Partnerre (PREJF) 8-K PartnerRe Ltd. Reports First Quarter 2014 Results

Exhibit 99.2

  

PartnerRe Ltd.

Financial Supplement

Financial Information

as at March 31, 2014

(unaudited)

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

PartnerRe Ltd.

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

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

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

PartnerRe Ltd.

Financial Supplement - March 31, 2014

Table of Contents

	Page
Regulation G
Life Value in Force
Consolidated Financial Statements
Consolidated Statements of Operations		1
Condensed Consolidated Balance Sheets		2
Condensed Consolidated Statements of Cash Flows		3
Consolidated Statements of Comprehensive Income (Loss)		4
Segment Information
For the three months ended March 31, 2014 and 2013		5-6
Non-life segment		7
North America sub-segment		8
Global (Non-U.S.) P&C sub-segment		9
Global Specialty sub-segment		10
Catastrophe sub-segment		11
Life and Health segment		12
Corporate and Other		13
Distribution of Premiums
Distribution of Premiums by line of business, geography and production source		14
Distribution of Premiums by reinsurance type		15
Investments
Investment Portfolio		16
Distribution of Corporate Bonds		17
Distribution of Equities		18
Distribution of Mortgage/Asset-Backed Securities		19
Other Invested Assets including Private Markets and Derivative Exposures		20
Funds Held - Directly Managed Portfolio		21
Distribution of Corporate Bonds - Funds Held - Directly Managed Portfolio		22
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses)		23
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses) on Funds Held - Directly Managed Portfolio		24
Loss Reserves
Analysis of Unpaid Losses and Loss Expenses		25
Analysis of Policy Benefits for Life and Annuity Contracts		26
Reserve Development		27
Natural Catastrophe Probable Maximum Losses (PMLs)		28
Reconciliation of GAAP and non-GAAP measures		29-31
Diluted Book Value per Common Share - Treasury Stock Method		32
Diluted Book Value and Diluted Tangible Book Value per Common Share - Rollforward		33-34

PartnerRe Ltd.

Regulation G

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has also included certain non-GAAP financial measures within the meaning of Regulation G. Management believes that these non-GAAP financial measures are important to investors, analysts, rating agencies and others who use the Company’s financial information and will help provide a consistent basis for comparison between quarters and for comparison with other companies within the industry. However, investors should consider these non-GAAP measures in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.

The reconciliation of non-GAAP financial measures to the most comparable GAAP financial measures in accordance with Regulation G is included within the relevant tables.

Operating Earnings (Loss) available to 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 method 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.

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.

Life Value In Force

The Company calculates Value in Force (VIF) for its Life portfolio, which represents the value of the Life portfolio that is not recognized in the Consolidated Balance Sheets prepared under generally accepted accounting principles in the United States (U.S. GAAP). Accordingly, there is no corresponding measure that is prepared in accordance with U.S. GAAP. Management believes that this is useful information for investors, analysts, rating agencies and others. The Life VIF calculation includes the business written in the Company’s Life and Health segment, except for the PartnerRe Health business.

The Company’s Life VIF calculation uses market consistent techniques, but primarily differs from a full Market Consistent Embedded Value (MCEV) calculation, as defined in the European Insurance CFO Forum MCEV principles, due to: (i) different methodologies used; and ii) the Life VIF is only a component of MCEV and, specifically, the tangible assets backing the liabilities are not considered in the Company’s calculation.

The Company’s Life VIF, which is calculated on a going concern basis, is the sum of:

• present value of future profits - which is defined as the net present value of shareholders’ projected after-tax cash flows from the in-force business on a best-estimate assumption basis. The discount rates used reflect currency-specific market yields on zero coupon government bonds at given durations and are applied to projected deterministic cash flows and to calculate risk-free investment returns. The best-estimate is defined as median biometric assumptions and does not include any provision for adverse deviation. The Company attributes no value to future new business or renewals of short-term business. Allocated inflated-adjusted expenses are projected on a best estimate basis;

• cost of non-hedgeable risks - which is defined as the cost of holding capital for non-hedgeable financial and non-hedgeable non-financial risks, such as a mortality deviation from shocks or changes in trends. The non-hedgeable risk capital has been determined using an internal economic capital model calibrated to a 99.6% Value at Risk (VaR) corresponding to a 1 in 250 year event;

• frictional costs - which is defined as the cost of double taxation or investment management charges on assets backing required capital;

• time value of options and guarantees (TVOG) - which is defined as the difference between the market value and the intrinsic value of the option calculated using stochastic techniques. The TVOG is significant to the guaranteed minimum death benefit (GMDB) portfolio where the Company covers death claims on savings plans, where the sum reinsured is the difference between the invested premium amount and the current fund value; and

• cost of non-economic excess encumbered capital - which is defined as the cost of any encumbered capital in excess of economic capital required by local regulations.

Actuarial non-economic assumptions, such as current and future mortality, are based on the most recent experience available, combined with internal and industry benchmarks, including trend expectation where appropriate.

The Life VIF is sensitive to changes in assumptions. In particular, the Life VIF is sensitive to changes in yield curves that are used for discounting, changes in equity market value assumptions and implied volatilities.

The Company performs a detailed Life VIF calculation on an annual basis and performs a roll-forward approach on an interim quarterly basis.

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															For the year ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Revenues
Gross premiums written	$	1,871,740		$	1,190,761		$	1,281,477		$	1,340,582		$	1,756,886		$	5,569,706		$	4,718,235
Net premiums written	$	1,738,494		$	1,186,002		$	1,264,775		$	1,309,318		$	1,636,431		$	5,396,526		$	4,572,860
Increase (decrease) in unearned premiums		(484,712	)		235,422			156,694			(100,682	)		(489,751	)		(198,316	)		(86,921	)
Net premiums earned		1,253,782			1,421,424			1,421,469			1,208,636			1,146,680			5,198,210			4,485,939
Net investment income		116,867			114,351			121,811			124,503			123,704			484,367			571,338
Net realized and unrealized investment gains (losses)		142,172			99,419			16,118			(299,215	)		22,943			(160,735	)		493,409
Other income		404			3,361			5,399			3,878			3,927			16,565			11,920
Total revenues		1,513,225			1,638,555			1,564,797			1,037,802			1,297,254			5,538,407			5,562,606
Expenses
Losses and loss expenses and life policy benefits		749,457			879,014			750,999			866,843			660,952			3,157,808			2,804,610
Acquisition costs		264,608			318,738			282,948			241,743			234,200			1,077,628			936,909
Other operating expenses(1)		111,462			131,125			108,467			144,833			116,040			500,466			411,374
Interest expense		12,238			12,236			12,233			12,232			12,229			48,929			48,895
Amortization of intangible assets		7,002			6,044			7,045			7,045			7,046			27,180			31,799
Net foreign exchange (gains) losses		(670	)		8,382			1,279			10,584			(2,043	)		18,203			175
Total expenses		1,144,097			1,355,539			1,162,971			1,283,280			1,028,424			4,830,214			4,233,762
Income (loss) before taxes and interest in earnings (losses) of equity method investments		369,128			283,016			401,826			(245,478	)		268,830			708,193			1,328,844
Income tax expense (benefit)		62,305			11,078			70,232			(74,569	)		41,675			48,416			204,284
Interest in earnings (losses) of equity method investments		6,064			3,988			5,941			(3,479	)		7,215			13,665			9,954
Net income (loss)		312,887			275,926			337,535			(174,388	)		234,370			673,442			1,134,514
Net income attributable to noncontrolling interests		(3,044	)		(4,138	)		(4,112	)		(1,183	)		—			(9,434	)		—
Net income (loss) attributable to PartnerRe		309,843			271,788			333,423			(175,571	)		234,370			664,008			1,134,514
Preferred dividends		14,184			14,184			14,184			14,796			14,699			57,861			61,622
Loss on redemption of preferred shares		—			—			—			—			9,135			9,135			—
Net income (loss) attributable to PartnerRe common shareholders	$	295,659		$	257,604		$	319,239		$	(190,367	)	$	210,536		$	597,012		$	1,072,892
Operating earnings attributable to PartnerRe common shareholders	$	176,910		$	157,405		$	311,184		$	51,055		$	202,089		$	721,733		$	663,791
Comprehensive income (loss) attributable to PartnerRe	$	294,394		$	265,577		$	347,740		$	(187,445	)	$	215,303		$	641,173		$	1,157,755
Per share data attributable to PartnerRe common shareholders:
Basic operating earnings	$	3.43		$	2.97		$	5.80		$	0.90		$	3.46		$	13.03		$	10.55
Net realized and unrealized investment gains (losses), net of tax		2.24			1.73			(0.02	)		(4.07	)		0.21			(2.30	)		6.23
Net foreign exchange (losses) gains, net of tax		(0.02	)		0.07			0.10			(0.10	)		(0.01	)		0.05			0.13
Loss on redemption of preferred shares		—			—			—			—			(0.16	)		(0.16	)		—
Interest in earnings (losses) of equity method investments, net of tax		0.07			0.09			0.07			(0.10	)		0.10			0.16			0.14
Basic net income (loss)	$	5.72		$	4.86		$	5.95		$	(3.37	)	$	3.60		$	10.78		$	17.05
Weighted average number of common shares outstanding		51,652,177			53,013,136			53,671,245			56,485,882			58,423,898			55,378,980			62,915,992
Diluted operating earnings(1)	$	3.36		$	2.91		$	5.70		$	0.90		$	3.39		$	12.79		$	10.43
Net realized and unrealized investment gains (losses), net of tax		2.20			1.70			(0.03	)		(4.07	)		0.20			(2.25	)		6.17
Net foreign exchange (losses) gains, net of tax		(0.02	)		0.07			0.10			(0.10	)		(0.01	)		0.04			0.13
Loss on redemption of preferred shares		—			—			—			—			(0.15	)		(0.16	)		—
Interest in earnings (losses) of equity method investments, net of tax		0.07			0.08			0.07			(0.10	)		0.10			0.16			0.14
Diluted net income (loss)	$	5.61		$	4.76		$	5.84		$	(3.37	)	$	3.53		$	10.58		$	16.87
Weighted average number of common shares and common share equivalents outstanding		52,727,573			54,165,736			54,625,151			56,485,882			59,590,044			56,448,105			63,615,748
Dividends declared per common share	$	0.67		$	0.64		$	0.64		$	0.64		$	0.64		$	2.56		$	2.48

