Partnerre (PREJF) 8-K PartnerRe Ltd. Reports First Quarter 2013 Results

Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as at March 31, 2013

(unaudited)

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

PartnerRe Ltd.

This report is for information purposes only. It should be read in conjunction with

documents filed with the SEC by PartnerRe Ltd., including the Company’s Annual

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

PartnerRe Ltd.

Financial Supplement - March 31, 2013

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 March 31, 2013 and 2012		5-6
Non-life segment		7
North America sub-segment		8
Global (Non-U.S.) P&C sub-segment		9
Global Specialty sub-segment		10
Catastrophe sub-segment		11
Life and Health segment		12
Corporate and Other		13
Distribution of Premiums
Distribution of Premiums by line of business, geography and production source		14
Distribution of Premiums by reinsurance type		15
Investments
Investment Portfolio		16
Distribution of Corporate Bonds		17
Distribution of Equities		18
Distribution of Mortgage/Asset-Backed Securities		19
Other Invested Assets including Private Markets and Derivative Exposures		20
Funds Held - Directly Managed Portfolio		21
Distribution of Corporate Bonds - Funds Held - Directly Managed Portfolio		22
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains		23
Composition of Net Investment Income and Net Realized and Unrealized Investment (Losses) Gains on Funds Held - Directly Managed Portfolio		24
Loss Reserves
Analysis of Unpaid Losses and Loss Expenses		25
Analysis of Policy Benefits for Life and Annuity Contracts		26
Reserve Development		27
Natural Catastrophe Probable Maximum Losses (PMLs)		28
Reconciliation of GAAP and non-GAAP measures		29-31
Diluted Book Value per Common Share - Treasury Stock Method		32
Diluted Book Value and Diluted Tangible Book Value per Common Share - Rollforward		33-34

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 (except where the Company has made a strategic investment in an insurance or reinsurance related investee), net foreign exchange gains and losses, net of tax, loss on redemption of preferred shares and the interest in earnings (losses) of equity investments, net of tax (except where the Company has made a strategic investment in an insurance or reinsurance related investee and where the Company does not control the investee’s 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.

Tangible Book Value and Diluted Tangible Book Value per Common Share and Common Share Equivalents Outstanding:The Company calculates Tangible Book Value using common shareholders’ equity attributable to PartnerRe Ltd. less goodwill and intangible assets, net of tax. The Company calculates Diluted Tangible Book Value per Common Share using Tangible Book Value divided by the weighted average number of common shares and common share equivalents outstanding. These measures focus on the Company’s financial position and shareholder return, without the impact of goodwill and intangibles.

Book Value and Tangible Book Value excluding Net Unrealized Gains and Losses on Fixed Income Securities and Funds Held - Directly Managed, Net of Tax (Book Value and Tangible Book Value excluding NURGL) and Diluted Book Value and Diluted Tangible Book Value per Common Share and Common Share Equivalents Outstanding (Diluted Book Value and Diluted Tangible 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 and Diluted Tangible Book Value per Common Share excluding NURGL): The Company calculates Book Value and Tangible Book Value excluding NURGL using common shareholders’ equity attributable to PartnerRe Ltd. and Tangible Book Value, respectively, less net unrealized gains and losses on fixed income securities and funds held - directly managed, net of tax. Book Value and Tangible 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 and Diluted Tangible Book Value per Common Share 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 common shareholders’ equity attributable to PartnerRe Ltd., preferred shares, long-term debt, senior notes and capital efficient notes. The Company uses Total Capital as a measure to manage the capital structure of the Company.

Basis of Presentation: The Company’s financial position and its results include Presidio from the date of acquisition of December 31, 2012 and for all periods thereafter.

PartnerRe Ltd.

Consolidated Income Statements

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

(Unaudited)

	For the three months ended														For the year ended
	March 31, 2013			December 31, 2012			September 30, 2012		June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Revenues
Gross premiums written	$	1,756,886		$	931,434		$	1,056,076	$	1,163,243		$	1,567,483		$	4,718,235		$	4,633,054
Net premiums written	$	1,636,431		$	920,288		$	1,043,240	$	1,136,046		$	1,473,286		$	4,572,860		$	4,486,329
(Increase) decrease in unearned premiums		(489,751	)		247,852			193,851		(45,168	)		(483,456	)		(86,921	)		161,425
Net premiums earned		1,146,680			1,168,140			1,237,091		1,090,878			989,830			4,485,939			4,647,754
Net investment income		123,704			135,669			135,266		153,506			146,896			571,338			629,148
Net realized and unrealized investment gains		22,943			5,113			257,429		38,132			192,735			493,409			66,692
Other income		3,927			3,777			2,744		2,654			2,746			11,920			7,915
Total revenues		1,297,254			1,312,699			1,632,530		1,285,170			1,332,207			5,562,606			5,351,509
Expenses
Losses and loss expenses and life policy benefits		660,952			800,851			721,137		706,137			576,486			2,804,610			4,372,570
Acquisition costs		234,200			245,520			247,058		232,723			211,608			936,909			938,361
Other operating expenses		116,040			112,319			94,697		106,184			98,174			411,374			434,846
Interest expense		12,229			12,227			12,224		12,223			12,220			48,895			48,949
Amortization of intangible assets		7,046			5,120			8,893		8,893			8,893			31,799			36,405
Net foreign exchange (gains) losses		(2,043	)		3,341			2,015		(7,770	)		2,589			175			(34,675	)
Total expenses		1,028,424			1,179,378			1,086,024		1,058,390			909,970			4,233,762			5,796,456
Income (loss) before taxes and interest in earnings (losses) of equity investments		268,830			133,321			546,506		226,780			422,237			1,328,844			(444,947	)
Income tax expense		41,675			22,826			64,149		50,136			67,174			204,284			68,972
Interest in earnings (losses) of equity investments		7,215			1,026			4,349		(498	)		5,078			9,954			(6,372	)
Net income (loss)		234,370			111,521			486,706		176,146			360,141			1,134,514			(520,291	)
Preferred dividends		14,699			15,405			15,405		15,405			15,405			61,622			47,020
Loss on redemption of preferred shares		9,135			—			—		—			—			—			—
Net income (loss) available to common shareholders	$	210,536		$	96,116		$	471,301	$	160,741		$	344,736		$	1,072,892		$	(567,311	)
Operating earnings (loss) available to common shareholders	$	202,089		$	95,671		$	244,406	$	142,018		$	181,695		$	663,791		$	(641,609	)
Comprehensive income (loss), net of tax	$	215,303		$	104,603		$	518,871	$	158,044		$	376,237		$	1,157,755		$	(536,991	)
Per Common Share Data:
Basic operating earnings (loss)	$	3.46		$	1.58		$	3.95	$	2.22		$	2.78		$	10.55		$	(9.50	)
Net realized and unrealized investment gains (losses), net of tax		0.21			(0.13	)		3.59		0.29			2.43			6.23			0.23
Net foreign exchange (losses) gains, net of tax		(0.01	)		0.12			0.02		0.02			(0.02	)		0.13			0.98
Loss on redemption of preferred shares		(0.16	)		—			—		—			—			—			—
Interest in earnings (losses) of equity investments, net of tax		0.10			0.01			0.06		(0.01	)		0.08			0.14			(0.11	)
Basic net income (loss)	$	3.60		$	1.58		$	7.62	$	2.52		$	5.27		$	17.05		$	(8.40	)
Weighted average number of common shares outstanding		58,423,898			60,643,216			61,837,328		63,816,027			65,404,227			62,915,992			67,558,732
Diluted operating earnings (loss)	$	3.39		$	1.55		$	3.90	$	2.20		$	2.76		$	10.43		$	(9.50	)
Net realized and unrealized investment gains (losses), net of tax		0.20			(0.12	)		3.55		0.29			2.42			6.17			0.23
Net foreign exchange (losses) gains, net of tax		(0.01	)		0.12			0.02		0.02			(0.02	)		0.13			0.98
Loss on redemption of preferred shares		(0.15	)		—			—		—			—			—			—
Interest in earnings (losses) of equity investments, net of tax		0.10			0.01			0.06		(0.01	)		0.08			0.14			(0.11	)
Diluted net income (loss)	$	3.53		$	1.56		$	7.53	$	2.50		$	5.24		$	16.87		$	(8.40	)
Weighted average number of common shares and common share equivalents outstanding		59,590,044			61,627,207			62,606,761		64,423,036			65,842,819			63,615,748			67,558,732
Dividends declared per common share	$	0.64		$	0.62		$	0.62	$	0.62		$	0.62		$	2.48		$	2.35

