Partnerre (PREJF) 8-K PartnerRe Ltd. Reports Fourth Quarter and Full Year 2010 Results

Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as of December 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 - December 31, 2010

Table of Contents

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

Basis of Presentation

The Company’s Non-life sub-segment information has been recast for all periods presented to reflect the redefined financial reporting segments, as announced by the Company on January 11, 2011. The new presentation continues to include three segments: Non-life, Life, and Corporate and Other. The Non-life segment now has four sub-segments: North America, Global (Non-U.S.) P&C, Global (Non-U.S.) Specialty, and Catastrophe. The Life segment remains unchanged. Paris Re is no longer presented as a separate Non-life sub-segment and its historical results have been recast into the Company’s other Non-life sub-segments. In addition, management responsibilities for certain lines of business and certain other treaties have been redefined, and accordingly, the historical Non-life sub-segment results have been recast to reflect these changes.

The Company’s financial position and its results include Paris Re from the date of acquisition of October 2, 2009 and for all periods thereafter.

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, 2010			September 30, 2010		June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010		December 31, 2009
Revenues
Gross premiums written	$	827,301		$	1,008,464	$	1,140,175		$	1,909,326		$	920,645		$	4,885,266	$	4,000,888
Net premiums written	$	820,605		$	987,612	$	1,112,735		$	1,784,165		$	904,440		$	4,705,116	$	3,948,704
Decrease (increase) in unearned premiums		384,041			325,802		(8,104	)		(630,386	)		432,115			71,355		171,121
Net premiums earned		1,204,646			1,313,414		1,104,631			1,153,779			1,336,555			4,776,471		4,119,825
Net investment income		160,804			164,402		174,454			173,122			182,000			672,782		596,071
Net realized and unrealized investment (losses) gains		(83,201	)		293,164		46,046			145,474			25,063			401,482		591,707
Net realized gain on purchase of capital efficient notes		—			—		—			—			—			—		88,427
Other income		5,079			3,363		753			1,274			5,986			10,470		22,312
Total revenues		1,287,328			1,774,343		1,325,884			1,473,649			1,549,604			5,861,205		5,418,342
Expenses
Losses and loss expenses and life policy benefits		817,772			748,879		704,631			1,012,337			743,271			3,283,618		2,295,296
Acquisition costs		246,617			261,668		244,144			220,107			271,081			972,537		885,214
Other operating expenses		133,245			118,221		160,151			128,134			146,522			539,751		430,808
Interest expense		12,181			12,297		12,803			7,132			6,657			44,413		28,301
Amortization of intangible assets		8,821			10,003		7,833			4,803			(6,133	)		31,461		(6,133	)
Net foreign exchange losses (gains)		8,260			27,074		(11,021	)		(3,627	)		(4,046	)		20,686		1,464
Total expenses		1,226,896			1,178,142		1,118,541			1,368,886			1,157,352			4,892,466		3,634,950
Income before taxes and interest in earnings of equity investments		60,432			596,201		207,343			104,763			392,252			968,739		1,783,392
Income tax expense		10,892			72,576		17,762			27,554			51,892			128,784		262,090
Interest in earnings of equity investments		7,495			1,312		1,346			2,445			14,000			12,597		15,552
Net income	$	57,035		$	524,937	$	190,927		$	79,654		$	354,360		$	852,552	$	1,536,854
Preferred dividends	$	8,631		$	8,631	$	8,631		$	8,631		$	8,631		$	34,525	$	34,525
Operating earnings (loss) available to common shareholders	$	113,042		$	281,857	$	151,537		$	(41,782	)	$	315,049		$	504,654	$	932,146
Comprehensive income, net of tax	$	49,184		$	631,249	$	84,271		$	6,978		$	367,959		$	771,681	$	1,598,973
Per Share Data:
Earnings per common share:
Basic operating earnings (loss)	$	1.54		$	3.75	$	1.96		$	(0.51	)	$	3.95		$	6.57	$	14.85
Net realized and unrealized investment (losses) gains, net of tax		(0.98	)		3.09		0.38			1.35			0.22			3.92		7.91
Net realized gain on purchase of capital efficient notes, net of tax		—			—		—			—			—			—		0.91
Interest in earnings of equity investments, net of tax		0.10			0.02		0.02			0.03			0.17			0.16		0.26
Basic net income	$	0.66		$	6.86	$	2.36		$	0.87		$	4.34		$	10.65	$	23.93
Weighted average number of common shares outstanding		73,168.6			75,238.3		77,365.4			81,696.9			79,702.2			76,839.5		62,786.2
Diluted operating earnings (loss)(1) (2)	$	1.52		$	3.69	$	1.92		$	(0.50	)	$	3.87		$	6.45	$	14.59
Net realized and unrealized investment (losses) gains, net of tax		(0.96	)		3.05		0.38			1.33			0.22			3.86		7.78
Net realized gain on purchase of capital efficient notes, net of tax		—			—		—			—			—			—		0.89
Interest in earnings of equity investments, net of tax		0.09			0.02		0.01			0.02			0.16			0.15		0.25
Diluted net income	$	0.65		$	6.76	$	2.31		$	0.85		$	4.25		$	10.46	$	23.51
Weighted average number of common and common share equivalents outstanding		74,494.7			76,428.5		78,796.4			83,328.8			81,441.2			78,234.3		63,890.6

(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.

1

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	December 31, 2010				September 30, 2010				June 30, 2010				March 31, 2010				December 31, 2009				December 31, 2008
Assets
Total investments	$	14,297,867			$	15,182,110			$	14,796,197			$	15,228,997			$	15,301,510			$	10,886,391
Funds held - directly managed		1,772,118				1,919,325				1,875,305				1,981,665				2,124,826				—
Cash and cash equivalents		2,111,084				1,437,722				1,085,325				1,319,275				738,309				838,280
Accrued investment income		201,928				201,400				184,715				204,591				218,739				169,103
Reinsurance balances receivable		2,076,884				2,494,034				2,627,422				2,908,652				2,249,181				1,719,694
Funds held by reinsured companies		937,032				918,832				859,050				900,257				938,039				786,422
Deferred acquisition costs		595,557				664,058				672,694				709,745				614,857				617,121
Goodwill		455,533				455,533				455,533				455,533				455,533				429,519
Intangible assets		178,715				191,252				206,044				224,264				247,269				—
Other assets		737,653				807,557				873,849				884,197				844,281				832,790
Total assets	$	23,364,371			$	24,271,823			$	23,636,134			$	24,817,176			$	23,732,544			$	16,279,320
Liabilities
Unpaid losses and loss expenses	$	10,666,604			$	10,705,562			$	10,342,589			$	10,930,486			$	10,811,483			$	7,510,666
Policy benefits for life and annuity contracts		1,750,410				1,735,930				1,566,899				1,613,662				1,615,193				1,432,015
Unearned premiums		1,599,139				2,019,892				2,295,576				2,371,256				1,706,816				1,273,787
Other reinsurance balances payable		491,194				528,014				478,862				488,664				426,091				209,007
Debt obligations		820,989				820,989				1,020,989				1,020,989				520,989				907,605
Other liabilities		829,116				879,143				859,977				1,003,608				1,006,245				747,132
Total liabilities		16,157,452				16,689,530				16,564,892				17,428,665				16,086,817				12,080,212
Total shareholders’ equity		7,206,919				7,582,293				7,071,242				7,388,511				7,645,727				4,199,108
Total liabilities and shareholders’ equity	$	23,364,371			$	24,271,823			$	23,636,134			$	24,817,176			$	23,732,544			$	16,279,320
Shareholders’ Equity Per Common Share (excluding cumulative preferred shares)	$	95.55			$	94.69			$	86.94			$	85.84			$	86.29			$	65.17
Diluted Book Value Per Common and Common Share Equivalents Outstanding (assuming exercise of all share-based awards)	$	93.77			$	93.21			$	85.32			$	84.12			$	84.51			$	63.95
Number of Common and Common Share Equivalents Outstanding		71,312.3				75,771.5				76,780.8				81,647.4				84,319.7				57,533.9
Capital Structure:
Long-term debt	$	—	—	%	$	—	—	%	$	—	—	%	$	—	—	%	$	—	—	%	$	200,000	4	%
Senior notes(1)		750,000	9			750,000	9			750,000	9			750,000	9			250,000	3			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
6.75% Series C cumulative preferred shares, aggregate liquidation		290,000	4			290,000	3			290,000	4			290,000	3			290,000	4			290,000	6
6.5% Series D cumulative preferred shares, aggregate liquidation		230,000	3			230,000	3			230,000	3			230,000	3			230,000	3			230,000	5
Common shareholders’ equity		6,686,919	83			7,062,293	84			6,551,242	83			6,868,511	84			7,125,727	89			3,679,108	75
Total Capital	$	8,020,303	100	%	$	8,395,677	100	%	$	7,884,626	100	%	$	8,201,895	100	%	$	7,959,111	100	%	$	4,899,108	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 its Condensed Consolidated Balance Sheet at December 31, 2008.