(1) Includes an expense related to the restructuring of the Company’s business support operations and Global Non-life operations. See page 13 for the expense and per share impacts.

1

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	March 31, 2014				December 31, 2013				September 30, 2013				June 30, 2013				March 31, 2013				December 31, 2012
Assets
Total investments	$	15,479,461			$	15,148,883			$	15,107,800			$	14,968,652			$	15,544,844			$	15,973,230
Funds held - directly managed		764,386				785,768				813,497				842,415				909,520				930,741
Cash and cash equivalents		1,269,037				1,496,485				1,551,062				1,261,540				1,286,898				1,121,705
Accrued investment income		190,169				185,717				175,164				172,794				181,151				184,315
Reinsurance balances receivable		3,064,301				2,465,713				2,564,015				2,477,340				2,393,159				1,991,991
Reinsurance recoverable on paid and unpaid losses		362,149				308,892				339,169				356,011				400,509				348,086
Funds held by reinsured companies		849,256				843,081				831,704				782,992				775,486				805,489
Deferred acquisition costs		725,584				644,952				680,972				676,084				646,178				568,391
Goodwill		456,380				456,380				456,380				456,380				456,380				456,380
Intangible assets		180,088				187,090				193,134				200,179				207,224				214,270
Other assets		176,692				515,334				425,310				376,193				338,264				385,834
Total assets	$	23,517,503			$	23,038,295			$	23,138,207			$	22,570,580			$	23,139,613			$	22,980,432
Liabilities
Unpaid losses and loss expenses	$	10,529,717			$	10,646,318			$	10,564,542			$	10,336,368			$	10,323,786			$	10,709,371
Policy benefits for life and annuity contracts		2,118,479				1,974,133				1,908,575				1,799,332				1,763,413				1,813,244
Unearned premiums		2,299,250				1,723,767				1,997,853				2,162,112				2,074,370				1,534,625
Other reinsurance balances payable		269,487				202,549				232,711				244,583				342,423				238,578
Debt obligations		820,989				820,989				820,989				820,989				820,989				820,989
Other liabilities		638,982				904,380				989,361				791,920				867,074				930,129
Total liabilities		16,676,904				16,272,136				16,514,031				16,155,304				16,192,055				16,046,936
Total shareholders’ equity attributable to PartnerRe		6,780,928				6,709,532				6,571,687				6,366,957				6,910,714				6,933,496
Noncontrolling interests		59,671				56,627				52,489				48,319				36,844				—
Total shareholders’ equity		6,840,599				6,766,159				6,624,176				6,415,276				6,947,558				6,933,496
Total liabilities and shareholders’ equity	$	23,517,503			$	23,038,295			$	23,138,207			$	22,570,580			$	23,139,613			$	22,980,432
Diluted Book Value Per Common Share	$	114.13			$	109.26			$	105.53			$	99.65			$	102.96			$	100.84
Diluted Tangible Book Value Per Common Share	$	103.10			$	98.49			$	94.86			$	89.09			$	92.91			$	90.86
Number of Common Shares and Common Share Equivalents Outstanding		51,935,217				53,596,034				54,181,672				55,325,581				58,826,334				59,893,366
Capital Structure:
Senior notes(1)	$	750,000	10	%	$	750,000	10	%	$	750,000	10	%	$	750,000	10	%	$	750,000	10	%	$	750,000	10	%
Capital efficient notes(2)		63,384	1			63,384	1			63,384	1			63,384	1			63,384	1			63,384	1
Preferred shares, aggregate liquidation value		853,750	11			853,750	11			853,750	12			853,750	12			853,750	11			893,750	11
Common shareholders’ equity attributable to PartnerRe		5,927,178	78			5,855,782	78			5,717,937	77			5,513,207	77			6,056,964	78			6,039,746	78
Total Capital	$	7,594,312	100	%	$	7,522,916	100	%	$	7,385,071	100	%	$	7,180,341	100	%	$	7,724,098	100	%	$	7,746,880	100	%

(1) PartnerRe Finance A LLC and PartnerRe Finance B LLC, the issuers of the senior notes, do not meet U.S. GAAP consolidation requirements. Accordingly, the Company shows the related intercompany debt of $250.0 million and $500.0 million, respectively, on its Condensed Consolidated Balance Sheets.

(2) PartnerRe Finance II, the issuer of the capital efficient notes, does not meet U.S. GAAP consolidation requirements. Accordingly, the Company shows the related intercompany debt of $71.0 million on its Condensed Consolidated Balance Sheets.

2

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Net cash provided by operating activities:
Underwriting operations	$	33		$	133		$	201		$	8		$	(4	)	$	337		$	100
Investment income		142			138			161			173			166			637			717
Taxes and foreign exchange		(96	)		(27	)		(9	)		(65	)		(47	)		(147	)		(124	)
Net cash provided by operating activities	$	79		$	244		$	353		$	116		$	115		$	827		$	693
Net cash provided by operating activities	$	79		$	244		$	353		$	116		$	115		$	827		$	693
Net cash (used in) provided by investing activities		(71	)		(167	)		95			200			289			418			(219	)
Net cash used in financing activities		(232	)		(130	)		(169	)		(342	)		(224	)		(866	)		(688	)
Effect of foreign exchange rate changes on cash		(3	)		(2	)		10			1			(15	)		(5	)		(6	)
(Decrease) increase in cash and cash equivalents		(227	)		(55	)		289			(25	)		165			374			(220	)
Cash and cash equivalents - beginning of period		1,496			1,551			1,262			1,287			1,122			1,122			1,342
Cash and cash equivalents - end of period	$	1,269		$	1,496		$	1,551		$	1,262		$	1,287		$	1,496		$	1,122

3

PartnerRe Ltd.

Consolidated Statements of Comprehensive Income (Loss)

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Net income (loss) attributable to PartnerRe	$	309,843		$	271,788		$	333,423		$	(175,571	)	$	234,370
Change in currency translation adjustment		(15,223	)		(14,866	)		14,432			(11,514	)		(19,830	)
Change in net unrealized gains or losses on investments, net of tax		(225	)		(226	)		(229	)		(230	)		(233	)
Change in unfunded pension obligation, net of tax		(1	)		8,881			114			(130	)		996
Comprehensive income (loss) attributable to PartnerRe	$	294,394		$	265,577		$	347,740		$	(187,445	)	$	215,303

	For the year ended
	December 31, 2013			December 31, 2012
Net income attributable to PartnerRe	$	664,008		$	1,134,514
Change in currency translation adjustment		(31,778	)		28,488
Change in net unrealized gains or losses on investments, net of tax		(918	)		(953	)
Change in unfunded pension obligation, net of tax		9,861			(4,294	)
Comprehensive income attributable to PartnerRe	$	641,173		$	1,157,755

4

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

				For the three months ended March 31, 2014
	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	$	530		$	364		$	479		$	210		$	1,583		$	289		$	—		$	1,872
Net premiums written	$	527		$	361		$	389		$	179		$	1,456		$	282		$	—		$	1,738
Increase in unearned premiums		(148	)		(182	)		(34	)		(100	)		(464	)		(20	)		—			(484	)
Net premiums earned	$	379		$	179		$	355		$	79		$	992		$	262		$	—		$	1,254
Losses and loss expenses and life policy benefits		(260	)		(94	)		(201	)		21			(534	)		(215	)		—			(749	)
Acquisition costs		(92	)		(54	)		(79	)		(8	)		(233	)		(32	)		—			(265	)
Technical result	$	27		$	31		$	75		$	92		$	225		$	15		$	—		$	240
Other income														1			1			(2	)		—
Other operating expenses														(65	)		(17	)		(29	)		(111	)
Underwriting result													$	161		$	(1	)		n/a		$	129
Net investment income																	15			102			117
Allocated underwriting result(1)																$	14			n/a			n/a
Net realized and unrealized investment gains																				142			142
Interest expense																				(12	)		(12	)
Amortization of intangible assets																				(7	)		(7	)
Net foreign exchange gains																				—			—
Income tax expense																				(62	)		(62	)
Interest in earnings of equity method investments																				6			6
Net income																				n/a		$	313
Loss ratio(2)		68.6	%		52.4	%		56.6	%		(26.5	)%		53.8	%
Acquisition ratio(3)		24.3			30.1			22.4			10.1			23.6
Technical ratio(4)		92.9	%		82.5	%		79.0	%		(16.4	)%		77.4	%
Other operating expense ratio(5)														6.5
Combined ratio(6)														83.9	%

(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.