1

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	March 31, 2013				December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011
Assets
Total investments	$	15,544,844			$	15,973,230			$	15,912,719			$	15,031,945			$	15,754,854			$	15,287,245
Funds held - directly managed		909,520				930,741				1,188,186				1,233,008				1,264,383				1,268,010
Cash and cash equivalents		1,286,898				1,121,705				1,336,362				1,512,418				1,210,229				1,342,257
Accrued investment income		181,151				184,315				175,066				160,392				181,898				189,074
Reinsurance balances receivable		2,393,159				1,991,991				2,329,907				2,358,432				2,571,038				2,059,976
Reinsurance recoverable on paid and unpaid losses		400,509				348,086				369,960				434,083				432,059				397,788
Funds held by reinsured companies		775,486				805,489				805,178				783,311				799,988				796,290
Deferred acquisition costs		646,178				568,391				602,660				620,277				636,537				547,202
Goodwill		456,380				456,380				455,533				455,533				455,533				455,533
Intangible assets		207,224				214,270				107,188				116,081				124,974				133,867
Other assets		338,264				385,834				357,371				366,483				364,163				378,131
Total assets	$	23,139,613			$	22,980,432			$	23,640,130			$	23,071,963			$	23,795,656			$	22,855,373
Liabilities
Unpaid losses and loss expenses	$	10,323,786			$	10,709,371			$	10,761,302			$	10,661,012			$	11,143,354			$	11,273,091
Policy benefits for life and annuity contracts		1,763,413				1,813,244				1,703,147				1,635,547				1,707,982				1,645,662
Unearned premiums		2,074,370				1,534,625				1,810,881				2,008,384				2,017,177				1,448,841
Other reinsurance balances payable		342,423				238,578				504,820				496,020				522,701				443,873
Debt obligations		820,989				820,989				820,989				820,989				820,989				820,989
Other liabilities		867,074				930,129				959,989				752,418				796,582				755,375
Total liabilities		16,192,055				16,046,936				16,561,128				16,374,370				17,008,785				16,387,831
Total shareholders’ equity attributable to PartnerRe Ltd.		6,910,714				6,933,496				7,079,002				6,697,593				6,786,871				6,467,542
Noncontrolling interests		36,844				—				—				—				—				—
Total liabilities and shareholders’ equity	$	23,139,613			$	22,980,432			$	23,640,130			$	23,071,963			$	23,795,656			$	22,855,373
Diluted Book Value Per Common Share	$	102.96			$	100.84			$	99.54			$	91.88			$	89.63			$	84.82
Diluted Tangible Book Value Per Common Share	$	92.91			$	90.86			$	91.04			$	83.39			$	81.40			$	76.47
Number of Common Shares and Common Share Equivalents Outstanding		58,826,334				59,893,366				62,136,090				63,164,499				65,751,585				65,715,708
Capital Structure:
Senior notes(1)	$	750,000	10	%	$	750,000	10	%	$	750,000	10	%	$	750,000	10	%	$	750,000	10	%	$	750,000	10	%
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		853,750	11			893,750	11			893,750	11			893,750	12			893,750	12			893,750	12
Common shareholders’ equity attributable to PartnerRe Ltd.		6,056,964	78			6,039,746	78			6,185,252	78			5,803,843	77			5,893,121	77			5,573,792	77
Total Capital	$	7,724,098	100	%	$	7,746,880	100	%	$	7,892,386	100	%	$	7,510,977	100	%	$	7,600,255	100	%	$	7,280,926	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
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Net cash provided by operating activities:
Underwriting operations(1)	$	(4	)	$	91		$	152		$	(75	)	$	(68	)	$	100		$	(29	)
Investment income		166			165			160			204			188			717			731
Taxes and foreign exchange		(47	)		(32	)		(25	)		(26	)		(41	)		(124	)		(128	)
Net cash provided by operating activities	$	115		$	224		$	287		$	103		$	79		$	693		$	574
Net cash provided by operating activities	$	115		$	224		$	287		$	103		$	79		$	693		$	574
Net cash provided by (used in) investing activities		289			(208	)		(335	)		492			(168	)		(219	)		(1,080	)
Net cash used in financing activities		(224	)		(231	)		(141	)		(266	)		(50	)		(688	)		(242	)
Effect of foreign exchange rate changes on cash		(15	)		1			13			(27	)		7			(6	)		(21	)
Increase (decrease) in cash and cash equivalents		165			(214	)		(176	)		302			(132	)		(220	)		(769	)
Cash and cash equivalents - beginning of period		1,122			1,336			1,512			1,210			1,342			1,342			2,111
Cash and cash equivalents - end of period	$	1,287		$	1,122		$	1,336		$	1,512		$	1,210		$	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
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Net income	$	234,370		$	111,521		$	486,706		$	176,146		$	360,141
Change in currency translation adjustment		(19,830	)		(2,554	)		32,992			(19,157	)		17,207
Change in net unrealized gains or losses on investments, net of tax		(233	)		(235	)		(237	)		(239	)		(242	)
Change in unfunded pension obligation, net of tax		996			(4,129	)		(590	)		1,294			(869	)
Comprehensive income	$	215,303		$	104,603		$	518,871		$	158,044		$	376,237

	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 March 31, 2013
	North America			Global (Non-U.S.) P&C			Global Specialty			Catastrophe			Total Non- life segment			Life and Health segment			Corporate and Other			Total
Gross premiums written	$	447		$	372		$	445		$	238		$	1,502		$	254		$	1		$	1,757
Net premiums written	$	446		$	368		$	361		$	211		$	1,386		$	249		$	1		$	1,636
Increase in unearned premiums		(113	)		(202	)		(24	)		(124	)		(463	)		(25	)		(1	)		(489	)
Net premiums earned	$	333		$	166		$	337		$	87		$	923		$	224		$	—		$	1,147
Losses and loss expenses and life policy benefits		(240	)		(67	)		(184	)		11			(480	)		(182	)		1			(661	)
Acquisition costs		(72	)		(50	)		(75	)		(11	)		(208	)		(27	)		—			(235	)
Technical result	$	21		$	49		$	78		$	87		$	235		$	15		$	1		$	251
Other income														—			3			1			4
Other operating expenses														(66	)		(18	)		(32	)		(116	)
Underwriting result													$	169		$	—			n/a		$	139
Net investment income																	16			108			124
Allocated underwriting result(1)																$	16			n/a			n/a
Net realized and unrealized investment gains																				23			23
Interest expense																				(12	)		(12	)
Amortization of intangible assets																				(7	)		(7	)
Net foreign exchange gains																				2			2
Income tax expense																				(42	)		(42	)
Interest in earnings of equity investments																				7			7
Net income																				n/a		$	234
Loss ratio(2)		72.0	%		40.4	%		54.6	%		(12.8	)%		52.0	%
Acquisition ratio(3)		21.6			30.1			22.4			12.3			22.6
Technical ratio(4)		93.6	%		70.5	%		77.0	%		(0.5	)%		74.6	%
Other operating expense ratio(5)														7.1
Combined ratio(6)														81.7	%

(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 March 31, 2012
	North America			Global (Non-U.S.) P&C			Global Specialty			Catastrophe			Total Non- life segment			Life and Health segment			Corporate and Other			Total
Gross premiums written	$	341		$	347		$	417		$	242		$	1,347		$	217		$	3		$	1,567
Net premiums written	$	341		$	346		$	353		$	215		$	1,255		$	215		$	3		$	1,473
Increase in unearned premiums		(103	)		(187	)		(45	)		(125	)		(460	)		(21	)		(2	)		(483	)
Net premiums earned	$	238		$	159		$	308		$	90		$	795		$	194		$	1		$	990
Losses and loss expenses and life policy benefits		(133	)		(98	)		(194	)		(2	)		(427	)		(149	)		—			(576	)
Acquisition costs		(66	)��		(38	)		(70	)		(9	)		(183	)		(29	)		—			(212	)
Technical result	$	39		$	23		$	44		$	79		$	185		$	16		$	1		$	202
Other income														1			—			1			2
Other operating expenses														(63	)		(12	)		(23	)		(98	)
Underwriting result													$	123		$	4			n/a		$	106
Net investment income																	17			130			147
Allocated underwriting result(1)																$	21			n/a			n/a
Net realized and unrealized investment gains																				193			193
Interest expense																				(12	)		(12	)
Amortization of intangible assets																				(9	)		(9	)
Net foreign exchange losses																				(3	)		(3	)
Income tax expense																				(67	)		(67	)
Interest in earnings of equity investments																				5			5
Net income																				n/a		$	360
Loss ratio(2)		55.9	%		61.6	%		63.2	%		2.1	%		53.8	%
Acquisition ratio(3)		27.5			23.9			22.6			10.5			23.0
Technical ratio(4)		83.4	%		85.5	%		85.8	%		12.6	%		76.8	%
Other operating expense ratio(5)														7.9
Combined ratio(6)														84.7	%

