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

Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as at December 31, 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 - December 31, 2012

Table of Contents

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

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 BookValue 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, 2011 to the redefined non-GAAP measures, see the Company’s financial supplement as of December 31, 2011.

PartnerRe Ltd.

Consolidated Income Statements

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

(Unaudited)

				For the three months ended											For the year ended
	December 31, 2012			September 30, 2012		June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Revenues
Gross premiums written	$	931,434		$	1,056,076	$	1,163,243		$	1,567,483		$	897,962		$	4,718,235		$	4,633,054
Net premiums written	$	920,288		$	1,043,240	$	1,136,046		$	1,473,286		$	879,886		$	4,572,860		$	4,486,329
Decrease (increase) in unearned premiums		247,852			193,851		(45,168	)		(483,456	)		301,515			(86,921	)		161,425
Net premiums earned		1,168,140			1,237,091		1,090,878			989,830			1,181,401			4,485,939			4,647,754
Net investment income		135,669			135,266		153,506			146,896			155,540			571,338			629,148
Net realized and unrealized investment gains		5,113			257,429		38,132			192,735			74,553			493,409			66,692
Other income		3,777			2,744		2,654			2,746			3,072			11,920			7,915
Total revenues		1,312,699			1,632,530		1,285,170			1,332,207			1,414,566			5,562,606			5,351,509
Expenses
Losses and loss expenses and life policy benefits		800,851			721,137		706,137			576,486			1,069,204			2,804,610			4,372,570
Acquisition costs		245,520			247,058		232,723			211,608			238,772			936,909			938,361
Other operating expenses		112,319			94,697		106,184			98,174			113,033			411,374			434,846
Interest expense		12,227			12,224		12,223			12,220			12,219			48,895			48,949
Amortization of intangible assets		5,120			8,893		8,893			8,893			8,893			31,799			36,405
Net foreign exchange losses (gains)		3,341			2,015		(7,770	)		2,589			(14,655	)		175			(34,675	)
Total expenses		1,179,378			1,086,024		1,058,390			909,970			1,427,466			4,233,762			5,796,456
Income (loss) before taxes and interest in earnings (losses) of equity investments		133,321			546,506		226,780			422,237			(12,900	)		1,328,844			(444,947	)
Income tax expense		22,826			64,149		50,136			67,174			3,341			204,284			68,972
Interest in earnings (losses) of equity investments		1,026			4,349		(498	)		5,078			(1,402	)		9,954			(6,372	)
Net income (loss)	$	111,521		$	486,706	$	176,146		$	360,141		$	(17,643	)	$	1,134,514		$	(520,291	)
Preferred dividends	$	15,405		$	15,405	$	15,405		$	15,405		$	15,405		$	61,622		$	47,020
Operating earnings (loss) available to common shareholders	$	95,671		$	244,406	$	142,018		$	181,695		$	(137,688	)	$	663,791		$	(641,609	)
Comprehensive income (loss), net of tax	$	104,603		$	518,871	$	158,044		$	376,237		$	(22,420	)	$	1,157,755		$	(536,991	)
Per Share Data:
Earnings (loss) per common share:
Basic operating earnings (loss)	$	1.58		$	3.95	$	2.22		$	2.78		$	(2.06	)	$	10.55		$	(9.50	)
Net realized and unrealized investment (losses) gains, net of tax		(0.13	)		3.59		0.29			2.43			0.85			6.23			0.23
Net foreign exchange gains (losses), net of tax		0.12			0.02		0.02			(0.02	)		0.75			0.13			0.98
Interest in earnings (losses) of equity investments, net of tax		0.01			0.06		(0.01	)		0.08			(0.03	)		0.14			(0.11	)
Basic net income (loss)	$	1.58		$	7.62	$	2.52		$	5.27		$	(0.49	)	$	17.05		$	(8.40	)
Weighted average number of common shares outstanding		60,643.2			61,837.3		63,816.0			65,404.2			66,877.1			62,916.0			67,558.7
Diluted operating earnings (loss)	$	1.55		$	3.90	$	2.20		$	2.76		$	(2.06	)	$	10.43		$	(9.50	)
Net realized and unrealized investment (losses) gains, net of tax		(0.12	)		3.55		0.29			2.42			0.85			6.17			0.23
Net foreign exchange gains (losses), net of tax		0.12			0.02		0.02			(0.02	)		0.75			0.13			0.98
Interest in earnings (losses) of equity investments, net of tax		0.01			0.06		(0.01	)		0.08			(0.03	)		0.14			(0.11	)
Diluted net income (loss)	$	1.56		$	7.53	$	2.50		$	5.24		$	(0.49	)	$	16.87		$	(8.40	)
Weighted average number of common shares and common share equivalents outstanding		61,627.2			62,606.8		64,423.0			65,842.8			66,877.1			63,615.7			67,558.7
Dividends declared per common share	$	0.62		$	0.62	$	0.62		$	0.62		$	0.60		$	2.48		$	2.35

1

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011				December 31, 2010
Assets
Total investments	$	15,973,230			$	15,912,719			$	15,031,945			$	15,754,854			$	15,287,245			$	14,297,867
Funds held - directly managed		930,741				1,188,186				1,233,008				1,264,383				1,268,010				1,772,118
Cash and cash equivalents		1,121,705				1,336,362				1,512,418				1,210,229				1,342,257				2,111,084
Accrued investment income		184,315				175,066				160,392				181,898				189,074				201,928
Reinsurance balances receivable		1,991,991				2,329,907				2,358,432				2,571,038				2,059,976				2,076,884
Reinsurance recoverable on paid and unpaid losses		348,086				369,960				434,083				432,059				397,788				382,878
Funds held by reinsured companies		805,489				805,178				783,311				799,988				796,290				937,032
Deferred acquisition costs		568,391				602,660				620,277				636,537				547,202				595,557
Goodwill		456,380				455,533				455,533				455,533				455,533				455,533
Intangible assets		214,270				107,188				116,081				124,974				133,867				178,715
Other assets		385,834				357,371				366,483				364,163				378,131				354,775
Total assets	$	22,980,432			$	23,640,130			$	23,071,963			$	23,795,656			$	22,855,373			$	23,364,371
Liabilities
Unpaid losses and loss expenses	$	10,709,371			$	10,761,302			$	10,661,012			$	11,143,354			$	11,273,091			$	10,666,604
Policy benefits for life and annuity contracts		1,813,244				1,703,147				1,635,547				1,707,982				1,645,662				1,750,410
Unearned premiums		1,534,625				1,810,881				2,008,384				2,017,177				1,448,841				1,599,139
Other reinsurance balances payable		238,578				504,820				496,020				522,701				443,873				491,194
Debt obligations		820,989				820,989				820,989				820,989				820,989				820,989
Other liabilities		930,129				959,989				752,418				796,582				755,375				829,116
Total liabilities		16,046,936				16,561,128				16,374,370				17,008,785				16,387,831				16,157,452
Total shareholders’ equity		6,933,496				7,079,002				6,697,593				6,786,871				6,467,542				7,206,919
Total liabilities and shareholders’ equity	$	22,980,432			$	23,640,130			$	23,071,963			$	23,795,656			$	22,855,373			$	23,364,371
Shareholders’ Equity Per Common Share (excluding preferred shares)	$	102.53			$	100.79			$	92.78			$	90.23			$	85.33			$	95.55
Diluted Book Value Per Common Share and Common Share Equivalents Outstanding (assuming exercise of all share-based awards)	$	100.84			$	99.54			$	91.88			$	89.63			$	84.82			$	93.77
Number of Common Shares and Common Share Equivalents Outstanding		59,893.4				62,136.1				63,164.5				65,751.6				65,715.7				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	11			893,750	11			893,750	12			893,750	12			893,750	12			520,000	7
Common shareholders’ equity		6,039,746	78			6,185,252	78			5,803,843	77			5,893,121	77			5,573,792	77			6,686,919	83
Total Capital	$	7,746,880	100	%	$	7,892,386	100	%	$	7,510,977	100	%	$	7,600,255	100	%	$	7,280,926	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 Balance Sheets.