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, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
Net cash provided by operating activities:
Underwriting operations	$	184		$	204		$	6		$	238		$	198		$	632		$	550
Investment income		176			179			208			199			167			762			603
Taxes and foreign exchange		(17	)		(58	)		(87	)		(23	)		(41	)		(185	)		(54	)
Net cash provided by operating activities	$	343		$	325		$	127		$	414		$	324		$	1,209		$	1,099
Net cash provided by operating activities	$	343		$	325		$	127		$	414		$	324		$	1,209		$	1,099
Net cash provided by (used in) investing activities(1)		749			320			84			(31	)		12			1,122			(447	)
Net cash (used in) provided by financing activities(2)		(412	)		(326	)		(409	)		225			(373	)		(922	)		(765	)
Effect of foreign exchange rate changes on cash		(7	)		34			(36	)		(27	)		3			(36	)		13
Increase (decrease) in cash and cash equivalents		673			353			(234	)		581			(34	)		1,373			(100	)
Cash and cash equivalents - beginning of period		1,438			1,085			1,319			738			772			738			838
Cash and cash equivalents - end of period	$	2,111		$	1,438		$	1,085		$	1,319		$	738		$	2,111		$	738

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

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

3

PartnerRe Ltd.

Consolidated Statements of Comprehensive Income

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009
Net income	$	57,035		$	524,937		$	190,927		$	79,654		$	354,360
Change in currency translation adjustment		(236	)		107,572			(105,335	)		(68,743	)		112
Change in net unrealized gains or losses on investments, net of tax		(266	)		(256	)		(257	)		(4,129	)		7,114
Change in unfunded pension obligation, net of tax		(7,349	)		(1,004	)		(1,064	)		196			6,373
Comprehensive income	$	49,184		$	631,249		$	84,271		$	6,978		$	367,959

	For the year ended
	December 31, 2010			December 31, 2009
Net income	$	852,552		$	1,536,854
Change in currency translation adjustment		(66,742	)		47,955
Change in net unrealized gains or losses on investments, net of tax		(4,908	)		8,079
Change in unfunded pension obligation, net of tax		(9,221	)		6,085
Comprehensive income	$	771,681		$	1,598,973

4

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

For the three months ended December 31, 2010

	North America			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	$	196		$	118		$	296		$	5		$	615		$	212		$	—		$	827
Net premiums written	$	196		$	118		$	287		$	10		$	611		$	210		$	—		$	821
Decrease in unearned premiums		64			110			42			155			371			12			1			384
Net premiums earned	$	260		$	228		$	329		$	165		$	982		$	222		$	1		$	1,205
Losses and loss expenses and life policy benefits		(145	)		(141	)		(191	)		(162	)		(639	)		(177	)		(2	)		(818	)
Acquisition costs		(71	)		(57	)		(73	)		(12	)		(213	)		(34	)		—			(247	)
Technical result	$	44		$	30		$	65		$	(9	)	$	130		$	11		$	(1	)	$	140
Other income														2			—			3			5
Other operating expenses														(78	)		(17	)		(38	)		(133	)
Underwriting result													$	54		$	(6	)		n/a		$	12
Net investment income																	18			143			161
Allocated underwriting result(1)																$	12			n/a			n/a
Net realized and unrealized investment losses																				(83	)		(83	)
Interest expense																				(12	)		(12	)
Amortization of intangible assets																				(9	)		(9	)
Net foreign exchange losses																				(8	)		(8	)
Income tax expense																				(11	)		(11	)
Interest in earnings of equity investments																				7			7
Net income																				n/a		$	57
Loss ratio(2)		55.9	%		61.9	%		57.9	%		98.0	%		65.1	%
Acquisition ratio(3)		27.2			24.9			22.2			7.3			21.6
Technical ratio(4)		83.1	%		86.8	%		80.1	%		105.3	%		86.7	%
Other operating expense ratio(5)														7.9
Combined ratio(6)														94.6	%

(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

(Expressed in millions of U.S. dollars)

(Unaudited)

For the three months ended December 31, 2009

	North America			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	$	251		$	154		$	335		$	24		$	764		$	157		$	—		$	921
Net premiums written	$	251		$	157		$	319		$	20		$	747		$	157		$	—		$	904
Decrease in unearned premiums		79			122			64			159			424			7			2			433
Net premiums earned	$	330		$	279		$	383		$	179		$	1,171		$	164		$	2		$	1,337
Losses and loss expenses and life policy benefits		(184	)		(169	)		(254	)		(9	)		(616	)		(127	)		—			(743	)
Acquisition costs		(88	)		(63	)		(81	)		(9	)		(241	)		(30	)		—			(271	)
Technical result	$	58		$	47		$	48		$	161		$	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)		56.0	%		60.6	%		66.4	%		4.9	%		52.7	%
Acquisition ratio(3)		26.5			22.7			21.1			5.1			20.5
Technical ratio(4)		82.5	%		83.3	%		87.5	%		10.0	%		73.2	%
Other operating expense ratio(5)														7.1
Combined ratio(6)														80.3	%

6

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

For the year ended December 31, 2010

	North America			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	$	1,028		$	909		$	1,479		$	716		$	4,132		$	749		$	4		$	4,885
Net premiums written	$	1,026		$	898		$	1,391		$	646		$	3,961		$	742		$	2		$	4,705
Decrease in unearned premiums		12			16			14			26			68			2			1			71
Net premiums earned	$	1,038		$	914		$	1,405		$	672		$	4,029		$	744		$	3		$	4,776
Losses and loss expenses and life policy benefits		(577	)		(702	)		(985	)		(393	)		(2,657	)		(624	)		(3	)		(3,284	)
Acquisition costs		(288	)		(227	)		(292	)		(49	)		(856	)		(116	)		—			(972	)
Technical result	$	173		$	(15	)	$	128		$	230		$	516		$	4		$	—		$	520
Other income														5			2			3			10
Other operating expenses														(317	)		(57	)		(166	)		(540	)
Underwriting result													$	204		$	(51	)		n/a		$	(10	)
Net investment income																	71			602			673
Allocated underwriting result(1)																$	20			n/a			n/a
Net realized and unrealized investment gains																				402			402
Interest expense																				(44	)		(44	)
Amortization of intangible assets																				(31	)		(31	)
Net foreign exchange losses																				(21	)		(21	)
Income tax expense																				(129	)		(129	)
Interest in earnings of equity investments																				13			13
Net income																				n/a		$	853
Loss ratio(2)		55.6	%		76.8	%		70.0	%		58.5	%		65.9	%
Acquisition ratio(3)		27.8			24.9			20.8			7.2			21.3
Technical ratio(4)		83.4	%		101.7	%		90.8	%		65.7	%		87.2	%
Other operating expense ratio(5)														7.8
Combined ratio(6)														95.0	%