6

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the three months ended															For the year ended
	March 31, 2013(A)			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	1,386		$	723		$	856		$	934		$	1,255		$	3,768		$	3,688
Net premiums earned	$	923		$	961		$	1,038		$	890		$	795		$	3,684		$	3,844
Losses and loss expenses		(480	)		(633	)		(561	)		(533	)		(427	)		(2,155	)		(3,717	)
Acquisition costs		(208	)		(212	)		(219	)		(207	)		(183	)		(821	)		(821	)
Technical result	$	235		$	116		$	258		$	150		$	185		$	708		$	(694	)
Other income		—			2			1			—			1			5			4
Other operating expenses		(66	)		(70	)		(58	)		(66	)		(63	)		(257	)		(283	)
Underwriting result	$	169		$	48		$	201		$	84		$	123		$	456		$	(973	)
Loss ratio(2)		52.0	%		65.9	%		54.1	%		59.9	%		53.8	%		58.5	%		96.7	%
Acquisition ratio (3)		22.6			22.0			21.1			23.2			23.0			22.3			21.3
Technical ratio (4)		74.6	%		87.9	%		75.2	%		83.1	%		76.8	%		80.8	%		118.0	%
Other operating expense ratio(5)		7.1			7.4			5.5			7.5			7.9			7.0			7.4
Combined ratio(6)		81.7	%		95.3	%		80.7	%		90.6	%		84.7	%		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 March 31, 2013, net premiums written and net premiums earned include foreign exchange impacts of $10.9 million and $3.3 million, respectively, compared to the three months ended March 31, 2012.

7

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
	March 31, 2013(A)			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	446		$	297		$	311		$	270		$	341		$	1,219		$	1,104
Net premiums earned	$	333		$	313		$	335		$	290		$	238		$	1,176		$	1,135
Losses and loss expenses		(240	)		(248	)		(251	)		(185	)		(133	)		(816	)		(741	)
Acquisition costs		(72	)		(73	)		(83	)		(69	)		(66	)		(291	)		(276	)
Technical result	$	21		$	(8	)	$	1		$	36		$	39		$	69		$	118
Loss ratio(2)		72.0	%		79.2	%		74.9	%		63.7	%		55.9	%		69.4	%		65.3	%
Acquisition ratio (3)		21.6			23.2			24.8			23.8			27.5			24.7			24.3
Technical ratio(4)		93.6	%		102.4	%		99.7	%		87.5	%		83.4	%		94.1	%		89.6	%
Distribution of Net Premiums Written by Major Lines of Business:
Agriculture		23	%		25	%		18	%		31	%		5	%		19	%		20	%
Casualty		40			43			42			37			47			43			40
Credit/Surety		2			4			5			5			5			4			5
Motor		4			3			4			2			7			4			8
Multiline		10			7			5			4			12			7			7
Other		5			4			4			1			2			3			2
Property		16			14			22			20			22			20			18
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2013, net premiums written and net premiums earned include foreign exchange impacts of $1.2 million and $0.7 million, respectively, compared to the three months ended March 31, 2012.

8

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended															For the year ended
	March 31, 2013(A)			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	368		$	85		$	122		$	128		$	346		$	681		$	678
Net premiums earned	$	166		$	183		$	172		$	164		$	159		$	678		$	759
Losses and loss expenses		(67	)		(88	)		(110	)		(119	)		(98	)		(415	)		(567	)
Acquisition costs		(50	)		(47	)		(42	)		(39	)		(38	)		(167	)		(191	)
Technical result	$	49		$	48		$	20		$	6		$	23		$	96		$	1
Loss ratio(2)		40.4	%		48.5	%		63.9	%		72.3	%		61.6	%		61.3	%		74.7	%
Acquisition ratio(3)		30.1			25.6			24.9			23.9			23.9			24.6			25.1
Technical ratio(4)		70.5	%		74.1	%		88.8	%		96.2	%		85.5	%		85.9	%		99.8	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		10	%		14	%		10	%		10	%		11	%		11	%		10	%
Motor		34			32			30			23			27			28			20
Property		56			54			60			67			62			61			70
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2013, net premiums written and net premiums earned include foreign exchange impacts of $4.2 million and $1.4 million, respectively, compared to the three months ended March 31, 2012.

9

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Global Specialty sub-segment

	For the three months ended															For the year ended
	March 31, 2013(A)			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	361		$	316		$	354		$	391		$	353		$	1,415		$	1,344
Net premiums earned	$	337		$	339		$	363		$	363		$	308		$	1,373		$	1,376
Losses and loss expenses		(184	)		(252	)		(161	)		(213	)		(194	)		(821	)		(950	)
Acquisition costs		(75	)		(80	)		(79	)		(93	)		(70	)		(321	)		(328	)
Technical result	$	78		$	7		$	123		$	57		$	44		$	231		$	98
Loss ratio(2)		54.6	%		74.3	%		44.4	%		58.8	%		63.2	%		59.8	%		69.1	%
Acquisition ratio(3)		22.4			23.5			21.7			25.5			22.6			23.4			23.8
Technical ratio(4)		77.0	%		97.8	%		66.1	%		84.3	%		85.8	%		83.2	%		92.9	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		10	%		20	%		13	%		14	%		14	%		15	%		16	%
Credit/Surety		21			21			18			18			21			19			20
Energy		4			7			9			7			4			7			8
Engineering		12			14			14			10			11			12			14
Marine		20			20			25			23			20			22			20
Other		13			3			5			7			7			6			4
Specialty casualty		14			1			4			9			14			7			8
Specialty property		6			14			12			12			9			12			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 March 31, 2013, net premiums written and net premiums earned include foreign exchange impacts of $2.6 million and $1.4 million, respectively, compared to the three months ended March 31, 2012.

10

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the three months ended															For the year ended
	March 31, 2013(A)			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	211		$	25		$	69		$	145		$	215		$	453		$	562
Net premiums earned	$	87		$	126		$	168		$	73		$	90		$	457		$	574
Losses and loss expenses		11			(45	)		(39	)		(16	)		(2	)		(103	)		(1,459	)
Acquisition costs		(11	)		(12	)		(15	)		(6	)		(9	)		(42	)		(26	)
Technical result	$	87		$	69		$	114		$	51		$	79		$	312		$	(911	)
Loss ratio(2)		(12.8	)%		35.6	%		23.3	%		22.5	%		2.1	%		22.4	%		254.2	%
Acquisition ratio(3)		12.3			9.8			8.8			8.3			10.5			9.3			4.5
Technical ratio(4)		(0.5	)%		45.4	%		32.1	%		30.8	%		12.6	%		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 March 31, 2013, net premiums written and net premiums earned include foreign exchange impacts of $2.8 million and $(0.2) million, respectively, compared to the three months ended March 31, 2012.

11

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life and Health segment

	For the three months ended															For the year ended
	March 31, 2013(A)			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	249		$	197		$	187		$	199		$	215		$	799		$	786
Net premiums earned	$	224		$	205		$	195		$	200		$	194		$	795		$	792
Life policy benefits		(182	)		(168	)		(157	)		(173	)		(149	)		(647	)		(650	)
Acquisition costs		(27	)		(33	)		(27	)		(26	)		(29	)		(116	)		(117	)
Technical result	$	15		$	4		$	11		$	1		$	16		$	32		$	25
Other income		3			1			1			1			—			4			1
Other operating expenses		(18	)		(15	)		(12	)		(13	)		(12	)		(52	)		(53	)
Underwriting result	$	—		$	(10	)	$	—		$	(11	)	$	4		$	(16	)	$	(27	)
Net investment income		16			15			15			17			17			64			66
Allocated underwriting result(1)	$	16		$	5		$	15		$	6		$	21		$	48		$	39
Distribution of Net Premiums Written by Major Lines of Business:
Accident and health		12	%		2	%		3	%		3	%		2	%		3	%		3	%
Longevity		25			32			33			32			27			31			26
Mortality		63			66			64			65			71			66			71
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2013, net premiums written and net premiums earned include foreign exchange impacts of $4.7 million and $4.3 million, respectively, compared to the three months ended March 31, 2012.

