Partnerre (PREJF) 8-K PartnerRe Ltd. Reports Second Quarter and Half Year 2013 Results

Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as at June 30, 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 - June 30, 2013

Table of Contents

	Page
Regulation G and Basis of Presentation
Consolidated Financial Statements
Consolidated Statements of Operations		1-2
Condensed Consolidated Balance Sheets		3
Condensed Consolidated Statements of Cash Flows		4-5
Consolidated Statements of Comprehensive (Loss) Income		6
Segment Information
For the three months ended June 30, 2013 and 2012		7-8
For the six months ended June 30, 2013 and 2012		9-10
Non-life segment		11-12
North America sub-segment		13-14
Global (Non-U.S.) P&C sub-segment		15-16
Global Specialty sub-segment		17-18
Catastrophe sub-segment		19-20
Life and Health segment		21-22
Corporate and Other		23-24
Distribution of Premiums
Distribution of Premiums by line of business, geography and production source		25-26
Distribution of Premiums by reinsurance type		27-28
Investments
Investment Portfolio		29
Distribution of Corporate Bonds		30
Distribution of Equities		31
Distribution of Mortgage/Asset-Backed Securities		32
Other Invested Assets including Private Markets and Derivative Exposures		33
Funds Held - Directly Managed Portfolio		34
Distribution of Corporate Bonds - Funds Held - Directly Managed Portfolio		35
Composition of Net Investment Income and Net Realized and Unrealized Investment (Losses) Gains		36-37
Composition of Net Investment Income and Net Realized and Unrealized Investment (Losses) Gains on Funds Held - Directly Managed Portfolio		38-39
Loss Reserves
Analysis of Unpaid Losses and Loss Expenses		40-41
Analysis of Policy Benefits for Life and Annuity Contracts		42-43
Reserve Development		44-45
Natural Catastrophe Probable Maximum Losses (PMLs)		46
Reconciliation of GAAP and non-GAAP measures		47-50
Diluted Book Value per Common Share - Treasury Stock Method		51
Diluted Book Value and Diluted Tangible Book Value per Common Share - Rollforward		52-54

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 PartnerRe 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 PartnerRe 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 PartnerRe 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 PartnerRe Common Share and Common Share Equivalents Outstanding: The Company calculates Tangible Book Value using common shareholders’ equity attributable to PartnerRe 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 PartnerRe common shares and common share equivalents outstanding. The Company uses these measures as the basis for its prime measure of long-term financial performance (annualized growth in Diluted Tangible Book Value per Common Share plus dividends). Management believes annualized growth in Diluted Tangible Book Value per Common Share plus dividends aligns the Company’s stated long-term objectives with the measure most investors use to evaluate total shareholder value creation given that it focuses on the tangible value of total shareholder returns, excluding 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 PartnerRe 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 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, 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.

All references to per common share data, common share and common share equivalent data, and common shareholders’ equity data throughout this Financial Supplement relates to PartnerRe Ltd.’s (PartnerRe) common shareholders.

PartnerRe Ltd.

Consolidated Statements of Operations

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

(Unaudited)

	For the three months ended
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Revenues
Gross premiums written	$	1,340,582		$	1,756,886		$	931,434		$	1,056,076		$	1,163,243
Net premiums written	$	1,309,318		$	1,636,431		$	920,288		$	1,043,240		$	1,136,046
(Increase) decrease in unearned premiums		(100,682	)		(489,751	)		247,852			193,851			(45,168	)
Net premiums earned		1,208,636			1,146,680			1,168,140			1,237,091			1,090,878
Net investment income		124,503			123,704			135,669			135,266			153,506
Net realized and unrealized investment (losses) gains		(299,215	)		22,943			5,113			257,429			38,132
Other income		3,878			3,927			3,777			2,744			2,654
Total revenues		1,037,802			1,297,254			1,312,699			1,632,530			1,285,170
Expenses
Losses and loss expenses and life policy benefits		866,843			660,952			800,851			721,137			706,137
Acquisition costs		241,743			234,200			245,520			247,058			232,723
Other operating expenses(1)		144,833			116,040			112,319			94,697			106,184
Interest expense		12,232			12,229			12,227			12,224			12,223
Amortization of intangible assets		7,045			7,046			5,120			8,893			8,893
Net foreign exchange losses (gains)		10,584			(2,043	)		3,341			2,015			(7,770	)
Total expenses		1,283,280			1,028,424			1,179,378			1,086,024			1,058,390
(Loss) income before taxes and interest in (losses) earnings of equity investments		(245,478	)		268,830			133,321			546,506			226,780
Income tax (benefit) expense		(74,569	)		41,675			22,826			64,149			50,136
Interest in (losses) earnings of equity investments		(3,479	)		7,215			1,026			4,349			(498	)
Net (loss) income		(174,388	)		234,370			111,521			486,706			176,146
Net income attributable to noncontrolling interests		(1,183	)		—			—			—			—
Net (loss) income attributable to PartnerRe		(175,571	)		234,370			111,521			486,706			176,146
Preferred dividends		14,796			14,699			15,405			15,405			15,405
Loss on redemption of preferred shares		—			9,135			—			—			—
Net (loss) income attributable to PartnerRe common shareholders	$	(190,367	)	$	210,536		$	96,116		$	471,301		$	160,741
Operating earnings attributable to PartnerRe common shareholders	$	51,055		$	202,089		$	95,671		$	244,406		$	142,018
Comprehensive (loss) income attributable to PartnerRe common shareholders	$	(187,445	)	$	215,303		$	104,603		$	518,871		$	158,044
Per share data attributable to PartnerRe common shareholders:
Basic operating earnings	$	0.90		$	3.46		$	1.58		$	3.95	��	$	2.22
Net realized and unrealized investment (losses) gains, net of tax		(4.07	)		0.21			(0.13	)		3.59			0.29
Net foreign exchange (losses) gains, net of tax		(0.10	)		(0.01	)		0.12			0.02			0.02
Loss on redemption of preferred shares		—			(0.16	)		—			—			—
Interest in (losses) earnings of equity investments, net of tax		(0.10	)		0.10			0.01			0.06			(0.01	)
Basic net (loss) income	$	(3.37	)	$	3.60		$	1.58		$	7.62		$	2.52
Weighted average number of common shares outstanding		56,485,882			58,423,898			60,643,216			61,837,328			63,816,027
Diluted operating earnings(1)	$	0.90		$	3.39		$	1.55		$	3.90		$	2.20
Net realized and unrealized investment (losses) gains, net of tax		(4.07	)		0.20			(0.12	)		3.55			0.29
Net foreign exchange (losses) gains, net of tax		(0.10	)		(0.01	)		0.12			0.02			0.02
Loss on redemption of preferred shares		—			(0.15	)		—			—			—
Interest in (losses) earnings of equity investments, net of tax		(0.10	)		0.10			0.01			0.06			(0.01	)
Diluted net (loss) income	$	(3.37	)	$	3.53		$	1.56		$	7.53		$	2.50
Weighted average number of common shares and common share equivalents outstanding		56,485,882			59,590,044			61,627,207			62,606,761			64,423,036
Dividends declared per common share	$	0.64		$	0.64		$	0.62		$	0.62		$	0.62

(1) Includes an expense related to the restructuring of the Company’s business support operations and Global Non-life operations of $43.2 million, or $0.77 per diluted share, pre-tax, for the three months ended June 30, 2013.

1

PartnerRe Ltd.

Consolidated Statements of Operations

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

(Unaudited)

	For the six months ended						For the year ended
	June 30, 2013			June 30, 2012			December 31, 2012			December 31, 2011
Revenues
Gross premiums written	$	3,097,467		$	2,730,726		$	4,718,235		$	4,633,054
Net premiums written	$	2,945,750		$	2,609,331		$	4,572,860		$	4,486,329
(Increase) decrease in unearned premiums		(590,434	)		(528,623	)		(86,921	)		161,425
Net premiums earned		2,355,316			2,080,708			4,485,939			4,647,754
Net investment income		248,207			300,402			571,338			629,148
Net realized and unrealized investment (losses) gains		(276,272	)		230,867			493,409			66,692
Other income		7,805			5,400			11,920			7,915
Total revenues		2,335,056			2,617,377			5,562,606			5,351,509
Expenses
Losses and loss expenses and life policy benefits		1,527,794			1,282,623			2,804,610			4,372,570
Acquisition costs		475,942			444,330			936,909			938,361
Other operating expenses(1)		260,874			204,358			411,374			434,846
Interest expense		24,460			24,443			48,895			48,949
Amortization of intangible assets		14,091			17,786			31,799			36,405
Net foreign exchange losses (gains)		8,543			(5,181	)		175			(34,675	)
Total expenses		2,311,704			1,968,359			4,233,762			5,796,456
Income (loss) before taxes and interest in earnings (losses) of equity investments		23,352			649,018			1,328,844			(444,947	)
Income tax (benefit) expense		(32,894	)		117,310			204,284			68,972
Interest in earnings (losses) of equity investments		3,736			4,579			9,954			(6,372	)
Net income (loss)		59,982			536,287			1,134,514			(520,291	)
Net income attributable to noncontrolling interests		(1,183	)		—			—			—
Net income (loss) attributable to PartnerRe		58,799			536,287			1,134,514			(520,291	)
Preferred dividends		29,494			30,811			61,622			47,020
Loss on redemption of preferred shares		9,135			—			—			—
Net income (loss) attributable to PartnerRe common shareholders	$	20,170		$	505,476		$	1,072,892		$	(567,311	)
Operating earnings (loss) attributable to PartnerRe common shareholders	$	253,144		$	323,713		$	663,791		$	(641,609	)
Comprehensive income (loss) attributable to PartnerRe common shareholders	$	27,858		$	534,281		$	1,157,755		$	(536,991	)
Per share data attributable to PartnerRe common shareholders:
Basic operating earnings (loss)	$	4.41		$	5.01		$	10.55		$	(9.50	)
Net realized and unrealized investment (losses) gains, net of tax		(3.79	)		2.75			6.23			0.23
Net foreign exchange (losses) gains, net of tax		(0.12	)		(0.01	)		0.13			0.98
Loss on redemption of preferred shares		(0.16	)		—			—			—
Interest in earnings (losses) of equity investments, net of tax		0.01			0.07			0.14			(0.11	)
Basic net income (loss)	$	0.35		$	7.82		$	17.05		$	(8.40	)
Weighted average number of common shares outstanding		57,449,528			64,610,127			62,915,992			67,558,732
Diluted operating earnings (loss)(1)	$	4.32		$	4.97		$	10.43		$	(9.50	)
Net realized and unrealized investment (losses) gains, net of tax		(3.72	)		2.73			6.17			0.23
Net foreign exchange (losses) gains, net of tax		(0.11	)		(0.01	)		0.13			0.98
Loss on redemption of preferred shares		(0.16	)		—			—			—
Interest in earnings (losses) of equity investments, net of tax		0.01			0.07			0.14			(0.11	)
Diluted net income (loss)	$	0.34		$	7.76		$	16.87		$	(8.40	)
Weighted average number of common shares and common share equivalents outstanding		58,534,526			65,132,928			63,615,748			67,558,732
Dividends declared per common share	$	1.28		$	1.24		$	2.48		$	2.35

(1) Includes an expense related to the restructuring of the Company’s business support operations and Global Non-life operations of $43.2 million, or $0.74 per diluted share, pre-tax, for the six months ended June 30, 2013.