7

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

For the year ended December 31, 2009

	North America			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	$	1,162		$	677		$	1,159		$	400		$	3,398		$	595		$	8		$	4,001
Net premiums written	$	1,162		$	679		$	1,113		$	397		$	3,351		$	591		$	7		$	3,949
Decrease (increase) in unearned premiums		48			50			3			73			174			(4	)		1			171
Net premiums earned	$	1,210		$	729		$	1,116		$	470		$	3,525		$	587		$	8		$	4,120
Losses and loss expenses and life policy benefits		(728	)		(392	)		(732	)		(6	)		(1,858	)		(440	)		2			(2,296	)
Acquisition costs		(311	)		(174	)		(254	)		(33	)		(772	)		(113	)		—			(885	)
Technical result	$	171		$	163		$	130		$	431		$	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)		60.2	%		53.7	%		65.6	%		1.3	%		52.7	%
Acquisition ratio(3)		25.7			23.8			22.7			7.0			21.9
Technical ratio(4)		85.9	%		77.5	%		88.3	%		8.3	%		74.6	%
Other operating expense ratio(5)														7.2
Combined ratio(6)														81.8	%

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, 2010(A)			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010(A)			December 31, 2009
Net premiums written	$	611		$	804		$	939		$	1,607		$	747		$	3,961		$	3,351
Net premiums earned	$	982		$	1,128		$	931		$	989		$	1,171		$	4,029		$	3,525
Losses and loss expenses		(639	)		(601	)		(536	)		(881	)		(616	)		(2,657	)		(1,858	)
Acquisition costs		(213	)		(228	)		(219	)		(197	)		(241	)		(856	)		(772	)
Technical result	$	130		$	299		$	176		$	(89	)	$	314		$	516		$	895
Other income		2			2			1			1			4			5			13
Other operating expenses		(78	)		(81	)		(82	)		(78	)		(83	)		(317	)		(253	)
Underwriting result	$	54		$	220		$	95		$	(166	)	$	235		$	204		$	655
Loss ratio(2)		65.1	%		53.3	%		57.6	%		89.1	%		52.7	%		65.9	%		52.7	%
Acquisition ratio(3)		21.6			20.2			23.4			19.9			20.5			21.3			21.9
Technical ratio(4)		86.7	%		73.5	%		81.0	%		109.0	%		73.2	%		87.2	%		74.6	%
Other operating expense ratio(5)		7.9			7.2			8.8			7.9			7.1			7.8			7.2
Combined ratio(6)		94.6	%		80.7	%		89.8	%		116.9	%		80.3	%		95.0	%		81.8	%

(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, 2010, net premiums written and net premiums earned include foreign exchange impacts of ($9.3) million and ($16.1) million, respectively, compared to the three months ended December 31, 2009. For the year ended December 31, 2010, net premiums written and net premiums earned include foreign exchange impacts of $64.9 million and $22.4 million, respectively, compared to the year ended December 31, 2009.

9

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

North America sub-segment

	For the three months ended															For the year ended
	December 31, 2010(A)			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010(A)			December 31, 2009
Net premiums written	$	196		$	267		$	207		$	357		$	251		$	1,026		$	1,162
Net premiums earned	$	260		$	288		$	223		$	268		$	330		$	1,038		$	1,210
Losses and loss expenses		(145	)		(137	)		(116	)		(179	)		(184	)		(577	)		(728	)
Acquisition costs		(71	)		(80	)		(69	)		(69	)		(88	)		(288	)		(311	)
Technical result	$	44		$	71		$	38		$	20		$	58		$	173		$	171
Loss ratio(2)		55.9	%		47.5	%		52.2	%		66.9	%		56.0	%		55.6	%		60.2	%
Acquisition ratio(3)		27.2			27.8			30.7			25.7			26.5			27.8			25.7
Technical ratio(4)		83.1	%		75.3	%		82.9	%		92.6	%		82.5	%		83.4	%		85.9	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		47	%		42	%		38	%		37	%		37	%		42	%		37	%
Property		17			28			29			24			16			26			23
Motor		12			10			10			12			11			11			8
Agriculture		11			11			2			9			32			8			21
Credit/Surety		8			5			7			5			3			6			5
Multiline		5			2			3			9			1			5			4
Other		—			2			11			4			—			2			2
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, 2010, net premiums written and net premiums earned include foreign exchange impacts of $0.8 million and $1.0 million, respectively, compared to the three months ended December 31, 2009. For the year ended December 31, 2010, net premiums written and net premiums earned include foreign exchange impacts of $11.2 million and $10.8 million, respectively, compared to the year ended December 31, 2009.

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, 2010(A)			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010(A)			December 31, 2009
Net premiums written	$	118		$	158		$	186		$	436		$	157		$	898		$	679
Net premiums earned	$	228		$	225		$	231		$	230		$	279		$	914		$	729
Losses and loss expenses		(141	)		(174	)		(141	)		(246	)		(169	)		(702	)		(392	)
Acquisition costs		(57	)		(56	)		(61	)		(52	)		(63	)		(227	)		(174	)
Technical result	$	30		$	(5	)	$	29		$	(68	)	$	47		$	(15	)	$	163
Loss ratio(2)		61.9	%		77.1	%		61.1	%		107.0	%		60.6	%		76.8	%		53.7	%
Acquisition ratio(3)		24.9			25.2			26.4			22.8			22.7			24.9			23.8
Technical ratio(4)		86.8	%		102.3	%		87.5	%		129.8	%		83.3	%		101.7	%		77.5	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		71	%		68	%		67	%		64	%		57	%		66	%		67	%
Motor		18			23			19			24			29			22			22
Casualty		11			9			14			12			14			12			11
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, 2010, net premiums written and net premiums earned include foreign exchange impacts of ($3.7) million and ($8.4) million, respectively, compared to the three months ended December 31, 2009. For the year ended December 31, 2010, net premiums written and net premiums earned include foreign exchange impacts of $26.6 million and $4.1 million, respectively, compared to the year ended December 31, 2009.

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, 2010(A)			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010(A)			December 31, 2009
Net premiums written	$	287		$	292		$	355		$	456		$	319		$	1,391		$	1,113
Net premiums earned	$	329		$	364		$	376		$	337		$	383		$	1,405		$	1,116
Losses and loss expenses		(191	)		(199	)		(292	)		(303	)		(254	)		(985	)		(732	)
Acquisition costs		(73	)		(74	)		(82	)		(64	)		(81	)		(292	)		(254	)
Technical result	$	65		$	91		$	2		$	(30	)	$	48		$	128		$	130
Loss ratio(2)		57.9	%		54.8	%		77.6	%		90.0	%		66.4	%		70.0	%		65.6	%
Acquisition ratio(3)		22.2			20.2			21.9			18.9			21.1			20.8			22.7
Technical ratio(4)		80.1	%		75.0	%		99.5	%		108.9	%		87.5	%		90.8	%		88.3	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		25	%		19	%		14	%		11	%		21	%		16	%		17	%
Credit/Surety		18			16			15			17			20			16			16
Energy		5			9			10			7			7			8			9
Engineering		15			17			14			10			14			14			19
Marine		21			18			21			20			17			20			16
Specialty casualty		(1	)		6			11			22			6			11			11
Specialty property		13			8			10			4			8			8			6
Other		4			7			5			9			7			7			6
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, 2010, net premiums written and net premiums earned include foreign exchange impacts of ($6.3) million and ($9.2) million, respectively, compared to the three months ended December 31, 2009. For the year ended December 31, 2010, net premiums written and net premiums earned include foreign exchange impacts of $9.6 million and ($1.5) million, respectively, compared to the year ended December 31, 2009.

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, 2010(A)			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010(A)			December 31, 2009
Net premiums written	$	10		$	87		$	191		$	358		$	20		$	646		$	397
Net premiums earned	$	165		$	251		$	101		$	154		$	179		$	672		$	470
Losses and loss expenses		(162	)		(91	)		13			(153	)		(9	)		(393	)		(6	)
Acquisition costs		(12	)		(18	)		(7	)		(12	)		(9	)		(49	)		(33	)
Technical result	$	(9	)	$	142		$	107		$	(11	)	$	161		$	230		$	431
Loss ratio(2)		98.0	%		36.4	%		(12.8	)%		99.0	%		4.9	%		58.5	%		1.3	%
Acquisition ratio(3)		7.3			7.2			6.3			7.9			5.1			7.2			7.0
Technical ratio(4)		105.3	%		43.6	%		(6.5	)%		106.9	%		10.0	%		65.7	%		8.3	%

(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, 2010, net premiums written and net premiums earned include foreign exchange impacts of ($0.1) million and $0.5 million, respectively, compared to the three months ended December 31, 2009. For the year ended December 31, 2010, net premiums written and net premiums earned include foreign exchange impacts of $17.5 million and $9.0 million, respectively, compared to the year ended December 31, 2009.

