Partnerre (PREJF) 8-K PartnerRe Ltd. Reports Third Quarter and Nine Month 2013 Results

Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as at September 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 - September 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 Income (Loss)		6
Segment Information
For the three months ended September 30, 2013 and 2012		7-8
For the nine months ended September 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 Gains (Losses)		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 share data, per common share data, common shares 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
	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Revenues
Gross premiums written	$	1,281,477		$	1,340,582		$	1,756,886		$	931,434		$	1,056,076
Net premiums written	$	1,264,775		$	1,309,318		$	1,636,431		$	920,288		$	1,043,240
Decrease (increase) in unearned premiums		156,694			(100,682	)		(489,751	)		247,852			193,851
Net premiums earned		1,421,469			1,208,636			1,146,680			1,168,140			1,237,091
Net investment income		121,811			124,503			123,704			135,669			135,266
Net realized and unrealized investment gains (losses)		16,118			(299,215	)		22,943			5,113			257,429
Other income		5,399			3,878			3,927			3,777			2,744
Total revenues		1,564,797			1,037,802			1,297,254			1,312,699			1,632,530
Expenses
Losses and loss expenses and life policy benefits		750,999			866,843			660,952			800,851			721,137
Acquisition costs		282,948			241,743			234,200			245,520			247,058
Other operating expenses(1)		108,467			144,833			116,040			112,319			94,697
Interest expense		12,233			12,232			12,229			12,227			12,224
Amortization of intangible assets		7,045			7,045			7,046			5,120			8,893
Net foreign exchange losses (gains)		1,279			10,584			(2,043	)		3,341			2,015
Total expenses		1,162,971			1,283,280			1,028,424			1,179,378			1,086,024
Income (loss) before taxes and interest in earnings (losses) of equity investments		401,826			(245,478	)		268,830			133,321			546,506
Income tax expense (benefit)		70,232			(74,569	)		41,675			22,826			64,149
Interest in earnings (losses) of equity investments		5,941			(3,479	)		7,215			1,026			4,349
Net income (loss)		337,535			(174,388	)		234,370			111,521			486,706
Net income attributable to noncontrolling interests		(4,112	)		(1,183	)		—			—			—
Net income (loss) attributable to PartnerRe		333,423			(175,571	)		234,370			111,521			486,706
Preferred dividends		14,184			14,796			14,699			15,405			15,405
Loss on redemption of preferred shares		—			—			9,135			—			—
Net income (loss) attributable to PartnerRe common shareholders	$	319,239		$	(190,367	)	$	210,536		$	96,116		$	471,301
Operating earnings attributable to PartnerRe common shareholders	$	311,184		$	51,055		$	202,089		$	95,671		$	244,406
Comprehensive income (loss) attributable to PartnerRe	$	347,740		$	(187,445	)	$	215,303		$	104,603		$	518,871
Per share data attributable to PartnerRe common shareholders:
Basic operating earnings	$	5.80		$	0.90		$	3.46		$	1.58		$	3.95
Net realized and unrealized investment (losses) gains, net of tax		(0.02	)		(4.07	)		0.21			(0.13	)		3.59
Net foreign exchange gains (losses), net of tax		0.10			(0.10	)		(0.01	)		0.12			0.02
Loss on redemption of preferred shares		—			—			(0.16	)		—			—
Interest in earnings (losses) of equity investments, net of tax		0.07			(0.10	)		0.10			0.01			0.06
Basic net income (loss)	$	5.95		$	(3.37	)	$	3.60		$	1.58		$	7.62
Weighted average number of common shares outstanding		53,671,245			56,485,882			58,423,898			60,643,216			61,837,328
Diluted operating earnings(1)	$	5.70		$	0.90		$	3.39		$	1.55		$	3.90
Net realized and unrealized investment (losses) gains, net of tax		(0.03	)		(4.07	)		0.20			(0.12	)		3.55
Net foreign exchange gains (losses), net of tax		0.10			(0.10	)		(0.01	)		0.12			0.02
Loss on redemption of preferred shares		—			—			(0.15	)		—			—
Interest in earnings (losses) of equity investments, net of tax		0.07			(0.10	)		0.10			0.01			0.06
Diluted net income (loss)	$	5.84		$	(3.37	)	$	3.53		$	1.56		$	7.53
Weighted average number of common shares and common share equivalents outstanding		54,625,151			56,485,882			59,590,044			61,627,207			62,606,761
Dividends declared per common share	$	0.64		$	0.64		$	0.64		$	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 $2.4 million and $43.2 million, or $ 0.04 and $0.77 per diluted share, pre-tax, for the three months ended September 30, 2013 and June 30, 2013, respectively.

1

PartnerRe Ltd.

Consolidated Statements of Operations

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

(Unaudited)

	For the nine months ended						For the year ended
	September 30, 2013			September 30, 2012			December 31, 2012			December 31, 2011
Revenues
Gross premiums written	$	4,378,944		$	3,786,802		$	4,718,235		$	4,633,054
Net premiums written	$	4,210,525		$	3,652,571		$	4,572,860		$	4,486,329
(Increase) decrease in unearned premiums		(433,740	)		(334,772	)		(86,921	)		161,425
Net premiums earned		3,776,785			3,317,799			4,485,939			4,647,754
Net investment income		370,017			435,669			571,338			629,148
Net realized and unrealized investment (losses) gains		(260,154	)		488,296			493,409			66,692
Other income		13,205			8,143			11,920			7,915
Total revenues		3,899,853			4,249,907			5,562,606			5,351,509
Expenses
Losses and loss expenses and life policy benefits		2,278,793			2,003,759			2,804,610			4,372,570
Acquisition costs		758,890			691,388			936,909			938,361
Other operating expenses(1)		369,340			299,055			411,374			434,846
Interest expense		36,694			36,668			48,895			48,949
Amortization of intangible assets		21,136			26,679			31,799			36,405
Net foreign exchange losses (gains)		9,822			(3,165	)		175			(34,675	)
Total expenses		3,474,675			3,054,384			4,233,762			5,796,456
Income (loss) before taxes and interest in earnings (losses) of equity investments		425,178			1,195,523			1,328,844			(444,947	)
Income tax expense		37,338			181,458			204,284			68,972
Interest in earnings (losses) of equity investments		9,677			8,929			9,954			(6,372	)
Net income (loss)		397,517			1,022,994			1,134,514			(520,291	)
Net income attributable to noncontrolling interests		(5,296	)		—			—			—
Net income (loss) attributable to PartnerRe		392,221			1,022,994			1,134,514			(520,291	)
Preferred dividends		43,678			46,216			61,622			47,020
Loss on redemption of preferred shares		9,135			—			—			—
Net income (loss) attributable to PartnerRe common shareholders	$	339,408		$	976,778		$	1,072,892		$	(567,311	)
Operating earnings (loss) attributable to PartnerRe common shareholders	$	564,328		$	568,119		$	663,791		$	(641,609	)
Comprehensive income (loss) attributable to PartnerRe	$	375,597		$	1,053,153		$	1,157,755		$	(536,991	)
Per share data attributable to PartnerRe common shareholders:
Basic operating earnings (loss)	$	10.05		$	8.92		$	10.55		$	(9.50	)
Net realized and unrealized investment (losses) gains, net of tax		(3.90	)		6.27			6.23			0.23
Net foreign exchange (losses) gains, net of tax		(0.03	)		0.02			0.13			0.98
Loss on redemption of preferred shares		(0.16	)		—			—			—
Interest in earnings (losses) of equity investments, net of tax		0.08			0.13			0.14			(0.11	)
Basic net income (loss)	$	6.04		$	15.34		$	17.05		$	(8.40	)
Weighted average number of common shares outstanding		56,176,260			63,679,114			62,915,992			67,558,732
Diluted operating earnings (loss)(1)	$	9.86		$	8.84		$	10.43		$	(9.50	)
Net realized and unrealized investment (losses) gains, net of tax		(3.83	)		6.21			6.17			0.23
Net foreign exchange (losses) gains, net of tax		(0.02	)		0.01			0.13			0.98
Loss on redemption of preferred shares		(0.16	)		—			—			—
Interest in earnings (losses) of equity investments, net of tax		0.08			0.13			0.14			(0.11	)
Diluted net income (loss)	$	5.93		$	15.19		$	16.87		$	(8.40	)
Weighted average number of common shares and common share equivalents outstanding		57,217,561			64,284,125			63,615,748			67,558,732
Dividends declared per common share	$	1.92		$	1.86		$	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 $ 45.7 million, or $0.80 per diluted share, pre-tax, for the nine months ended September 30, 2013.