2

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	June 30, 2013				March 31, 2013				December 31, 2012				September 30, 2012				June 30, 2012				December 31, 2011
Assets
Total investments	$	14,968,652			$	15,544,844			$	15,973,230			$	15,912,719			$	15,031,945			$	15,287,245
Funds held - directly managed		842,415				909,520				930,741				1,188,186				1,233,008				1,268,010
Cash and cash equivalents		1,261,540				1,286,898				1,121,705				1,336,362				1,512,418				1,342,257
Accrued investment income		172,794				181,151				184,315				175,066				160,392				189,074
Reinsurance balances receivable		2,477,340				2,393,159				1,991,991				2,329,907				2,358,432				2,059,976
Reinsurance recoverable on paid and unpaid losses		356,011				400,509				348,086				369,960				434,083				397,788
Funds held by reinsured companies		782,992				775,486				805,489				805,178				783,311				796,290
Deferred acquisition costs		676,084				646,178				568,391				602,660				620,277				547,202
Goodwill		456,380				456,380				456,380				455,533				455,533				455,533
Intangible assets		200,179				207,224				214,270				107,188				116,081				133,867
Other assets		376,193				338,264				385,834				357,371				366,483				378,131
Total assets	$	22,570,580			$	23,139,613			$	22,980,432			$	23,640,130			$	23,071,963			$	22,855,373
Liabilities
Unpaid losses and loss expenses	$	10,336,368			$	10,323,786			$	10,709,371			$	10,761,302			$	10,661,012			$	11,273,091
Policy benefits for life and annuity contracts		1,799,332				1,763,413				1,813,244				1,703,147				1,635,547				1,645,662
Unearned premiums		2,162,112				2,074,370				1,534,625				1,810,881				2,008,384				1,448,841
Other reinsurance balances payable		244,583				342,423				238,578				504,820				496,020				443,873
Debt obligations		820,989				820,989				820,989				820,989				820,989				820,989
Other liabilities		791,920				867,074				930,129				959,989				752,418				755,375
Total liabilities		16,155,304				16,192,055				16,046,936				16,561,128				16,374,370				16,387,831
Total shareholders’ equity attributable to PartnerRe		6,366,957				6,910,714				6,933,496				7,079,002				6,697,593				6,467,542
Noncontrolling interests		48,319				36,844				—				—				—				—
Total shareholders’ equity		6,415,276				6,947,558				6,933,496				7,079,002				6,697,593				6,467,542
Total liabilities and shareholders’ equity	$	22,570,580			$	23,139,613			$	22,980,432			$	23,640,130			$	23,071,963			$	22,855,373
Diluted Book Value Per Common Share	$	99.65			$	102.96			$	100.84			$	99.54			$	91.88			$	84.82
Diluted Tangible Book Value Per Common Share	$	89.09			$	92.91			$	90.86			$	91.04			$	83.39			$	76.47
Number of Common Shares and Common Share Equivalents Outstanding		55,325,581				58,826,334				59,893,366				62,136,090				63,164,499				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	12			853,750	11			893,750	11			893,750	11			893,750	12			893,750	12
Common shareholders’ equity attributable to PartnerRe		5,513,207	77			6,056,964	78			6,039,746	78			6,185,252	78			5,803,843	77			5,573,792	77
Total Capital	$	7,180,341	100	%	$	7,724,098	100	%	$	7,746,880	100	%	$	7,892,386	100	%	$	7,510,977	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.

3

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the three months ended
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Net cash provided by operating activities:
Underwriting operations	$	8		$	(4	)	$	91		$	152		$	(75	)
Investment income		173			166			165			160			204
Taxes and foreign exchange		(65	)		(47	)		(32	)		(25	)		(26	)
Net cash provided by operating activities	$	116		$	115		$	224		$	287		$	103
Net cash provided by operating activities	$	116		$	115		$	224		$	287		$	103
Net cash provided by (used in) investing activities		200			289			(208	)		(335	)		492
Net cash used in financing activities		(342	)		(224	)		(231	)		(141	)		(266	)
Effect of foreign exchange rate changes on cash		1			(15	)		1			13			(27	)
(Decrease) increase in cash and cash equivalents		(25	)		165			(214	)		(176	)		302
Cash and cash equivalents - beginning of period		1,287			1,122			1,336			1,512			1,210
Cash and cash equivalents - end of period	$	1,262		$	1,287		$	1,122		$	1,336		$	1,512

4

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the six months ended						For the year ended
	June 30, 2013			June 30, 2012			December 31, 2012			December 31, 2011
Net cash provided by operating activities:
Underwriting operations(1)	$	3		$	(142	)	$	100		$	(29	)
Investment income		339			392			717			731
Taxes and foreign exchange		(111	)		(67	)		(124	)		(128	)
Net cash provided by operating activities	$	231		$	183		$	693		$	574
Net cash provided by operating activities	$	231		$	183		$	693		$	574
Net cash provided by (used in) investing activities		489			324			(219	)		(1,080	)
Net cash used in financing activities		(567	)		(317	)		(688	)		(242	)
Effect of foreign exchange rate changes on cash		(13	)		(20	)		(6	)		(21	)
Increase (decrease) in cash and cash equivalents		140			170			(220	)		(769	)
Cash and cash equivalents - beginning of period		1,122			1,342			1,342			2,111
Cash and cash equivalents - end of period	$	1,262		$	1,512		$	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.

5

PartnerRe Ltd.

Consolidated Statements of Comprehensive (Loss) Income

(Expressed in thousands of U.S. dollars)

(Unaudited)

				For the three months ended
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Net (loss) income	$	(175,571	)	$	234,370		$	111,521		$	486,706		$	176,146
Change in currency translation adjustment		(11,514	)		(19,830	)		(2,554	)		32,992			(19,157	)
Change in net unrealized gains or losses on investments, net of tax		(230	)		(233	)		(235	)		(237	)		(239	)
Change in unfunded pension obligation, net of tax		(130	)		996			(4,129	)		(590	)		1,294
Comprehensive (loss) income	$	(187,445	)	$	215,303		$	104,603		$	518,871		$	158,044

	For the six months ended						For the year ended
	June 30, 2013			June 30, 2012			December 31, 2012			December 31, 2011
Net income (loss)	$	58,799		$	536,287		$	1,134,514		$	(520,291	)
Change in currency translation adjustment		(31,344	)		(1,950	)		28,488			(11,834	)
Change in net unrealized gains or losses on investments, net of tax		(463	)		(481	)		(953	)		(949	)
Change in unfunded pension obligation, net of tax		866			425			(4,294	)		(3,917	)
Comprehensive income (loss)	$	27,858		$	534,281		$	1,157,755		$	(536,991	)

6

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the three months ended June 30, 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	$	372		$	160		$	413		$	161		$	1,106		$	233		$	2		$	1,341
Net premiums written	$	360		$	158		$	409		$	149		$	1,076		$	232		$	1		$	1,309
(Increase) decrease in unearned premiums		(3	)		11			(37	)		(70	)		(99	)		—			(1	)		(100	)
Net premiums earned	$	357		$	169		$	372		$	79		$	977		$	232		$	—		$	1,209
Losses and loss expenses and life policy benefits		(245	)		(106	)		(284	)		(51	)		(686	)		(181	)		—			(867	)
Acquisition costs		(79	)		(34	)		(90	)		(6	)		(209	)		(33	)		—			(242	)
Technical result	$	33		$	29		$	(2	)	$	22		$	82		$	18		$	—		$	100
Other income														—			3			1			4
Other operating expenses														(60	)		(17	)		(68	)		(145	)
Underwriting result													$	22		$	4			n/a		$	(41	)
Net investment income																	15			110			125
Allocated underwriting result(1)																$	19			n/a			n/a
Net realized and unrealized investment losses																				(299	)		(299	)
Interest expense																				(12	)		(12	)
Amortization of intangible assets																				(7	)		(7	)
Net foreign exchange losses																				(11	)		(11	)
Income tax benefit																				75			75
Interest in losses of equity investments																				(4	)		(4	)
Net loss																				n/a		$	(174	)
Loss ratio(2)		68.6	%		62.9	%		76.6	%		64.1	%		70.3	%
Acquisition ratio(3)		22.1			19.9			24.1			8.5			21.4
Technical ratio(4)		90.7	%		82.8	%		100.7	%		72.6	%		91.7	%
Other operating expense ratio(5)														6.1
Combined ratio(6)														97.8	%

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

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

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

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

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

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

7

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

8

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the six months ended June 30, 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	$	819		$	532		$	857		$	399		$	2,607		$	486		$	4		$	3,097
Net premiums written	$	807		$	525		$	771		$	360		$	2,463		$	481		$	2		$	2,946
Increase in unearned premiums		(117	)		(190	)		(62	)		(195	)		(564	)		(25	)		(2	)		(591	)
Net premiums earned	$	690		$	335		$	709		$	165		$	1,899		$	456		$	—		$	2,355
Losses and loss expenses and life policy benefits		(485	)		(173	)		(469	)		(39	)		(1,166	)		(363	)		1			(1,528	)
Acquisition costs		(151	)		(84	)		(165	)		(17	)		(417	)		(59	)		—			(476	)
Technical result	$	54		$	78		$	75		$	109		$	316		$	34		$	1		$	351
Other income														—			6			2			8
Other operating expenses														(126	)		(35	)		(100	)		(261	)
Underwriting result													$	190		$	5			n/a		$	98
Net investment income																	30			218			248
Allocated underwriting result(1)																$	35			n/a			n/a
Net realized and unrealized investment losses																				(276	)		(276	)
Interest expense																				(24	)		(24	)
Amortization of intangible assets																				(14	)		(14	)
Net foreign exchange losses																				(9	)		(9	)
Income tax benefit																				33			33
Interest in earnings of equity investments																				4			4
Net income																				n/a		$	60
Loss ratio(2)		70.2	%		51.8	%		66.1	%		23.8	%		61.4	%
Acquisition ratio(3)		21.9			24.9			23.3			10.5			22.0
Technical ratio(4)		92.1	%		76.7	%		89.4	%		34.3	%		83.4	%
Other operating expense ratio(5)														6.6
Combined ratio(6)														90.0	%

