Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as of March 31, 2009

(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, 2009

Table of Contents

	Page
Regulation G
Consolidated Financial Statements
Consolidated Income Statements	1
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Cash Flows	3
Consolidated Statements of Comprehensive Income (Loss)	4
Segment Information
For the three months ended March 31, 2009 and 2008	5-6
Non-Life segment	7
U.S. sub-segment	8
Global (Non-U.S.) P&C sub-segment	9
Global (Non-U.S.) Specialty sub-segment	10
Catastrophe sub-segment	11
Life 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 treaty type	15
Investments
Investment Portfolio	16
Distribution of Corporate Bonds and Equities	17-18
Distribution of Mortgage/Asset-Backed Securities	19
Other Invested Assets including Private Markets and Derivative Exposures	20
Composition of Net Investment Income and Net Realized and Unrealized Investment (Losses) Gains	21
Loss Reserves
Analysis of Unpaid Losses and Loss Expenses	22
Analysis of Policy Benefits for Life and Annuity Contracts	23
Reserve Development	24
Reconciliation of GAAP and non-GAAP measures	25-26
Diluted Book Value per Common Share - Treasury Stock Method	27
Diluted Book Value per Common Share - Rollforward	28-29

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): 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, net realized gain on purchase of capital efficient notes, 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): 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 and credit spreads on the unrealized gains and losses on fixed income securities (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: The Company calculates total capital as the sum of total shareholders’ equity, 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.

PartnerRe Ltd.

Consolidated Income Statements

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

(Unaudited)

	For the three months ended															For the year ended
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2008			December 31, 2007
Revenues
Gross premiums written	$	1,340,380		$	752,169		$	868,584		$	968,163		$	1,439,332		$	4,028,248		$	3,810,164
Net premiums written	$	1,308,058		$	752,408		$	869,194		$	956,269		$	1,411,564		$	3,989,435		$	3,757,109
(Increase) decrease in unearned premiums		(441,608	)		231,864			209,265			(730	)		(501,811	)		(61,411	)		20,362
Net premiums earned		866,450			984,272			1,078,459			955,539			909,753			3,928,024			3,777,471
Net investment income		133,127			144,321			146,138			145,494			137,010			572,964			523,259
Net realized and unrealized investment (losses) gains(1)		(70,120	)		63,967			(324,184	)		(296,255	)		25,112			(531,360	)		(72,492	)
Net realized gain on purchase of capital efficient notes		88,427			—			—			—			—			—			—
Other income (loss)		4,582			7,946			(3,838	)		4,591			1,639			10,335			(17,479	)
Total revenues		1,022,466			1,200,506			896,575			809,369			1,073,514			3,979,963			4,210,759
Expenses
Losses and loss expenses and life policy benefits		518,899			718,871			751,961			548,720			589,668			2,609,220			2,082,461
Acquisition costs		199,968			233,660			232,814			228,170			204,238			898,882			849,715
Other operating expenses		83,594			89,053			86,939			96,737			92,280			365,009			326,486
Interest expense		9,146			12,541			11,877			14,914			11,896			51,228			54,017
Net foreign exchange losses (gains)		3,349			(14,041	)		4,597			(1,574	)		4,798			(6,221	)		15,552
Total expenses		814,956			1,040,084			1,088,188			886,967			902,880			3,918,118			3,328,231
Income (loss) before taxes and interest in (losses) earnings of equity investments		207,510			160,422			(191,613	)		(77,598	)		170,634			61,845			882,528
Income tax expense (benefit)		59,812			59,910			(39,508	)		(53,423	)		42,726			9,705			81,748
Interest in (losses) earnings of equity investments		(6,177	)		(5,222	)		386			(1,849	)		1,112			(5,573	)		(82,968	)
Net income (loss)	$	141,521		$	95,290		$	(151,719	)	$	(26,024	)	$	129,020		$	46,567		$	717,812
Preferred dividends	$	8,631		$	8,631		$	8,631		$	8,631		$	8,631		$	34,525		$	34,525
Operating earnings available to common shareholders	$	155,742		$	53,931		$	121,331		$	183,830		$	110,211		$	469,304		$	822,442
Comprehensive income (loss), net of tax	$	112,645		$	(45,437	)	$	(243,372	)	$	(15,302	)	$	190,197		$	(113,914	)	$	888,692
Per Share Data:
Earnings (loss) per common share:
Basic operating earnings	$	2.76		$	0.97		$	2.27		$	3.39		$	2.03		$	8.64		$	14.66
Net realized and unrealized investment (losses) gains, net of tax (1)		(1.32	)		0.68			(5.27	)		(4.04	)		0.17			(8.35	)		(1.00	)
Net realized gain on purchase of capital efficient notes, net of tax		1.00			—			—			—			—			—			—
Interest in (losses) earnings of equity investments, net of tax		(0.09	)		(0.09	)		(0.01	)		0.01			0.02			(0.07	)		(1.48	)
Basic net income (loss)	$	2.35		$	1.56		$	(3.01	)	$	(0.64	)	$	2.22		$	0.22		$	12.18
Weighted average number of common shares outstanding		56,511.2			55,521.6			53,339.9			54,276.6			54,248.3			54,347.1			56,104.4
Diluted operating earnings	$	2.72		$	0.95		$	2.27		$	3.39		$	1.98		$	8.43		$	14.29
Net realized and unrealized investment (losses) gains, net of tax (1)		(1.30	)		0.67			(5.27	)		(4.04	)		0.16			(8.15	)		(0.98	)
Net realized gain on purchase of capital efficient notes, net of tax		0.99			—			—			—			—			—			—
Interest in (losses) earnings of equity investments, net of tax		(0.09	)		(0.09	)		(0.01	)		0.01			0.02			(0.06	)		(1.44	)
Diluted net income (loss)	$	2.32		$	1.53		$	(3.01	)	$	(0.64	)	$	2.16		$	0.22		$	11.87
Weighted average number of common and common share equivalents outstanding		57,320.3			56,602.1			53,339.9			54,276.6			55,711.2			55,639.6			57,557.9

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

1

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

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

(Unaudited)