13

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the three months ended															For the year ended
	December 31, 2010(A)			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010(A)			December 31, 2009
Net premiums written	$	210		$	183		$	167		$	183		$	157		$	742		$	591
Net premiums earned	$	222		$	184		$	173		$	165		$	164		$	744		$	587
Life policy benefits		(177	)		(147	)		(169	)		(132	)		(127	)		(624	)		(440	)
Acquisition costs		(34	)		(33	)		(25	)		(23	)		(30	)		(116	)		(113	)
Technical result	$	11		$	4		$	(21	)	$	10		$	7		$	4		$	34
Other income		—			—			1			—			—			2			2
Other operating expenses		(17	)		(11	)		(13	)		(14	)		(13	)		(57	)		(47	)
Underwriting result	$	(6	)	$	(7	)	$	(33	)	$	(4	)	$	(6	)	$	(51	)	$	(11	)
Net investment income		18			17			20			16			16			71			62
Allocated underwriting result(1)	$	12		$	10		$	(13	)	$	12		$	10		$	20		$	51
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		56	%		67	%		79	%		80	%		76	%		70	%		80	%
Longevity		42			30			18			17			20			27			16
Health		2			3			3			3			4			3			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, 2010, net premiums written and net premiums earned include foreign exchange impacts of ($6.1) million and ($6.4) million, respectively, compared to the three months ended December 31, 2009. For the year ended December 31, 2010, net premiums written and net premiums earned include foreign exchange impacts of $4.6 million and $2.3 million, respectively, compared to the year ended December 31, 2009.

14

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the three months ended															For the year ended
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
Technical result	$	(1	)	$	—		$	1		$	—		$	2		$	—		$	10
Other income (loss)		3			1			(1	)		—			2			3			7
Corporate expenses - acquisition related		(6	)		(6	)		(2	)		(3	)		(18	)		(16	)		(36	)
Corporate expenses - voluntary termination plan		(6	)		1			(34	)		(1	)		—			(41	)		—
Corporate expenses(1)		(22	)		(17	)		(26	)		(28	)		(28	)		(94	)		(81	)
Other operating expenses		(4	)		(4	)		(3	)		(4	)		(5	)		(15	)		(14	)
Net investment income		143			147			154			157			166			602			534
Net realized and unrealized investment (losses) gains		(83	)		293			46			146			25			402			591
Net realized gain on purchase of capital efficient notes		—			—			—			—			—			—			89
Interest expense		(12	)		(12	)		(13	)		(7	)		(7	)		(44	)		(28	)
Amortization of intangible assets		(9	)		(10	)		(8	)		(5	)		6			(31	)		6
Net foreign exchange (losses) gains		(8	)		(27	)		11			4			4			(21	)		(1	)
Income tax expense		(11	)		(72	)		(17	)		(27	)		(52	)		(129	)		(262	)
Interest in earnings of equity investments		7			1			1			2			14			13			16

(1) The Company’s corporate expenses for the three months ended June 30, 2010, March 31, 2010 and December 31, 2009 include $7 million, $6 million and $9 million, respectively, of corporate expenses related to Paris Re. The Company’s corporate expenses for the years ended December 31, 2010 and 2009 include $13 million and $9 million, respectively, of corporate expenses related to Paris Re.

15

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended															For the year ended
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty		13	%		13	%		10	%		10	%		12	%		11	%		13	%
Property		14			19			17			21			15			18			18
Motor		5			6			5			8			8			7			6
Multiline and other		1			1			3			2			—			2			2
Specialty
Agriculture		4			5			2			4			11			4			8
Aviation/Space		9			5			4			3			7			5			5
Catastrophe		1			9			17			20			2			14			10
Credit/Surety		8			6			6			5			8			6			6
Energy		2			3			3			2			3			2			2
Engineering		5			5			4			3			5			4			5
Marine		7			5			7			5			6			6			5
Specialty casualty		—			2			4			6			2			3			3
Specialty property		5			2			3			1			3			2			2
Life		26			19			15			10			18			16			15
		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Geography:
Europe		47	%		38	%		36	%		48	%		41	%		43	%		41	%
North America		32			39			36			36			39			36			41
Latin America, Caribbean and Africa		11			13			12			8			12			11			10
Asia, Australia and New Zealand		10			10			16			8			8			10			8
		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Production Source:
Broker		64	%		73	%		76	%		74	%		70	%		73	%		72	%
Direct		36			27			24			26			30			27			28
		100	%		100	%		100	%		100	%		100	%		100	%		100	%

16

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

				For the three months ended												For the year ended
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
Distribution of Gross Premiums Written by Reinsurance Type Non-life sub-segment:
North America
Non-Proportional		18	%		27	%		32	%		46	%		12	%		33	%		29	%
Proportional		82			73			68			54			88			67			71
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Global (Non-U.S.) P&C
Non-Proportional		4	%		15	%		17	%		35	%		6	%		23	%		21	%
Proportional		96			85			83			65			94			77			79
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Global (Non-U.S.) Specialty
Non-Proportional		5	%		15	%		27	%		41	%		15	%		22	%		18	%
Proportional		95			85			73			59			85			78			82
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Catastrophe
Non-Proportional		89	%		99	%		98	%		99	%		96	%		99	%		98	%
Proportional		11			1			2			1			4			1			2
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Non-life total
Non-Proportional		10	%		28	%		42	%		54	%		15	%		38	%		32	%
Proportional		90			72			58			46			85			62			68
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

17

PartnerRe Ltd.

Investment Portfolio (A)

(Expressed in millions of U.S. dollars)

(Unaudited)

	December 31, 2010					September 30, 2010					June 30, 2010					March 31, 2010					December 31, 2009					December 31, 2008
Investments:
Fixed maturities
U.S. government	$	673		5	%	$	718		5	%	$	690		4	%	$	709		5	%	$	803		5	%	$	836		7	%
Government Sponsored Entities (GSEs)		233		2			352		2			399		3			416		3			453		3			95		1
U.S. municipalities		67		—			28		—			26		—			26		—			14		—			—		—
Non-U.S. sovereign government, supranational and government related		2,819		20			2,980		20			2,641		18			2,918		19			3,059		20			2,824		26
Corporates		6,144		43			6,617		44			6,787		46			6,851		45			6,631		43			3,413		31
Mortgage/asset-backed securities		2,889		20			3,075		20			3,014		20			3,170		21			3,183		21			3,014		28
Total fixed maturities		12,825		90			13,770		91			13,557		91			14,090		93			14,143		92			10,182		93
Short-term investments		49		—			89		—			107		1			72		—			137		1			117		1
Equities		1,072		8			1,027		7			886		6			879		6			796		5			513		5
Other invested assets		352		2			296		2			246		2			188		1			226		2			74		1
Total investments	$	14,298		100	%	$	15,182		100	%	$	14,796		100	%	$	15,229		100	%	$	15,302		100	%	$	10,886		100	%
Cash and cash equivalents	$	2,111				$	1,438				$	1,085				$	1,319				$	738				$	838
Total investments and cash		16,409					16,620					15,881					16,548					16,040					11,724
Maturity distribution:
One year or less	$	930		7	%	$	1,046		8	%	$	1,262		9	%	$	1,142		8	%	$	869		6	%	$	545		5	%
More than one year through five years		5,022		39			5,549		40			5,499		40			5,916		42			6,346		45			3,649		35
More than five years through ten years		3,418		27			3,624		26			3,346		25			3,391		24			3,343		23			2,730		27
More than ten years		615		5			565		4			543		4			543		4			539		4			361		4
Subtotal		9,985		78			10,784		78			10,650		78			10,992		78			11,097		78			7,285		71
Mortgage/asset-backed securities		2,889		22			3,075		22			3,014		22			3,170		22			3,183		22			3,014		29
Total	$	12,874		100	%	$	13,859		100	%	$	13,664		100	%	$	14,162		100	%	$	14,280		100	%	$	10,299		100	%
Credit quality by market value:
AAA		51	%				51	%				50	%				51	%				50	%				62	%
AA		9					9					9					10					10					5
A		22					23					24					23					24					19
BBB		11					11					11					11					12					11
Below Investment Grade/Unrated		7					6					6					5					4					3
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		3.0	Yrs				3.1	Yrs				3.1	Yrs				3.1	Yrs				3.1	Yrs				3.1	Yrs
Average yield to maturity at market		2.9	%				2.6	%				2.9	%				3.2	%				3.6	%				5.2	%
Average credit quality		AA					AA					AA					AA					AA					AA

(A) Paris Re’s Funds Held - Directly Managed Portfolio is described separately on pages 23-24 and is not reflected here.