5

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

6

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the three months ended															For the year ended
	March 31, 2014(A)			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Gross premiums written	$	1,583		$	941		$	1,041		$	1,106		$	1,502		$	4,590		$	3,910
Net premiums written	$	1,456		$	937		$	1,026		$	1,076		$	1,386		$	4,427		$	3,768
Net premiums earned	$	992		$	1,162		$	1,173		$	977		$	923		$	4,235		$	3,684
Losses and loss expenses		(534	)		(677	)		(557	)		(686	)		(480	)		(2,400	)		(2,155	)
Acquisition costs		(233	)		(276	)		(259	)		(209	)		(208	)		(953	)		(821	)
Technical result	$	225		$	209		$	357		$	82		$	235		$	882		$	708
Other income		1			—			2			—			—			3			5
Other operating expenses		(65	)		(70	)		(62	)		(60	)		(66	)		(259	)		(257	)
Underwriting result	$	161		$	139		$	297		$	22		$	169		$	626		$	456
Loss ratio(2)		53.8	%		58.2	%		47.5	%		70.3	%		52.0	%		56.7	%		58.5	%
Acquisition ratio(3)		23.6			23.8			22.1			21.4			22.6			22.5			22.3
Technical ratio(4)		77.4	%		82.0	%		69.6	%		91.7	%		74.6	%		79.2	%		80.8	%
Other operating expense ratio(5)		6.5			6.0			5.3			6.1			7.1			6.1			7.0
Combined ratio(6)		83.9	%		88.0	%		74.9	%		97.8	%		81.7	%		85.3	%		87.8	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $(2.1) million and $(7.5) million, respectively, compared to the three months ended March 31, 2013.

7

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

North America sub-segment

	For the three months ended															For the year ended
	March 31, 2014 (A)			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Gross premiums written	$	530		$	372		$	409		$	372		$	447		$	1,601		$	1,221
Net premiums written	$	527		$	372		$	408		$	360		$	446		$	1,587		$	1,219
Net premiums earned	$	379		$	417		$	425		$	357		$	333		$	1,533		$	1,176
Losses and loss expenses		(260	)		(293	)		(197	)		(245	)		(240	)		(975	)		(816	)
Acquisition costs		(92	)		(98	)		(101	)		(79	)		(72	)		(351	)		(291	)
Technical result	$	27		$	26		$	127		$	33		$	21		$	207		$	69
Loss ratio(2)		68.6	%		70.2	%		46.3	%		68.6	%		72.0	%		63.6	%		69.4	%
Acquisition ratio(3)		24.3			23.5			23.9			22.1			21.6			22.9			24.7
Technical ratio(4)		92.9	%		93.7	%		70.2	%		90.7	%		93.6	%		86.5	%		94.1	%
Distribution of Net Premiums Written by Major Lines of Business:
Agriculture		31	%		40	%		31	%		28	%		23	%		30	%		19	%
Casualty		33			33			37			38			40			37			43
Credit/Surety		8			4			3			5			2			3			4
Motor		4			4			3			4			4			4			4
Multiline		9			5			4			5			10			6			7
Other		1			1			8			3			5			5			3
Property		14			13			14			17			16			15			20
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $(2.7) million and $(1.7) million, respectively, compared to the three months ended March 31, 2013.

8

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended															For the year ended
	March 31, 2014(A)			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Gross premiums written	$	364		$	128		$	157		$	160		$	372		$	818		$	684
Net premiums written	$	361		$	128		$	157		$	158		$	368		$	811		$	681
Net premiums earned	$	179		$	213		$	195		$	169		$	166		$	743		$	678
Losses and loss expenses		(94	)		(110	)		(90	)		(106	)		(67	)		(373	)		(415	)
Acquisition costs		(54	)		(62	)		(50	)		(34	)		(50	)		(196	)		(167	)
Technical result	$	31		$	41		$	55		$	29		$	49		$	174		$	96
Loss ratio(2)		52.4	%		51.5	%		46.0	%		62.9	%		40.4	%		50.2	%		61.3	%
Acquisition ratio(3)		30.1			29.4			25.7			19.9			30.1			26.4			24.6
Technical ratio(4)		82.5	%		80.9	%		71.7	%		82.8	%		70.5	%		76.6	%		85.9	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		10	%		5	%		9	%		10	%		10	%		9	%		11	%
Motor		37			54			35			34			34			37			28
Property		53			41			56			56			56			54			61
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $2.3 million and $(2.1) million, respectively, compared to the three months ended March 31, 2013.

9

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Global Specialty sub-segment

	For the three months ended															For the year ended
	March 31, 2014(A)			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Gross premiums written	$	479		$	423		$	396		$	413		$	445		$	1,676		$	1,505
Net premiums written	$	389		$	419		$	389		$	409		$	361		$	1,579		$	1,415
Net premiums earned	$	355		$	415		$	382		$	372		$	337		$	1,506		$	1,373
Losses and loss expenses		(201	)		(223	)		(228	)		(284	)		(184	)		(920	)		(821	)
Acquisition costs		(79	)		(105	)		(92	)		(90	)		(75	)		(362	)		(321	)
Technical result	$	75		$	87		$	62		$	(2	)	$	78		$	224		$	231
Loss ratio(2)		56.6	%		53.8	%		59.8	%		76.6	%		54.6	%		61.1	%		59.8	%
Acquisition ratio(3)		22.4			25.2			24.0			24.1			22.4			24.0			23.4
Technical ratio(4)		79.0	%		79.0	%		83.8	%		100.7	%		77.0	%		85.1	%		83.2	%
Distribution of Net Premiums Written by Major Lines of Business:
Agriculture		13	%		8	%		6	%		11	%		10	%		9	%		6	%
Aviation/Space		8			16			13			12			10			13			15
Credit/Surety		19			17			19			18			21			19			19
Energy		3			5			6			6			4			5			7
Engineering		10			16			14			14			12			14			12
Marine		16			19			19			19			20			19			22
Multiline		10			3			3			3			3			3			—
Other		1			—			—			—			—			—			—
Specialty casualty		14			8			8			6			14			9			7
Specialty property		6			8			12			11			6			9			12
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $0.3 million and $(0.7) million, respectively, compared to the three months ended March 31, 2013.

10

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the three months ended															For the year ended
	March 31, 2014(A)			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Gross premiums written	$	210		$	18		$	79		$	161		$	238		$	495		$	500
Net premiums written	$	179		$	18		$	72		$	149		$	211		$	450		$	453
Net premiums earned	$	79		$	117		$	171		$	79		$	87		$	453		$	457
Losses and loss expenses		21			(51	)		(42	)		(51	)		11			(132	)		(103	)
Acquisition costs		(8	)		(11	)		(16	)		(6	)		(11	)		(44	)		(42	)
Technical result	$	92		$	55		$	113		$	22		$	87		$	277		$	312
Loss ratio(2)		(26.5	)%		43.2	%		24.5	%		64.1	%		(12.8	)%		29.0	%		22.4	%
Acquisition ratio(3)		10.1			9.5			9.0			8.5			12.3			9.7			9.3
Technical ratio(4)		(16.4	)%		52.7	%		33.5	%		72.6	%		(0.5	)%		38.7	%		31.7	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $(2.0) million and $(3.0) million, respectively, compared to the three months ended March 31, 2013.