	March 31, 2009				December 31, 2008				September 30, 2008				June 30, 2008				March 31, 2008				December 31, 2007				December 31, 2006
Assets
Total investments	$	10,830,252			$	10,886,391			$	10,859,773			$	11,561,358			$	11,691,038			$	10,917,341			$	9,689,937
Cash and cash equivalents		571,638				838,280				675,594				480,349				497,567				654,895				988,788
Accrued investment income		170,693				169,103				154,551				201,234				179,611				176,386				157,923
Reinsurance balances receivable		2,125,796				1,719,694				1,871,981				2,160,974				2,135,239				1,449,702				1,573,566
Funds held by reinsured companies		753,187				786,422				893,583				938,804				954,421				1,083,036				1,002,402
Deferred acquisition costs		659,012				617,121				690,145				756,582				750,627				641,818				542,698
Other assets		1,164,196				1,262,309				1,362,712				1,288,269				1,244,785				1,226,318				1,078,198
Total assets	$	16,274,774			$	16,279,320			$	16,508,339			$	17,387,570			$	17,453,288			$	16,149,496			$	15,033,512
Liabil0ties
Unpaid losses and loss expenses	$	7,393,205			$	7,510,666			$	7,484,625			$	7,614,036			$	7,573,371			$	7,231,436			$	6,870,785
Policy benefits for life and annuity contracts		1,421,420				1,432,015				1,526,275				1,641,389				1,600,447				1,541,687				1,430,691
Unearned premiums		1,706,598				1,273,787				1,555,263				1,837,256				1,837,778				1,267,873				1,215,624
Other reinsurance balances payable		217,335				209,007				192,219				203,933				220,023				156,055				154,367
Debt obligations		520,989				907,605				907,605				907,605				877,605				877,605				877,605
Other liabilities		733,160				747,132				757,666				774,109				871,460				753,283				698,593
Total liabilities		11,992,707				12,080,212				12,423,653				12,978,328				12,980,684				11,827,939				11,247,665
Total shareholders’ equity		4,282,067				4,199,108				4,084,686				4,409,242				4,472,604				4,321,557				3,785,847
Total liabilities and shareholders’ equity	$	16,274,774			$	16,279,320			$	16,508,339			$	17,387,570			$	17,453,288			$	16,149,496			$	15,033,512
Shareholders’ Equity Per Common Share (excluding cumulative preferred shares)	$	66.49			$	65.17			$	66.91			$	72.02			$	72.84			$	70.07			$	57.22
Diluted Book Value Per Common and Common Share Equivalents Outstanding (assuming exercise of all stock-based awards)	$	65.55			$	63.95			$	65.38			$	70.22			$	70.93			$	67.96			$	56.07
Number of Common and Common Share Equivalents Outstanding		57,388.2				57,533.9				54,519.3				55,388.3				55,725.7				55,936.4				58,248.8
Capital Structure:
Long-term debt	$	200,000	4	%	$	200,000	4	%	$	400,000	8	%	$	400,000	8	%	$	620,000	12	%	$	620,000	12	%	$	620,000	13	%
Senior notes(1)		250,000	5			250,000	5			250,000	5			250,000	5			—	—			—	—			—	—
Capital efficient notes(2)		63,384	1			250,000	5			250,000	5			250,000	5			250,000	5			250,000	5			250,000	6
6.75% Series C cumulative preferred shares, aggregate liquidation		290,000	6			290,000	6			290,000	6			290,000	5			290,000	5			290,000	6			290,000	6
6.5% Series D cumulative preferred shares, aggregate liquidation		230,000	5			230,000	5			230,000	5			230,000	4			230,000	4			230,000	4			230,000	5
Common shareholders’ equity		3,762,067	79			3,679,108	75			3,564,686	71			3,889,242	73			3,952,604	74			3,801,557	73			3,265,847	70
Total Capital	$	4,795,451	100	%	$	4,899,108	100	%	$	4,984,686	100	%	$	5,309,242	100	%	$	5,342,604	100	%	$	5,191,557	100	%	$	4,655,847	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 $71.0 million as at March 31, 2009 and $257.6 million for all other Condensed Consolidated Balance Sheet dates presented.

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, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2008			December 31, 2007
Net cash provided by operating activities:
Underwriting operations	$	147		$	153		$	190		$	102		$	159		$	604		$	650
Investment income		131			125			187			127			141			580			515
Taxes and foreign exchange		(24	)		(10	)		(5	)		(7	)		(3	)		(25	)		(66	)
Cash flow from operations		254			268			372			222			297			1,159			1,099
Sales of trading securities (1)		—			—			—			—			—			—			128
Net cash provided by operating activities as published	$	254		$	268		$	372		$	222		$	297		$	1,159		$	1,227
Net cash provided by operating activities	$	254		$	268		$	372		$	222		$	297		$	1,159		$	1,227
Net cash used in investing activities (1)		(180	)		(254	)		(73	)		(211	)		(406	)		(944	)		(1,193	)
Net cash (used in) provided by financing activities		(329	)		162			(89	)		(26	)		(49	)		(2	)		(379	)
Effect of foreign exchange rate changes on cash		(11	)		(14	)		(14	)		(2	)		—			(30	)		11
(Decrease) increase in cash and cash equivalents		(266	)		162			196			(17	)		(158	)		183			(334	)
Cash and cash equivalents - beginning of period		838			676			480			497			655			655			989
Cash and cash equivalents - end of period	$	572		$	838		$	676		$	480		$	497		$	838		$	655

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

3

PartnerRe Ltd.

Consolidated Statements of Comprehensive Income (Loss)

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008
Net income (loss)	$	141,521		$	95,290		$	(151,719	)	$	(26,024	)	$	129,020
Change in net unrealized gains or losses on investments, net of tax		1,138			76			(146	)		6,653			8,574
Change in currency translation adjustment		(31,200	)		(128,163	)		(91,732	)		4,000			53,006
Change in unfunded pension obligation, net of tax		1,186			(12,640	)		225			69			(403	)
Comprehensive income (loss)	$	112,645		$	(45,437	)	$	(243,372	)	$	(15,302	)	$	190,197

	For the year ended
	December 31, 2008			December 31, 2007
Net income	$	46,567		$	717,812
Change in net unrealized gains or losses on investments, net of tax		15,157			37,834
Change in currency translation adjustment		(162,889	)		129,043
Change in unfunded pension obligation, net of tax		(12,749	)		4,003
Comprehensive (loss) income	$	(113,914	)	$	888,692

4

PartnerRe Ltd.

Segment Information

(in millions of U.S. dollars)

(Unaudited)

For the three months ended March 31, 2009

	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	$	312		$	299		$	359		$	205		$	1,175		$	164		$	1		$	1,340
Net premiums written	$	312		$	299		$	331		$	205		$	1,147		$	160		$	1		$	1,308
(Increase) decrease in unearned premiums		(71	)		(142	)		(84	)		(126	)		(423	)		(20	)		1			(442	)
Net premiums earned	$	241		$	157		$	247		$	79		$	724		$	140		$	2		$	866
Losses and loss expenses and life policy benefits		(162	)		(75	)		(157	)		(11	)		(405	)		(113	)		(1	)		(519	)
Acquisition costs		(63	)		(41	)		(60	)		(8	)		(172	)		(28	)		—			(200	)
Technical result	$	16		$	41		$	30		$	60		$	147		$	(1	)	$	1		$	147
Other income														3			1			1			5
Other operating expenses														(54	)		(10	)		(20	)		(84	)
Underwriting result													$	96		$	(10	)		n/a		$	68
Net investment income																	15			118			133
Allocated underwriting result (1)																$	5			n/a			n/a
Net realized and unrealized investment losses																				(70	)		(70	)
Net realized gain on purchase of capital efficient notes																				89			89
Interest expense																				(9	)		(9	)
Net foreign exchange losses																				(3	)		(3	)
Income tax expense																				(60	)		(60	)
Interest in losses of equity investments																				(6	)		(6	)
Net income																				n/a		$	142
Loss ratio (2)		66.9	%		47.9	%		63.6	%		14.1	%		55.9	%
Acquisition ratio (3)		26.2			26.0			24.4			9.6			23.7
Technical ratio (4)		93.1	%		73.9	%		88.0	%		23.7	%		79.6	%
Other operating expense ratio (5)														7.4
Combined ratio (6)														87.0	%

