Analysis of Policy Benefits for Life and Annuity Contracts

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the three months ended										As at and for the year ended
	March 31, 2010		December 31, 2009		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2009		December 31, 2008
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,615,193	$	1,580,380	$	1,546,779	$	1,421,420	$	1,432,015	$	1,432,015	$	1,541,687
Reinsurance recoverable at beginning of period		(20,465)		(21,615)		(22,090)		(22,341)		(24,102)		(24,102)		(43,098)
Net liability at beginning of period		1,594,728		1,558,765		1,524,689		1,399,079		1,407,913		1,407,913		1,498,589
Net incurred losses related to:
Current year		142,561		131,482		129,161		89,391		105,736		455,770		438,655
Prior years		(11,127)		(4,831)		(13,754)		(4,097)		7,249		(15,433)		24,327
		131,434		126,651		115,407		85,294		112,985		440,337		462,982
Net losses paid		(56,021)		(80,316)		(97,087)		(77,158)		(68,527)		(323,088)		(352,438)
Effects of foreign exchange rate changes		(72,323)		(10,372)		15,756		117,474		(53,292)		69,566		(201,220)
Net liability at end of period		1,597,818		1,594,728		1,558,765		1,524,689		1,399,079		1,594,728		1,407,913
Reinsurance recoverable at end of period		15,844		20,465		21,615		22,090		22,341		20,465		24,102
Gross liability at end of period	$	1,613,662	$	1,615,193	$	1,580,380	$	1,546,779	$	1,421,420	$	1,615,193	$	1,432,015

27

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended										For the year ended
	March 31, 2010		December 31, 2009(A)		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2009(A)		December 31, 2008
Prior year net favorable (adverse) reserve development:
Non-life segment:
U.S.	$	21,869	$	47,758	$	42,662	$	55,693	$	21,460	$	167,573	$	91,801
Global (Non-U.S.) P&C		34,267		20,019		46,520		35,346		51,812		153,697		166,034
Global (Non-U.S.) Specialty		33,708		41,433		18,386		30,859		24,710		115,389		81,839
Catastrophe		1,531		11,321		15,218		21,011		1,601		49,150		78,262
Paris Re		1,455		-		n/a		n/a		n/a		-		n/a
Total Non-life net prior year reserve development	$	92,830	$	120,531	$	122,786	$	142,909	$	99,583	$	485,809	$	417,936
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(5,998)	$	(6,266)	$	(11,318)	$	16,635	$	9,874	$	8,925	$	(7,460)
Net prior year reserve development due to all other factors(2)		98,828		126,797		134,104		126,274		89,709		476,884		425,396
Total Non-life net prior year reserve development	$	92,830	$	120,531	$	122,786	$	142,909	$	99,583	$	485,809	$	417,936
Life segment:
Net prior year reserve development due to GMDB(1)	$	10,191	$	4,021	$	14,267	$	8,017	$	(9,817)	$	16,488	$	(33,099)
Net prior year reserve development due to all other factors(2)		936		810		(513)		(3,920)		2,568		(1,055)		8,772
Total Life net prior year reserve development	$	11,127	$	4,831	$	13,754	$	4,097	$	(7,249)	$	15,433	$	(24,327)

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatilty in certain referenced global equity markets. At March 31, 2010, a 10% increase in the referenced global equity market would have decreased reserves by approximately $4 million, while a 10% decrease in the referenced global equity market would have increased reserves by approximately $5 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 include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