2

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the three months ended												For the year ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Net cash provided by (used in) operating activities:
Underwriting operations(1)	$	91		$	152		$	(75	)	$	(68	)	$	(140	)	$	100		$	(29	)
Investment income		165			160			204			188			189			717			731
Taxes and foreign exchange		(32	)		(25	)		(26	)		(41	)		(59	)		(124	)		(128	)
Net cash provided by (used in) operating activities	$	224		$	287		$	103		$	79		$	(10	)	$	693		$	574
Net cash provided by (used in) operating activities	$	224		$	287		$	103		$	79		$	(10	)	$	693		$	574
Net cash (used in) provided by investing activities		(208	)		(335	)		492			(168	)		519			(219	)		(1,080	)
Net cash used in financing activities		(231	)		(141	)		(266	)		(50	)		(223	)		(688	)		(242	)
Effect of foreign exchange rate changes on cash		1			13			(27	)		7			(17	)		(6	)		(21	)
(Decrease) increase in cash and cash equivalents		(214	)		(176	)		302			(132	)		269			(220	)		(769	)
Cash and cash equivalents - beginning of period		1,336			1,512			1,210			1,342			1,073			1,342			2,111
Cash and cash equivalents - end of period	$	1,122		$	1,336		$	1,512		$	1,210		$	1,342		$	1,122		$	1,342

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

3

PartnerRe Ltd.

Consolidated Statements of Comprehensive Income (Loss)

(Expressed in thousands of U.S. dollars)

(Unaudited)

				For the three months ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
Net income (loss)	$	111,521		$	486,706		$	176,146		$	360,141		$	(17,643	)
Change in currency translation adjustment		(2,554	)		32,992			(19,157	)		17,207			(960	)
Change in net unrealized gains or losses on investments, net of tax		(235	)		(237	)		(239	)		(242	)		(204	)
Change in unfunded pension obligation, net of tax		(4,129	)		(590	)		1,294			(869	)		(3,613	)
Comprehensive income (loss)	$	104,603		$	518,871		$	158,044		$	376,237		$	(22,420	)

	For the year ended
	December 31, 2012			December 31, 2011
Net income (loss)	$	1,134,514		$	(520,291	)
Change in currency translation adjustment		28,488			(11,834	)
Change in net unrealized gains or losses on investments, net of tax		(953	)		(949	)
Change in unfunded pension obligation, net of tax		(4,294	)		(3,917	)
Comprehensive income (loss)	$	1,157,755		$	(536,991	)

4

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the three months ended December 31, 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	$	297		$	85		$	327		$	24		$	733		$	198		$	—		$	931
Net premiums written	$	297		$	85		$	316		$	25		$	723		$	197		$	—		$	920
Decrease in unearned premiums		16			98			23			101			238			8			2			248
Net premiums earned	$	313		$	183		$	339		$	126		$	961		$	205		$	2		$	1,168
Losses and loss expenses and life policy benefits		(248	)		(88	)		(252	)		(45	)		(633	)		(168	)		—			(801	)
Acquisition costs		(73	)		(47	)		(80	)		(12	)		(212	)		(33	)		—			(245	)
Technical result	$	(8	)	$	48		$	7		$	69		$	116		$	4		$	2		$	122
Other income														2			1			—			3
Other operating expenses														(70	)		(15	)		(27	)		(112	)
Underwriting result													$	48		$	(10	)		n/a		$	13
Net investment income																	15			121			136
Allocated underwriting result(1)																$	5			n/a			n/a
Net realized and unrealized investment gains																				5			5
Interest expense																				(12	)		(12	)
Amortization of intangible assets																				(5	)		(5	)
Net foreign exchange losses																				(3	)		(3	)
Income tax expense																				(23	)		(23	)
Interest in earnings of equity investments																				1			1
Net income																				n/a		$	112
Loss ratio(2)		79.2	%		48.5	%		74.3	%		35.6	%		65.9	%
Acquisition ratio(3)		23.2			25.6			23.5			9.8			22.0
Technical ratio(4)		102.4	%		74.1	%		97.8	%		45.4	%		87.9	%
Other operating expense ratio(5)														7.4
Combined ratio(6)														95.3	%

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

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

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

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

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

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

5

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the three months ended December 31, 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	$	235		$	97		$	354		$	19		$	705		$	193		$	—		$	898
Net premiums written	$	235		$	97		$	337		$	21		$	690		$	190		$	—		$	880
Decrease in unearned premiums		50			95			19			121			285			13			3			301
Net premiums earned	$	285		$	192		$	356		$	142		$	975		$	203		$	3		$	1,181
Losses and loss expenses and life policy benefits		(184	)		(188	)		(276	)		(250	)		(898	)		(171	)		—			(1,069	)
Acquisition costs		(67	)		(45	)		(88	)		(11	)		(211	)		(28	)		—			(239	)
Technical result	$	34		$	(41	)	$	(8	)	$	(119	)	$	(134	)	$	4		$	3		$	(127	)
Other income														2			1			—			3
Other operating expenses														(78	)		(15	)		(20	)		(113	)
Underwriting result													$	(210	)	$	(10	)		n/a		$	(237	)
Net investment income																	16			140			156
Allocated underwriting result (1)																$	6			n/a			n/a
Net realized and unrealized investment gains																				74			74
Interest expense																				(12	)		(12	)
Amortization of intangible assets																				(9	)		(9	)
Net foreign exchange gains																				15			15
Income tax expense																				(3	)		(3	)
Interest in losses of equity investments																				(2	)		(2	)
Net loss																				n/a		$	(18	)
Loss ratio(2)		64.6	%		97.8	%		77.5	%		175.9	%		92.1	%
Acquisition ratio(3)		23.6			23.6			24.6			7.6			21.6
Technical ratio(4)		88.2	%		121.4	%		102.1	%		183.5	%		113.7	%
Other operating expense ratio(5)														8.0
Combined ratio(6)														121.7	%

6

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the year ended December 31, 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	$	1,221		$	684		$	1,505		$	500		$	3,910		$	802		$	6		$	4,718
Net premiums written	$	1,219		$	681		$	1,415		$	453		$	3,768		$	799		$	6		$	4,573
(Increase) decrease in unearned premiums		(43	)		(3	)		(42	)		4			(84	)		(4	)		1			(87	)
Net premiums earned	$	1,176		$	678		$	1,373		$	457		$	3,684		$	795		$	7		$	4,486
Losses and loss expenses and life policy benefits		(816	)		(415	)		(821	)		(103	)		(2,155	)		(647	)		(3	)		(2,805	)
Acquisition costs		(291	)		(167	)		(321	)		(42	)		(821	)		(116	)		—			(937	)
Technical result	$	69		$	96		$	231		$	312		$	708		$	32		$	4		$	744
Other income														5			4			3			12
Other operating expenses														(257	)		(52	)		(102	)		(411	)
Underwriting result													$	456		$	(16	)		n/a		$	345
Net investment income																	64			507			571
Allocated underwriting result(1)																$	48			n/a			n/a
Net realized and unrealized investment gains																				494			494
Interest expense																				(49	)		(49	)
Amortization of intangible assets																				(32	)		(32	)
Net foreign exchange losses																				—			—
Income tax expense																				(204	)		(204	)
Interest in earnings of equity investments																				10			10
Net income																				n/a		$	1,135
Loss ratio(2)		69.4	%		61.3	%		59.8	%		22.4	%		58.5	%
Acquisition ratio(3)		24.7			24.6			23.4			9.3			22.3
Technical ratio(4)		94.1	%		85.9	%		83.2	%		31.7	%		80.8	%
Other operating expense ratio(5)														7.0
Combined ratio(6)														87.8	%

