Partnerre (PREJF) 8-K PartnerRe Ltd. Reports Second Quarter and Half Year 2012 Results

Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as at June 30, 2012

(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/A and Quarterly Reports on Form 10-Q.

PartnerRe Ltd.

Financial Supplement - June 30, 2012

Table of Contents

	Page
Regulation G and Basis of Presentation
Consolidated Financial Statements
Consolidated Income Statements		1-2
Condensed Consolidated Balance Sheets		3
Condensed Consolidated Statements of Cash Flows		4-5
Consolidated Statements of Comprehensive Income (Loss)		6
Segment Information
For the three months ended June 30, 2012 and 2011		7-8
For the six months ended June 30, 2012 and 2011		9-10
Non-life segment		11-12
North America sub-segment		13-14
Global (Non-U.S.) P&C sub-segment		15-16
Global (Non-U.S.) Specialty sub-segment		17-18
Catastrophe sub-segment		19-20
Life segment		21-22
Corporate and Other		23-24
Distribution of Premiums
Distribution of Premiums by line of business, geography and production source		25-26
Distribution of Premiums by reinsurance type		27-28
Investments
Investment Portfolio		29
Distribution of Corporate Bonds		30
Distribution of Equities		31
Distribution of Mortgage/Asset-Backed Securities		32
Other Invested Assets including Private Markets and Derivative Exposures		33
Funds Held - Directly Managed Portfolio		34
Distribution of Corporate Bonds - Funds Held - Directly Managed Portfolio		35
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses)		36-37
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses) on Funds Held - Directly Managed Portfolio		38-39
Loss Reserves
Analysis of Unpaid Losses and Loss Expenses		40-41
Analysis of Policy Benefits for Life and Annuity Contracts		42-43
Reserve Development		44-45
Natural Catastrophe Probable Maximum Losses (PMLs)		46
Reconciliation of GAAP and non-GAAP measures		47-49
Diluted Book Value per Common Share - Treasury Stock Method		50
Diluted Book Value per Common Share - Rollforward		51-53

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 Diluted Book Value per Common Share and Common Share Equivalents Outstanding (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 foreign exchange gains and losses, net of tax, and the interest in earnings (losses) of equity investments, net of tax, where the investee’s operations are not insurance or reinsurance related and 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 shares and common share equivalents outstanding. The Company calculates Annualized Operating ROE using annualized Diluted Operating Earnings (Loss) per Common Share for the period divided by the Diluted Book Value per common share and common share equivalents outstanding as of the beginning of the year. 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 Share and Common Share Equivalents Outstanding (Diluted Book Value per Common Share) 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 shares 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

Effective January 1, 2011, the Company redefined its Operating Earnings (Loss), Diluted Operating Earnings (Loss) per Common Share and Annualized Operating ROE calculations. Following the redefinition, Operating Earnings (Loss) exclude the impact of net foreign exchange gains and losses, net of tax, in addition to net realized and unrealized gains and losses on investments, net of tax, and certain of the interest in earnings (losses) of equity investments, net of tax, and are calculated after preferred dividends. In addition, following the redefinition, Annualized Operating ROE is calculated on a diluted per share basis. All periods presented have been recast to reflect the Company’s redefined non-GAAP measures. For a reconciliation of the previously published non-GAAP measures for the year ended December 31, 2010 to the redefined non-GAAP measures, see the Company’s financial supplement as of December 31, 2011.

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.

PartnerRe Ltd.

Consolidated Income Statements

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

(Unaudited)

	For the three months ended
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Revenues
Gross premiums written	$	1,163,243		$	1,567,483		$	897,962		$	1,095,326		$	1,082,205
Net premiums written	$	1,136,046		$	1,473,286		$	879,886		$	1,079,557		$	1,056,467
(Increase) decrease in unearned premiums		(45,168	)		(483,456	)		301,515			214,762			50,978
Net premiums earned		1,090,878			989,830			1,181,401			1,294,319			1,107,445
Net investment income		153,506			146,896			155,540			163,647			158,328
Net realized and unrealized investment gains		38,132			192,735			74,553			26,139			78,199
Other income		2,654			2,746			3,072			1,434			1,596
Total revenues		1,285,170			1,332,207			1,414,566			1,485,539			1,345,568
Expenses
Losses and loss expenses and life policy benefits		706,137			576,486			1,069,204			881,626			814,523
Acquisition costs		232,723			211,608			238,772			262,489			229,251
Other operating expenses		106,184			98,174			113,033			103,822			113,694
Interest expense		12,223			12,220			12,219			12,216			12,214
Amortization of intangible assets		8,893			8,893			8,893			9,520			9,165
Net foreign exchange (gains) losses		(7,770	)		2,589			(14,655	)		(10,587	)		(8,737	)
Total expenses		1,058,390			909,970			1,427,466			1,259,086			1,170,110
Income (loss) before taxes and interest in (losses) earnings of equity investments		226,780			422,237			(12,900	)		226,453			175,458
Income tax expense		50,136			67,174			3,341			41,803			50,085
Interest in (losses) earnings of equity investments		(498	)		5,078			(1,402	)		(4,527	)		(1,188	)
Net income (loss)	$	176,146		$	360,141		$	(17,643	)	$	180,123		$	124,185
Preferred dividends	$	15,405		$	15,405		$	15,405		$	14,352		$	8,631
Operating earnings (loss) available to common shareholders	$	142,018		$	181,695		$	(137,688	)	$	164,498		$	67,153
Comprehensive income (loss), net of tax	$	158,044		$	376,237		$	(22,420	)	$	126,271		$	128,568
Per Share Data:
Earnings (loss) per common share:
Basic operating earnings (loss)	$	2.22		$	2.78		$	(2.06	)	$	2.43		$	0.99
Net realized and unrealized investment gains, net of tax		0.29			2.43			0.85			0.09			0.61
Net foreign exchange gains (losses), net of tax		0.02			(0.02	)		0.75			—			0.13
Interest in (losses) earnings of equity investments, net of tax		(0.01	)		0.08			(0.03	)		(0.07	)		(0.02	)
Basic net income (loss)	$	2.52		$	5.27		$	(0.49	)	$	2.45		$	1.71
Weighted average number of common shares outstanding		63,816.0			65,404.2			66,877.1			67,743.3			67,628.1
Diluted operating earnings (loss)	$	2.20		$	2.76		$	(2.06	)	$	2.41		$	0.98
Net realized and unrealized investment gains, net of tax		0.29			2.42			0.85			0.09			0.60
Net foreign exchange gains (losses), net of tax		0.02			(0.02	)		0.75			—			0.13
Interest in (losses) earnings of equity investments, net of tax		(0.01	)		0.08			(0.03	)		(0.07	)		(0.02	)
Diluted net income (loss)	$	2.50		$	5.24		$	(0.49	)	$	2.43		$	1.69
Weighted average number of common shares and common share equivalents outstanding		64,423.0			65,842.8			66,877.1			68,182.0			68,442.3
Dividends declared per common share	$	0.62		$	0.62		$	0.60		$	0.60		$	0.60

1

PartnerRe Ltd.

Consolidated Income Statements

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

(Unaudited)

	For the six months ended							For the year ended
	June 30, 2012			June 30, 2011				December 31, 2011			December 31, 2010
Revenues
Gross premiums written	$	2,730,726		$	2,639,766			$	4,633,054		$	4,885,266
Net premiums written	$	2,609,331		$	2,526,887			$	4,486,329		$	4,705,116
(Increase) decrease in unearned premiums		(528,623	)		(354,853	)			161,425			71,355
Net premiums earned		2,080,708			2,172,034				4,647,754			4,776,471
Net investment income		300,402			309,962				629,148			672,782
Net realized and unrealized investment gains (losses)		230,867			(34,000	)			66,692			401,482
Other income		5,400			3,408				7,915			10,470
Total revenues		2,617,377			2,451,404				5,351,509			5,861,205
							��
Expenses
Losses and loss expenses and life policy benefits		1,282,623			2,421,740				4,372,570			3,283,618
Acquisition costs		444,330			437,100				938,361			972,537
Other operating expenses		204,358			217,991				434,846			539,751
Interest expense		24,443			24,514				48,949			44,413
Amortization of intangible assets		17,786			17,992				36,405			31,461
Net foreign exchange (gains) losses		(5,181	)		(9,433	)			(34,675	)		20,686
Total expenses		1,968,359			3,109,904				5,796,456			4,892,466
Income (loss) before taxes and interest in earnings (losses) of equity investments		649,018			(658,500	)			(444,947	)		968,739
Income tax expense		117,310			23,828				68,972			128,784
Interest in earnings (losses) of equity investments		4,579			(443	)			(6,372	)		12,597
Net income (loss)	$	536,287		$	(682,771	)		$	(520,291	)	$	852,552
Preferred dividends	$	30,811		$	17,263			$	47,020		$	34,525
Operating earnings (loss) available to common shareholders	$	323,713		$	(668,419	)		$	(641,609	)	$	491,807
Comprehensive income (loss), net of tax	$	534,281		$	(640,842	)		$	(536,991	)	$	771,681
Per Share Data:
Earnings (loss) per common share:
Basic operating earnings (loss)	$	5.01		$	(9.86	)		$	(9.50	)	$	6.40
Net realized and unrealized investment gains (losses), net of tax		2.75			(0.70	)			0.23			3.92
Net foreign exchange (losses) gains, net of tax		(0.01	)		0.24				0.98			0.17
Interest in earnings (losses) of equity investments, net of tax		0.07			—				(0.11	)		0.16
Basic net income (loss)	$	7.82		$	(10.32	)		$	(8.40	)	$	10.65
Weighted average number of common shares outstanding		64,610.1			67,811.4				67,558.7			76,839.5
Diluted operating earnings (loss)	$	4.97		$	(9.86	)		$	(9.50	)	$	6.29
Net realized and unrealized investment gains (losses), net of tax		2.73			(0.70	)			0.23			3.86
Net foreign exchange (losses) gains, net of tax		(0.01	)		0.24				0.98			0.16
Interest in earnings (losses) of equity investments, net of tax		0.07			—				(0.11	)		0.15
Diluted net income (loss)	$	7.76		$	(10.32	)		$	(8.40	)	$	10.46
Weighted average number of common shares and common share equivalents outstanding		65,132.9			67,811.4				67,558.7			78,234.3
Dividends declared per common share	$	1.24		$	1.15			$	2.35		$	2.05