18

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)

			December 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	$	1,559,642		25.4	%		9.5	%		1.0	%
Consumer noncyclical		781,844		12.7			4.8			0.2
Government guaranteed corporate debt		566,972		9.2			3.4			0.8
Communications		542,520		8.8			3.3			0.5
Catastrophe bonds		471,020		7.7			2.9			0.3
Utilities		452,424		7.4			2.8			0.1
Industrials		382,571		6.2			2.3			0.1
Energy		343,938		5.6			2.1			0.1
Consumer cyclical		277,215		4.5			1.7			0.2
Insurance		254,747		4.2			1.5			0.3
Materials		168,055		2.7			1.0			0.1
Life - Insurance Linked Securities		143,675		2.3			0.9			0.4
Technology		123,349		2.0			0.7			0.1
Real estate investment trusts		66,098		1.1			0.4			0.1
Diversified		9,777		0.2			0.1			—
Total Corporate bonds	$	6,143,847		100.00	%		37.4	%
Finance sector - Corporate bonds
Banks	$	624,898		10.2	%		3.8	%
Investment banking and brokerage		448,214		7.3			2.7
Financial services		231,167		3.8			1.4
Commercial and consumer finance		187,857		3.0			1.2
Other		67,506		1.1			0.4
Total finance sector - Corporate bonds	$	1,559,642		25.4	%		9.5	%

	AAA			AA			A			BBB			Non-Investment Grade/ Unrated			Total
Credit quality of finance sector - Corporate bonds
Banks	$	43,819		$	187,245		$	337,485		$	45,894		$	10,455		$	624,898
Investment banking and brokerage		22,450			—			417,410			8,354			—			448,214
Financial services		38,542			136,900			41,984			13,741			—			231,167
Commercial and consumer finance		—			3,035			129,015			55,240			567			187,857
Other		—			19,676			27,917			12,614			7,299			67,506
Total finance sector - Corporate bonds	$	104,811		$	346,856		$	953,811		$	135,843		$	18,321		$	1,559,642
% of total		6.7	%		22.2	%		61.2	%		8.7	%		1.2	%		100.0	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 20.0% of the Company’s total corporate bonds. The single largest issuer accounts for 2.6% of the Company’s total corporate bonds.

19

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

			December 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
Consumer noncyclical	$	186,016		19.2	%		1.1	%		0.1	%
Technology		119,214		12.3			0.7			0.1
Energy		118,372		12.2			0.7			0.2
Finance		114,795		11.8			0.7			0.1
Communications		110,982		11.4			0.7			0.1
Industrials		100,572		10.4			0.6			0.1
Consumer cyclical		81,595		8.4			0.5			0.1
Insurance		48,611		5.0			0.3			0.1
Materials		44,481		4.6			0.3			—
Utilities		31,644		3.3			0.2			—
Real estate investment trusts		11,599		1.2			0.1			—
Diversified		2,496		0.2			—			—
Total equities	$	970,377		100.0	%		5.9	%
Mutual funds and exchange traded funds (ETFs)
Funds and ETFs holding equities		60,372					0.4
Funds holding fixed income securities		40,927					0.2
Total equities	$	1,071,676					6.5	%

Concentration of investment risk

The single largest fund in funds and ETFs holding equities is a S&P 500 SPDR index fund, which accounts for 2.4% 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 16.8% of the Company’s total equities and the single largest issuer accounts for 2.9% of the Company’s total equities.

20

PartnerRe Ltd.

Distribution of Mortgage/Asset-Backed Securities

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	Rating at December 31, 2010
	GNMA			GSEs			AAA			AA			A			BBB			Non- Investment Grade/ Unrated			Total
U.S. Asset-Backed Securities	$	—		$	4,197		$	141,730		$	4,447		$	59,916		$	25,055		$	234,764		$	470,109
U.S. Collaterized Mortgage Obligations		12,231			47,310			10,163			1			—			1,791			27,101			98,597
U.S. Mortgage Backed Securities (MBS)		301,801			1,624,138			—			—			—			—			—			1,925,939
U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			—			—			18,003			—			290			18,293
U.S. MBS Interest Only		—			7,641			—			—			—			—			—			7,641
Subtotal U.S. mortgage/asset-backed securities	$	314,032		$	1,683,286		$	151,893		$	4,448		$	77,919		$	26,846		$	262,155		$	2,520,579
Non-U.S. Asset-Backed Securities	$	—		$	—		$	73,345		$	—		$	13,203		$	—		$	—		$	86,548
Non-U.S. Collaterized Mortgage Obligations		—			—			254,947			13,767			—			3,881			753			273,348
Non-U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			8,150			—			—			—			—			8,150
Subtotal Non-U.S. mortgage/asset-backed securities	$	—		$	—		$	336,442		$	13,767		$	13,203		$	3,881		$	753		$	368,046
Total mortgage/asset-backed securities	$	314,032		$	1,683,286		$	488,335		$	18,215		$	91,122		$	30,727		$	262,908		$	2,888,625
Corporate Securities		—			232,858			—			—			—			—			—			232,858
Total	$	314,032		$	1,916,144		$	488,335		$	18,215		$	91,122		$	30,727		$	262,908		$	3,121,483
% of total		10.1	%		61.4	%		15.6	%		0.6	%		2.9	%		1.0	%		8.4	%		100.0	%

21

PartnerRe Ltd.

Other Invested Assets including Private Markets and Derivative Exposures

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	December 31, 2010
	Investments		Fair Value of Derivatives			Carrying Value			Net Notional Amount of Derivatives			Total Net Exposures (1)
Private Markets Investments
Principal Finance - Investments	$	137,882	$	—		$	137,882		$	—		$	137,882
Principal Finance - Derivative Exposure Assumed		—		(13,444	)		(13,444	)		178,808			165,364
Insurance-Linked Securities		—		(73	)		(73	)		88,765			88,692
Strategic Investments		179,589		—			179,589			—			179,589
Total other invested assets - Private Markets Exposure Assumed		317,471		(13,517	)		303,954			267,573			571,527
Other Credit Derivatives - Exposure Assumed		—		533			533			5,000			5,533
Other Credit Derivatives - Protection Purchased		—		(2,314	)		(2,314	)		(113,752	)		(116,066	)
Other(2)		9,397		40,835			50,232
Total other invested assets	$	326,868	$	25,537		$	352,405

(1) The total net exposures originated in Private Markets are $1,644 million. In addition to the net exposures listed above of $572 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 $6 million listed under Investment - Equities for a total exposure of $661 million.

• Insurance-Linked Securities: $636 million of bonds listed under Investments - Fixed Maturities and Short-term and $63 million of limits on transactions that use reinsurance accounting for a total exposure of $788 million.

• Strategic Investments: $13 million of assets listed under Investments - Fixed Maturities, ($1) million of futures included in Other within Other Invested Assets and $3 million of assets listed under Cash and Other Assets for a total exposure of $195 million.

