PartnerRe Ltd. Reports Fourth Quarter and Full Year 2012 Results

  PartnerRe Ltd. Reports Fourth Quarter and Full Year 2012 Results

  *Fourth Quarter Operating Earnings per share of $1.55; Net Income per share
    of $1.56
  *Fourth Quarter Annualized Operating ROE of 7.3%; Annualized Net Income ROE
    of 7.4%
  *Full Year Operating Earnings per share of $10.43; Net Income per share of
    $16.87
  *Full Year Annualized Operating ROE of 12.3%; Annualized Net Income ROE of
    19.9%
  *Book Value of $100.84 per share, up 1.3% for the quarter and up 18.9%
    year-to-date

Business Wire

PEMBROKE, Bermuda -- February 6, 2013

PartnerRe Ltd. (NYSE: PRE) today reported net income of $111.5 million, or
$1.56 per share for the fourth quarter of 2012. This net income includes net
after-tax realized and unrealized losses on investments of $7.4 million, or
$0.12 per share. Net loss for the fourth quarter of 2011 was $17.6 million, or
$0.49 per share, including net after-tax realized and unrealized gains on
investments of $56.4 million, or $0.85 per share. The Company recorded
operating earnings of $95.7 million, or $1.55 per share, for the fourth
quarter of 2012. This compares to an operating loss of $137.7 million, or
$2.06 per share, for the fourth quarter of 2011.

Net income for the full year 2012 was $1,134.5 million, or $16.87 per share.
This net income includes net after-tax realized and unrealized gains on
investments of $392.0 million, or $6.17 per share. Net loss for the full year
2011 was $520.3 million, or $8.40 per share, including net after-tax realized
and unrealized gains on investments of $15.1 million, or $0.23 per share.
Operating earnings for the full year 2012 were $663.8 million, or $10.43 per
share. This compares to an operating loss of $641.6 million, or $9.50 per
share, for the full year 2011.

Operating earnings or loss excludes net after-tax realized and unrealized
investment gains and losses, net after-tax foreign exchange gains and losses,
and certain net after-tax interest in results of equity investments, and is
calculated after the payment of preferred dividends. All references to per
share amounts in the text of this press release are on a fully diluted basis.

Commenting on results for the fourth quarter and full year 2012, PartnerRe
President & Chief Executive Officer Costas Miranthis said, “We had a good
fourth quarter, culminating in an excellent result for 2012. Despite the
impact of Superstorm Sandy during the fourth quarter and the U.S. drought
earlier in the year, we generated in excess of $660 million of operating
income during the year, with a combined ratio of 87.8%, reflecting excellent
underwriting results. Our investment portfolio did well, and we recorded
significant gains during the year. This, together with our strong operating
performance, resulted in book value per share growth of close to 19% for
2012.”

Mr. Miranthis added, “As we announced last week, we had a successful January 1
renewal, with growth of 12% on a constant FX basis. The primary markets are
broadly improving while reinsurance markets remain stable. In this
environment, and given our strong global franchise, long-term relationships,
and technical capabilities, we continued to find opportunities to broaden our
portfolio.”

Highlights for the fourth quarter and full year 2012 compared to the same
periods in 2011 include:

Results of operations:

  *For the fourth quarter, net premiums written of $920 million were up 5%,
    or up 7% on a constant foreign exchange basis, primarily related to
    positive prior year premium adjustments and new business in the North
    America sub-segment. This increase was partially offset by lower premiums
    reported in the Global (Non-U.S.) Specialty and the Global (Non-U.S.) P&C
    sub-segments. For the full year 2012, net premiums written were up 2%, or
    up 4% on a constant foreign exchange basis. The increase was driven by all
    Non-life sub-segments, except the Catastrophe sub-segment, and the Life
    segment primarily due to new business. These increases were partially
    offset by lower premiums in the Catastrophe sub-segment following the
    rebalancing of the portfolio during 2011 and early 2012.
  *For the fourth quarter, net premiums earned of $1.2 billion were down 1%,
    or up 1% on a constant foreign exchange basis. Net premiums earned
    increased primarily in the North America sub-segment and the Life segment
    due to the same reasons discussed above for net premiums written. These
    increases were partially offset by decreases in the Catastrophe
    sub-segment due to the reduced level of net premiums written. For the full
    year 2012, net premiums earned were down 3%, or 1% on a constant foreign
    exchange basis, primarily due to the impact of cancelled and non-renewed
    business in prior periods in the Catastrophe and Global (Non-U.S.) P&C
    sub-segments. These decreases were partially offset by new business in the
    North America sub-segment.
  *For the fourth quarter, the Non-life combined ratio was 95.3% and included
    23.7 points (or $225 million) of losses, net of retrocession and
    reinstatement premiums, related to Superstorm Sandy and 16.7 points (or
    $161 million) of net favorable loss development on prior accident years.
    For the full year 2012, the Non-life combined ratio was 87.8% and included
    8.6 points (or $316 million) of losses, net of retrocession and
    reinstatement premiums, related to Superstorm Sandy and the U.S. drought
    and 17.0 points (or $628 million) of net favorable loss development on
    prior accident years. All Non-life sub-segments experienced net favorable
    development on prior accident years during the fourth quarter and full
    year 2012, with the Global (Non-U.S.) Specialty and North America
    sub-segments contributing the most significantly.
  *For the fourth quarter and full year 2012, net investment income of $136
    million and $571 million, respectively, were down 12% and 8%,
    respectively, on a constant foreign exchange basis. The decreases in net
    investment income primarily reflected lower reinvestment rates.
  *For the fourth quarter and full year 2012, pre-tax net realized and
    unrealized investment gains were $5 million and $494 million,
    respectively.
  *For the fourth quarter, the effective tax rate on operating earnings and
    non-operating earnings was 16% and 79%, respectively. For the full year
    2012, the effective tax rate on operating earnings and non-operating
    earnings was 13% and 19%, respectively.

Balance sheet and capitalization:

  *Total investments, cash and funds held – directly managed were $18.0
    billion at December 31, 2012, up 1% compared to December 31, 2011.
  *Net Non-life loss and loss expense reserves were $10.4 billion at December
    31, 2012, down 5% compared to December 31, 2011 primarily due to loss
    payments associated with the 2011 catastrophe events.
  *Net policy benefits for life and annuity contracts were $1.8 billion at
    December 31, 2012, up 10% when compared to December 31, 2011 primarily due
    to the impact of the weaker U.S. dollar.
  *Total capital was $7.7 billion at December 31, 2012, up 6% from $7.3
    billion at December 31, 2011. The increase was primarily driven by net
    income for the full year 2012, partially offset by share repurchases and
    common and preferred dividend payments.
  *During the fourth quarter of 2012, the Company repurchased approximately
    2.7 million common shares at a total cost of approximately $218 million.
    Since January 1, 2013, the Company has repurchased approximately 440
    thousand common shares at a total cost of approximately $37 million. At
    February 5, 2013, approximately 2.7 million common shares remained under
    the current repurchase authorization.
  *Total shareholders’ equity was $6.9 billion at December 31, 2012, up 7%
    compared to $6.5 billion at December 31, 2011. The increase was driven by
    the factors described for total capital.
  *Book value per common share was $100.84 on a fully diluted basis at
    December 31, 2012, up 19% compared to $84.82 per diluted share at December
    31, 2011. The increase was driven by the factors described for total
    capital and the accretive impact of share repurchases.

Segment and sub-segment highlights for the fourth quarter and full year 2012
compared to the same periods in 2011 include:

Non-life:

  *For the fourth quarter, the Non-life segment reported an increase of 6%,
    on a constant foreign exchange basis, in net premiums written compared to
    the fourth quarter of 2011. This increase was driven by the North America
    and Catastrophe sub-segments and was partially offset by decreases in net
    premiums written in the Global (Non-U.S.) Specialty and Global (Non-U.S.)
    P&C sub-segments. For the full year 2012, the Non-life segment reported an
    increase of 4%, on a constant foreign exchange basis, compared to 2011.
    The increase was driven by all Non-life sub-segments, except for the
    Catastrophe sub-segment.
  *For the fourth quarter, the North America sub-segment’s net premiums
    written were up 26% primarily due to positive prior period premium
    adjustments in the agriculture and casualty lines and new business in the
    casualty line. This sub-segment reported a technical ratio of 102.4%,
    which included 23.0 points (or $72 million) of losses related to
    Superstorm Sandy and the U.S. drought, which were partially offset by 16.4
    points (or $52 million) of net favorable prior year loss development. For
    the full year 2012, the North America sub-segment’s net premiums written
    were up 11% primarily due to the casualty line, for the same reasons
    discussed in the fourth quarter, and new business in the property line.
    These increases were partially offset by the non-renewal in prior periods
    of certain motor treaties. This sub-segment reported a technical ratio of
    94.1%, which included 18.6 points (or $218 million) of net favorable prior
    year loss development which was partially offset by 13.4 points (or $157
    million) of losses related to Superstorm Sandy and the U.S. drought.
  *For the fourth quarter, the Global (Non-U.S.) P&C sub-segment’s net
    premiums written were down 13%, or 10% on a constant foreign exchange
    basis, due to the impact of cancellations and downward prior period
    premium adjustments in the property line of business. This sub-segment
    reported a technical ratio of 74.1%, which included 21.9 points (or $40
    million) of net favorable prior year loss development. For the full year
    2012, the Global (Non-U.S.) P&C sub-segment’s net premiums written were
    flat, or up 4% on a constant foreign exchange basis. The increase was
    primarily due to new business written in the motor line of business, which
    was partially offset by cancellations in the property line of business.
    This sub-segment reported a technical ratio of 85.9%, which included 16.9
    points (or $114 million) of net favorable prior year loss development.
  *For the fourth quarter, the Global (Non-U.S.) Specialty sub-segment’s net
    premiums written were down 6%, or 4% on a constant foreign exchange basis,
    primarily due to lower premium estimates in the marine line and downward
    prior period premium adjustments in the engineering line. This sub-segment
    reported a technical ratio of 97.8%, which included 25.4 points (or $86
    million) of losses, net of retrocession and reinstatement premiums,
    related to Superstorm Sandy, which was partially offset by 13.6 points (or
    $46 million) of net favorable prior year loss development. For the full
    year 2012, the Global (Non-U.S.) Specialty sub-segment’s net premiums
    written were up 5%, or 8% on a constant foreign exchange basis. The
    increase was primarily due to new business in the marine and specialty
    property lines of business, partially offset by non-renewals in the energy
    line. This sub-segment reported a technical ratio of 83.2%, which included
    18.2 points (or $251 million) of net favorable prior year loss
    development, which was partially offset by 6.3 points (or $86 million) of
    losses, net of retrocession and reinstatement premiums, related to
    Superstorm Sandy.
  *For the fourth quarter, which is traditionally a quiet catastrophe renewal
    period, the Catastrophe sub-segment’s net premiums written were up $5
    million, on a constant foreign exchange basis, to $25 million. This
    sub-segment reported a technical ratio of 45.4%, which included 66.9
    points (or $71 million) of losses, net of retrocession and reinstatement
    premiums, related to Superstorm Sandy which was partially offset by 18.5
    points (or $23 million) of net favorable prior year loss development. For
    the full year 2012, the Catastrophe sub-segment’s net premiums written
    were down 19% primarily due to the non-renewal of certain business during
    2011 and early 2012 and a reduction in reinstatement premiums, which were
    partially offset by new business. This sub-segment reported a technical
    ratio of 31.7%, which included 17.6 points (or $71 million) of losses, net
    of retrocession and reinstatement premiums, related to Superstorm Sandy
    which was partially offset by 9.8 points (or $45 million) of net favorable
    prior year loss development.

Life:

  *For the fourth quarter, the Life segment’s net premiums written were up
    4%, or 7% on a constant foreign exchange basis, primarily due to new
    business. For the full year 2012, the Life segment’s net premiums written
    were up 2%, or 6% on a constant foreign exchange basis, primarily due to
    new longevity business and partially offset by lower mortality premiums.
  *The Life allocated underwriting result, which includes allocated
    investment income and operating expenses, decreased to $5 million in the
    fourth quarter of 2012 compared to $6 million in the same period of 2011.
    The decrease was primarily due to a modest decline in allocated investment
    income. The Life allocated underwriting result increased to $48 million
    for the full year 2012, compared to $39 million in the same period of
    2011. The increase was primarily due to a higher level of favorable
    development related to the mortality portfolio and an increase in other
    income.