2

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	June 30, 2012					March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011				December 31, 2010
Assets
Total investments	$	15,031,945				$	15,754,854			$	15,287,245			$	15,789,856			$	15,955,923			$	14,297,867
Funds held - directly managed		1,233,008					1,264,383				1,268,010				1,322,761				1,379,513				1,772,118
Cash and cash equivalents		1,512,418					1,210,229				1,342,257				1,073,432				1,606,842				2,111,084
Accrued investment income		160,392					181,898				189,074				198,503				181,806				201,928
Reinsurance balances receivable		2,358,432					2,571,038				2,059,976				2,313,538				2,517,586				2,076,884
Reinsurance recoverable on paid and unpaid losses		434,083					432,059				397,788				447,015				489,415				382,878
Funds held by reinsured companies		783,311					799,988				796,290				814,950				846,466				937,032
Deferred acquisition costs		620,277					636,537				547,202				602,275				661,564				595,557
Goodwill		455,533					455,533				455,533				455,533				455,533				455,533
Intangible assets		116,081					124,974				133,867				142,760				154,194				178,715
Other assets		366,483					364,163				378,131				458,490				351,080				354,775
Total assets	$	23,071,963				$	23,795,656			$	22,855,373			$	23,619,113			$	24,599,922			$	23,364,371
Liabilities
Unpaid losses and loss expenses	$	10,661,012			��	$	11,143,354			$	11,273,091			$	11,352,599			$	12,016,271			$	10,666,604
Policy benefits for life and annuity contracts		1,635,547					1,707,982				1,645,662				1,678,201				1,726,180				1,750,410
Unearned premiums		2,008,384					2,017,177				1,448,841				1,787,351				2,067,996				1,599,139
Other reinsurance balances payable		496,020					522,701				443,873				493,926				554,386				491,194
Debt obligations		820,989					820,989				820,989				820,989				820,989				820,989
Other liabilities		752,418					796,582				755,375				778,364				782,056				829,116
Total liabilities		16,374,370					17,008,785				16,387,831				16,911,430				17,967,878				16,157,452
Total shareholders’ equity		6,697,593					6,786,871				6,467,542				6,707,683				6,632,044				7,206,919
Total liabilities and shareholders’ equity	$	23,071,963				$	23,795,656			$	22,855,373			$	23,619,113			$	24,599,922			$	23,364,371
Shareholders’ Equity Per Common Share (excluding preferred shares)	$	92.78				$	90.23			$	85.33			$	85.82			$	84.71			$	95.55
Diluted Book Value Per Common Share and Common Share Equivalents Outstanding (assuming exercise of all share-based awards)	$	91.88				$	89.63			$	84.82			$	85.26			$	83.71			$	93.77
Number of Common Shares and Common Share Equivalents Outstanding		63,164.5					65,751.6				65,715.7				68,188.1				68,552.0				71,312.3
Capital Structure:
Senior notes(1)	$	750,000	10	%		$	750,000	10	%	$	750,000	10	%	$	750,000	10	%	$	750,000	10	%	$	750,000	9	%
Capital efficient notes(2)		63,384	1				63,384	1			63,384	1			63,384	1			63,384	1			63,384	1
Preferred shares, aggregate liquidation value		893,750	12				893,750	12			893,750	12			893,750	12			893,750	12			520,000	7
Common shareholders’ equity		5,803,843	77				5,893,121	77			5,573,792	77			5,813,933	77			5,738,294	77			6,686,919	83
Total Capital	$	7,510,977	100	%		$	7,600,255	100	%	$	7,280,926	100	%	$	7,521,067	100	%	$	7,445,428	100	%	$	8,020,303	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 on its Condensed Consolidated BalanceSheets.

3

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the three months ended
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Net cash provided by (used in) operating activities:
Underwriting operations(1)	$	(75	)	$	(68	)	$	(140	)	$	(314	)	$	84
Investment income		204			188			189			167			186
Taxes and foreign exchange		(26	)		(41	)		(59	)		(12	)		(14	)
Net cash provided by (used in) operating activities	$	103		$	79		$	(10	)	$	(159	)	$	256
Net cash provided by (used in) operating activities	$	103		$	79		$	(10	)	$	(159	)	$	256
Net cash provided by (used in) investing activities		492			(168	)		519			(292	)		(987	)
Net cash (used in) provided by financing activities		(266	)		(50	)		(223	)		(55	)		322
Effect of foreign exchange rate changes on cash		(27	)		7			(17	)		(28	)		6
Increase (decrease) in cash and cash equivalents		302			(132	)		269			(534	)		(403	)
Cash and cash equivalents - beginning of period		1,210			1,342			1,073			1,607			2,010
Cash and cash equivalents - end of period	$	1,512		$	1,210		$	1,342		$	1,073		$	1,607

(1) For the three months ended June 30, 2011 and the three months ended September 30, 2011, net cash provided by underwriting operations includes approximately $5 million and $58 million, respectively, of cash related to the release of assets from the Funds Held - Directly Managed Portfolio.

4

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the six months ended						For the year ended
	June 30, 2012			June 30, 2011			December 31, 2011			December 31, 2010
Net cash provided by operating activities:
Underwriting operations(1)	$	(142	)	$	424		$	(29	)	$	650
Investment income		392			374			731			762
Taxes and foreign exchange		(67	)		(56	)		(128	)		(185	)
Net cash provided by operating activities	$	183		$	742		$	574		$	1,227
Net cash provided by operating activities	$	183		$	742		$	574		$	1,227
Net cash provided by (used in) investing activities		324			(1,307	)		(1,080	)		1,102
Net cash (used in) provided by financing activities		(317	)		36			(242	)		(922	)
Effect of foreign exchange rate changes on cash		(20	)		25			(21	)		(34	)
Increase (decrease) in cash and cash equivalents		170			(504	)		(769	)		1,373
Cash and cash equivalents - beginning of period		1,342			2,111			2,111			738
Cash and cash equivalents - end of period	$	1,512		$	1,607		$	1,342		$	2,111

(1) For the six months ended June 30, 2011 and for the year ended December 31, 2011, net cash provided by underwriting operations includes approximately $ 300 and $358 million, respectively, of cash related to the release of assets from the Funds Held - Directly Managed Portfolio.

5

PartnerRe Ltd.

Consolidated Statements of Comprehensive Income (Loss)

(Expressed in thousands of U.S. dollars)

(Unaudited)

				For the three months ended
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Net income (loss)	$	176,146		$	360,141		$	(17,643	)	$	180,123		$	124,185
Change in currency translation adjustment		(19,157	)		17,207			(960	)		(54,958	)		6,303
Change in net unrealized gains or losses on investments, net of tax		(239	)		(242	)		(204	)		(244	)		(249	)
Change in unfunded pension obligation, net of tax		1,294			(869	)		(3,613	)		1,350			(1,671	)
Comprehensive income (loss)	$	158,044		$	376,237		$	(22,420	)	$	126,271		$	128,568

	For the six months ended						For the year ended
	June 30, 2012			June 30, 2011			December 31, 2011			December 31, 2010
Net income (loss)	$	536,287		$	(682,771	)	$	(520,291	)	$	852,552
Change in currency translation adjustment		(1,950	)		44,084			(11,834	)		(66,742	)
Change in net unrealized gains or losses on investments, net of tax		(481	)		(501	)		(949	)		(4,908	)
Change in unfunded pension obligation, net of tax		425			(1,654	)		(3,917	)		(9,221	)
Comprehensive income (loss)	$	534,281		$	(640,842	)	$	(536,991	)	$	771,681

6

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the three months ended June 30, 2012
	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	$	271		$	130		$	400		$	159		$	960		$	200		$	3		$	1,163
Net premiums written	$	270		$	128		$	391		$	145		$	934		$	199		$	3		$	1,136
Decrease (increase) in unearned premiums		20			36			(28	)		(72	)		(44	)		1			(2	)		(45	)
Net premiums earned	$	290		$	164		$	363		$	73		$	890		$	200		$	1		$	1,091
Losses and loss expenses and life policy benefits		(185	)		(119	)		(213	)		(16	)		(533	)		(173	)		—			(706	)
Acquisition costs		(69	)		(39	)		(93	)		(6	)		(207	)		(26	)		—			(233	)
Technical result	$	36		$	6		$	57		$	51		$	150		$	1		$	1		$	152
Other income														—			1			2			3
Other operating expenses														(66	)		(13	)		(27	)		(106	)
Underwriting result													$	84		$	(11	)		n/a		$	49
Net investment income																	17			136			153
Allocated underwriting result(1)																$	6			n/a			n/a
Net realized and unrealized investment gains																				38			38
Interest expense																				(12	)		(12	)
Amortization of intangible assets																				(9	)		(9	)
Net foreign exchange gains																				8			8
Income tax expense																				(50	)		(50	)
Interest in losses of equity investments																				(1	)		(1	)
Net income																				n/a		$	176
Loss ratio(2)		63.7	%		72.3	%		58.8	%		22.5	%		59.9	%
Acquisition ratio(3)		23.8			23.9			25.5			8.3			23.2
Technical ratio(4)		87.5	%		96.2	%		84.3	%		30.8	%		83.1	%
Other operating expense ratio(5)														7.5
Combined ratio(6)														90.6	%

(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.

7

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the three months ended June 30, 2011
	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	$	242		$	122		$	350		$	169		$	883		$	195		$	4		$	1,082
Net premiums written	$	242		$	121		$	333		$	161		$	857		$	195		$	4		$	1,056
Decrease (increase) in unearned premiums		19			72			8			(51	)		48			6			(3	)		51
Net premiums earned	$	261		$	193		$	341		$	110		$	905		$	201		$	1		$	1,107
Losses and loss expenses and life policy benefits		(190	)		(127	)		(206	)		(123	)		(646	)		(166	)		(2	)		(814	)
Acquisition costs		(63	)		(53	)		(78	)		(9	)		(203	)		(26	)		—			(229	)
Technical result	$	8		$	13		$	57		$	(22	)	$	56		$	9		$	(1	)	$	64
Other income														—			—			1			1
Other operating expenses														(71	)		(13	)		(30	)		(114	)
Underwriting result													$	(15	)	$	(4	)		n/a		$	(49	)
Net investment income																	16			142			158
Allocated underwriting result(1)																$	12			n/a			n/a
Net realized and unrealized investment gains																				78			78
Interest expense																				(12	)		(12	)
Amortization of intangible assets																				(9	)		(9	)
Net foreign exchange gains																				9			9
Income tax expense																				(50	)		(50	)
Interest in losses of equity investments																				(1	)		(1	)
Net income																				n/a		$	124
Loss ratio(2)		72.8	%		65.9	%		60.3	%		111.7	%		71.4	%
Acquisition ratio(3)		24.1			27.6			22.9			8.1			22.4
Technical ratio(4)		96.9	%		93.5	%		83.2	%		119.8	%		93.8	%
Other operating expense ratio(5)														7.9
Combined ratio(6)														101.7	%

8

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the six months ended June 30, 2012
	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	$	613		$	477		$	817		$	401		$	2,308		$	417		$	6		$	2,731
Net premiums written	$	611		$	474		$	744		$	360		$	2,189		$	414		$	6		$	2,609
Increase in unearned premiums		(84	)		(150	)		(73	)		(197	)		(504	)		(20	)		(4	)		(528	)
Net premiums earned	$	527		$	324		$	671		$	163		$	1,685		$	394		$	2		$	2,081
Losses and loss expenses and life policy benefits		(317	)		(217	)		(408	)		(19	)		(961	)		(322	)		—			(1,283	)
Acquisition costs		(134	)		(78	)		(162	)		(15	)		(389	)		(55	)		—			(444	)
Technical result	$	76		$	29		$	101		$	129		$	335		$	17		$	2		$	354
Other income														1			2			2			5
Other operating expenses														(129	)		(26	)		(49	)		(204	)
Underwriting result													$	207		$	(7	)		n/a		$	155
Net investment income																	33			267			300
Allocated underwriting result(1)																$	26			n/a			n/a
Net realized and unrealized investment gains																				231			231
Interest expense																				(24	)		(24	)
Amortization of intangible assets																				(18	)		(18	)
Net foreign exchange gains																				5			5
Income tax expense																				(117	)		(117	)
Interest in earnings of equity investments																				4			4
Net income																				n/a		$	536
Loss ratio(2)		60.1	%		67.0	%		60.8	%		11.3	%		57.0	%
Acquisition ratio(3)		25.5			23.9			24.2			9.5			23.1
Technical ratio(4)		85.6	%		90.9	%		85.0	%		20.8	%		80.1	%
Other operating expense ratio(5)														7.7
Combined ratio(6)														87.8	%