9

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

10

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the three months ended
	June 30, 2013 (A)			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Net premiums written	$	1,076		$	1,386		$	723		$	856		$	934
Net premiums earned	$	977		$	923		$	961		$	1,038		$	890
Losses and loss expenses		(686	)		(480	)		(633	)		(561	)		(533	)
Acquisition costs		(209	)		(208	)		(212	)		(219	)		(207	)
Technical result	$	82		$	235		$	116		$	258		$	150
Other income		—			—			2			1			—
Other operating expenses		(60	)		(66	)		(70	)		(58	)		(66	)
Underwriting result	$	22		$	169		$	48		$	201		$	84
Loss ratio(2)		70.3	%		52.0	%		65.9	%		54.1	%		59.9	%
Acquisition ratio(3)		21.4			22.6			22.0			21.1			23.2
Technical ratio(4)		91.7	%		74.6	%		87.9	%		75.2	%		83.1	%
Other operating expense ratio(5)		6.1			7.1			7.4			5.5			7.5
Combined ratio(6)		97.8	%		81.7	%		95.3	%		80.7	%		90.6	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended June 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $(15.9) million and $(10.6) million, respectively, compared to the three months ended June 30, 2012.

11

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the six months ended						For the year ended
	June 30, 2013 (A)			June 30, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	2,463		$	2,189		$	3,768		$	3,688
Net premiums earned	$	1,899		$	1,685		$	3,684		$	3,844
Losses and loss expenses		(1,166	)		(961	)		(2,155	)		(3,717	)
Acquisition costs		(417	)		(389	)		(821	)		(821	)
Technical result	$	316		$	335		$	708		$	(694	)
Other income		—			1			5			4
Other operating expenses		(126	)		(129	)		(257	)		(283	)
Underwriting result	$	190		$	207		$	456		$	(973	)
Loss ratio(2)		61.4	%		57.0	%		58.5	%		96.7	%
Acquisition ratio(3)		22.0			23.1			22.3			21.3
Technical ratio(4)		83.4	%		80.1	%		80.8	%		118.0	%
Other operating expense ratio(5)		6.6			7.7			7.0			7.4
Combined ratio(6)		90.0	%		87.8	%		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 six months ended June 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $(5.0) million and $(7.3) million, respectively, compared to the six months ended June 30, 2012.

12

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

North America sub-segment

	For the three months ended
	June 30, 2013  (A)			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Net premiums written	$	360		$	446		$	297		$	311		$	270
Net premiums earned	$	357		$	333		$	313		$	335		$	290
Losses and loss expenses		(245	)		(240	)		(248	)		(251	)		(185	)
Acquisition costs		(79	)		(72	)		(73	)		(83	)		(69	)
Technical result	$	33		$	21		$	(8	)	$	1		$	36
Loss ratio(2)		68.6	%		72.0	%		79.2	%		74.9	%		63.7	%
Acquisition ratio(3)		22.1			21.6			23.2			24.8			23.8
Technical ratio(4)		90.7	%		93.6	%		102.4	%		99.7	%		87.5	%
Distribution of Net Premiums Written by Major Lines of Business:
Agriculture		28	%		23	%		25	%		18	%		31	%
Casualty		38			40			43			42			37
Credit/Surety		4			2			4			5			5
Motor		4			4			3			4			2
Multiline		5			10			7			5			4
Other		4			5			4			4			1
Property		17			16			14			22			20
Total		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended June 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $(0.6) million and $(0.6) million, respectively, compared to the three months ended June 30, 2012.

13

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

North America sub-segment

	For the six months ended						For the year ended
	June 30, 2013  (A)			June 30, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	807		$	611		$	1,219		$	1,104
Net premiums earned	$	690		$	527		$	1,176		$	1,135
Losses and loss expenses		(485	)		(317	)		(816	)		(741	)
Acquisition costs		(151	)		(134	)		(291	)		(276	)
Technical result	$	54		$	76		$	69		$	118
Loss ratio(2)		70.2	%		60.1	%		69.4	%		65.3	%
Acquisition ratio(3)		21.9			25.5			24.7			24.3
Technical ratio(4)		92.1	%		85.6	%		94.1	%		89.6	%
Distribution of Net Premiums Written by Major Lines of Business:
Agriculture		25	%		17	%		19	%		20	%
Casualty		39			43			43			40
Credit/Surety		3			5			4			5
Motor		4			4			4			8
Multiline		8			8			7			7
Other		5			2			3			2
Property		16			21			20			18
Total		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the six months ended June 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $0.6 million and $0.1 million, respectively, compared to the six months ended June 30, 2012.

14

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended
	June 30, 2013(A)			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Net premiums written	$	158		$	368		$	85		$	122		$	128
Net premiums earned	$	169		$	166		$	183		$	172		$	164
Losses and loss expenses		(106	)		(67	)		(88	)		(110	)		(119	)
Acquisition costs		(34	)		(50	)		(47	)		(42	)		(39	)
Technical result	$	29		$	49		$	48		$	20		$	6
Loss ratio(2)		62.9	%		40.4	%		48.5	%		63.9	%		72.3	%
Acquisition ratio(3)		19.9			30.1			25.6			24.9			23.9
Technical ratio(4)		82.8	%		70.5	%		74.1	%		88.8	%		96.2	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		10	%		10	%		14	%		10	%		10	%
Motor		34			34			32			30			23
Property		56			56			54			60			67
Total		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended June 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $(3.9) million and $(2.9) million, respectively, compared to the three months ended June 30, 2012.

15

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the six months ended						For the year ended
	June 30, 2013(A)			June 30, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	525		$	474		$	681		$	678
Net premiums earned	$	335		$	324		$	678		$	759
Losses and loss expenses		(173	)		(217	)		(415	)		(567	)
Acquisition costs		(84	)		(78	)		(167	)		(191	)
Technical result	$	78		$	29		$	96		$	1
Loss ratio(2)		51.8	%		67.0	%		61.3	%		74.7	%
Acquisition ratio(3)		24.9			23.9			24.6			25.1
Technical ratio(4)		76.7	%		90.9	%		85.9	%		99.8	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		10	%		11	%		11	%		10	%
Motor		34			26			28			20
Property		56			63			61			70
Total		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the six months ended June 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $0.3 million and $(1.5) million, respectively, compared to the six months ended June 30, 2012.

16

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Global Specialty sub-segment

	For the three months ended
	June 30, 2013(A)			March  31, 2013			December  31, 2012			September  30, 2012			June  30, 2012
Net premiums written	$	409		$	361		$	316		$	354		$	391
Net premiums earned	$	372		$	337		$	339		$	363		$	363
Losses and loss expenses		(284	)		(184	)		(252	)		(161	)		(213	)
Acquisition costs		(90	)		(75	)		(80	)		(79	)		(93	)
Technical result	$	(2	)	$	78		$	7		$	123		$	57
Loss ratio(2)		76.6	%		54.6	%		74.3	%		44.4	%		58.8	%
Acquisition ratio(3)		24.1			22.4			23.5			21.7			25.5
Technical ratio(4)		100.7	%		77.0	%		97.8	%		66.1	%		84.3	%
Distribution of Net Premiums Written by Major Lines of Business:
Agriculture		11	%		10	%		3	%		5	%		7	%
Aviation/Space		12			10			20			13			14
Credit/Surety		18			21			21			18			18
Energy		6			4			7			9			7
Engineering		14			12			14			14			10
Marine		19			20			20			25			23
Other		3			3			—			—			—
Specialty casualty		6			14			1			4			9
Specialty property		11			6			14			12			12
Total		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended June 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $(4.2) million and $(4.1) million, respectively, compared to the three months ended June 30, 2012.

17

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Global Specialty sub-segment

	For the six months ended						For the year ended
	June 30, 2013(A)			June 30, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	771		$	744		$	1,415		$	1,344
Net premiums earned	$	709		$	671		$	1,373		$	1,376
Losses and loss expenses		(469	)		(408	)		(821	)		(950	)
Acquisition costs		(165	)		(162	)		(321	)		(328	)
Technical result	$	75		$	101		$	231		$	98
Loss ratio(2)		66.1	%		60.8	%		59.8	%		69.1	%
Acquisition ratio(3)		23.3			24.2			23.4			23.8
Technical ratio(4)		89.4	%		85.0	%		83.2	%		92.9	%
Distribution of Net Premiums Written by Major Lines of Business:
Agriculture		10	%		7	%		6	%		4	%
Aviation/Space		11			14			15			16
Credit/Surety		19			19			19			20
Energy		5			6			7			8
Engineering		13			10			12			14
Marine		20			22			22			20
Other		3			—			—			—
Specialty casualty		10			11			7			8
Specialty property		9			11			12			10
Total		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the six months ended June 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $(1.5) million and $(2.6) million, respectively, compared to the six months ended June 30, 2012.

18

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the three months ended
	June 30, 2013(A)			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Net premiums written	$	149		$	211		$	25		$	69		$	145
Net premiums earned	$	79		$	87		$	126		$	168		$	73
Losses and loss expenses		(51	)		11			(45	)		(39	)		(16	)
Acquisition costs		(6	)		(11	)		(12	)		(15	)		(6	)
Technical result	$	22		$	87		$	69		$	114		$	51
Loss ratio(2)		64.1	%		(12.8	)%		35.6	%		23.3	%		22.5	%
Acquisition ratio(3)		8.5			12.3			9.8			8.8			8.3
Technical ratio(4)		72.6	%		(0.5	)%		45.4	%		32.1	%		30.8	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended June 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $(7.2) million and $(3.0) million, respectively, compared to the three months ended June 30, 2012.