12

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the three months ended															For the year ended
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Technical result	$	1		$	2		$	—		$	1		$	1		$	4		$	6
Other income		1			—			1			2			1			3			3
Corporate expenses - acquisition related		—			—			—			—			—			—			(4	)
Corporate expenses		(30	)		(24	)		(23	)		(22	)		(20	)		(88	)		(79	)
Other operating expenses		(2	)		(3	)		(2	)		(5	)		(3	)		(14	)		(16	)
Net investment income		108			121			120			136			130			507			563
Net realized and unrealized investment gains		23			5			257			38			193			494			67
Interest expense		(12	)		(12	)		(12	)		(12	)		(12	)		(49	)		(49	)
Amortization of intangible assets		(7	)		(5	)		(9	)		(9	)		(9	)		(32	)		(36	)
Net foreign exchange gains (losses)		2			(3	)		(2	)		8			(3	)		—			34
Income tax expense		(42	)		(23	)		(64	)		(50	)		(67	)		(204	)		(69	)
Interest in earnings (losses) of equity investments		7			1			5			(1	)		5			10			(6	)

13

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended															For the year ended
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty		13	%		15	%		14	%		10	%		13	%		13	%		11	%
Motor		9			4			5			3			8			5			5
Multiline and other		5			3			2			1			3			3			2
Property		17			9			14			12			19			14			15
Specialty
Agriculture		8			9			7			10			3			7			7
Aviation/Space		2			7			5			5			4			5			5
Catastrophe		13			3			6			13			15			10			13
Credit/Surety		5			8			7			8			6			7			7
Energy		1			3			3			2			1			2			2
Engineering		3			5			5			3			3			4			4
Marine		5			7			9			8			5			7			6
Specialty casualty		3			1			1			3			3			2			2
Specialty property		1			5			4			4			2			4			3
Life and health		15			21			18			18			15			17			18
		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Geography:
Asia, Australia and New Zealand		9	%		8	%		12	%		13	%		9	%		11	%		12	%
Europe		46			41			37			36			48			41			41
Latin America, Caribbean and Africa		9			12			13			12			10			11			11
North America		36			39			38			39			33			37			36
		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Production Source:
Broker		71	%		67	%		70	%		73	%		67	%		69	%		72	%
Direct		29			33			30			27			33			31			28
		100	%		100	%		100	%		100	%		100	%		100	%		100	%

14

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended															For the year ended
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Distribution of Gross Premiums Written by Reinsurance Type for the Non-life sub-segment:
North America
Non-Proportional		33	%		11	%		22	%		19	%		50	%		26	%		30	%
Proportional		67			89			78			81			50			74			70
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Global (Non-U.S.) P&C
Non-Proportional		36	%		8	%		20	%		13	%		34	%		24	%		23	%
Proportional		64			92			80			87			66			76			77
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Global Specialty
Non-Proportional		31	%		9	%		14	%		24	%		31	%		20	%		19	%
Proportional		69			91			86			76			69			80			81
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Catastrophe
Non-Proportional		99	%		93	%		98	%		97	%		98	%		98	%		98	%
Proportional		1			7			2			3			2			2			2
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Non-life total
Non-Proportional		43	%		12	%		25	%		33	%		49	%		33	%		35	%
Proportional		57			88			75			67			51			67			65
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

15

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	March 31, 2013					December 31, 2012					September 30, 2012					June 30, 2012					March 31, 2012					December 31, 2011
Investments:
Fixed maturities
U.S. government	$	1,039		7	%	$	1,113		7	%	$	958		6	%	$	922		6	%	$	1,066		7	%	$	1,090		7	%
Government Sponsored Enterprises (GSEs)		25		—			18		—			25		—			22		—			23		—			26		—
U.S. states, territories and municipalities		250		2			243		1			219		1			127		1			130		1			124		1
Non-U.S. sovereign government, supranational and government related		2,296		15			2,376		15			2,638		17			2,651		18			3,070		19			2,964		19
Corporates		6,587		42			6,656		42			6,378		40			5,813		39			6,067		39			5,747		38
Mortgage/asset-backed securities		3,773		24			3,989		25			4,121		26			4,085		27			4,056		26			3,991		26
Total fixed maturities		13,970		90			14,395		90			14,339		90			13,620		91			14,412		92			13,942		91
Short-term investments		115		1			151		1			161		1			32		—			39		—			42		—
Equities		1,149		7			1,094		7			1,072		7			1,050		7			943		6			945		6
Other invested assets		311		2			333		2			341		2			330		2			361		2			358		3
Total investments	$	15,545		100	%	$	15,973		100	%	$	15,913		100	%	$	15,032		100	%	$	15,755		100	%	$	15,287		100	%
Cash and cash equivalents		1,287					1,122					1,336					1,512					1,210					1,343
Total investments and cash	$	16,832				$	17,095				$	17,249				$	16,544				$	16,965				$	16,630
Maturity distribution:
One year or less	$	1,052		7	%	$	1,081		7	%	$	1,175		8	%	$	872		6	%	$	597		4	%	$	571		4	%
More than one year through five years		4,137		29			4,198		29			4,071		28			4,193		31			5,038		35			4,923		35
More than five years through ten years		4,184		30			4,337		30			4,232		29			3,696		27			3,954		27			3,713		26
More than ten years		939		7			941		7			901		7			806		6			806		6			786		6
Subtotal		10,312		73			10,557		73			10,379		72			9,567		70			10,395		72			9,993		71
Mortgage/asset-backed securities		3,773		27			3,989		27			4,121		28			4,085		30			4,056		28			3,991		29
Total	$	14,085		100	%	$	14,546		100	%	$	14,500		100	%	$	13,652		100	%	$	14,451		100	%	$	13,984		100	%
Credit quality by market value:(A)
AAA		12	%				13	%				15	%				16	%				18	%				25	%
AA		41					42					42					43					42					37
A		25					23					21					21					21					21
BBB		15					15					14					14					13					11
Below Investment Grade/Unrated		7					7					8					6					6					6
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration(1)		2.9	Yrs				2.7	Yrs				3.0	Yrs				3.0	Yrs				2.9	Yrs				2.9	Yrs
Average yield to maturity at market(1)		2.1	%				2.0	%				1.9	%				2.3	%				2.3	%				2.4	%
Average credit quality		A					A					A					A					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.

(1) Includes funds holding fixed income securities.

16

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)

				March 31, 2013
	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	$	1,475,701			22.4	%		8.8	%		1.0	%
Consumer noncyclical		936,199			14.2			5.6			0.3
Communications		806,451			12.3			4.8			0.4
Utilities		645,492			9.8			3.8			0.3
Industrials		516,989			7.9			3.1			0.2
Energy		475,482			7.2			2.8			0.5
Consumer cyclical		456,068			6.9			2.7			0.3
Insurance		270,808			4.1			1.6			0.2
Government guaranteed corporate debt		265,593			4.0			1.6			0.3
Basic materials		223,465			3.4			1.3			0.1
Catastrophe bonds		135,772			2.1			0.8			0.1
Technology		127,561			1.9			0.7			0.2
Longevity and mortality bonds		127,373			1.9			0.7			0.4
Real estate investment trusts		112,509			1.7			0.7			0.1
Diversified		11,483			0.2			0.1			—
Total Corporate bonds	$	6,586,946			100.0	%		39.1	%
Finance sector - Corporate bonds
Banks	$	712,555			10.8	%		4.2	%
Investment banking and brokerage		361,599			5.5			2.2
Financial services		184,529			2.8			1.1
Commercial and consumer finance		176,885			2.7			1.1
Other		40,133			0.6			0.2
Total finance sector - Corporate bonds	$	1,475,701			22.4	%		8.8	%
	AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
Credit quality of finance sector - Corporate bonds
Banks	$	37,815		$	42,233		$	551,100		$	80,339		$	1,068		$	712,555
Investment banking and brokerage		—			—			337,715			22,839			1,045			361,599
Financial services		—			168,293			10,867			5,369			—			184,529
Commercial and consumer finance		—			12,731			67,608			62,745			33,801			176,885
Other		—			14,139			11,068			14,926			—			40,133
Total finance sector - Corporate bonds	$	37,815		$	237,396		$	978,358		$	186,218		$	35,914		$	1,475,701
% of total		3	%		16	%		66	%		13	%		2	%		100	%

Concentration of investment risk

The top 10 Corporate bond issues account for 15.9% of the Company’s total corporate bonds. The single largest issue accounts for 2.5% of the Company’s total Corporate bonds.

