Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as of September 30, 2008

(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, 2008

Table of Contents

			Page

Regulation G
Consolidated Financial Statements
	Consolidated Income Statements		1-2
	Condensed Consolidated Balance Sheets		3
	Condensed Consolidated Statements of Cash Flows		4-5
	Consolidated Statements of Comprehensive Income		6
Segment Information
	For the three months ended September 30, 2008 and 2007		7-8
	For the nine months ended September 30, 2008 and 2007		9-10
	Non-Life segment		11-12
		U.S. sub-segment	13-14
		Global (Non-U.S.) P&C sub-segment	15-16
		Global (Non-U.S.) Specialty sub-segment	17-18
		Catastrophe sub-segment	19-20
	Life 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 treaty type		27-28
Investments
	Investment Portfolio		29
	Distribution of Corporate Bonds and Equities		30-31
	Distribution of Mortgage/Asset-Backed Securities		32
	Other Invested Assets including Private Markets and Derivative Exposures		33
	Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses)		34-35
Loss Reserves
	Analysis of Unpaid Losses and Loss Expenses		36-37
	Analysis of Policy Benefits for Life and Annuity Contracts		38-39
	Reserve Development		40

Reconciliation of GAAP and non-GAAP measures			41-43
Diluted Book Value per Common Share - Treasury Stock Method			44
Diluted Book Value per Common Share - Rollforward			45-46

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 available to Common Shareholders (Operating Earnings), Diluted Operating Earnings per Common Share and Annualized Operating Return on Beginning Common Shareholders’ Equity (Annualized Operating ROE) (non-GAAP financial measures): The Company uses Operating Earnings, Diluted Operating Earnings 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 exclude the impact of net realized and unrealized gains and losses on investments, net of tax, and the interest in earnings (losses) of equity investments, net of tax, where the Company does not control the investee companies’ activities, and are calculated after preferred dividends. The Company calculates Diluted Operating Earnings per Common Share using Operating Earnings for the period divided by the weighted average number of common and common share equivalents outstanding. The Company calculates Annualized Operating ROE using annualized Operating Earnings for the period divided by the common shareholders’ equity as of the beginning of the year. Operating Earnings and Diluted Operating Earnings per Common Share should not be viewed as a substitute for Net Income or Diluted Net Income per Common Share prepared in accordance with GAAP. Annualized Operating ROE supplements GAAP information.

Book Value excluding Net Unrealized Gains and Losses on Fixed Income Securities, Net of Tax (Book Value excluding NURGL) and Diluted Book Value per Common and Common Share Equivalents Outstanding excluding Net Unrealized Gains and Losses on Fixed Income Securities, Net of Tax (Diluted Book Value excluding NURGL) (non-GAAP financial measures): The Company calculates Book Value excluding NURGL using common shareholders’ equity less net unrealized gains and losses on fixed income securities, net of tax. Book Value excluding NURGL focuses on the underlying fundamentals of the Company’s financial position without the impact of interest rates on the unrealized gains and losses on investments (net of tax). The Company calculates Diluted Book Value excluding NURGL using Book Value excluding NURGL divided by the weighted average number of common and common share equivalents outstanding.

Total Capital (non-GAAP financial measure): The Company calculates total capital as the sum of total shareholders’ equity, long-term debt, capital efficient notes and senior notes. The Company uses Total Capital as a measure to manage the capital structure of the Company.

PartnerRe Ltd.

Consolidated Income Statements

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

(Unaudited)

	For the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2008			2008			2008			2007			2007

Revenues
Gross premiums written	$	868,584		$	968,163		$	1,439,332		$	722,700		$	877,943

Net premiums written	$	869,194		$	956,269		$	1,411,564		$	714,376		$	873,474
Decrease (increase) in unearned premiums		209,265			(730	)		(501,811	)		275,382			182,921
Net premiums earned		1,078,459			955,539			909,753			989,758			1,056,395
Net investment income		146,138			145,494			137,010			137,771			135,577
Net realized and unrealized investment (losses) gains (1)		(324,184	)		(296,255	)		25,112			(16,510	)		(3,103	)
Other (loss) income		(3,838	)		4,591			1,639			(14,530	)		5,445
Total revenues		896,575			809,369			1,073,514			1,096,489			1,194,314

Expenses
Losses and loss expenses and life policy benefits		751,961			548,720			589,668			517,557			562,132
Acquisition costs		232,814			228,170			204,238			227,222			215,456
Other operating expenses		86,939			96,737			92,280			88,481			79,073
Interest expense		11,877			14,914			11,896			13,374			13,649
Net foreign exchange losses (gains)		4,597			(1,574	)		4,798			(1,568	)		3,567
Total expenses		1,088,188			886,967			902,880			845,066			873,877

(Loss) income before taxes and interest in earnings (losses) of equity investments		(191,613	)		(77,598	)		170,634			251,423			320,437
Income tax (benefit) expense		(39,508	)		(53,423	)		42,726			4,303			34,825
Interest in earnings (losses) of equity investments		386			(1,849	)		1,112			(66,517	)		(22,691	)
Net (loss) income	$	(151,719	)	$	(26,024	)	$	129,020		$	180,603		$	262,921

Preferred dividends	$	8,631		$	8,631		$	8,631		$	8,631		$	8,631

Operating earnings available to common shareholders	$	121,331		$	183,830		$	110,211		$	257,369		$	274,198

Comprehensive (loss) income, net of tax	$	(243,372	)	$	(15,302	)	$	190,197		$	233,897		$	387,271

Per Share Data:
(Loss) earnings per common share:
Basic operating earnings	$	2.27		$	3.39		$	2.03		$	4.69		$	4.90
Net realized and unrealized investment (losses) gains, net of tax (1)		(5.27	)		(4.04	)		0.17			(0.35	)		0.05
Interest in (losses) earnings of equity investments, net of tax		(0.01	)		0.01			0.02			(1.21	)		(0.40	)
Basic net (loss) income	$	(3.01	)	$	(0.64	)	$	2.22		$	3.13		$	4.55

Weighted average number of common shares outstanding		53,339.9			54,276.6			54,248.3			54,892.7			55,906.6

Diluted operating earnings	$	2.27		$	3.39		$	1.98		$	4.55		$	4.78
Net realized and unrealized investment (losses) gains, net of tax (1)		(5.27	)		(4.04	)		0.16			(0.34	)		0.05
Interest in (losses) earnings of equity investments, net of tax		(0.01	)		0.01			0.02			(1.17	)		(0.39	)
Diluted net (loss) income	$	(3.01	)	$	(0.64	)	$	2.16		$	3.04		$	4.44

Weighted average number of common and common share equivalents outstanding		53,339.9			54,276.6			55,711.2			56,578.5			57,329.2

(1)

Following the adoption of SFAS 159 on January 1, 2008, net realized and unrealized investment (losses) gains include both realized and unrealized (losses) gains on investments. Prior to the adoption of SFAS 159, net realized and unrealized investment (losses) gains included realized (losses) gains on investments and other-than-temporary impairment charges.

PartnerRe Ltd.

Consolidated Income Statements

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

(Unaudited)

	For the nine months ended						For the year ended
	September 30,			September 30,			December 31,			December 31,
	2008			2007			2007			2006

Revenues
Gross premiums written	$	3,276,079		$	3,087,464		$	3,810,164		$	3,733,920

Net premiums written	$	3,237,027		$	3,042,733		$	3,757,109		$	3,689,548
(Increase) decrease in unearned premiums		(293,275	)		(255,020	)		20,362			(22,280	)
Net premiums earned		2,943,752			2,787,713			3,777,471			3,667,268
Net investment income		428,642			385,488			523,259			449,401
Net realized and unrealized investment (losses) gains (1)		(595,327	)		(55,982	)		(72,492	)		47,160
Other income (loss)		2,390			(2,948	)		(17,479	)		23,555
Total revenues		2,779,457			3,114,271			4,210,759			4,187,384

Expenses
Losses and loss expenses and life policy benefits		1,890,349			1,564,904			2,082,461			2,111,337
Acquisition costs		665,222			622,493			849,715			849,241
Other operating expenses		275,956			238,004			326,486			309,544
Interest expense		38,687			40,643			54,017			61,387
Net foreign exchange losses		7,820			17,121			15,552			23,204
Total expenses		2,878,034			2,483,165			3,328,231			3,354,713

(Loss) income before taxes and interest in (losses) earnings of equity investments		(98,577	)		631,106			882,528			832,671
Income tax (benefit) expense		(50,205	)		77,445			81,748			95,305
Interest in (losses) earnings of equity investments		(351	)		(16,452	)		(82,968	)		11,966
Net (loss) income	$	(48,723	)	$	537,209		$	717,812		$	749,332

Preferred dividends	$	25,894		$	25,894		$	34,525		$	34,525

Operating earnings available to common shareholders	$	415,373		$	565,073		$	822,442		$	656,382

Comprehensive (loss) income, net of tax	$	(68,477	)	$	654,795		$	888,692		$	784,898

Per Share Data:
(Loss) earnings per common share:
Basic operating earnings	$	7.70		$	10.00		$	14.66		$	11.55
Net realized and unrealized investment (losses) gains, net of tax (1)		(9.10	)		(0.66	)		(1.00	)		0.82
Interest in earnings (losses) of equity investments, net of tax		0.02			(0.29	)		(1.48	)		0.21
Basic net (loss) income	$	(1.38	)	$	9.05		$	12.18		$	12.58

Weighted average number of common shares outstanding		53,952.7			56,512.7			56,104.4			56,822.5

Diluted operating earnings	$	7.70		$	9.76		$	14.29		$	11.36
Net realized and unrealized investment (losses) gains, net of tax (1)		(9.10	)		(0.65	)		(0.98	)		0.80
Interest in earnings (losses) of equity investments, net of tax		0.02			(0.28	)		(1.44	)		0.21
Diluted net (loss) income	$	(1.38	)	$	8.83		$	11.87		$	12.37

Weighted average number of common and common share equivalents outstanding		53,952.7			57,888.8			57,557.9			57,802.8

(1)