7

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the year ended December 31, 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	$	1,104		$	682		$	1,446		$	599		$	3,831		$	790		$	12		$	4,633
Net premiums written	$	1,104		$	678		$	1,344		$	562		$	3,688		$	786		$	12		$	4,486
Decrease in unearned premiums		31			81			32			12			156			6			—			162
Net premiums earned	$	1,135		$	759		$	1,376		$	574		$	3,844		$	792		$	12		$	4,648
Losses and loss expenses and life policy benefits		(741	)		(567	)		(950	)		(1,459	)		(3,717	)		(650	)		(6	)		(4,373	)
Acquisition costs		(276	)		(191	)		(328	)		(26	)		(821	)		(117	)		—			(938	)
Technical result	$	118		$	1		$	98		$	(911	)	$	(694	)	$	25		$	6		$	(663	)
Other income														4			1			3			8
Other operating expenses														(283	)		(53	)		(99	)		(435	)
Underwriting result													$	(973	)	$	(27	)		n/a		$	(1,090	)
Net investment income																	66			563			629
Allocated underwriting result(1)																$	39			n/a			n/a
Net realized and unrealized investment gains																				67			67
Interest expense																				(49	)		(49	)
Amortization of intangible assets																				(36	)		(36	)
Net foreign exchange gains																				34			34
Income tax expense																				(69	)		(69	)
Interest in losses of equity investments																				(6	)		(6	)
Net loss																				n/a		$	(520	)
Loss ratio(2)		65.3	%		74.7	%		69.1	%		254.2	%		96.7	%
Acquisition ratio(3)		24.3			25.1			23.8			4.5			21.3
Technical ratio(4)		89.6	%		99.8	%		92.9	%		258.7	%		118.0	%
Other operating expense ratio(5)														7.4
Combined ratio(6)														125.4	%

8

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the three months ended															For the year ended
	December 31, 2012(A)			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012(A)			December 31, 2011
Net premiums written	$	723		$	856		$	934		$	1,255		$	690		$	3,768		$	3,688
Net premiums earned	$	961		$	1,038		$	890		$	795		$	975		$	3,684		$	3,844
Losses and loss expenses		(633	)		(561	)		(533	)		(427	)		(898	)		(2,155	)		(3,717	)
Acquisition costs		(212	)		(219	)		(207	)		(183	)		(211	)		(821	)		(821	)
Technical result	$	116		$	258		$	150		$	185		$	(134	)	$	708		$	(694	)
Other income		2			1			—			1			2			5			4
Other operating expenses		(70	)		(58	)		(66	)		(63	)		(78	)		(257	)		(283	)
Underwriting result	$	48		$	201		$	84		$	123		$	(210	)	$	456		$	(973	)
Loss ratio(2)		65.9	%		54.1	%		59.9	%		53.8	%		92.1	%		58.5	%		96.7	%
Acquisition ratio(3)		22.0			21.1			23.2			23.0			21.6			22.3			21.3
Technical ratio(4)		87.9	%		75.2	%		83.1	%		76.8	%		113.7	%		80.8	%		118.0	%
Other operating expense ratio(5)		7.4			5.5			7.5			7.9			8.0			7.0			7.4
Combined ratio(6)		95.3	%		80.7	%		90.6	%		84.7	%		121.7	%		87.8	%		125.4	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended December 31, 2012, net premiums written and net premiums earned include foreign exchange impacts of $(11.4) million and $(20.2) million, respectively, compared to the three months ended December 31, 2011. For the year ended December 31, 2012, net premiums written and net premiums earned include foreign exchange impacts of $(73.6) million and $(96.6) million, respectively, compared to the year ended December 31, 2011.

9

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

North America sub-segment

	For the three months ended															For the year ended
	December 31, 2012(A)			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012(A)			December 31, 2011
Net premiums written	$	297		$	311		$	270		$	341		$	235		$	1,219		$	1,104
Net premiums earned	$	313		$	335		$	290		$	238		$	285		$	1,176		$	1,135
Losses and loss expenses		(248	)		(251	)		(185	)		(133	)		(184	)		(816	)		(741	)
Acquisition costs		(73	)		(83	)		(69	)		(66	)		(67	)		(291	)		(276	)
Technical result	$	(8	)	$	1		$	36		$	39		$	34		$	69		$	118
Loss ratio(2)		79.2	%		74.9	%		63.7	%		55.9	%		64.6	%		69.4	%		65.3	%
Acquisition ratio(3)		23.2			24.8			23.8			27.5			23.6			24.7			24.3
Technical ratio(4)		102.4	%		99.7	%		87.5	%		83.4	%		88.2	%		94.1	%		89.6	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		43	%		42	%		37	%		47	%		40	%		43	%		40	%
Property		14			22			20			22			18			20			18
Agriculture		25			18			31			5			20			19			20
Credit/Surety		4			5			5			5			4			4			5
Multiline		7			5			4			12			6			7			7
Motor		3			4			2			7			9			4			8
Other		4			4			1			2			3			3			2
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended December 31, 2012, net premiums written and net premiums earned include foreign exchange impacts of $Nil million and $Nil million, respectively, compared to the three months ended December 31, 2011. For the year ended December 31, 2012, net premiums written and net premiums earned include foreign exchange impacts of $(2.7) million and $(3.0) million, respectively, compared to the year ended December 31, 2011.

10

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended															For the year ended
	December 31, 2012(A)			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012(A)			December 31, 2011
Net premiums written	$	85		$	122		$	128		$	346		$	97		$	681		$	678
Net premiums earned	$	183		$	172		$	164		$	159		$	192		$	678		$	759
Losses and loss expenses		(88	)		(110	)		(119	)		(98	)		(188	)		(415	)		(567	)
Acquisition costs		(47	)		(42	)		(39	)		(38	)		(45	)		(167	)		(191	)
Technical result	$	48		$	20		$	6		$	23		$	(41	)	$	96		$	1
Loss ratio(2)		48.5	%		63.9	%		72.3	%		61.6	%		97.8	%		61.3	%		74.7	%
Acquisition ratio(3)		25.6			24.9			23.9			23.9			23.6			24.6			25.1
Technical ratio(4)		74.1	%		88.8	%		96.2	%		85.5	%		121.4	%		85.9	%		99.8	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		54	%		60	%		67	%		62	%		69	%		61	%		70	%
Motor		32			30			23			27			18			28			20
Casualty		14			10			10			11			13			11			10
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended December 31, 2012, net premiums written and net premiums earned include foreign exchange impacts of $(3.2) million and $(8.0) million, respectively, compared to the three months ended December 31, 2011. For the year ended December 31, 2012, net premiums written and net premiums earned include foreign exchange impacts of $(27.8) million and $(38.2) million, respectively, compared to the year ended December 31, 2011.

11

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended															For the year ended
	December 31, 2012(A)			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012(A)			December 31, 2011
Net premiums written	$	316		$	354		$	391		$	353		$	337		$	1,415		$	1,344
Net premiums earned	$	339		$	363		$	363		$	308		$	356		$	1,373		$	1,376
Losses and loss expenses		(252	)		(161	)		(213	)		(194	)		(276	)		(821	)		(950	)
Acquisition costs		(80	)		(79	)		(93	)		(70	)		(88	)		(321	)		(328	)
Technical result	$	7		$	123		$	57		$	44		$	(8	)	$	231		$	98
Loss ratio(2)		74.3	%		44.4	%		58.8	%		63.2	%		77.5	%		59.8	%		69.1	%
Acquisition ratio(3)		23.5			21.7			25.5			22.6			24.6			23.4			23.8
Technical ratio(4)		97.8	%		66.1	%		84.3	%		85.8	%		102.1	%		83.2	%		92.9	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		20	%		13	%		14	%		14	%		20	%		15	%		16	%
Credit/Surety		21			18			18			21			19			19			20
Energy		7			9			7			4			8			7			8
Engineering		14			14			10			11			15			12			14
Marine		20			25			23			20			21			22			20
Specialty casualty		1			4			9			14			2			7			8
Specialty property		14			12			12			9			11			12			10
Other		3			5			7			7			4			6			4
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended December 31, 2012, net premiums written and net premiums earned include foreign exchange impacts of $(7.7) million and $(9.9) million, respectively, compared to the three months ended December 31, 2011. For the year ended December 31, 2012, net premiums written and net premiums earned include foreign exchange impacts of $(40.8) million and $(46.7) million, respectively, compared to the year ended December 31, 2011.