n/a - not applicable

28

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	For the three months ended															For the year ended
	March 31, 2010(2)			December 31, 2009(A)(B) (2)			September 30, 2009			June 30, 2009			March 31, 2009			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		4.0	%		24.4	%		60.7	%		50.6	%		14.4	%		37.5	%		0.3	%
Less:
Annualized net realized and unrealized investment gains (losses), net of tax, on beginning common shareholders’ equity(1)		6.2			1.2			29.8			30.4			(8.1)			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)		0.1			0.9			0.2			0.7			(0.6)			0.3			(0.1)
Annualized operating return on beginning common shareholders’ equity(1)		(2.3)	%		22.3	%		30.7	%		19.5	%		16.9	%		22.3	%		12.3	%
Net income	$	79,654		$	354,360		$	566,705		$	474,269		$	141,521		$	1,536,854		$	46,567
Less:
Net realized and unrealized investment gains (losses), net of tax		110,592			17,582			274,360			279,569			(74,478)			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		2,213			13,098			1,650			6,779			(5,329)			16,197			(3,641)
Dividends to preferred shareholders		8,631			8,631			8,631			8,631			8,631			34,525			34,525
Operating (loss) earnings available to common shareholders	$	(41,782)		$	315,049		$	282,064		$	179,290		$	155,742		$	932,146		$	469,304
Per diluted share:
Net income	$	0.85		$	4.25		$	9.44		$	8.10		$	2.32		$	23.51		$	0.22
Less:
Net realized and unrealized investment gains (losses), net of tax		1.33			0.22			4.64			4.86			(1.30)			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		0.02			0.16			0.03			0.12			(0.09)			0.25			(0.06)
Operating (loss) earnings(D)	$	(0.50)		$	3.87		$	4.77		$	3.12		$	2.72		$	14.59		$	8.43

(1) Excluding cumulative preferred shares of $520,000.

(2) See page 35 for further analysis of Paris Re acquisition related expenses.

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

(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.

(D) Diluted operating loss per share for the three months ended March 31, 2010 was calculated using the weighted average number of common and common share equivalents outstanding as the denominator. While this results in diluted operating loss per share being anti-dilutive, it is the Company’s policy to use the net income or loss per share denominator for calculating operating earnings or loss per share.

29

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	March 31, 2010		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	$	7,388,511	$	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		290,000
6.5% Series D cumulative preferred shares, aggregate liquidation		230,000		230,000		230,000		230,000		230,000		230,000		230,000
Common shareholders’ equity		6,868,511		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		312,948		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	$	6,555,563	$	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		81,647.4		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	$	80.29	$	81.73	$	78.22	$	72.47	$	67.48	$	64.56	$	66.68

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

30

PartnerRe Ltd.

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

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

(Unaudited)

	March 31, 2010		December 31, 2009(A)		September 30, 2009		June 30, 2009		March 31, 2009		December 31, 2008		December 31, 2007
Total shareholders’ equity	$	7,388,511	$	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)		(520,000)
Common shareholders’ equity	$	6,868,511	$	7,125,727	$	4,924,554	$	4,247,678	$	3,762,067	$	3,679,108	$	3,801,557
Basic common shares outstanding		80,015.4		82,580.7		58,271.5		56,655.1		56,579.1		56,453.3		54,250.5
Basic book value per common share	$	85.84	$	86.29	$	84.51	$	74.97	$	66.49	$	65.17	$	70.07
Diluted book value per common share
Common shareholders’ equity	$	6,868,511	$	7,125,727	$	4,924,554	$	4,247,678	$	3,762,067	$	3,679,108	$	3,801,557
Basic common shares outstanding		80,015.4		82,580.7		58,271.5		56,655.1		56,579.1		56,453.3		54,250.5
Add: Stock options and other		3,255.0		3,331.7		2,350.6		2,300.4		2,308.4		2,365.8		3,018.5
Add: Restricted stock units		1,096.9		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		(2,719.9)		(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		81,647.4		84,319.7		59,281.8		57,514.3		57,388.2		57,533.9		55,936.4
Diluted book value per common share	$	84.12	$	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 include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