19

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the six months ended						For the year ended
	June 30, 2013(A)			June  30, 2012			December  31, 2012			December  31, 2011
Net premiums written	$	360		$	360		$	453		$	562
Net premiums earned	$	165		$	163		$	457		$	574
Losses and loss expenses		(39	)		(19	)		(103	)		(1,459	)
Acquisition costs		(17	)		(15	)		(42	)		(26	)
Technical result	$	109		$	129		$	312		$	(911	)
Loss ratio(2)		23.8	%		11.3	%		22.4	%		254.2	%
Acquisition ratio(3)		10.5			9.5			9.3			4.5
Technical ratio(4)		34.3	%		20.8	%		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 six months ended June 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $(4.4) million and $(3.3) million, respectively, compared to the six months ended June 30, 2012.

20

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life and Health segment

	For the three months ended
	June 30, 2013(A)			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Net premiums written	$	232		$	249		$	197		$	187		$	199
Net premiums earned	$	232		$	224		$	205		$	195		$	200
Life policy benefits		(181	)		(182	)		(168	)		(157	)		(173	)
Acquisition costs		(33	)		(27	)		(33	)		(27	)		(26	)
Technical result	$	18		$	15		$	4		$	11		$	1
Other income		3			3			1			1			1
Other operating expenses		(17	)		(18	)		(15	)		(12	)		(13	)
Underwriting result	$	4		$	—		$	(10	)	$	—		$	(11	)
Net investment income		15			16			15			15			17
Allocated underwriting result(1)	$	19		$	16		$	5		$	15		$	6
Distribution of Net Premiums Written by Major Lines of Business:
Accident and Health		14	%		12	%		2	%		3	%		3	%
Longevity		26			25			32			33			32
Mortality		60			63			66			64			65
Total		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended June 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $(4.9) million and $(4.8) million, respectively, compared to the three months ended June 30, 2012.

21

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life and Health segment

	For the six months ended						For the year ended
	June 30, 2013(A)			June 30, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	481		$	414		$	799		$	786
Net premiums earned	$	456		$	394		$	795		$	792
Life policy benefits		(363	)		(322	)		(647	)		(650	)
Acquisition costs		(59	)		(55	)		(116	)		(117	)
Technical result	$	34		$	17		$	32		$	25
Other income		6			2			4			1
Other operating expenses		(35	)		(26	)		(52	)		(53	)
Underwriting result	$	5		$	(7	)	$	(16	)	$	(27	)
Net investment income		30			33			64			66
Allocated underwriting result(1)	$	35		$	26		$	48		$	39
Distribution of Net Premiums Written by Major Lines of Business:
Accident and Health		13	%		2	%		3	%		3	%
Longevity		25			30			31			26
Mortality		62			68			66			71
Total		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the six months ended June 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $(0.1) million and $(0.4) million, respectively, compared to the six months ended June 30, 2012.

22

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the three months ended
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Technical result	$	—		$	1		$	2		$	—		$	1
Other income		1			1			—			1			2
Corporate expenses - costs of restructuring(1)		(43	)		—			—			—			—
Corporate expenses		(23	)		(30	)		(24	)		(23	)		(22	)
Other operating expenses		(2	)		(2	)		(3	)		(2	)		(5	)
Net investment income		110			108			121			120			136
Net realized and unrealized investment (losses) gains		(299	)		23			5			257			38
Interest expense		(12	)		(12	)		(12	)		(12	)		(12	)
Amortization of intangible assets		(7	)		(7	)		(5	)		(9	)		(9	)
Net foreign exchange (losses) gains		(11	)		2			(3	)		(2	)		8
Income tax benefit (expense)		75			(42	)		(23	)		(64	)		(50	)
Interest in (losses) earnings of equity investments		(4	)		7			1			5			(1	)

(1) The costs of restructuring relate to the Company’s reorganization of its business support and Global Non-life operations. During the three months ended June 30, 2013 these costs predominantly comprised of severance costs related to the Company’s voluntary and involuntary termination plans.

23

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the six months ended						For the year ended
	June 30, 2013			June 30, 2012			December 31, 2012			December 31, 2011
Technical result	$	1		$	2		$	4		$	6
Other income		2			2			3			3
Corporate expenses - costs of restructuring(1)		(43	)		—			—			—
Corporate expenses - acquisition related		—			—			—			(4	)
Corporate expenses		(53	)		(41	)		(88	)		(79	)
Other operating expenses		(4	)		(8	)		(14	)		(16	)
Net investment income		218			267			507			563
Net realized and unrealized investment (losses) gains		(276	)		231			494			67
Interest expense		(24	)		(24	)		(49	)		(49	)
Amortization of intangible assets		(14	)		(18	)		(32	)		(36	)
Net foreign exchange (losses) gains		(9	)		5			—			34
Income tax benefit (expense)		33			(117	)		(204	)		(69	)
Interest in earnings (losses) of equity investments		4			4			10			(6	)

(1) The costs of restructuring relate to the Company’s reorganization of its business support and Global Non-life operations. During the six months ended June 30, 2013 these costs predominantly comprised of severance costs related to the Company’s voluntary and involuntary terminination plans.

24

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

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

25

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the six months ended						For the year ended
	June 30, 2013			June 30, 2012			December 31, 2012			December 31, 2011
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty		13	%		12	%		13	%		11	%
Motor		7			6			5			5
Multiline and other		4			2			3			2
Property		15			16			14			15
Specialty
Agriculture		10			6			7			7
Aviation/Space		3			4			5			5
Catastrophe		12			14			10			13
Credit/Surety		6			7			7			7
Energy		1			2			2			2
Engineering		3			3			4			4
Marine		5			6			7			6
Specialty casualty		3			3			2			2
Specialty property		2			3			4			3
Life and Health		16			16			17			18
		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Geography:
Asia, Australia and New Zealand		10	%		11	%		11	%		12	%
Europe		42			43			41			41
Latin America, Caribbean and Africa		10			11			11			11
North America		38			35			37			36
		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Production Source:
Broker		71	%		69	%		69	%		72	%
Direct		29			31			31			28
		100	%		100	%		100	%		100	%

26

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Distribution of Gross Premiums Written by Reinsurance Type for the Non-life sub-segment:
North America
Non-Proportional		17	%		33	%		11	%		22	%		19	%
Proportional		83			67			89			78			81
Total		100	%		100	%		100	%		100	%		100	%
Global (Non-U.S.) P&C
Non-Proportional		10	%		36	%		8	%		20	%		13	%
Proportional		90			64			92			80			87
Total		100	%		100	%		100	%		100	%		100	%
Global Specialty
Non-Proportional		18	%		31	%		9	%		14	%		24	%
Proportional		82			69			91			86			76
Total		100	%		100	%		100	%		100	%		100	%
Catastrophe
Non-Proportional		97	%		99	%		93	%		98	%		97	%
Proportional		3			1			7			2			3
Total		100	%		100	%		100	%		100	%		100	%
Non-life total
Non-Proportional		28	%		43	%		12	%		25	%		33	%
Proportional		72			57			88			75			67
Total		100	%		100	%		100	%		100	%		100	%

27

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the six months ended						For the year ended
	June 30, 2013			June 30, 2012			December 31, 2012			December 31, 2011
Distribution of Gross Premiums Written by Reinsurance Type Non-life sub-segment:
North America
Non-Proportional		25	%		36	%		26	%		30	%
Proportional		75			64			74			70
Total		100	%		100	%		100	%		100	%
Global (Non-U.S.) P&C
Non-Proportional		28	%		28	%		24	%		23	%
Proportional		72			72			76			77
Total		100	%		100	%		100	%		100	%
Global Specialty
Non-Proportional		25	%		28	%		20	%		19	%
Proportional		75			72			80			81
Total		100	%		100	%		100	%		100	%
Catastrophe
Non-Proportional		98	%		98	%		98	%		98	%
Proportional		2			2			2			2
Total		100	%		100	%		100	%		100	%
Non-life total
Non-Proportional		37	%		42	%		33	%		35	%
Proportional		63			58			67			65
Total		100	%		100	%		100	%		100	%

28

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	June 30, 2013					March 31, 2013					December 31, 2012					September 30, 2012					June 30, 2012					December 31, 2011
Investments:
Fixed maturities
U.S. government	$	960		6	%	$	1,039		7	%	$	1,113		7	%	$	958		6	%	$	922		6	%	$	1,090		7	%
U.S. government sponsored enterprises		31		—			25		—			18		—			25		—			22		—			26		—
U.S. states, territories and municipalities		237		2			250		2			243		1			219		1			127		1			124		1
Non-U.S. sovereign government, supranational and government related		2,140		14			2,296		15			2,376		15			2,638		17			2,651		18			2,964		19
Corporates		6,246		42			6,587		42			6,656		42			6,378		40			5,813		39			5,747		38
Mortgage/asset-backed securities		3,766		25			3,773		24			3,989		25			4,121		26			4,085		27			3,991		26
Total fixed maturities		13,380		89			13,970		90			14,395		90			14,339		90			13,620		91			13,942		91
Short-term investments		29		—			115		1			151		1			161		1			32		—			42		—
Equities		1,173		8			1,149		7			1,094		7			1,072		7			1,050		7			945		6
Other invested assets		387		3			311		2			333		2			341		2			330		2			358		3
Total investments	$	14,969		100	%	$	15,545		100	%	$	15,973		100	%	$	15,913		100	%	$	15,032		100	%	$	15,287		100	%
Cash and cash equivalents		1,262					1,287					1,122					1,336					1,512					1,343
Total investments and cash	$	16,231				$	16,832				$	17,095				$	17,249				$	16,544				$	16,630
Maturity distribution:
One year or less	$	654		5	%	$	1,052		7	%	$	1,081		7	%	$	1,175		8	%	$	872		6	%	$	571		4	%
More than one year through five years		4,377		33			4,137		29			4,198		29			4,071		28			4,193		31			4,923		35
More than five years through ten years		3,705		27			4,184		30			4,337		30			4,232		29			3,696		27			3,713		26
More than ten years		907		7			939		7			941		7			901		7			806		6			786		6
Subtotal		9,643		72			10,312		73			10,557		73			10,379		72			9,567		70			9,993		71
Mortgage/asset-backed securities		3,766		28			3,773		27			3,989		27			4,121		28			4,085		30			3,991		29
Total	$	13,409		100	%	$	14,085		100	%	$	14,546		100	%	$	14,500		100	%	$	13,652		100	%	$	13,984		100	%
Credit quality by market value:
AAA		13	%				12	%				13	%				15	%				16	%				25	%
AA		40					41					42					42					43					37
A		24					25					23					21					21					21
BBB		15					15					15					14					14					11
Below Investment Grade/Unrated		8					7					7					8					6					6
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration(1)		2.6	Yrs				2.9	Yrs				2.7	Yrs				3.0	Yrs				3.0	Yrs				2.9	Yrs
Average yield to maturity at market(1)		2.6	%				2.1	%				2.0	%				1.9	%				2.3	%				2.4	%
Average credit quality		A					A					A					A					A					AA

(1) Includes funds holding fixed income securities that are classified with equities under generally accepted accounting principles in the United States.