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	September 30,				June 30,				March 31,				December 31,				September 30,				December 31,				December 31,
	2008				2008				2008				2007				2007				2006				2005

Assets
Total investments	$	10,859,773			$	11,561,358			$	11,691,038			$	10,917,341			$	10,695,174			$	9,689,937			$	8,577,360
Cash and cash equivalents		675,594				480,349				497,567				654,895				834,259				988,788				1,001,378
Accrued investment income		154,551				201,234				179,611				176,386				147,399				157,923				143,548
Reinsurance balances receivable		1,871,981				2,160,974				2,135,239				1,449,702				1,774,779				1,573,566				1,493,507
Funds held by reinsured companies		893,583				938,804				954,421				1,083,036				1,097,801				1,002,402				970,614
Deferred acquisition costs		690,145				756,582				750,627				641,818				660,831				542,698				437,741
Other assets		1,178,488				1,097,842				1,082,416				1,113,771				1,036,645				992,911				1,119,982
Total assets	$	16,324,115			$	17,197,143			$	17,290,919			$	16,036,949			$	16,246,888			$	14,948,225			$	13,744,130


Liabilities
Unpaid losses and loss expenses	$	7,484,625			$	7,614,036			$	7,573,371			$	7,231,436			$	7,110,240			$	6,870,785			$	6,737,661
Policy benefits for life and annuity contracts		1,526,275				1,641,389				1,600,447				1,541,687				1,622,564				1,430,691				1,223,871
Unearned premiums		1,555,263				1,837,256				1,837,778				1,267,873				1,535,611				1,215,624				1,136,233
Reinsurance balances payable		147,420				150,547				155,133				119,853				194,438				115,897				127,607
Debt obligations		907,605				907,605				877,605				877,605				877,605				877,605				826,186
Other liabilities		618,241				637,068				773,981				676,938				681,207				651,776				599,785
Total liabilities		12,239,429				12,787,901				12,818,315				11,715,392				12,021,665				11,162,378				10,651,343

Total shareholders' equity		4,084,686				4,409,242				4,472,604				4,321,557				4,225,223				3,785,847				3,092,787

Total liabilities and shareholders' equity	$	16,324,115			$	17,197,143			$	17,290,919			$	16,036,949			$	16,246,888			$	14,948,225			$	13,744,130


Shareholders’ Equity Per Common Share (excluding cumulative preferred shares)	$	66.91			$	72.02			$	72.84			$	70.07			$	66.74			$	57.22			$	45.35
Diluted Book Value Per Common and Common Share Equivalents Outstanding (assuming exercise of all stock-based awards)	$	65.38			$	70.22			$	70.93			$	67.96			$	65.07			$	56.07			$	44.57

Number of Common and Common Share Equivalents Outstanding		54,519.3				55,388.3				55,725.7				55,936.4				56,938.8				58,248.8				57,724.1

Capital Structure:
Long-term debt	$	400,000	8	%	$	400,000	8	%	$	620,000	12	%	$	620,000	12	%	$	620,000	12	%	$	620,000	13	%	$	620,000	16	%
Senior notes(1)		250,000	5			250,000	5			-	-			-	-			-	-			-	-			-	-
Capital efficient notes(2)		250,000	5			250,000	5			250,000	5			250,000	5			250,000	5			250,000	6			-	-
Trust preferred securities(3)		-	-			-	-			-	-			-	-			-	-			-	-			200,000	5
6.75% Series C cumulative preferred shares, aggregate liquidation		290,000	6			290,000	5			290,000	5			290,000	6			290,000	6			290,000	6			290,000	7
6.5% Series D cumulative preferred shares, aggregate liquidation		230,000	5			230,000	4			230,000	4			230,000	4			230,000	4			230,000	5			230,000	6
Common shareholders' equity		3,564,686	71			3,889,242	73			3,952,604	74			3,801,557	73			3,705,223	73			3,265,847	70			2,572,787	66
Total Capital	$	4,984,686	100	%	$	5,309,242	100	%	$	5,342,604	100	%	$	5,191,557	100	%	$	5,095,223	100	%	$	4,655,847	100	%	$	3,912,787	100	%

(1)	PartnerRe Finance A LLC, the issuer of the senior notes, does not meet the consolidation requirements of FIN 46(R). Accordingly, the Company shows the related intercompany debt of $250 million on its Consolidated Balance Sheets.

(2)	PartnerRe Finance II, the issuer of the capital efficient notes, does not meet the consolidation requirements of FIN 46(R). Accordingly, the Company shows the related intercompany debt of $257.6 million on its Consolidated Balance Sheets.

(3)	Neither the Trust that issued the securities nor PartnerRe Finance I, which owns the Trust, meet the consolidation requirements of FIN 46(R). Accordingly, the Company shows the related intercompany debt of $206.2 million on its Consolidated Balance Sheets.

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)

	For the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2008			2008			2008			2007			2007

Net cash provided by (used in) operating activities:

Underwriting operations	$	190		$	102		$	159		$	134		$	262

Investment income		187			127			141			111			162

Taxes and foreign exchange		(5	)		(7	)		(3	)		(20	)		(12	)

Cash flow from operations		372			222			297			225			412

Transfer to trading securities (1)		-			-			-			(300	)		(86	)

Net cash provided by (used in) operating activities as published	$	372		$	222		$	297		$	(75	)	$	326


Net cash provided by (used in) operating activities	$	372		$	222		$	297		$	(75	)	$	326

Net cash (used in) provided by investing activities (1)		(73	)		(211	)		(406	)		43			(445	)

Net cash used in financing activities		(89	)		(26	)		(49	)		(146	)		(107	)

Effect of foreign exchange rate changes on cash		(14	)		(2	)		-			(1	)		8

Increase (decrease) in cash and cash equivalents		196			(17	)		(158	)		(179	)		(218	)

Cash and cash equivalents - beginning of period		480			497			655			834			1,052

Cash and cash equivalents - end of period	$	676		$	480		$	497		$	655		$	834

(1)	Following the adoption of SFAS 159 on January 1, 2008, purchases and sales of trading securities are classified within investing activities.

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,			September 30,			December 31,			December 31,
	2008			2007			2007			2006

Net cash provided by operating activities:

Underwriting operations	$	451		$	517		$	650		$	440

Investment income		455			403			515			465

Taxes and foreign exchange		(15	)		(46	)		(66	)		(23	)

Cash flow from operations		891			874			1,099			882

Transfer from (to) trading securities (1)		-			428			128			(390	)

Net cash provided by operating activities as published	$	891		$	1,302		$	1,227		$	492


Net cash provided by operating activities	$	891		$	1,302		$	1,227		$	492

Net cash used in investing activities (1)		(690	)		(1,236	)		(1,193	)		(437	)

Net cash used in financing activities		(164	)		(232	)		(379	)		(73	)

Effect of foreign exchange rate changes on cash		(16	)		11			11			6

Increase (decrease) in cash and cash equivalents		21			(155	)		(334	)		(12	)

Cash and cash equivalents - beginning of period		655			989			989			1,001

Cash and cash equivalents - end of period	$	676		$	834		$	655		$	989

(1)	Following the adoption of SFAS 159 on January 1, 2008, purchases and sales of trading securities are classified within investing activities.

PartnerRe Ltd.

Consolidated Statements of Comprehensive Income

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	September 30,			June 30,			March 31,			December 31,		September 30,
	2008			2008			2008			2007		2007

Net (loss) income	$	(151,719	)	$	(26,024	)	$	129,020		$	180,603	$	262,921

Change in net unrealized gains or losses on investments, net of tax		(146	)		6,653			8,574			13,243		71,997
Change in currency translation adjustment		(91,732	)		4,000			53,006			35,744		52,702
Change in unfunded pension obligation, net of tax		225			69			(403	)		4,307		(349	)

Comprehensive (loss) income, net of tax	$	(243,372	)	$	(15,302	)	$	190,197		$	233,897	$	387,271

	For the nine months ended						For the year ended
	September 30,			September 30,			December 31,		December 31,
	2008			2007			2007		2006

Net (loss) income	$	(48,723	)	$	537,209		$	717,812	$	749,332

Change in net unrealized gains or losses on investments, net of tax		15,081			24,591			37,834		(20,136	)
Change in currency translation adjustment		(34,726	)		93,299			129,043		56,120
Change in unfunded pension obligation, net of tax		(109	)		(304	)		4,003		(418	)

Comprehensive (loss) income, net of tax	$	(68,477	)	$	654,795		$	888,692	$	784,898

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the three months ended September 30, 2008

	U.S.				Global (Non-U.S.) P&C				Global (Non-U.S.) Specialty				Catastrophe				Total Non- Life Segment				Life Segment			Corporate and Other			Total

Gross premiums written	$	263			$	137			$	276			$	48			$	724			$	140		$	5		$	869

Net premiums written	$	264			$	137			$	274			$	48			$	723			$	141		$	5		$	869
Decrease in unearned premiums		12				58				16				111				197				8			5			210
Net premiums earned	$	276			$	195			$	290			$	159			$	920			$	149		$	10		$	1,079
Losses and loss expenses and
life policy benefits		(212	)			(98	)			(185	)			(128	)			(623	)			(114	)		(15	)		(752	)
Acquisition costs		(67	)			(47	)			(72	)			(14	)			(200	)			(32	)		(1	)		(233	)
Technical result	$	(3	)		$	50			$	33			$	17			$	97			$	3		$	(6	)	$	94

Other (loss) income																		(5	)			-			1			(4	)
Other operating expenses																		(55	)			(11	)		(21	)		(87	)
Underwriting result																	$	37			$	(8	)		n/a		$	3

Net investment income																						17			129			146
Allocated underwriting result (1)																					$	9			n/a			n/a

Net realized and unrealized investment losses																									(324	)		(324	)
Interest expense																									(12	)		(12	)
Net foreign exchange losses																									(5	)		(5	)
Income tax benefit																									40			40
Interest in earnings of equity investments																									-			-
Net loss																									n/a		$	(152	)

Loss ratio (2)		76.9		%		50.3		%		63.8		%		80.8		%		67.8		%
Acquisition ratio (3)		24.2				24.2				24.8				8.7				21.7
Technical ratio (4)		101.1		%		74.5		%		88.6		%		89.5		%		89.5		%
Other operating expense ratio (5)																		6.0
Combined ratio (6)																		95.5		%

(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.