17

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

			March 31, 2013
	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
Real estate investment trusts	$	145,783		16.8	%		0.9	%		0.1	%
Energy		127,130		14.6			0.8			0.1
Consumer noncyclical		126,980		14.6			0.8			0.1
Finance		116,886		13.4			0.7			0.1
Technology		77,623		8.9			0.5			0.1
Communications		65,238		7.5			0.4			—
Consumer cyclical		58,863		6.8			0.3			—
Industrials		57,284		6.6			0.3			0.1
Insurance		37,619		4.3			0.2			0.1
Utilities		28,845		3.3			0.2			—
Basic materials		24,775		2.9			0.1			—
Diversified		2,993		0.3			—			—
Total equities	$	870,019		100.0	%		5.2	%
Mutual funds and exchange traded funds (ETFs)
Funds holding fixed income securities		227,854					1.3
Funds and ETFs holding equities		51,048					0.3
Total Equities	$	1,148,921					6.8	%

Concentration of investment risk

The single largest fund in funds and ETFs holding equities is an emerging markets fixed income fund, which accounts for 12.3% 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 17.5% of the Company’s total equities. Excluding equity securities held in mutual funds and exchange traded funds, the single largest issuer accounts for 2.3% of the Company’s total equities.

18

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 March 31, 2013
	GNMA			GSEs			AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
U.S. Asset-Backed Securities	$	—		$	—		$	75,528		$	82,109		$	69,045		$	12,982		$	362,153		$	601,817
U.S. Collaterized Mortgage Obligations		—			2,199			—			—			—			—			—			2,199
U.S. Mortgage Backed Securities (MBS)		523,749			1,803,215			—			—			—			—			—			2,326,964
U.S. Commercial Mortgage Backed Securities (CMBS)		6,061			—			19,451			—			7,220			1,424			1,644			35,800
U.S. MBS Interest Only		36,565			113,761			4,945			—			—			—			17,532			172,803
	$	566,375		$	1,919,175		$	99,924		$	82,109		$	76,265		$	14,406		$	381,329		$	3,139,583
Non-U.S. Asset-Backed Securities	$	—		$	—		$	69,727		$	41,066		$	25,981		$	—		$	—		$	136,774
Non-U.S. Collaterized Mortgage Obligations		—			—			149,462			66,248			60,727			—			—			276,437
Non-U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			22,380			—			—			—			—			22,380
Non-U.S. Mortgage Backed Securities (MBS)		—			—			197,501			—			—			—			—			197,501
	$	—		$	—		$	439,070		$	107,314		$	86,708		$	—		$	—		$	633,092
Total mortgage/asset-backed securities	$	566,375		$	1,919,175		$	538,994		$	189,423		$	162,973		$	14,406		$	381,329		$	3,772,675
Corporate Securities		—			24,511			—			—			—			—			—			24,511
Total	$	566,375		$	1,943,686		$	538,994		$	189,423		$	162,973		$	14,406		$	381,329		$	3,797,186
% of total		15	%		51	%		14	%		5	%		4	%		1	%		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 $248.0 million and a carrying value of $(0.2) million at March 31, 2013 within Other Invested Assets.

19

PartnerRe Ltd.

Other Invested Assets including Private Markets and Derivative Exposures

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	March 31, 2013														December 31, 2012						September 30, 2012
	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	$	108,254	$	—		$	108,254		$	—		$	108,254		$	132,840		$	132,840		$	133,603		$	133,603
Principal Finance - Derivative Exposure Assumed		—		(1,474	)		(1,474	)		81,078			79,604			(1,494	)		79,736			(2,603	)		78,777
Insurance-Linked Securities		—		(2,681	)		(2,681	)		233,244			230,563			(2,173	)		233,791			(1,234	)		154,730
Strategic Investments		214,626		—			214,626			—			214,626			203,160			203,160			204,653			204,653
Total other invested assets - Private Markets Exposure Assumed		322,880		(4,155	)		318,725			314,322			633,047			332,333			649,527			334,419			571,763
Other Credit Derivatives - Exposure Assumed		—		160			160			5,000			5,160			210			5,210			253			5,253
Other Credit Derivatives - Protection Purchased		—		(614	)		(614	)		(48,000	)		(48,614	)		(801	)		(55,801	)		(1,055	)		(61,055	)
Other(2)		9,355		(16,427	)		(7,072	)								1,619						7,938
Total other invested assets	$	332,235	$	(21,036	)	$	311,199								$	333,361					$	341,555

(1) The total net exposures originated in Private Markets are $1,591 million at March 31, 2013 ($1,740 million and $1,748 million at December 31, 2012 and September 30, 2012, respectively). In addition to the net exposures listed above of $633 million at March 31, 2013 ($650 million and $572 million at December 31, 2012 and September 30, 2012, respectively), the Company has the following other net exposures originated in Private Markets:

• Principal Finance: $655 million of assets listed under Investments - Fixed Maturities and $7 million listed under Investments - Equities for a total exposure of $850 million at March 31, 2013 ($937 million and $939 million at December 31, 2012 and September 30, 2012, respectively).

• Insurance-Linked Securities: $263 million of bonds listed under Investments - Fixed Maturities for a total exposure of $494 million at March 31, 2013 ($570 million and $567 million at December 31, 2012 and September 30, 2012, respectively).

• Strategic Investments: $30 million of assets listed under Investments - Equities, and $2 million of assets listed under Other Assets for a total exposure of $247 million at March 31, 2013 ($233 million and $242 million at December 31, 2012 and September 30, 2012, respectively).

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

20

PartnerRe Ltd.

Funds Held - Directly Managed Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	March 31, 2013					December 31, 2012					September 30, 2012					June 30, 2012					March 31, 2012					December 31, 2011
Investments:
Fixed maturities
U.S. government	$	129		16	%	$	129		15	%	$	221		21	%	$	222		20	%	$	218		19	%	$	111		11	%
Government Sponsored Enterprises (GSEs)		90		11			90		11			136		13			146		14			157		14			158		15
Non-U.S. sovereign government, supranational and government related		226		28			234		28			273		25			276		25			290		25			275		26
Corporates		345		43			362		44			414		39			419		39			460		40			480		45
Total fixed maturities		790		98			815		98			1,044		98			1,063		98			1,125		98			1,024		97
Short-term investments		—		—			—		—			—		—			11		1			2		—			18		2
Other invested assets		16		2			18		2			17		2			15		1			18		2			16		1
Total investments	$	806		100	%	$	833		100	%	$	1,061		100	%	$	1,089		100	%	$	1,145		100	%	$	1,058		100	%
Cash and cash equivalents		44					54					90					64					47					176
Total investments and cash	$	850				$	887				$	1,151				$	1,153				$	1,192				$	1,234
Accrued investment income		10					10					15					13					14					14
Other funds held assets/liabilities		50					34					22					67					58					20
Total funds held - directly managed	$	910				$	931				$	1,188				$	1,233				$	1,264				$	1,268
Maturity distribution:
One year or less	$	154		19	%	$	133		17	%	$	213		20	%	$	216		20	%	$	192		17	%	$	227		22	%
More than one year through five years		487		62			515		63			622		60			642		60			705		63			573		55
More than five years through ten years		127		16			141		17			182		17			188		17			203		18			215		20
More than ten years		22		3			26		3			27		3			28		3			27		2			27		3
Total	$	790		100	%	$	815		100	%	$	1,044		100	%	$	1,074		100	%	$	1,127		100	%	$	1,042		100	%
Credit quality by market value:(A)
AAA		11	%				12	%				12	%				14	%				15	%				22	%
AA		59					58					61					59					59					50
A		24					24					22					23					21					24
BBB		6					6					5					4					5					4
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		2.9	Yrs				3.0	Yrs				2.9	Yrs				2.9	Yrs				3.0	Yrs				2.7	Yrs
Average yield to maturity at market		0.9	%				1.0	%				1.0	%				1.3	%				1.4	%				1.7	%
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.

21

PartnerRe Ltd.