(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

(in millions of U.S. dollars)

(Unaudited)

For the three months ended March 31, 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	$	332		$	375		$	354		$	198		$	1,259		$	174		$	6		$	1,439
Net premiums written	$	332		$	373		$	333		$	198		$	1,236		$	170		$	6		$	1,412
Increase in unearned premiums		(66	)		(172	)		(114	)		(121	)		(473	)		(25	)		(4	)		(502	)
Net premiums earned	$	266		$	201		$	219		$	77		$	763		$	145		$	2		$	910
Losses and loss expenses and life policy benefits		(171	)		(147	)		(148	)		(2	)		(468	)		(122	)		—			(590	)
Acquisition costs		(66	)		(52	)		(54	)		(7	)		(179	)		(25	)		—			(204	)
Technical result	$	29		$	2		$	17		$	68		$	116		$	(2	)	$	2		$	116
Other income														1			—			—			1
Other operating expenses														(57	)		(9	)		(26	)		(92	)
Underwriting result													$	60		$	(11	)		n/a		$	25
Net investment income																	15			122			137
Allocated underwriting result (1)																$	4			n/a			n/a
Net realized and unrealized investment gains																				25			25
Interest expense																				(12	)		(12	)
Net foreign exchange losses																				(4	)		(4	)
Income tax expense																				(43	)		(43	)
Interest in earnings of equity investments																				1			1
Net income																				n/a		$	129
Loss ratio (2)		64.2	%		73.4	%		67.7	%		2.0	%		61.3	%
Acquisition ratio (3)		24.9			25.9			24.6			9.1			23.5
Technical ratio (4)		89.1	%		99.3	%		92.3	%		11.1	%		84.8	%
Other operating expense ratio (5)														7.5
Combined ratio (6)														92.3	%

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, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2008			December 31, 2007
Net premiums written	$	1,147		$	620		$	723		$	814		$	1,236		$	3,392		$	3,185
Net premiums earned	$	724		$	844		$	920		$	808		$	763		$	3,334		$	3,203
Losses and loss expenses		(405	)		(603	)		(623	)		(438	)		(468	)		(2,131	)		(1,627	)
Acquisition costs		(172	)		(204	)		(200	)		(194	)		(179	)		(777	)		(734	)
Technical result	$	147		$	37		$	97		$	176		$	116		$	426		$	842
Other income (loss)		3			6			(5	)		2			1			4			7
Other operating expenses		(54	)		(56	)		(55	)		(63	)		(57	)		(231	)		(214	)
Underwriting result	$	96		$	(13	)	$	37		$	115		$	60		$	199		$	635
Loss ratio (1)		55.9	%		71.3	%		67.8	%		54.2	%		61.3	%		63.9	%		50.8	%
Acquisition ratio (2)		23.7			24.3			21.7			24.0			23.5			23.3			22.9
Technical ratio (3)		79.6	%		95.6	%		89.5	%		78.2	%		84.8	%		87.2	%		73.7	%
Other operating expense ratio (4)		7.4			6.6			6.0			7.7			7.5			6.9			6.7
Combined ratio (5)		87.0	%		102.2	%		95.5	%		85.9	%		92.3	%		94.1	%		80.4	%

(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.

7

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

U.S. sub-segment

	For the three months ended															For the year ended
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2008			December 31, 2007
Net premiums written	$	312		$	223		$	264		$	246		$	332		$	1,064		$	1,020
Net premiums earned	$	241		$	261		$	276		$	285		$	266		$	1,088		$	999
Losses and loss expenses		(162	)		(202	)		(212	)		(227	)		(171	)		(812	)		(608	)
Acquisition costs		(63	)		(63	)		(67	)		(64	)		(66	)		(261	)		(241	)
Technical result	$	16		$	(4	)	$	(3	)	$	(6	)	$	29		$	15		$	150
Loss ratio (1)		66.9	%		77.3	%		76.9	%		79.6	%		64.2	%		74.6	%		60.8	%
Acquisition ratio (2)		26.2			24.5			24.2			22.7			24.9			24.0			24.1
Technical ratio (3)		93.1	%		101.8	%		101.1	%		102.3	%		89.1	%		98.6	%		84.9	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty		45	%		40	%		44	%		47	%		48	%		45	%		50	%
Agriculture		15			28			20			32			16			23			12
Property		18			18			16			11			16			15			14
Multiline		10			2			6			3			10			6			9
Motor		8			4			7			4			5			5			7
Other		4			8			7			3			5			6			8
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

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, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2008			December 31, 2007
Net premiums written	$	299		$	123		$	137		$	132		$	373		$	765		$	738
Net premiums earned	$	157		$	215		$	195		$	186		$	201		$	797		$	758
Losses and loss expenses		(75	)		(122	)		(98	)		(87	)		(147	)		(454	)		(523	)
Acquisition costs		(41	)		(51	)		(47	)		(48	)		(52	)		(198	)		(191	)
Technical result	$	41		$	42		$	50		$	51		$	2		$	145		$	44
Loss ratio (1)		47.9	%		56.6	%		50.3	%		46.7	%		73.4	%		56.9	%		69.0	%
Acquisition ratio (2)		26.0			23.8			24.2			25.6			25.9			24.9			25.2
Technical ratio (3)		73.9	%		80.4	%		74.5	%		72.3	%		99.3	%		81.8	%		94.2	%
Distribution of Net Premiums Written by Major Lines of Business:
Property		66	%		57	%		60	%		63	%		64	%		62	%		68	%
Casualty		13			15			13			13			17			15			15
Motor		21			28			27			24			19			23			17
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