12

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the three months ended															For the year ended
	December 31, 2012(A)			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012(A)			December 31, 2011
Net premiums written	$	25		$	69		$	145		$	215		$	21		$	453		$	562
Net premiums earned	$	126		$	168		$	73		$	90		$	142		$	457		$	574
Losses and loss expenses		(45	)		(39	)		(16	)		(2	)		(250	)		(103	)		(1,459	)
Acquisition costs		(12	)		(15	)		(6	)		(9	)		(11	)		(42	)		(26	)
Technical result	$	69		$	114		$	51		$	79		$	(119	)	$	312		$	(911	)
Loss ratio(2)		35.6	%		23.3	%		22.5	%		2.1	%		175.9	%		22.4	%		254.2	%
Acquisition ratio(3)		9.8			8.8			8.3			10.5			7.6			9.3			4.5
Technical ratio(4)		45.4	%		32.1	%		30.8	%		12.6	%		183.5	%		31.7	%		258.7	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended December 31, 2012, net premiums written and net premiums earned include foreign exchange impacts of $(0.6) million and $(2.5) million, respectively, compared to the three months ended December 31, 2011. For the year ended December 31, 2012, net premiums written and net premiums earned include foreign exchange impacts of $(2.3) million and $(8.6) million, respectively, compared to the year ended December 31, 2011.

13

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the three months ended															For the year ended
	December 31, 2012(A)			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012(A)			December 31, 2011
Net premiums written	$	197		$	187		$	199		$	215		$	190		$	799		$	786
Net premiums earned	$	205		$	195		$	200		$	194		$	203		$	795		$	792
Life policy benefits		(168	)		(157	)		(173	)		(149	)		(171	)		(647	)		(650	)
Acquisition costs		(33	)		(27	)		(26	)		(29	)		(28	)		(116	)		(117	)
Technical result	$	4		$	11		$	1		$	16		$	4		$	32		$	25
Other income		1			1			1			—			1			4			1
Other operating expenses		(15	)		(12	)		(13	)		(12	)		(15	)		(52	)		(53	)
Underwriting result	$	(10	)	$	—		$	(11	)	$	4		$	(10	)	$	(16	)	$	(27	)
Net investment income		15			15			17			17			16			64			66
Allocated underwriting result(1)	$	5		$	15		$	6		$	21		$	6		$	48		$	39
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		66	%		64	%		65	%		71	%		66	%		66	%		71	%
Longevity		32			33			32			27			31			31			26
Health		2			3			3			2			3			3			3
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended December 31, 2012, net premiums written and net premiums earned include foreign exchange impacts of $(5.1) million and $(5.9) million, respectively, compared to the three months ended December 31, 2011. For the year ended December 31, 2012, net premiums written and net premiums earned include foreign exchange impacts of $(34.9) million and $(37.1) million, respectively, compared to the year ended December 31, 2011.

14

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the three months ended															For the year ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Technical result	$	2		$	—		$	1		$	1		$	3		$	4		$	6
Other income		—			1			2			1			—			3			3
Corporate expenses - acquisition related		—			—			—			—			—			—			(4	)
Corporate expenses		(24	)		(23	)		(22	)		(20	)		(16	)		(88	)		(79	)
Other operating expenses		(3	)		(2	)		(5	)		(3	)		(4	)		(14	)		(16	)
Net investment income		121			120			136			130			140			507			563
Net realized and unrealized investment gains		5			257			38			193			74			494			67
Interest expense		(12	)		(12	)		(12	)		(12	)		(12	)		(49	)		(49	)
Amortization of intangible assets		(5	)		(9	)		(9	)		(9	)		(9	)		(32	)		(36	)
Net foreign exchange (losses) gains		(3	)		(2	)		8			(3	)		15			—			34
Income tax expense		(23	)		(64	)		(50	)		(67	)		(3	)		(204	)		(69	)
Interest in earnings (losses) of equity investments		1			5			(1	)		5			(2	)		10			(6	)

15

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

				For the three months ended												For the year ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Property		9	%		14	%		12	%		19	%		12	%		14	%		15	%
Casualty		15			14			10			13			12			13			11
Motor		4			5			3			8			4			5			5
Multiline and other		3			2			1			3			2			3			2
Specialty
Agriculture		9			7			10			3			7			7			7
Aviation/Space		7			5			5			4			9			5			5
Catastrophe		3			6			13			15			2			10			13
Credit/Surety		8			7			8			6			8			7			7
Energy		3			3			2			1			3			2			2
Engineering		5			5			3			3			6			4			4
Marine		7			9			8			5			8			7			6
Specialty casualty		1			1			3			3			1			2			2
Specialty property		5			4			4			2			4			4			3
Life		21			18			18			15			22			17			18
		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Geography:
North America		39	%		38	%		39	%		33	%		34	%		37	%		36	%
Europe		41			37			36			48			45			41			41
Asia, Australia and New Zealand		8			12			13			9			10			11			12
Latin America, Caribbean and Africa		12			13			12			10			11			11			11
		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Production Source:
Broker		67	%		70	%		73	%		67	%		68	%		69	%		72	%
Direct		33			30			27			33			32			31			28
		100	%		100	%		100	%		100	%		100	%		100	%		100	%

16

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended															For the year ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Distribution of Gross Premiums Written by Reinsurance Type for the Non-life sub-segment:
North America
Non-Proportional		11	%		22	%		19	%		50	%		16	%		26	%		30	%
Proportional		89			78			81			50			84			74			70
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Global (Non-U.S.) P&C
Non-Proportional		8	%		20	%		13	%		34	%		11	%		24	%		23	%
Proportional		92			80			87			66			89			76			77
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Global (Non-U.S.) Specialty
Non-Proportional		9	%		14	%		24	%		31	%		7	%		20	%		19	%
Proportional		91			86			76			69			93			80			81
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Catastrophe
Non-Proportional		93	%		98	%		97	%		98	%		96	%		98	%		98	%
Proportional		7			2			3			2			4			2			2
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Non-life total
Non-Proportional		12	%		25	%		33	%		49	%		13	%		33	%		35	%
Proportional		88			75			67			51			87			67			65
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

17

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	December 31, 2012					September 30, 2012					June 30, 2012					March 31, 2012					December 31, 2011					December 31, 2010
Investments:
Fixed maturities
U.S. government	$	1,113		7	%	$	958		6	%	$	922		6	%	$	1,066		7	%	$	1,090		7	%	$	673		5	%
Government Sponsored Enterprises (GSEs)		18		—			25		—			22		—			23		—			26		—			233		2
U.S. states, territories and municipalities		243		1			219		1			127		1			130		1			124		1			67		—
Non-U.S. sovereign government, supranational and government related		2,376		15			2,638		17			2,651		18			3,070		19			2,964		19			2,819		20
Corporates		6,656		42			6,378		40			5,813		39			6,067		39			5,747		38			6,144		43
Mortgage/asset-backed securities		3,989		25			4,121		26			4,085		27			4,056		26			3,991		26			2,889		20
Total fixed maturities		14,395		90			14,339		90			13,620		91			14,412		92			13,942		91			12,825		90
Short-term investments		151		1			161		1			32		—			39		—			42		—			49		—
Equities		1,094		7			1,072		7			1,050		7			943		6			945		6			1,072		8
Other invested assets		333		2			341		2			330		2			361		2			358		3			352		2
Total investments	$	15,973		100	%	$	15,913		100	%	$	15,032		100	%	$	15,755		100	%	$	15,287		100	%	$	14,298		100	%
Cash and cash equivalents		1,122					1,336					1,512					1,210					1,343					2,111
Total investments and cash	$	17,095				$	17,249				$	16,544				$	16,965				$	16,630				$	16,409
Maturity distribution:
One year or less	$	1,081		7	%	$	1,175		8	%	$	872		6	%	$	597		4	%	$	571		4	%	$	930		7	%
More than one year through five years		4,198		29			4,071		28			4,193		31			5,038		35			4,923		35			5,022		39
More than five years through ten years		4,337		30			4,232		29			3,696		27			3,954		27			3,713		26			3,418		27
More than ten years		941		7			901		7			806		6			806		6			786		6			615		5
Subtotal		10,557		73			10,379		72			9,567		70			10,395		72			9,993		71			9,985		78
Mortgage/asset-backed securities		3,989		27			4,121		28			4,085		30			4,056		28			3,991		29			2,889		22
Total	$	14,546		100	%	$	14,500		100	%	$	13,652		100	%	$	14,451		100	%	$	13,984		100	%	$	12,874		100	%
Credit quality by market value:(A)
AAA		13	%				15	%				16	%				18	%				25	%				51	%
AA		42					42					43					42					37					9
A		23					21					21					21					21					22
BBB		15					14					14					13					11					11
Below Investment Grade/Unrated		7					8					6					6					6					7
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		2.7	Yrs				3.0	Yrs				3.0	Yrs				2.9	Yrs				2.9	Yrs				3.0	Yrs
Average yield to maturity at market		2.0	%				1.9	%				2.3	%				2.3	%				2.4	%				2.9	%
Average credit quality		A					A					A					AA					AA					AA

(A) 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.