Distribution of Corporate Bonds

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

				March 31, 2013
	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	$	132,132			38.3	%		15.6	%		1.7	%
Consumer noncyclical		57,793			16.8			6.8			1.1
Energy		49,402			14.3			5.8			1.2
Utilities		27,059			7.9			3.2			0.7
Basic materials		19,955			5.8			2.3			0.6
Communications		16,569			4.8			2.0			0.5
Government guaranteed corporate debt		13,050			3.8			1.5			1.1
Consumer cyclical		10,832			3.1			1.3			0.9
Industrials		8,540			2.5			1.0			0.4
Technology		4,276			1.2			0.5			0.5
Real estate investment trusts		3,544			1.0			0.4			0.4
Insurance		1,850			0.5			0.2			0.1
Total Corporate bonds	$	345,002			100.0	%		40.6	%
Finance sector - Corporate bonds
Banks	$	88,327			25.6	%		10.4	%
Financial services		18,152			5.3			2.1
Investment banking and brokerage		12,685			3.7			1.5
Commercial and consumer finance		8,919			2.6			1.1
Other		4,049			1.1			0.5
Total finance sector - Corporate bonds	$	132,132			38.3	%		15.6	%
	AAA			AA			A			BBB			Total
Credit quality of finance sector - Corporate bonds
Banks	$	10,074		$	39,003		$	36,273		$	2,977			88,327
Financial services		140			13,485			4,527			—			18,152
Investment banking and brokerage		12,685			—			—			—			12,685
Commercial and consumer finance		—			2,309			6,610			—			8,919
Other		—			—			4,049			—			4,049
Total finance sector - Corporate bonds	$	22,899		$	54,797		$	51,459		$	2,977		$	132,132
% of total		17	%		42	%		39	%		2	%		100	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 27.4% of the Company’s total corporate bonds within the Funds Held - Directly Managed Portfolio. The single largest issuer accounts for 4.1% of the Company’s total corporate bonds within the Funds Held - Directly Managed portfolio.

22

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
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Fixed maturities	$	116,082		$	125,903		$	123,540		$	129,900		$	133,490		$	512,833		$	561,576
Short-term investments, cash and cash equivalents		879			1,144			537			628			596			2,905			3,843
Equities		4,772			5,018			4,684			12,992			3,513			26,207			19,815
Funds held and other		8,604			9,435			10,741			13,330			10,602			44,109			49,502
Funds held - directly managed		5,805			6,275			6,586			7,577			8,593			29,031			37,919
Investment expenses		(12,438	)		(12,106	)		(10,822	)		(10,921	)		(9,898	)		(43,747	)		(43,507	)
Net investment income(1)	$	123,704		$	135,669		$	135,266		$	153,506		$	146,896		$	571,338		$	629,148
Net realized investment gains on fixed maturities and short-term investments	$	41,544		$	49,761		$	43,626		$	62,202		$	17,398		$	172,987		$	157,207
Net realized investment gains on equities		19,320			18,868			5,495			6,370			41,421			72,155			90,866
Net realized gains (losses) on other invested assets		11,152			(971	)		(2,604	)		(18,321	)		5,205			(16,691	)		(176,295	)
Change in net unrealized (losses) gains on other invested assets		(22,036	)		(13,903	)		(1,747	)		(14,346	)		20,428			(9,568	)		(46,278	)
Change in net unrealized investment (losses) gains on fixed maturities and short-term investments		(71,670	)		(44,799	)		150,046			32,995			47,821			186,063			128,224
Change in net unrealized investment gains (losses) on equities		50,066			(2,815	)		51,260			(32,963	)		50,771			66,253			(101,860	)
Net other realized and unrealized investment (losses) gains		(809	)		578			1,899			406			2,961			5,843			3,617
Net realized and unrealized investment (losses) gains on funds held - directly managed		(4,624	)		(1,606	)		9,454			1,789			6,730			16,367			11,211
Net realized and unrealized investment gains	$	22,943		$	5,113		$	257,429		$	38,132		$	192,735		$	493,409		$	66,692

(1) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the three months ended March 31, 2013, net investment income includes foreign exchange impacts of $2.7 million compared to the three months ended March 31, 2012.

23

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
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Fixed maturities	$	5,336		$	6,307		$	6,746		$	7,087		$	7,620		$	27,760		$	31,542
Short-term investments, cash and cash equivalents		377			333			375			167			171			1,046			1,906
Other		322			364			262			305			716			1,647			5,402
Investment expenses		(230	)		(729	)		(797	)		18			86			(1,422	)		(931	)
Net investment income	$	5,805		$	6,275		$	6,586		$	7,577		$	8,593		$	29,031		$	37,919
Net realized investment gains (losses) on fixed maturities and short-term investments	$	1,449		$	8,642		$	41		$	108		$	(386	)	$	8,405		$	5,369
Net realized investment losses on other invested assets		—			—			—			—			—			—			(42	)
Change in net unrealized investment (losses) gains on fixed maturities and short-term investments		(3,968	)		(10,019	)		7,690			3,029			5,883			6,583			12,314
Change in net unrealized investment (losses) gains on other invested assets		(2,105	)		(229	)		1,723			(1,348	)		1,233			1,379			(6,430	)
Net realized and unrealized investment (losses) gains on funds held - directly managed	$	(4,624	)	$	(1,606	)	$	9,454		$	1,789		$	6,730		$	16,367		$	11,211

24

PartnerRe Ltd.

Analysis of Unpaid Losses and Loss Expenses

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the three months ended															As at and for the year ended
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	10,709,371		$	10,761,302		$	10,661,012		$	11,143,354		$	11,273,091		$	11,273,091		$	10,666,604
Reinsurance recoverable at beginning of period		(291,330	)		(308,154	)		(331,346	)		(335,613	)		(353,105	)		(353,105	)		(348,747	)
Net liability at beginning of period		10,418,041			10,453,148			10,329,666			10,807,741			10,919,986			10,919,986			10,317,857
Net incurred losses related to:
Current year		661,665			793,291			753,068			648,522			590,814			2,785,694			4,252,766
Prior years		(182,796	)		(160,564	)		(188,758	)		(115,140	)		(163,603	)		(628,065	)		(530,457	)
		478,869			632,727			564,310			533,382			427,211			2,157,629			3,722,309
Change in reserve agreement(1)		(25,963	)		(18,862	)		(39,739	)		7,229			(34,792	)		(86,163	)		(61,383	)
Net losses paid		(706,123	)		(707,035	)		(575,508	)		(774,142	)		(648,377	)		(2,705,062	)		(2,990,559	)
Effects of foreign exchange rate changes		(133,749	)		58,063			174,419			(244,544	)		143,713			131,651			(68,238	)
Net liability at end of period		10,031,075			10,418,041			10,453,148			10,329,666			10,807,741			10,418,041			10,919,986
Reinsurance recoverable at end of period		292,711			291,330			308,154			331,346			335,613			291,330			353,105
Gross liability at end of period	$	10,323,786		$	10,709,371		$	10,761,302		$	10,661,012		$	11,143,354		$	10,709,371		$	11,273,091
Breakdown of gross liability at end of period:
Case reserves	$	4,792,975		$	4,872,591		$	5,000,805		$	5,000,584		$	5,189,842		$	4,872,591		$	5,187,761
Additional case reserves		373,509			343,549			411,063			453,035			550,945			343,549			495,593
Incurred but not reported reserves		5,157,302			5,493,231			5,349,434			5,207,393			5,402,567			5,493,231			5,589,737
Gross liability at end of period	$	10,323,786		$	10,709,371		$	10,761,302		$	10,661,012		$	11,143,354		$	10,709,371		$	11,273,091
Breakdown of gross liability at end of period by Non-life sub-segment:
North America	$	3,279,989		$	3,373,852		$	3,402,697		$	3,310,449		$	3,292,254		$	3,373,852		$	3,287,364
Global (Non-U.S.) P&C		2,412,743			2,507,761			2,511,342			2,478,403			2,671,384			2,507,761			2,631,593
Global Specialty		3,788,417			3,868,700			3,773,521			3,781,955			3,930,158			3,868,700			3,922,404
Catastrophe		842,637			959,058			1,073,742			1,090,205			1,249,558			959,058			1,431,730
Gross liability at end of period	$	10,323,786		$	10,709,371		$	10,761,302		$	10,661,012		$	11,143,354		$	10,709,371		$	11,273,091
Unrecognized time value of non-life reserves	$	452,389		$	465,625		$	465,899		$	493,597		$	618,317		$	465,625		$	560,860
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		147.5	%		111.7	%		102.0	%		145.1	%		151.8	%		125.4	%		80.3	%
Non-life paid losses to net premiums earned ratio		76.5	%		73.5	%		55.2	%		86.9	%		81.5	%		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.