29

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)

				June 30, 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	$	1,471,885			23.6	%		9.1	%		1.0	%
Consumer noncyclical		868,229			13.9			5.3			0.3
Communications		777,930			12.4			4.8			0.4
Utilities		595,174			9.5			3.7			0.3
Industrials		476,400			7.6			2.9			0.2
Energy		461,483			7.4			2.8			0.5
Consumer cyclical		424,045			6.8			2.6			0.2
Insurance		272,767			4.4			1.7			0.2
Government guaranteed corporate debt		235,308			3.8			1.5			0.3
Basic materials		205,045			3.3			1.3			0.2
Technology		137,038			2.2			0.8			0.1
Longevity and mortality bonds		125,845			2.0			0.8			0.4
Real estate investment trusts		104,581			1.7			0.6			0.1
Catastrophe bonds		76,009			1.2			0.5			0.1
Diversified		14,441			0.2			0.1			0.1
Total Corporate bonds	$	6,246,180			100.0	%		38.5	%
Finance sector - Corporate bonds
Banks	$	725,268			11.6	%		4.5	%
Investment banking and brokerage		369,379			5.9			2.3
Financial services		186,878			3.0			1.1
Commercial and consumer finance		155,469			2.5			1.0
Other		34,891	��		0.6			0.2
Total finance sector - Corporate bonds	$	1,471,885			23.6	%		9.1	%
	AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
Credit quality of finance sector - Corporate bonds
Banks	$	31,684		$	52,076		$	539,291		$	101,179		$	1,038		$	725,268
Investment banking and brokerage		—			—			338,572			29,852			955			369,379
Financial services		—			171,181			10,396			5,301			—			186,878
Commercial and consumer finance		—			7,262			50,276			57,926			40,005			155,469
Other		—			12,798			7,712			14,381			—			34,891
Total finance sector - Corporate bonds	$	31,684		$	243,317		$	946,247		$	208,639		$	41,998		$	1,471,885
% of total		2	%		17	%		64	%		14	%		3	%		100	%

Concentration of investment risk

The top 10 Corporate bond issues account for 17.3% of the Company’s total corporate bonds. The single largest issue accounts for 2.7% of the Company’s total Corporate bonds.

30

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

			June 30, 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	$	173,606		18.8	%		1.1	%		0.1	%
Energy		161,676		17.5			1.0			0.1
Finance		136,021		14.7			0.8			0.1
Consumer noncyclical		126,009		13.6			0.8			0.1
Communications		74,322		8.1			0.5			0.1
Technology		63,376		6.9			0.4			0.1
Industrials		47,066		5.1			0.3			—
Consumer cyclical		44,455		4.8			0.3			—
Utilities		38,004		4.1			0.2			—
Insurance		37,891		4.1			0.2			0.1
Basic materials		18,732		2.0			0.1			—
Diversified		2,433		0.3			—			—
Total equities	$	923,591		100.0	%		5.7	%
Mutual funds and exchange traded funds (ETFs)
Funds holding fixed income securities		209,074					1.3
Funds and ETFs holding equities		40,190					0.2
Total Equities	$	1,172,855					7.2	%

Concentration of investment risk

The single largest fund in funds and ETFs holding equities is an emerging markets fixed income fund, which accounts for 10.8% 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 18.5% of the Company’s total equities.

Excluding equity securities held in mutual funds and exchange traded funds, the single largest issuer accounts for 2.6% of the Company’s total equities.

31

PartnerRe Ltd.

Distribution of Mortgage/Asset-Backed Securities⁽¹⁾

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	Rating at June 30, 2013
	GNMA			GSEs			AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
U.S. Asset-Backed Securities	$	—		$	—		$	77,640		$	88,690		$	71,936		$	1,426		$	464,104		$	703,796
U.S. Collaterized Mortgage Obligations		—			1,967			—			—			—			—			—			1,967
U.S. Mortgage Backed Securities (MBS)		478,334			1,753,812			—			—			—			—			—			2,232,146
U.S. Commercial Mortgage Backed Securities (CMBS)		5,752			—			18,674			—			1,796			1,377			1,674			29,273
U.S. MBS Interest Only		43,426			110,683			4,608			—			—			—			16,460			175,177
	$	527,512		$	1,866,462		$	100,922		$	88,690		$	73,732		$	2,803		$	482,238		$	3,142,359
Non-U.S. Asset-Backed Securities	$	—		$	—		$	71,833		$	40,169		$	34,919		$	—		$	—		$	146,921
Non-U.S. Collaterized Mortgage Obligations		—			—			162,180			62,655			46,484			—			—			271,319
Non-U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			12,594			—			—			—			—			12,594
Non-U.S. Mortgage Backed Securities (MBS)		—			—			193,060			—			—			—			—			193,060
	$	—		$	—		$	439,667		$	102,824		$	81,403		$	—		$	—		$	623,894
Total mortgage/asset-backed securities	$	527,512		$	1,866,462		$	540,589		$	191,514		$	155,135		$	2,803		$	482,238		$	3,766,253
Corporate Securities		—			30,863			—			—			—			—			—			30,863
Total	$	527,512		$	1,897,325		$	540,589		$	191,514		$	155,135		$	2,803		$	482,238		$	3,797,116
% of total		14	%		50	%		14	%		5	%		4	%		—	%		13	%		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 $143.5 million and a carrying value of $(3.2) million at June 30, 2013 within Other Invested Assets.

32

PartnerRe Ltd.

Other Invested Assets including Private Markets and Derivative Exposures

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	June 30, 2013														March 31, 2013						December 31, 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	$	123,282	$	—		$	123,282		$	—		$	123,282		$	108,254		$	108,254		$	132,840		$	132,840
Principal Finance - Derivative Exposure Assumed		—		(2,225	)		(2,225	)		73,414			71,189			(1,474	)		79,604			(1,494	)		79,736
Insurance-Linked Securities		—		(92	)		(92	)		240,744			240,652			(2,681	)		230,563			(2,173	)		233,791
Strategic Investments		205,353		—			205,353			—			205,353			214,626			214,626			203,160			203,160
Total other invested assets - Private Markets Exposure Assumed		328,635		(2,317	)		326,318			314,158			640,476			318,725			633,047			332,333			649,527
Other Credit Derivatives - Exposure Assumed		—		102			102			5,000			5,102			160			5,160			210			5,210
Other Credit Derivatives - Protection Purchased		—		(404	)		(404	)		(34,000	)		(34,404	)		(614	)		(48,614	)		(801	)		(55,801	)
Other(2)		9,174		51,617			60,791									(7,072	)					1,619
Total other invested assets	$	337,809	$	48,998		$	386,807								$	311,199					$	333,361

(1) The total net exposures originated in Private Markets are $1,618 million at June 30, 2013 ($1,591 million and $1,740 million at March 31, 2013 and December 31, 2012, respectively). In addition to the net exposures listed above of $640 million at June 30, 2013 ($633 million and $650 million at March 31, 2013 and December 31, 2012, respectively), the Company has the following other net exposures originated in Private Markets:

• Principal Finance: $731 million of assets listed under Investments - Fixed Maturities and $9 million listed under Investments - Equities for a total exposure of $934 million at June 30, 2013 ($850 million and $937 million at March 31, 2013 and December 31, 2012, respectively).

• Insurance-Linked Securities: $202 million of bonds listed under Investments - Fixed Maturities for a total exposure of $443 million at June 30, 2013 ($494 million and $570 million at March 31, 2013 and December 31, 2012, respectively).

• Strategic Investments: $34 million of assets listed under Investments - Equities, and $2 million of assets listed under Other Assets for a total exposure of $241 million at June 30, 2013 ($247 million and $233 million at March 31, 2013 and December 31, 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.

33

PartnerRe Ltd.

Funds Held - Directly Managed Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	June 30, 2013					March 31, 2013					December 31, 2012					September 30, 2012					June 30, 2012					December 31, 2011
Investments:
Fixed maturities
U.S. government	$	107		16	%	$	129		16	%	$	129		15	%	$	221		21	%	$	222		20	%	$	111		11	%
U.S. government sponsored enterprises		65		10			90		11			90		11			136		13	��		146		14			158		15
Non-U.S. sovereign government, supranational and government related		196		29			226		28			234		28			273		25			276		25			275		26
Corporates		287		43			345		43			362		44			414		39			419		39			480		45
Total fixed maturities		655		98			790		98			815		98			1,044		98			1,063		98			1,024		97
Short-term investments		—		—			—		—			—		—			—		—			11		1			18		2
Other invested assets		15		2			16		2			18		2			17		2			15		1			16		1
Total investments	$	670		100	%	$	806		100	%	$	833		100	%	$	1,061		100	%	$	1,089		100	%	$	1,058		100	%
Cash and cash equivalents		20					44					54					90					64					176
Total investments and cash	$	690				$	850				$	887				$	1,151				$	1,153				$	1,234
Accrued investment income		8					10					10					15					13					14
Other funds held assets/liabilities		144					50					34					22					67					20
Total funds held - directly managed	$	842				$	910				$	931				$	1,188				$	1,233				$	1,268
Maturity distribution:
One year or less	$	114		17	%	$	154		19	%	$	133		17	%	$	213		20	%	$	216		20	%	$	227		22	%
More than one year through five years		403		62			487		62			515		63			622		60			642		60			573		55
More than five years through ten years		108		16			127		16			141		17			182		17			188		17			215		20
More than ten years		30		5			22		3			26		3			27		3			28		3			27		3
Total	$	655		100	%	$	790		100	%	$	815		100	%	$	1,044		100	%	$	1,074		100	%	$	1,042		100	%
Credit quality by market value:
AAA		12	%				11	%				12	%				12	%				14	%				22	%
AA		56					59					58					61					59					50
A		26					24					24					22					23					24
BBB		6					6					6					5					4					4
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		3.1	Yrs				2.9	Yrs				3.0	Yrs				2.9	Yrs				2.9	Yrs				2.7	Yrs
Average yield to maturity at market		1.3	%				0.9	%				1.0	%				1.0	%				1.3	%				1.7	%
Average credit quality		AA					AA					AA					AA					AA					AA

34

PartnerRe Ltd.