9

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

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

	For the three months ended															For the year ended
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2008			December 31, 2007
Net premiums written	$	331		$	251		$	274		$	291		$	333		$	1,150		$	1,026
Net premiums earned	$	247		$	266		$	290		$	272		$	219		$	1,046		$	1,006
Losses and loss expenses		(157	)		(245	)		(185	)		(144	)		(148	)		(721	)		(450	)
Acquisition costs		(60	)		(80	)		(72	)		(75	)		(54	)		(281	)		(260	)
Technical result	$	30		$	(59	)	$	33		$	53		$	17		$	44		$	296
Loss ratio (1)		63.6	%		92.0	%		63.8	%		52.8	%		67.7	%		69.0	%		44.7	%
Acquisition ratio (2)		24.4			30.1			24.8			27.7			24.6			26.8			25.9
Technical ratio (3)		88.0	%		122.1	%		88.6	%		80.5	%		92.3	%		95.8	%		70.6	%
Distribution of Net Premiums Written by Major Lines of Business:
Aviation/Space		9	%		22	%		18	%		15	%		11	%		16	%		17	%
Credit/Surety		14			22			21			20			19			20			19
Engineering		15			22			16			20			16			19			20
Energy		13			6			8			9			4			7			7
Marine		15			12			14			12			12			13			13
Specialty casualty		17			8			12			13			19			13			12
Specialty property		12			3			6			6			15			8			8
Other		5			5			5			5			4			4			4
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

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, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2008			December 31, 2007
Net premiums written	$	205		$	23		$	48		$	145		$	198		$	413		$	401
Net premiums earned	$	79		$	102		$	159		$	65		$	77		$	403		$	440
Losses and loss expenses		(11	)		(34	)		(128	)		20			(2	)		(144	)		(46	)
Acquisition costs		(8	)		(10	)		(14	)		(7	)		(7	)		(37	)		(42	)
Technical result	$	60		$	58		$	17		$	78		$	68		$	222		$	352
Loss ratio (1)		14.1	%		33.4	%		80.8	%		(30.7	)%		2.0	%		35.8	%		10.5	%
Acquisition ratio (2)		9.6			9.4			8.7			10.2			9.1			9.2			9.6
Technical ratio (3)		23.7	%		42.8	%		89.5	%		(20.5	)%		11.1	%		45.0	%		20.1	%

11

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life segment

	For the three months ended															For the year ended
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2008			December 31, 2007
Net premiums written	$	160		$	131		$	141		$	136		$	170		$	579		$	569
Net premiums earned	$	140		$	136		$	149		$	146		$	145		$	576		$	571
Life policy benefits		(113	)		(116	)		(114	)		(111	)		(122	)		(463	)		(455	)
Acquisition costs		(28	)		(29	)		(32	)		(34	)		(25	)		(120	)		(116	)
Technical result	$	(1	)	$	(9	)	$	3		$	1		$	(2	)	$	(7	)	$	—
Other income		1			—			—			—			—			—			—
Other operating expenses		(10	)		(11	)		(11	)		(12	)		(9	)		(43	)		(33	)
Underwriting result	$	(10	)	$	(20	)	$	(8	)	$	(11	)	$	(11	)	$	(50	)	$	(33	)
Net investment income		15			16			17			18			15			67			54
Allocated underwriting result (1)	$	5		$	(4	)	$	9		$	7		$	4		$	17		$	21
Distribution of Net Premiums Written by Major Lines of Business:
Mortality		86	%		86	%		86	%		85	%		86	%		86	%		82	%
Longevity		10			11			11			12			12			11			15
Health		4			3			3			3			2			3			3
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%

(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.

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, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2008			December 31, 2007
Technical result	$	1		$	4		$	(6	)	$	2		$	2		$	1		$	3
Other income (loss)		1			2			1			3			—			6			(24	)
Corporate expenses		(16	)		(18	)		(16	)		(18	)		(22	)		(75	)		(67	)
Other operating expenses		(4	)		(4	)		(5	)		(4	)		(4	)		(16	)		(13	)
Net investment income		118			128			129			127			122			506			469
Net realized and unrealized investment (losses) gains(1)		(70	)		64			(324	)		(296	)		25			(531	)		(72	)
Net realized gain on purchase of capital efficient notes		89			—			—			—			—			—			—
Interest expense		(9	)		(13	)		(12	)		(15	)		(12	)		(51	)		(54	)
Net foreign exchange (losses) gains		(3	)		14			(5	)		2			(4	)		6			(15	)
Income tax (expense) benefit		(60	)		(60	)		40			53			(43	)		(10	)		(82	)
Interest in (losses) earnings of equity investments(A)		(6	)		(5	)		—			(2	)		1			(5	)		(83	)
PartnerRe’s interest in ChannelRe Holdings’ net loss(A)		—			—			—			—			—			—			(93	)

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

(A) The Company reports the results of equity investments on a one-quarter lag. The 2007 period includes the Company’s share of ChannelRe Holdings’ net loss and a charge which represents the write-down of its total investment in ChannelRe Holdings due to anticipated unrealized mark-to-market losses on Channel Reinsurance Ltd’s credit derivative portfolio, which it expected to incur during the three-months ended December 31, 2007, for a total of $92.8 million.

13

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)

	For the three months ended										For the year ended
	March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2008		December 31, 2007
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty	14	%	14	%	16	%	14	%	16	%	15	%	17	%
Property	19		15		14		11		21		16		17
Motor	6		6		6		4		6		6		5
Multiline and other	3		2		3		2		3		3		3
Specialty
Agriculture	5		10		7		10		5		7		4
Aviation/Space	2		7		6		5		3		5		5
Catastrophe	16		3		6		15		14		10		11
Credit/Surety	5		9		8		7		5		7		7
Engineering	4		7		5		6		4		5		5
Energy	3		2		2		3		1		2		2
Marine	4		4		5		3		3		4		4
Specialty casualty	4		3		4		4		4		4		3
Specialty property	3		1		2		2		3		2		2
Life	12		17		16		14		12		14		15
	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Geography:
Europe	49	%	45	%	42	%	39	%	52	%	46	%	45	%
North America	38		42		44		47		36		41		42
Latin America, Caribbean and Africa	7		9		9		7		7		8		7
Asia, Australia and New Zealand	6		4		5		7		5		5		6
	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Production Source:
Broker	69	%	69	%	71	%	75	%	70	%	71	%	69	%
Direct	31		31		29		25		30		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, 2009		December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2008		December 31, 2007
Distribution of Gross Premiums Written by Treaty Type
Non-life sub-segment:
U.S.
Non-Proportional	45	%	14	%	32	%	30	%	45	%	32	%	37	%
Proportional	55		86		68		70		55		68		63
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Global (Non U.S.) P&C
Non-Proportional	34	%	6	%	18	%	13	%	36	%	24	%	25	%
Proportional	66		94		82		87		64		76		75
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Global (Non U.S.) Specialty
Non-Proportional	23	%	7	%	12	%	13	%	26	%	15	%	15	%
Proportional	77		93		88		87		74		85		85
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Catastrophe
Non-Proportional	99	%	96	%	97	%	97	%	98	%	97	%	99	%
Proportional	1		4		3		3		2		3		1
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Non-life total
Non-Proportional	45	%	12	%	26	%	33	%	45	%	32	%	35	%
Proportional	55		88		74		67		55		68		65
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%

15

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)