2

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	September 30, 2013				June 30, 2013				March 31, 2013				December 31, 2012				September 30, 2012				December 31, 2011
Assets
Total investments	$	15,107,800			$	14,968,652			$	15,544,844			$	15,973,230			$	15,912,719			$	15,287,245
Funds held - directly managed		813,497				842,415				909,520				930,741				1,188,186				1,268,010
Cash and cash equivalents		1,551,062				1,261,540				1,286,898				1,121,705				1,336,362				1,342,257
Accrued investment income		175,164				172,794				181,151				184,315				175,066				189,074
Reinsurance balances receivable		2,564,015				2,477,340				2,393,159				1,991,991				2,329,907				2,059,976
Reinsurance recoverable on paid and unpaid losses		339,169				356,011				400,509				348,086				369,960				397,788
Funds held by reinsured companies		831,704				782,992				775,486				805,489				805,178				796,290
Deferred acquisition costs		680,972				676,084				646,178				568,391				602,660				547,202
Goodwill		456,380				456,380				456,380				456,380				455,533				455,533
Intangible assets		193,134				200,179				207,224				214,270				107,188				133,867
Other assets		425,310				376,193				338,264				385,834				357,371				378,131
Total assets	$	23,138,207			$	22,570,580			$	23,139,613			$	22,980,432			$	23,640,130			$	22,855,373
Liabilities
Unpaid losses and loss expenses	$	10,564,542			$	10,336,368			$	10,323,786			$	10,709,371			$	10,761,302			$	11,273,091
Policy benefits for life and annuity contracts		1,908,575				1,799,332				1,763,413				1,813,244				1,703,147				1,645,662
Unearned premiums		1,997,853				2,162,112				2,074,370				1,534,625				1,810,881				1,448,841
Other reinsurance balances payable		232,711				244,583				342,423				238,578				504,820				443,873
Debt obligations		820,989				820,989				820,989				820,989				820,989				820,989
Other liabilities		989,361				791,920				867,074				930,129				959,989				755,375
Total liabilities		16,514,031				16,155,304				16,192,055				16,046,936				16,561,128				16,387,831
Total shareholders’ equity attributable to PartnerRe		6,571,687				6,366,957				6,910,714				6,933,496				7,079,002				6,467,542
Noncontrolling interests		52,489				48,319				36,844				—				—				—
Total shareholders’ equity		6,624,176				6,415,276				6,947,558				6,933,496				7,079,002				6,467,542
Total liabilities and shareholders’ equity	$	23,138,207			$	22,570,580			$	23,139,613			$	22,980,432			$	23,640,130			$	22,855,373
Diluted Book Value Per Common Share	$	105.53			$	99.65			$	102.96			$	100.84			$	99.54			$	84.82
Diluted Tangible Book Value Per Common Share	$	94.86			$	89.09			$	92.91			$	90.86			$	91.04			$	76.47
Number of Common Shares and Common Share Equivalents Outstanding		54,181,672				55,325,581				58,826,334				59,893,366				62,136,090				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	12			853,750	11			893,750	11			893,750	11			893,750	12
Common shareholders’ equity attributable to PartnerRe		5,717,937	77			5,513,207	77			6,056,964	78			6,039,746	78			6,185,252	78			5,573,792	77
Total Capital	$	7,385,071	100	%	$	7,180,341	100	%	$	7,724,098	100	%	$	7,746,880	100	%	$	7,892,386	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
	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Net cash provided by operating activities:
Underwriting operations	$	201		$	8		$	(4	)	$	91		$	152
Investment income		161			173			166			165			160
Taxes and foreign exchange		(9	)		(65	)		(47	)		(32	)		(25	)
Net cash provided by operating activities	$	353		$	116		$	115		$	224		$	287
Net cash provided by operating activities	$	353		$	116		$	115		$	224		$	287
Net cash provided by (used in) investing activities		95			200			289			(208	)		(335	)
Net cash used in financing activities		(169	)		(342	)		(224	)		(231	)		(141	)
Effect of foreign exchange rate changes on cash		10			1			(15	)		1			13
Increase (decrease) in cash and cash equivalents		289			(25	)		165			(214	)		(176	)
Cash and cash equivalents - beginning of period		1,262			1,287			1,122			1,336			1,512
Cash and cash equivalents - end of period	$	1,551		$	1,262		$	1,287		$	1,122		$	1,336

4

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the nine months ended						For the year ended
	September 30, 2013			September 30, 2012			December 31, 2012			December 31, 2011
Net cash provided by operating activities:
Underwriting operations(1)	$	205		$	10		$	100		$	(29	)
Investment income		500			551			717			731
Taxes and foreign exchange		(121	)		(92	)		(124	)		(128	)
Net cash provided by operating activities	$	584		$	469		$	693		$	574
Net cash provided by operating activities	$	584		$	469		$	693		$	574
Net cash provided by (used in) investing activities		584			(11	)		(219	)		(1,080	)
Net cash used in financing activities		(736	)		(458	)		(688	)		(242	)
Effect of foreign exchange rate changes on cash		(3	)		(6	)		(6	)		(21	)
Increase (decrease) in cash and cash equivalents		429			(6	)		(220	)		(769	)
Cash and cash equivalents - beginning of period		1,122			1,342			1,342			2,111
Cash and cash equivalents - end of period	$	1,551		$	1,336		$	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 Income (Loss)

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Net income (loss) attributable to PartnerRe Ltd.	$	333,423		$	(175,571	)	$	234,370		$	111,521		$	486,706
Change in currency translation adjustment		14,432			(11,514	)		(19,830	)		(2,554	)		32,992
Change in net unrealized gains or losses on investments, net of tax		(229	)		(230	)		(233	)		(235	)		(237	)
Change in unfunded pension obligation, net of tax		114			(130	)		996			(4,129	)		(590	)
Comprehensive income (loss)	$	347,740		$	(187,445	)	$	215,303		$	104,603		$	518,871

	For the nine months ended						For the year ended
	September 30, 2013			September 30, 2012			December 31, 2012			December 31, 2011
Net income (loss) attributable to PartnerRe Ltd.	$	392,221		$	1,022,994		$	1,134,514		$	(520,291	)
Change in currency translation adjustment		(16,912	)		31,042			28,488			(11,834	)
Change in net unrealized gains or losses on investments, net of tax		(692	)		(718	)		(953	)		(949	)
Change in unfunded pension obligation, net of tax		980			(165	)		(4,294	)		(3,917	)
Comprehensive income (loss)	$	375,597		$	1,053,153		$	1,157,755		$	(536,991	)

6

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the three months ended September 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	$	409		$	157		$	396		$	79		$	1,041		$	235		$	5		$	1,281
Net premiums written	$	408		$	157		$	389		$	72		$	1,026		$	234		$	5		$	1,265
Decrease (increase) in unearned premiums		17			38			(7	)		99			147			9			—			156
Net premiums earned	$	425		$	195		$	382		$	171		$	1,173		$	243		$	5		$	1,421
Losses and loss expenses and life policy benefits		(197	)		(90	)		(228	)		(42	)		(557	)		(195	)		1			(751	)
Acquisition costs		(101	)		(50	)		(92	)		(16	)		(259	)		(24	)		—			(283	)
Technical result	$	127		$	55		$	62		$	113		$	357		$	24		$	6		$	387
Other income														2			3			—			5
Other operating expenses														(62	)		(17	)		(29	)		(108	)
Underwriting result													$	297		$	10			n/a		$	284
Net investment income																	15			107			122
Allocated underwriting result(1)																$	25			n/a			n/a
Net realized and unrealized investment gains																				16			16
Interest expense																				(12	)		(12	)
Amortization of intangible assets																				(7	)		(7	)
Net foreign exchange losses																				(1	)		(1	)
Income tax expense																				(70	)		(70	)
Interest in earnings of equity investments																				6			6
Net income																				n/a		$	338
Loss ratio(2)		46.3	%		46.0	%		59.8	%		24.5	%		47.5	%
Acquisition ratio(3)		23.9			25.7			24.0			9.0			22.1
Technical ratio(4)		70.2	%		71.7	%		83.8	%		33.5	%		69.6	%
Other operating expense ratio(5)														5.3
Combined ratio(6)														74.9	%

(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 September 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	$	311		$	123		$	360		$	75		$	869			$	187		$	—		$	1,056
Net premiums written	$	311		$	122		$	354		$	69		$	856			$	187		$	—		$	1,043
Decrease in unearned premiums		24			50			9			99			182				8			4			194
Net premiums earned	$	335		$	172		$	363		$	168		$	1,038			$	195		$	4		$	1,237
Losses and loss expenses and life policy benefits		(251	)		(110	)		(161	)		(39	)		(561	)			(157	)		(3	)		(721	)
Acquisition costs		(83	)		(42	)		(79	)		(15	)		(219	)			(27	)		(1	)		(247	)
Technical result	$	1		$	20		$	123		$	114		$	258			$	11		$	—		$	269
Other income														1				1			1			3
Other operating expenses														(58	)			(12	)		(25	)		(95	)
Underwriting result													$	201			$	—			n/a		$	177
Net investment income																		15			120			135
Allocated underwriting result(1)																	$	15			n/a			n/a
Net realized and unrealized investment gains																					257			257
Interest expense																					(12	)		(12	)
Amortization of intangible assets																					(9	)		(9	)
Net foreign exchange losses																					(2	)		(2	)
Income tax expense																					(64	)		(64	)
Interest in earnings of equity investments																					5			5
Net income																					n/a		$	487
Loss ratio(2)		74.9	%		63.9	%		44.4	%		23.3	%		54.1	%
Acquisition ratio(3)		24.8			24.9			21.7			8.8			21.1
Technical ratio(4)		99.7	%		88.8	%		66.1	%		32.1	%		75.2	%
Other operating expense ratio(5)														5.5
Combined ratio(6)														80.7	%

8

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the nine months ended September 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	$	1,228		$	690		$	1,253		$	478		$	3,649		$	722		$	8		$	4,379
Net premiums written	$	1,215		$	682		$	1,159		$	433		$	3,489		$	715		$	7		$	4,211
Increase in unearned premiums		(99	)		(152	)		(68	)		(97	)		(416	)		(17	)		(1	)		(434	)
Net premiums earned	$	1,116		$	530		$	1,091		$	336		$	3,073		$	698		$	6		$	3,777
Losses and loss expenses and life policy benefits		(682	)		(263	)		(697	)		(81	)		(1,723	)		(558	)		2			(2,279	)
Acquisition costs		(253	)		(134	)		(257	)		(33	)		(677	)		(82	)		—			(759	)
Technical result	$	181		$	133		$	137		$	222		$	673		$	58		$	8		$	739
Other income														3			9			1			13
Other operating expenses														(189	)		(52	)		(128	)		(369	)
Underwriting result													$	487		$	15			n/a		$	383
Net investment income																	45			325			370
Allocated underwriting result(1)																$	60			n/a			n/a
Net realized and unrealized investment losses																				(260	)		(260	)
Interest expense																				(37	)		(37	)
Amortization of intangible assets																				(21	)		(21	)
Net foreign exchange losses																				(10	)		(10	)
Income tax expense																				(37	)		(37	)
Interest in earnings of equity investments																				10			10
Net income																				n/a		$	398
Loss ratio(2)		61.1	%		49.7	%		63.9	%		24.2	%		56.1	%
Acquisition ratio(3)		22.7			25.2			23.6			9.7			22.0
Technical ratio(4)		83.8	%		74.9	%		87.5	%		33.9	%		78.1	%
Other operating expense ratio(5)														6.1
Combined ratio(6)														84.2	%