18

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)

				December 31, 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	$	1,454,453			21.9	%		8.5	%		0.8	%
Consumer noncyclical		983,198			14.8			5.8			0.3
Communications		748,464			11.2			4.4			0.4
Utilities		686,469			10.3			4.0			0.3
Energy		487,681			7.3			2.9			0.5
Industrials		482,223			7.3			2.8			0.2
Consumer cyclical		408,339			6.1			2.4			0.3
Government guaranteed corporate debt		322,169			4.8			1.9			0.3
Insurance		293,938			4.4			1.7			0.2
Basic materials		229,665			3.5			1.3			0.1
Longevity and mortality bonds		163,533			2.5			1.0			0.3
Catastrophe bonds		140,647			2.1			0.8			0.1
Technology		135,816			2.0			0.8			0.1
Real estate investment trusts		110,459			1.7			0.6			0.1
Diversified		8,784			0.1			—			0.1
Total Corporate bonds	$	6,655,838			100.0	%		38.9	%
Finance sector - Corporate bonds
Banks	$	703,285			10.6	%		4.1	%
Investment banking and brokerage		331,112			5.0			2.0
Commercial and consumer finance		192,496			2.9			1.1
Financial services		187,135			2.8			1.1
Other		40,425			0.6			0.2
Total finance sector - Corporate bonds	$	1,454,453			21.9	%		8.5	%
	AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
Credit quality of finance sector - Corporate bonds
Banks	$	43,195		$	46,706		$	535,071		$	76,188		$	2,125		$	703,285
Investment banking and brokerage		—			—			307,231			22,828			1,053			331,112
Commercial and consumer finance		—			11,616			80,005			77,935			22,940			192,496
Financial services		—			169,854			10,931			5,367			983			187,135
Other		—			14,162			11,343			14,920			—			40,425
Total finance sector - Corporate bonds	$	43,195		$	242,338		$	944,581		$	197,238		$	27,101		$	1,454,453
% of total		3	%		17	%		65	%		13	%		2	%		100	%

Concentration of investment risk

The top 10 Corporate bond issues account for 15.0% of the Company’s total corporate bonds. The single largest issue accounts for 2.0% of the Company’s total Corporate bonds.

19

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

			December 31, 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	$	130,526		16.7	%		0.8	%		—	%
Energy		118,213		15.1			0.7			0.1
Finance		100,405		12.8			0.6			0.1
Technology		78,914		10.1			0.4			0.1
Real estate investment trusts		66,846		8.5			0.4			0.1
Communications		65,722		8.4			0.4			—
Consumer cyclical		62,526		8.0			0.4			—
Industrials		59,242		7.6			0.3			0.1
Insurance		39,132		5.0			0.2			0.1
Basic materials		29,757		3.8			0.2			—
Utilities		28,709		3.7			0.2			—
Diversified		2,447		0.3			—			—
Total equities	$	782,439		100.0	%		4.6	%
Mutual funds and exchange traded funds (ETFs)
Funds holding fixed income securities		277,510					1.6
Funds and ETFs holding equities		34,053					0.2
Total equities	$	1,094,002					6.4	%

Concentration of investment risk

The single largest fund in funds and ETFs holding equities is an emerging markets fixed income fund, which accounts for 17.5% 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 18.8% of the Company’s total equities. Excluding equity securities held in mutual funds and exchange traded funds, the single largest issuer accounts for 2.5% of the Company’s total equities.

20

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 December 31, 2012
	GNMA			GSEs			AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
U.S. Asset-Backed Securities	$	—		$	—		$	68,414		$	93,530		$	54,442		$	13,002		$	359,681		$	589,069
U.S. Collaterized Mortgage Obligations		—			2,300			—			—			—			—			—			2,300
U.S. Mortgage Backed Securities (MBS)		579,052			1,868,845			—			—			—			—			—			2,447,897
U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			31,209			—			7,182			1,986			1,780			42,157
U.S. MBS Interest Only		48,549			121,895			—			—			—			—			85,785			256,229
	$	627,601		$	1,993,040		$	99,623		$	93,530		$	61,624		$	14,988		$	447,246		$	3,337,652
Non-U.S. Asset-Backed Securities	$	—		$	—		$	84,655		$	23,988		$	25,758		$	—		$	—		$	134,401
Non-U.S. Collaterized Mortgage Obligations		—			—			181,764			51,006			57,312			—			—			290,082
Non-U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			23,943			—			—			—			—			23,943
Non-U.S. Mortgage Backed Securities (MBS)		—			—			203,416			—			—			—			—			203,416
	$	—		$	—		$	493,778		$	74,994		$	83,070		$	—		$	—		$	651,842
Total mortgage/asset-backed securities	$	627,601		$	1,993,040		$	593,401		$	168,524		$	144,694		$	14,988		$	447,246		$	3,989,494
Corporate Securities		—			18,262			—			—			—			—			—			18,262
Total	$	627,601		$	2,011,302		$	593,401		$	168,524		$	144,694		$	14,988		$	447,246		$	4,007,756
% of total		16	%		50	%		15	%		4	%		4	%		—	%		11	%		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 $156.0 million and a carrying value of $nil million at December 31, 2012 within Other Invested Assets.

21

PartnerRe Ltd.

Other Invested Assets including Private Markets and Derivative Exposures

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	December 31, 2012														September 30, 2012						December 31, 2011
	Investments		Fair Value of Derivatives			Carrying Value			Net Notional Amount of Derivatives / Other			Total Net Exposures (1)			Carrying Value			Total Net Exposures (1)			Carrying Value			Total Net Exposures (1)
Private Markets Investments
Principal Finance - Investments	$	132,840	$	—		$	132,840		$	—		$	132,840		$	133,603		$	133,603		$	170,092		$	170,092
Principal Finance - Derivative Exposure Assumed		—		(1,494	)		(1,494	)		81,230			79,736			(2,603	)		78,777			(2,174	)		127,114
Insurance-Linked Securities		—		(2,173	)		(2,173	)		235,964			233,791			(1,234	)		154,730			(968	)		135,407
Commodities Futures		—		—			—			—			—			—			—			(1,756	)		46,223
Strategic Investments		203,160		—			203,160			—			203,160			204,653			204,653			179,348			179,348
Total other invested assets - Private Markets Exposure Assumed		336,000		(3,667	)		332,333			317,194			649,527			334,419			571,763			344,542			658,184
Other Credit Derivatives - Exposure Assumed		—		210			210			5,000			5,210			253			5,253			246			5,246
Other Credit Derivatives - Protection Purchased		—		(801	)		(801	)		(55,000	)		(55,801	)		(1,055	)		(61,055	)		(1,193	)		(96,154	)
Other(2)		9,345		(7,726	)		1,619									7,938						14,559
Total other invested assets	$	345,345	$	(11,984	)	$	333,361								$	341,555					$	358,154

(1) The total net exposures originated in Private Markets are $1,740 million at December 31, 2012 ($1,748 million and $1,629 million at September 30, 2012 and December 31, 2011, respectively). In addition to the net exposures listed above of $650 million at December 31, 2012 ($572 million and $658 million at September 30, 2012 and December 31, 2011, respectively), the Company has the following other net exposures originated in Private Markets:

• Principal Finance: $717 million of assets listed under Investments - Fixed Maturities and $7 million listed under Investments - Equities for a total exposure of $937 million at December 31, 2012 ($939 million and $824 million at September 30, 2012 and December 31, 2011, respectively).