9

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the six months ended June 30, 2011
	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	$	581		$	440		$	724		$	486		$	2,231		$	403		$	6		$	2,640
Net premiums written	$	581		$	437		$	648		$	453		$	2,119		$	402		$	6		$	2,527
(Increase) decrease in unearned premiums		(60	)		(63	)		10			(220	)		(333	)		(17	)		(5	)		(355	)
Net premiums earned	$	521		$	374		$	658		$	233		$	1,786		$	385		$	1		$	2,172
Losses and loss expenses and life policy benefits		(365	)		(277	)		(427	)		(1,040	)		(2,109	)		(311	)		(2	)		(2,422	)
Acquisition costs		(129	)		(93	)		(158	)		(1	)		(381	)		(56	)		—			(437	)
Technical result	$	27		$	4		$	73		$	(808	)	$	(704	)	$	18		$	(1	)	$	(687	)
Other income														2			—			1			3
Other operating expenses														(137	)		(25	)		(56	)		(218	)
Underwriting result													$	(839	)	$	(7	)		n/a		$	(902	)
Net investment income																	31			279			310
Allocated underwriting result(1)																$	24			n/a			n/a
Net realized and unrealized investment losses																				(34	)		(34	)
Interest expense																				(24	)		(24	)
Amortization of intangible assets																				(18	)		(18	)
Net foreign exchange gains																				9			9
Income tax expense																				(24	)		(24	)
Interest in losses of equity investments																				—			—
Net loss																				n/a		$	(683	)
Loss ratio(2)		70.0	%		74.0	%		64.9	%		446.3	%		118.0	%
Acquisition ratio(3)		24.8			25.0			24.0			0.3			21.4
Technical ratio(4)		94.8	%		99.0	%		88.9	%		446.6	%		139.4	%
Other operating expense ratio(5)														7.7
Combined ratio(6)														147.1	%

10

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the three months ended
	June 30, 2012 (A)			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Net premiums written	$	934		$	1,255		$	690		$	880		$	857
Net premiums earned	$	890		$	795		$	975		$	1,083		$	905
Losses and loss expenses		(533	)		(427	)		(898	)		(710	)		(646	)
Acquisition costs		(207	)		(183	)		(211	)		(229	)		(203	)
Technical result	$	150		$	185		$	(134	)	$	144		$	56
Other income		—			1			2			1			—
Other operating expenses		(66	)		(63	)		(78	)		(69	)		(71	)
Underwriting result	$	84		$	123		$	(210	)	$	76		$	(15	)
Loss ratio(2)		59.9	%		53.8	%		92.1	%		65.6	%		71.4	%
Acquisition ratio(3)		23.2			23.0			21.6			21.1			22.4
Technical ratio(4)		83.1	%		76.8	%		113.7	%		86.7	%		93.8	%
Other operating expense ratio(5)		7.5			7.9			8.0			6.4			7.9
Combined ratio(6)		90.6	%		84.7	%		121.7	%		93.1	%		101.7	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended June 30, 2012, net premiums written and net premiums earned include foreign exchange impacts of ($15.6) million and ($21.9) million, respectively, compared to the three months ended June 30, 2011.

11

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the six months ended						For the year ended
	June 30, 2012 (A)			June 30, 2011			December 31, 2011			December 31, 2010
Net premiums written	$	2,189		$	2,119		$	3,688		$	3,961
Net premiums earned	$	1,685		$	1,786		$	3,844		$	4,029
Losses and loss expenses		(961	)		(2,109	)		(3,717	)		(2,657	)
Acquisition costs		(389	)		(381	)		(821	)		(856	)
Technical result	$	335		$	(704	)	$	(694	)	$	516
Other income		1			2			4			5
Other operating expenses		(129	)		(137	)		(283	)		(317	)
Underwriting result	$	207		$	(839	)	$	(973	)	$	204
Loss ratio(2)		57.0	%		118.0	%		96.7	%		65.9	%
Acquisition ratio(3)		23.1			21.4			21.3			21.3
Technical ratio(4)		80.1	%		139.4	%		118.0	%		87.2	%
Other operating expense ratio(5)		7.7			7.7			7.4			7.8
Combined ratio(6)		87.8	%		147.1	%		125.4	%		95.0	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the six months ended June 30, 2012, net premiums written and net premiums earned include foreign exchange impacts of ($27.6) million and ($27.8) million, respectively, compared to the six months ended June 30, 2011.

12

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

North America sub-segment

	For the three months ended
	June 30, 2012 (A)			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Net premiums written	$	270		$	341		$	235		$	287		$	242
Net premiums earned	$	290		$	238		$	285		$	329		$	261
Losses and loss expenses		(185	)		(133	)		(184	)		(192	)		(190	)
Acquisition costs		(69	)		(66	)		(67	)		(80	)		(63	)
Technical result	$	36		$	39		$	34		$	57		$	8
Loss ratio(2)		63.7	%		55.9	%		64.6	%		58.4	%		72.8	%
Acquisition ratio(3)		23.8			27.5			23.6			24.3			24.1
Technical ratio(4)		87.5	%		83.4	%		88.2	%		82.7	%		96.9	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		37	%		47	%		40	%		37	%		40	%
Agriculture		31			5			20			25			23
Property		20			22			18			19			19
Credit/Surety		5			5			4			5			5
Multiline		4			12			6			5			5
Motor		2			7			9			7			8
Other		1			2			3			2			—
Total		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 June 30, 2012, net premiums written and net premiums earned include foreign exchange impacts of ($1.0) million and ($0.9) million, respectively, compared to the three months ended June 30, 2011.

13

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

North America sub-segment

	For the six months ended						For the year ended
	June 30, 2012(A)			June 30, 2011			December 31, 2011			December 31, 2010
Net premiums written	$	611		$	581		$	1,104		$	1,026
Net premiums earned	$	527		$	521		$	1,135		$	1,038
Losses and loss expenses		(317	)		(365	)		(741	)		(577	)
Acquisition costs		(134	)		(129	)		(276	)		(288	)
Technical result	$	76		$	27		$	118		$	173
Loss ratio(2)		60.1	%		70.0	%		65.3	%		55.6	%
Acquisition ratio(3)		25.5			24.8			24.3			27.8
Technical ratio(4)		85.6	%		94.8	%		89.6	%		83.4	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		43	%		41	%		40	%		42	%
Property		21			18			18			26
Agriculture		17			18			20			8
Multiline		8			8			7			5
Credit/Surety		5			5			5			6
Motor		4			9			8			11
Other		2			1			2			2
Total		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 six months ended June 30, 2012, net premiums written and net premiums earned include foreign exchange impacts of ($1.9) million and ($1.5) million, respectively, compared to the six months ended June 30, 2011.

14

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended
	June 30, 2012 (A)			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Net premiums written	$	128		$	346		$	97		$	144		$	121
Net premiums earned	$	164		$	159		$	192		$	193		$	193
Losses and loss expenses		(119	)		(98	)		(188	)		(102	)		(127	)
Acquisition costs		(39	)		(38	)		(45	)		(52	)		(53	)
Technical result	$	6		$	23		$	(41	)	$	39		$	13
Loss ratio(2)		72.3	%		61.6	%		97.8	%		52.9	%		65.9	%
Acquisition ratio(3)		23.9			23.9			23.6			26.9			27.6
Technical ratio(4)		96.2	%		85.5	%		121.4	%		79.8	%		93.5	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		67	%		62	%		69	%		71	%		78	%
Motor		23			27			18			21			14
Casualty		10			11			13			8			8
Total		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 June 30, 2012, net premiums written and net premiums earned include foreign exchange impacts of ($5.0) million and ($7.7) million, respectively, compared to the three months ended June 30, 2011.

15

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the six months ended						For the year ended
	June 30, 2012 (A)			June 30, 2011			December 31, 2011			December 31, 2010
Net premiums written	$	474		$	437		$	678		$	898
Net premiums earned	$	324		$	374		$	759		$	914
Losses and loss expenses		(217	)		(277	)		(567	)		(702	)
Acquisition costs		(78	)		(93	)		(191	)		(227	)
Technical result	$	29		$	4		$	1		$	(15	)
Loss ratio(2)		67.0	%		74.0	%		74.7	%		76.8	%
Acquisition ratio(3)		23.9			25.0			25.1			24.9
Technical ratio(4)		90.9	%		99.0	%		99.8	%		101.7	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		63	%		70	%		70	%		66	%
Motor		26			19			20			22
Casualty		11			11			10			12
Total		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 six months ended June 30, 2012, net premiums written and net premiums earned include foreign exchange impacts of ($11.1) million and ($10.7) million, respectively, compared to the six months ended June 30, 2011.

16

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended
	June 30, 2012 (A)			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Net premiums written	$	391		$	353		$	337		$	360		$	333
Net premiums earned	$	363		$	308		$	356		$	362		$	341
Losses and loss expenses		(213	)		(194	)		(276	)		(247	)		(206	)
Acquisition costs		(93	)		(70	)		(88	)		(82	)		(78	)
Technical result	$	57		$	44		$	(8	)	$	33		$	57
Loss ratio(2)		58.8	%		63.2	%		77.5	%		68.3	%		60.3	%
Acquisition ratio(3)		25.5			22.6			24.6			22.7			22.9
Technical ratio(4)		84.3	%		85.8	%		102.1	%		91.0	%		83.2	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		14	%		14	%		20	%		16	%		14	%
Credit/Surety		18			21			19			18			20
Energy		7			4			8			11			7
Engineering		10			11			15			13			12
Marine		23			20			21			20			21
Specialty casualty		9			14			2			4			7
Specialty property		12			9			11			13			12
Other		7			7			4			5			7
Total		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 June 30, 2012, net premiums written and net premiums earned include foreign exchange impacts of ($9.7) million and ($11.6) million, respectively, compared to the three months ended June 30, 2011.

17

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the six months ended						For the year ended
	June 30, 2012 (A)			June 30, 2011			December 31, 2011			December 31, 2010
Net premiums written	$	744		$	648		$	1,344		$	1,391
Net premiums earned	$	671		$	658		$	1,376		$	1,405
Losses and loss expenses		(408	)		(427	)		(950	)		(985	)
Acquisition costs		(162	)		(158	)		(328	)		(292	)
Technical result	$	101		$	73		$	98		$	128
Loss ratio(2)		60.8	%		64.9	%		69.1	%		70.0	%
Acquisition ratio(3)		24.2			24.0			23.8			20.8
Technical ratio(4)		85.0	%		88.9	%		92.9	%		90.8	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		14	%		13	%		16	%		16	%
Credit/Surety		19			22			20			16
Energy		6			7			8			8
Engineering		10			13			14			14
Marine		22			20			20			20
Specialty casualty		11			13			8			11
Specialty property		11			8			10			8
Other		7			4			4			7
Total		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 six months ended June 30, 2012, net premiums written and net premiums earned include foreign exchange impacts of ($13.6) million and ($14.5) million, respectively, compared to the six months ended June 30, 2011.