	March 31, 2009 (1)					December 31, 2008 (1)					September 30, 2008 (1)					June 30, 2008 (1)					March 31, 2008 (1)					December 31, 2007					December 31, 2006
Investments:
Fixed maturities
U.S. government	$	881		8	%	$	836		7	%	$	614		6	%	$	874		8	%	$	1,135		10	%	$	1,217		11	%	$	1,000		10	%
Government Sponsored Entities (GSEs)		80		1			95		1			249		2			271		2			297		2			328		3			358		4
Other foreign governments		2,869		27			2,824		26			2,839		26			2,917		25			3,112		27			2,821		26			1,985		21
Corporates		3,392		31			3,413		31			3,286		30			3,503		30			3,225		28			2,861		26			2,341		24
Mortgage/asset-backed securities		3,058		28			3,014		28			2,787		26			2,723		24			2,607		22			2,272		21			2,152		22
Total fixed maturities		10,280		95			10,182		93			9,775		90			10,288		89			10,376		89			9,499		87			7,836		81
Short-term investments		69		1			117		1			114		1			108		1			144		1			97		1			134		1
Equities		426		4			513		5			858		8			1,065		9			1,100		9			872		8			1,015		11
Trading securities		—		—			—		—			—		—			—		—			—		—			399		4			600		6
Other invested assets		55		—			74		1			113		1			100		1			71		1			50		—			105		1
Total investments	$	10,830		100	%	$	10,886		100	%	$	10,860		100	%	$	11,561		100	%	$	11,691		100	%	$	10,917		100	%	$	9,690		100	%
Cash and cash equivalents	$	572				$	838				$	676				$	480				$	498				$	655				$	989
Total investments and cash		11,402					11,724					11,536					12,041					12,189					11,572					10,679
Maturity distribution:
One year or less	$	452		4	%	$	545		5	%	$	705		7	%	$	754		7	%	$	817		8	%	$	730		7	%	$	848		11	%
More than one year through five years		3,697		36			3,649		35			3,528		36			3,611		35			3,680		35			3,444		36			2,610		33
More than five years through ten years		2,791		27			2,730		27			2,518		25			2,896		28			3,026		29			2,764		29			2,000		25
More than ten years		351		3			361		4			351		4			412		4			390		3			386		4			360		4
Subtotal		7,291		70			7,285		71			7,102		72			7,673		74			7,913		75			7,324		76			5,818		73
Mortgage/asset-backed securities		3,058		30			3,014		29			2,787		28			2,723		26			2,607		25			2,272		24			2,152		27
Total	$	10,349		100	%	$	10,299		100	%	$	9,889		100	%	$	10,396		100	%	$	10,520		100	%	$	9,596		100	%	$	7,970		100	%
Credit quality by market value:
AAA		62	%				62	%				59	%				59	%				64	%				65	%				65	%
AA		6					5					8					8					7					7					5
A		19					19					17					17					14					12					14
BBB		10					11					12					12					11					12					11
Below Investment Grade/Unrated		3					3					4					4					4					4					5
		100	%				100	%				100	%				100	%				100	%				100	%				100	%
Expected average duration		3.0 Yrs					3.1 Yrs					4.1 Yrs					3.8 Yrs					4.0 Yrs					3.9 Yrs					4.1 Yrs
Average yield to maturity at market		4.8	%				5.2	%				5.4	%				5.0	%				4.4	%				4.7	%				4.9	%
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.

16

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)

	March 31, 2009
	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	$	1,103,318	32.5	%	9.7	%	0.9	%
Communications		501,178	14.8		4.4		0.8
Consumer noncyclical		487,892	14.4		4.3		0.3
Industrials		253,665	7.5		2.2		0.3
Consumer cyclical		202,099	6.0		1.8		0.3
Utilities		195,411	5.8		1.7		0.2
Catastrophe bonds		195,101	5.7		1.7		0.4
Energy		172,263	5.1		1.5		0.2
Insurance		123,115	3.6		1.1		0.2
Materials		88,101	2.6		0.8		0.2
Technology		51,068	1.5		0.4		0.1
Real estate investment trusts		18,499	0.5		0.1		0.0
Total Corporate bonds	$	3,391,710	100.0	%	29.7	%
Finance sector - Corporate bonds
Banks	$	487,122	14.4	%	4.3	%
Investment banking and brokerage		215,256	6.3		1.9
Commercial and consumer finance		205,731	6.1		1.8
Financial services		161,403	4.7		1.4
Other		33,806	1.0		0.3
Total finance sector - Corporate bonds	$	1,103,318	32.5	%	9.7	%

	AAA			AA			A			BBB			Non-Investment Grade			Total
Credit quality of finance sector - Corporate bonds
Banks	$	—		$	104,032		$	359,471		$	20,017		$	3,602		$	487,122
Investment banking and brokerage		7,054			18,547			184,350			5,305			—			215,256
Commercial and consumer finance		—			5,336			148,136			46,608			5,651			205,731
Financial services		31,114			78,980			34,314			16,995			—			161,403
Other		1,711			6,562			10,228			10,979			4,326			33,806
Total finance sector - Corporate bonds	$	39,879		$	213,457		$	736,499		$	99,904		$	13,579		$	1,103,318
% of total		3.6	%		19.3	%		66.8	%		9.1	%		1.2	%		100.0	%

Concentration of investment risk

The Top 10 corporate bond issuers account for 23.0% of the Company’s total corporate bonds. The single largest issuer accounts for 3.3% of the Company’s total corporate bonds.

17

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)

	March 31, 2009
	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	$	93,853	25.5	%	0.8	%	0.1	%
Energy		47,410	12.9		0.4		0.1
Finance		38,730	10.5		0.4		—
Communications		37,271	10.1		0.3		0.1
Technology		35,837	9.8		0.3		0.1
Consumer cyclical		35,164	9.6		0.3		—
Industrials		27,411	7.5		0.2		—
Materials		20,985	5.7		0.2		0.1
Insurance		20,851	5.7		0.2		0.1
Utilities		6,036	1.6		0.1		—
Real estate investment trusts		3,011	0.8		—		—
Diversified		1,153	0.3		—		—
Total equities	$	367,712	100.0	%	3.2	%
Mutual funds and exchange traded funds (ETFs)
Funds holding fixed income securities		32,167			0.3
Funds and ETFs holding equities		26,537			0.2
Total equities	$	426,416			3.7	%

Concentration of investment risk

The Top 10 common stock issuers, excluding equity securities held in mutual funds and exchange traded funds, account for 21.8% of the Company’s total equities. The single largest issuer accounts for 4.2% of the Company’s total equities.