• Insurance-Linked Securities: $311 million of bonds listed under Investments - Fixed Maturities and $25 million of limits on transactions that use reinsurance accounting for a total exposure of $570 million at December 31, 2012 ($567 million and $562 million at September 30, 2012 and December 31, 2011, respectively).

• Strategic Investments: $28 million of assets listed under Investments - Equities, and $2 million of assets listed under Other Assets for a total exposure of $233 million at December 31, 2012 ($242 million and $197 million at September 30, 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.

22

PartnerRe Ltd.

Funds Held - Directly Managed Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	December 31, 2012					September 30, 2012					June 30, 2012					March 31, 2012					December 31, 2011					December 31, 2010
Investments:
Fixed maturities
U.S. government	$	129		15	%	$	221		21	%	$	222		20	%	$	218		19	%	$	111		11	%	$	95		6	%
Government Sponsored Enterprises (GSEs)		90		11			136		13			146		14			157		14			158		15			193		12
Non-U.S. sovereign government, supranational and government related		234		28			273		25			276		25			290		25			275		26			385		25
Corporates		362		44			414		39			419		39			460		40			480		45			799		52
Mortgage/asset-backed securities		—		—			—		—			—		—			—		—			—		—			12		1
Total fixed maturities		815		98			1,044		98			1,063		98			1,125		98			1,024		97			1,484		96
Short-term investments		—		—			—		—			11		1			2		—			18		2			38		3
Other invested assets		18		2			17		2			15		1			18		2			16		1			21		1
Total investments	$	833		100	%	$	1,061		100	%	$	1,089		100	%	$	1,145		100	%	$	1,058		100	%	$	1,543		100	%
Cash and cash equivalents		54					90					64					47					176					129
Total investments and cash	$	887				$	1,151				$	1,153				$	1,192				$	1,234				$	1,672
Accrued investment income		10					15					13					14					14					20
Other funds held assets/liabilities		34					22					67					58					20					80
Total funds held - directly managed	$	931				$	1,188				$	1,233				$	1,264				$	1,268				$	1,772
		��
Maturity distribution:
One year or less	$	133		17	%	$	213		20	%	$	216		20	%	$	192		17	%	$	227		22	%	$	289		19	%
More than one year through five years		515		63			622		60			642		60			705		63			573		55			814		53
More than five years through ten years		141		17			182		17			188		17			203		18			215		20			376		25
More than ten years		26		3			27		3			28		3			27		2			27		3			31		2
Subtotal		815		100			1,044		100			1,074		100			1,127		100			1,042		100			1,510		99
Mortgage/asset-backed securities		—		—			—		—			—		—			—		—			—		—			12		1
Total	$	815		100	%	$	1,044		100	%	$	1,074		100	%	$	1,127		100	%	$	1,042		100	%	$	1,522		100	%
Credit quality by market value:(A)
AAA		12	%				12	%				14	%				15	%				22	%				45	%
AA		58					61					59					59					50					27
A		24					22					23					21					24					24
BBB		6					5					4					5					4					4
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		3.0	Yrs				2.9	Yrs				2.9	Yrs				3.0	Yrs				2.7	Yrs				3.1	Yrs
Average yield to maturity at market		1.0	%				1.0	%				1.3	%				1.4	%				1.7	%				2.4	%
Average credit quality		AA					AA					AA					AA					AA					AA

(A) 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.

23

PartnerRe Ltd.

Distribution of Corporate Bonds

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

	��				December 31, 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		$	138,279			38.2	%		15.6	%		1.6	%
Consumer noncyclical			61,136			16.9			6.9			1.1
Energy			50,348			13.9			5.7			1.2
Utilities			27,858			7.7			3.1			0.6
Basic materials			20,189			5.6			2.3			0.5
Communications			17,087			4.7			1.9			0.5
Government guaranteed corporate debt			13,667			3.8			1.5			1.1
Consumer cyclical			11,055			3.0			1.3			0.9
Industrials			9,035			2.5			1.0			0.4
Technology			8,127			2.2			0.9			0.5
Real estate investment trusts			3,573			1.0			0.4			0.4
Insurance			1,889			0.5			0.2			0.1
Total Corporate bonds		$	362,243			100.0	%		40.8	%
Finance sector - Corporate bonds
Banks		$	92,481			25.6	%		10.4	%
Financial services			18,542			5.1			2.1
Investment banking and brokerage			14,075			3.9			1.6
Commercial and consumer finance			9,107			2.5			1.0
Other			4,074			1.1			0.5
Total finance sector - Corporate bonds		$	138,279			38.2	%		15.6	%
		AAA			AA			A			BBB			Total
Credit quality of finance sector - Corporate bonds
Banks		$	12,538		$	39,777		$	37,046		$	3,120			92,481
Financial services			146			13,830			4,566			—			18,542
Investment banking and brokerage			14,075			—			—			—			14,075
Commercial and consumer finance			—			2,408			6,699			—			9,107
Other			—			—			4,074			—			4,074
Total finance sector - Corporate bonds		$	26,759		$	56,015		$	52,385		$	3,120		$	138,279
% of total			19	%		41	%		38	%		2	%		100	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 26.7% of the Company’s total corporate bonds within the Funds Held - Directly Managed Portfolio. The single largest issuer accounts for 4.0% of the Company’s total corporate bonds within the Funds Held - Directly Managed portfolio.

24

PartnerRe Ltd.

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

(Expressed in thousands of U.S. dollars)

(Unaudited)

				For the three months ended												For the year ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Fixed maturities	$	125,903		$	123,540		$	129,900		$	133,490		$	138,233		$	512,833		$	561,576
Short-term investments, cash and cash equivalents		1,144			537			628			596			571			2,905			3,843
Equities		5,018			4,684			12,992			3,513			4,758			26,207			19,815
Funds held and other		9,435			10,741			13,330			10,602			11,095			44,109			49,502
Funds held - directly managed		6,275			6,586			7,577			8,593			11,936			29,031			37,919
Investment expenses		(12,106	)		(10,822	)		(10,921	)		(9,898	)		(11,053	)		(43,747	)		(43,507	)
Net investment income(1)	$	135,669		$	135,266		$	153,506		$	146,896		$	155,540		$	571,338		$	629,148
Net realized investment gains on fixed maturities and short-term investments	$	49,761		$	43,626		$	62,202		$	17,398		$	73,155		$	172,987		$	157,207
Net realized investment gains on equities		18,868			5,495			6,370			41,421			25,136			72,155			90,866
Net realized (losses) gains on other invested assets		(971	)		(2,604	)		(18,321	)		5,205			(27,529	)		(16,691	)		(176,295	)
Change in net unrealized (losses) gains on other invested assets		(13,903	)		(1,747	)		(14,346	)		20,428			(1,360	)		(9,568	)		(46,278	)
Change in net unrealized investment (losses) gains on fixed maturities and short-term investments		(44,799	)		150,046			32,995			47,821			(51,964	)		186,063			128,224
Change in net unrealized investment (losses) gains on equities		(2,815	)		51,260			(32,963	)		50,771			57,314			66,253			(101,860	)
Net other realized and unrealized investment gains		578			1,899			406			2,961			2,400			5,843			3,617
Net realized and unrealized investment (losses) gains on funds held - directly managed		(1,606	)		9,454			1,789			6,730			(2,599	)		16,367			11,211
Net realized and unrealized investment gains	$	5,113		$	257,429		$	38,132		$	192,735		$	74,553		$	493,409		$	66,692

(1) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the three months ended December 31, 2012, net investment income includes foreign exchange impacts of $(1.2) million compared to the three months ended December 31, 2011. For the year ended December 31, 2012, net investment income includes foreign exchange impacts of $(7.9) million compared to the year ended December 31, 2011.