18

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the three months ended
	June 30, 2012(A)			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Net premiums written	$	145		$	215		$	21		$	89		$	161
Net premiums earned	$	73		$	90		$	142		$	199		$	110
Losses and loss expenses		(16	)		(2	)		(250	)		(169	)		(123	)
Acquisition costs		(6	)		(9	)		(11	)		(15	)		(9	)
Technical result	$	51		$	79		$	(119	)	$	15		$	(22	)
Loss ratio(2)		22.5	%		2.1	%		175.9	%		85.0	%		111.7	%
Acquisition ratio(3)		8.3			10.5			7.6			7.4			8.1
Technical ratio(4)		30.8	%		12.6	%		183.5	%		92.4	%		119.8	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended June 30, 2012, net premiums written and net premiums earned include foreign exchange impacts of $nil million and ($1.7) million, respectively, compared to the three months ended June 30, 2011.

19

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the six months ended						For the year ended
	June 30, 2012 (A)			June 30, 2011			December 31, 2011			December 31, 2010
Net premiums written	$	360		$	453		$	562		$	646
Net premiums earned	$	163		$	233		$	574		$	672
Losses and loss expenses		(19	)		(1,040	)		(1,459	)		(393	)
Acquisition costs		(15	)		(1	)		(26	)		(49	)
Technical result	$	129		$	(808	)	$	(911	)	$	230
Loss ratio(2)		11.3	%		446.3	%		254.2	%		58.5	%
Acquisition ratio(3)		9.5			0.3			4.5			7.2
Technical ratio(4)		20.8	%		446.6	%		258.7	%		65.7	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the six months ended June 30, 2012, net premiums written and net premiums earned include foreign exchange impacts of ($1.0) million and ($1.0) million, respectively, compared to the six months ended June 30, 2011.

20

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the three months ended
	June 30, 2012 (A)			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Net premiums written	$	199		$	215		$	190		$	194		$	195
Net premiums earned	$	200		$	194		$	203		$	203		$	201
Life policy benefits		(173	)		(149	)		(171	)		(168	)		(166	)
Acquisition costs		(26	)		(29	)		(28	)		(33	)		(26	)
Technical result	$	1		$	16		$	4		$	2		$	9
Other income		1			—			1			—			—
Other operating expenses		(13	)		(12	)		(15	)		(12	)		(13	)
Underwriting result	$	(11	)	$	4		$	(10	)	$	(10	)	$	(4	)
Net investment income		17			17			16			19			16
Allocated underwriting result(1)	$	6		$	21		$	6		$	9		$	12
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		65	%		71	%		66	%		71	%		72	%
Longevity		32			27			31			26			25
Health		3			2			3			3			3
Total		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 June 30, 2012, net premiums written and net premiums earned include foreign exchange impacts of ($8.8) million and ($9.4) million, respectively, compared to the three months ended June 30, 2011.

21

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the six months ended						For the year ended
	June 30, 2012 (A)			June 30, 2011			December 31, 2011			December 31, 2010
Net premiums written	$	414		$	402		$	786		$	742
Net premiums earned	$	394		$	385		$	792		$	744
Life policy benefits		(322	)		(311	)		(650	)		(624	)
Acquisition costs		(55	)		(56	)		(117	)		(116	)
Technical result	$	17		$	18		$	25		$	4
Other income		2			—			1			2
Other operating expenses		(26	)		(25	)		(53	)		(57	)
Underwriting result	$	(7	)	$	(7	)	$	(27	)	$	(51	)
Net investment income		33			31			66			71
Allocated underwriting result(1)	$	26		$	24		$	39		$	20
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		68	%		74	%		71	%		70	%
Longevity		30			23			26			27
Health		2			3			3			3
Total		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 six months ended June 30, 2012, net premiums written and net premiums earned include foreign exchange impacts of ($13.1) million and ($13.1) million, respectively, compared to the six months ended June 30, 2011.

22

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

				For the three months ended
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Technical result	$	1		$	1		$	3		$	4		$	(1	)
Other income		2			1			—			—			1
Corporate expenses - acquisition related		—			—			—			(1	)		(1	)
Corporate expenses		(22	)		(20	)		(16	)		(19	)		(25	)
Other operating expenses		(5	)		(3	)		(4	)		(3	)		(4	)
Net investment income		136			130			140			145			142
Net realized and unrealized investment gains		38			193			74			26			78
Interest expense		(12	)		(12	)		(12	)		(12	)		(12	)
Amortization of intangible assets		(9	)		(9	)		(9	)		(9	)		(9	)
Net foreign exchange gains (losses)		8			(3	)		15			11			9
Income tax expense		(50	)		(67	)		(3	)		(42	)		(50	)
Interest in (losses) earnings of equity investments		(1	)		5			(2	)		(5	)		(1	)

23

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the six months ended						For the year ended
	June 30, 2012			June 30, 2011			December 31, 2011			December 31, 2010
Technical result	$	2		$	(1	)	$	6		$	—
Other income		2			1			3			3
Corporate expenses - acquisition related		—			(4	)		(4	)		(16	)
Corporate expenses - voluntary termination plan		—			—			—			(41	)
Corporate expenses(1)		(41	)		(43	)		(79	)		(94	)
Other operating expenses		(8	)		(9	)		(16	)		(15	)
Net investment income		267			279			563			602
Net realized and unrealized investment gains (losses)		231			(34	)		67			402
Interest expense		(24	)		(24	)		(49	)		(44	)
Amortization of intangible assets		(18	)		(18	)		(36	)		(31	)
Net foreign exchange gains (losses)		5			9			34			(21	)
Income tax expense		(117	)		(24	)		(69	)		(129	)
Interest in earnings (losses) of equity investments		4			—			(6	)		13

(1) The Company’s corporate expenses for the year ended December 31, 2010 includes $13 million of corporate expenses related to Paris Re.

24

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Property		12	%		19	%		12	%		14	%		13	%
Casualty		10			13			12			11			10
Motor		3			8			4			5			3
Multiline and other		1			3			2			3			2
Specialty
Agriculture		10			3			7			8			7
Aviation/Space		5			4			9			5			5
Catastrophe		13			15			2			8			15
Credit/Surety		8			6			8			7			8
Energy		2			1			3			4			2
Engineering		3			3			6			4			4
Marine		8			5			8			7			7
Specialty casualty		3			3			1			1			2
Specialty property		4			2			4			5			4
Life		18			15			22			18			18
		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Geography:
North America		39	%		33	%		34	%		37	%		36	%
Europe		36			48			45			38			40
Asia, Australia and New Zealand		13			9			10			13			13
Latin America, Caribbean and Africa		12			10			11			12			11
		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Production Source:
Broker		77	%		72	%		68	%		74	%		75	%
Direct		23			28			32			26			25
		100	%		100	%		100	%		100	%		100	%

25

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the six months ended						For the year ended
	June 30, 2012			June 30, 2011			December 31, 2011			December 31, 2010
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Property		16	%		16	%		15	%		18	%
Casualty		12			11			11			11
Motor		6			5			5			7
Multiline and other		2			2			2			2
Specialty
Agriculture		6			6			7			4
Aviation/Space		4			4			5			5
Catastrophe		14			18			13			14
Credit/Surety		7			7			7			6
Energy		2			2			2			2
Engineering		3			3			4			4
Marine		6			5			6			6
Specialty casualty		3			3			2			3
Specialty property		3			2			3			2
Life		16			16			18			16
		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Geography:
Europe		43	%		42	%		41	%		43	%
North America		35			36			36			36
Asia, Australia and New Zealand		11			12			12			10
Latin America, Caribbean and Africa		11			10			11			11
		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Production Source:
Broker		74	%		73	%		72	%		73	%
Direct		26			27			28			27
		100	%		100	%		100	%		100	%

26

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Distribution of Gross Premiums Written by Reinsurance Type for the Non-life sub-segment:
North America
Non-Proportional		19	%		50	%		16	%		26	%		25	%
Proportional		81			50			84			74			75
Total		100	%		100	%		100	%		100	%		100	%
Global (Non-U.S.) P&C
Non-Proportional		13	%		34	%		11	%		19	%		10	%
Proportional		87			66			89			81			90
Total		100	%		100	%		100	%		100	%		100	%
Global (Non-U.S.) Specialty
Non-Proportional		24	%		31	%		7	%		17	%		20	%
Proportional		76			69			93			83			80
Total		100	%		100	%		100	%		100	%		100	%
Catastrophe
Non-Proportional		97	%		98	%		96	%		98	%		98	%
Proportional		3			2			4			2			2
Total		100	%		100	%		100	%		100	%		100	%
Non-life total
Non-Proportional		33	%		49	%		13	%		29	%		35	%
Proportional		67			51			87			71			65
Total		100	%		100	%		100	%		100	%		100	%

27

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the six months ended						For the year ended
	June 30, 2012			June 30, 2011			December 31, 2011			December 31, 2010
Distribution of Gross Premiums Written by Reinsurance Type Non-life sub-segment:
North America
Non-Proportional		36	%		38	%		30	%		33	%
Proportional		64			62			70			67
Total		100	%		100	%		100	%		100	%
Global (Non-U.S.) P&C
Non-Proportional		28	%		28	%		23	%		23	%
Proportional		72			72			77			77
Total		100	%		100	%		100	%		100	%
Global (Non-U.S.) Specialty
Non-Proportional		28	%		27	%		19	%		22	%
Proportional		72			73			81			78	��
Total		100	%		100	%		100	%		100	%
Catastrophe
Non-Proportional		98	%		98	%		98	%		99	%
Proportional		2			2			2			1
Total		100	%		100	%		100	%		100	%
Non-life total
Non-Proportional		42	%		45	%		35	%		38	%
Proportional		58			55			65			62
Total		100	%		100	%		100	%		100	%

28

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	June 30, 2012					March 31, 2012					December 31, 2011					September 30, 2011					June 30, 2011					December 31, 2010
Investments:
Fixed maturities
U.S. government	$	922		6	%	$	1,066		7	%	$	1,090		7	%	$	1,162		7	%	$	1,291		8	%	$	673		5	%
Government Sponsored Enterprises (GSEs)		22		—			23		—			26		—			26		—			184		1			233		2
U.S. states, territories and municipalities		127		1			130		1			124		1			101		1			99		1			67		—
Non-U.S. sovereign government, supranational and government related		2,651		18			3,070		19			2,964		19			3,230		20			3,258		20			2,819		20
Corporates		5,813		39			6,067		39			5,747		38			6,120		39			5,830		37			6,144		43
Mortgage/asset-backed securities		4,085		27			4,056		26			3,991		26			3,717		24			3,745		23			2,889		20
Total fixed maturities		13,620		91			14,412		92			13,942		91			14,356		91			14,407		90			12,825		90
Short-term investments		32		—			39		—			42		—			98		1			216		2			49		—
Equities		1,050		7			943		6			945		6			1,001		6			995		6			1,072		8
Other invested assets		330		2			361		2			358		3			335		2			338		2			352		2
Total investments	$	15,032		100	%	$	15,755		100	%	$	15,287		100	%	$	15,790		100	%	$	15,956		100	%	$	14,298		100	%
Cash and cash equivalents		1,512					1,210					1,343					1,073					1,607					2,111
Total investments and cash	$	16,544				$	16,965				$	16,630				$	16,863				$	17,563				$	16,409
Maturity distribution:
One year or less	$	872		6	%	$	597		4	%	$	571		4	%	$	576		4	%	$	970		7	%	$	930		7	%
More than one year through five years		4,193		31			5,038		35			4,923		35			5,580		39			5,404		37			5,022		39
More than five years through ten years		3,696		27			3,954		27			3,713		26			3,840		26			3,831		26			3,418		27
More than ten years		806		6			806		6			786		6			741		5			673		4			615		5
Subtotal		9,567		70			10,395		72			9,993		71			10,737		74			10,878		74			9,985		78
Mortgage/asset-backed securities		4,085		30			4,056		28			3,991		29			3,717		26			3,745		26			2,889		22
Total	$	13,652		100	%	$	14,451		100	%	$	13,984		100	%	$	14,454		100	%	$	14,623		100	%	$	12,874		100	%
Credit quality by market value:(A) (B)
AAA		16	%				18	%				25	%				28	%				58	%				51	%
AA		43					42					37					35					7					9
A		21					21					21					21					19					22
BBB		14					13					11					11					10					11
Below Investment Grade/Unrated		6					6					6					5					6					7
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		3.0	Yrs				2.9	Yrs				2.9	Yrs				3.0	Yrs				3.0	Yrs				3.0	Yrs
Average yield to maturity at market		2.3	%				2.3	%				2.4	%				2.5	%				2.9	%				2.9	%
Average credit quality		A					AA					AA					AA					AA					AA

(A) The decrease in AAA rated securities and the corresponding increase in AA rated securities at September 30, 2011 compared to June 30, 2011 largely reflects Standard & Poor’s decision in August 2011 to downgrade, from AAA to AA+, U.S. Government securities and other securities that carry either an explicit or an implicit guarantee of the U.S. Government. While other rating agencies did not take a similar rating action, it is the Company’s policy to use Standard & Poor’s ratings, when available, to rate its investments.