11

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life and Health segment

	For the three months ended															For the year ended
	March 31, 2014(A)			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Gross premiums written	$	289		$	250		$	235		$	233		$	254		$	972		$	802
Net premiums written	$	282		$	249		$	234		$	232		$	249		$	964		$	799
Net premiums earned	$	262		$	258		$	243		$	232		$	224		$	957		$	795
Life policy benefits		(215	)		(202	)		(195	)		(181	)		(182	)		(760	)		(647	)
Acquisition costs		(32	)		(42	)		(24	)		(33	)		(27	)		(125	)		(116	)
Technical result	$	15		$	14		$	24		$	18		$	15		$	72		$	32
Other income		1			3			3			3			3			11			4
Other operating expenses		(17	)		(19	)		(17	)		(17	)		(18	)		(71	)		(52	)
Underwriting result	$	(1	)	$	(2	)	$	10		$	4		$	—		$	12		$	(16	)
Net investment income		15			15			15			15			16			61			64
Allocated underwriting result(1)	$	14		$	13		$	25		$	19		$	16		$	73		$	48
Distribution of Net Premiums Written by Major Lines of Business:
Accident and Health		16	%		15	%		17	%		14	%		12	%		15	%		3	%
Longevity		25			27			26			26			25			26			31
Mortality		59			58			57			60			63			59			66
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

(A) Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2014, net premiums written and net premiums earned include foreign exchange impacts of $4.4 million and $4.0 million, respectively, compared to the three months ended March 31, 2013.

12

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the three months ended															For the year ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Technical result	$	—		$	1		$	6		$	—		$	1		$	8		$	4
Other income		(2	)		—			—			1			1			3			3
Corporate expenses - costs of restructuring (1)		—			(12	)		(2	)		(43	)		—			(58	)		—
Corporate expenses		(28	)		(28	)		(25	)		(23	)		(30	)		(105	)		(88	)
Other operating expenses		(1	)		(2	)		(2	)		(2	)		(2	)		(7	)		(14	)
Net investment income		102			99			107			110			108			423			507
Net realized and unrealized investment gains (losses)		142			99			16			(299	)		23			(161	)		494
Interest expense		(12	)		(12	)		(12	)		(12	)		(12	)		(49	)		(49	)
Amortization of intangible assets		(7	)		(6	)		(7	)		(7	)		(7	)		(27	)		(32	)
Net foreign exchange gains (losses)		—			(8	)		(1	)		(11	)		2			(18	)		—
Income tax (expense) benefit		(62	)		(11	)		(70	)		75			(42	)		(49	)		(204	)
Interest in earnings (losses) of equity method investments		6			4			6			(4	)		7			14			10

(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 December 31, 2013, these costs predominantly comprised of facility exit costs, while during the three months ended September 30, 2013 and the three months ended June 30, 2013, these costs predominantly comprised of severance costs related to the Company’s voluntary and involuntary termination plans. During the year ended December 31, 2013, these costs predominantly consisted of severance costs related to the Company’s voluntary and involuntary termination plans, and to a lesser extent, facility exit costs.

For the three months ended December 31, 2013, three months ended September 30, 2013, three months ended June 30, 2013 and the year ended December 31, 2013, these costs had a per diluted share impact, pre-tax, of $0.22, $0.04, $0.77, and $1.03, respectively.

13

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended															For the year ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty		12	%		11	%		13	%		12	%		13	%		12	%		13	%
Motor		9			7			5			5			9			7			5
Multiline and other		5			3			5			3			5			4			3
Property		15			8			12			11			17			12			14
Specialty
Agriculture		12			15			12			11			8			11			7
Aviation/Space		2			6			4			4			2			4			5
Catastrophe		10			1			6			11			13			8			10
Credit/Surety		7			7			7			7			5			6			7
Energy		1			2			2			2			1			2			2
Engineering		2			6			4			4			3			4			4
Marine		4			7			6			6			5			6			7
Specialty casualty		3			3			2			2			3			3			2
Specialty property		2			3			4			4			1			3			4
Life and Health		16			21			18			18			15			18			17
		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Geography:
Asia, Australia and New Zealand		9	%		11	%		11	%		13	%		9	%		11	%		11	%
Europe		45			39			35			36			46			40			41
Latin America, Caribbean and Africa		8			11			12			10			9			10			11
North America		38			39			42			41			36			39			37
		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Distribution of Gross Premiums Written by Production Source:
Broker		71	%		67	%		72	%		72	%		71	%		71	%		69	%
Direct		29			33			28			28			29			29			31
		100	%		100	%		100	%		100	%		100	%		100	%		100	%

14

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended															For the year ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Distribution of Gross Premiums Written by Reinsurance Type for the Non-life sub-segment:
North America
Non-Proportional		24	%		7	%		14	%		17	%		33	%		18	%		26	%
Proportional		76			93			86			83			67			82			74
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Global (Non-U.S.) P&C
Non-Proportional		37	%		4	%		10	%		10	%		36	%		21	%		24	%
Proportional		63			96			90			90			64			79			76
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Global Specialty
Non-Proportional		26	%		11	%		16	%		18	%		31	%		19	%		20	%
Proportional		74			89			84			82			69			81			80
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Catastrophe
Non-Proportional		98	%		97	%		96	%		97	%		99	%		98	%		98	%
Proportional		2			3			4			3			1			2			2
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Non-life total
Non-Proportional		38	%		10	%		20	%		28	%		43	%		28	%		33	%
Proportional		62			90			80			72			57			72			67
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

15

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	March 31, 2014					December 31, 2013					September 30, 2013						June 30, 2013					March 31, 2013					December 31, 2012
Investments:
Fixed maturities
U.S. government	$	1,850		12	%	$	1,599		11	%	$	1,459		10	%		$	960		6	%	$	1,039		7	%	$	1,113		7	%
U.S. government sponsored enterprises		16		—			25		—			36		—				31		—			25		—			18		—
U.S. states, territories and municipalities		130		1			124		1			306		2				237		2			250		2			243		1
Non-U.S. sovereign government, supranational and government related		2,332		15			2,354		15			2,344		16				2,140		14			2,296		15			2,376		15
Corporates		5,989		39			6,049		40			6,042		40				6,246		42			6,587		42			6,656		42
Mortgage/asset-backed securities		3,581		23			3,442		23			3,494		23				3,766		25			3,773		24			3,989		25
Total fixed maturities		13,898		90			13,593		90			13,681		91				13,380		89			13,970		90			14,395		90
Short-term investments		29		—			14		—			37		—				29		—			115		1			151		1
Equities		1,250		8			1,221		8			1,122		7				1,173		8			1,149		7			1,094		7
Other invested assets		302		2			321		2			268		2				387		3			311		2			333		2
Total investments	$	15,479		100	%	$	15,149		100	%	$	15,108		100	%		$	14,969		100	%	$	15,545		100	%	$	15,973		100	%
Cash and cash equivalents		1,269					1,496					1,551						1,262					1,287					1,122
Total investments and cash	$	16,748				$	16,645				$	16,659					$	16,231				$	16,832				$	17,095
Maturity distribution:
One year or less	$	383		3	%	$	378		3	%	$	492		4	%		$	654		5	%	$	1,052		7	%	$	1,081		7	%
More than one year through five years		5,359		38			5,057		37			4,790		35				4,377		33			4,137		29			4,198		29
More than five years through ten years		3,806		27			3,962		29			3,883		28				3,705		27			4,184		30			4,337		30
More than ten years		798		6			768		6			1,059		8				907		7			939		7			941		7
Subtotal		10,346		74			10,165		75			10,224		75				9,643		72			10,312		73			10,557		73
Mortgage/asset-backed securities		3,581		26			3,442		25			3,494		25				3,766		28			3,773		27			3,989		27
Total	$	13,927		100	%	$	13,607		100	%	$	13,718		100	%		$	13,409		100	%	$	14,085		100	%	$	14,546		100	%
Credit quality by market value:
AAA		13	%				14	%				14	%					13	%				12	%				13	%
AA		42					41					39						40					41					42
A		21					21					22						24					25					23
BBB		16					16					16						15					15					15
Below Investment Grade/Unrated		8					8					9						8					7					7
		100	%				100	%				100	%					100	%				100	%				100	%
Expected average duration(1)		3.2	Yrs				3.0	Yrs				2.7	Yrs			��		2.6	Yrs				2.9	Yrs				2.7	Yrs
Average yield to maturity at market(1)		2.5	%				2.5	%				2.5	%					2.6	%				2.1	%				2.0	%
Average credit quality		A					A					A						A					A					A

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

16

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)

	March 31, 2014
	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	$	1,461,624			24.4	%		8.7	%		1.0	%
Consumer noncyclical		825,219			13.8			4.9			0.3
Communications		808,616			13.5			4.8			0.6
Utilities		578,737			9.6			3.5			0.3
Energy		505,409			8.4			3.0			0.5
Industrials		477,947			8.0			2.9			0.2
Consumer cyclical		364,635			6.1			2.2			0.2
Insurance		285,698			4.8			1.7			0.2
Basic materials		190,762			3.2			1.1			0.2
Government guaranteed corporate debt		144,309			2.4			0.9			0.6
Real estate investment trusts		133,716			2.2			0.8			0.1
Technology		118,117			2.0			0.7			0.1
Catastrophe bonds		53,074			0.9			0.3			0.1
Longevity and mortality bonds		24,345			0.4			0.2			0.1
Diversified		17,112			0.3			0.1			0.1
Total Corporate bonds	$	5,989,320			100.0	%		35.8	%
Finance sector - Corporate bonds
Banks	$	748,306			12.5	%		4.5	%
Investment banking and brokerage		360,403			6.0			2.1
Financial services		193,743			3.2			1.2
Commercial and consumer finance		133,883			2.3			0.8
Other		25,289			0.4			0.1
Total finance sector - Corporate bonds	$	1,461,624			24.4	%		8.7	%
	AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
Credit quality of finance sector - Corporate bonds
Banks	$	15,293		$	51,460		$	511,456		$	170,097		$	—		$	748,306
Investment banking and brokerage		—			—			317,546			41,813			1,044			360,403
Financial services		—			154,606			32,679			4,034			2,424			193,743
Commercial and consumer finance		—			517			25,743			107,119			504			133,883
Other		—			8,617			14,773			1,899			—			25,289
Total finance sector - Corporate bonds	$	15,293		$	215,200		$	902,197		$	324,962		$	3,972		$	1,461,624
% of total		1	%		15	%		62	%		22	%		—	%		100	%

Concentration of investment risk

The top 10 Corporate bond issuers account for 18.3% of the Company’s total corporate bonds. The single largest issuer accounts for 2.8% of the Company’s total Corporate bonds.