Distribution of Corporate Bonds

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

				June 30, 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	$	104,144			36.3	%		15.1	%		1.4	%
Consumer noncyclical		51,861			18.1			7.5			1.3
Energy		38,674			13.5			5.6			1.4
Utilities		23,132			8.0			3.3			0.8
Basic materials		15,960			5.5			2.3			0.7
Communications		14,856			5.2			2.2			0.6
Government guaranteed corporate debt		11,876			4.1			1.7			1.4
Consumer cyclical		10,740			3.7			1.6			1.1
Industrials		8,293			2.9			1.2			0.5
Technology		4,211			1.5			0.6			0.6
Real estate investment trusts		3,436			1.2			0.5			0.5
Total Corporate bonds	$	287,183			100.0	%		41.6	%
Finance sector - Corporate bonds
Banks	$	67,348			23.4	%		9.8	%
Financial services		16,271			5.7			2.4
Investment banking and brokerage		11,401			4.0			1.6
Commercial and consumer finance		5,082			1.8			0.7
Other		4,042			1.4			0.6
Total finance sector - Corporate bonds	$	104,144			36.3	%		15.1	%
	AAA			AA			A			BBB			Total
Credit quality of finance sector - Corporate bonds
Banks	$	5,824		$	28,807		$	31,070		$	1,647		$	67,348
Financial services		—			11,881			4,390			—			16,271
Investment banking and brokerage		11,401			—			—			—			11,401
Commercial and consumer finance		—			2,328			2,754			—			5,082
Other		—			—			4,042			—			4,042
Total finance sector - Corporate bonds	$	17,225		$	43,016		$	42,256		$	1,647		$	104,144
% of total		16	%		41	%		41	%		2	%		100	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 28.8% of the Company’s total corporate bonds within the Funds Held - Directly Managed Portfolio. The single largest issuer accounts for 3.4% of the Company’s total corporate bonds within the Funds Held - Directly Managed portfolio.

35

PartnerRe Ltd.

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

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Fixed maturities	$	110,727		$	116,082		$	125,903		$	123,540		$	129,900
Short-term investments, cash and cash equivalents		320			879			1,144			537			628
Equities		12,799			4,772			5,018			4,684			12,992
Funds held and other		8,536			8,604			9,435			10,741			13,330
Funds held - directly managed		5,010			5,805			6,275			6,586			7,577
Investment expenses		(12,889	)		(12,438	)		(12,106	)		(10,822	)		(10,921	)
Net investment income(1)	$	124,503		$	123,704		$	135,669		$	135,266		$	153,506
Net realized investment gains on fixed maturities and short-term investments	$	40,026		$	41,544		$	49,761		$	43,626		$	62,202
Net realized investment gains on equities		34,790			19,320			18,868			5,495			6,370
Net realized gains (losses) on other invested assets		7,378			11,152			(971	)		(2,604	)		(18,321	)
Change in net unrealized gains (losses) on other invested assets		83,285			(22,036	)		(13,903	)		(1,747	)		(14,346	)
Change in net unrealized investment (losses) gains on fixed maturities and short-term investments		(395,757	)		(71,670	)		(44,799	)		150,046			32,995
Change in net unrealized investment (losses) gains on equities		(57,715	)		50,066			(2,815	)		51,260			(32,963	)
Net other realized and unrealized investment gains (losses)		696			(809	)		578			1,899			406
Net realized and unrealized investment (losses) gains on funds held - directly managed		(11,918	)		(4,624	)		(1,606	)		9,454			1,789
Net realized and unrealized investment (losses) gains	$	(299,215	)	$	22,943		$	5,113		$	257,429		$	38,132

(1) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the three months ended June 30, 2013, net investment income includes foreign exchange impacts of $0.6 million compared to the three months ended June 30, 2012

36

PartnerRe Ltd.

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

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the six months ended						For the year ended
	June 30, 2013			June 30, 2012			December 31, 2012			December 31, 2011
Fixed maturities	$	226,809		$	263,390		$	512,833		$	561,576
Short-term investments, cash and cash equivalents		1,199			1,224			2,905			3,843
Equities		17,571			16,505			26,207			19,815
Funds held and other		17,140			23,932			44,109			49,502
Funds held - directly managed		10,815			16,170			29,031			37,919
Investment expenses		(25,327	)		(20,819	)		(43,747	)		(43,507	)
Net investment income(1)	$	248,207		$	300,402		$	571,338		$	629,148
Net realized investment gains on fixed maturities and short-term investments	$	81,570		$	79,600		$	172,987		$	157,207
Net realized investment gains on equities		54,110			47,792			72,155			90,866
Net realized gains (losses) on other invested assets		18,530			(13,116	)		(16,691	)		(176,295	)
Change in net unrealized gains (losses) on other invested assets		61,249			6,082			(9,568	)		(46,278	)
Change in net unrealized investment (losses) gains on fixed maturities and short-term investments		(467,427	)		80,815			186,063			128,224
Change in net unrealized investment (losses) gains on equities		(7,649	)		17,808			66,253			(101,860	)
Net other realized and unrealized investment (losses) gains		(113	)		3,367			5,843			3,617
Net realized and unrealized investment (losses) gains on funds held - directly managed		(16,542	)		8,519			16,367			11,211
Net realized and unrealized investment (losses) gains	$	(276,272	)	$	230,867		$	493,409		$	66,692

(1) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the six months ended June 30, 2013, net investment income includes foreign exchange impacts of $3.3 million compared to the six months ended June 30, 2012.

37

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
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Fixed maturities	$	4,717		$	5,336		$	6,307		$	6,746		$	7,087
Short-term investments, cash and cash equivalents		227			377			333			375			167
Other		364			322			364			262			305
Investment expenses		(298	)		(230	)		(729	)		(797	)		18
Net investment income	$	5,010		$	5,805		$	6,275		$	6,586		$	7,577
Net realized investment gains on fixed maturities and short-term investments	$	3,495		$	1,449		$	8,642		$	41		$	108
Net realized investment losses on other invested assets		(62	)		—			—			—			—
Change in net unrealized investment (losses) gains on fixed maturities and short-term investments		(14,621	)		(3,968	)		(10,019	)		7,690			3,029
Change in net unrealized investment (losses) gains on other invested assets		(730	)		(2,105	)		(229	)		1,723			(1,348	)
Net realized and unrealized investment (losses) gains on funds held - directly managed	$	(11,918	)	$	(4,624	)	$	(1,606	)	$	9,454		$	1,789

38

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 six months ended						For the year ended
	June 30, 2013			June 30, 2012			December 31, 2012			December 31, 2011
Fixed maturities	$	10,053		$	14,706		$	27,760		$	31,542
Short-term investments, cash and cash equivalents		604			338			1,046			1,906
Other		686			1,022			1,647			5,402
Investment expenses		(528	)		104			(1,422	)		(931	)
Net investment income	$	10,815		$	16,170		$	29,031		$	37,919
Net realized investment gains (losses) on fixed maturities and short-term investments	$	4,944		$	(278	)	$	8,405		$	5,369
Net realized investment losses of on other invested assets		(62	)		—			—			(42	)
Change in net unrealized investment (losses) gains on fixed maturities andshort-term investments		(18,589	)		8,913			6,583			12,314
Change in net unrealized investment (losses) gains on other invested assets		(2,835	)		(116	)		1,379			(6,430	)
Net realized and unrealized investment (losses) gains on funds held - directly managed	$	(16,542	)	$	8,519		$	16,367		$	11,211

39

PartnerRe Ltd.

Analysis of Unpaid Losses and Loss Expenses

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the three months ended
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	10,323,786		$	10,709,371		$	10,761,302		$	10,661,012		$	11,143,354
Reinsurance recoverable at beginning of period		(292,711	)		(291,330	)		(308,154	)		(331,346	)		(335,613	)
Net liability at beginning of period		10,031,075			10,418,041			10,453,148			10,329,666			10,807,741
Net incurred losses related to:
Current year		813,492			661,665			793,291			753,068			648,522
Prior years		(127,350	)		(182,796	)		(160,564	)		(188,758	)		(115,140	)
		686,142			478,869			632,727			564,310			533,382
Change in reserve agreement(1)		(7	)		(25,963	)		(18,862	)		(39,739	)		7,229
Net losses paid		(632,011	)		(706,123	)		(707,035	)		(575,508	)		(774,142	)
Effects of foreign exchange rate changes		(25,126	)		(133,749	)		58,063			174,419			(244,544	)
Net liability at end of period		10,060,073			10,031,075			10,418,041			10,453,148			10,329,666
Reinsurance recoverable at end of period		276,295			292,711			291,330			308,154			331,346
Gross liability at end of period	$	10,336,368		$	10,323,786		$	10,709,371		$	10,761,302		$	10,661,012
Breakdown of gross liability at end of period:
Case reserves	$	4,645,378		$	4,792,975		$	4,872,591		$	5,000,805		$	5,000,584
Additional case reserves		346,553			373,509			343,549			411,063			453,035
Incurred but not reported reserves		5,344,437			5,157,302			5,493,231			5,349,434			5,207,393
Gross liability at end of period	$	10,336,368		$	10,323,786		$	10,709,371		$	10,761,302		$	10,661,012
Breakdown of gross liability at end of period by Non-life sub-segment:
North America	$	3,332,288		$	3,279,989		$	3,373,852		$	3,402,697		$	3,310,449
Global (Non-U.S.) P&C		2,388,789			2,412,743			2,507,761			2,511,342			2,478,403
Global Specialty		3,817,570			3,788,417			3,868,700			3,773,521			3,781,955
Catastrophe		797,721			842,637			959,058			1,073,742			1,090,205
Gross liability at end of period	$	10,336,368		$	10,323,786		$	10,709,371		$	10,761,302		$	10,661,012
Unrecognized time value of non-life reserves	$	658,929		$	452,389		$	465,625		$	465,899		$	493,597
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		92.1	%		147.5	%		111.7	%		102.0	%		145.1	%
Non-life paid losses to net premiums earned ratio		64.7	%		76.5	%		73.5	%		55.2	%		86.9	%

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

40

PartnerRe Ltd.