25

PartnerRe Ltd.

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

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Fixed maturities	$	6,307		$	6,746		$	7,087		$	7,620		$	7,684		$	27,760		$	31,542
Short-term investments, cash and cash equivalents		333			375			167			171			681			1,046			1,906
Other		364			262			305			716			3,779			1,647			5,402
Investment expenses		(729	)		(797	)		18			86			(208	)		(1,422	)		(931	)
Net investment income	$	6,275		$	6,586		$	7,577		$	8,593		$	11,936		$	29,031		$	37,919
Net realized investment gains (losses) on fixed maturities and short-term investments	$	8,642		$	41		$	108		$	(386	)	$	(496	)	$	8,405		$	5,369
Net realized investment gains (losses) on other invested assets		—			—			—			—			49			—			(42	)
Change in net unrealized investment (losses) gains on fixed maturities and short-term investments		(10,019	)		7,690			3,029			5,883			(868	)		6,583			12,314
Change in net unrealized investment (losses) gains on other invested assets		(229	)		1,723			(1,348	)		1,233			(1,284	)		1,379			(6,430	)
Net realized and unrealized investment (losses) gains on funds held - directly managed	$	(1,606	)	$	9,454		$	1,789		$	6,730		$	(2,599	)	$	16,367		$	11,211

26

PartnerRe Ltd.

Analysis of Unpaid Losses and Loss Expenses

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the three months ended															As at and for the year ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	10,761,302		$	10,661,012		$	11,143,354		$	11,273,091		$	11,352,599		$	11,273,091		$	10,666,604
Reinsurance recoverable at beginning of period		(308,154	)		(331,346	)		(335,613	)		(353,105	)		(359,203	)		(353,105	)		(348,747	)
Net liability at beginning of period		10,453,148			10,329,666			10,807,741			10,919,986			10,993,396			10,919,986			10,317,857
Net incurred losses related to:
Current year		793,291			753,068			648,522			590,814			949,645			2,785,694			4,252,766
Prior years		(160,564	)		(188,758	)		(115,140	)		(163,603	)		(51,573	)		(628,065	)		(530,457	)
		632,727			564,310			533,382			427,211			898,072			2,157,629			3,722,309
Change in reserve agreement(1)		(18,862	)		(39,739	)		7,229			(34,792	)		(18,682	)		(86,163	)		(61,383	)
Net losses paid		(707,035	)		(575,508	)		(774,142	)		(648,377	)		(785,542	)		(2,705,062	)		(2,990,559	)
Effects of foreign exchange rate changes		58,063			174,419			(244,544	)		143,713			(167,258	)		131,651			(68,238	)
Net liability at end of period		10,418,041			10,453,148			10,329,666			10,807,741			10,919,986			10,418,041			10,919,986
Reinsurance recoverable at end of period		291,330			308,154			331,346			335,613			353,105			291,330			353,105
Gross liability at end of period	$	10,709,371		$	10,761,302		$	10,661,012		$	11,143,354		$	11,273,091		$	10,709,371		$	11,273,091
Breakdown of gross liability at end of period:
Case reserves	$	4,872,591		$	5,000,805		$	5,000,584		$	5,189,842		$	5,187,761		$	4,872,591		$	5,187,761
Additional case reserves		343,549			411,063			453,035			550,945			495,593			343,549			495,593
Incurred but not reported reserves		5,493,231			5,349,434			5,207,393			5,402,567			5,589,737			5,493,231			5,589,737
Gross liability at end of period	$	10,709,371		$	10,761,302		$	10,661,012		$	11,143,354		$	11,273,091		$	10,709,371		$	11,273,091
Breakdown of gross liability at end of period by Non-life sub-segment:
North America	$	3,373,852		$	3,402,697		$	3,310,449		$	3,292,254		$	3,287,364		$	3,373,852		$	3,287,364
Global (Non-U.S.) P&C		2,507,761			2,511,342			2,478,403			2,671,384			2,631,593			2,507,761			2,631,593
Global (Non-U.S.) Specialty		3,868,700			3,773,521			3,781,955			3,930,158			3,922,404			3,868,700			3,922,404
Catastrophe		959,058			1,073,742			1,090,205			1,249,558			1,431,730			959,058			1,431,730
Gross liability at end of period	$	10,709,371		$	10,761,302		$	10,661,012		$	11,143,354		$	11,273,091		$	10,709,371		$	11,273,091
Unrecognized time value of non-life reserves	$	465,625		$	465,899		$	493,597		$	618,317		$	560,860		$	465,625		$	560,860
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		111.7	%		102.0	%		145.1	%		151.8	%		87.5	%		125.4	%		80.3	%
Non-life paid losses to net premiums earned ratio		73.5	%		55.2	%		86.9	%		81.5	%		80.3	%		73.3	%		77.6	%

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

27

PartnerRe Ltd.

Analysis of Policy Benefits for Life and Annuity Contracts

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the three months ended															As at and for the year ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,703,147		$	1,635,547		$	1,707,982		$	1,645,662		$	1,678,201		$	1,645,662		$	1,750,410
Reinsurance recoverable at beginning of period		(9,836	)		(9,635	)		(9,221	)		(9,874	)		(10,633	)		(9,874	)		(14,739	)
Net liability at beginning of period		1,693,311			1,625,912			1,698,761			1,635,788			1,667,568			1,635,788			1,735,671
Liability acquired related to the acquisition of Presidio		54,071			—			—			—			—			54,071			—
Net incurred losses related to:
Current year		167,612			162,638			170,889			160,204			175,199			661,343			650,771
Prior years		512			(5,811	)		1,866			(10,929	)		(4,067	)		(14,362	)		(510	)
		168,124			156,827			172,755			149,275			171,132			646,981			650,261
Net losses paid		(145,060	)		(142,721	)		(174,862	)		(131,047	)		(154,225	)		(593,690	)		(718,926	)
Effects of foreign exchange rate changes		22,114			53,293			(70,742	)		44,745			(48,687	)		49,410			(31,218	)
Net liability at end of period		1,792,560			1,693,311			1,625,912			1,698,761			1,635,788			1,792,560			1,635,788
Reinsurance recoverable at end of period		20,684			9,836			9,635			9,221			9,874			20,684			9,874
Gross liability at end of period	$	1,813,244		$	1,703,147		$	1,635,547		$	1,707,982		$	1,645,662		$	1,813,244		$	1,645,662

28

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Prior year net favorable (adverse) reserve development:
Non-life segment:
North America	$	51,381		$	66,621		$	38,764		$	61,717		$	20,178		$	218,483		$	189,180
Global (Non-U.S.) P&C		39,929			28,686			17,981			27,683			26,369			114,279			115,995
Global (Non-U.S.) Specialty		45,944			90,602			58,549			55,428			6,478			250,523			128,975
Catastrophe		23,310			2,849			(154	)		18,775			(1,452	)		44,780			96,307
Total Non-life net prior year reserve development	$	160,564		$	188,758		$	115,140		$	163,603		$	51,573		$	628,065		$	530,457
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(18,866	)	$	(13,761	)	$	(35,011	)	$	(26,333	)	$	(24,150	)	$	(93,971	)	$	(58,501	)
Net prior year reserve development due to all other factors(2)		179,430			202,519			150,151			189,936			75,723			722,036			588,958
Total Non-life net prior year reserve development	$	160,564		$	188,758		$	115,140		$	163,603		$	51,573		$	628,065		$	530,457
Life segment:
Net prior year reserve development due to GMDB(1)	$	(3	)	$	5,227		$	(4,784	)	$	9,569		$	(32	)	$	10,009		$	5,245
Net prior year reserve development due to all other factors(2)		(509	)		584			2,918			1,360			4,099			4,353			(4,735	)
Total Life net prior year reserve development	$	(512	)	$	5,811		$	(1,866	)	$	10,929		$	4,067		$	14,362		$	510

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatility in certain referenced global equity markets. At December 31, 2012, a 10% increase in the referenced global equity market would have decreased reserves by approximately $4.0 million, while a 10% decrease in the referenced global equity market would have increased reserves by approximately $4.9 million.