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the three months ended September 30, 2007

	U.S.				Global (Non-U.S.) P&C				Global (Non-U.S.) Specialty				Catastrophe				Total Non- Life Segment				Life Segment			Corporate and Other (A)			Total

Gross premiums written	$	279			$	151			$	252			$	50			$	732			$	145		$	1		$	878

Net premiums written	$	279			$	151			$	250			$	50			$	730			$	142		$	1		$	873
(Increase) decrease in unearned premiums		(6	)			41				24				120				179				5			(1	)		183
Net premiums earned	$	273			$	192			$	274			$	170			$	909			$	147		$	-		$	1,056
Losses and loss expenses and
life policy benefits		(160	)			(135	)			(119	)			(15	)			(429	)			(133	)		-			(562	)
Acquisition costs		(64	)			(46	)			(68	)			(15	)			(193	)			(22	)		-			(215	)
Technical result	$	49			$	11			$	87			$	140			$	287			$	(8	)	$	-		$	279

Other income																		2				-			3			5
Other operating expenses																		(52	)			(8	)		(19	)		(79	)
Underwriting result																	$	237			$	(16	)		n/a		$	205

Net investment income																						16			120			136
Allocated underwriting result (1)																					$	-			n/a			n/a

Net realized investment losses																									(3	)		(3	)
Interest expense																									(14	)		(14	)
Net foreign exchange losses																									(3	)		(3	)
Income tax expense																									(35	)		(35	)
Interest in losses of equity investments																									(23	)		(23	)
Net income																									n/a		$	263

Loss ratio (2)		58.6		%		70.3		%		43.5		%		8.8		%		47.2		%
Acquisition ratio (3)		23.3				24.2				24.7				9.1				21.3
Technical ratio (4)		81.9		%		94.5		%		68.2		%		17.9		%		68.5		%
Other operating expense ratio (5)																		5.7
Combined ratio (6)																		74.2		%

(A)

The Company reports the results of ChannelRe Holdings on a one-quarter lag. The three months ended September 30, 2007 include the Company’s share of ChannelRe Holdings' net income in the amount of $2.3 million. In addition to ChannelRe Holdings’ results, the Company recorded a charge of $25 million for the three-month period ended September 30, 2007, which represented the Company’s share of anticipated ChannelRe Holdings’ unrealized mark-to-market losses on its credit derivative portfolio, which it expected to incur during the three-month period ended September 30, 2007.

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the nine months ended September 30, 2008

	U.S.				Global (Non-U.S.) P&C				Global (Non-U.S.) Specialty				Catastrophe				Total Non- Life Segment				Life Segment			Corporate and Other			Total

Gross premiums written	$	849			$	645			$	921			$	391			$	2,806			$	453		$	17		$	3,276

Net premiums written	$	841			$	642			$	898			$	391			$	2,772			$	448		$	17		$	3,237
Increase in unearned premiums		(14	)			(60	)			(118	)			(90	)			(282	)			(8	)		(3	)		(293	)
Net premiums earned	$	827			$	582			$	780			$	301			$	2,490			$	440		$	14		$	2,944
Losses and loss expenses and
life policy benefits		(610	)			(332	)			(476	)			(111	)			(1,529	)			(347	)		(15	)		(1,891	)
Acquisition costs		(198	)			(147	)			(201	)			(27	)			(573	)			(91	)		(1	)		(665	)
Technical result	$	19			$	103			$	103			$	163			$	388			$	2		$	(2	)	$	388

Other (loss) income																		(2	)			-			4			2
Other operating expenses																		(175	)			(32	)		(69	)		(276	)
Underwriting result																	$	211			$	(30	)		n/a		$	114

Net investment income																						51			378			429
Allocated underwriting result (1)																					$	21			n/a			n/a

Net realized and unrealized investment losses																									(595	)		(595	)
Interest expense																									(39	)		(39	)
Net foreign exchange losses																									(8	)		(8	)
Income tax benefit																									50			50
Interest in earnings of equity investments																									-			-
Net loss																									n/a		$	(49	)

Loss ratio (2)		73.7		%		57.1		%		61.1		%		36.6		%		61.4		%
Acquisition ratio (3)		23.9				25.2				25.7				9.1				23.0
Technical ratio (4)		97.6		%		82.3		%		86.8		%		45.7		%		84.4		%
Other operating expense ratio (5)																		7.0
Combined ratio (6)																		91.4		%

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the nine months ended September 30, 2007

	U.S.				Global (Non-U.S.) P&C				Global (Non-U.S.) Specialty				Catastrophe				Total Non- Life Segment				Life Segment			Corporate and Other (A)			Total

Gross premiums written	$	803			$	613			$	831			$	393			$	2,640			$	445		$	2		$	3,087

Net premiums written	$	802			$	611			$	810			$	393			$	2,616			$	425		$	2		$	3,043
Increase in unearned premiums		(67	)			(69	)			(51	)			(63	)			(250	)			(5	)		-			(255	)
Net premiums earned	$	735			$	542			$	759			$	330			$	2,366			$	420		$	2		$	2,788
Losses and loss expenses and
life policy benefits		(447	)			(384	)			(328	)			(60	)			(1,219	)			(346	)		-			(1,565	)
Acquisition costs		(177	)			(136	)			(194	)			(32	)			(539	)			(83	)		-			(622	)
Technical result	$	111			$	22			$	237			$	238			$	608			$	(9	)	$	2		$	601

Other income (loss)																		6				-			(9	)		(3	)
Other operating expenses																		(155	)			(23	)		(60	)		(238	)
Underwriting result																	$	459			$	(32	)		n/a		$	360

Net investment income																						43			342			385
Allocated underwriting result (1)																					$	11			n/a			n/a

Net realized investment losses																									(56	)		(56	)
Interest expense																									(41	)		(41	)
Net foreign exchange losses																									(17	)		(17	)
Income tax expense																									(78	)		(78	)
Interest in losses of equity investments																									(16	)		(16	)
Net income																									n/a		$	537

Loss ratio (2)		60.7		%		70.8		%		43.2		%		18.2		%		51.5		%
Acquisition ratio (3)		24.2				25.2				25.6				9.6				22.8
Technical ratio (4)		84.9		%		96.0		%		68.8		%		27.8		%		74.3		%
Other operating expense ratio (5)																		6.6
Combined ratio (6)																		80.9		%

(A)

The Company reports the results of ChannelRe Holdings on a one-quarter lag. The nine months ended September 30, 2007 include the Company's share of ChannelRe Holdings' net income in the amount of $8.4 million. In addition to ChannelRe Holdings’ results, the Company recorded a charge of $25 million for the nine-month period ended September 30, 2007, which represented the Company’s share of anticipated ChannelRe Holdings’ unrealized mark-to-market losses on its credit derivative portfolio, which it expected to incur during the three-month period ended September 30, 2007.

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment

	For the three months ended
	September 30,				June 30,				March 31,				December 31,				September 30,
	2008				2008				2008				2007				2007

Net premiums written	$	723			$	814			$	1,236			$	569			$	730

Net premiums earned	$	920			$	808			$	763			$	838			$	909

Losses and loss expenses		(623	)			(438	)			(468	)			(409	)			(429	)
Acquisition costs		(200	)			(194	)			(179	)			(194	)			(193	)
Technical result	$	97			$	176			$	116			$	235			$	287

Other (loss) income		(5	)			2				1				-				2
Other operating expenses		(55	)			(63	)			(57	)			(59	)			(52	)
Underwriting result	$	37			$	115			$	60			$	176			$	237


Loss ratio (1)		67.8		%		54.2		%		61.3		%		48.8		%		47.2	%
Acquisition ratio (2)		21.7				24.0				23.5				23.2				21.3
Technical ratio (3)		89.5		%		78.2		%		84.8		%		72.0		%		68.5	%
Other operating expense ratio (4)		6.0				7.7				7.5				7.0				5.7
Combined ratio (5)		95.5		%		85.9		%		92.3		%		79.0		%		74.2	%

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

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

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

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

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

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,			September 30,			December 31,			December 31,
	2008			2007			2007			2006

Net premiums written	$	2,772		$	2,616		$	3,185		$	3,192

Net premiums earned	$	2,490		$	2,366		$	3,203		$	3,172

Losses and loss expenses		(1,529	)		(1,219	)		(1,627	)		(1,741	)
Acquisition costs		(573	)		(539	)		(734	)		(731	)
Technical result	$	388		$	608		$	842		$	700

Other (loss) income		(2	)		6			7			5
Other operating expenses		(175	)		(155	)		(214	)		(206	)
Underwriting result	$	211		$	459		$	635		$	499


Loss ratio (1)		61.4	%		51.5	%		50.8	%		54.8	%
Acquisition ratio (2)		23.0			22.8			22.9			23.1
Technical ratio (3)		84.4	%		74.3	%		73.7	%		77.9	%
Other operating expense ratio (4)		7.0			6.6			6.7			6.5
Combined ratio (5)		91.4	%		80.9	%		80.4	%		84.4	%

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

U.S. sub-segment

	For the three months ended
	September 30,				June 30,				March 31,				December 31,				September 30,
	2008				2008				2008				2007				2007

Net premiums written	$	264			$	246			$	332			$	218			$	279

Net premiums earned	$	276			$	285			$	266			$	264			$	273

Losses and loss expenses		(212	)			(227	)			(171	)			(161	)			(160	)
Acquisition costs		(67	)			(64	)			(66	)			(63	)			(64	)
Technical result	$	(3	)		$	(6	)		$	29			$	40			$	49


Loss ratio (1)		76.9		%		79.6		%		64.2		%		61.0		%		58.6	%
Acquisition ratio (2)		24.2				22.7				24.9				23.8				23.3
Technical ratio (3)		101.1		%		102.3		%		89.1		%		84.8		%		81.9	%