9

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the nine months ended September 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	$	924		$	600		$	1,178		$	475		$	3,177		$	604		$	6		$	3,787
Net premiums written	$	922		$	596		$	1,098		$	429		$	3,045		$	601		$	6		$	3,652
Increase in unearned premiums		(59	)		(100	)		(64	)		(98	)		(321	)		(12	)		(1	)		(334	)
Net premiums earned	$	863		$	496		$	1,034		$	331		$	2,724		$	589		$	5		$	3,318
Losses and loss expenses and life policy benefits		(568	)		(327	)		(569	)		(58	)		(1,522	)		(479	)		(3	)		(2,004	)
Acquisition costs		(218	)		(120	)		(241	)		(30	)		(609	)		(82	)		—			(691	)
Technical result	$	77		$	49		$	224		$	243		$	593		$	28		$	2		$	623
Other income														2			3			3			8
Other operating expenses														(187	)		(38	)		(74	)		(299	)
Underwriting result													$	408		$	(7	)		n/a		$	332
Net investment income																	49			387			436
Allocated underwriting result(1)																$	42			n/a			n/a
Net realized and unrealized investment gains																				488			488
Interest expense																				(37	)		(37	)
Amortization of intangible assets																				(27	)		(27	)
Net foreign exchange gains																				3			3
Income tax expense																				(181	)		(181	)
Interest in earnings of equity investments																				9			9
Net income																				n/a		$	1,023
Loss ratio(2)		65.9	%		65.9	%		55.1	%		17.4	%		55.9	%
Acquisition ratio(3)		25.2			24.3			23.3			9.1			22.3
Technical ratio(4)		91.1	%		90.2	%		78.4	%		26.5	%		78.2	%
Other operating expense ratio(5)														6.9
Combined ratio(6)														85.1	%

10

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the three months ended
	September 30, 2013(A)			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Net premiums written	$	1,026		$	1,076		$	1,386		$	723		$	856
Net premiums earned	$	1,173		$	977		$	923		$	961		$	1,038
Losses and loss expenses		(557	)		(686	)		(480	)		(633	)		(561	)
Acquisition costs		(259	)		(209	)		(208	)		(212	)		(219	)
Technical result	$	357		$	82		$	235		$	116		$	258
Other income		2			—			—			2			1
Other operating expenses		(62	)		(60	)		(66	)		(70	)		(58	)
Underwriting result	$	297		$	22		$	169		$	48		$	201
Loss ratio(2)		47.5	%		70.3	%		52.0	%		65.9	%		54.1	%
Acquisition ratio(3)		22.1			21.4			22.6			22.0			21.1
Technical ratio(4)		69.6	%		91.7	%		74.6	%		87.9	%		75.2	%
Other operating expense ratio(5)		5.3			6.1			7.1			7.4			5.5
Combined ratio(6)		74.9	%		97.8	%		81.7	%		95.3	%		80.7	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended September 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $1.3 million and $4.3 million, respectively, compared to the three months ended September 30, 2012.

11

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the nine months ended						For the year ended
	September 30, 2013(A)			September 30, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	3,489		$	3,045		$	3,768		$	3,688
Net premiums earned	$	3,073		$	2,724		$	3,684		$	3,844
Losses and loss expenses		(1,723	)		(1,522	)		(2,155	)		(3,717	)
Acquisition costs		(677	)		(609	)		(821	)		(821	)
Technical result	$	673		$	593		$	708		$	(694	)
Other income		3			2			5			4
Other operating expenses		(189	)		(187	)		(257	)		(283	)
Underwriting result	$	487		$	408		$	456		$	(973	)
Loss ratio(2)		56.1	%		55.9	%		58.5	%		96.7	%
Acquisition ratio(3)		22.0			22.3			22.3			21.3
Technical ratio(4)		78.1	%		78.2	%		80.8	%		118.0	%
Other operating expense ratio(5)		6.1			6.9			7.0			7.4
Combined ratio(6)		84.2	%		85.1	%		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 nine months ended September 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $(3.7) million and $(3.0) million, respectively, compared to the nine months ended September 30, 2012.

12

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

North America sub-segment

	For the three months ended
	September 30, 2013(A)			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Net premiums written	$	408		$	360		$	446		$	297		$	311
Net premiums earned	$	425		$	357		$	333		$	313		$	335
Losses and loss expenses		(197	)		(245	)		(240	)		(248	)		(251	)
Acquisition costs		(101	)		(79	)		(72	)		(73	)		(83	)
Technical result	$	127		$	33		$	21		$	(8	)	$	1
Loss ratio(2)		46.3	%		68.6	%		72.0	%		79.2	%		74.9	%
Acquisition ratio(3)		23.9			22.1			21.6			23.2			24.8
Technical ratio(4)		70.2	%		90.7	%		93.6	%		102.4	%		99.7	%
Distribution of Net Premiums Written by Major Lines of Business:
Agriculture		31	%		28	%		23	%		25	%		18	%
Casualty		37			38			40			43			42
Credit/Surety		2			4			2			4			5
Motor		3			4			4			3			4
Multiline		4			5			10			7			5
Other		9			4			5			4			4
Property		14			17			16			14			22
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 September 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $(0.3) million and $(0.5) million, respectively, compared to the three months ended September 30, 2012.

13

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

North America sub-segment

	For the nine months ended						For the year ended
	September 30, 2013(A)			September 30, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	1,215		$	922		$	1,219		$	1,104
Net premiums earned	$	1,116		$	863		$	1,176		$	1,135
Losses and loss expenses		(682	)		(568	)		(816	)		(741	)
Acquisition costs		(253	)		(218	)		(291	)		(276	)
Technical result	$	181		$	77		$	69		$	118
Loss ratio(2)		61.1	%		65.9	%		69.4	%		65.3	%
Acquisition ratio(3)		22.7			25.2			24.7			24.3
Technical ratio(4)		83.8	%		91.1	%		94.1	%		89.6	%
Distribution of Net Premiums Written by Major Lines of Business:
Agriculture		27	%		17	%		19	%		20	%
Casualty		38			43			43			40
Credit/Surety		2			5			4			5
Motor		4			4			4			8
Multiline		7			7			7			7
Other		6			3			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 nine months ended September 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $0.3 million and $(0.4) million, respectively, compared to the nine months ended September 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
	September 30, 2013(A)			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Net premiums written	$	157		$	158		$	368		$	85		$	122
Net premiums earned	$	195		$	169		$	166		$	183		$	172
Losses and loss expenses		(90	)		(106	)		(67	)		(88	)		(110	)
Acquisition costs		(50	)		(34	)		(50	)		(47	)		(42	)
Technical result	$	55		$	29		$	49		$	48		$	20
Loss ratio(2)		46.0	%		62.9	%		40.4	%		48.5	%		63.9	%
Acquisition ratio(3)		25.7			19.9			30.1			25.6			24.9
Technical ratio(4)		71.7	%		82.8	%		70.5	%		74.1	%		88.8	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		9	%		10	%		10	%		14	%		10	%
Motor		35			34			34			32			30
Property		56			56			56			54			60
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 September 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $(0.6) million and $2.1 million, respectively, compared to the three months ended September 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 nine months ended						For the year ended
	September 30, 2013(A)			September 30, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	682		$	596		$	681		$	678
Net premiums earned	$	530		$	496		$	678		$	759
Losses and loss expenses		(263	)		(327	)		(415	)		(567	)
Acquisition costs		(134	)		(120	)		(167	)		(191	)
Technical result	$	133		$	49		$	96		$	1
Loss ratio(2)		49.7	%		65.9	%		61.3	%		74.7	%
Acquisition ratio(3)		25.2			24.3			24.6			25.1
Technical ratio(4)		74.9	%		90.2	%		85.9	%		99.8	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		10	%		11	%		11	%		10	%
Motor		34			27			28			20
Property		56			62			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 nine months ended September 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of (0.3) million and $0.6 million, respectively, compared to the nine months ended September 30, 2012.

16

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Global Specialty sub-segment

	For the three months ended
	September 30, 2013(A)			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Net premiums written	$	389		$	409		$	361		$	316		$	354
Net premiums earned	$	382		$	372		$	337		$	339		$	363
Losses and loss expenses		(228	)		(284	)		(184	)		(252	)		(161	)
Acquisition costs		(92	)		(90	)		(75	)		(80	)		(79	)
Technical result	$	62		$	(2	)	$	78		$	7		$	123
Loss ratio(2)		59.8	%		76.6	%		54.6	%		74.3	%		44.4	%
Acquisition ratio(3)		24.0			24.1			22.4			23.5			21.7
Technical ratio(4)		83.8	%		100.7	%		77.0	%		97.8	%		66.1	%
Distribution of Net Premiums Written by Major Lines of Business:
Agriculture		6	%		11	%		10	%		3	%		5	%
Aviation/Space		13			12			10			20			13
Credit/Surety		19			18			21			21			18
Energy		6			6			4			7			9
Engineering		14			14			12			14			14
Marine		19			19			20			20			25
Other		3			3			3			—			—
Specialty casualty		8			6			14			1			4
Specialty property		12			11			6			14			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 September 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $5.1 million and $5.1 million, respectively, compared to the three months ended September 30, 2012.

17

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Global Specialty sub-segment

	For the nine months ended							For the year ended
	September 30, 2013(A)			September 30, 2012			��	December 31, 2012			December 31, 2011
Net premiums written	$	1,159		$	1,098			$	1,415		$	1,344
Net premiums earned	$	1,091		$	1,034			$	1,373		$	1,376
Losses and loss expenses		(697	)		(569	)			(821	)		(950	)
Acquisition costs		(257	)		(241	)			(321	)		(328	)
Technical result	$	137		$	224			$	231		$	98
Loss ratio(2)		63.9	%		55.1	%			59.8	%		69.1	%
Acquisition ratio(3)		23.6			23.3				23.4			23.8
Technical ratio(4)		87.5	%		78.4	%			83.2	%		92.9	%
Distribution of Net Premiums Written by Major Lines of Business:
Agriculture		9	%		6	%			6	%		4	%
Aviation/Space		12			14				15			16
Credit/Surety		19			19				19			20
Energy		6			7				7			8
Engineering		13			11				12			14
Marine		19			23				22			20
Other		3			—				—			—
Specialty casualty		9			9				7			8
Specialty property		10			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 nine months ended September 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $3.5 million and $2.5 million, respectively, compared to the nine months ended September 30, 2012.