17

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

	March 31, 2014
	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	$	196,661		19.0	%		1.2	%		0.1	%
Energy		160,093		15.4			0.9			0.1
Insurance		136,040		13.1			0.8			0.7
Finance		130,138		12.6			0.8			0.2
Consumer noncyclical		112,721		10.9			0.7			—
Communications		85,835		8.3			0.5			0.1
Technology		62,663		6.0			0.4			0.1
Industrials		47,622		4.6			0.3			—
Consumer cyclical		45,709		4.4			0.3			—
Utilities		38,605		3.7			0.2			—
Basic materials		18,937		1.8			0.1			—
Diversified		1,992		0.2			—			—
Total equities	$	1,037,016		100.0	%		6.2	%
Mutual funds and exchange traded funds (ETFs)
Funds holding fixed income securities		187,558					1.1
Funds and ETFs holding equities		25,170					0.2
Total Equities	$	1,249,744					7.5	%

Concentration of investment risk

The single largest fund in funds and ETFs holding equities is an emerging markets fixed income fund, which accounts for 8.3% of the Company’s total equities. Excluding equity securities held in mutual funds and exchange traded funds, the top 10 common stock issuers account for 27.0% of the Company’s total equities. Excluding equity securities held in mutual funds and exchange traded funds, the single largest issuer accounts for 10.9% of the Company’s total equities.

18

PartnerRe Ltd.

Distribution of Mortgage/Asset-Backed Securities⁽¹⁾

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	Rating at March 31, 2014
	GNMA			GSEs			AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
U.S. Asset-Backed Securities	$	—		$	—		$	139,358		$	137,732		$	106,329		$	831		$	464,292		$	848,542
U.S. Collaterized Mortgage Obligations		—			2,931			—			—			—			—			—			2,931
U.S. Mortgage Backed Securities (MBS)		426,778			1,389,583			—			—			—			—			—			1,816,361
U.S. Commercial Mortgage Backed Securities (CMBS)		5,569			—			8,464			9,816			10,063			1,018			1,560			36,490
U.S. MBS Interest Only		31,201			70,574			4,203			—			—			—			15,984			121,962
	$	463,548		$	1,463,088		$	152,025		$	147,548		$	116,392		$	1,849		$	481,836		$	2,826,286
Non-U.S. Asset-Backed Securities	$	—		$	—		$	156,878		$	76,853		$	46,720		$	1,593		$	20,865		$	302,909
Non-U.S. Collaterized Mortgage Obligations		—			—			167,475			67,280			52,186			—			—			286,941
Non-U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			8,405			—			—			—			—			8,405
Non-U.S. Mortgage Backed Securities (MBS)		—			—			156,434			—			—			—			—			156,434
	$	—		$	—		$	489,192		$	144,133		$	98,906		$	1,593		$	20,865		$	754,689
Total mortgage/asset-backed securities	$	463,548		$	1,463,088		$	641,217		$	291,681		$	215,298		$	3,442		$	502,701		$	3,580,975
Corporate Securities		—			16,407			—			—			—			—			—			16,407
Total	$	463,548		$	1,479,495		$	641,217		$	291,681		$	215,298		$	3,442		$	502,701		$	3,597,382
% of total		13	%		41	%		18	%		8	%		6	%		—	%		14	%		100	%

(1) In addition to the mortgage/asset-backed securities above, the Company has derivatives exposure to to-be-announced mortgage-backed securities with a notional value of $143.1 million and a carrying value of $(1.4) million at March 31, 2014 within Other Invested Assets.

19

PartnerRe Ltd.

Other Invested Assets including Private Markets and Derivative Exposures

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	March 31, 2014												December 31, 2013						September 30, 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	$	102,916	$	—		$	102,916		$	—	$	102,916	$	112,636		$	112,636		$	112,221		$	112,221
Principal Finance - Derivative Exposure Assumed (2)		—		(6,099	)		(6,099	)		42,736		36,637		(931	)		30,809			(5,196	)		2,461
Insurance-Linked Securities		—		(740	)		(740	)		270,252		269,512		(268	)		268,456			(215	)		240,529
Strategic Investments		181,079		—			181,079			—		181,079		168,854			168,854			209,042			209,042
Total other invested assets - Private Markets Exposure Assumed		283,995		(6,839	)		277,156			312,988		590,144		280,291			580,755			315,852			564,253
Other Credit Derivatives - Exposure Assumed		—		—			—			—		—		—			—			49			5,049
Other Credit Derivatives - Protection Purchased		—		—			—			—		—		(71	)		(14,071	)		(231	)		(34,231	)
Other (3)		9,004		16,335			25,339							40,761						(47,573	)
Total other invested assets	$	292,999	$	9,496		$	302,495						$	320,981					$	268,097

(1) The total net exposures originated in Private Markets are $1,474 million at March 31, 2014 ($1,484 million and $1,644 million at December 31, 2013 and September 30, 2013, respectively). In addition to the net exposures listed above of $590 million at March 31, 2014 ($581 million and $564 million at December 31, 2013 and September 30, 2013, respectively), the Company has the following other net exposures originated in Private Markets:

• Principal Finance: $644 million of assets listed under Investments - Fixed Maturities and $10 million listed under Investments - Equities for a total exposure of $794 million at March 31, 2014 ($793 million and $956 million at December 31, 2013 and September 30, 2013, respectively).

• Insurance-Linked Securities: $77 million of bonds listed under Investments - Fixed Maturities for a total exposure of $347 million at March 31, 2014 ($361 million and $443 million at December 31, 2013 and September 30, 2013, respectively).

• Strategic Investments: $152 million of assets listed under Investments - Equities for a total exposure of $333 million at March 31, 2014 ($330 million and $245 million at December 31, 2013 and September 30, 2013, respectively).

(2) The Company enters into interest rate swaps to mitigate notional exposure on certain fixed maturities and total return swaps. Accordingly, the notional value of these interest rate swaps is not presented in the table.

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

20

PartnerRe Ltd.

Funds Held - Directly Managed Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	March 31, 2014					December 31, 2013					September 30, 2013					June 30, 2013					March 31, 2013					December 31, 2012
Investments:
Fixed maturities
U.S. government	$	104		17	%	$	108		19	%	$	111		17	%	$	107		16	%	$	129		16	%	$	129		15	%
U.S. government sponsored enterprises		50		8			50		9			57		9			65		10			90		11			90		11
Non-U.S. sovereign government, supranational and government related		179		30			137		25			193		30			196		29			226		28			234		28
Corporates		245		41			249		44			259		41			287		43			345		43			362		44
Total fixed maturities		578		96			544		97			620		97			655		98			790		98			815		98
Short-term investments		3		1			2		—			2		1			—		—			—		—			—		—
Other invested assets		15		3			15		3			16		2			15		2			16		2			18		2
Total investments	$	596		100	%	$	561		100	%	$	638		100	%	$	670		100	%	$	806		100	%	$	833		100	%
Cash and cash equivalents		37					85					34					20					44					54
Total investments and cash	$	633				$	646				$	672				$	690				$	850				$	887
Accrued investment income		7					7					9					8					10					10
Other funds held assets/liabilities		124					133					133					144					50					34
Total funds held - directly managed	$	764				$	786				$	814				$	842				$	910				$	931
Maturity distribution:
One year or less	$	99		17	%	$	89		16	%	$	97		16	%	$	114		17	%	$	154		19	%	$	133		17	%
More than one year through five years		298		51			331		61			377		60			403		62			487		62			515		63
More than five years through ten years		157		27			109		20			122		20			108		16			127		16			141		17
More than ten years		27		5			17		3			26		4			30		5			22		3			26		3
Total	$	581		100	%	$	546		100	%	$	622		100	%	$	655		100	%	$	790		100	%	$	815		100	%
Credit quality by market value:
AAA		15	%				13	%				12	%				12	%				11	%				12	%
AA		58					58					56					56					59					58
A		21					22					26					26					24					24
BBB		6					7					6					6					6					6
		100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		3.3	Yrs				2.9	Yrs				3.1	Yrs				3.1	Yrs				2.9	Yrs				3.0	Yrs
Average yield to maturity at market		1.2	%				1.2	%				1.2	%				1.3	%				0.9	%				1.0	%
Average credit quality		AA					AA					AA					AA					AA					AA

21

PartnerRe Ltd.