Corporate and Other:

  *For the fourth quarter, investment and capital markets activities
    contributed income of $126 million to pre-tax net income, excluding
    investment income allocated to the Life segment. Of this amount, income of
    $120 million was included in pre-tax operating earnings and an additional
    $6 million in net realized and unrealized gains on investments and
    earnings from equity investee companies was included in pre-tax
    non-operating income. For the full year 2012, investment and capital
    markets activities contributed income of $1,004 million to pre-tax net
    income, excluding investment income allocated to the Life segment. Of this
    amount, income of $500 million was included in pre-tax operating earnings
    and an additional $504 million in net realized and unrealized gains on
    investments and earnings from equity investee companies was included in
    pre-tax non-operating income.

Separately, as announced by the Company on February 4, 2013, the Board of
Directors increased the annual common share dividend by 3%, marking the
twentieth consecutive year that the Company has increased the common share
dividend since its inception in 1993. The Board declared a quarterly dividend
of $0.64 per common share. The dividend will be payable on March 1, 2013, to
common shareholders of record on February 19, 2013, with the stock trading
ex-dividend commencing February 14, 2013.

The Company has posted its fourth quarter 2012 financial supplement on its
website www.partnerre.com in the Investor Relations section on the Financial
Reports page under Supplementary Financial Data, which includes a
reconciliation of GAAP and non-GAAP measures.

The Company will hold a dial-in conference call and question and answer
session with investors at 10 a.m. Eastern tomorrow, February 7.  Investors and
analysts are encouraged to call in 15 minutes prior to the commencement of the
call. The conference call can be accessed by dialing 877-419-6591 or, from
outside the United States, by dialing 719-325-4784. The media are invited to
listen to the call live over the Internet on the Investor Relations section of
PartnerRe’s web site, www.partnerre.com. To listen to the webcast, please log
on to the broadcast at least five minutes prior to the start.

Net income/loss per share is defined as net income/loss available to common
shareholders divided by the weighted average number of fully diluted shares
outstanding for the period. Net income/loss available to common shareholders
is defined as net income/loss less preferred dividends. Operating
earnings/loss is defined as net income/loss available to common shareholders
excluding after-tax net realized and unrealized gains/losses on investments,
after-tax net foreign exchange gains/losses and certain after-tax interest in
earnings/losses of equity investments. Operating earnings/loss per share is
defined as operating earnings/loss divided by the weighted average number of
fully diluted shares outstanding for the period.

The Company uses operating earnings, diluted operating earnings per share and
annualized operating return on beginning diluted book value per common and
common share equivalents outstanding  to measure performance, as these
measures focus on the underlying fundamentals of our operations without the
impact of after-tax net realized and unrealized gains/losses on investments,
after-tax net foreign exchange gains/losses, and the after-tax interest in
certain earnings/losses of equity investments, where the investee’s operations
are not insurance or reinsurance related and where the Company does not
control the investee companies’ activities. The Company uses technical ratio
and technical result as measures of underwriting performance. The technical
ratio is defined as the sum of the loss and acquisition ratios. These metrics
exclude other operating expenses. The Company also uses combined ratio to
measure results for the Non-life segment. The combined ratio is the sum of the
technical and other operating expense ratios. The Company uses allocated
underwriting result as a measure of underwriting performance for its Life
operations. This metric 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. The Company uses total
capital, which is defined as total shareholders’ equity, long-term debt,
senior notes and CENts, to manage the capital structure of the Company.

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance
to insurance companies. The Company, through its wholly owned subsidiaries,
also offers capital markets products that include weather and credit
protection to financial, industrial and service companies. Risks reinsured
include property, casualty, motor, agriculture, aviation/space, catastrophe,
credit/surety, engineering, energy, marine, specialty property, specialty
casualty, multiline and other lines in its Non-life operations, mortality,
longevity and accident and health in its Life operations, and alternative risk
products. For the year ended December 31, 2012, total revenues were $5.6
billion. At December 31, 2012, total assets were $23.0 billion, total capital
was $7.7 billion and total shareholders’ equity was $6.9 billion.