Analysis of Unpaid Losses and Loss Expenses

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the six months ended						As at and for the year ended
	June 30, 2013			June 30, 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		$	11,273,091		$	11,273,091		$	10,666,604
Reinsurance recoverable at beginning of period		(291,330	)		(353,105	)		(353,105	)		(348,747	)
Net liability at beginning of period		10,418,041			10,919,986			10,919,986			10,317,857
Net incurred losses related to:
Current year		1,475,156			1,239,336			2,785,694			4,252,766
Prior years		(310,145	)		(278,743	)		(628,065	)		(530,457	)
		1,165,011			960,593			2,157,629			3,722,309
Change in reserve agreement(1)		(25,970	)		(27,563	)		(86,163	)		(61,383	)
Net losses paid		(1,338,134	)		(1,422,519	)		(2,705,062	)		(2,990,559	)
Effects of foreign exchange rate changes		(158,875	)		(100,831	)		131,651			(68,238	)
Net liability at end of period		10,060,073			10,329,666			10,418,041			10,919,986
Reinsurance recoverable at end of period		276,295			331,346			291,330			353,105
Gross liability at end of period	$	10,336,368		$	10,661,012		$	10,709,371		$	11,273,091
Breakdown of gross liability at end of period:
Case reserves	$	4,645,378		$	5,000,584		$	4,872,591		$	5,187,761
Additional case reserves		346,553			453,035			343,549			495,593
Incurred but not reported reserves		5,344,437			5,207,393			5,493,231			5,589,737
Gross liability at end of period	$	10,336,368		$	10,661,012		$	10,709,371		$	11,273,091
Breakdown of gross liability at end of period by Non-life sub-segment:
North America	$	3,332,288		$	3,310,449		$	3,373,852		$	3,287,364
Global (Non-U.S.) P&C		2,388,789			2,478,403			2,507,761			2,631,593
Global Specialty		3,817,570			3,781,955			3,868,700			3,922,404
Catastrophe		797,721			1,090,205			959,058			1,431,730
Gross liability at end of period	$	10,336,368		$	10,661,012		$	10,709,371		$	11,273,091
Unrecognized time value of non-life reserves	$	658,929		$	493,597		$	465,625		$	560,860
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		114.9	%		148.1	%		125.4	%		80.3	%
Non-life paid losses to net premiums earned ratio		70.4	%		84.3	%		73.3	%		77.6	%

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

41

PartnerRe Ltd.

Analysis of Policy Benefits for Life and Annuity Contracts

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the three months ended
	June 30, 2013		��	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,763,413		$	1,813,244		$	1,703,147		$	1,635,547		$	1,707,982
Reinsurance recoverable at beginning of period		(9,798	)		(20,684	)		(9,836	)		(9,635	)		(9,221	)
Net liability at beginning of period		1,753,615			1,792,560			1,693,311			1,625,912			1,698,761
Liability acquired related to the acquisition of Presidio		—			—			54,071			—			—
Net incurred losses related to:
Current year		192,285			190,474			167,612			162,638			170,889
Prior years		(11,584	)		(8,391	)		512			(5,811	)		1,866
		180,701			182,083			168,124			156,827			172,755
Net losses paid		(153,770	)		(161,571	)		(145,060	)		(142,721	)		(174,862	)
Effects of foreign exchange rate changes		12,354			(59,457	)		22,114			53,293			(70,742	)
Net liability at end of period		1,792,900			1,753,615			1,792,560			1,693,311			1,625,912
Reinsurance recoverable at end of period		6,432			9,798			20,684			9,836			9,635
Gross liability at end of period	$	1,799,332		$	1,763,413		$	1,813,244		$	1,703,147		$	1,635,547

42

PartnerRe Ltd.

Analysis of Policy Benefits for Life and Annuity Contracts

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the six months ended						As at and for the year ended
	June 30, 2013			June 30, 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		$	1,645,662		$	1,645,662		$	1,750,410
Reinsurance recoverable at beginning of period		(20,684	)		(9,874	)		(9,874	)		(14,739	)
Net liability at beginning of period		1,792,560			1,635,788			1,635,788			1,735,671
Liability acquired related to acquisition of Presidio		—			—			54,071			—
Net incurred losses related to:
Current year		382,758			331,093			661,343			650,771
Prior years		(19,975	)		(9,063	)		(14,362	)		(510	)
		362,783			322,030			646,981			650,261
Net losses paid		(315,341	)		(305,909	)		(593,690	)		(718,926	)
Effects of foreign exchange rate changes		(47,102	)		(25,997	)		49,410			(31,218	)
Net liability at end of period		1,792,900			1,625,912			1,792,560			1,635,788
Reinsurance recoverable at end of period		6,432			9,635			20,684			9,874
Gross liability at end of period	$	1,799,332		$	1,635,547		$	1,813,244		$	1,645,662

43

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Prior year net favorable (adverse) reserve development:
Non-life segment:
North America	$	31,226		$	29,946		$	51,381		$	66,621		$	38,764
Global (Non-U.S.) P&C		36,149			57,617			39,929			28,686			17,981
Global Specialty		27,780			60,464			45,944			90,602			58,549
Catastrophe		32,195			34,769			23,310			2,849			(154	)
Total Non-life net prior year reserve development	$	127,350		$	182,796		$	160,564		$	188,758		$	115,140
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(12,714	)	$	(11,129	)	$	(18,866	)	$	(13,761	)	$	(35,011	)
Net prior year reserve development due to all other factors(2)		140,064			193,925			179,430			202,519			150,151
Total Non-life net prior year reserve development	$	127,350		$	182,796		$	160,564		$	188,758		$	115,140
Life and Health segment:
Net prior year reserve development due to GMDB(1)	$	3,493		$	5,649		$	(3	)	$	5,227		$	(4,784	)
Net prior year reserve development due to all other factors(2)		8,091			2,742			(509	)		584			2,918
Total Life and Health net prior year reserve development	$	11,584		$	8,391		$	(512	)	$	5,811		$	(1,866	)

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatility in certain referenced global equity markets. At June 30, 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.

44

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the six months ended						For the year ended
	June 30, 2013			June 30, 2012			December 31, 2012			December 31, 2011
Prior year net favorable (adverse) reserve development:
Non-life segment:
North America	$	61,171		$	100,481		$	218,483		$	189,180
Global (Non-U.S.) P&C		93,766			45,664			114,279			115,995
Global Specialty		88,244			113,977			250,523			128,975
Catastrophe		66,964			18,621			44,780			96,307
Total Non-life net prior year reserve development	$	310,145		$	278,743		$	628,065		$	530,457
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(23,844	)	$	(61,343	)	$	(93,971	)	$	(58,501	)
Net prior year reserve development due to all other factors(2)		333,989			340,086			722,036			588,958
Total Non-life net prior year reserve development	$	310,145		$	278,743		$	628,065		$	530,457
Life and Health segment:
Net prior year reserve development due to GMDB(1)	$	9,142		$	4,785		$	10,009		$	5,245
Net prior year reserve development due to all other factors(2)		10,833			4,278			4,353			(4,735	)
Total Life and Health net prior year reserve development	$	19,975		$	9,063		$	14,362		$	510

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatility in certain referenced global equity markets. At June 30, 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.

45

PartnerRe Ltd.

Natural Catastrophe Probable Maximum Losses (PMLs)

(Expressed in millions of U.S. dollars)

(Unaudited)

Single occurrence estimated net PML exposure⁽¹⁾

		April 1, 2013				Jan 1, 2013				Oct 1, 2012				July 1, 2012				April 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	$	1,115			$	1,143			$	1,173			$	1,173			$	1,253
U.S. Northeast	Hurricane		1,019				1,124				1,000				1,000				1,068
U.S. Gulf Coast	Hurricane		1,001				1,041				1,069				1,069				997
Caribbean	Hurricane		270				293				272				272				292
Europe	Windstorm		850				850				927				927				884
Japan	Typhoon		169				192				164				164				161
California	Earthquake		574	$	685		722	$	906		734	$	923		734	$	923		856	$	1,072
British Columbia	Earthquake		310		559		314		564		350		526		350		526		355		527
Japan	Earthquake		463		488		503		564		502		543		502		543		537		578
Australia	Earthquake		439		557		468		583		468		582		468		582		479		626
New Zealand	Earthquake		261		282		276		299		320		339		320		339		338		378

(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.

46

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	For the three months ended
	June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning diluted book value per common share calculated with net (loss) income per share attributable to common shareholders(1)		(13.4	)%		14.0	%		7.4	%		35.5	%		11.8	%
Less:
Annualized net realized and unrealized investment (losses) gains, net of tax, on beginning diluted book value per common share(1)		(16.2	)		0.8			(0.6	)		16.7			1.3
Annualized net foreign exchange (losses) gains, net of tax, on beginning diluted book value per common share(1)		(0.4	)		(0.1	)		0.6			0.1			0.1
Annualized net interest in (losses) earnings of equity investments, net of tax, on beginning diluted book value per common share(1)		(0.4	)		0.4			0.1			0.3			—
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)		3.6	%		13.5	%		7.3	%		18.4			%10.4	%
Net (loss) income attributable to PartnerRe	$	(175,571	)	$	234,370		$	111,521		$	486,706		$	176,146
Less:
Net realized and unrealized investment (losses) gains, net of tax		(229,966	)		12,275			(7,356	)		221,825			18,325
Net foreign exchange (losses) gains, net of tax		(5,898	)		(787	)		7,281			1,418			1,277
Interest in (losses) earnings of equity investments, net of tax		(5,558	)		6,094			520			3,652			(879	)
Dividends to preferred shareholders		14,796			14,699			15,405			15,405			15,405
Operating earnings attributable to PartnerRe common shareholders	$	51,055		$	202,089		$	95,671		$	244,406		$	142,018
Per diluted common share:
Net (loss) income attributable to PartnerRe common shareholders	$	(3.37	)	$	3.53		$	1.56		$	7.53		$	2.50
Less:
Net realized and unrealized investment (losses) gains, net of tax		(4.07	)		0.20			(0.12	)		3.55			0.29
Net foreign exchange (losses) gains, net of tax		(0.10	)		(0.01	)		0.12			0.02			0.02
Loss on redemption of preferred shares		—			(0.15	)		—			—			—
Interest in (losses) earnings of equity investments, net of tax		(0.10	)		0.10			0.01			0.06			(0.01	)
Operating earnings attributable to PartnerRe common shareholders	$	0.90		$	3.39		$	1.55		$	3.90		$	2.20