18

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the three months ended
	September 30, 2013(A)			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Net premiums written	$	72		$	149		$	211		$	25		$	69
Net premiums earned	$	171		$	79		$	87		$	126		$	168
Losses and loss expenses		(42	)		(51	)		11			(45	)		(39	)
Acquisition costs		(16	)		(6	)		(11	)		(12	)		(15	)
Technical result	$	113		$	22		$	87		$	69		$	114
Loss ratio(2)		24.5	%		64.1	%		(12.8	)%		35.6	%		23.3	%
Acquisition ratio(3)		9.0			8.5			12.3			9.8			8.8
Technical ratio(4)		33.5	%		72.6	%		(0.5	)%		45.4	%		32.1	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended September 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $(2.9) million and $(2.5) million, respectively, compared to the three months ended September 30, 2012.

19

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the nine months ended						For the year ended
	September 30, 2013(A)			September 30, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	433		$	429		$	453		$	562
Net premiums earned	$	336		$	331		$	457		$	574
Losses and loss expenses		(81	)		(58	)		(103	)		(1,459	)
Acquisition costs		(33	)		(30	)		(42	)		(26	)
Technical result	$	222		$	243		$	312		$	(911	)
Loss ratio(2)		24.2	%		17.4	%		22.4	%		254.2	%
Acquisition ratio(3)		9.7			9.1			9.3			4.5
Technical ratio(4)		33.9	%		26.5	%		31.7	%		258.7	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the nine months ended September 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $(7.2) million and $(5.7) million, respectively, compared to the nine months ended September 30, 2012.

20

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life and Health segment

	For the three months ended
	September 30, 2013(A)			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Net premiums written	$	234		$	232		$	249		$	197		$	187
Net premiums earned	$	243		$	232		$	224		$	205		$	195
Life policy benefits		(195	)		(181	)		(182	)		(168	)		(157	)
Acquisition costs		(24	)		(33	)		(27	)		(33	)		(27	)
Technical result	$	24		$	18		$	15		$	4		$	11
Other income		3			3			3			1			1
Other operating expenses		(17	)		(17	)		(18	)		(15	)		(12	)
Underwriting result	$	10		$	4		$	—		$	(10	)	$	—
Net investment income		15			15			16			15			15
Allocated underwriting result(1)	$	25		$	19		$	16		$	5		$	15
Distribution of Net Premiums Written by Major Lines of Business:
Accident and Health		17	%		14	%		12	%		2	%		3	%
Longevity		26			26			25			32			33
Mortality		57			60			63			66			64
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 September 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $3.1 million and $3.4 million, respectively, compared to the three months ended September 30, 2012.

21

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life and Health segment

	For the nine months ended						For the year ended
	September 30, 2013(A)			September 30, 2012			December 31, 2012			December 31, 2011
Net premiums written	$	715		$	601		$	799		$	786
Net premiums earned	$	698		$	589		$	795		$	792
Life policy benefits		(558	)		(479	)		(647	)		(650	)
Acquisition costs		(82	)		(82	)		(116	)		(117	)
Technical result	$	58		$	28		$	32		$	25
Other income		9			3			4			1
Other operating expenses		(52	)		(38	)		(52	)		(53	)
Underwriting result	$	15		$	(7	)	$	(16	)	$	(27	)
Net investment income		45			49			64			66
Allocated underwriting result(1)	$	60		$	42		$	48		$	39
Distribution of Net Premiums Written by Major Lines of Business:
Accident and Health		14	%		2	%		3	%		3	%
Longevity		26			31			31			26
Mortality		60			67			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 nine months ended September 30, 2013, net premiums written and net premiums earned include foreign exchange impacts of $2.9 million and $2.9 million, respectively, compared to the nine months ended September 30, 2012.

22

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the three months ended
	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Technical result	$	6		$	—		$	1		$	2		$	—
Other income		—			1			1			—			1
Corporate expenses - costs of restructuring(1)		(2	)		(43	)		—			—			—
Corporate expenses		(25	)		(23	)		(30	)		(24	)		(23	)
Other operating expenses		(2	)		(2	)		(2	)		(3	)		(2	)
Net investment income		107			110			108			121			120
Net realized and unrealized investment gains (losses)		16			(299	)		23			5			257
Interest expense		(12	)		(12	)		(12	)		(12	)		(12	)
Amortization of intangible assets		(7	)		(7	)		(7	)		(5	)		(9	)
Net foreign exchange (losses) gains		(1	)		(11	)		2			(3	)		(2	)
Income tax (expense) benefit		(70	)		75			(42	)		(23	)		(64	)
Interest in earnings (losses) of equity investments		6			(4	)		7			1			5

(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 September 30, 2013 and 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 nine months ended						For the year ended
	September 30, 2013			September 30, 2012			December 31, 2012			December 31, 2011
Technical result	$	8		$	2		$	4		$	6
Other income		1			3			3			3
Corporate expenses - costs of restructuring(1)		(46	)		—			—			—
Corporate expenses - acquisition related		—			—			—			(4	)
Corporate expenses		(76	)		(64	)		(88	)		(79	)
Other operating expenses		(6	)		(10	)		(14	)		(16	)
Net investment income		325			387			507			563
Net realized and unrealized investment (losses) gains		(260	)		488			494			67
Interest expense		(37	)		(37	)		(49	)		(49	)
Amortization of intangible assets		(21	)		(27	)		(32	)		(36	)
Net foreign exchange (losses) gains		(10	)		3			—			34
Income tax expense		(37	)		(181	)		(204	)		(69	)
Interest in earnings (losses) of equity investments		10			9			10			(6	)

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

24

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended
	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty		13	%		12	%		13	%		15	%		14	%
Motor		5			5			9			4			5
Multiline and other		5			3			5			3			2
Property		12			11			17			9			14
Specialty
Agriculture		12			11			8			9			7
Aviation/Space		4			4			2			7			5
Catastrophe		6			11			13			3			6
Credit/Surety		7			7			5			8			7
Energy		2			2			1			3			3
Engineering		4			4			3			5			5
Marine		6			6			5			7			9
Specialty casualty		2			2			3			1			1
Specialty property		4			4			1			5			4
Life and Health		18			18			15			21			18
		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Geography:
Asia, Australia and New Zealand		11	%		13	%		9	%		8	%		12	%
Europe		35			36			46			41			37
Latin America, Caribbean and Africa		12			10			9			12			13
North America		42			41			36			39			38
		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Production Source:
Broker		72	%		72	%		71	%		67	%		70	%
Direct		28			28			29			33			30
		100	%		100	%		100	%		100	%		100	%

25

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the nine months ended						For the year ended
	September 30, 2013			September 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		14			16			14			15
Specialty
Agriculture		10			6			7			7
Aviation/Space		3			5			5			5
Catastrophe		10			12			10			13
Credit/Surety		6			7			7			7
Energy		1			2			2			2
Engineering		4			3			4			4
Marine		5			7			7			6
Specialty casualty		3			3			2			2
Specialty property		3			3			4			3
Life and Health		17			16			17			18
		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Geography:
Asia, Australia and New Zealand		11	%		11	%		11	%		12	%
Europe		40			42			41			41
Latin America, Caribbean and Africa		10			11			11			11
North America		39			36			37			36
		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Production Source:
Broker		71	%		70	%		69	%		72	%
Direct		29			30			31			28
		100	%		100	%		100	%		100	%

26

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended
	September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012
Distribution of Gross Premiums Written by Reinsurance Type for the Non-life sub-segment:
North America
Non-Proportional		14	%		17	%		33	%		11	%		22	%
Proportional		86			83			67			89			78
Total		100	%		100	%		100	%		100	%		100	%
Global (Non-U.S.) P&C
Non-Proportional		10	%		10	%		36	%		8	%		20	%
Proportional		90			90			64			92			80
Total		100	%		100	%		100	%		100	%		100	%
Global Specialty
Non-Proportional		16	%		18	%		31	%		9	%		14	%
Proportional		84			82			69			91			86
Total		100	%		100	%		100	%		100	%		100	%
Catastrophe
Non-Proportional		96	%		97	%		99	%		93	%		98	%
Proportional		4			3			1			7			2
Total		100	%		100	%		100	%		100	%		100	%
Non-life total
Non-Proportional		20	%		28	%		43	%		12	%		25	%
Proportional		80			72			57			88			75
Total		100	%		100	%		100	%		100	%		100	%

27

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the nine months ended						For the year ended
	September 30, 2013			September 30, 2012			December 31, 2012			December 31, 2011
Distribution of Gross Premiums Written by Reinsurance Type Non-life sub-segment:
North America
Non-Proportional		22	%		31	%		26	%		30	%
Proportional		78			69			74			70
Total		100	%		100	%		100	%		100	%
Global (Non-U.S.) P&C
Non-Proportional		24	%		26	%		24	%		23	%
Proportional		76			74			76			77
Total		100	%		100	%		100	%		100	%
Global Specialty
Non-Proportional		22	%		24	%		20	%		19	%
Proportional		78			76			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		32	%		37	%		33	%		35	%
Proportional		68			63			67			65
Total		100	%		100	%		100	%		100	%