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

22

PartnerRe Ltd.

Funds Held - Directly Managed Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	December 31, 2010					September 30, 2010						June 30, 2010					March 31, 2010					December 31, 2009
Investments:
Fixed maturities
U.S. government	$	95		6	%	$	100			6	%	$	98		6	%	$	110		6	%	$	119		6	%
Government Sponsored Entities (GSEs)		193		12			202			11			215		13			221		12			180		10
U.S. municipalities		—		—			—			—			—		—			—		—			1		—
Non-U.S. sovereign government, supranational and government related		385		25			438			25			440		26			481		27			548		30
Corporates		799		52			929			54			864		51			932		51			900		49
Mortgage/asset-backed securities		12		1			12			1			13		1			13		1			18		1
Total fixed maturities		1,484		96			1,681			97			1,630		97			1,757		97			1,766		96
Short-term investments		38		3			18		��	1			29		2			23		1			28		2
Other invested assets		21		1			31			2			27		1			32		2			39		2
Total investments	$	1,543		100	%	$	1,730			100	%	$	1,686		100	%	$	1,812		100	%	$	1,833		100	%
Cash and cash equivalents		129					46						51					25					146
Total investments and cash	$	1,672				$	1,776					$	1,737				$	1,837				$	1,979
Accrued investment income		20					26						22					28					25
Other funds held assets/liabilities		80					117						116					117					121
Total funds held - directly managed	$	1,772				$	1,919					$	1,875				$	1,982				$	2,125
Maturity distribution:
One year or less	$	289		19	%	$	298			17	%	$	334		20	%	$	366		21	%	$	360		20	%
More than one year through five years		814		53			910			54			833		50			899		50			903		50
More than five years through ten years		376		25			427			25			422		26			421		24			423		24
More than ten years		31		2			52			3			57		3			81		4			90		5
Subtotal		1,510		99			1,687			99			1,646		99			1,767		99			1,776		99
Mortgage/asset-backed securities		12		1			12			1			13		1			13		1			18		1
Total	$	1,522		100	%	$	1,699			100	%	$	1,659		100	%	$	1,780		100	%	$	1,794		100	%
Credit quality by market value:
AAA		45	%				41	%					43	%				42	%				38	%
AA		27					27						26					27					26
A		24					27						26					26					29
BBB		4					4						4					4					5
Below Investment Grade/Unrated		—					1						1					1					2
		100	%				100	%					100	%				100	%				100	%
Expected average duration		3.1	Yrs				3.2	Yrs					3.2	Yrs				3.2	Yrs				3.0	Yrs
Average yield to maturity at market		2.4	%				2.1	%					2.3	%				2.5	%				2.6	%
Average credit quality		AA					AA						AA					AA					AA

23

PartnerRe Ltd.

Distribution of Corporate Bonds

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

			December 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	$	379,499		47.5	%		22.7	%		1.3	%
Consumer noncyclical		101,090		12.7			6.0			0.7
Government guaranteed corporate debt		87,269		10.9			5.2			2.0
Energy		62,684		7.8			3.7			1.2
Utilities		48,489		6.1			2.9			0.4
Communications		38,124		4.8			2.3			0.5
Materials		26,345		3.3			1.6			0.4
Industrials		21,512		2.7			1.3			0.4
Consumer cyclical		16,019		2.0			1.0			0.6
Technology		10,940		1.4			0.7			0.3
Real estate investment trusts		4,430		0.5			0.3			0.3
Insurance		2,186		0.3			0.1			0.1
Total Corporate bonds	$	798,587		100.0	%		47.8	%
Finance sector - Corporate bonds
Banks	$	221,308		27.7	%		13.2	%
Investment banking and brokerage		51,480		6.5			3.1
Financial services		44,032		5.5			2.6
Commercial and consumer finance		36,213		4.5			2.2
Other		26,466		3.3			1.6
Total finance sector - Corporate bonds	$	379,499		47.5	%		22.7	%

	AAA			AA			A			BBB			Non- Investment Grade/ Unrated			Total
Credit quality of finance sector - Corporate bonds
Banks	$	61,577		$	108,600		$	51,131		$	—		$	—		$	221,308
Investment banking and brokerage		31,302			—			20,178			—			—			51,480
Financial services		9,170			23,945			10,917			—			—			44,032
Commercial and consumer finance		13,145			5,861			11,766			5,441			—			36,213
Other		20,497			—			5,313			656			—			26,466
Total finance sector - Corporate bonds	$	135,691		$	138,406		$	99,305		$	6,097		$	—		$	379,499
% of total		35.7	%		36.5	%		26.2	%		1.6	%		—	%		100.0	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 25.0% of the Company’s total corporate bonds within the Funds Held - Directly Managed Portfolio. The single largest issuer accounts for 6.1% of the Company’s total corporate bonds within the Funds Held - Directly Managed Portfolio.

24

PartnerRe Ltd.

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

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
Fixed maturities	$	136,724		$	142,056		$	147,871		$	153,607		$	159,436		$	580,258		$	559,330
Short-term investments, cash and cash equivalents		2,358			1,589			1,005			3,589			5,916			8,541			11,799
Equities		5,441			6,097			5,697			3,559			3,825			20,794			13,861
Funds held and other		14,535			11,971			15,506			10,782			8,427			52,794			32,793
Funds held - directly managed		13,596			11,463			14,565			12,151			17,766			51,775			17,766
Investment expenses		(11,850	)		(8,774	)		(10,190	)		(10,566	)		(13,370	)		(41,380	)		(39,478	)
Net investment income(2)	$	160,804		$	164,402		$	174,454		$	173,122		$	182,000		$	672,782		$	596,071
Net realized investment gains on fixed maturities and short-term investments	$	66,432		$	56,290		$	34,622		$	16,082		$	41,693		$	173,426		$	105,249
Net realized investment gains (losses) on equities(1)		6,943			14,592			10,445			12,756			46,617			44,736			(45,258	)
Net realized (losses) gains on other invested assets		(6,259	)		(34,738	)		(29,285	)		1,714			(57,675	)		(68,568	)		(35,426	)
Change in net unrealized gains (losses) on other invested assets		46,092			5,392			(24,784	)		(22,958	)		67,425			3,742			58,196
Change in net unrealized investment (losses) gains on fixed maturities		(254,361	)		134,467			165,665			99,097			(60,750	)		144,868			320,934
Change in net unrealized investment (losses) gains on short-term investments		(140	)		324			7			(2,425	)		3,489			(2,234	)		2,010
Change in net unrealized investment gains (losses) on equities		86,373			79,650			(126,610	)		25,412			(13,147	)		64,825			185,925
Net other realized and unrealized investment (losses) gains		(3	)		10,852			(4,492	)		6,978			(889	)		13,335			1,777
Net realized and unrealized investment (losses) gains on funds held - directly managed		(28,278	)		26,335			20,478			8,818			(1,700	)		27,352			(1,700	)
Net realized and unrealized investment (losses) gains	$	(83,201	)	$	293,164		$	46,046		$	145,474		$	25,063		$	401,482		$	591,707

(1) Net realized investment gains on equities include $18,275 for the three months 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 gains (losses) 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.

(2) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the three months ended December 31, 2010, net investment income includes foreign exchange impacts of ($5.7) million compared to the three months ended December 31, 2009. For the year ended December 31, 2010, net investment income includes foreign exchange impacts of ($0.6) million compared to the year ended December 31, 2009.

25

PartnerRe Ltd.