Distribution of Corporate Bonds

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

				March 31, 2014
	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	$	86,991			35.5	%		13.7	%		1.7	%
Consumer noncyclical		42,914			17.5			6.8			1.4
Energy		35,454			14.5			5.6			1.5
Utilities		21,755			8.9			3.4			1.0
Basic materials		15,733			6.4			2.5			0.7
Communications		13,610			5.5			2.1			0.7
Consumer cyclical		8,594			3.5			1.4			1.2
Government guaranteed corporate debt		8,117			3.3			1.3			1.2
Industrials		4,371			1.8			0.7			0.5
Technology		4,122			1.7			0.7			0.7
Real estate investment trusts		3,406			1.4			0.5			0.5
Total Corporate bonds	$	245,067			100.0	%		38.7	%
Finance sector - Corporate bonds
Banks	$	66,582			27.2	%		10.5	%
Investment banking and brokerage		10,725			4.4			1.7
Financial services		9,684			3.9			1.5
Total finance sector - Corporate bonds	$	86,991			35.5	%		13.7	%
	AAA			AA			A			BBB			Total
Credit quality of finance sector - Corporate bonds
Banks	$	13,321		$	26,206		$	25,332		$	1,723		$	66,582
Investment banking and brokerage		10,725			—			—			—			10,725
Financial services		—			5,369			4,315			—			9,684
Total finance sector - Corporate bonds	$	24,046		$	31,575		$	29,647		$	1,723		$	86,991
% of total		28	%		36	%		34	%		2	%		100	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 33.2% of the Company’s total corporate bonds within the Funds Held - Directly Managed Portfolio. The single largest issuer accounts for 4.4% of the Company’s total corporate bonds within the Funds Held - Directly Managed portfolio.

22

PartnerRe Ltd.

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

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Fixed maturities	$	111,019		$	108,580		$	110,911		$	110,727		$	116,082		$	446,299		$	512,833
Short-term investments, cash and cash equivalents		269			421			266			320			879			1,886			2,905
Equities		7,134			6,278			9,140			12,799			4,772			32,989			26,207
Funds held and other		7,740			8,252			8,824			8,536			8,604			34,215			44,109
Funds held - directly managed		3,933			4,785			4,902			5,010			5,805			20,502			29,031
Investment expenses		(13,228	)		(13,965	)		(12,232	)		(12,889	)		(12,438	)		(51,524	)		(43,747	)
Net investment income (1)	$	116,867		$	114,351		$	121,811		$	124,503		$	123,704		$	484,367		$	571,338
Net realized investment gains on fixed maturities and short-term investments	$	25,022		$	18,363		$	18,642		$	40,026		$	41,544		$	118,575		$	172,987
Net realized investment gains on equities		827			6,049			15,057			34,790			19,320			75,217			72,155
Net realized gains (losses) on other invested assets		9,935			(78,098	)		80,065			7,378			11,152			20,497			(16,691	)
Change in net unrealized (losses) gains on other invested assets		(25,678	)		98,809			(103,406	)		83,285			(22,036	)		56,652			(9,568	)
Change in net unrealized investment gains (losses) on fixed maturities and short-term investments		119,799			(68,619	)		10,259			(395,757	)		(71,670	)		(525,787	)		186,063
Change in net unrealized investment gains (losses) on equities		10,325			126,551			(891	)		(57,715	)		50,066			118,010			66,253
Net other realized and unrealized investment gains (losses)		991			198			(2,192	)		696			(809	)		(2,107	)		5,843
Net realized and unrealized investment gains (losses) on funds held - directly managed		951			(3,834	)		(1,416	)		(11,918	)		(4,624	)		(21,792	)		16,367
Net realized and unrealized investment gains (losses)	$	142,172		$	99,419		$	16,118		$	(299,215	)	$	22,943		$	(160,735	)	$	493,409

(1) Comparisons of net investment income between periods include the impact of foreign exchange variances. For the three months ended March 31, 2014, net investment income includes foreign exchange impacts of $nil compared to the three months ended March 31, 2013.

23

PartnerRe Ltd.

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

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Fixed maturities	$	3,725		$	4,054		$	4,697		$	4,717		$	5,336		$	18,804		$	27,760
Short-term investments, cash and cash equivalents		31			343			299			227			377			1,246			1,046
Other		378			285			316			364			322			1,287			1,647
Investment expenses		(201	)		103			(410	)		(298	)		(230	)		(835	)		(1,422	)
Net investment income	$	3,933		$	4,785		$	4,902		$	5,010		$	5,805		$	20,502		$	29,031
Net realized investment gains (losses) on fixed maturities and short-term investments	$	197		$	1,695		$	(618	)	$	3,495		$	1,449		$	6,021		$	8,405
Net realized investment gains (losses) on other invested assets		—			—			81			(62	)		—			19			—
Change in net unrealized investment gains (losses) on fixed maturities andshort-term investments		942			(4,618	)		(969	)		(14,621	)		(3,968	)		(24,176	)		6,583
Change in net unrealized investment (losses) gains on other invested assets		(188	)		(911	)		90			(730	)		(2,105	)		(3,656	)		1,379
Net realized and unrealized investment gains (losses) on funds held - directly managed	$	951		$	(3,834	)	$	(1,416	)	$	(11,918	)	$	(4,624	)	$	(21,792	)	$	16,367

24

PartnerRe Ltd.

Analysis of Unpaid Losses and Loss Expenses

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the three months ended															As at and for the year ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	10,646,318		$	10,564,542		$	10,336,368		$	10,323,786		$	10,709,371		$	10,709,371		$	11,273,091
Reinsurance recoverable at beginning of period		(267,384	)		(285,206	)		(276,295	)		(292,711	)		(291,330	)		(291,330	)		(353,105	)
Net liability at beginning of period		10,378,934			10,279,336			10,060,073			10,031,075			10,418,041			10,418,041			10,919,986
Net incurred losses related to:
Current year		698,170			849,706			793,894			813,492			661,665			3,118,755			2,785,694
Prior years		(164,327	)		(173,000	)		(238,354	)		(127,350	)		(182,796	)		(721,499	)		(628,065	)
		533,843			676,706			555,540			686,142			478,869			2,397,256			2,157,629
Change in reserve agreement (1)		(10,760	)		(3,607	)		(19,967	)		(7	)		(25,963	)		(49,544	)		(86,163	)
Net losses paid		(635,175	)		(589,413	)		(474,012	)		(632,011	)		(706,123	)		(2,401,559	)		(2,705,062	)
Effects of foreign exchange rate changes		11,209			15,912			157,702			(25,126	)		(133,749	)		14,740			131,651
Net liability at end of period		10,278,051			10,378,934			10,279,336			10,060,073			10,031,075			10,378,934			10,418,041
Reinsurance recoverable at end of period		251,666			267,384			285,206			276,295			292,711			267,384			291,330
Gross liability at end of period	$	10,529,717		$	10,646,318		$	10,564,542		$	10,336,368		$	10,323,786		$	10,646,318		$	10,709,371
Breakdown of gross liability at end of period:
Case reserves	$	4,552,142		$	4,663,164		$	4,711,580		$	4,645,378		$	4,792,975		$	4,663,164		$	4,872,591
Additional case reserves		332,758			403,145			401,752			346,553			373,509			403,145			343,549
Incurred but not reported reserves		5,644,817			5,580,009			5,451,210			5,344,437			5,157,302			5,580,009			5,493,231
Gross liability at end of period	$	10,529,717		$	10,646,318		$	10,564,542		$	10,336,368		$	10,323,786		$	10,646,318		$	10,709,371
Breakdown of gross liability at end of period by Non-life sub-segment:
North America	$	3,550,399		$	3,535,946		$	3,397,875		$	3,332,288		$	3,279,989		$	3,535,946		$	3,373,852
Global (Non-U.S.) P&C		2,428,416			2,444,129			2,424,923			2,388,789			2,412,743			2,444,129			2,507,761
Global Specialty		3,920,012			3,951,543			3,978,436			3,817,570			3,788,417			3,951,543			3,868,700
Catastrophe		630,890			714,700			763,308			797,721			842,637			714,700			959,058
Gross liability at end of period	$	10,529,717		$	10,646,318		$	10,564,542		$	10,336,368		$	10,323,786		$	10,646,318		$	10,709,371
Unrecognized time value of non-life reserves (2)	$	665,021		$	733,528		$	688,734		$	658,929		$	452,389		$	733,528		$	465,625
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		119.0	%		87.1	%		85.3	%		92.1	%		147.5	%		100.2	%		125.4	%
Non-life paid losses to net premiums earned ratio		64.0	%		50.7	%		40.2	%		64.7	%		76.5	%		56.6	%		73.3	%

(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.