(B) The decrease in AAA rated securities and the corresponding increase in AA rated securities at March 31, 2012 compared to December 31, 2011 largely reflects Standard & Poor’s decision in January 2012 to downgrade 9 Eurozone sovereign governments. While other rating agencies did not take similar action, it is the Company’s policy to use Standard & Poor’s ratings, when available, to rate its investments.

29

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)

				June 30, 2012
	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	$	1,222,844			21.0	%		7.4	%		0.7	%
Consumer noncyclical		843,395			14.5			5.1			0.3
Communications		588,133			10.1			3.6			0.4
Utilities		584,478			10.1			3.5			0.3
Energy		426,316			7.3			2.6			0.5
Industrials		396,662			6.8			2.4			0.2
Government guaranteed corporate debt		367,656			6.3			2.2			0.4
Consumer cyclical		350,530			6.0			2.1			0.3
Insurance		242,298			4.2			1.5			0.2
Materials		218,383			3.8			1.3			0.1
Catastrophe bonds		200,813			3.5			1.2			0.2
Longevity and mortality bonds		163,015			2.8			1.0			0.4
Technology		122,479			2.1			0.7			0.1
Real estate investment trusts		73,011			1.3			0.4			0.1
Diversified		12,547			0.2			0.1			—
Total Corporate bonds	$	5,812,560			100.0	%		35.1	%
Finance sector - Corporate bonds
Banks	$	565,697			9.7	%		3.4	%
Investment banking and brokerage		271,896			4.7			1.6
Financial services		160,702			2.8			1.0
Commercial and consumer finance		156,717			2.7			1.0
Other		67,832			1.1			0.4
Total finance sector - Corporate bonds	$	1,222,844			21.0	%		7.4	%
	AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
Credit quality of finance sector - Corporate bonds
Banks	$	30,662		$	47,728		$	413,751		$	71,618		$	1,938		$	565,697
Investment banking and brokerage		—			—			251,431			19,526			939			271,896
Financial services		—			134,281			24,673			1,748			—			160,702
Commercial and consumer finance		—			—			68,814			68,920			18,983			156,717
Other		—			14,850			20,859			28,972			3,151			67,832
Total finance sector - Corporate bonds	$	30,662		$	196,859		$	779,528		$	190,784		$	25,011		$	1,222,844
% of total		2	%		16	%		64	%		16	%		2	%		100	%

Concentration of investment risk

The top 10 Corporate bond issues account for 15% of the Company’s total corporate bonds. The single largest issue accounts for 1.9% of the Company’s total Corporate bonds.

30

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

			June 30, 2012
	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	$	130,545		18.3	%		0.8	%		—	%
Finance		97,864		13.7			0.6			0.1
Technology		86,571		12.1			0.5			0.1
Energy		76,620		10.8			0.5			0.1
Communications		62,599		8.8			0.4			0.1
Insurance		61,521		8.6			0.4			0.1
Industrials		59,565		8.4			0.3			0.1
Consumer cyclical		54,851		7.7			0.3			—
Utilities		29,437		4.1			0.2			—
Materials		27,559		3.9			0.2			—
Real estate investment trusts		23,636		3.3			0.1			0.1
Diversified		2,055		0.3			—			—
Total equities	$	712,823		100.0	%		4.3	%
Mutual funds and exchange traded funds (ETFs)
Funds holding fixed income securities		251,721					1.5
Funds and ETFs holding equities		85,473					0.5
Total equities	$	1,050,017					6.3	%

Concentration of investment risk

The single largest fund in funds and ETFs holding equities is an emerging markets fixed income fund, which accounts for 16.4% 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 17.6% of the Company’s total equities. Excluding equity securities held in mutual funds and exchange traded funds, the single largest issuer accounts for 3.1% of the Company’s total equities.

31

PartnerRe Ltd.

Distribution of Mortgage/Asset-Backed Securities⁽¹⁾

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	Rating at June 30, 2012
	GNMA			GSEs			AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
U.S. Asset-Backed Securities	$	—		$	—		$	59,081		$	65,323		$	70,980		$	12,840		$	327,469		$	535,693
U.S. Collaterized Mortgage Obligations		—			2,750			—			—			—			—			1			2,751
U.S. Mortgage Backed Securities (MBS)		773,385			2,044,667			—			—			—			—			—			2,818,052
U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			38,895			—			8,232			2,029			2,107			51,263
U.S. MBS Interest Only		51,126			127,272			13,127			—			—			—			88,825			280,350
	$	824,511		$	2,174,689		$	111,103		$	65,323		$	79,212		$	14,869		$	418,402		$	3,688,109
Non-U.S. Asset-Backed Securities	$	—		$	—		$	78,448		$	18,422		$	40,426		$	—		$	—		$	137,296
Non-U.S. Collaterized Mortgage Obligations		—			—			156,589			40,678			39,301			—			—			236,568
Non-U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			23,033			—			—			—			—			23,033
	$	—		$	—		$	258,070		$	59,100		$	79,727		$	—		$	—		$	396,897
Total mortgage/asset-backed securities	$	824,511		$	2,174,689		$	369,173		$	124,423		$	158,939		$	14,869		$	418,402		$	4,085,006
Corporate Securities		—			22,344			—			—			—			—			—			22,344
Total	$	824,511		$	2,197,033		$	369,173		$	124,423		$	158,939		$	14,869		$	418,402		$	4,107,350
% of total		20	%		54	%		9	%		3	%		4	%		—	%		10	%		100	%

(1) In addition to the mortgage/asset-backed securities above, the Company has derivatives exposure to to-be-announced mortgage-backed securities with a notional value of $101.0 million and a carrying value of $0.7 million at June 30, 2012 within Other Invested Assets.

32

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

	June 30, 2012														March 31, 2012						December 31, 2011
	Investments		Fair Value of Derivatives			Carrying Value			Net Notional Amount of Derivatives			Total Net Exposures (1)			Carrying Value			Total Net Exposures (1)			Carrying Value			Total Net Exposures (1)
Private Markets Investments
Principal Finance - Investments	$	149,462	$	—		$	149,462		$	—		$	149,462		$	152,749		$	152,749		$	170,092		$	170,092
Principal Finance - Derivative Exposure Assumed		—		(1,851	)		(1,851	)		111,712			109,861			(985	)		119,401			(2,174	)		127,114
Insurance-Linked Securities		—		(5,162	)		(5,162	)		155,964			150,802			(3,528	)		157,436			(968	)		135,407
Commodities Futures		—		1,728			1,728			42,099			43,827			(1,668	)		47,271			(1,756	)		46,223
Strategic Investments		189,616		—			189,616			—			189,616			181,750			181,750			179,348			179,348
Total other invested assets - Private Markets Exposure Assumed		339,078		(5,285	)		333,793			309,775			643,568			328,318			658,607			344,542			658,184
Other Credit Derivatives - Exposure Assumed		—		272			272			5,000			5,272			322			5,322			246			5,246
Other Credit Derivatives - Protection Purchased		—		(1,120	)		(1,120	)		(77,459	)		(78,579	)		(1,447	)		(96,748	)		(1,193	)		(96,154	)
Other(2)		9,475		(12,424	)		(2,949	)								33,701						14,559
Total other invested assets	$	348,553	$	(18,557	)	$	329,996								$	360,894					$	358,154

(1) The total net exposures originated in Private Markets are $1,678 million at June 30, 2012 ($1,639 million and $1,629 million at March 31, 2012 and December 31, 2011, respectively). In addition to the net exposures listed above of $644 million ($659 million and $658 million at March 31, 2012 and December 31, 2011, respectively), the Company has the following other net exposures originated in Private Markets:

• Principal Finance: $583 million of assets listed under Investments - Fixed Maturities and $7 million listed under Investments - Equities for a total exposure of $849 million ($822 million and $824 million at March 31, 2012 and December 31, 2011, respectively).

• Insurance-Linked Securities: $371 million of bonds listed under Investments - Fixed Maturities and $38 million of limits on transactions that use reinsurance accounting for a total exposure of $560 million ($567 million and $562 million at March 31, 2012 and December 31, 2011, respectively).

• Strategic Investments: $7 million of assets listed under Investments - Fixed Maturities, $26 million under Investments - Equities, and $2 million of assets listed under Other Assets for a total exposure of $225 million ($203 million and $197 million at March 31, 2012 and December 31, 2011, respectively).

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

33

PartnerRe Ltd.