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

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended												For the period			For the
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			from October 2, 2009 to December 31, 2009			year ended December 31, 2010
Fixed maturities	$	11,099		$	11,477		$	12,281		$	11,343		$	10,956		$	46,200
Short-term investments, cash and cash equivalents		19			84			581			923			287			1,607
Other		3,055			666			2,134			223			6,934			6,078
Investment expenses		(577	)		(764	)		(431	)		(338	)		(411	)		(2,110	)
Net investment income	$	13,596		$	11,463		$	14,565		$	12,151		$	17,766		$	51,775
Net realized investment gains (losses) on fixed maturities and short-term investments	$	1,517		$	1,575		$	(1,357	)	$	(694	)	$	(2,200	)	$	1,041
Net realized investment gains of equities		539			78			—			5			—			622
Change in net unrealized investment (losses) gains on fixed maturities and short-term investments		(28,714	)		24,118			19,988			11,278			1,920			26,670
Change in net unrealized investment (losses) gains on equities		(534	)		64			—			(99	)		(35	)		(569	)
Net other realized and unrealized investment (losses) gains		(1,086	)		500			1,847			(1,672	)		(1,385	)		(412	)
Net realized and unrealized investment (losses) gains on funds held - directly managed	$	(28,278	)	$	26,335		$	20,478		$	8,818		$	(1,700	)	$	27,352

26

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, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	10,705,562		$	10,342,589		$	10,930,486		$	10,811,483		$	7,558,318		$	10,811,483		$	7,510,666
Reinsurance recoverable at beginning of period		(352,087	)		(356,883	)		(345,464	)		(336,352	)		(123,960	)		(336,352	)		(125,215	)
Net liability at beginning of period		10,353,475			9,985,706			10,585,022			10,475,131			7,434,358			10,475,131			7,385,451
Net liability acquired related to the acquisition of Paris Re		—			—			—			—			3,176,255			—			3,176,255
Net incurred losses related to:
Current year		768,522			738,758			656,861			973,733			737,152			3,137,874			2,340,768
Prior years		(127,929	)		(136,444	)		(120,680	)		(92,830	)		(120,531	)		(477,883	)		(485,809	)
		640,593			602,314			536,181			880,903			616,621			2,659,991			1,854,959
Change in reserve agreement(1)		(6,213	)		(34,803	)		(35,247	)		9,480			(32,027	)		(66,783	)		(32,027	)
Net losses paid		(621,330	)		(630,910	)		(761,549	)		(565,229	)		(680,618	)		(2,579,018	)		(2,043,878	)
Effects of foreign exchange rate changes		(48,668	)		431,168			(338,701	)		(215,263	)		(39,458	)		(171,464	)		134,371
Net liability at end of period		10,317,857			10,353,475			9,985,706			10,585,022			10,475,131			10,317,857			10,475,131
Reinsurance recoverable at end of period		348,747			352,087			356,883			345,464			336,352			348,747			336,352
Gross liability at end of period	$	10,666,604		$	10,705,562		$	10,342,589		$	10,930,486		$	10,811,483		$	10,666,604		$	10,811,483
Breakdown of gross liability at end of period:
Case reserves	$	4,652,281		$	4,667,556		$	4,371,226		$	4,616,968		$	4,817,765		$	4,652,281		$	4,817,765
Additional case reserves		326,721			331,446			325,670			241,919			274,360			326,721			274,360
Incurred but not reported reserves		5,687,602			5,706,560			5,645,693			6,071,599			5,719,358			5,687,602			5,719,358
Gross liability at end of period	$	10,666,604		$	10,705,562		$	10,342,589		$	10,930,486		$	10,811,483		$	10,666,604		$	10,811,483
Breakdown of gross liability at end of period by Non-life sub-segment:
North America	$	3,211,622		$	3,205,491		$	3,259,118		$	3,389,475		$	3,355,316		$	3,211,622		$	3,355,316
Global (Non-U.S.) P&C		2,804,937			2,917,114			2,682,126			2,923,596			2,937,078			2,804,937			2,937,078
Global (Non-U.S.) Specialty		3,781,341			3,820,469			3,681,610			3,802,077			3,798,025			3,781,341			3,798,025
Catastrophe		868,704			762,488			719,735			815,338			721,064			868,704			721,064
Gross liability at end of period	$	10,666,604		$	10,705,562		$	10,342,589		$	10,930,486		$	10,811,483		$	10,666,604		$	10,811,483
Unrecognized time value of non-life reserves	$	949,210		$	778,529		$	860,178		$	1,133,396		$	1,190,323		$	949,210		$	1,190,323
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		97.0	%		104.7	%		142.0	%		64.2	%		110.4	%		97.0	%		110.2	%
Non-life paid losses to net premiums earned ratio		63.3	%		55.8	%		81.8	%		57.1	%		58.0	%		63.9	%		57.9	%

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

27

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, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,735,930		$	1,566,899		$	1,613,662		$	1,615,193		$	1,580,380		$	1,615,193		$	1,432,015
Reinsurance recoverable at beginning of period		(15,054	)		(13,597	)		(15,844	)		(20,465	)		(21,615	)		(20,465	)		(24,102	)
Net liability at beginning of period		1,720,876			1,553,302			1,597,818			1,594,728			1,558,765			1,594,728			1,407,913
Net incurred losses related to:
Current year		186,646			142,599			139,989			142,561			131,482			611,795			455,770
Prior years		(9,468	)		3,966			28,461			(11,127	)		(4,831	)		11,832			(15,433	)
		177,178			146,565			168,450			131,434			126,651			623,627			440,337
Net losses paid		(133,299	)		(91,329	)		(139,295	)		(56,021	)		(80,316	)		(419,944	)		(323,088	)
Effects of foreign exchange rate changes		(29,084	)		112,338			(73,671	)		(72,323	)		(10,372	)		(62,740	)		69,566
Net liability at end of period		1,735,671			1,720,876			1,553,302			1,597,818			1,594,728			1,735,671			1,594,728
Reinsurance recoverable at end of period		14,739			15,054			13,597			15,844			20,465			14,739			20,465
Gross liability at end of period	$	1,750,410		$	1,735,930		$	1,566,899		$	1,613,662		$	1,615,193		$	1,750,410		$	1,615,193

28

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
Prior year net favorable (adverse) reserve development:
Non-life segment:
North America	$	21,451		$	68,009		$	53,003		$	23,317		$	49,056		$	165,780		$	177,571
Global (Non-U.S.) P&C		34,867			3,877			25,310			33,485			21,353			97,539			151,456
Global (Non-U.S.) Specialty		56,760			66,741			31,845			15,585			38,801			170,931			107,632
Catastrophe		14,851			(2,183	)		10,522			20,443			11,321			43,633			49,150
Total Non-life net prior year reserve development	$	127,929		$	136,444		$	120,680		$	92,830		$	120,531		$	477,883		$	485,809
Non-life segment:
Net prior year reserve development due to changes in premiums	$	7,470		$	(8,868	)	$	(113	)	$	(5,998	)	$	(6,266	)	$	(7,509	)	$	8,925
Net prior year reserve development due to all other factors(2)		120,459			145,312			120,793			98,828			126,797			485,392			476,884
Total Non-life net prior year reserve development	$	127,929		$	136,444		$	120,680		$	92,830		$	120,531		$	477,883		$	485,809
Life segment:
Net prior year reserve development due to GMDB(1)	$	15,767		$	(556	)	$	(8,677	)	$	10,191		$	4,021		$	16,725		$	16,488
Net prior year reserve development due to all other factors(2)		(6,299	)		(3,410	)		(19,784	)		936			810			(28,557	)		(1,055	)
Total Life net prior year reserve development	$	9,468		$	(3,966	)	$	(28,461	)	$	11,127		$	4,831		$	(11,832	)	$	15,433

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatilty in certain referenced global equity markets. At December 31, 2010, a 10% increase in the referenced global equity market would have decreased reserves by approximately $4.1 million, while a 10% decrease in the referenced global equity market would have increased reserves by approximately $5.3 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.