28

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	September 30, 2013					June 30, 2013					March 31, 2013					December 31, 2012					September 30, 2012					December 31, 2011
Investments:
Fixed maturities
U.S. government	$	1,459		10	%	$	960		6	%	$	1,039		7	%	$	1,113		7	%	$	958		6	%	$	1,090		7	%
U.S. government sponsored enterprises		36		—			31		—			25		—			18		—			25		—			26		—
U.S. states, territories and municipalities		306		2			237		2			250		2			243		1			219		1			124		1
Non-U.S. sovereign government, supranational and government related		2,344		16			2,140		14			2,296		15			2,376		15			2,638		17			2,964		19
Corporates		6,042		40			6,246		42			6,587		42			6,656		42			6,378		40			5,747		38
Mortgage/asset-backed securities		3,494		23			3,766		25			3,773		24			3,989		25			4,121		26			3,991		26
Total fixed maturities		13,681		91			13,380		89			13,970		90			14,395		90			14,339		90			13,942		91
Short-term investments		37		—			29		—			115		1			151		1			161		1			42		—
Equities		1,122		7			1,173		8			1,149		7			1,094		7			1,072		7			945		6
Other invested assets		268		2			387		3			311		2			333		2			341		2			358		3
Total investments	$	15,108		100	%	$	14,969		100	%	$	15,545		100	%	$	15,973		100	%	$	15,913		100	%	$	15,287		100	%
Cash and cash equivalents		1,551					1,262					1,287					1,122					1,336					1,343
Total investments and cash	$	16,659				$	16,231				$	16,832				$	17,095				$	17,249				$	16,630
Maturity distribution:
One year or less	$	492		4	%	$	654		5	%	$	1,052		7	%	$	1,081		7	%	$	1,175		8	%	$	571		4	%
More than one year through five years		4,790		35			4,377		33			4,137		29			4,198		29			4,071		28			4,923		35
More than five years through ten years		3,883		28			3,705		27			4,184		30			4,337		30			4,232		29			3,713		26
More than ten years		1,059		8			907		7			939		7			941		7			901		7			786		6
Subtotal		10,224		75			9,643		72			10,312		73			10,557		73			10,379		72			9,993		71
Mortgage/asset-backed securities		3,494		25			3,766		28			3,773		27			3,989		27			4,121		28			3,991		29
Total	$	13,718		100	%	$	13,409		100	%	$	14,085		100	%	$	14,546		100	%	$	14,500		100	%	$	13,984		100	%
Credit quality by market value:
AAA		14	%				13	%				12	%				13	%				15	%				25	%
AA		39					40					41					42					42					37
A		22					24					25					23					21					21
BBB		16					15					15					15					14					11
Below Investment Grade/Unrated		9					8					7					7					8					6
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration(1)		2.7	Yrs				2.6	Yrs				2.9	Yrs				2.7	Yrs				3.0	Yrs				2.9	Yrs
Average yield to maturity at market(1)		2.5	%				2.6	%				2.1	%				2.0	%				1.9	%				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)

	September 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	$	1,505,500			24.9	%		9.0	%		1.0	%
Consumer noncyclical		828,687			13.7			5.0			0.3
Communications		754,572			12.5			4.5			0.4
Utilities		598,385			9.9			3.6			0.2
Industrials		450,876			7.5			2.7			0.2
Energy		450,252			7.4			2.7			0.5
Consumer cyclical		408,656			6.8			2.5			0.2
Insurance		256,015			4.2			1.5			0.2
Basic materials		190,494			3.2			1.1			0.2
Government guaranteed corporate debt		163,028			2.7			1.0			0.2
Longevity and mortality bonds		125,886			2.1			0.8			0.4
Technology		114,874			1.9			0.7			0.1
Real estate investment trusts		105,594			1.7			0.6			0.1
Catastrophe bonds		76,979			1.3			0.5			0.1
Diversified		12,188			0.2			0.1			0.1
Total Corporate bonds	$	6,041,986			100.0	%		36.3	%
Finance sector - Corporate bonds
Banks	$	766,797			12.7	%		4.6	%
Investment banking and brokerage		368,435			6.1			2.2
Financial services		204,041			3.4			1.2
Commercial and consumer finance		135,094			2.2			0.8
Other		31,133			0.5			0.2
Total finance sector - Corporate bonds	$	1,505,500			24.9	%		9.0	%
	AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
Credit quality of finance sector - Corporate bonds
Banks	$	31,307		$	61,017		$	543,630		$	129,803		$	1,040		$	766,797
Investment banking and brokerage		—			—			337,067			30,391			977			368,435
Financial services		—			177,022			18,194			6,346			2,479			204,041
Commercial and consumer finance		—			5,221			37,608			91,779			486			135,094
Other		—			12,755			14,762			1,875			1,741			31,133
Total finance sector - Corporate bonds	$	31,307		$	256,015		$	951,261		$	260,194		$	6,723		$	1,505,500
% of total		2	%		17	%		63	%		17	%		1	%		100	%

Concentration of investment risk

The top 10 Corporate bond issuers account for 18% of the Company’s total corporate bonds. The single largest issuer accounts for 2.8% of the Company’s total Corporate bonds.

30

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

	September 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	$	168,985		19.1	%		1.0	%		0.1	%
Energy		156,254		17.6			0.9			0.1
Finance		129,367		14.6			0.8			0.1
Consumer noncyclical		119,194		13.5			0.7			0.1
Communications		66,169		7.5			0.4			0.1
Technology		60,685		6.9			0.4			0.1
Industrials		45,181		5.1			0.3			—
Consumer cyclical		44,566		5.0			0.3			—
Utilities		38,481		4.3			0.2			—
Insurance		36,481		4.1			0.2			0.1
Basic materials		18,470		2.1			0.1			—
Diversified		2,089		0.2			—			—
Total equities	$	885,922		100.0	%		5.3	%
Mutual funds and exchange traded funds (ETFs)
Funds holding fixed income securities		188,036					1.1
Funds and ETFs holding equities		48,126					0.3
Total Equities	$	1,122,084					6.7	%

Concentration of investment risk

The single largest fund in funds and ETFs holding equities is an emerging markets fixed income fund, which accounts for 9.4% of the Company’s total equities. Excluding equity securities held in mutual funds and exchange traded funds, the top 10 common stock issuers account for 18.4% of the Company’s total equities. Excluding equity securities held in mutual funds and exchange traded funds, the single largest issuer accounts for 2.7% 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 September 30, 2013
	GNMA			GSEs			AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
U.S. Asset-Backed Securities	$	—		$	—		$	171,614		$	107,517		$	104,192		$	1,328		$	492,463		$	877,114
U.S. Collaterized Mortgage Obligations		—			1,748			—			—			—			—			—			1,748
U.S. Mortgage Backed Securities (MBS)		453,663			1,218,274			—			—			—			—			—			1,671,937
U.S. Commercial Mortgage Backed Securities (CMBS)		5,745			—			18,472			—			1,141			1,185			2,614			29,157
U.S. MBS Interest Only		43,682			79,241			4,467			—			—			—			16,130			143,520
	$	503,090		$	1,299,263		$	194,553		$	107,517		$	105,333		$	2,513		$	511,207		$	2,723,476
Non-U.S. Asset-Backed Securities	$	—		$	—		$	167,459		$	61,722		$	44,335		$	7,297		$	—		$	280,813
Non-U.S. Collaterized Mortgage Obligations		—			—			174,109			65,526			38,133			2,756			—			280,524
Non-U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			12,600			—			—			—			—			12,600
Non-U.S. Mortgage Backed Securities (MBS)		—			—			196,145			—			—			—			—			196,145
	$	—		$	—		$	550,313		$	127,248		$	82,468		$	10,053		$	—		$	770,082
Total mortgage/asset-backed securities	$	503,090		$	1,299,263		$	744,866		$	234,765		$	187,801		$	12,566		$	511,207		$	3,493,558
Corporate Securities		—			36,337			—			—			—			—			—			36,337
Total	$	503,090		$	1,335,600		$	744,866		$	234,765		$	187,801		$	12,566		$	511,207		$	3,529,895
% of total		14	%		38	%		21	%		7	%		5	%		—	%		15	%		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 $192.0 million and a carrying value of $7.3 million at September 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

	September 30, 2013														June 30, 2013						March 31, 2013
	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	$	112,221	$	—		$	112,221		$	—		$	112,221		$	123,282		$	123,282		$	108,254		$	108,254
Principal Finance - Derivative Exposure Assumed		—		(5,196	)		(5,196	)		67,737			62,541			(2,225	)		71,189			(1,474	)		79,604
Insurance-Linked Securities		—		(215	)		(215	)		240,744			240,529			(92	)		240,652			(2,681	)		230,563
Strategic Investments		209,042		—			209,042			—			209,042			205,353			205,353			214,626			214,626
Total other invested assets - Private Markets Exposure Assumed		321,263		(5,411	)		315,852			308,481			624,333			326,318			640,476			318,725			633,047
Other Credit Derivatives - Exposure Assumed		—		49			49			5,000			5,049			102			5,102			160			5,160
Other Credit Derivatives - Protection Purchased		—		(231	)		(231	)		(34,000	)		(34,231	)		(404	)		(34,404	)		(614	)		(48,614	)
Other(2)		9,183		(56,756	)		(47,573	)								60,791						(7,072	)
Total other invested assets	$	330,446	$	(62,349	)	$	268,097								$	386,807					$	311,199

(1) The total net exposures originated in Private Markets are $1,704 million at September 30, 2013 ($1,618 million and $1,591 million at June 30, 2013 and March 31, 2013, respectively). In addition to the net exposures listed above of $624 million at September 30, 2013 ($640 million and $633 million at June 30, 2013 and March 31, 2013, respectively), the Company has the following other net exposures originated in Private Markets:

• Principal Finance: $831 million of assets listed under Investments - Fixed Maturities and $10 million listed under Investments - Equities for a total exposure of $1,016 million at September 30, 2013 ($934 million and $850 million at June 30, 2013 and March 31, 2013, respectively).

• Insurance-Linked Securities: $202 million of bonds listed under Investments - Fixed Maturities for a total exposure of $443 million at September 30, 2013 ($443 million and $494 million at June 30, 2013 and March 31, 2013, 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 $245 million at September 30, 2013 ($241 million and $247 million at June 30, 2013 and March 31, 2013, 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)

	September 30, 2013					June 30, 2013					March 31, 2013					December 31, 2012					September 30, 2012					December 31, 2011
Investments:
Fixed maturities
U.S. government	$	111		17	%	$	107		16	%	$	129		16	%	$	129		15	%	$	221		21	%	$	111		11	%
U.S. government sponsored enterprises		57		9			65		10			90		11			90		11			136		13			158		15
Non-U.S. sovereign government, supranational and government related		193		30			196		29			226		28			234		28			273		25			275		26
Corporates		259		41			287		43			345		43			362		44			414		39			480		45
Total fixed maturities		620		97			655		98			790		98			815		98			1,044		98			1,024		97
Short-term investments		2		1			—		—			—		—			—		—	��		—		—			18		2
Other invested assets		16		2			15		2			16		2			18		2			17		2			16		1
Total investments	$	638		100	%	$	670		100	%	$	806		100	%	$	833		100	%	$	1,061		100	%	$	1,058		100	%
Cash and cash equivalents		34					20					44					54					90					176
Total investments and cash	$	672				$	690				$	850				$	887				$	1,151				$	1,234
Accrued investment income		9					8					10					10					15					14
Other funds held assets/liabilities		133					144					50					34					22					20
Total funds held - directly managed	$	814				$	842				$	910				$	931				$	1,188				$	1,268
Maturity distribution:
One year or less	$	97		16	%	$	114		17	%	$	154		19	%	$	133		17	%	$	213		20	%	$	227		22	%
More than one year through five years		377		60			403		62			487		62			515		63			622		60			573		55
More than five years through ten years		122		20			108		16			127		16			141		17			182		17			215		20
More than ten years		26		4			30		5			22		3			26		3			27		3			27		3
Total	$	622		100	%	$	655		100	%	$	790		100	%	$	815		100	%	$	1,044		100	%	$	1,042		100	%
Credit quality by market value:
AAA		12	%				12	%				11	%				12	%				12	%				22	%
AA		56					56					59					58					61					50
A		26					26					24					24					22					24
BBB		6					6					6					6					5					4
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		3.1	Yrs				3.1	Yrs				2.9	Yrs				3.0	Yrs				2.9	Yrs				2.7	Yrs
Average yield to maturity at market		1.2	%				1.3	%				0.9	%				1.0	%				1.0	%				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)