PartnerRe on the Internet: www.partnerre.com

Forward-looking statements contained in this press release are based on the
Company’s assumptions and expectations concerning future events and financial
performance and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements are subject to
significant business, economic and competitive risks and uncertainties that
could cause actual results to differ materially from those reflected in the
forward-looking statements. PartnerRe’s forward-looking statements could be
affected by numerous foreseeable and unforeseeable events and developments
such as exposure to catastrophe, or other large property and casualty losses,
credit, interest, currency and other risks associated with the Company’s
investment portfolio, adequacy of reserves, levels and pricing of new and
renewal business achieved, changes in accounting policies, risks associated
with implementing business strategies, and other factors identified in the
Company’s filings with the Securities and Exchange Commission. In light of the
significant uncertainties inherent in the forward-looking information
contained herein, readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the dates on which they are
made. The Company disclaims any obligation to publicly update or revise any
forward-looking information or statements.

                                                                   
PartnerRe Ltd.
Consolidated Statements of Operations and Comprehensive Income (Loss)
(Expressed in thousands of U.S. dollars, except share and per share data)
(Unaudited)
                                                                              
                   For the three      For the three      For the year       For the year
                   months ended       months ended       ended              ended
                   December 31,       December 31,       December 31,       December 31,
                   2012               2011               2012               2011
                                                                              
Revenues
Gross premiums     $ 931,434        $ 897,962         $ 4,718,235       $ 4,633,054  
written
                                                                              
Net premiums       $ 920,288          $ 879,886          $ 4,572,860        $ 4,486,329
written
Decrease
(increase)          247,852         301,515         (86,921    )      161,425    
unearned
premiums
Net premiums         1,168,140          1,181,401          4,485,939          4,647,754
earned
Net investment       135,669            155,540            571,338            629,148
income
Net realized
and unrealized       5,113              74,553             493,409            66,692
investment
gains
Other income        3,777            3,072            11,920           7,915      
Total revenues      1,312,699        1,414,566        5,562,606        5,351,509  
                                                                              
Expenses
Losses and
loss expenses
and life             800,851            1,069,204          2,804,610          4,372,570
policy
benefits
Acquisition          245,520            238,772            936,909            938,361
costs
Other
operating            112,319            113,033            411,374            434,846
expenses
Interest             12,227             12,219             48,895             48,949
expense
Amortization
of                   5,120              8,893              31,799             36,405
intangible
assets
Net foreign
exchange            3,341            (14,655    )      175              (34,675    )
losses (gains)
Total expenses      1,179,378        1,427,466       4,233,762        5,796,456  
                                                                              
Income (loss)
before taxes
and interest
in earnings          133,321            (12,900    )       1,328,844          (444,947   )
(losses) of
equity
investments
Income tax           22,826             3,341              204,284            68,972
expense
Interest in
earnings
(losses) of         1,026            (1,402     )      9,954            (6,372     )
equity
investments
Net income         $ 111,521         $ (17,643    )     $ 1,134,514       $ (520,291   )
(loss)
                                                                              
Preferred          $ 15,405          $ 15,405          $ 61,622          $ 47,020     
dividends
                                                                              
Operating
earnings
(loss)             $ 95,671          $ (137,688   )     $ 663,791         $ (641,609   )
available to
common
shareholders
                                                                              
Comprehensive
income             $ 104,603         $ (22,420    )     $ 1,157,755       $ (536,991   )
(loss), net
of tax
                                                                              
Per share
data:
Earnings
(loss) per
common share:
Basic
operating          $ 1.58             $ (2.06      )     $ 10.55            $ (9.50      )
earnings
(loss)
Net realized
and unrealized
investment           (0.13      )       0.85               6.23               0.23
(losses)
gains, net of
tax
Net foreign
exchange             0.12               0.75               0.13               0.98
gains, net of
tax
Interest in
earnings
(losses) of          0.01             (0.03      )      0.14             (0.11      )
equity
investments,
net of tax
Basic net
income             $ 1.58            $ (0.49      )     $ 17.05           $ (8.40      )
(loss)
                                                                              
Weighted
average number
of common            60,643,216         66,877,136         62,915,992         67,558,732
shares
outstanding
                                                                              