Distribution of Net Premiums Written by Major Lines of Business:
Casualty		44		%		47		%		48		%		54		%		54	%
Agriculture		20				32				16				20				11
Property		16				11				16				7				14
Multiline		6				3				10				7				6
Motor		7				4				5				6				8
Other		7				3				5				6				7
Total		100		%		100		%		100		%		100		%		100	%

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

U.S. sub-segment

	For the nine months ended						For the year ended
	September 30,			September 30,			December 31,			December 31,
	2008			2007			2007			2006

Net premiums written	$	841		$	802		$	1,020		$	1,029

Net premiums earned	$	827		$	735		$	999		$	1,030

Losses and loss expenses		(610	)		(447	)		(608	)		(725	)
Acquisition costs		(198	)		(177	)		(241	)		(243	)
Technical result	$	19		$	111		$	150		$	62


Loss ratio (1)		73.7	%		60.7	%		60.8	%		70.3	%
Acquisition ratio (2)		23.9			24.2			24.1			23.7
Technical ratio (3)		97.6	%		84.9	%		84.9	%		94.0	%


Distribution of Net Premiums Written by Major Lines of Business:
Casualty		47	%		50	%		50	%		52	%
Agriculture		22			10			12			12
Property		14			16			14			15
Multiline		7			9			9			8
Motor		5			7			7			7
Other		5			8			8			6
Total		100	%		100	%		100	%		100	%

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2008			2008			2008			2007			2007

Net premiums written	$	137		$	132		$	373		$	127		$	151

Net premiums earned	$	195		$	186		$	201		$	217		$	192

Losses and loss expenses		(98	)		(87	)		(147	)		(140	)		(135	)
Acquisition costs		(47	)		(48	)		(52	)		(55	)		(46	)
Technical result	$	50		$	51		$	2		$	22		$	11


Loss ratio (1)		50.3	%		46.7	%		73.4	%		64.4	%		70.3	%
Acquisition ratio (2)		24.2			25.6			25.9			25.3			24.2
Technical ratio (3)		74.5	%		72.3	%		99.3	%		89.7	%		94.5	%


Distribution of Net Premiums Written by Major Lines of Business:
Property		60	%		63	%		64	%		71	%		71	%
Casualty		13			13			17			13			12
Motor		27			24			19			16			17
Total		100	%		100	%		100	%		100	%		100	%

PartnerRe Ltd.

Segment Information

(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,			September 30,			December 31,			December 31,
	2008			2007			2007			2006

Net premiums written	$	642		$	611		$	738		$	760

Net premiums earned	$	582		$	542		$	758		$	775

Losses and loss expenses		(332	)		(384	)		(523	)		(505	)
Acquisition costs		(147	)		(136	)		(191	)		(209	)
Technical result	$	103		$	22		$	44		$	61


Loss ratio (1)		57.1	%		70.8	%		69.0	%		65.1	%
Acquisition ratio (2)		25.2			25.2			25.2			27.1
Technical ratio (3)		82.3	%		96.0	%		94.2	%		92.2	%


Distribution of Net Premiums Written by Major Lines of Business:
Property		63	%		67	%		68	%		67	%
Casualty		15			15			15			14
Motor		22			18			17			19
Total		100	%		100	%		100	%		100	%

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended
		September 30,			June 30,			March 31,			December 31,			September 30,
		2008			2008			2008			2007			2007

Net premiums written		$	274		$	291		$	333		$	216		$	250

Net premiums earned		$	290		$	272		$	219		$	247		$	274

Losses and loss expenses			(185	)		(144	)		(148	)		(122	)		(119	)
Acquisition costs			(72	)		(75	)		(54	)		(66	)		(68	)
Technical result		$	33		$	53		$	17		$	59		$	87


Loss ratio (1)			63.8	%		52.8	%		67.7	%		49.4	%		43.5	%
Acquisition ratio (2)			24.8			27.7			24.6			26.7			24.7
Technical ratio (3)			88.6	%		80.5	%		92.3	%		76.1	%		68.2	%


Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space			18	%		15	%		11	%		21	%		18	%
Credit/Surety			21			20			19			21			20
Engineering			16			20			16			26			21
Marine			14			12			12			15			14
Specialty casualty			12			13			19			6			8
Specialty property			6			6			15			4			7
Other			13			14			8			7			12
Total			100	%		100	%		100	%		100	%		100	%

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the nine months ended							For the year ended
		September 30,			September 30,			December 31,			December 31,
		2008			2007			2007			2006

Net premiums written		$	898		$	810		$	1,026		$	991

Net premiums earned		$	780		$	759		$	1,006		$	979

Losses and loss expenses			(476	)		(328	)		(450	)		(446	)
Acquisition costs			(201	)		(194	)		(260	)		(236	)
Technical result		$	103		$	237		$	296		$	297


Loss ratio (1)			61.1	%		43.2	%		44.7	%		45.6	%
Acquisition ratio (2)			25.7			25.6			25.9			24.1
Technical ratio (3)			86.8	%		68.8	%		70.6	%		69.7	%


Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space			15	%		16	%		17	%		20	%
Credit/Surety			20			18			19			18
Engineering			17			18			20			17
Marine			13			13			13			12
Specialty casualty			15			14			12			12
Specialty property			9			9			8			8
Other			11			12			11			13
Total			100	%		100	%		100	%		100	%

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment

	For the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2008			2008			2008			2007			2007

Net premiums written	$	48		$	145		$	198		$	8		$	50

Net premiums earned	$	159		$	65		$	77		$	110		$	170

Losses and loss expenses		(128	)		20			(2	)		14			(15	)
Acquisition costs		(14	)		(7	)		(7	)		(10	)		(15	)
Technical result	$	17		$	78		$	68		$	114		$	140


Loss ratio (1)		80.8	%		(30.7	)%		2.0	%		(12.8	)%		8.8	%
Acquisition ratio (2)		8.7			10.2			9.1			9.6			9.1
Technical ratio (3)		89.5	%		(20.5	)%		11.1	%		(3.2	)%		17.9	%

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,			September 30,			December 31,			December 31,
	2008			2007			2007			2006

Net premiums written	$	391		$	393		$	401		$	412

Net premiums earned	$	301		$	330		$	440		$	388

Losses and loss expenses		(111	)		(60	)		(46	)		(65	)
Acquisition costs		(27	)		(32	)		(42	)		(43	)
Technical result	$	163		$	238		$	352		$	280


Loss ratio (1)		36.6	%		18.2	%		10.5	%		16.9	%
Acquisition ratio (2)		9.1			9.6			9.6			11.1
Technical ratio (3)		45.7	%		27.8	%		20.1	%		28.0	%

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2008			2008			2008			2007			2007

Net premiums written	$	141		$	136		$	170		$	144		$	142

Net premiums earned	$	149		$	146		$	145		$	151		$	147

Life policy benefits		(114	)		(111	)		(122	)		(109	)		(133	)
Acquisition costs		(32	)		(34	)		(25	)		(33	)		(22	)
Technical result	$	3		$	1		$	(2	)	$	9		$	(8	)

Other operating expenses		(11	)		(12	)		(9	)		(9	)		(8	)
Underwriting result	$	(8	)	$	(11	)	$	(11	)	$	-		$	(16	)

Net investment income		17			18			15			11			16
Allocated underwriting result (1)	$	9		$	7		$	4		$	11		$	-


Distribution of Net Premiums Written by Major Lines of Business:
Mortality		86	%		85	%		86	%		81	%		80	%
Longevity		11			12			12			15			18
Health		3			3			2			4			2
Total		100	%		100	%		100	%		100	%		100	%

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

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the nine months ended						For the year ended
	September 30,			September 30,			December 31,			December 31,
	2008			2007			2007			2006

Net premiums written	$	448		$	425		$	569		$	487

Net premiums earned	$	440		$	420		$	571		$	487

Life policy benefits		(347	)		(346	)		(455	)		(363	)
Acquisition costs		(91	)		(83	)		(116	)		(117	)
Technical result	$	2		$	(9	)	$	-		$	7

Other operating expenses		(32	)		(23	)		(33	)		(29	)
Underwriting result	$	(30	)	$	(32	)	$	(33	)	$	(22	)

Net investment income		51			43			54			51
Allocated underwriting result (1)	$	21		$	11		$	21		$	29


Distribution of Net Premiums Written by Major Lines of Business:
Mortality		86	%		82	%		82	%		79	%
Longevity		11			15			15			19
Health		3			3			3			2
Total		100	%		100	%		100	%		100	%

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other

	For the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2008			2008			2008			2007			2007

Technical result	$	(6	)	$	2		$	2		$	1		$	-

Other income (loss)		1			3			-			(15	)		3
Corporate expenses		(16	)		(18	)		(22	)		(16	)		(15	)
Other operating expenses		(5	)		(4	)		(4	)		(4	)		(4	)

Net investment income		129			127			122			127			120

Net realized and unrealized investment (losses) gains (1)		(324	)		(296	)		25			(17	)		(3	)
Interest expense		(12	)		(15	)		(12	)		(13	)		(14	)
Net foreign exchange (losses) gains		(5	)		2			(4	)		2			(3	)
Income tax benefit (expense)		40			53			(43	)		(4	)		(35	)
Interest in earnings (losses) of equity investments (A)		-			(2	)		1			(67	)		(23	)


PartnerRe's interest in ChannelRe Holdings' net loss (A)		-			-			-			(76	)		(23	)

(1)

(A)	The Company reports the results of its equity investments on a one-quarter lag. See also page 8.

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,			September 30,			December 31,			December 31,
	2008			2007			2007			2006

Technical result	$	(2	)	$	2		$	3		$	-

Other income (loss)		4			(9	)		(24	)		19
Corporate expenses		(57	)		(51	)		(67	)		(62	)
Other operating expenses		(12	)		(9	)		(13	)		(13	)

Net investment income		378			342			469			398

Net realized and unrealized investment (losses) gains (1)		(595	)		(56	)		(72	)		47
Interest expense		(39	)		(41	)		(54	)		(61	)
Net foreign exchange losses		(8	)		(17	)		(15	)		(24	)
Income tax benefit (expense)		50			(78	)		(82	)		(95	)
Interest in (losses) earnings of equity investments (A)		-			(16	)		(83	)		12


PartnerRe's interest in ChannelRe Holdings' net (loss) income (A)		-			(17	)		(93	)		12

(1)

(A)	The Company reports the results of its equity investments on a one-quarter lag. See also page 10.