31

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 March 31, 2010				As of and for the three months ended March 31, 2009
	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	$	7,126	$	84.51	$	3,679	$	63.95
Technical result		(79)		(0.94)		147		2.56
Other operating expenses		(128)		(1.54)		(84)		(1.47)
Net investment income		173		2.08		133		2.32
Amortization of intangible assets		(5)		(0.06)		-		-
Other, net		(2)		(0.03)		(6)		(0.10)
Operating income tax benefit (expense)		8		0.09		(25)		(0.44)
Preferred dividends		(9)		(0.10)		(9)		(0.15)
Operating (loss) earnings(A)		(42)		(0.50)		156		2.72
Net realized and unrealized investment gains (losses), net of tax		111		1.33		(75)		(1.30)
Net realized gain on purchase of capital efficient notes, net of tax		-		-		57		0.99
Interest in earnings (losses) of equity investments, net of tax		2		0.02		(5)		(0.09)
Net income available to common shareholders		71		0.85		133		2.32
Common share dividends		(41)		(0.50)		(27)		(0.47)
Change in currency translation adjustment		(69)		(0.82)		(31)		(0.54)
Change in other comprehensive income, net of tax		(4)		(0.05)		6		(0.04)
(Repurchase) issuance of common shares, net		(214)		0.02		2		0.04
Impact of change in number of common and common share equivalents outstanding		n/a		0.11		n/a		0.29
Common shareholders’ equity / diluted book value per common share at end of period	$	6,869	$	84.12	$	3,762	$	65.55

(A) Diluted operating loss per share for the three months ended March 31, 2010 was calculated using the weighted average number of common and common share equivalents outstanding as the denominator. While this results in diluted operating loss per share being anti-dilutive, it is the Company’s policy to use the net income or loss per share denominator for calculating operating earnings or loss per share.

32

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, 2009(A)				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	$	3,679	$	63.95	$	3,802	$	67.96
Technical result		939		14.70		420		7.55
Other operating expenses		(431)		(6.74)		(365)		(6.56)
Net investment income		596		9.33		573		10.30
Amortization of intangible assets		6		0.10		-		-
Other, net		(7)		(0.12)		(35)		(0.63)
Operating income tax expense		(136)		(2.14)		(89)		(1.61)
Preferred dividends		(35)		(0.54)		(35)		(0.62)
Operating earnings		932		14.59		469		8.43
Net realized and unrealized investment gains (losses), net of tax		497		7.78		(453)		(8.15)
Net realized gain on purchase of capital efficient notes, net of tax		57		0.89		-		-
Interest in earnings (losses) of equity investments, net of tax		16		0.25		(4)		(0.06)
Net income available to common shareholders		1,502		23.51		12		0.22
Common share dividends		(117)		(1.88)		(100)		(1.84)
Change in currency translation adjustment		48		0.75		(163)		(2.93)
Change in other comprehensive income, net of tax		14		0.23		15		0.27
Issuance of common shares		2,000		(1.59)		126		(0.42)
Other, net		-		-		(13)		(0.23)
Impact of change in number of common and common share equivalents outstanding		n/a		(0.46)		n/a		0.92
Common shareholders’ equity / diluted book value per common share at end of period	$	7,126	$	84.51	$	3,679	$	63.95

(A) The Company’s results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

33

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,		June 30,		March 31,		December 31,		September 30,		June 30,		March 31,
	2009		2009		2009		2008		2008		2008		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

34

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 March 31, 2010		For the three months ended December 31, 2009		For the year  ended December 31, 2009
Acquisition related expenses:
Corporate expenses - acquisition related	$	3,877	$	18,029	$	36,521
Amortization of intangible assets		4,803		(6,133)		(6,133)
Amortization of intangible assets included in acquisition costs(1)		18,202		46,410		46,410
Total acquisition related expenses	$	26,882	$	58,306	$	76,798
Less: Amortization of intangible assets included in acquisition costs		(18,202)		(46,410)		(46,410)
Total acquisition related expenses, excluding those included in acquisition costs	$	8,680	$	11,896	$	30,388
Divided by:
Weighted average number of common and common share equivalents outstanding		83,328.8		81,441.2		63,890.6
Impact of acquisition related expenses on diluted operating loss or earnings per share, pre-tax	$	0.10	$	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 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	$	26,658	$	18,892	$	45,550
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	$	189,580	$	27,335	$	216,915

(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 $224.3 million and $247.3 million at March 31, 2010 and December 31, 2009, respectively, are recorded gross of a deferred tax benefit of $56.3 million and $63.1 million, respectively.

(4) Total intangible assets of $224.3 million and $247.3 million at March 31, 2010 and December 31, 2009, respectively, includes a $7.4 million intangible asset related to U.S. licenses that is not being amortized.

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