(2) The unrecognized time value of non-life reserves represents the difference between the recorded gross/net liability for unpaid losses and loss expenses and the amount of gross/net liability for unpaid losses and loss expenses that would be recorded if the underlying unpaid losses and loss expenses were discounted. The unrecognized time value, or discount, in the non-life reserves is calculated by applying appropriate risk-free rates by currency and duration to the underlying unpaid losses and loss expenses.

25

PartnerRe Ltd.

Analysis of Policy Benefits for Life and Annuity Contracts

(Expressed in thousands of U.S. dollars)

(Unaudited)

	As at and for the three months ended															As at and for the year ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,974,133		$	1,908,575		$	1,799,332		$	1,763,413		$	1,813,244		$	1,813,244		$	1,645,662
Reinsurance recoverable at beginning of period		(7,022	)		(6,978	)		(6,432	)		(9,798	)		(20,684	)		(20,684	)		(9,874	)
Net liability at beginning of period		1,967,111			1,901,597			1,792,900			1,753,615			1,792,560			1,792,560			1,635,788
Liability acquired related to the acquisition of Presidio		—			—			—			—			—			—			54,071
Net incurred losses related to:
Current year		218,307			207,998			208,839			192,285			190,474			799,596			661,343
Prior years		(2,693	)		(5,690	)		(13,380	)		(11,584	)		(8,391	)		(39,044	)		(14,362	)
		215,614			202,308			195,459			180,701			182,083			760,552			646,981
Net losses paid		(74,812	)		(160,309	)		(149,895	)		(153,770	)		(161,571	)		(625,546	)		(593,690	)
Effects of foreign exchange rate changes		2,875			23,515			63,133			12,354			(59,457	)		39,545			49,410
Net liability at end of period		2,110,788			1,967,111			1,901,597			1,792,900			1,753,615			1,967,111			1,792,560
Reinsurance recoverable at end of period		7,691			7,022			6,978			6,432			9,798			7,022			20,684
Gross liability at end of period	$	2,118,479		$	1,974,133		$	1,908,575		$	1,799,332		$	1,763,413		$	1,974,133		$	1,813,244
Life value in force	$	208,300		$	188,000		$	171,000		$	100,000		$	134,300		$	188,000		$	110,000

26

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 2012
Prior year net favorable (adverse) reserve development:
Non-life segment:
North America	$	24,515		$	67,202		$	94,466		$	31,226		$	29,946		$	222,839		$	218,483
Global (Non-U.S.) P&C		46,713			48,793			37,493			36,149			57,617			180,052			114,279
Global Specialty		59,214			61,379			77,760			27,780			60,464			227,383			250,523
Catastrophe		33,885			(4,374	)		28,635			32,195			34,769			91,225			44,780
Total Non-life net prior year reserve development	$	164,327		$	173,000		$	238,354		$	127,350		$	182,796		$	721,499		$	628,065
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(9,669	)	$	(23,458	)	$	(23,508	)	$	(12,714	)	$	(11,129	)	$	(70,810	)	$	(93,971	)
Net prior year reserve development due to all other factors (2)		173,996			196,458			261,862			140,064			193,925			792,309			722,036
Total Non-life net prior year reserve development	$	164,327		$	173,000		$	238,354		$	127,350		$	182,796		$	721,499		$	628,065
Life and Health segment:
Net prior year reserve development due to GMDB (1)	$	3,031		$	6,388		$	11,087		$	3,493		$	5,649		$	26,617		$	10,009
Net prior year reserve development due to all other factors (2)		(338	)		(698	)		2,293			8,091			2,742			12,427			4,353
Total Life and Health net prior year reserve development	$	2,693		$	5,690		$	13,380		$	11,584		$	8,391		$	39,044		$	14,362

(1) The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatility in certain referenced global equity markets. At March 31, 2014, a 10% increase in the referenced global equity market would have decreased reserves by approximately $2.6 million, while a 10% decrease in the referenced global equity market would have increased reserves by approximately $3.2 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.

27

PartnerRe Ltd.

Natural Catastrophe Probable Maximum Losses (PMLs)

(Expressed in millions of U.S. dollars)

(Unaudited)

Single occurrence estimated net PML exposure⁽¹⁾

		January 1, 2014				October 1, 2013				July 1, 2013				April 1, 2013				January 1, 2013
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	$	908			$	1,054			$	1,054			$	1,115			$	1,143
U.S. Northeast	Hurricane		1,008				1,121				1,121				1,019				1,124
U.S. Gulf Coast	Hurricane		960				1,025				1,025				1,001				1,041
Caribbean	Hurricane		192				276				276				270				293
Europe	Windstorm		626				872				872				850				850
Japan	Typhoon		128				124				124				169				192
California	Earthquake		589	$	668		575	$	679		575	$	679		574	$	685		722	$	906
British Columbia	Earthquake		214		378		305		513		305		513		310		559		314		564
Japan	Earthquake		432		466		435		457		435		457		463		488		503		564
Australia	Earthquake		332		426		418		552		418		552		439		557		468		583
New Zealand	Earthquake		203		223		250		272		250		272		261		282		276		299

(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, 2013.

28

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	For the three months ended															For the year ended
	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2013			December 31, 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)		20.5	%		18.9	%		23.2	%		(13.4	)%		14.0	%		10.5	%		19.9	%
Less:
Annualized net realized and unrealized investment gains (losses), net of tax, on beginning diluted book value per common share(1)		8.0			6.7			(0.1	)		(16.2	)		0.8			(2.2	)		7.3
Annualized net foreign exchange (losses) gains, net of tax, on beginning diluted book value per common share(1)		(0.1	)		0.3			0.4			(0.4	)		(0.1	)		—			0.1
Annualized net interest in earnings (losses) of equity method investments, net of tax, on beginning diluted book value per common share(1)		0.3			0.4			0.3			(0.4	)		0.4			0.2			0.2
Annualized loss on redemption of preferred shares, on beginning diluted book value per common share(1)		—			—			—			—			(0.6	)		(0.2	)		—
Annualized operating return on beginning diluted book value per common share(1)		12.3	%		11.5	%		22.6	%		3.6	%		13.5	%		12.7	%		12.3	%
Net income (loss) attributable to PartnerRe	$	309,843		$	271,788		$	333,423		$	(175,571	)	$	234,370		$	664,008		$	1,134,514
Less:
Net realized and unrealized investment gains (losses), net of tax		115,817			91,781			(1,272	)		(229,966	)		12,275			(127,182	)		392,014
Net foreign exchange (losses) gains, net of tax		(971	)		3,869			5,338			(5,898	)		(787	)		2,521			8,345
Interest in earnings (losses) of equity method investments, net of tax		3,903			4,549			3,989			(5,558	)		6,094			9,075			8,742
Dividends to preferred shareholders		14,184			14,184			14,184			14,796			14,699			57,861			61,622
Operating earnings attributable to PartnerRe common shareholders	$	176,910		$	157,405		$	311,184		$	51,055		$	202,089		$	721,733		$	663,791
Per diluted common share:
Net income (loss) attributable to PartnerRe common shareholders	$	5.61		$	4.76		$	5.84		$	(3.37	)	$	3.53		$	10.58		$	16.87
Less:
Net realized and unrealized investment gains (losses), net of tax		2.20			1.70			(0.03	)		(4.07	)		0.20			(2.25	)		6.17
Net foreign exchange (losses) gains, net of tax		(0.02	)		0.07			0.10			(0.10	)		(0.01	)		0.04			0.13
Loss on redemption of preferred shares		—			—			—			—			(0.15	)		(0.16	)		—
Interest in earnings (losses) of equity method investments, net of tax		0.07			0.08			0.07			(0.10	)		0.10			0.16			0.14
Operating earnings attributable to PartnerRe common shareholders	$	3.36		$	2.91		$	5.70		$	0.90		$	3.39		$	12.79		$	10.43

(1) Excluding preferred shares of $853,750 at January 1, 2014 and $893,750 at January 1, 2013 and 2012.