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

		For the three months ended
		September 30,			June 30,			March 31,			December 31,			September 30,
		2008			2008			2008			2007			2007

Distribution of Net Premiums Written by
Line of Business:
	Non-Life
	Property and casualty
	Casualty		16	%		14	%		16	%		19	%		19	%
	Property		14			11			21			15			17
	Motor		6			4			6			5			5
	Multiline and other		3			2			3			2			3
	Specialty
	Agriculture		7			10			5			7			5
	Aviation/Space		6			5			3			6			5
	Catastrophe		6			15			14			1			6
	Credit/Surety		8			7			5			8			8
	Engineering		5			6			4			8			6
	Energy		2			3			1			2			2
	Marine		5			3			3			4			4
	Specialty casualty		4			4			4			2			2
	Specialty property		2			2			3			1			2
	Life		16			14			12			20			16
			100	%		100	%		100	%		100	%		100	%

Distribution of Gross Premiums Written by
Geography:
	Europe		42	%		39	%		52	%		47	%		40	%
	North America		44			47			36			41			44
	Asia, Australia and New Zealand		5			7			5			6			6
	Latin America, Caribbean and Africa		9			7			7			6			10
			100	%		100	%		100	%		100	%		100	%

Distribution of Gross Premiums Written by
Production Source:
	Broker		71	%		75	%		70	%		65	%		69	%
	Direct		29			25			30			35			31
			100	%		100	%		100	%		100	%		100	%

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

		For the nine months ended						For the year ended
		September 30,			September 30,			December 31,			December 31,
		2008			2007			2007			2006

Distribution of Net Premiums Written by
Line of Business:
	Non-Life
	Property and casualty
	Casualty		15	%		16	%		17	%		17	%
	Property		16			18			17			18
	Motor		6			6			5			6
	Multiline and other		3			3			3			3
	Specialty
	Agriculture		7			4			4			5
	Aviation/Space		4			4			5			6
	Catastrophe		12			13			11			11
	Credit/Surety		7			6			7			6
	Engineering		5			5			5			5
	Energy		2			2			2			2
	Marine		3			3			4			3
	Specialty casualty		4			4			3			3
	Specialty property		2			2			2			2
	Life		14			14			15			13
			100	%		100	%		100	%		100	%

Distribution of Gross Premiums Written by
Geography:
	Europe		46	%		45	%		45	%		42	%
	North America		41			42			42			43
	Asia, Australia and New Zealand		6			6			6			8
	Latin America, Caribbean and Africa		7			7			7			7
			100	%		100	%		100	%		100	%

Distribution of Gross Premiums Written by Production Source:
	Broker		72	%		70	%		69	%		69	%
	Direct		28			30			31			31
			100	%		100	%		100	%		100	%

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2008			2008			2008			2007			2007

Distribution of Gross Premiums Written by Treaty Type
Non-Life sub-segment:

U.S.
Non-Proportional		32	%		30	%		45	%		20	%		35	%
Proportional		68			70			55			80			65
Total		100	%		100	%		100	%		100	%		100	%

Global (Non U.S.) P&C
Non-Proportional		18	%		13	%		36	%		8	%		16	%
Proportional		82			87			64			92			84
Total		100	%		100	%		100	%		100	%		100	%

Global (Non U.S.) Specialty
Non-Proportional		12	%		13	%		26	%		6	%		12	%
Proportional		88			87			74			94			88
Total		100	%		100	%		100	%		100	%		100	%

Catastrophe
Non-Proportional		97	%		97	%		98	%		96	%		98	%
Proportional		3			3			2			4			2
Total		100	%		100	%		100	%		100	%		100	%

Non-Life total
Non-Proportional		26	%		33	%		45	%		13	%		27	%
Proportional		74			67			55			87			73
Total		100	%		100	%		100	%		100	%		100	%

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the nine months ended						For the year ended
	September 30,			September 30,			December 31,			December 31,
	2008			2007			2007			2006

Distribution of Gross Premiums Written by Treaty Type
Non-Life sub-segment:

U.S.
Non-Proportional		36	%		42	%		37	%		42	%
Proportional		64			58			63			58
Total		100	%		100	%		100	%		100	%

Global (Non U.S.) P&C
Non-Proportional		27	%		28	%		25	%		25	%
Proportional		73			72			75			75
Total		100	%		100	%		100	%		100	%

Global (Non U.S.) Specialty
Non-Proportional		18	%		17	%		15	%		17	%
Proportional		82			83			85			83
Total		100	%		100	%		100	%		100	%

Catastrophe
Non-Proportional		97	%		99	%		99	%		94	%
Proportional		3			1			1			6
Total		100	%		100	%		100	%		100	%

Non-Life total
Non-Proportional		37	%		40	%		35	%		37	%
Proportional		63			60			65			63
Total		100	%		100	%		100	%		100	%

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

		September 30,					June 30,					March 31,					December 31,					September 30,					December 31,					December 31,
		2008 (1)					2008 (1)					2008 (1)					2007					2007					2006					2005

Investments:
Fixed maturities
	U.S. government	$	614		6	%	$	874		8	%	$	1,135		10	%	$	1,217		11	%	$	1,073		10	%	$	1,000		10	%	$	716		8	%
	Government Sponsored Entities (GSEs)		249		2			271		2			297		2			328		3			434		4			357		4			201		2
	States or political subdivisions of states of the U.S.		-		-			-		-			-		-			-		-			-		-			1		-			1		-
	Other foreign governments		2,839		26			2,917		25			3,112		27			2,821		26			2,734		25			1,985		21			1,775		21
	Corporates		3,286		30			3,503		30			3,225		28			2,861		26			2,522		24			2,341		24			2,348		28
	Mortgage/asset-backed securities		2,787		26			2,723		24			2,607		22			2,272		21			2,207		21			2,152		22			1,646		19
	Total fixed maturities		9,775		90			10,288		89			10,376		89			9,499		87			8,970		84			7,836		81			6,687		78
Short-term investments			114		1			108		1			144		1			97		1			122		1			134		1			231		3
Equities			858		8			1,065		9			1,100		9			872		8			1,324		13			1,015		11			1,334		16
Trading securities			-		-			-		-			-		-			399		4			141		1			600		6			220		2
Other invested assets			113		1			100		1			71		1			50		-			138		1			105		1			105		1
Total investments		$	10,860		100	%	$	11,561		100	%	$	11,691		100	%	$	10,917		100	%	$	10,695		100	%	$	9,690		100	%	$	8,577		100	%

Cash and cash equivalents		$	676				$	480				$	498				$	655				$	834				$	989				$	1,002
Total investments and cash			11,536					12,041					12,189					11,572					11,529					10,679					9,579


Maturity distribution:
One year or less		$	705		7	%	$	754		7	%	$	817		8	%	$	730		7	%	$	687		8	%	$	848		11	%	$	745		11	%
More than one year through five years			3,528		36			3,611		35			3,680		35			3,444		36			3,099		34			2,610		33			2,484		36
More than five years through ten years			2,518		25			2,896		28			3,026		29			2,764		29			2,702		30			2,000		25			1,763		25
More than ten years			351		4			412		4			390		3			386		4			397		4			360		4			280		4
Subtotal			7,102		72			7,673		74			7,913		75			7,324		76			6,885		76			5,818		73			5,272		76
Mortgage/asset-backed securities			2,787		28			2,723		26			2,607		25			2,272		24			2,207		24			2,152		27			1,646		24
Total		$	9,889		100	%	$	10,396		100	%	$	10,520		100	%	$	9,596		100	%	$	9,092		100	%	$	7,970		100	%	$	6,918		100	%


Credit quality by market value:
AAA			59	%				59	%				64	%				65	%				66	%				65	%				61	%
AA			8					8					7					7					6					5					4
A			17					17					14					12					13					14					17
BBB			12					12					11					12					12					11					12
Below Investment Grade/Unrated			4					4					4					4					3					5					6
			100	%				100	%				100	%				100	%				100	%				100	%				100	%


Expected average duration			4.1	Yrs				3.8	Yrs				4.0	Yrs				3.9	Yrs				4.0	Yrs				4.1	Yrs				3.3	Yrs
Average yield to maturity at market			5.4	%				5.0	%				4.4	%				4.7	%				5.0	%				4.9	%				4.5	%
Average credit quality		AA					AA					AA					AA					AA					AA					AA

(1)	On January 1, 2008, the Company adopted SFAS 159. Following the adoption of SFAS 159, the fixed maturities, short-term investments and equities previously classified as available for sale securities are classified as trading securities.

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)

	September 30, 2008
	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	$	1,150,173			35.0	%		10.0	%		0.9	%
Communications		478,913			14.6			4.2			0.7
Consumer noncyclical		389,835			11.9			3.4			0.2
Industrials		333,656			10.2			2.9			0.4
Energy		202,075			6.1			1.8			0.2
Consumer cyclical		165,793			5.0			1.4			0.2
Catastrophe bonds		153,662			4.7			1.3			0.3
Insurance		107,514			3.3			0.9			0.1
Technology		99,055			3.0			0.9			0.3
Utilities		92,935			2.8			0.8			0.1
Materials		82,912			2.5			0.7			0.1
Real estate investment trusts		29,471			0.9			0.2			0.1
Total Corporate bonds	$	3,285,994			100.0	%		28.5	%


Finance sector - Corporate bonds
Banks	$	531,350			16.2	%		4.6	%		0.9	%
Investment banking and brokerage		213,407			6.5			1.9			0.7
Commercial and consumer finance		200,011			6.1			1.7			0.4
Financial services		156,254			4.7			1.4			0.8
Other		49,151			1.5			0.4			0.1
Total finance sector - Corporate bonds	$	1,150,173			35.0	%		10.0	%




Credit quality of finance sector - Corporate bonds	AAA			AA				A		BBB			Non-Investment Grade			Total
Banks	$	-		$	265,034		$	173,710		$	92,606		$	-		$	531,350
Investment banking and brokerage		11,002			119,489			78,183			4,733			-			213,407
Commercial and consumer finance		-			41,349			117,438			32,533			8,691			200,011
Financial services		105,385			-			33,370			17,499			-			156,254
Other		15,900			5,888			16,131			6,032			5,200			49,151
Total finance sector - Corporate bonds	$	132,287		$	431,760		$	418,832		$	153,403		$	13,891		$	1,150,173

% of total		11.5	%		37.6	%		36.4	%		13.3	%		1.2	%		100.0	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 22.0% of the Company's total corporate bonds. The single largest issuer accounts for 3.4% of the Company's total corporate bonds.