Funds Held - Directly Managed Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	June 30, 2012					March 31, 2012					December 31, 2011					September 30, 2011					June 30, 2011					December 31, 2010
Investments:
Fixed maturities
U.S. government	$	222		20	%	$	218		19	%	$	111		11	%	$	111		10	%	$	77		7	%	$	95		6	%
Government Sponsored Enterprises (GSEs)		146		14			157		14			158		15			156		13			154		13			193		12
Non-U.S. sovereign government, supranational and government related		276		25			290		25			275		26			303		26			313		27			385		25
Corporates		419		39			460		40			480		45			531		46			551		47			799		52
Mortgage/asset-backed securities		—		—			—		—			—		—			—		—			—		—			12		1
Total fixed maturities		1,063		98			1,125		98			1,024		97			1,101		95			1,095		94			1,484		96
Short-term investments		11		1			2		—			18		2			35		3			42		4			38		3
Other invested assets		15		1			18		2			16		1			18		2			22		2			21		1
Total investments	$	1,089		100	%	$	1,145		100	%	$	1,058		100	%	$	1,154		100	%	$	1,159		100	%	$	1,543		100	%
Cash and cash equivalents		64					47					176					135					149					129
Total investments and cash	$	1,153				$	1,192				$	1,234				$	1,289				$	1,308				$	1,672
Accrued investment income		13					14					14					17					15					20
Other funds held assets/liabilities		67					58					20					17					57					80
Total funds held - directly managed	$	1,233				$	1,264				$	1,268				$	1,323				$	1,380				$	1,772
Maturity distribution:
One year or less	$	216		20	%	$	192		17	%	$	227		22	%	$	203		18	%	$	223		20	%	$	289		19	%
More than one year through five years		642		60			705		63			573		55			646		57			621		55			814		53
More than five years through ten years		188		17			203		18			215		20			260		23			266		23			376		25
More than ten years		28		3			27		2			27		3			27		2			27		2			31		2
Subtotal		1,074		100			1,127		100			1,042		100			1,136		100			1,137		100			1,510		99
Mortgage/asset-backed securities		—		—			—		—			—		—			—		—			—		—			12		1
Total	$	1,074		100	%	$	1,127		100	%	$	1,042		100	%	$	1,136		100	%	$	1,137		100	%	$	1,522		100	%
Credit quality by market value:(A) (B)
AAA		14	%				15	%				22	%				23	%				43	%				45	%
AA		59					59					50					50					30					27
A		23					21					24					23					23					24
BBB		4					5					4					4					4					4
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		2.9	Yrs				3.0	Yrs				2.7	Yrs				2.9	Yrs				3.1	Yrs				3.1	Yrs
Average yield to maturity at market		1.3	%				1.4	%				1.7	%				1.8	%				2.1	%				2.4	%
Average credit quality		AA					AA					AA					AA					AA					AA

(A) The decrease in AAA rated securities and the correspondingincrease in AArated securitiesat September30, 2011comparedto June 30,2011 largelyreflects Standard& Poor’sdecision in August2011 to downgrade,from AAA to AA+, U.S. Government securities and other securities that carry either an explicit or an implicit guarantee of the U.S. Government. While other rating agencies did not take a similar rating action, it is the Company’s policy to use Standard & Poor’s ratings, when available, to rate its investments.

(B) The decrease in AAA rated securities and the corresponding increase in AA rated securities at March 31, 2012 compared to December 31, 2011 largely reflects Standard & Poor’s decision in January 2012 to downgrade 9 Eurozone sovereign governments. While other rating agencies did not take similar action, it is the Company’s policy to use Standard & Poor’s ratings, when available, to rate its investments.

34

PartnerRe Ltd.

Distribution of Corporate Bonds

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

				June 30, 2012
	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	$	184,988			44.1	%		16.0	%			1.2	%
Consumer noncyclical		65,776			15.7			5.7				0.8
Energy		49,500			11.8			4.3				0.9
Utilities		25,532			6.1			2.2				0.4
Materials		20,187			4.8			1.7		��		0.4
Communications		18,133			4.3			1.6				0.4
Government Guaranteed Corporate Debt		16,318			3.9			1.4				1.1
Consumer cyclical		12,673			3.0			1.1				0.7
Technology		12,114			2.9			1.1				0.4
Industrials		9,051			2.2			0.8				0.3
Real estate investment trusts		3,505			0.9			0.3				0.3
Insurance		1,277			0.3			0.1				0.1
Total Corporate bonds	$	419,054			100.0	%		36.3	%
Finance sector - Corporate bonds
Banks	$	107,945			25.7	%		9.4	%
Investment Banking & Brokerage		29,714			7.1			2.6
Financial Services		28,894			6.9			2.5
Commercial & Consumer Finance		14,415			3.4			1.2
Other		4,020			1.0			0.3
Total finance sector - Corporate bonds	$	184,988			44.1	%		16.0	%
	AAA			AA			A				BBB			Total
Credit quality of finance sector - Corporate bonds
Banks	$	18,832		$	40,727		$	43,665			$	4,721		$	107,945
Investment Banking & Brokerage		14,988			—			14,726				—			29,714
Financial Services		4,187			20,211			4,496				—			28,894
Commercial & Consumer Finance		7,563			—			6,852				—			14,415
Other		—			—			4,020				—			4,020
Total finance sector - Corporate bonds	$	45,570		$	60,938		$	73,759			$	4,721		$	184,988
% of total		25	%		33	%		40	%			2	%		100	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 24.4% of the Company’s total corporate bonds within the Funds Held - Directly Managed Portfolio. The single largest issuer accounts for 3.4% of the Company’s total corporate bonds within the Funds Held - Directly Managed portfolio.

35

PartnerRe Ltd.

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

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Fixed maturities	$	129,900		$	133,490		$	138,233		$	145,861		$	141,535
Short-term investments, cash and cash equivalents		628			596			571			887			1,142
Equities		12,992			3,513			4,758			4,322			6,545
Funds held and other		13,330			10,602			11,095			14,522			11,295
Funds held - directly managed		7,577			8,593			11,936			9,180			8,635
Investment expenses		(10,921	)		(9,898	)		(11,053	)		(11,125	)		(10,824	)
Net investment income(1)	$	153,506		$	146,896		$	155,540		$	163,647		$	158,328
Net realized investment gains on fixed maturities and short-term investments	$	62,202		$	17,398		$	73,155		$	63,611		$	13,007
Net realized investment gains on equities		6,370			41,421			25,136			2,480			26,219
Net realized (losses) gains on other invested assets		(18,321	)		5,205			(27,529	)		(97,741	)		(63,269	)
Change in net unrealized (losses) gains on other invested assets		(14,346	)		20,428			(1,360	)		(212	)		(7,253	)
Change in net unrealized investment gains (losses) on fixed maturities and short-term investments		32,995			47,821			(51,964	)		189,956			131,101
Change in net unrealized investment (losses) gains on equities		(32,963	)		50,771			57,314			(145,095	)		(30,197	)
Net other realized and unrealized investment gains		406			2,961			2,400			1,193			23
Net realized and unrealized investment gains (losses) on funds held - directly managed		1,789			6,730			(2,599	)		11,947			8,568
Net realized and unrealized investment gains	$	38,132		$	192,735		$	74,553		$	26,139		$	78,199

(1) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the three months ended June 30, 2012, net investment income includes foreign exchange impacts of ($2.1) million compared to the three months ended June 30, 2011.

36

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 six months ended						For the year ended
	June 30, 2012			June 30, 2011			December 31, 2011			December 31, 2010
Fixed maturities	$	263,390		$	277,482		$	561,576		$	580,258
Short-term investments, cash and cash equivalents		1,224			2,385			3,843			8,541
Equities		16,505			10,735			19,815			20,794
Funds held and other		23,932			23,885			49,502			52,794
Funds held - directly managed		16,170			16,804			37,919			51,775
Investment expenses		(20,819	)		(21,329	)		(43,507	)		(41,380	)
Net investment income(1)	$	300,402		$	309,962		$	629,148		$	672,782
Net realized investment gains on fixed maturities and short-term investments	$	79,600		$	20,441		$	157,207		$	173,426
Net realized investment gains on equities		47,792			63,250			90,866			44,736
Net realized losses on other invested assets		(13,116	)		(51,025	)		(176,295	)		(68,568	)
Change in net unrealized gains (losses) on other invested assets		6,082			(44,707	)		(46,278	)		3,742
Change in net unrealized investment gains (losses) on fixed maturities and short-term investments		80,815			(9,767	)		128,224			142,634
Change in net unrealized investment gains (losses) on equities		17,808			(14,079	)		(101,860	)		64,825
Net other realized and unrealized investment gains		3,367			24			3,617			13,335
Net realized and unrealized investment gains on funds held - directly managed		8,519			1,863			11,211			27,352
Net realized and unrealized investment gains (losses)	$	230,867		$	(34,000	)	$	66,692		$	401,482

(1) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the six months ended June 30, 2012, net investment income includes foreign exchange impacts of ($2.7) million compared to the six months ended June 30, 2011.

37

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
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Fixed maturities	$	7,087		$	7,620		$	7,684		$	7,778		$	8,130
Short-term investments, cash and cash equivalents		167			171			681			667			380
Other		305			716			3,779			968			326
Investment expenses		18			86			(208	)		(233	)		(201	)
Net investment income	$	7,577		$	8,593		$	11,936		$	9,180		$	8,635
Net realized investment gains (losses) on fixed maturities and short-term investments	$	108		$	(386	)	$	(496	)	$	121		$	471
Net realized investment gains (losses) on other invested assets		—			—			49			(93	)		2
Change in net unrealized investment gains (losses) on fixed maturities and short-term investments		3,029			5,883			(868	)		14,676			10,756
Change in net unrealized investment (losses) gains on other invested assets		(1,348	)		1,233			(1,284	)		(2,757	)		(2,661	)
Net realized and unrealized investment gains (losses) on funds held - directly managed	$	1,789		$	6,730		$	(2,599	)	$	11,947		$	8,568

38

PartnerRe Ltd.

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

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the six months ended						For the year ended
	June 30, 2012			June 30, 2011			December 31, 2011			December 31, 2010
Fixed maturities	$	14,706		$	16,081		$	31,542		$	46,200
Short-term investments, cash and cash equivalents		338			558			1,906			1,607
Other		1,022			655			5,402			6,078
Investment expenses		104			(490	)		(931	)		(2,110	)
Net investment income	$	16,170		$	16,804		$	37,919		$	51,775
Net realized investment (losses) gains on fixed maturities and short-term investments	$	(278	)	$	5,745		$	5,369		$	1,041
Net realized investment gains (losses) of on other invested assets		—			2			(42	)		1,635
Change in net unrealized investment gains (losses) on fixed maturities and short-term investments		8,913			(1,494	)		12,314			27,568
Change in net unrealized investment losses on other invested assets		(116	)		(2,390	)		(6,430	)		(2,892	)
Net realized and unrealized investment gains on funds held - directly managed	$	8,519		$	1,863		$	11,211		$	27,352

39

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
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	11,143,354		$	11,273,091		$	11,352,599		$	12,016,271		$	11,887,316
Reinsurance recoverable at beginning of period		(335,613	)		(353,105	)		(359,203	)		(378,581	)		(383,446	)
Net liability at beginning of period		10,807,741			10,919,986			10,993,396			11,637,690			11,503,870
Net incurred losses related to:
Current year		648,522			590,814			949,645			889,469			809,445
Prior years		(115,140	)		(163,603	)		(51,573	)		(175,961	)		(161,022	)
		533,382			427,211			898,072			713,508			648,423
Change in reserve agreement(1)		7,229			(34,792	)		(18,682	)		(14,630	)		(27,705	)
Net losses paid		(774,142	)		(648,377	)		(785,542	)		(1,062,917	)		(616,941	)
Effects of foreign exchange rate changes		(244,544	)		143,713			(167,258	)		(280,255	)		130,043
Net liability at end of period		10,329,666			10,807,741			10,919,986			10,993,396			11,637,690
Reinsurance recoverable at end of period		331,346			335,613			353,105			359,203			378,581
Gross liability at end of period	$	10,661,012		$	11,143,354		$	11,273,091		$	11,352,599		$	12,016,271
Breakdown of gross liability at end of period:
Case reserves	$	5,000,584		$	5,189,842		$	5,187,761		$	5,198,774		$	5,093,142
Additional case reserves		453,035			550,945			495,593			563,690			1,284,603
Incurred but not reported reserves		5,207,393			5,402,567			5,589,737			5,590,135			5,638,526
Gross liability at end of period	$	10,661,012		$	11,143,354		$	11,273,091		$	11,352,599		$	12,016,271
Breakdown of gross liability at end of period by Non-life sub-segment:
North America	$	3,310,449		$	3,292,254		$	3,287,364		$	3,294,447		$	3,293,224
Global (Non-U.S.) P&C		2,478,403			2,671,384			2,631,593			2,726,094			2,911,178
Global (Non-U.S.) Specialty		3,781,955			3,930,158			3,922,404			3,902,088			3,970,089
Catastrophe		1,090,205			1,249,558			1,431,730			1,429,970			1,841,780
Gross liability at end of period	$	10,661,012		$	11,143,354		$	11,273,091		$	11,352,599		$	12,016,271
Unrecognized time value of non-life reserves	$	493,597		$	618,317		$	560,860		$	614,961		$	968,950
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		145.1	%		151.8	%		87.5	%		149.0	%		95.1	%
Non-life paid losses to net premiums earned ratio		86.9	%		81.5	%		80.3	%		97.5	%		68.1	%

(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.