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

47

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	For the six months ended						For the year ended
	June 30, 2013			June 30, 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 attributable to common shareholders(1)		0.7	%		18.3	%		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)		(7.4	)		6.4			7.3			0.2
Annualized net foreign exchange (losses) gains, net of tax, on beginning diluted book value per common share(1)		(0.2	)		—			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)		—			0.2			0.2			(0.1	)
Annualized loss on redemption of preferred shares, on beginning diluted book value per common share(1)		(0.3	)		—			—			—
Annualized operating return on beginning diluted book value per common share (1)		8.6	%		11.7	%		12.3	%		(10.1	)%
Net income (loss) attributable to PartnerRe	$	58,799		$	536,287		$	1,134,514		$	(520,291	)
Less:
Net realized and unrealized investment (losses) gains, net of tax		(217,691	)		177,546			392,014			15,104
Net foreign exchange (losses) gains, net of tax		(6,685	)		(354	)		8,345			66,433
Interest in earnings (losses) of equity investments, net of tax		537			4,571			8,742			(7,239	)
Dividends to preferred shareholders		29,494			30,811			61,622			47,020
Operating earnings (loss) attributable to PartnerRe common shareholders	$	253,144		$	323,713		$	663,791		$	(641,609	)
Per diluted share:
Net income (loss) attributable to PartnerRe common shareholders	$	0.34		$	7.76		$	16.87		$	(8.40	)
Less:
Net realized and unrealized investment (losses) gains, net of tax		(3.72	)		2.73			6.17			0.23
Net foreign exchange (losses) gains, net of tax		(0.11	)		(0.01	)		0.13			0.98
Loss on redemption of preferred shares		(0.16	)		—			—			—
Interest in earnings (losses) of equity investments, net of tax		0.01			0.07			0.14			(0.11	)
Operating earnings (loss) attributable to PartnerRe common shareholders	$	4.32		$	4.97		$	10.43		$	(9.50	)

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

48

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	June 30, 2013		March 31, 2013		December 31, 2012		September 30, 2012		June 30, 2012		December 31, 2011
Reconciliation of GAAP and non-GAAP measures:
Total shareholders’ equity	$	6,415,276	$	6,947,558	$	6,933,496	$	7,079,002	$	6,697,593	$	6,467,542
Less:
Preferred shares, aggregate liquidation value		853,750		853,750		893,750		893,750		893,750		893,750
Noncontrolling interests		48,319		36,844		—		—		—		—
Common shareholders’ equity attributable to PartnerRe		5,513,207		6,056,964		6,039,746		6,185,252		5,803,843		5,573,792
Less:
Goodwill		456,380		456,380		456,380		455,533		455,533		455,533
Intangible assets, net of tax		127,662		135,207		141,249		72,646		80,917		93,254
Tangible book value	$	4,929,165	$	5,465,377	$	5,442,117	$	5,657,073	$	5,267,393	$	5,025,005
Common shares and common share equivalents outstanding		55,325,581		58,826,334		59,893,366		62,136,090		63,164,499		65,715,708
Equals:
Diluted tangible book value per common share	$	89.09	$	92.91	$	90.86	$	91.04	$	83.39	$	76.47

49

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	June 30, 2013		March 31, 2013		December 31, 2012		September 30, 2012		June 30, 2012		December 31, 2011
Reconciliation of GAAP and non-GAAP measures:
Total shareholders’ equity	$	6,415,276	$	6,947,558	$	6,933,496	$	7,079,002	$	6,697,593	$	6,467,542
Less:
Preferred shares, aggregate liquidation value		853,750		853,750		893,750		893,750		893,750		893,750
Noncontrolling interest		48,319		36,844		—		—		—		—
Common shareholders’ equity attributable to PartnerRe		5,513,207		6,056,964		6,039,746		6,185,252		5,803,843		5,573,792
Less:
Goodwill		456,380		456,380		456,380		455,533		455,533		455,533
Intangibles, net of tax		127,662		135,207		141,249		72,646		80,917		93,254
Tangible book value		4,929,165		5,465,377		5,442,117		5,657,073		5,267,393		5,025,005
Net unrealized gains on fixed income securities and funds held - directly managed, net of tax (NURGL)		291,987		563,953		657,604		682,956		541,202		451,946
Book value excluding NURGL	$	5,221,220	$	5,493,011	$	5,382,142	$	5,502,296	$	5,262,641	$	5,121,846
Tangible book value excluding NURGL	$	4,637,178	$	4,901,424	$	4,784,513	$	4,974,117	$	4,726,191	$	4,573,059
Divided by:
Number of common shares and common share equivalents outstanding		55,325,581		58,826,334		59,893,366		62,136,090		63,164,499		65,715,708
Equals:
Diluted book value per common share excluding NURGL	$	94.37	$	93.38	$	89.86	$	88.55	$	83.32	$	77.94
Diluted tangible book value per common share excluding NURGL	$	83.82	$	83.32	$	79.88	$	80.05	$	74.82	$	69.59

50

PartnerRe Ltd.

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

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

(Unaudited)

	June 30, 2013		March 31, 2013			December 31, 2012		September 30, 2012		June 30, 2012		December 31, 2011
Basic book value per common share
Total shareholders’ equity	$	6,415,276	$	6,947,558		$	6,933,496	$	7,079,002	$	6,697,593	$	6,467,542
Less:
Preferred shares, aggregate liquidation value		853,750		(853,750	)		893,750		893,750		893,750		893,750
Noncontrolling interest		48,319		(36,844	)		—		—		—		—
Common shareholders’ equity attributable to PartnerRe	$	5,513,207	$	6,056,964		$	6,039,746	$	6,185,252	$	5,803,843	$	5,573,792
Basic common shares outstanding		54,321.7		57,660.2			58,909.4		61,366.7		62,557.5		65,322.3
Basic book value per common share	$	101.49	$	105.05		$	102.53	$	100.79	$	92.78	$	85.33
Common shareholders’ equity attributable to PartnerRe	$	5,513,207	$	6,056,964		$	6,039,746	$	6,185,252	$	5,803,843	$	5,573,792
Basic common shares outstanding		54,321.7		57,660.2			58,909.4		61,366.7		62,557.5		65,322.3
Add:
Stock options and other		2,614.5		3,105.1			2,892.5		2,297.4		1,968.6		809.4
Restricted stock units		900.6		793.4			864.3		877.6		877.5		489.0
Less:
Stock options and other bought back via treasury stock method		2,511.2		2,732.4			2,772.8		2,405.6		2,239.1		905.0
Diluted common shares and common share equivalents outstanding		55,325.6		58,826.3			59,893.4		62,136.1		63,164.5		65,715.7
Diluted book value per common share	$	99.65	$	102.96		$	100.84	$	99.54	$	91.88	$	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.

51

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

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

(Unaudited)

	As at and for the three months ended June 30, 2013						As at and for the three months ended June 30, 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 /diluted book value per common share at beginning of period	$	6,057		$	102.96		$	5,893		$	89.63
Technical result		100			1.77			152			2.36
Other operating expenses		(145	)		(2.56	)		(106	)		(1.65	)
Net investment income		125			2.20			153			2.38
Amortization of intangible assets		(7	)		(0.13	)		(9	)		(0.14	)
Other, net		(9	)		(0.15	)		(9	)		(0.15	)
Operating income tax benefit (expense)		2			0.03			(24	)		(0.36	)
Preferred dividends		(15	)		(0.26	)		(15	)		(0.24	)
Operating earnings		51			0.90			142			2.20
Net realized and unrealized investment (losses) gains, net of tax		(230	)		(4.07	)		18			0.29
Net foreign exchange losses (gains), net of tax		(6	)		(0.10	)		2			0.02
Interest in losses of equity investments, net of tax		(5	)		(0.10	)		(1	)		(0.01	)
Net (loss) income attributable to PartnerRe common shareholders		(190	)		(3.37	)		161			2.50
Common share dividends		(37	)		(0.64	)		(39	)		(0.62	)
Change in currency translation adjustment		(12	)		(0.20	)		(19	)		(0.30	)
Repurchase of common shares, net		(305	)		0.70			(193	)		0.86
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			0.21			n/a			(0.21	)
Common shareholders’ equity attributable to PartnerRe /diluted book value per common share at end of period	$	5,513		$	99.65		$	5,804		$	91.88
Goodwill		(456	)		(8.25	)		(456	)		(7.21	)
Intangibles, net of tax		(128	)		(2.31	)		(81	)		(1.28	)
Tangible common shareholders’ equity attributable to PartnerRe /diluted tangible book value per common share at end of period	$	4,929		$	89.09		$	5,267		$	83.39

52

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

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

(Unaudited)

	As at and for the six months ended June 30, 2013						As at and for the six months ended June 30, 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 /diluted book value per common share at beginning of period	$	6,040		$	100.84		$	5,574		$	84.82
Technical result		351			6.01			354			5.43
Other operating expenses		(261	)		(4.46	)		(204	)		(3.14	)
Net investment income		248			4.24			300			4.61
Amortization of intangible assets		(14	)		(0.24	)		(18	)		(0.27	)
Other, net		(19	)		(0.34	)		(19	)		(0.29	)
Operating income tax expense		(23	)		(0.39	)		(58	)		(0.90	)
Preferred dividends		(29	)		(0.50	)		(31	)		(0.47	)
Operating earnings		253			4.32			324			4.97
Net realized and unrealized investment (losses) gains, net of tax		(218	)		(3.72	)		177			2.73
Net foreign exchange losses, net of tax		(7	)		(0.11	)		—			(0.01	)
Loss on redemption of preferred shares		(9	)		(0.16	)		—			—
Interest in earnings of equity investments, net of tax		1			0.01			4			0.07
Net income attributable to PartnerRe common shareholders		20			0.34			505			7.76
Common share dividends		(74	)		(1.28	)		(80	)		(1.24	)
Change in currency translation adjustment		(31	)		(0.54	)		(2	)		(0.03	)
Repurchase of common shares, net		(442	)		0.51			(193	)		0.86
Preferred shares issuance costs		(9	)		(0.15	)		—			—
Recognition of loss on redemption of preferred shares		9			0.16			—			—
Change in other accumulated comprehensive income or loss, net of tax		—			0.01			—			—
Impact of change in number of common and common share equivalents outstanding		n/a			(0.24	)		n/a			(0.29	)
Common shareholders’ equity attributable to PartnerRe /diluted book value per common share at end of period	$	5,513		$	99.65		$	5,804		$	91.88
Goodwill		(456	)		(8.25	)		(456	)		(7.21	)
Intangibles, net of tax		(128	)		(2.31	)		(81	)		(1.28	)
Tangible common shareholders’ equity attributable to PartnerRe /diluted book value per common share at end of period	$	4,929		$	89.09		$	5,267		$	83.39

53

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 /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) attributable to PartnerRe 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 /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 /diluted tangible book value per common share at end of period	$	5,442		$	90.86		$	5,025		$	76.47

54