25

PartnerRe Ltd.

Analysis of Policy Benefits for Life and Annuity Contracts

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the three months ended															As at and for the year ended
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,813,244		$	1,703,147		$	1,635,547		$	1,707,982		$	1,645,662		$	1,645,662		$	1,750,410
Reinsurance recoverable at beginning of period		(20,684	)		(9,836	)		(9,635	)		(9,221	)		(9,874	)		(9,874	)		(14,739	)
Net liability at beginning of period		1,792,560			1,693,311			1,625,912			1,698,761			1,635,788			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		190,474			167,612			162,638			170,889			160,204			661,343			650,771
Prior years		(8,391	)		512			(5,811	)		1,866			(10,929	)		(14,362	)		(510	)
		182,083			168,124			156,827			172,755			149,275			646,981			650,261
Net losses paid		(161,571	)		(145,060	)		(142,721	)		(174,862	)		(131,047	)		(593,690	)		(718,926	)
Effects of foreign exchange rate changes		(59,457	)		22,114			53,293			(70,742	)		44,745			49,410			(31,218	)
Net liability at end of period		1,753,615			1,792,560			1,693,311			1,625,912			1,698,761			1,792,560			1,635,788
Reinsurance recoverable at end of period		9,798			20,684			9,836			9,635			9,221			20,684			9,874
Gross liability at end of period	$	1,763,413		$	1,813,244		$	1,703,147		$	1,635,547		$	1,707,982		$	1,813,244		$	1,645,662

26

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2012			December 31, 2011
Prior year net favorable (adverse) reserve development:
Non-life segment:
North America	$	29,946		$	51,381		$	66,621		$	38,764		$	61,717		$	218,483		$	189,180
Global (Non-U.S.) P&C		57,617			39,929			28,686			17,981			27,683			114,279			115,995
Global Specialty		60,464			45,944			90,602			58,549			55,428			250,523			128,975
Catastrophe		34,769			23,310			2,849			(154	)		18,775			44,780			96,307
Total Non-life net prior year reserve development	$	182,796		$	160,564		$	188,758		$	115,140		$	163,603		$	628,065		$	530,457
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(11,129	)	$	(18,866	)	$	(13,761	)	$	(35,011	)	$	(26,333	)	$	(93,971	)	$	(58,501	)
Net prior year reserve development due to all other factors(2)		193,925			179,430			202,519			150,151			189,936			722,036			588,958
Total Non-life net prior year reserve development	$	182,796		$	160,564		$	188,758		$	115,140		$	163,603		$	628,065		$	530,457
Life and Health segment:
Net prior year reserve development due to GMDB (1)	$	5,649		$	(3	)	$	5,227		$	(4,784	)	$	9,569		$	10,009		$	5,245
Net prior year reserve development due to all other factors(2)		2,742			(509	)		584			2,918			1,360			4,353			(4,735	)
Total Life and Health net prior year reserve development	$	8,391		$	(512	)	$	5,811		$	(1,866	)	$	10,929		$	14,362		$	510

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatility in certain referenced global equity markets. At March 31, 2013, a 10% increase in the referenced global equity market would have decreased reserves by approximately $3.7 million, while a 10% decrease in the referenced global equity market would have increased reserves by approximately $4.6 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.

27

PartnerRe Ltd.

Natural Catastrophe Probable Maximum Losses (PMLs)

(Expressed in millions of U.S. dollars)

(Unaudited)

Single occurrence estimated net PML exposure⁽¹⁾

		Jan 1, 2013				Oct 1, 2012				July 1, 2012				April 1, 2012				Jan 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)		1-in-250 year PML		1-in-500 year PML (Earthquake perils only)
U.S. Southeast	Hurricane	$	1,143			$	1,173			$	1,173			$	1,253			$	1,210
U.S. Northeast	Hurricane		1,124				1,000				1,000				1,068				1,074
U.S. Gulf Coast	Hurricane		1,041				1,069				1,069				997				977
Caribbean	Hurricane		293				272				272				292				280
Europe	Windstorm		850				927				927				884				922
Japan	Typhoon		192				164				164				161				128
California	Earthquake		722	$	906		734	$	923		734	$	923		856	$	1,072		865	$	1,086
British Columbia	Earthquake		314		564		350		526		350		526		355		527		363		542
Japan	Earthquake		503		564		502		543		502		543		537		578		802		851
Australia	Earthquake		468		583		468		582		468		582		479		626		478		627
New Zealand	Earthquake		276		299		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 Company’s natural catastrophe PML information and definitions, see Business—Natural Catastrophe Probable Maximum Loss (PML) in Item 1 of Part 1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

28

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	For the three months ended															For the year ended
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			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)		14.0	%		7.4	%		35.5	%		11.8	%		24.7	%		19.9	%		(9.0	)%
Less:
Annualized net realized and unrealized investment gains (losses), net of tax, on beginning diluted book value per common share (1)		0.8			(0.6	)		16.7			1.3			11.4			7.3			0.2
Annualized net foreign exchange (losses) gains, net of tax, on beginning diluted book value per common share (1)		(0.1	)		0.6			0.1			0.1			(0.1	)		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)		0.4			0.1			0.3			—			0.4			0.2			(0.1	)
Annualized loss on redemption of preferred shares, on beginning diluted book value per common share (1)		(0.6	)		—			—			—			—			—			—
Annualized operating return on beginning diluted book value per common share (1)		13.5	%		7.3	%		18.4	%		10.4	%		13.0	%		12.3	%		(10.1	)%
Net income (loss)	$	234,370		$	111,521		$	486,706		$	176,146		$	360,141		$	1,134,514		$	(520,291	)
Less:
Net realized and unrealized investment gains (losses), net of tax		12,275			(7,356	)		221,825			18,325			159,221			392,014			15,104
Net foreign exchange (losses) gains, net of tax		(787	)		7,281			1,418			1,277			(1,630	)		8,345			66,433
Interest in earnings (losses) of equity investments, net of tax		6,094			520			3,652			(879	)		5,450			8,742			(7,239	)
Dividends to preferred shareholders		14,699			15,405			15,405			15,405			15,405			61,622			47,020
Operating earnings (loss) available to common shareholders	$	202,089		$	95,671		$	244,406		$	142,018		$	181,695		$	663,791		$	(641,609	)
Per diluted common share:
Net income (loss)	$	3.53		$	1.56		$	7.53		$	2.50		$	5.24		$	16.87		$	(8.40	)
Less:
Net realized and unrealized investment gains (losses), net of tax		0.20			(0.12	)		3.55			0.29			2.42			6.17			0.23
Net foreign exchange (losses) gains, net of tax		(0.01	)		0.12			0.02			0.02			(0.02	)		0.13			0.98
Loss on redemption of preferred shares		(0.15	)		—			—			—			—			—			—
Interest in earnings (losses) of equity investments, net of tax		0.10			0.01			0.06			(0.01	)		0.08			0.14			(0.11	)
Operating earnings (loss)	$	3.39		$	1.55		$	3.90		$	2.20		$	2.76		$	10.43		$	(9.50	)

(1) Excluding preferred shares of $893,750 at January 1, 2013 and 2012 and $520,000 at January 1, 2011.