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

29

PartnerRe Ltd.

Natural Catastrophe Probable Maximum Losses (PMLs)

(Expressed in millions of U.S. dollars)

(Unaudited)

Single occurrence estimated net PML exposure⁽¹⁾

		Oct 1, 2012				July 1, 2012				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)		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	$	1,173			$	1,173			$	1,253			$	1,210
U.S. Northeast	Hurricane		1,000				1,000				1,068				1,074
U.S. Gulf Coast	Hurricane		1,069				1,069				997				977
Caribbean	Hurricane		272				272				292				280
Europe	Windstorm		927				927				884				922
Japan	Typhoon		164				164				161				128
California	Earthquake		734	$	923		734	$	923		856	$	1,072		865	$	1,086
British Columbia	Earthquake		350		526		350		526		355		527		363		542
Japan	Earthquake		502		543		502		543		537		578		802		851
Australia	Earthquake		468		582		468		582		479		626		478		627
New Zealand	Earthquake		320		339		320		339		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.

30

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	For the three months ended															For the year ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2012			December 31, 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)		7.4	%		35.5	%		11.8	%		24.7	%		(2.1	)%		19.9	%		(9.0	)%
Less:
Annualized net realized and unrealized investment (losses) gains, net of tax, on beginning diluted book value per common share(1)		(0.6	)		16.7			1.3			11.4			3.6			7.3			0.2
Annualized net foreign exchange gains (losses), net of tax, on beginning diluted book value per common share(1)		0.6			0.1			0.1			(0.1	)		3.2			0.1			1.0
Annualized net interest in earnings (losses) of equity investments, net of tax, on beginning diluted book value per common share(1)		0.1			0.3			—			0.4			(0.1	)		0.2			(0.1	)
Annualized operating return on beginning diluted book value per common share(1)		7.3	%		18.4	%		10.4	%		13.0	%		(8.8	)%		12.3	%		(10.1	)%
Net income (loss)	$	111,521		$	486,706		$	176,146		$	360,141		$	(17,643	)	$	1,134,514		$	(520,291	)
Less:
Net realized and unrealized investment (losses) gains, net of tax		(7,356	)		221,825			18,325			159,221			56,384			392,014			15,104
Net foreign exchange gains (losses), net of tax		7,281			1,418			1,277			(1,630	)		50,150			8,345			66,433
Interest in earnings (losses) of equity investments, net of tax		520			3,652			(879	)		5,450			(1,894	)		8,742			(7,239	)
Dividends to preferred shareholders		15,405			15,405			15,405			15,405			15,405			61,622			47,020
Operating earnings (loss) available to common shareholders	$	95,671		$	244,406		$	142,018		$	181,695		$	(137,688	)	$	663,791		$	(641,609	)
Per diluted share:
Net income (loss)	$	1.56		$	7.53		$	2.50		$	5.24		$	(0.49	)	$	16.87		$	(8.40	)
Less:
Net realized and unrealized investment (losses) gains, net of tax		(0.12	)		3.55			0.29			2.42			0.85			6.17			0.23
Net foreign exchange gains (losses), net of tax		0.12			0.02			0.02			(0.02	)		0.75			0.13			0.98
Interest in earnings (losses) of equity investments, net of tax		0.01			0.06			(0.01	)		0.08			(0.03	)		0.14			(0.11	)
Operating earnings (loss)	$	1.55		$	3.90		$	2.20		$	2.76		$	(2.06	)	$	10.43		$	(9.50	)

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

31

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	December 31, 2012		September 30, 2012		June 30, 2012		March 31, 2012		December 31, 2011		December 31, 2010
Reconciliation of GAAP and non-GAAP measures:
Shareholders’ equity	$	6,933,496	$	7,079,002	$	6,697,593	$	6,786,871	$	6,467,542	$	7,206,919
Less:
Preferred shares, aggregate liquidation value		893,750		893,750		893,750		893,750		893,750		520,000
Common shareholders’ equity		6,039,746		6,185,252		5,803,843		5,893,121		5,573,792		6,686,919
Less:
Net unrealized gains on fixed income securities and funds held - directly managed, net of tax		657,604		682,956		541,202		504,386		451,946		364,032
Book value excluding net unrealized gains or losses on fixed income securities and funds held - directly managed, net of tax	$	5,382,142	$	5,502,296	$	5,262,641	$	5,388,735	$	5,121,846	$	6,322,887
Divided by:
Number of common shares and common share equivalents outstanding		59,893.4		62,136.1		63,164.5		65,751.6		65,715.7		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	$	89.86	$	88.55	$	83.32	$	81.96	$	77.94	$	88.66

32

PartnerRe Ltd.

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

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

(Unaudited)

	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011			December 31, 2010
Basic book value per common share
Total shareholders’ equity	$	6,933,496		$	7,079,002		$	6,697,593		$	6,786,871		$	6,467,542		$	7,206,919
Less: preferred shares, aggregate liquidation value		(893,750	)		(893,750	)		(893,750	)		(893,750	)		(893,750	)		(520,000	)
Common shareholders’ equity	$	6,039,746		$	6,185,252		$	5,803,843		$	5,893,121		$	5,573,792		$	6,686,919
Basic common shares outstanding		58,909.4			61,366.7			62,557.5			65,313.0			65,322.3			69,986.2
Basic book value per common share	$	102.53		$	100.79		$	92.78		$	90.23		$	85.33		$	95.55
Diluted book value per common share
Common shareholders’ equity	$	6,039,746		$	6,185,252		$	5,803,843		$	5,893,121		$	5,573,792		$	6,686,919
Basic common shares outstanding		58,909.4			61,366.7			62,557.5			65,313.0			65,322.3			69,986.2
Add: Stock options and other		2,892.5			2,297.4			1,968.6			1,099.2			809.4			3,293.4
Add: Restricted stock units		864.3			877.6			877.5			780.9			489.0			940.4
Less: Stock options and other bought back via treasury stock method		(2,772.8	)		(2,405.6	)		(2,239.1	)		(1,441.5	)		(905.0	)		(2,907.7	)
Diluted common shares and common share equivalents outstanding		59,893.4			62,136.1			63,164.5			65,751.6			65,715.7			71,312.3
Diluted book value per common share	$	100.84		$	99.54		$	91.88		$	89.63		$	84.82		$	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.

33

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 December 31, 2012						As at and for the year ended December 31, 2012
	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	$	6,185		$	99.54		$	5,574		$	84.82
Technical result		122			1.98			744			11.70
Other operating expenses		(112	)		(1.82	)		(411	)		(6.47	)
Net investment income		136			2.20			571			8.98
Amortization of intangible assets		(5	)		(0.08	)		(32	)		(0.50	)
Other, net		(9	)		(0.14	)		(36	)		(0.58	)
Operating income tax expense		(21	)		(0.34	)		(110	)		(1.73	)
Preferred dividends		(15	)		(0.25	)		(62	)		(0.97	)
Operating earnings		96			1.55			664			10.43
Net realized and unrealized investment (losses) gains, net of tax		(7	)		(0.12	)		392			6.17
Net foreign exchange gains, net of tax		7			0.12			8			0.13
Interest in earnings of equity investments, net of tax		—			0.01			9			0.14
Net income available to common shareholders		96			1.56			1,073			16.87
Common share dividends		(38	)		(0.62	)		(156	)		(2.48	)
Change in currency translation adjustment		(2	)		(0.04	)		28			0.45
(Repurchase) issuance of common shares, net		(197	)		0.80			(474	)		2.07
Change in other accumulated comprehensive income or loss, net of tax		(4	)		(0.07	)		(5	)		(0.08	)
Impact of change in number of common and common share equivalents outstanding		n/a			(0.33	)		n/a			(0.81	)
Common shareholders’ equity / diluted book value per common share at end of period	$	6,040		$	100.84		$	6,040		$	100.84

34

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

35