29

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	March 31, 2014		December 31, 2013		September 30, 2013		June 30, 2013		March 31, 2013		December 31, 2012
Reconciliation of GAAP and non-GAAP measures:
Total shareholders’ equity	$	6,840,599	$	6,766,159	$	6,624,176	$	6,415,276	$	6,947,558	$	6,933,496
Less:
Preferred shares, aggregate liquidation value		853,750		853,750		853,750		853,750		853,750		893,750
Noncontrolling interests		59,671		56,627		52,489		48,319		36,844		—
Common shareholders’ equity attributable to PartnerRe		5,927,178		5,855,782		5,717,937		5,513,207		6,056,964		6,039,746
Less:
Goodwill		456,380		456,380		456,380		456,380		456,380		456,380
Intangible assets, net of tax		116,331		120,900		121,922		127,662		135,207		141,249
Tangible book value	$	5,354,467	$	5,278,502	$	5,139,635	$	4,929,165	$	5,465,377	$	5,442,117
Common shares and common share equivalents outstanding		51,935,217		53,596,034		54,181,672		55,325,581		58,826,334		59,893,366
Equals:
Diluted tangible book value per common share	$	103.10	$	98.49	$	94.86	$	89.09	$	92.91	$	90.86

30

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	March 31, 2014		December 31, 2013		September 30, 2013		June 30, 2013		March 31, 2013		December 31, 2012
Reconciliation of GAAP and non-GAAP measures:
Total shareholders’ equity	$	6,840,599	$	6,766,159	$	6,624,176	$	6,415,276	$	6,947,558	$	6,933,496
Less:
Preferred shares, aggregate liquidation value		853,750		853,750		853,750		853,750		853,750		893,750
Noncontrolling interests		59,671		56,627		52,489		48,319		36,844		—
Common shareholders’ equity attributable to PartnerRe		5,927,178		5,855,782		5,717,937		5,513,207		6,056,964		6,039,746
Less:
Goodwill		456,380		456,380		456,380		456,380		456,380		456,380
Intangible assets, net of tax		116,331		120,900		121,922		127,662		135,207		141,249
Tangible book value		5,354,467		5,278,502		5,139,635		4,929,165		5,465,377		5,442,117
Net unrealized gains on fixed income securities and funds held - directly managed, net of tax (NURGL)		299,871		223,995		194,144		291,987		563,953		657,604
Book value excluding NURGL	$	5,627,307	$	5,631,787	$	5,523,793	$	5,221,220	$	5,493,011	$	5,382,142
Tangible book value excluding NURGL	$	5,054,596	$	5,054,507	$	4,945,491	$	4,637,178	$	4,901,424	$	4,784,513
Divided by:
Number of common shares and common share equivalents outstanding		51,935,217		53,596,034		54,181,672		55,325,581		58,826,334		59,893,366
Equals:
Diluted book value per common share excluding NURGL	$	108.35	$	105.08	$	101.95	$	94.37	$	93.38	$	89.86
Diluted tangible book value per common share excluding NURGL	$	97.33	$	94.31	$	91.28	$	83.82	$	83.32	$	79.88

31

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)

	March 31, 2014		December 31, 2013		September 30, 2013		June 30, 2013		March 31, 2013		December 31, 2012
Basic book value per common share
Total shareholders’ equity	$	6,840,599	$	6,766,159	$	6,624,176	$	6,415,276	$	6,947,558	$	6,933,496
Less:
Preferred shares, aggregate liquidation value		853,750		853,750		853,750		853,750		853,750		893,750
Noncontrolling interests		59,671		56,627		52,489		48,319		36,844		—
Common shareholders’ equity attributable to PartnerRe	$	5,927,178	$	5,855,782	$	5,717,937	$	5,513,207	$	6,056,964	$	6,039,746
Basic common shares outstanding		50,859,821		52,443,434		53,227,765		54,321,732		57,660,188		58,909,375
Basic book value per common share	$	116.54	$	111.66	$	107.42	$	101.49	$	105.05	$	102.53
Common shareholders’ equity attributable to PartnerRe	$	5,927,178	$	5,855,782	$	5,717,937	$	5,513,207	$	6,056,964	$	6,039,746
Basic common shares outstanding		50,859,821		52,443,434		53,227,765		54,321,732		57,660,188		58,909,375
Add:
Stock options and other		2,230,335		2,382,771		2,438,798		2,614,443		3,105,137		2,892,514
Restricted stock units		848,006		870,054		887,442		900,577		793,400		864,269
Less:
Stock options and other bought back via treasury stock method		2,002,945		2,100,225		2,372,333		2,511,171		2,732,391		2,772,792
Diluted common shares and common share equivalents outstanding		51,935,217		53,596,034		54,181,672		55,325,581		58,826,334		59,893,366
Diluted book value per common share	$	114.13	$	109.26	$	105.53	$	99.65	$	102.96	$	100.84

(1) This method assumes that proceeds received upon exercise of options will be used to repurchase the Company’s common shares at the average market price. Unvested restricted stock and the dilutive impact of the Company’s forward sale contracts, if any, are also added to determine the diluted common shares and common share equivalents outstanding.

32

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

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

(Unaudited)

	As at and for the three months ended March 31, 2014						As at and for the three months ended March 31, 2013
	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	$	5,856		$	109.26		$	6,040		$	100.84
Technical result		240			4.54			251			4.22
Other operating expenses		(111	)		(2.11	)		(116	)		(1.95	)
Net investment income		117			2.22			124			2.08
Amortization of intangible assets		(7	)		(0.13	)		(7	)		(0.12	)
Other, net		(15	)		(0.27	)		(11	)		(0.18	)
Operating income tax expense		(33	)		(0.62	)		(24	)		(0.41	)
Preferred dividends		(14	)		(0.27	)		(15	)		(0.25	)
Operating earnings		177			3.36			202			3.39
Net realized and unrealized investment gains, net of tax		116			2.20			12			0.20
Net foreign exchange losses, net of tax		(1	)		(0.02	)		—			(0.01	)
Loss on redemption of preferred shares		—			—			(9	)		(0.15	)
Interest in earnings of equity method investments, net of tax		4			0.07			6			0.10
Net income attributable to PartnerRe common shareholders		296			5.61			211			3.53
Common share dividends		(35	)		(0.67	)		(37	)		(0.64	)
Change in currency translation adjustment		(15	)		(0.29	)		(20	)		(0.33	)
Repurchase of common shares, net		(174	)		(0.02	)		(137	)		(0.19	)
Preferred share issuance costs		—			—			(9	)		(0.15	)
Recognition of loss on redemption of preferred shares		—			—			9			0.15
Change in other accumulated comprehensive income or loss, net of tax		(1	)		—			—			0.01
Impact of change in number of common and common share equivalents outstanding		n/a			0.24			n/a			(0.26	)
Common shareholders’ equity attributable to PartnerRe / diluted book value per common share at end of period	$	5,927		$	114.13		$	6,057		$	102.96
Goodwill		(456	)		(8.79	)		(456	)		(7.76	)
Intangible assets, net of tax		(117	)		(2.24	)		(136	)		(2.29	)
Tangible common shareholders’ equity attributable to PartnerRe / diluted tangible book value per common share at end of period	$	5,354		$	103.10		$	5,465		$	92.91

33

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

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

(Unaudited)

	As at and for the year ended December 31, 2013						As at and for the year ended December 31, 2012
	Common shareholders’ equity			Diluted book value per common share			Common shareholders’ equity			Diluted book value per common share
Common shareholders’ equity attributable to PartnerRe / diluted book value per common share at beginning of period	$	6,040		$	100.84		$	5,574		$	84.82
Technical result		962			17.06			744			11.70
Other operating expenses		(500	)		(8.87	)		(411	)		(6.47	)
Net investment income		484			8.58			571			8.98
Amortization of intangible assets		(27	)		(0.48	)		(32	)		(0.50	)
Other, net		(47	)		(0.85	)		(36	)		(0.58	)
Operating income tax expense		(92	)		(1.63	)		(110	)		(1.73	)
Preferred dividends		(58	)		(1.02	)		(62	)		(0.97	)
Operating earnings		722			12.79			664			10.43
Net realized and unrealized investment (losses) gains, net of tax		(127	)		(2.25	)		392			6.17
Net foreign exchange gains, net of tax		2			(0.04	)		8			0.13
Loss on redemption of preferred shares		(9	)		(0.16	)		—			—
Interest in earnings of equity method investments, net of tax		9			0.16			9			0.14
Net income attributable to PartnerRe common shareholders		597			10.58			1,073			16.87
Common share dividends		(142	)		(2.56	)		(156	)		(2.48	)
Change in currency translation adjustment		(32	)		(0.56	)		28			0.45
Repurchase of common shares, net		(616	)		0.84			(474	)		2.07
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		9			0.16			(5	)		(0.08	)
Impact of change in number of common and common share equivalents outstanding		n/a			(0.05	)		n/a			(0.81	)
Common shareholders’ equity attributable to PartnerRe / diluted book value per common share at end of period	$	5,856		$	109.26		$	6,040		$	100.84
Goodwill		(456	)		(8.51	)		(456	)		(7.62	)
Intangibles, net of tax		(121	)		(2.26	)		(142	)		(2.36	)
Tangible common shareholders’ equity attributable to PartnerRe / diluted tangible book value per common share at end of period	$	5,279		$	98.49		$	5,442		$	90.86

34