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

	September 30, 2008
	Fair Value		Percentage to Total Fair Value of Equities			Percentage to Invested Assets and Cash			Largest Single Issuer as a Percentage of Invested Assets and Cash
Distribution by sector - Equities
Consumer noncyclical	$	90,689		19.9	%		0.8	%		0.1	%
Industrials		61,016		13.4			0.5			0.1
Finance		53,280		11.7			0.5			-
Energy		48,095		10.5			0.4			0.1
Real estate investment trusts		44,987		9.9			0.4			-
Technology		40,750		8.9			0.4			0.1
Insurance		36,017		7.9			0.3			0.1
Communications		29,000		6.4			0.3			-
Consumer cyclical		27,875		6.1			0.2			-
Materials		13,367		2.9			0.1			-
Utilities		9,014		2.0			0.1			-
Diversified		1,918		0.4			-			-
Total equities	$	456,008		100.0	%		4.0	%
Mutual funds and exchange traded funds (ETFs)
Funds holding fixed income securities		247,586					2.2
Funds and ETFs holding equities		154,128					1.3
Total equities	$	857,722					7.5	%

Concentration of investment risk

The Top 10 common stock issuers, excluding equity securities held in mutual funds and exchange traded funds, account for 18.6% of the Company's total equities. The single largest issuer accounts for 3.1% of the Company's total equities.

PartnerRe Ltd.

Distribution of Mortgage/Asset-Backed Securities

(Expressed in thousands of U.S. dollars)

(Unaudited)

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

	Rating at September 30, 2008
	GNMA			GSEs			AAA			AA				A		BBB			Non-Investment Grade			Total

U.S. Asset-Backed Securities	$	-		$	-		$	282,076		$	96,710		$	56,554		$	39,304		$	401		$	475,045
U.S. Collaterized Mortgage Obligations		6,805			40,050			12,844			741			875			3,969			-			65,284
U.S. Mortgage Backed Securities (MBS)		161,178			1,733,554			-			-			-			-			-			1,894,732
U.S. MBS Interest Only		-			19,911			-			-			-			-			-			19,911
Subtotal U.S. mortgage/asset-backed securities	$	167,983		$	1,793,515		$	294,920		$	97,451		$	57,429		$	43,273		$	401		$	2,454,972

Non-U.S. Asset-Backed Securities	$	-		$	-		$	12,492		$	9,422		$	13,015		$	14,658		$	-		$	49,587
Non-U.S. Collaterized Mortgage Obligations		-			-			102,898			10,693			-			8,834			-			122,425
Non-U.S. Mortgage Backed Securities		-			-			137,036			18,998			-			3,575			-			159,609
Subtotal Non-U.S. mortgage/asset-backed securities	$	-		$	-		$	252,426		$	39,113		$	13,015		$	27,067		$	-		$	331,621
Total mortgage/asset-backed securities	$	167,983		$	1,793,515		$	547,346		$	136,564		$	70,444		$	70,340		$	401		$	2,786,593

Corporate Securities		-			248,972			-			-			-			-			-			248,972
Total	$	167,983		$	2,042,487		$	547,346		$	136,564		$	70,444		$	70,340		$	401		$	3,035,565

% of total		5.5	%		67.3	%		18.1	%		4.5	%		2.3	%		2.3	%		0.0	%		100.0	%

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, 2008
									Net Notional
			Fair Value			Carrying			Amount of			Total Net
	Investments		of Derivatives			Value			Derivatives			Exposures (1)
Private Markets Investments
Principal Finance - Investments	$	91,841	$	-		$	91,841		$	-		$	91,841
Principal Finance - Derivative Exposure Assumed		-		(23,099	)		(23,099	)		257,092			233,993
Insurance-Linked Securities		-		(6,813	)		(6,813	)		60,000			53,187
Strategic Investments		72,669		-			72,669			-			72,669
Total other invested assets - Private Markets Exposure Assumed		164,510		(29,912	)		134,598			317,092			451,690

Other Credit Derivatives - Exposure Assumed		-		(7,296	)		(7,296	)		21,762			14,466
Principal Finance Derivative - Protection Purchased		-		6,500			6,500			(19,000	)		(12,500	)
Other Credit Derivatives - Protection Purchased		-		4,758			4,758			(308,839	)		(304,081	)

Other (2)		9,977		(35,574	)		(25,597	)
Total other invested assets	$	174,487	$	(61,524	)	$	112,963

(1)	The total net exposures originated in Private Markets are $921 million. In addition to the net exposures listed above of $452 million and the Private Market protection purchased of ($13) million, the Company has the following other net exposures originated in Private Markets:

- Principal Finance: $182 million of assets listed under Investments - Fixed Maturities and $13 million of limits on transactions that use reinsurance accounting for a total exposure of $508 milion.

- Insurance-Linked Securities: $154 million of bonds listed under Investments - Fixed Maturities and $130 million of limits on transactions that use reinsurance accounting for a total exposure of $337 million.

- Strategic Investments: $4 million of assets listed under Other Assets for a total exposure of $76 million.

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

PartnerRe Ltd.
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses) (1)
(Expressed in thousands of U.S. dollars)
(Unaudited)

	For the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2008 (1)			2008 (1)			2008 (1)			2007			2007

Fixed maturities	$	131,289		$	129,056		$	119,676		$	118,984		$	108,522
Short-term investments, trading securities, cash and cash
equivalents		4,099			4,695			6,295			14,550			12,424
Equities		7,366			7,155			8,360			7,597			9,042
Funds held and other		10,136			10,779			8,856			3,122			11,380
Investment expenses		(6,752	)		(6,191	)		(6,177	)		(6,482	)		(5,791	)
Net investment income	$	146,138		$	145,494		$	137,010		$	137,771		$	135,577



Net realized investment (losses) gains on fixed maturities and short-term
investments, excluding other-than-temporary impairments (2)	$	(91,845	)	$	17,844		$	45,042		$	4,992		$	3,251
Net realized investment (losses) gains on equities, excluding other-
than-temporary impairments		(57,681	)		(20,658	)		(25,780	)		23,303			(3,094	)
Other-than-temporary impairments		-			-			-			(36,866	)		(13,941	)
Net realized gains (losses) on trading securities		-			-			-			1,562			(8,087	)
Change in net unrealized investment (losses) gains on trading securities		-			-			-			(13,981	)		2,197
Net realized and unrealized investment losses on equity
securities sold but not yet purchased		-			-			-			(391	)		(1,036	)
Net realized and unrealized (losses) gains on designated hedging activities		-			-			-			(1,996	)		3,894
Net realized (losses) gains on other invested assets		(35,347	)		(16,040	)		23,440			16,000			11,547
Change in net unrealized gains (losses) on other invested assets		2,330			13,947			(2,132	)		-			-
Change in net unrealized investment (losses) gains on fixed maturities subject
to the fair value option under SFAS 159		(97,577	)		(303,100	)		73,750			-			-
Change in net unrealized investment losses on short-term investments
subject to the fair value option under SFAS 159		(1,049	)		(193	)		(122	)		-			-
Change in net unrealized investment (losses) gains on equities subject to the
fair value option under SFAS 159		(56,280	)		14,784			(89,086	)		-			-
Net other realized and unrealized investment gains (losses)		13,265			(2,839	)		-			(9,133	)		2,166
Net realized and unrealized investment (losses) gains	$	(324,184	)	$	(296,255	)	$	25,112		$	(16,510	)	$	(3,103	)

(1)

The Company adopted SFAS 159 effective January 1, 2008. For all periods prior to the adoption of SFAS 159, unrealized gains and losses, net of tax, on available for sale securities were recorded as a component of accumulated other comprehensive income in the Consolidated Balance Sheets. Following the adoption of SFAS 159, the Company's available for sale securities have been reclassified as trading securities and all changes in pre-tax unrealized investment gains and losses are recorded in net realized and unrealized investment gains (losses) in the Consolidated Statements of Operations. Net investment income and net realized and unrealized investment gains and losses on securities previously classified as trading have been recorded within the related investments classification (fixed maturities or equities) beginning in 2008, and the change in net unrealized investment gains and losses on such securities are included in change in net unrealized investment gains and losses on securities subject to the fair value option under SFAS 159.

(2)	Net realized investment losses on fixed maturities and short-term investments includes a $95,117 write-down of defaulted securities for the three months ended September 30, 2008.

PartnerRe Ltd.

Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses) (1)

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the nine months ended						For the year ended
	September 30,			September 30,			December 31,			December 31,
	2008 (1)			2007			2007			2006

Fixed maturities	$	380,021		$	302,688		$	421,672		$	333,888
Short-term investments, trading securities, cash and cash
equivalents		15,089			41,068			55,618			61,453
Equities		22,881			28,786			36,383			33,163
Funds held and other		29,771			29,217			32,339			40,446
Investment expenses		(19,120	)		(16,271	)		(22,753	)		(19,549	)
Net investment income	$	428,642		$	385,488		$	523,259		$	449,401



Net realized investment losses on fixed maturities and short-term
investments, excluding other-than-temporary impairments (2)	$	(28,959	)	$	(21,835	)	$	(16,842	)	$	(28,100	)
Net realized investment (losses) gains on equities, excluding other-
than-temporary impairments		(104,119	)		58,735			82,037			91,149
Other-than-temporary impairments		-			(88,131	)		(124,997	)		(26,561	)
Net realized gains on trading securities		-			17,105			18,667			21,685
Change in net unrealized investment (losses) gains on trading securities		-			(17,326	)		(31,308	)		11,359
Net realized and unrealized investment losses on equity
securities sold but not yet purchased		-			(9,007	)		(9,398	)		(10,484	)
Net realized and unrealized gains on designated hedging activities		-			9,479			7,482			10,645
Net realized (losses) gains on other invested assets		(27,947	)		(5,593	)		10,408			(1,242	)
Change in net unrealized gains on other invested assets		14,145			-			-			-
Change in net unrealized investment losses on fixed maturities subject
to the fair value option under SFAS 159		(326,927	)		-			-			-
Change in net unrealized investment losses on short-term investments
subject to the fair value option under SFAS 159		(1,364	)		-			-			-
Change in net unrealized investment losses on equities subject to the
fair value option under SFAS 159		(130,582	)		-			-			-
Net other realized and unrealized investment gains (losses)		10,426			591			(8,541	)		(21,291	)
Net realized and unrealized investment (losses) gains	$	(595,327	)	$	(55,982	)	$	(72,492	)	$	47,160

(1)

(2)	Net realized investment losses on fixed maturities and short-term investments includes a $95,117 write-down of defaulted securities for the nine months ended September 30, 2008.

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,
	2008			2008			2008			2007			2007

Reconciliation of beginning and ending liability for unpaid losses and loss expenses:

Gross liability at beginning of period	$	7,614,036		$	7,573,371		$	7,231,436		$	7,110,240		$	6,944,959
Reinsurance recoverable at beginning of period		(133,385	)		(135,629	)		(132,479	)		(134,704	)		(129,440	)
Net liability at beginning of period		7,480,651			7,437,742			7,098,957			6,975,536			6,815,519

Net incurred losses related to:
Current year		740,948			567,961			584,670			504,483			518,009
Prior years		(102,505	)		(130,667	)		(116,684	)		(95,746	)		(88,787	)
		638,443			437,294			467,986			408,737			429,222

Net losses paid		(445,973	)		(395,895	)		(342,356	)		(389,224	)		(434,139	)

Effects of foreign exchange rate changes		(313,744	)		1,510			213,155			103,908			164,934

Net liability at end of period		7,359,377			7,480,651			7,437,742			7,098,957			6,975,536
Reinsurance recoverable at end of period		125,248			133,385			135,629			132,479			134,704
Gross liability at end of period	$	7,484,625		$	7,614,036		$	7,573,371		$	7,231,436		$	7,110,240


Breakdown of gross liability at end of period:
Case reserves	$	3,095,309		$	3,198,182		$	3,163,431		$	3,062,414		$	3,069,483
Additional case reserves		290,115			304,796			320,706			306,487			299,365
Incurred but not reported reserves		4,099,201			4,111,058			4,089,234			3,862,535			3,741,392
Gross liability at end of period	$	7,484,625		$	7,614,036		$	7,573,371		$	7,231,436		$	7,110,240


Breakdown of gross liability at end of period by Non-Life sub-segment:
U.S.	$	2,707,225		$	2,674,545		$	2,581,781		$	2,515,820		$	2,455,670
Global (Non-U.S.) P&C		2,428,686			2,658,505			2,708,713			2,542,278			2,485,459
Global (Non-U.S.) Specialty		2,003,353			2,049,163			2,009,980			1,887,187			1,840,396
Catastrophe		345,361			231,823			272,897			286,151			328,715
Gross liability at end of period	$	7,484,625		$	7,614,036		$	7,573,371		$	7,231,436		$	7,110,240


Unrecognized time value of non-life reserves	$	1,046,590		$	1,184,280		$	1,053,231		$	1,121,912		$	1,170,672

Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		69.9	%		90.5	%		73.2	%		95.2	%		101.1	%
Non-life paid losses to net premiums earned ratio		48.0	%		48.9	%		44.8	%		46.4	%		47.7	%

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,			September 30,			December 31,			December 31,
	2008			2007			2007			2006

Reconciliation of beginning and ending liability for unpaid losses and loss expenses:

Gross liability at beginning of period	$	7,231,436		$	6,870,785		$	6,870,785		$	6,737,661
Reinsurance recoverable at beginning of period		(132,479	)		(138,585	)		(138,585	)		(185,280	)
Net liability at beginning of period		7,098,957			6,732,200			6,732,200			6,552,381

Net incurred losses related to:
Current year		1,893,579			1,537,268			2,041,752			1,999,730
Prior years		(349,856	)		(318,297	)		(414,043	)		(251,748	)
		1,543,723			1,218,971			1,627,709			1,747,982

Net losses paid		(1,184,224	)		(1,231,143	)		(1,620,367	)		(1,860,555	)
Effects of foreign exchange rate changes		(99,079	)		255,508			359,415			292,392

Net liability at end of period		7,359,377			6,975,536			7,098,957			6,732,200
Reinsurance recoverable at end of period		125,248			134,704			132,479			138,585
Gross liability at end of period	$	7,484,625		$	7,110,240		$	7,231,436		$	6,870,785


Breakdown of gross liability at end of period:
Case reserves	$	3,095,309		$	3,069,483		$	3,062,414		$	2,946,228
Additional case reserves		290,115			299,365			306,487			294,554
Incurred but not reported reserves		4,099,201			3,741,392			3,862,535			3,630,003
Gross liability at end of period	$	7,484,625		$	7,110,240		$	7,231,436		$	6,870,785


Breakdown of gross liability at end of period by Non-Life sub-segment:
U.S.	$	2,707,225		$	2,455,670		$	2,515,820		$	2,391,868
Global (Non-U.S.) P&C		2,428,686			2,485,459			2,542,278			2,305,683
Global (Non-U.S.) Specialty		2,003,353			1,840,396			1,887,187			1,747,408
Catastrophe		345,361			328,715			286,151			425,826
Gross liability at end of period	$	7,484,625		$	7,110,240		$	7,231,436		$	6,870,785


Unrecognized time value of non-life reserves	$	1,046,590		$	1,170,672		$	1,121,912		$	1,142,513


Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		76.7	%		101.0	%		99.6	%		106.4	%
Non-life paid losses to net premiums earned ratio		47.3	%		52.0	%		50.5	%		58.5	%

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,
	2008			2008			2008			2007			2007

Reconciliation of beginning and ending policy benefits for life and annuity contracts:

Gross liability at beginning of period	$	1,641,389		$	1,600,447		$	1,541,687		$	1,622,564		$	1,494,205
Reinsurance recoverable at beginning of period		(40,163	)		(44,458	)		(43,098	)		(40,871	)		(39,231	)
Net liability at beginning of period		1,601,226			1,555,989			1,498,589			1,581,693			1,454,974

Net incurred losses related to:
Current year		108,506			111,785			116,419			111,099			124,408
Prior years		5,012			(359	)		5,263			(2,280	)		8,501
		113,518			111,426			121,682			108,819			132,909

Net losses paid		(107,837	)		(68,124	)		(107,217	)		(204,512	)		(49,806	)

Effects of foreign exchange rate changes		(112,600	)		1,935			42,935			12,589			43,616

Net liability at end of period		1,494,307			1,601,226			1,555,989			1,498,589			1,581,693
Reinsurance recoverable at end of period		31,968			40,163			44,458			43,098			40,871
Gross liability at end of period	$	1,526,275		$	1,641,389		$	1,600,447		$	1,541,687		$	1,622,564

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,			September 30,			December 31,			December 31,
	2008			2007			2007			2006

Reconciliation of beginning and ending policy benefits for life and annuity contracts:

Gross liability at beginning of period	$	1,541,687		$	1,430,691		$	1,430,691		$	1,223,871
Reinsurance recoverable at beginning of period		(43,098	)		(42,542	)		(42,542	)		(31,033	)
Net liability at beginning of period		1,498,589			1,388,149			1,388,149			1,192,838

Net incurred losses related to:
Current year		336,710			342,000			453,099			375,355
Prior years		9,916			3,933			1,653			(12,000	)
		346,626			345,933			454,752			363,355

Net losses paid		(283,178	)		(225,768	)		(430,281	)		(277,717	)

Effects of foreign exchange rate changes		(67,730	)		73,379			85,969			109,673

Net liability at end of period		1,494,307			1,581,693			1,498,589			1,388,149
Reinsurance recoverable at end of period		31,968			40,871			43,098			42,542
Gross liability at end of period	$	1,526,275		$	1,622,564		$	1,541,687		$	1,430,691

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,
	2008			2008		2008			2007		2007

Prior year net favorable (adverse) reserve development:

Non-Life segment:
U.S.	$	16,221		$	22,378	$	15,725		$	22,242	$	19,407
Global (Non-U.S.) P&C		40,568			51,959		57,550			25,152		12,328
Global (Non-U.S.) Specialty		21,107			31,880		32,865			41,708		44,836
Catastrophe		24,609			24,450		10,544			6,644		12,216
Total Non-Life net prior year reserve development	$	102,505		$	130,667	$	116,684		$	95,746	$	88,787

Life segment	$	(5,012	)	$	359	$	(5,263	)	$	2,280	$	(8,501	)

	For the nine months ended							For the year ended
		September 30,			September 30,			December 31,			December 31,
		2008			2007			2007			2006

Prior year net favorable (adverse) reserve development:

Non-Life segment:
U.S.		$	54,325		$	50,019		$	72,261		$	1,549
Global (Non-U.S.) P&C			150,077			71,824			96,976			66,318
Global (Non-U.S.) Specialty			85,851			160,422			202,130			208,536
Catastrophe			59,603			36,032			42,676			(24,655	)
Total Non-Life net prior year reserve development		$	349,856		$	318,297		$	414,043		$	251,748

Life segment		$	(9,916	)	$	(3,933	)	$	(1,653	)	$	12,000

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,
	2008			2008			2008			2007			2007

Reconciliation of GAAP and non-GAAP measures:

Annualized return on beginning common shareholders' equity (1) calculated with net (loss) income available to common shareholders		(16.9	)%		(3.6	)%		12.7	%		21.1	%		31.1	%
Less:
Annualized net realized and unrealized investment (losses) gains, net of tax,
on beginning common shareholders' equity (1) (2)		(29.6	)		(23.0	)		1.0			(2.3	)		0.3
Interest in (losses) earnings of equity investments, net of tax, on beginning
common shareholders' equity (1)		(0.1	)		0.1			0.1			(8.1	)		(2.8	)
Annualized operating return on beginning common shareholders' equity (1)		12.8	%		19.3	%		11.6	%		31.5	%		33.6	%



Net (loss) income	$	(151,719	)	$	(26,024	)	$	129,020		$	180,603		$	262,921
Less:
Net realized and unrealized investment (losses) gains, net of tax (2)		(281,129	)		(219,063	)		8,936			(18,982	)		2,784
Interest in (losses) earnings of equity investments, net of tax		(552	)		578			1,242			(66,415	)		(22,692	)
Dividends to preferred shareholders		8,631			8,631			8,631			8,631			8,631
Operating earnings available to common shareholders	$	121,331		$	183,830		$	110,211		$	257,369		$	274,198



Per diluted share:
Net (loss) income	$	(3.01	)	$	(0.64	)	$	2.16		$	3.04		$	4.44
Less:
Net realized and unrealized investment (losses) gains, net of tax (2)		(5.27	)		(4.04	)		0.16			(0.34	)		0.05
Interest in (losses) earnings of equity investments, net of tax		(0.01	)		0.01			0.02			(1.17	)		(0.39	)
Operating earnings	$	2.27		$	3.39		$	1.98		$	4.55		$	4.78

(1)	Excluding cumulative preferred shares: 2007 and 2006, $520,000.

(2)

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,			September 30,			December 31,			December 31,
	2008			2007			2007			2006

Reconciliation of GAAP and non-GAAP measures:

Annualized return on beginning common shareholders' equity (1) calculated with net (loss) income available to common shareholders		(2.6	)%		20.9	%		20.9	%		27.8	%
Less:
Annualized net realized and unrealized investment (losses) gains, net of tax,
on beginning common shareholders' equity (1) (2)		(17.2	)		(1.5	)		(1.7	)		1.8
Interest in earnings (losses) of equity investments, net of tax, on beginning
common shareholders' equity (1)		-			(0.7	)		(2.6	)		0.5
Annualized operating return on beginning common shareholders' equity (1)		14.6	%		23.1	%		25.2	%		25.5	%



Net (loss) income	$	(48,723	)	$	537,209		$	717,812		$	749,332
Less:
Net realized and unrealized investment (losses) gains, net of tax (2)		(491,258	)		(37,306	)		(56,288	)		46,459
Interest in earnings (losses) of equity investments, net of tax		1,268			(16,452	)		(82,867	)		11,966
Dividends to preferred shareholders		25,894			25,894			34,525			34,525
Operating earnings available to common shareholders	$	415,373		$	565,073		$	822,442		$	656,382



Per diluted share:
Net (loss) income	$	(1.38	)	$	8.83		$	11.87		$	12.37
Less:
Net realized and unrealized investment (losses) gains, net of tax (2)		(9.10	)		(0.65	)		(0.98	)		0.80
Interest in earnings (losses) of equity investments, net of tax		0.02			(0.28	)		(1.44	)		0.21
Operating earnings	$	7.70		$	9.76		$	14.29		$	11.36

(1)	Excluding cumulative preferred shares: 2007 and 2006, $520,000.

(2)

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	September 30,			June 30,			March 31,		December 31,		September 30,		December 31,			December 31,
	2008			2008			2008		2007		2007		2006			2005

Reconciliation of GAAP and non-GAAP measures:

Shareholders' equity	$	4,084,686		$	4,409,242		$	4,472,604	$	4,321,557	$	4,225,223	$	3,785,847		$	3,092,787
Less:
6.75% Series C cumulative preferred shares, aggregate liquidation		290,000			290,000			290,000		290,000		290,000		290,000			290,000
6.5% Series D cumulative preferred shares, aggregate liquidation		230,000			230,000			230,000		230,000		230,000		230,000			230,000

Common shareholders' equity		3,564,686			3,889,242			3,952,604		3,801,557		3,705,223		3,265,847			2,572,787

Less:
Net unrealized (losses) gains on fixed income securities, net of tax		(174,349	)		(96,837	)		139,920		71,958		1,728		(18,694	)		4,382


Book value excluding net unrealized gains or losses on fixed income securities, net of tax	$	3,739,035		$	3,986,079		$	3,812,684	$	3,729,599	$	3,703,495	$	3,284,541		$	2,568,405

Divided by:
Number of common and common share equivalents outstanding		54,519.3			55,388.3			55,725.7		55,936.4		56,938.8		58,248.8			57,724.1

Equals:
Diluted book value per common and common share equivalents outstanding excluding net unrealized gains or losses on fixed income securities, net of tax	$	68.58		$	71.97		$	68.42	$	66.68	$	65.04	$	56.39		$	44.49

PartnerRe Ltd.

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

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

(Unaudited)

	September 30,			June 30,			March 31,			December 31,			September 30,
	2008			2008			2008			2007			2007

Total shareholders' equity	$	4,084,686		$	4,409,242		$	4,472,604		$	4,321,557		$	4,225,223
Less: preferred shares		(520,000	)		(520,000	)		(520,000	)		(520,000	)		(520,000	)
Common shareholders' equity	$	3,564,686		$	3,889,242		$	3,952,604		$	3,801,557		$	3,705,223

Basic common shares outstanding		53,275.9			54,004.9			54,262.9			54,250.5			55,516.1
Basic book value per common share	$	66.91		$	72.02		$	72.84		$	70.07		$	66.74



Diluted book value per common share

Common shareholders' equity	$	3,564,686		$	3,889,242		$	3,952,604		$	3,801,557		$	3,705,223

Basic common shares outstanding		53,275.9			54,004.9			54,262.9			54,250.5			55,516.1
Add: Stock options and other		2,419.8			2,820.1			3,002.5			3,018.5			3,126.2
Add: Restricted stock units		751.5			748.9			690.5			680.6			679.3
Add: Forward sale contract		-			-			-			115.4			-
Less: Stock options and other bought back via treasury stock method		(1,927.9	)		(2,185.6	)		(2,230.2	)		(2,128.6	)		(2,382.8	)
Diluted common and common share equivalents outstanding		54,519.3			55,388.3			55,725.7			55,936.4			56,938.8

Diluted book value per common share	$	65.38		$	70.22		$	70.93		$	67.96		$	65.07

(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 contract are also added to determine the diluted common and common share equivalents outstanding.

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

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

(Unaudited)

	As of and for the three months ended						As of and for the nine months ended
	September 30, 2008						September 30, 2008
	Common shareholders' equity			Diluted book value per common share			Common shareholders' equity			Diluted book value per common share

Common shareholders' equity / diluted book value per common share at
beginning of period	$	3,889		$	70.22		$	3,802		$	67.96

Technical result		94			1.76			388			7.19
Other operating expenses		(87	)		(1.63	)		(276	)		(5.11	)
Net investment income		146			2.74			429			7.95
Other, net		(20	)		(0.37	)		(45	)		(0.83	)
Operating income tax expense		(3	)		(0.06	)		(55	)		(1.02	)
Preferred dividends		(9	)		(0.17	)		(26	)		(0.48	)
Operating earnings		121			2.27			415			7.70

Net realized and unrealized investment losses, net of tax (1)		(281	)		(5.27	)		(491	)		(9.10	)
Interest in (losses) earnings of equity investments, net of tax		(1	)		(0.01	)		1			0.02
Net loss available to common shareholders		(161	)		(3.01	)		(75	)		(1.38	)

Common share dividends		(24	)		(0.46	)		(74	)		(1.38	)
Change in currency translation adjustment		(92	)		(1.72	)		(35	)		(0.65	)
Change in net unrealized gains or losses on investments, net of tax		-			-			15			0.28
Repurchase of common shares, net		(48	)		(0.90	)		(68	)		(1.26	)
Other, net		1			0.01			-			-

Impact of change in number of common and common share equivalents outstanding		n/a			1.24			n/a			1.81

Common shareholders' equity / diluted book value per common share at
end of period	$	3,565		$	65.38		$	3,565		$	65.38

(1)

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

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

(Unaudited)

	As of and for the year ended						As of and for the year ended
	December 31, 2007						December 31, 2006

	Common shareholders' equity			Diluted book value per common share			Common shareholders' equity			Diluted book value per common share

Common shareholders' equity / diluted book value per common share at
beginning of period	$	3,266		$	56.07		$	2,573		$	44.57

Technical result		845			14.69			707			12.23
Other operating expenses		(327	)		(5.69	)		(310	)		(5.36	)
Net investment income		523			9.09			449			7.77
Other, net		(86	)		(1.50	)		(61	)		(1.04	)
Operating income tax expense		(98	)		(1.70	)		(94	)		(1.64	)
Preferred dividends		(35	)		(0.60	)		(35	)		(0.60	)
Operating earnings		822			14.29			656			11.36

Net realized investment (losses) gains, net of tax (1)		(56	)		(0.98	)		47			0.80
Interest in (losses) earnings of equity investments, net of tax		(83	)		(1.44	)		12			0.21
Net income available to common shareholders		683			11.87			715			12.37

Common share dividends		(96	)		(1.72	)		(91	)		(1.60	)
Change in currency translation adjustment		129			2.24			56			0.97
Change in net unrealized gains or losses on investments, net of tax		38			0.66			(20	)		(0.35	)
(Repurchase) issuance of common shares, net		(213	)		(3.71	)		40			0.70
Other, net		(5	)		(0.08	)		(7	)		(0.13	)

Impact of change in number of common and common share equivalents outstanding		n/a			2.63			n/a			(0.46	)

Common shareholders' equity / diluted book value per common share at
end of period	$	3,802		$	67.96		$	3,266		$	56.07

(1)