				September 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	$	85,436			33.0	%		12.7	%		1.4	%
Consumer noncyclical		51,381			19.8			7.7			1.3
Energy		36,584			14.1			5.4			1.4
Utilities		23,653			9.1			3.5			0.9
Basic materials		15,940			6.2			2.4			0.7
Communications		13,650			5.3			2.0			0.6
Government guaranteed corporate debt		10,016			3.9			1.5			1.1
Consumer cyclical		8,708			3.4			1.3			1.1
Industrials		6,003			2.3			0.9			0.5
Technology		4,186			1.6			0.6			0.6
Real estate investment trusts		3,389			1.3			0.5			0.5
Total Corporate bonds	$	258,946			100.0	%		38.5	%
Finance sector - Corporate bonds
Banks	$	56,966			22.0	%		8.5	%
Investment banking and brokerage		11,744			4.5			1.7
Financial services		11,617			4.5			1.7
Commercial and consumer finance		5,109			2.0			0.8
Total finance sector - Corporate bonds	$	85,436			33.0	%		12.7	%
	AAA			AA			A			BBB			Total
Credit quality of finance sector - Corporate bonds
Banks	$	6,012		$	21,604		$	27,638		$	1,712		$	56,966
Investment banking and brokerage		11,744			—			—			—			11,744
Financial services		—			7,230			4,387			—			11,617
Commercial and consumer finance		—			2,391			2,718			—			5,109
Total finance sector - Corporate bonds	$	17,756		$	31,225		$	34,743		$	1,712		$	85,436
% of total		21	%		36	%		41	%		2	%		100	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 30.7% of the Company’s total corporate bonds within the Funds Held - Directly Managed Portfolio. The single largest issuer accounts for 3.8% of the Company’s total corporate bonds within the Funds Held - Directly Managed portfolio.

35

PartnerRe Ltd.

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

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012
Fixed maturities	$	110,911		$	110,727		$	116,082		$	125,903		$	123,540
Short-term investments, cash and cash equivalents		266			320			879			1,144			537
Equities		9,140			12,799			4,772			5,018			4,684
Funds held and other		8,824			8,536			8,604			9,435			10,741
Funds held - directly managed		4,902			5,010			5,805			6,275			6,586
Investment expenses		(12,232	)		(12,889	)		(12,438	)		(12,106	)		(10,822	)
Net investment income(1)	$	121,811		$	124,503		$	123,704		$	135,669		$	135,266
Net realized investment gains on fixed maturities and short-term investments	$	18,642		$	40,026		$	41,544		$	49,761		$	43,626
Net realized investment gains on equities		15,057			34,790			19,320			18,868			5,495
Net realized gains (losses) on other invested assets		80,065			7,378			11,152			(971	)		(2,604	)
Change in net unrealized (losses) gains on other invested assets		(103,406	)		83,285			(22,036	)		(13,903	)		(1,747	)
Change in net unrealized investment gains (losses) on fixed maturities and short-term investments		10,259			(395,757	)		(71,670	)		(44,799	)		150,046
Change in net unrealized investment (losses) gains on equities		(891	)		(57,715	)		50,066			(2,815	)		51,260
Net other realized and unrealized investment (losses) gains		(2,192	)		696			(809	)		578			1,899
Net realized and unrealized investment (losses) gains on funds held - directly managed		(1,416	)		(11,918	)		(4,624	)		(1,606	)		9,454
Net realized and unrealized investment gains (losses)	$	16,118		$	(299,215	)	$	22,943		$	5,113		$	257,429

(1) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the three months ended September 30, 2013, net investment income includes foreign exchange impacts of $2.8 million compared to the three months ended September 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 nine months ended						For the year ended
	September 30, 2013			September 30, 2012			December 31, 2012			December 31, 2011
Fixed maturities	$	337,720		$	386,931		$	512,833		$	561,576
Short-term investments, cash and cash equivalents		1,465			1,761			2,905			3,843
Equities		26,711			21,189			26,207			19,815
Funds held and other		25,963			34,673			44,109			49,502
Funds held - directly managed		15,717			22,756			29,031			37,919
Investment expenses		(37,559	)		(31,641	)		(43,747	)		(43,507	)
Net investment income(1)	$	370,017		$	435,669		$	571,338		$	629,148
Net realized investment gains on fixed maturities and short-term investments	$	100,212		$	123,226		$	172,987		$	157,207
Net realized investment gains on equities		69,167			53,287			72,155			90,866
Net realized gains (losses) on other invested assets		98,595			(15,719	)		(16,691	)		(176,295	)
Change in net unrealized (losses) gains on other invested assets		(42,157	)		4,335			(9,568	)		(46,278	)
Change in net unrealized investment (losses) gains on fixed maturities and short-term investments		(457,168	)		230,862			186,063			128,224
Change in net unrealized investment (losses) gains on equities		(8,540	)		69,068			66,253			(101,860	)
Net other realized and unrealized investment (losses) gains		(2,305	)		5,265			5,843			3,617
Net realized and unrealized investment (losses) gains on funds held - directly managed		(17,958	)		17,972			16,367			11,211
Net realized and unrealized investment (losses) gains	$	(260,154	)	$	488,296		$	493,409		$	66,692

(1) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the nine months ended September 30, 2013, net investment income includes foreign exchange impacts of $6.1 million compared to the nine months ended September 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
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012
Fixed maturities	$	4,697		$	4,717		$	5,336		$	6,307		$	6,746
Short-term investments, cash and cash equivalents		299			227			377			333			375
Other		316			364			322			364			262
Investment expenses		(410	)		(298	)		(230	)		(729	)		(797	)
Net investment income	$	4,902		$	5,010		$	5,805		$	6,275		$	6,586
Net realized investment (losses) gains on fixed maturities and short-term investments	$	(618	)	$	3,495		$	1,449		$	8,642		$	41
Net realized investment gains (losses) on other invested assets		81			(62	)		—			—			—
Change in net unrealized investment (losses) gains on fixed maturities and short-term investments		(969	)		(14,621	)		(3,968	)		(10,019	)		7,690
Change in net unrealized investment gains (losses) on other invested assets		90			(730	)		(2,105	)		(229	)		1,723
Net realized and unrealized investment (losses) gains on funds held - directly managed	$	(1,416	)	$	(11,918	)	$	(4,624	)	$	(1,606	)	$	9,454

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 nine months ended						For the year ended
	September 30, 2013			September 30, 2012			December 31, 2012			December 31, 2011
Fixed maturities	$	14,750		$	21,452		$	27,760		$	31,542
Short-term investments, cash and cash equivalents		903			713			1,046			1,906
Other		1,002			1,284			1,647			5,402
Investment expenses		(938	)		(693	)		(1,422	)		(931	)
Net investment income	$	15,717		$	22,756		$	29,031		$	37,919
Net realized investment gains (losses) on fixed maturities and short-term investments	$	4,326		$	(238	)	$	8,405		$	5,369
Net realized investment gains (losses) of on other invested assets		19			—			—			(42	)
Change in net unrealized investment (losses) gains on fixed maturities and short-term investments		(19,558	)		16,602			6,583			12,314
Change in net unrealized investment (losses) gains on other invested assets		(2,745	)		1,608			1,379			(6,430	)
Net realized and unrealized investment (losses) gains on funds held - directly managed	$	(17,958	)	$	17,972		$	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
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	10,336,368		$	10,323,786		$	10,709,371		$	10,761,302		$	10,661,012
Reinsurance recoverable at beginning of period		(276,295	)		(292,711	)		(291,330	)		(308,154	)		(331,346	)
Net liability at beginning of period		10,060,073			10,031,075			10,418,041			10,453,148			10,329,666
Net incurred losses related to:
Current year		793,894			813,492			661,665			793,291			753,068
Prior years		(238,354	)		(127,350	)		(182,796	)		(160,564	)		(188,758	)
		555,540			686,142			478,869			632,727			564,310
Change in reserve agreement(1)		(19,967	)		(7	)		(25,963	)		(18,862	)		(39,739	)
Net losses paid		(474,012	)		(632,011	)		(706,123	)		(707,035	)		(575,508	)
Effects of foreign exchange rate changes		157,702			(25,126	)		(133,749	)		58,063			174,419
Net liability at end of period		10,279,336			10,060,073			10,031,075			10,418,041			10,453,148
Reinsurance recoverable at end of period		285,206			276,295			292,711			291,330			308,154
Gross liability at end of period	$	10,564,542		$	10,336,368		$	10,323,786		$	10,709,371		$	10,761,302
Breakdown of gross liability at end of period:
Case reserves	$	4,711,580		$	4,645,378		$	4,792,975		$	4,872,591		$	5,000,805
Additional case reserves		401,752			346,553			373,509			343,549			411,063
Incurred but not reported reserves		5,451,210			5,344,437			5,157,302			5,493,231			5,349,434
Gross liability at end of period	$	10,564,542		$	10,336,368		$	10,323,786		$	10,709,371		$	10,761,302
Breakdown of gross liability at end of period by Non-life sub-segment:
North America	$	3,397,875		$	3,332,288		$	3,279,989		$	3,373,852		$	3,402,697
Global (Non-U.S.) P&C		2,424,923			2,388,789			2,412,743			2,507,761			2,511,342
Global Specialty		3,978,436			3,817,570			3,788,417			3,868,700			3,773,521
Catastrophe		763,308			797,721			842,637			959,058			1,073,742
Gross liability at end of period	$	10,564,542		$	10,336,368		$	10,323,786		$	10,709,371		$	10,761,302
Unrecognized time value of non-life reserves	$	688,734		$	658,929		$	452,389		$	465,625		$	465,899
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		85.3	%		92.1	%		147.5	%		111.7	%		102.0	%
Non-life paid losses to net premiums earned ratio		40.2	%		64.7	%		76.5	%		73.5	%		55.2	%

(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.