29

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

																For the year ended
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009(A)			December 31, 2010			December 31, 2009(A)
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning common shareholders’ equity(1) calculated with net income available to common shareholders		2.7	%		29.0	%		10.2	%		4.0	%		24.4	%		11.5	%		37.5	%
Less:
Annualized net realized and unrealized investment (losses) gains net of tax, on beginning common shareholders’ equity(1)		(4.0	)		13.1			1.7			6.2			1.2			4.2			13.3
Annualized net realized gain on purchase of capital efficient notes, net of tax, on beginning common shareholders’ equity(1)		—			—			—			—			—			—			1.6
Interest in earnings of equity investments, net of tax, on beginning common shareholders’ equity(1)		0.4			0.1			—			0.1			0.9			0.2			0.3
Annualized operating return on beginning common shareholders’ equity(1)		6.3	%		15.8	%		8.5	%		(2.3	)%		22.3	%		7.1	%		22.3	%
Net income	$	57,035		$	524,937		$	190,927		$	79,654		$	354,360		$	852,552		$	1,536,854
Less:
Net realized and unrealized investment (losses) gains, net of tax		(71,793	)		232,981			29,683			110,592			17,582			301,462			497,031
Net realized gain on purchase of capital efficient notes, net of tax		—			—			—			—			—			—			56,955
Interest in earnings of equity investments, net of tax		7,155			1,468			1,076			2,213			13,098			11,911			16,197
Dividends to preferred shareholders		8,631			8,631			8,631			8,631			8,631			34,525			34,525
Operating earnings (loss) available to common shareholders	$	113,042		$	281,857		$	151,537		$	(41,782	)	$	315,049		$	504,654		$	932,146
Per diluted share:
Net income	$	0.65		$	6.76		$	2.31		$	0.85		$	4.25		$	10.46		$	23.51
Less:
Net realized and unrealized investment (losses) gains, net of tax		(0.96	)		3.05			0.38			1.33			0.22			3.86			7.78
Net realized gain on purchase of capital efficient notes, net of tax		—			—			—			—			—			—			0.89
Interest in earnings of equity investments, net of tax		0.09			0.02			0.01			0.02			0.16			0.15			0.25
Operating earnings (loss)(B) (2)	$	1.52		$	3.69		$	1.92		$	(0.50	)	$	3.87		$	6.45		$	14.59

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

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

(A) 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.

(B) 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.

30

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	December 31, 2010		September 30, 2010		June 30, 2010		March 31, 2010		December 31, 2009		December 31, 2008
Reconciliation of GAAP and non-GAAP measures:
Shareholders’ equity	$	7,206,919	$	7,582,293	$	7,071,242	$	7,388,511	$	7,645,727	$	4,199,108
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		6,686,919		7,062,293		6,551,242		6,868,511		7,125,727		3,679,108
Less:
Net unrealized gains (losses) on fixed income securities and funds held - directly managed, net of tax		364,032		576,521		443,373		312,948		234,153		(35,263	)
Book value excluding net unrealized gains or losses on fixed income securities and funds held - directly managed, net of tax	$	6,322,887	$	6,485,772	$	6,107,869	$	6,555,563	$	6,891,574	$	3,714,371
Divided by:
Number of common and common share equivalents outstanding		71,312.3		75,771.5		76,780.8		81,647.4		84,319.7		57,533.9
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	$	88.66	$	85.60	$	79.55	$	80.29	$	81.73	$	64.56

31

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, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2008
Total shareholders’ equity	$	7,206,919		$	7,582,293		$	7,071,242		$	7,388,511		$	7,645,727		$	4,199,108
Less: preferred shares		(520,000	)		(520,000	)		(520,000	)		(520,000	)		(520,000	)		(520,000	)
Common shareholders’ equity	$	6,686,919		$	7,062,293		$	6,551,242		$	6,868,511		$	7,125,727		$	3,679,108
Basic common shares outstanding		69,986.2			74,581.4			75,349.9			80,015.4			82,580.7			56,453.3
Basic book value per common share	$	95.55		$	94.69		$	86.94		$	85.84		$	86.29		$	65.17
Diluted book value per common share
Common shareholders’ equity	$	6,686,919		$	7,062,293		$	6,551,242		$	6,868,511		$	7,125,727		$	3,679,108
Basic common shares outstanding		69,986.2			74,581.4			75,349.9			80,015.4			82,580.7			56,453.3
Add: Stock options and other		3,293.4			2,977.0			3,022.4			3,255.0			3,331.7			2,365.8
Add: Restricted stock units		940.4			977.2			1,215.6			1,096.9			1,189.1			751.0
Less: Stock options and other bought back via treasury stock method		(2,907.7	)		(2,764.1	)		(2,807.1	)		(2,719.9	)		(2,781.8	)		(2,036.2	)
Diluted common and common share equivalents outstanding		71,312.3			75,771.5			76,780.8			81,647.4			84,319.7			57,533.9
Diluted book value per common share	$	93.77		$	93.21		$	85.32		$	84.12		$	84.51		$	63.95

(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.

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 three months ended December 31, 2010						As of and for the year ended December 31, 2010
	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	$	7,062		$	93.21		$	7,126		$	84.51
Technical result		140			1.88			520			6.65
Other operating expenses		(133	)		(1.79	)		(540	)		(6.90	)
Net investment income		161			2.16			673			8.60
Amortization of intangible assets		(9	)		(0.12	)		(31	)		(0.40	)
Other, net		(15	)		(0.21	)		(54	)		(0.70	)
Operating income tax expense		(22	)		(0.29	)		(28	)		(0.36	)
Preferred dividends		(9	)		(0.11	)		(35	)		(0.44	)
Operating earnings		113			1.52			505			6.45
Net realized and unrealized investment (losses) gains, net of tax		(72	)		(0.96	)		301			3.86
Interest in earnings of equity investments, net of tax		7			0.09			12			0.15
Net income available to common shareholders		48			0.65			818			10.46
Common share dividends		(41	)		(0.55	)		(158	)		(2.05	)
Change in currency translation adjustment		—			—			(67	)		(0.85	)
Repurchase of common shares, net		(375	)		0.74			(1,018	)		1.15
Change in other accumulated comprehensive income or loss, net of tax		(7	)		(0.10	)		(14	)		(0.18	)
Impact of change in number of common and common share equivalents outstanding		n/a			(0.18	)		n/a			0.73
Common shareholders’ equity / diluted book value per common share at end of period	$	6,687		$	93.77		$	6,687		$	93.77

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 year ended December 31, 2009						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			2			0.04
Issuance of common shares		2,000			(1.59	)		126			(0.42	)
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

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															For the year ended
	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
Acquisition related expenses:
Corporate expenses - acquisition related	$	6,155		$	5,654		$	1,798		$	2,468		$	18,029		$	16,075		$	36,521
Corporate expenses - voluntary termination plan		6,323			(803	)		33,755			1,409			—			40,684			—
Amortization of intangible assets		8,821			10,003			7,833			4,803			(6,133	)		31,461			(6,133	)
Amortization of intangible assets included in acquisition costs(1)		3,715			4,789			10,388			18,202			46,410			37,094			46,410
Total acquisition related expenses	$	25,014		$	19,643		$	53,774		$	26,882		$	58,306		$	125,314		$	76,798
Less: Amortization of intangible assets included in acquisition costs		(3,715	)		(4,789	)		(10,388	)		(18,202	)		(46,410	)		(37,094	)		(46,410	)
Total acquisition related expenses, excluding those included in acquisition costs	$	21,299		$	14,854		$	43,386		$	8,680		$	11,896		$	88,220		$	30,388
Divided by:
Weighted average number of common and common share equivalents outstanding		74,494.7			76,428.5			78,796.4			83,328.8			81,441.2			78,234.3			63,890.6
Impact of acquisition related expenses on diluted operating loss or earnings per share, pre-tax	$	0.29		$	0.19		$	0.55		$	0.10		$	0.15		$	1.13		$	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, 2011	$	8,827	$	3,700	$	12,527
For the three months ended June 30, 2011		9,165		2,829		11,994
For the three months ended September 30, 2011		9,520		1,914		11,434
For the three months ended December 31, 2011		8,893		—		8,893
Total 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	$	162,922	$	8,443	$	171,365

(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 $178.7 million and $247.3 million at December 31, 2010 and 2009, respectively, are recorded gross of a deferred tax benefit of $46.9 million and $63.1 million, respectively.

(4) Total intangible assets of $178.7 million and $247.3 million at December 31, 2010 and 2009, respectively, includes a $7.4 million intangible asset related to U.S. licenses that is not being amortized.

35