18

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 March 31, 2009
	GNMA			GSEs			AAA			AA			A			BBB			Non- Investment Grade			Total
U.S. Asset-Backed Securities	$	—		$	—		$	244,807		$	93,457		$	58,611		$	14,748		$	66,743		$	478,366
U.S. Collaterized Mortgage Obligations		6,462			52,684			—			633			738			—			—			60,517
U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			35,457			—			23,484			1,908			—			60,849
U.S. Mortgage Backed Securities (MBS)		214,655			1,972,797			24,917			—			—			—			—			2,212,369
U.S. MBS Interest Only		—			14,586			—			—			—			—			—			14,586
Subtotal U.S. mortgage/asset-backed securities	$	221,117		$	2,040,067		$	305,181		$	94,090		$	82,833		$	16,656		$	66,743		$	2,826,687
Non-U.S. Asset-Backed Securities	$	—		$	—		$	2,394		$	4,853		$	8,583		$	2,037		$	—		$	17,867
Non-U.S. Collaterized Mortgage Obligations		—			—			79,207			1,880			—			784			—			81,871
Non-U.S. Commercial Mortgage Backed Securities (CMBS)		—			—			14,805			—			—			—			—			14,805
Non-U.S. Mortgage Backed Securities		—			—			108,017			6,470			—			2,308			—			116,795
Subtotal Non-U.S. mortgage/asset-backed securities	$	—		$	—		$	204,423		$	13,203		$	8,583		$	5,129		$	—		$	231,338
Total mortgage/asset-backed securities	$	221,117		$	2,040,067		$	509,604		$	107,293		$	91,416		$	21,785		$	66,743		$	3,058,025
Corporate Securities		—			79,580			—			—			—			—			—			79,580
Total	$	221,117		$	2,119,647		$	509,604		$	107,293		$	91,416		$	21,785		$	66,743		$	3,137,605
% of total		7.1	%		67.6	%		16.2	%		3.4	%		2.9	%		0.7	%		2.1	%		100.0	%

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, 2009
	Investments		Fair Value of Derivatives			Carrying Value			Net Notional Amount of Derivatives			Total Net Exposures (1)
Private Markets Investments
Principal Finance - Investments	$	21,979	$	—		$	21,979		$	—		$	21,979
Principal Finance - Derivative Exposure Assumed		—		(39,514	)		(39,514	)		248,926			209,412
Insurance-Linked Securities		—		(347	)		(347	)		50,532			50,185
Strategic Investments		75,832		—			75,832			—			75,832
Total other invested assets - Private Markets Exposure Assumed		97,811		(39,861	)		57,950			299,458			357,408
Other Credit Derivatives - Exposure Assumed		—		(11,770	)		(11,770	)		21,370			9,600
Principal Finance Derivative - Protection Purchased		—		10,202			10,202			(19,000	)		(8,798	)
Other Credit Derivatives - Protection Purchased		—		9,760			9,760			(241,422	)		(231,662	)
Other (2)		9,825		(21,198	)		(11,373	)
Total other invested assets	$	107,636	$	(52,867	)	$	54,769

(1) The total net exposures originated in Private Markets are $898 million. In addition to the net exposures listed above of $357 million and the Private Markets protection purchased of ($9) million, the Company has the following other net exposures originated in Private Markets:

- Principal Finance: $256 million of bonds listed under Investments - Fixed Maturities and $5 million of limits on transactions that use reinsurance accounting for a total exposure of $483 million.

- Insurance-Linked Securities: $205 million of bonds listed under Investments - Fixed Maturities and $83 million of limits on transactions that use reinsurance accounting for a total exposure of $338 million.

- Strategic Investments: $1 million of assets listed under Other Assets for a total exposure of $77 million.

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

20

PartnerRe Ltd.

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

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended															For the year ended
	March 31, 2009 (1)			December 31, 2008 (1)			September 30, 2008 (1)			June 30, 2008 (1)			March 31, 2008 (1)			December 31, 2008 (1)			December 31, 2007
Fixed maturities	$	129,135		$	134,729		$	131,289		$	129,056		$	119,676		$	514,751		$	421,672
Short-term investments, trading securities, cash and cash equivalents		1,902			3,795			4,099			4,695			6,295			18,884			55,618
Equities		3,096			6,534			7,366			7,155			8,360			29,415			36,383
Funds held and other		7,377			7,490			10,136			10,779			8,856			37,261			32,339
Investment expenses		(8,383	)		(8,227	)		(6,752	)		(6,191	)		(6,177	)		(27,347	)		(22,753	)
Net investment income	$	133,127		$	144,321		$	146,138		$	145,494		$	137,010		$	572,964		$	523,259
Net realized investment gains (losses) on fixed maturities and short-term investments, excluding other-than-temporary impairments (2)	$	20,284		$	12,883		$	(91,845	)	$	17,844		$	45,042		$	(16,076	)	$	(16,842	)
Net realized investment (losses) gains on equities, excluding other-than-temporary impairments		(41,408	)		(126,362	)		(57,681	)		(20,658	)		(25,780	)		(230,481	)		82,037
Other-than-temporary impairments		—			—			—			—			—			—			(124,997	)
Net realized gains on trading securities		—			—			—			—			—			—			18,667
Change in net unrealized investment losses on trading securities		—			—			—			—			—			—			(31,308	)
Net realized and unrealized investment losses on equity securities sold but not yet purchased		—			—			—			—			—			—			(9,398	)
Net realized and unrealized gains on designated hedging activities		—			—			—			—			—			—			7,482
Net realized gains (losses) on other invested assets		16,308			28,305			(35,347	)		(16,040	)		23,440			358			10,408
Change in net unrealized (losses) gains on other invested assets		(20,047	)		(10,933	)		2,330			13,947			(2,132	)		3,212			—
Change in net unrealized investment (losses) gains on fixed maturities subject to the fair value option under SFAS 159		(48,371	)		176,067			(97,577	)		(303,100	)		73,750			(150,860	)		—
Change in net unrealized investment (losses) gains on short-term investments subject to the fair value option under SFAS 159		(375	)		1,915			(1,049	)		(193	)		(122	)		551			—
Change in net unrealized investment gains (losses) on equities subject to the fair value option under SFAS 159		3,489			(14,052	)		(56,280	)		14,784			(89,086	)		(144,634	)		—
Net other realized and unrealized investment (losses) gains		—			(3,856	)		13,265			(2,839	)		—			6,570			(8,541	)
Net realized and unrealized investment (losses) gains	$	(70,120	)	$	63,967		$	(324,184	)	$	(296,255	)	$	25,112		$	(531,360	)	$	(72,492	)

(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 and the year ended December 31, 2008.