40

PartnerRe Ltd.

Analysis of Unpaid Losses and Loss Expenses

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the nine months ended						As at and for the year ended
	September 30, 2013			September 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		2,269,049			1,992,204			2,785,694			4,252,766
Prior years		(548,499	)		(467,501	)		(628,065	)		(530,457	)
		1,720,550			1,524,903			2,157,629			3,722,309
Change in reserve agreement(1)		(45,937	)		(67,302	)		(86,163	)		(61,383	)
Net losses paid		(1,812,146	)		(1,998,027	)		(2,705,062	)		(2,990,559	)
Effects of foreign exchange rate changes		(1,172	)		73,588			131,651			(68,238	)
Net liability at end of period		10,279,336			10,453,148			10,418,041			10,919,986
Reinsurance recoverable at end of period		285,206			308,154			291,330			353,105
Gross liability at end of period	$	10,564,542		$	10,761,302		$	10,709,371		$	11,273,091
Breakdown of gross liability at end of period:
Case reserves	$	4,711,580		$	5,000,805		$	4,872,591		$	5,187,761
Additional case reserves		401,752			411,063			343,549			495,593
Incurred but not reported reserves		5,451,210			5,349,434			5,493,231			5,589,737
Gross liability at end of period	$	10,564,542		$	10,761,302		$	10,709,371		$	11,273,091
Breakdown of gross liability at end of period by Non-life sub-segment:
North America	$	3,397,875		$	3,402,697		$	3,373,852		$	3,287,364
Global (Non-U.S.) P&C		2,424,923			2,511,342			2,507,761			2,631,593
Global Specialty		3,978,436			3,773,521			3,868,700			3,922,404
Catastrophe		763,308			1,073,742			959,058			1,431,730
Gross liability at end of period	$	10,564,542		$	10,761,302		$	10,709,371		$	11,273,091
Unrecognized time value of non-life reserves	$	688,734		$	465,899		$	465,625		$	560,860
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		105.3	%		131.0	%		125.4	%		80.3	%
Non-life paid losses to net premiums earned ratio		58.9	%		73.2	%		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
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,799,332		$	1,763,413		$	1,813,244		$	1,703,147		$	1,635,547
Reinsurance recoverable at beginning of period		(6,432	)		(9,798	)		(20,684	)		(9,836	)		(9,635	)
Net liability at beginning of period		1,792,900			1,753,615			1,792,560			1,693,311			1,625,912
Liability acquired related to the acquisition of Presidio		—			—			—			54,071			—
Net incurred losses related to:
Current year		208,839			192,285			190,474			167,612			162,638
Prior years		(13,380	)		(11,584	)		(8,391	)		512			(5,811	)
		195,459			180,701			182,083			168,124			156,827
Net losses paid		(149,895	)		(153,770	)		(161,571	)		(145,060	)		(142,721	)
Effects of foreign exchange rate changes		63,133			12,354			(59,457	)		22,114			53,293
Net liability at end of period		1,901,597			1,792,900			1,753,615			1,792,560			1,693,311
Reinsurance recoverable at end of period		6,978			6,432			9,798			20,684			9,836
Gross liability at end of period	$	1,908,575		$	1,799,332		$	1,763,413		$	1,813,244		$	1,703,147

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 nine months ended						As at and for the year ended
	September 30, 2013			September 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		591,597			493,730			661,343			650,771
Prior years		(33,354	)		(14,874	)		(14,362	)		(510	)
		558,243			478,856			646,981			650,261
Net losses paid		(465,237	)		(448,629	)		(593,690	)		(718,926	)
Effects of foreign exchange rate changes		16,031			27,296			49,410			(31,218	)
Net liability at end of period		1,901,597			1,693,311			1,792,560			1,635,788
Reinsurance recoverable at end of period		6,978			9,836			20,684			9,874
Gross liability at end of period	$	1,908,575		$	1,703,147		$	1,813,244		$	1,645,662

43

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012
Prior year net favorable (adverse) reserve development:
Non-life segment:
North America	$	94,466		$	31,226		$	29,946		$	51,381		$	66,621
Global (Non-U.S.) P&C		37,493			36,149			57,617			39,929			28,686
Global Specialty		77,760			27,780			60,464			45,944			90,602
Catastrophe		28,635			32,195			34,769			23,310			2,849
Total Non-life net prior year reserve development	$	238,354		$	127,350		$	182,796		$	160,564		$	188,758
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(23,508	)	$	(12,714	)	$	(11,129	)	$	(18,866	)	$	(13,761	)
Net prior year reserve development due to all other factors(2)		261,862			140,064			193,925			179,430			202,519
Total Non-life net prior year reserve development	$	238,354		$	127,350		$	182,796		$	160,564		$	188,758
Life and Health segment:
Net prior year reserve development due to GMDB(1)	$	11,087		$	3,493		$	5,649		$	(3	)	$	5,227
Net prior year reserve development due to all other factors (2)		2,293			8,091			2,742			(509	)		584
Total Life and Health net prior year reserve development	$	13,380		$	11,584		$	8,391		$	(512	)	$	5,811

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatility in certain referenced global equity markets. At September 30, 2013, a 10% increase in the referenced global equity market would have decreased reserves by approximately $4.1 million, while a 10% decrease in the referenced global equity market would have increased reserves by approximately $5.2 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 nine months ended						For the year ended
	September 30, 2013			September 30, 2012			December 31, 2012			December 31, 2011
Prior year net favorable (adverse) reserve development:
Non-life segment:
North America	$	155,637		$	167,102		$	218,483		$	189,180
Global (Non-U.S.) P&C		131,259			74,350			114,279			115,995
Global Specialty		166,004			204,579			250,523			128,975
Catastrophe		95,599			21,470			44,780			96,307
Total Non-life net prior year reserve development	$	548,499		$	467,501		$	628,065		$	530,457
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(47,352	)	$	(75,104	)	$	(93,971	)	$	(58,501	)
Net prior year reserve development due to all other factors(2)		595,851			542,605			722,036			588,958
Total Non-life net prior year reserve development	$	548,499		$	467,501		$	628,065		$	530,457
Life and Health segment:
Net prior year reserve development due to GMDB(1)	$	20,229		$	10,012		$	10,009		$	5,245
Net prior year reserve development due to all other factors(2)		13,125			4,862			4,353			(4,735	)
Total Life and Health net prior year reserve development	$	33,354		$	14,874		$	14,362		$	510

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatility in certain referenced global equity markets. At September 30, 2013, a 10% increase in the referenced global equity market would have decreased reserves by approximately $4.1 million, while a 10% decrease in the referenced global equity market would have increased reserves by approximately $5.2 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⁾

		July 1, 2013				April 1, 2013				Jan 1, 2013				Oct 1, 2012				July 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	$	1,054			$	1,115			$	1,143			$	1,173			$	1,173
U.S. Northeast	Hurricane		1,121				1,019				1,124				1,000				1,000
U.S. Gulf Coast	Hurricane		1,025				1,001				1,041				1,069				1,069
Caribbean	Hurricane		276				270				293				272				272
Europe	Windstorm		872				850				850				927				927
Japan	Typhoon		124				169				192				164				164
California	Earthquake		575	$	679		574	$	685		722	$	906		734	$	923		734	$	923
British Columbia	Earthquake		305		513		310		559		314		564		350		526		350		526
Japan	Earthquake		435		457		463		488		503		564		502		543		502		543
Australia	Earthquake		418		552		439		557		468		583		468		582		468		582
New Zealand	Earthquake		250		272		261		282		276		299		320		339		320		339

(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
	September 30,			June 30,			March 31,			December 31,			September 30,
	2013			2013			2013			2012			2012
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)		23.2	%		(13.4	)%		14.0	%		7.4	%		35.5	%
Less:
Annualized net realized and unrealized investment (losses) gains, net of tax, on beginning diluted book value per common share(1)		(0.1	)		(16.2	)		0.8			(0.6	)		16.7
Annualized net foreign exchange gains (losses), net of tax, on beginning diluted book value per common share(1)		0.4			(0.4	)		(0.1	)		0.6			0.1
Annualized net interest in earnings (losses) of equity investments, net of tax, on beginning diluted book value per common share(1)		0.3			(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)		22.6	%		3.6	%		13.5	%		7.3	%		18.4	%
Net income (loss) attributable to PartnerRe	$	333,423		$	(175,571	)	$	234,370		$	111,521		$	486,706
Less:
Net realized and unrealized investment (losses) gains, net of tax		(1,272	)		(229,966	)		12,275			(7,356	)		221,825
Net foreign exchange gains (losses), net of tax		5,338			(5,898	)		(787	)		7,281			1,418
Interest in earnings (losses) of equity investments, net of tax		3,989			(5,558	)		6,094			520			3,652
Dividends to preferred shareholders		14,184			14,796			14,699			15,405			15,405
Operating earnings attributable to PartnerRe common shareholders	$	311,184		$	51,055		$	202,089		$	95,671		$	244,406
Per diluted common share:
Net income (loss) attributable to PartnerRe common shareholders	$	5.84		$	(3.37	)	$	3.53		$	1.56		$	7.53
Less:
Net realized and unrealized investment (losses) gains, net of tax		(0.03	)		(4.07	)		0.20			(0.12	)		3.55
Net foreign exchange gains (losses), net of tax		0.10			(0.10	)		(0.01	)		0.12			0.02
Loss on redemption of preferred shares		—			—			(0.15	)		—			—
Interest in earnings (losses) of equity investments, net of tax		0.07			(0.10	)		0.10			0.01			0.06
Operating earnings attributable to PartnerRe common shareholders	$	5.70		$	0.90		$	3.39		$	1.55		$	3.90