40

PartnerRe Ltd.

Analysis of Unpaid Losses and Loss Expenses

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the six months ended						As at and for the year ended
	June 30, 2012			June 30, 2011			December 31, 2011			December 31, 2010
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	11,273,091		$	10,666,604		$	10,666,604		$	10,811,483
Reinsurance recoverable at beginning of period		(353,105	)		(348,747	)		(348,747	)		(336,352	)
Net liability at beginning of period		10,919,986			10,317,857			10,317,857			10,475,131
Net incurred losses related to:
Current year		1,239,336			2,413,653			4,252,766			3,137,874
Prior years		(278,743	)		(302,923	)		(530,457	)		(477,883	)
		960,593			2,110,730			3,722,309			2,659,991
Change in reserve agreement(1)		(27,563	)		(28,072	)		(61,383	)		(66,783	)
Net losses paid		(1,422,519	)		(1,142,100	)		(2,990,559	)		(2,579,018	)
Effects of foreign exchange rate changes		(100,831	)		379,275			(68,238	)		(171,464	)
Net liability at end of period		10,329,666			11,637,690			10,919,986			10,317,857
Reinsurance recoverable at end of period		331,346			378,581			353,105			348,747
Gross liability at end of period	$	10,661,012		$	12,016,271		$	11,273,091		$	10,666,604
Breakdown of gross liability at end of period:
Case reserves	$	5,000,584		$	5,093,142		$	5,187,761		$	4,652,281
Additional case reserves		453,035			1,284,603			495,593			326,721
Incurred but not reported reserves		5,207,393			5,638,526			5,589,737			5,687,602
Gross liability at end of period	$	10,661,012		$	12,016,271		$	11,273,091		$	10,666,604
Breakdown of gross liability at end of period by Non-life sub-segment:
North America	$	3,310,449		$	3,293,224		$	3,287,364		$	3,211,622
Global (Non-U.S.) P&C		2,478,403			2,911,178			2,631,593			2,804,937
Global (Non-U.S.) Specialty		3,781,955			3,970,089			3,922,404			3,781,341
Catastrophe		1,090,205			1,841,780			1,431,730			868,704
Gross liability at end of period	$	10,661,012		$	12,016,271		$	11,273,091		$	10,666,604
Unrecognized time value of non-life reserves	$	493,597		$	968,950		$	560,860		$	949,210
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		148.1	%		54.1	%		80.3	%		97.0	%
Non-life paid losses to net premiums earned ratio		84.3	%		63.9	%		77.6	%		63.9	%

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

41

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
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,707,982		$	1,645,662		$	1,678,201		$	1,726,180		$	1,670,768
Reinsurance recoverable at beginning of period		(9,221	)		(9,874	)		(10,633	)		(11,624	)		(11,120	)
Net liability at beginning of period		1,698,761			1,635,788			1,667,568			1,714,556			1,659,648
Net incurred losses related to:
Current year		170,889			160,204			175,199			163,065			163,884
Prior years		1,866			(10,929	)		(4,067	)		5,053			2,216
		172,755			149,275			171,132			168,118			166,100
Net losses paid		(174,862	)		(131,047	)		(154,225	)		(141,734	)		(130,994	)
Effects of foreign exchange rate changes		(70,742	)		44,745			(48,687	)		(73,372	)		19,802
Net liability at end of period		1,625,912			1,698,761			1,635,788			1,667,568			1,714,556
Reinsurance recoverable at end of period		9,635			9,221			9,874			10,633			11,624
Gross liability at end of period	$	1,635,547		$	1,707,982		$	1,645,662		$	1,678,201		$	1,726,180

42

PartnerRe Ltd.

Analysis of Policy Benefits for Life and Annuity Contracts

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the six months ended						As at and for the year ended
	June 30, 2012			June 30, 2011			December 31, 2011			December 31, 2010
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,645,662		$	1,750,410		$	1,750,410		$	1,615,193
Reinsurance recoverable at beginning of period		(9,874	)		(14,739	)		(14,739	)		(20,465	)
Net liability at beginning of period		1,635,788			1,735,671			1,735,671			1,594,728
Net incurred losses related to:
Current year		331,093			312,507			650,771			611,795
Prior years		(9,063	)		(1,497	)		(510	)		11,832
		322,030			311,010			650,261			623,627
Net losses paid(1)		(305,909	)		(422,967	)		(718,926	)		(419,944	)
Effects of foreign exchange rate changes		(25,997	)		90,842			(31,218	)		(62,740	)
Net liability at end of period		1,625,912			1,714,556			1,635,788			1,735,671
Reinsurance recoverable at end of period		9,635			11,624			9,874			14,739
Gross liability at end of period	$	1,635,547		$	1,726,180		$	1,645,662		$	1,750,410

(1) Net losses paid for the six months ended June 30, 2011 and for the year ended December 31, 2011 include an approximate $131 million reduction in policy benefits for life and annuity contracts related to the recapture by the cedant of a large longevity treaty that was written on a funds held basis. Contemporaneously, the treaty was rewritten on a net settled mortality swap basis.

43

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Prior year net favorable (adverse) reserve development:
Non-life segment:
North America	$	38,764		$	61,717		$	20,178		$	74,769		$	54,513
Global (Non-U.S.) P&C		17,981			27,683			26,369			34,945			22,228
Global (Non-U.S.) Specialty		58,549			55,428			6,478			30,027			57,847
Catastrophe		(154	)		18,775			(1,452	)		36,220			26,434
Total Non-life net prior year reserve development	$	115,140		$	163,603		$	51,573		$	175,961		$	161,022
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(35,011	)	$	(26,333	)	$	(24,150	)	$	(8,461	)	$	2,424
Net prior year reserve development due to all other factors(2)		150,151			189,936			75,723			184,422			158,598
Total Non-life net prior year reserve development	$	115,140		$	163,603		$	51,573		$	175,961		$	161,022
Life segment:
Net prior year reserve development due to GMDB(1)	$	(4,784	)	$	9,569		$	(32	)	$	(5,475	)	$	(214	)
Net prior year reserve development due to all other factors(2)		2,918			1,360			4,099			422			(2,002	)
Total Life net prior year reserve development	$	(1,866	)	$	10,929		$	4,067		$	(5,053	)	$	(2,216	)

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatility in certain referenced global equity markets. At June 30, 2012, a 10% increase in the referenced global equity market would have decreased reserves by approximately $4.6 million, while a 10% decrease in the referenced global equity market would have increased reserves by approximately $5.8 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.

44

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the six months ended						For the year ended
	June 30, 2012			June 30, 2011			December 31, 2011			December 31, 2010
Prior year net favorable (adverse) reserve development:
Non-life segment:
North America	$	100,481		$	94,233		$	189,180		$	165,780
Global (Non-U.S.) P&C		45,664			54,682			115,995			97,539
Global (Non-U.S.) Specialty		113,977			92,470			128,975			170,931
Catastrophe		18,621			61,538			96,307			43,633
Total Non-life net prior year reserve development	$	278,743		$	302,923		$	530,457		$	477,883
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(61,343	)	$	(25,890	)	$	(58,501	)	$	(7,509	)
Net prior year reserve development due to all other factors(2)		340,086			328,813			588,958			485,392
Total Non-life net prior year reserve development	$	278,743		$	302,923		$	530,457		$	477,883
Life segment:
Net prior year reserve development due to GMDB(1)	$	4,785		$	10,752		$	5,245		$	16,725
Net prior year reserve development due to all other factors(2)		4,278			(9,255	)		(4,735	)		(28,557	)
Total Life net prior year reserve development	$	9,063		$	1,497		$	510		$	(11,832	)

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatility in certain referenced global equity markets. At June 30, 2012, a 10% increase in the referenced global equity market would have decreased reserves by approximately $4.6 million, while a 10% decrease in the referenced global equity market would have increased reserves by approximately $5.8 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.

45

PartnerRe Ltd.

Natural Catastrophe Probable Maximum Losses (PMLs)

(Expressed in millions of U.S. dollars)

(Unaudited)

Single occurrence estimated net PML exposure⁽¹⁾

		April 1, 2012				January 1, 2012
Zone	Peril	1-in-250 year PML		1-in-500 year PML (Earthquake perils only)		1-in-250 year PML		1-in-500 year PML (Earthquake perils only)
U.S. Southeast	Hurricane	$	1,253				1,210
U.S. Northeast	Hurricane		1,068				1,074
U.S. Gulf Coast	Hurricane		997				977
Caribbean	Hurricane		292				280
Europe	Windstorm		884				922
Japan	Typhoon		161				128
California	Earthquake		856	$	1,072		865	$	1,086
British Columbia	Earthquake		355		527		363		542
Japan	Earthquake		537		578		802		851
Australia	Earthquake		479		626		478		627
New Zealand	Earthquake		338		378		347		385

(1) The PML estimates are pre-tax and net of retrocession and reinstatement premiums. The peril zones in this disclosure are major peril zones for the industry. The Company has exposures in other peril zones that can potentially generate losses greater than the PML estimates in this disclosure.

The Company estimates that the incremental loss at the 1-in-250 year return period from a U.S. hurricane impacting more than one of the three hurricane risk zones in the United States would be 20% higher than the PML of the largest zone impacted. In addition, there is the potential for a hurricane to impact the Caribbean peril zone and one or more U.S. hurricane peril zones.

For more information regarding cautionary language related to the Natural Catastrophe PML disclosure and the forward-looking statements, as well as uncertainties and limitations associated with certain assumptions and the methodology used, you must refer to the “PartnerRe’s Natural Catastrophe PMLs” document which is available on the Company’s website at www.partnerre.com in the Investor Relations section on the Financial Information page under Supplementary Financial Data.

46

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	For the three months ended
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning diluted book value per common share calculated with net income (loss) per share available to common shareholders(1)		11.8	%		24.7	%		(2.1	)%		10.4	%		7.2	%
Less:
Annualized net realized and unrealized investment gains, net of tax, on beginning diluted book value per common share(1)		1.3			11.4			3.6			0.4			2.5
Annualized net foreign exchange gains (losses), net of tax, on beginning diluted book value per common share(1)		0.1			(0.1	)		3.2			—			0.6
Annualized net interest in (losses) earnings of equity investments, net of tax, on beginning diluted book value per common share(1)		—			0.4			(0.1	)		(0.3	)		(0.1	)
Annualized operating return on beginning diluted book value per common share(1)		10.4	%		13.0	%		(8.8	)%		10.3	%		4.2	%
Net income (loss)	$	176,146		$	360,141		$	(17,643	)	$	180,123		$	124,185
Less:
Net realized and unrealized investment gains, net of tax		18,325			159,221			56,384			6,167			40,954
Net foreign exchange gains (losses), net of tax		1,277			(1,630	)		50,150			(106	)		9,069
Interest in (losses) earnings of equity investments, net of tax		(879	)		5,450			(1,894	)		(4,788	)		(1,622	)
Dividends to preferred shareholders		15,405			15,405			15,405			14,352			8,631
Operating earnings (loss) available to common shareholders	$	142,018		$	181,695		$	(137,688	)	$	164,498		$	67,153
Per diluted share:
Net income (loss)	$	2.50		$	5.24		$	(0.49	)	$	2.43		$	1.69
Less:
Net realized and unrealized investment gains, net of tax		0.29			2.42			0.85			0.09			0.60
Net foreign exchange gains (losses), net of tax		0.02			(0.02	)		0.75			—			0.13
Interest in (losses) earnings of equity investments, net of tax		(0.01	)		0.08			(0.03	)		(0.07	)		(0.02	)
Operating earnings (loss)	$	2.20		$	2.76		$	(2.06	)	$	2.41		$	0.98

(1) Excluding preferred shares of $893,750 at January 1, 2012 and $520,000 at January 1, 2011.