21

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, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2008			December 31, 2007
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	7,510,666		$	7,484,625		$	7,614,036		$	7,573,371		$	7,231,436		$	7,231,436		$	6,870,785
Reinsurance recoverable at beginning of period		(125,215	)		(125,248	)		(133,385	)		(135,629	)		(132,479	)		(132,479	)		(138,585	)
Net liability at beginning of period		7,385,451			7,359,377			7,480,651			7,437,742			7,098,957			7,098,957			6,732,200
Net incurred losses related to:
Current year		505,497			670,595			740,948			567,961			584,670			2,564,174			2,041,752
Prior years		(99,583	)		(68,080	)		(102,505	)		(130,667	)		(116,684	)		(417,936	)		(414,043	)
		405,914			602,515			638,443			437,294			467,986			2,146,238			1,627,709
Net losses paid		(337,094	)		(396,595	)		(445,973	)		(395,895	)		(342,356	)		(1,580,819	)		(1,620,367	)
Effects of foreign exchange rate changes		(189,091	)		(179,846	)		(313,744	)		1,510			213,155			(278,925	)		359,415
Net liability at end of period		7,265,180			7,385,451			7,359,377			7,480,651			7,437,742			7,385,451			7,098,957
Reinsurance recoverable at end of period		128,025			125,215			125,248			133,385			135,629			125,215			132,479
Gross liability at end of period	$	7,393,205		$	7,510,666		$	7,484,625		$	7,614,036		$	7,573,371		$	7,510,666		$	7,231,436
Breakdown of gross liability at end of period:
Case reserves	$	3,075,384		$	3,107,780		$	3,095,309		$	3,198,182		$	3,163,431		$	3,107,780		$	3,062,414
Additional case reserves		271,084			311,408			290,115			304,796			320,706			311,408			306,487
Incurred but not reported reserves		4,046,737			4,091,478			4,099,201			4,111,058			4,089,234			4,091,478			3,862,535
Gross liability at end of period	$	7,393,205		$	7,510,666		$	7,484,625		$	7,614,036		$	7,573,371		$	7,510,666		$	7,231,436
Breakdown of gross liability at end of period by Non-life sub-segment:
U.S.	$	2,859,266		$	2,807,091		$	2,707,225		$	2,674,545		$	2,581,781		$	2,807,091		$	2,515,820
Global (Non-U.S.) P&C		2,157,454			2,291,856			2,428,686			2,658,505			2,708,713			2,291,856			2,542,278
Global (Non-U.S.) Specialty		2,062,985			2,082,290			2,003,353			2,049,163			2,009,980			2,082,290			1,887,187
Catastrophe		313,500			329,429			345,361			231,823			272,897			329,429			286,151
Gross liability at end of period	$	7,393,205		$	7,510,666		$	7,484,625		$	7,614,036		$	7,573,371		$	7,510,666		$	7,231,436
Unrecognized time value of non-life reserves	$	738,705		$	732,982		$	1,046,590		$	1,184,280		$	1,053,231		$	732,982		$	1,121,912
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio		83.0	%		65.8	%		69.9	%		90.5	%		73.2	%		73.7	%		99.6	%
Non-life paid losses to net premiums earned ratio		46.4	%		46.8	%		48.0	%		48.9	%		44.8	%		47.2	%		50.5	%

22

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, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2008			December 31, 2007
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	1,432,015		$	1,526,275		$	1,641,389		$	1,600,447		$	1,541,687		$	1,541,687		$	1,430,691
Reinsurance recoverable at beginning of period		(24,102	)		(31,968	)		(40,163	)		(44,458	)		(43,098	)		(43,098	)		(42,542	)
Net liability at beginning of period		1,407,913			1,494,307			1,601,226			1,555,989			1,498,589			1,498,589			1,388,149
Net incurred losses related to:
Current year		105,736			101,945			108,506			111,785			116,419			438,655			453,099
Prior years		7,249			14,411			5,012			(359	)		5,263			24,327			1,653
		112,985			116,356			113,518			111,426			121,682			462,982			454,752
Net losses paid		(68,527	)		(69,260	)		(107,837	)		(68,124	)		(107,217	)		(352,438	)		(430,281	)
Effects of foreign exchange rate changes		(53,292	)		(133,490	)		(112,600	)		1,935			42,935			(201,220	)		85,969
Net liability at end of period		1,399,079			1,407,913			1,494,307			1,601,226			1,555,989			1,407,913			1,498,589
Reinsurance recoverable at end of period		22,341			24,102			31,968			40,163			44,458			24,102			43,098
Gross liability at end of period	$	1,421,420		$	1,432,015		$	1,526,275		$	1,641,389		$	1,600,447		$	1,432,015		$	1,541,687

23

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)

	For the three months ended
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008		March 31, 2008
Prior year net favorable (adverse) reserve development:
Non-life segment:
U.S.	$	21,460		$	37,477		$	16,221		$	22,378	$	15,725
Global (Non-U.S.) P&C		51,812			15,957			40,568			51,959		57,550
Global (Non-U.S.) Specialty		24,710			(4,013	)		21,107			31,880		32,865
Catastrophe		1,601			18,659			24,609			24,450		10,544
Total Non-life net prior year reserve development	$	99,583		$	68,080		$	102,505		$	130,667	$	116,684
Life segment	$	(7,249	)	$	(14,411	)	$	(5,012	)	$	359	$	(5,263	)

	For the year ended
	December 31, 2008			December 31, 2007
Prior year net favorable (adverse) reserve development:
Non-life segment:
U.S.	$	91,801		$	72,261
Global (Non-U.S.) P&C		166,034			96,976
Global (Non-U.S.) Specialty		81,839			202,130
Catastrophe		78,262			42,676
Total Non-life net prior year reserve development	$	417,936		$	414,043
Life segment	$	(24,327	)	$	(1,653	)

24

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, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2008			December 31, 2007
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning common shareholders’ equity( 1) calculated with net income (loss) available to common shareholders		14.4	%		9.1	%		(16.9	)%		(3.6	)%		12.7	%		0.3	%		20.9	%
Less:
Annualized net realized and unrealized investment (losses) gains, net of tax, on beginning common shareholders’ equity(1) (2)		(8.1	)		3.9			(29.6	)		(23.0	)		1.0			(11.9	)		(1.7	)
Annualized net realized gain on purchase of capital efficient notes, net of tax, on beginning common shareholders’ equity(1)		6.2			—			—			—			—			—			—
Interest in (losses) earnings of equity investments, net of tax, on beginning common shareholders’ equity (1)		(0.6	)		(0.5	)		(0.1	)		0.1			0.1			(0.1	)		(2.6	)
Annualized operating return on beginning common shareholders’ equity(1)		16.9	%		5.7	%		12.8	%		19.3	%		11.6	%		12.3	%		25.2	%
Net income (loss)	$	141,521		$	95,290		$	(151,719	)	$	(26,024	)	$	129,020		$	46,567		$	717,812
Less:
Net realized and unrealized investment (losses) gains, net of tax(2)		(74,478	)		37,637			(281,129	)		(219,063	)		8,936			(453,621	)		(56,288	)
Net realized gain on purchase of capital efficient notes, net of tax		56,955			—			—			—			—			—			—
Interest in (losses) earnings of equity investments, net of tax		(5,329	)		(4,909	)		(552	)		578			1,242			(3,641	)		(82,867	)
Dividends to preferred shareholders		8,631			8,631			8,631			8,631			8,631			34,525			34,525
Operating earnings available to common shareholders	$	155,742		$	53,931		$	121,331		$	183,830		$	110,211		$	469,304		$	822,442
Per diluted share:
Net income (loss)	$	2.32		$	1.53		$	(3.01	)	$	(0.64	)	$	2.16		$	0.22		$	11.87
Less:
Net realized and unrealized investment (losses) gains, net of tax(2)		(1.30	)		0.67			(5.27	)		(4.04	)		0.16			(8.15	)		(0.98	)
Net realized gain on purchase of capital efficient notes, net of tax		0.99			—			—			—			—			—			—
Interest in (losses) earnings of equity investments, net of tax		(0.09	)		(0.09	)		(0.01	)		0.01			0.02			(0.06	)		(1.44	)
Operating earnings	$	2.72		$	0.95		$	2.27		$	3.39		$	1.98		$	8.43		$	14.29