(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 nine months ended						For the year ended
	September 30, 2013			September 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)		7.8	%		23.9	%		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)		(5.1	)		9.8			7.3			0.2
Annualized net foreign exchange (losses) gains, net of tax, on beginning diluted book value per common share(1)		—			—			0.1			1.0
Annualized net interest in earnings (losses) of equity investments, net of tax, on beginning diluted book value per common share(1)		0.1			0.2			0.2			(0.1	)
Annualized loss on redemption of preferred shares, on beginning diluted book value per common share(1)		(0.2	)		—			—			—
Annualized operating return on beginning diluted book value per common share(1)		13.0	%		13.9	%		12.3	%		(10.1	)%
Net income (loss) attributable to PartnerRe	$	392,221		$	1,022,994		$	1,134,514		$	(520,291	)
Less:
Net realized and unrealized investment (losses) gains, net of tax		(218,963	)		399,371			392,014			15,104
Net foreign exchange (losses) gains, net of tax		(1,348	)		1,065			8,345			66,433
Interest in earnings (losses) of equity investments, net of tax		4,526			8,223			8,742			(7,239	)
Dividends to preferred shareholders		43,678			46,216			61,622			47,020
Operating earnings (loss) attributable to PartnerRe common shareholders	$	564,328		$	568,119		$	663,791		$	(641,609	)
Per diluted share:
Net income (loss) attributable to PartnerRe common shareholders	$	5.93		$	15.19		$	16.87		$	(8.40	)
Less:
Net realized and unrealized investment (losses) gains, net of tax		(3.83	)		6.21			6.17			0.23
Net foreign exchange (losses) gains, net of tax		(0.02	)		0.01			0.13			0.98
Loss on redemption of preferred shares		(0.16	)		—			—			—
Interest in earnings (losses) of equity investments, net of tax		0.08			0.13			0.14			(0.11	)
Operating earnings (loss) attributable to PartnerRe common shareholders	$	9.86		$	8.84		$	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)

	September 30, 2013		June 30, 2013		March 31, 2013		December 31, 2012		September 30, 2012		December 31, 2011
Reconciliation of GAAP and non-GAAP measures:
Total shareholders’ equity	$	6,624,176	$	6,415,276	$	6,947,558	$	6,933,496	$	7,079,002	$	6,467,542
Less:
Preferred shares, aggregate liquidation value		853,750		853,750		853,750		893,750		893,750		893,750
Noncontrolling interests		52,489		48,319		36,844		—		—		—
Common shareholders’ equity attributable to PartnerRe		5,717,937		5,513,207		6,056,964		6,039,746		6,185,252		5,573,792
Less:
Goodwill		456,380		456,380		456,380		456,380		455,533		455,533
Intangible assets, net of tax		121,922		127,662		135,207		141,249		72,646		93,254
Tangible book value	$	5,139,635	$	4,929,165	$	5,465,377	$	5,442,117	$	5,657,073	$	5,025,005
Common shares and common share equivalents outstanding		54,181,672		55,325,581		58,826,334		59,893,366		62,136,090		65,715,708
Equals:
Diluted tangible book value per common share	$	94.86	$	89.09	$	92.91	$	90.86	$	91.04	$	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)

	September 30, 2013		June 30, 2013		March 31, 2013		December 31, 2012		September 30, 2012		December 31, 2011
Reconciliation of GAAP and non-GAAP measures:
Total shareholders’ equity	$	6,624,176	$	6,415,276	$	6,947,558	$	6,933,496	$	7,079,002	$	6,467,542
Less:
Preferred shares, aggregate liquidation value		853,750		853,750		853,750		893,750		893,750		893,750
Noncontrolling interest		52,489		48,319		36,844		—		—		—
Common shareholders’ equity attributable to PartnerRe		5,717,937		5,513,207		6,056,964		6,039,746		6,185,252		5,573,792
Less:
Goodwill		456,380		456,380		456,380		456,380		455,533		455,533
Intangible assets, net of tax		121,922		127,662		135,207		141,249		72,646		93,254
Tangible book value		5,139,635		4,929,165		5,465,377		5,442,117		5,657,073		5,025,005
Net unrealized gains on fixed income securities and funds held - directly managed, net of tax (NURGL)		194,144		291,987		563,953		657,604		682,956		451,946
Book value excluding NURGL	$	5,523,793	$	5,221,220	$	5,493,011	$	5,382,142	$	5,502,296	$	5,121,846
Tangible book value excluding NURGL	$	4,945,491	$	4,637,178	$	4,901,424	$	4,784,513	$	4,974,117	$	4,573,059
Divided by:
Number of common shares and common share equivalents outstanding		54,181,672		55,325,581		58,826,334		59,893,366		62,136,090		65,715,708
Equals:
Diluted book value per common share excluding NURGL	$	101.95	$	94.37	$	93.38	$	89.86	$	88.55	$	77.94
Diluted tangible book value per common share excluding NURGL	$	91.28	$	83.82	$	83.32	$	79.88	$	80.05	$	69.59

50

PartnerRe Ltd.

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

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

(Unaudited)

	September 30, 2013		June 30, 2013		March 31, 2013		December 31, 2012		September 30, 2012		December 31, 2011
Basic book value per common share
Total shareholders’ equity	$	6,624,176	$	6,415,276	$	6,947,558	$	6,933,496	$	7,079,002	$	6,467,542
Less:
Preferred shares, aggregate liquidation value		853,750		853,750		853,750		893,750		893,750		893,750
Noncontrolling interest		52,489		48,319		36,844		—		—		—
Common shareholders’ equity attributable to PartnerRe	$	5,717,937	$	5,513,207	$	6,056,964	$	6,039,746	$	6,185,252	$	5,573,792
Basic common shares outstanding		53,227,765		54,321,732		57,660,188		58,909,375		61,366,657		65,322,328
Basic book value per common share	$	107.42	$	101.49	$	105.05	$	102.53	$	100.79	$	85.33
Common shareholders’ equity attributable to PartnerRe	$	5,717,937	$	5,513,207	$	6,056,964	$	6,039,746	$	6,185,252	$	5,573,792
Basic common shares outstanding		53,227,765		54,321,732		57,660,188		58,909,375		61,366,657		65,322,328
Add:
Stock options and other		2,438,798		2,614,443		3,105,137		2,892,514		2,297,408		809,392
Restricted stock units		887,442		900,577		793,400		864,269		877,580		488,999
Less:
Stock options and other bought back via treasury stock method		2,372,333		2,511,171		2,732,391		2,772,792		2,405,555		905,011
Diluted common shares and common share equivalents outstanding		54,181,672		55,325,581		58,826,334		59,893,366		62,136,090		65,715,708
Diluted book value per common share	$	105.53	$	99.65	$	102.96	$	100.84	$	99.54	$	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 September 30, 2013						As at and for the three months ended September 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	$	5,513		$	99.65		$	5,804		$	91.88
Technical result		387			7.09			269			4.29
Other operating expenses		(108	)		(1.98	)		(95	)		(1.51	)
Net investment income		122			2.23			135			2.16
Amortization of intangible assets		(7	)		(0.13	)		(9	)		(0.14	)
Other, net		(11	)		(0.20	)		(10	)		(0.15	)
Operating income tax expense		(58	)		(1.05	)		(31	)		(0.50	)
Preferred dividends		(14	)		(0.26	)		(15	)		(0.25	)
Operating earnings		311			5.70			244			3.90
Net realized and unrealized investment (losses) gains, net of tax		(1	)		(0.03	)		222			3.55
Net foreign exchange gains, net of tax		5			0.10			2			0.02
Interest in earnings of equity investments, net of tax		4			0.07			4			0.06
Net income attributable to PartnerRe common shareholders		319			5.84			472			7.53
Common share dividends		(34	)		(0.64	)		(38	)		(0.62	)
Change in currency translation adjustment		14			0.26			33			0.53
Repurchase of common shares, net		(94	)		0.27			(85	)		0.41
Change in other accumulated comprehensive income or loss, net of tax		—			—			(1	)		(0.01	)
Impact of change in number of common and common share equivalents outstanding		n/a			0.15			n/a			(0.18	)
Common shareholders’ equity attributable to PartnerRe /diluted book value per common share at end of period	$	5,718		$	105.53		$	6,185		$	99.54
Goodwill		(456	)		(8.42	)		(456	)		(7.33	)
Intangible assets, net of tax		(122	)		(2.25	)		(72	)		(1.17	)
Tangible common shareholders’ equity attributable to PartnerRe /diluted tangible book value per common share at end of period	$	5,140		$	94.86		$	5,657		$	91.04

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 nine months ended September 30, 2013						As at and for the nine months ended September 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		739			12.92			623			9.69
Other operating expenses		(369	)		(6.46	)		(299	)		(4.65	)
Net investment income		370			6.47			436			6.78
Amortization of intangible assets		(21	)		(0.37	)		(27	)		(0.42	)
Other, net		(31	)		(0.53	)		(29	)		(0.44	)
Operating income tax expense		(80	)		(1.41	)		(90	)		(1.40	)
Preferred dividends		(44	)		(0.76	)		(46	)		(0.72	)
Operating earnings		564			9.86			568			8.84
Net realized and unrealized investment (losses) gains, net of tax		(219	)		(3.83	)		400			6.21
Net foreign exchange losses (gains), net of tax		(1	)		(0.02	)		1			0.01
Loss on redemption of preferred shares		(9	)		(0.16	)		—			—
Interest in earnings of equity investments, net of tax		4			0.08			8			0.13
Net income attributable to PartnerRe common shareholders		339			5.93			977			15.19
Common share dividends		(108	)		(1.92	)		(118	)		(1.86	)
Change in currency translation adjustment		(17	)		(0.30	)		31			0.48
Repurchase of common shares, net		(537	)		0.78			(278	)		1.27
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		1			0.01			(1	)		0.01
Impact of change in number of common and common share equivalents outstanding		n/a			0.18			n/a			(0.37	)
Common shareholders’ equity attributable to PartnerRe /diluted book value per common share at end of period	$	5,718		$	105.53		$	6,185		$	99.54
Goodwill		(456	)		(8.42	)		(456	)		(7.33	)
Intangible assets, net of tax		(122	)		(2.25	)		(72	)		(1.17	)
Tangible common shareholders’ equity attributable to PartnerRe /diluted book value per common share at end of period	$	5,140		$	94.86		$	5,657		$	91.04

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