47

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	For the six months ended						For the year ended
	June 30, 2012			June 30, 2011			December 31, 2011			December 31, 2010(2)
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning diluted book value per common share calculated with net income (loss) per share available to common shareholders(1)		18.3	%		(22.0	)%		(9.0	)%		12.4	%
Less:
Annualized net realized and unrealized investment gains (losses), net of tax, on beginning diluted book value per common share(1)		6.4			(1.5	)		0.2			4.6
Annualized net foreign exchange (losses) gains, net of tax, on beginning diluted book value per common share(1)		—			0.5			1.0			0.2
Annualized net interest in earnings (losses) of equity investments, net of tax, on beginning diluted book value per common share(1)		0.2			—			(0.1	)		0.2
Annualized operating return on beginning diluted book value per common share(1)		11.7	%		(21.0	)%		(10.1	)%		7.4	%
Net income (loss)	$	536,287		$	(682,771	)	$	(520,291	)	$	852,552
Less:
Net realized and unrealized investment gains (losses), net of tax		177,546			(47,447	)		15,104			301,462
Net foreign exchange (losses) gains, net of tax		(354	)		16,390			66,433			12,847
Interest in earnings (losses) of equity investments, net of tax		4,571			(558	)		(7,239	)		11,911
Dividends to preferred shareholders		30,811			17,263			47,020			34,525
Operating earnings (loss) available to common shareholders	$	323,713		$	(668,419	)	$	(641,609	)	$	491,807
Per diluted share:
Net income (loss)	$	7.76		$	(10.32	)	$	(8.40	)	$	10.46
Less:
Net realized and unrealized investment gains (losses), net of tax		2.73			(0.70	)		0.23			3.86
Net foreign exchange (losses) gains, net of tax		(0.01	)		0.24			0.98			0.16
Interest in earnings (losses) of equity investments, net of tax		0.07			—			(0.11	)		0.15
Operating earnings (loss)	$	4.97		$	(9.86	)	$	(9.50	)	$	6.29

(1) Excluding preferred shares of $893,750 at January 1, 2012 and $520,000 at January 1, 2011 and 2010.

(2) See basis of presentation for a discussion of the Company’s redefinition of its Operating Earnings (Loss), Operating Earnings (Loss) per diluted common share and Annualized Operating ROE non-GAAP measures. All periods presented reflect the redefined non-GAAP measures and are as previously published except for the year ended December 31, 2010. For a reconciliation of the previously published non-GAAP measures for the year ended December 31, 2010 to the redefined non-GAAP measures, see the Company’s financial supplement as of December 31, 2011.

48

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	June 30, 2012		March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011		December 31, 2010
Reconciliation of GAAP and non-GAAP measures:
Shareholders’ equity	$	6,697,593	$	6,786,871	$	6,467,542	$	6,707,683	$	6,632,044	$	7,206,919
Less:
Preferred shares, aggregate liquidation value		893,750		893,750		893,750		893,750		893,750		520,000
Common shareholders’ equity		5,803,843		5,893,121		5,573,792		5,813,933		5,738,294		6,686,919
Less:
Net unrealized gains on fixed income securities and funds held - directly managed, net of tax		541,202		504,386		451,946		501,803		350,653		364,032
Book value excluding net unrealized gains or losses on fixed income securities and funds held - directly managed, net of tax	$	5,262,641	$	5,388,735	$	5,121,846	$	5,312,130	$	5,387,641	$	6,322,887
Divided by:
Number of common shares and common share equivalents outstanding		63,164.5		65,751.6		65,715.7		68,188.1		68,552.0		71,312.3
Equals:
Diluted book value per common share and common share equivalents outstanding, excluding net unrealized gains or losses on fixed income securities and funds held - directly managed, net of tax	$	83.32	$	81.96	$	77.94	$	77.90	$	78.59	$	88.66

49

PartnerRe Ltd.

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

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

(Unaudited)

	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			December 31, 2010
Basic book value per common share
Total shareholders’ equity	$	6,697,593		$	6,786,871		$	6,467,542		$	6,707,683		$	6,632,044		$	7,206,919
Less: preferred shares, aggregate liquidation value		(893,750	)		(893,750	)		(893,750	)		(893,750	)		(893,750	)		(520,000	)
Common shareholders’ equity	$	5,803,843		$	5,893,121		$	5,573,792		$	5,813,933		$	5,738,294		$	6,686,919
Basic common shares outstanding		62,557.5			65,313.0			65,322.3			67,749.4			67,737.8			69,986.2
Basic book value per common share	$	92.78		$	90.23		$	85.33		$	85.82		$	84.71		$	95.55
Diluted book value per common share
Common shareholders’ equity	$	5,803,843		$	5,893,121		$	5,573,792		$	5,813,933		$	5,738,294		$	6,686,919
Basic common shares outstanding		62,557.5			65,313.0			65,322.3			67,749.4			67,737.8			69,986.2
Add: Stock options and other		1,968.6			1,099.2			809.4			688.6			2,329.0			3,293.4
Add: Restricted stock units		877.5			780.9			489.0			573.9			647.6			940.4
Less: Stock options and other bought back via treasury stock method		(2,239.1	)		(1,441.5	)		(905.0	)		(823.8	)		(2,162.4	)		(2,907.7	)
Diluted common shares and common share equivalents outstanding		63,164.5			65,751.6			65,715.7			68,188.1			68,552.0			71,312.3
Diluted book value per common share	$	91.88		$	89.63		$	84.82		$	85.26		$	83.71		$	93.77

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

50

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

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

(Unaudited)

	As at and for the three months ended June 30, 2012						As at and for the three months ended June 30, 2011
	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	$	5,893		$	89.63		$	5,655		$	82.5
Technical result		152			2.36			64			0.93
Other operating expenses		(106	)		(1.65	)		(114	)		(1.66	)
Net investment income		153			2.38			158			2.31
Amortization of intangible assets		(9	)		(0.14	)		(9	)		(0.13	)
Other, net		(9	)		(0.15	)		(10	)		(0.15	)
Operating income tax expense		(24	)		(0.36	)		(13	)		(0.19	)
Preferred dividends		(15	)		(0.24	)		(9	)		(0.13	)
Operating earnings		142			2.20			67			0.98
Net realized and unrealized investment gains, net of tax		18			0.29			41			0.60
Net foreign exchange gains, net of tax		2			0.02			9			0.13
Interest in losses of equity investments, net of tax		(1	)		(0.01	)		(1	)		(0.02	)
Net income available to common shareholders		161			2.50			116			1.69
Common share dividends		(39	)		(0.62	)		(41	)		(0.60	)
Change in currency translation adjustment		(19	)		(0.30	)		6			0.09
Repurchase of common shares, net		(193	)		0.86			16			(0.13	)
Preferred shares issuance costs		—			—			(12	)		(0.18	)
Change in other accumulated comprehensive income or loss, net of tax		1			0.02			(2	)		(0.02	)
Impact of change in number of common and common share equivalents outstanding		n/a			(0.21	)		n/a			0.36
Common shareholders’ equity / diluted book value per common share at end of period	$	5,804		$	91.88		$	5,738		$	83.71

51

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 six months ended June 30, 2012						As of and for the six months ended June 30, 2011
	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	$	5,574		$	84.82		$	6,687		$	93.77
Technical result		354			5.43			(687	)		(10.13	)
Other operating expenses		(204	)		(3.14	)		(218	)		(3.21	)
Net investment income		300			4.61			310			4.57
Amortization of intangible assets		(18	)		(0.27	)		(18	)		(0.27	)
Other, net		(19	)		(0.29	)		(21	)		(0.31	)
Operating income tax expense		(58	)		(0.90	)		(17	)		(0.26	)��
Preferred dividends		(31	)		(0.47	)		(17	)		(0.25	)
Operating earnings (loss)		324			4.97			(668	)		(9.86	)
Net realized and unrealized investment gains (losses), net of tax		177			2.73			(47	)		(0.70	)
Net foreign exchange (losses) gains, net of tax		—			(0.01	)		16			0.24
Interest in earnings (losses) of equity investments, net of tax		4			0.07			(1	)		—
Net income (loss) available to common shareholders		505			7.76			(700	)		(10.32	)
Common share dividends		(80	)		(1.24	)		(78	)		(1.15	)
Change in currency translation adjustment		(2	)		(0.03	)		44			0.65
Repurchase of common shares, net		(193	)		0.86			(201	)		0.19
Preferred shares issuance costs		—			—			(12	)		(0.18	)
Change in other accumulated comprehensive income or loss, net of tax		—			—			(2	)		(0.03	)
Impact of change in number of common and common share equivalents outstanding		n/a			(0.29	)		n/a			0.78
Common shareholders’ equity / diluted book value per common share at end of period	$	5,804		$	91.88		$	5,738		$	83.71

52

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

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

(Unaudited)

	As at and for the year ended December 31, 2011						As at 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	$	6,687		$	93.77		$	7,126		$	84.51
Technical result		(663	)		(9.82	)		520			6.65
Other operating expenses		(435	)		(6.44	)		(540	)		(6.90	)
Net investment income		629			9.31			673			8.60
Amortization of intangible assets		(36	)		(0.54	)		(31	)		(0.40	)
Other, net		(42	)		(0.61	)		(33	)		(0.43	)
Operating income tax expense		(48	)		(0.71	)		(62	)		(0.79	)
Preferred dividends		(47	)		(0.69	)		(35	)		(0.44	)
Operating (loss) earnings		(642	)		(9.50	)		492			6.29
Net realized and unrealized investment gains, net of tax		15			0.23			301			3.86
Net foreign exchange gains, net of tax		67			0.98			13			0.16
Interest in (losses) earnings of equity investments, net of tax		(7	)		(0.11	)		12			0.15
Net (loss) income available to common shareholders		(567	)		(8.40	)		818			10.46
Common share dividends		(159	)		(2.35	)		(158	)		(2.05	)
Change in currency translation adjustment		(12	)		(0.17	)		(67	)		(0.85	)
Repurchase of common shares, net		(358	)		0.93			(1,018	)		1.15
Preferred shares issuance costs		(12	)		(0.18	)		—			—
Change in other accumulated comprehensive income or loss, net of tax		(5	)		(0.07	)		(14	)		(0.18	)
Impact of change in number of common and common share equivalents outstanding		n/a			1.29			n/a			0.73
Common shareholders’ equity / diluted book value per common share at end of period	$	5,574		$	84.82		$	6,687		$	93.77

53