29

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	March 31, 2013		December 31, 2012		September 30, 2012		June 30, 2012		March 31, 2012		December 31, 2011
Reconciliation of GAAP and non-GAAP measures:
Total shareholders’ equity	$	6,947,558	$	6,933,496	$	7,079,002	$	6,697,593	$	6,786,871	$	6,467,542
Less:
Preferred shares, aggregate liquidation value		853,750		893,750		893,750		893,750		893,750		893,750
Noncontrolling interests		36,844		—		—		—		—		—
Common shareholders’ equity attributable to PartnerRe Ltd.		6,056,964		6,039,746		6,185,252		5,803,843		5,893,121		5,573,792
Less:
Goodwill		456,380		456,380		455,533		455,533		455,533		455,533
Intangible assets, net of tax		135,207		141,249		72,646		80,917		85,291		93,254
Tangible book value	$	5,465,377	$	5,442,117	$	5,657,073	$	5,267,393	$	5,352,297	$	5,025,005
Divided by:
Common shares and common share equivalents outstanding		58,826,334		59,893,366		62,136,090		63,164,499		65,751,585		65,715,708
Equals:
Diluted tangible book value per common share	$	92.91	$	90.86	$	91.04	$	83.39	$	81.40	$	76.47

30

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	March 31, 2013		December 31, 2012		September 30, 2012		June 30, 2012		March 31, 2012		December 31, 2011
Reconciliation of GAAP and non-GAAP measures:
Total shareholders’ equity	$	6,947,558	$	6,933,496	$	7,079,002	$	6,697,593	$	6,786,871	$	6,467,542
Less:
Preferred shares, aggregate liquidation value		853,750		893,750		893,750		893,750		893,750		893,750
Noncontrolling interest		36,844		—		—		—		—		—
Common shareholders’ equity attributable to PartnerRe Ltd.		6,056,964		6,039,746		6,185,252		5,803,843		5,893,121		5,573,792
Less:
Goodwill		456,380		456,380		455,533		455,533		455,533		455,533
Intangibles, net of tax		135,207		141,249		72,646		80,917		85,291		93,254
Tangible book value		5,465,377		5,442,117		5,657,073		5,267,393		5,352,297		5,025,005
Net unrealized gains on fixed income securities and funds held - directly managed, net of tax (NURGL)		563,953		657,604		682,956		541,202		504,386		451,946
Book value excluding NURGL	$	5,493,011	$	5,382,142	$	5,502,296	$	5,262,641	$	5,388,735	$	5,121,846
Tangible book value excluding NURGL	$	4,901,424	$	4,784,513	$	4,974,117	$	4,726,191	$	4,847,911	$	4,573,059
Divided by:
Number of common shares and common share equivalents outstanding		58,826,334		59,893,366		62,136,090		63,164,499		65,751,585		65,715,708
Equals:
Diluted book value per common share excluding NURGL	$	93.38	$	89.86	$	88.55	$	83.32	$	81.96	$	77.94
Diluted tangible book value per common share excluding NURGL	$	83.32	$	79.88	$	80.05	$	74.82	$	73.73	$	69.59

31

PartnerRe Ltd.

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

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

(Unaudited)

	March 31, 2013		December 31, 2012		September 30, 2012		June 30, 2012		March 31, 2012		December 31, 2011
Basic book value per common share
Total shareholders’ equity	$	6,947,558	$	6,933,496	$	7,079,002	$	6,697,593	$	6,786,871	$	6,467,542
Less:
Preferred shares, aggregate liquidation value		853,750		893,750		893,750		893,750		893,750		893,750
Noncontrolling interest		36,844		—		—		—		—		—
Common shareholders’ equity attributable to PartnerRe Ltd.	$	6,056,964	$	6,039,746	$	6,185,252	$	5,803,843	$	5,893,121	$	5,573,792
Basic common shares outstanding		57,660.2		58,909.4		61,366.7		62,557.5		65,313.0		65,322.3
Basic book value per common share	$	105.05	$	102.53	$	100.79	$	92.78	$	90.23	$	85.33
Common shareholders’ equity attributable to PartnerRe Ltd.	$	6,056,964	$	6,039,746	$	6,185,252	$	5,803,843	$	5,893,121	$	5,573,792
Basic common shares outstanding		57,660.2		58,909.4		61,366.7		62,557.5		65,313.0		65,322.3
Add:
Stock options and other		3,105.1		2,892.5		2,297.4		1,968.6		1,099.2		809.4
Restricted stock units		793.4		864.3		877.6		877.5		780.9		489.0
Less:
Stock options and other bought back via treasury stock method		2,732.4		2,772.8		2,405.6		2,239.1		1,441.5		905.0
Diluted common shares and common share equivalents outstanding		58,826.3		59,893.4		62,136.1		63,164.5		65,751.6		65,715.7
Diluted book value per common share	$	102.96	$	100.84	$	99.54	$	91.88	$	89.63	$	84.82

(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.

32

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 March 31, 2013						As at and for the three months ended March 31, 2012
	Common shareholders’ equity			Diluted book value per common share			Common shareholders’ equity			Diluted book value per common share
Common shareholders’ equity attributable to PartnerRe Ltd. / diluted book value per common share at beginning of period	$	6,040		$	100.84		$	5,574		$	84.82
Technical result		251			4.22			202			3.06
Other operating expenses		(116	)		(1.95	)		(98	)		(1.49	)
Net investment income		124			2.08			147			2.23
Amortization of intangible assets		(7	)		(0.12	)		(9	)		(0.14	)
Other, net		(11	)		(0.18	)		(10	)		(0.14	)
Operating income tax expense		(24	)		(0.41	)		(35	)		(0.53	)
Preferred dividends		(15	)		(0.25	)		(15	)		(0.23	)
Operating earnings		202			3.39			182			2.76
Net realized and unrealized investment gains, net of tax		12			0.20			159			2.42
Net foreign exchange losses, net of tax		—			(0.01	)		(2	)		(0.02	)
Loss on redemption of preferred shares		(9	)		(0.15	)		—			—
Interest in earnings of equity investments, net of tax		6			0.10			6			0.08
Net income available to common shareholders		211			3.53			345			5.24
Common share dividends		(37	)		(0.64	)		(41	)		(0.62	)
Change in currency translation adjustment		(20	)		(0.33	)		17			0.26
Repurchase of common shares, net		(137	)		(0.19	)		(1	)		—
Preferred share issuance costs		(9	)		(0.15	)		—			—
Recognition of loss on redemption of preferred shares		9			0.15			—			—
Change in other accumulated comprehensive income or loss, net of tax		—			0.01			(1	)		(0.02	)
Impact of change in number of common and common share equivalents outstanding		n/a			(0.26	)		n/a			(0.05	)
Common shareholders’ equity attributable to PartnerRe Ltd. / diluted book value per common share at end of period	$	6,057		$	102.96		$	5,893		$	89.63
Goodwill		(456	)		(7.76	)		(456	)		(6.93	)
Intangibles, net of tax		(136	)		(2.29	)		(85	)		(1.30	)
Tangible common shareholders’ equity attributable to PartnerRe Ltd. / diluted tangible book value per common share at end of period	$	5,465		$	92.91		$	5,352		$	81.40

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PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

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

(Unaudited)

	As at and for the year ended December 31, 2012						As at and for the year ended December 31, 2011
	Common shareholders’ equity			Diluted book value per common share			Common shareholders’ equity			Diluted book value per common share
Common shareholders’ equity attributable to PartnerRe Ltd. / diluted book value per common share at beginning of period	$	5,574		$	84.82		$	6,687		$	93.77
Technical result		744			11.70			(663	)		(9.82	)
Other operating expenses		(411	)		(6.47	)		(435	)		(6.44	)
Net investment income		571			8.98			629			9.31
Amortization of intangible assets		(32	)		(0.50	)		(36	)		(0.54	)
Other, net		(36	)		(0.58	)		(42	)		(0.61	)
Operating income tax expense		(110	)		(1.73	)		(48	)		(0.71	)
Preferred dividends		(62	)		(0.97	)		(47	)		(0.69	)
Operating earnings (loss)		664			10.43			(642	)		(9.50	)
Net realized and unrealized investment gains, net of tax		392			6.17			15			0.23
Net foreign exchange gains, net of tax		8			0.13			67			0.98
Interest in earnings (losses) of equity investments, net of tax		9			0.14			(7	)		(0.11	)
Net income (loss) available to common shareholders		1,073			16.87			(567	)		(8.40	)
Common share dividends		(156	)		(2.48	)		(159	)		(2.35	)
Change in currency translation adjustment		28			0.45			(12	)		(0.17	)
Repurchase of common shares, net		(474	)		2.07			(358	)		0.93
Preferred shares issuance costs		—			—			(12	)		(0.18	)
Change in other accumulated comprehensive income or loss, net of tax		(5	)		(0.08	)		(5	)		(0.07	)
Impact of change in number of common and common share equivalents outstanding		n/a			(0.81	)		n/a			1.29
Common shareholders’ equity attributable to PartnerRe Ltd. / diluted book value per common share at end of period	$	6,040		$	100.84		$	5,574		$	84.82
Goodwill		(456	)		(7.62	)		(456	)		(6.93	)
Intangibles, net of tax		(142	)		(2.36	)		(93	)		(1.42	)
Tangible common shareholders’ equity attributable to PartnerRe Ltd. / diluted tangible book value per common share at end of period	$	5,442		$	90.86		$	5,025		$	76.47

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