(1) Excluding cumulative preferred shares: 2009, 2008 and 2007, $520,000.

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

25

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

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

(Unaudited)

	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31,     2008		December 31, 2007		December 31, 2006
Reconciliation of GAAP and non-GAAP measures:
Shareholders’ equity	$	4,282,067		$	4,199,108		$	4,084,686		$	4,409,242		$	4,472,604	$	4,321,557	$	3,785,847
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		3,762,067			3,679,108			3,564,686			3,889,242			3,952,604		3,801,557		3,265,847
Less:
Net unrealized (losses) gains on fixed income securities, net of tax		(110,311	)		(35,263	)		(174,349	)		(96,837	)		139,920		71,958		(18,694	)
Book value excluding net unrealized gains or losses on fixed income securities, net of tax	$	3,872,378		$	3,714,371		$	3,739,035		$	3,986,079		$	3,812,684	$	3,729,599	$	3,284,541
Divided by:
Number of common and common share equivalents outstanding		57,388.2			57,533.9			54,519.3			55,388.3			55,725.7		55,936.4		58,248.8
Equals:
Diluted book value per common and common share equivalents outstanding excluding net unrealized gains or losses on fixed income securities, net of tax	$	67.48		$	64.56		$	68.58		$	71.97		$	68.42	$	66.68	$	56.39

26

PartnerRe Ltd.

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

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

(Unaudited)

	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			December 31, 2006
Total shareholders’ equity	$	4,282,067		$	4,199,108		$	4,084,686		$	4,409,242		$	4,472,604		$	4,321,557		$	3,785,847
Less: preferred shares		(520,000	)		(520,000	)		(520,000	)		(520,000	)		(520,000	)		(520,000	)		(520,000	)
Common shareholders’ equity	$	3,762,067		$	3,679,108		$	3,564,686		$	3,889,242		$	3,952,604		$	3,801,557		$	3,265,847
Basic common shares outstanding		56,579.1			56,453.3			53,275.9			54,004.9			54,262.9			54,250.5			57,076.3
Basic book value per common share	$	66.49		$	65.17		$	66.91		$	72.02		$	72.84		$	70.07		$	57.22
Diluted book value per common share
Common shareholders’ equity	$	3,762,067		$	3,679,108		$	3,564,686		$	3,889,242		$	3,952,604		$	3,801,557		$	3,265,847
Basic common shares outstanding		56,579.1			56,453.3			53,275.9			54,004.9			54,262.9			54,250.5			57,076.3
Add: Stock options and other		2,308.4			2,365.8			2,419.8			2,820.1			3,002.5			3,018.5			3,339.2
Add: Restricted stock units		741.7			751.0			751.5			748.9			690.5			680.6			397.6
Add: Forward sale contract		—			—			—			—			—			115.4			—
Less: Stock options and other bought back via treasury stock method		(2,241.0	)		(2,036.2	)		(1,927.9	)		(2,185.6	)		(2,230.2	)		(2,128.6	)		(2,564.3	)
Diluted common and common share equivalents outstanding		57,388.2			57,533.9			54,519.3			55,388.3			55,725.7			55,936.4			58,248.8
Diluted book value per common share	$	65.55		$	63.95		$	65.38		$	70.22		$	70.93		$	67.96		$	56.07

(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, if any, are also added to determine the diluted common and common share equivalents outstanding.

27

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 March 31, 2009
	Common shareholders’ equity			Diluted book value per common share
Common shareholders’ equity / diluted book value per common share at beginning of period	$	3,679		$	63.95
Technical result		147			2.56
Other operating expenses		(84	)		(1.47	)
Net investment income		133			2.32
Other, net		(6	)		(0.10	)
Operating income tax expense		(25	)		(0.44	)
Preferred dividends		(9	)		(0.15	)
Operating earnings		156			2.72
Net realized and unrealized investment losses, net of tax		(75	)		(1.30	)
Net realized gain on purchase of capital efficient notes, net of tax		57			0.99
Interest in losses of equity investments, net of tax		(5	)		(0.09	)
Net income available to common shareholders		133			2.32
Common share dividends		(27	)		(0.47	)
Change in currency translation adjustment		(31	)		(0.54	)
Issuance of common shares, net		6			(0.04	)
Other, net		2			0.04
Impact of change in number of common and common share equivalents outstanding		n/a			0.29
Common shareholders’ equity / diluted book value per common share at end of period	$	3,762		$	65.55

28

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 December 31, 2008						As of and for the year ended December 31, 2007
	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	$	3,802		$	67.96		$	3,266		$	56.07
Technical result		420			7.55			845			14.69
Other operating expenses		(365	)		(6.56	)		(327	)		(5.69	)
Net investment income		573			10.30			523			9.09
Other, net		(35	)		(0.63	)		(86	)		(1.50	)
Operating income tax expense		(89	)		(1.61	)		(98	)		(1.70	)
Preferred dividends		(35	)		(0.62	)		(35	)		(0.60	)
Operating earnings		469			8.43			822			14.29
Net realized investment losses, net of tax(1)		(453	)		(8.15	)		(56	)		(0.98	)
Interest in losses of equity investments, net of tax		(4	)		(0.06	)		(83	)		(1.44	)
Net income available to common shareholders		12			0.22			683			11.87
Common share dividends		(100	)		(1.84	)		(96	)		(1.72	)
Change in currency translation adjustment		(163	)		(2.93	)		129			2.24
Change in net unrealized gains or losses on investments, net of tax		15			0.27			38			0.66
Issuance (repurchase) of common shares, net		126			(0.42	)		(213	)		(0.98	)
Other, net		(13	)		(0.23	)		(5	)		(0.08	)
Impact of change in number of common and common share equivalents outstanding		n/a			0.92			n/a			(0.10	)
Common shareholders’ equity / diluted book value per common share at end of period	$	3,679		$	63.95		$	3,802		$	67.96

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

29