Diluted
operating          $ 1.55             $ (2.06      )     $ 10.43            $ (9.50      )
earnings
(loss)
Net realized
and unrealized
investment           (0.12      )       0.85               6.17               0.23
(losses)
gains, net of
tax
Net foreign
exchange             0.12               0.75               0.13               0.98
gains, net of
tax
Interest in
earnings
(losses) of          0.01             (0.03      )      0.14             (0.11      )
equity
investments,
net of tax
Diluted net
income             $ 1.56            $ (0.49      )     $ 16.87           $ (8.40      )
(loss)
                                                                              
Weighted
average number
of common
shares and           61,627,207         66,877,136         63,615,748         67,558,732
common share
equivalents
outstanding
Dividends
declared per       $ 0.62             $ 0.60             $ 2.48             $ 2.35
common share
                                                                                         

                                                           
PartnerRe Ltd.
Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars, except per share and parenthetical
share and per share data)
(Unaudited)
                                                                  
                                             December 31,       December 31,
Assets                                       2012               2011
                                                                  
Investments:
Fixed maturities, trading securities,        $ 14,395,315       $ 13,941,829
at fair value
Short-term investments, trading                150,552            42,571
securities, at fair value
Equities, trading securities, at fair          1,094,002          944,691
value
Other invested assets                         333,361          358,154    
Total investments                              15,973,230         15,287,245
Funds held – directly managed                  930,741            1,268,010
Cash and cash equivalents, at fair             1,121,705          1,342,257
value, which approximates amortized cost
Accrued investment income                      184,315            189,074
Reinsurance balances receivable                1,991,991          2,059,976
Reinsurance recoverable on paid and            348,086            397,788
unpaid losses
Funds held by reinsured companies              805,489            796,290
Deferred acquisition costs                     568,391            547,202
Deposit assets                                 257,208            241,513
Net tax assets                                 25,098             66,574
Goodwill                                       456,380            455,533
Intangible assets                              214,270            133,867
Other assets                                  103,528          70,044     
Total assets                                 $ 22,980,432      $ 22,855,373 
                                                                  
Liabilities
Unpaid losses and loss expenses              $ 10,709,371       $ 11,273,091
Policy benefits for life and annuity           1,813,244          1,645,662
contracts
Unearned premiums                              1,534,625          1,448,841
Other reinsurance balances payable             238,578            443,873
Deposit liabilities                            252,217            249,382
Net tax liabilities                            387,647            297,153
Accounts payable, accrued expenses             290,265            208,840
and other
Debt related to senior notes                   750,000            750,000
Debt related to capital efficient             70,989           70,989     
notes
Total liabilities                             16,046,936       16,387,831 
                                                                  
Shareholders’ Equity
Common shares (par value $1.00; issued:
2012, 85,459,905 shares; 2011,                 85,460             84,767
84,766,693 shares)
Preferred shares (par value $1.00;
issued and outstanding: 2012 and 2011,
35,750,000 shares;
aggregate liquidation value: 2012 and          35,750             35,750
2011, $893,750)
Additional paid-in capital                     3,861,844          3,803,796
Accumulated other comprehensive
income (loss):
Currency translation adjustment                32,755             4,267
Other accumulated comprehensive loss           (22,158    )       (16,911    )
Retained earnings                              4,952,002          4,035,103
Common shares held in treasury, at cost
(2012, 26,550,530 shares; 2011,               (2,012,157 )      (1,479,230 )
19,444,365 shares)
Total shareholders’ equity                     6,933,496          6,467,542
                                                               
Total liabilities and shareholders’          $ 22,980,432      $ 22,855,373 
equity
                                                                  
Shareholders’ Equity Per Common Share
(excluding preferred shares:
2012 and 2011, $893,750)                     $ 102.53          $ 85.33      
                                                                  
Diluted Book Value Per Common Share and
Common Share Equivalents Outstanding
(assuming exercise of all share-based        $ 100.84          $ 84.82      
awards)
                                                                  
Number of Common Share and Common Share       59,893,366       65,715,708 
Equivalents Outstanding
                                                                             

                                                                                                       
PartnerRe Ltd.
Segment Information
(Expressed in millions of U.S. dollars)
(Unaudited)

For the three months ended December 31, 2012
                                                                                                                     
                              Global        Global                         Total
                 North        (Non-U.S.)    (Non-U.S.)                     Non-life     Life         Corporate
                 America     P&C           Specialty      Catastrophe     segment      segment      and Other     Total
                                                                                                                     
Gross
premiums         $ 297        $  85         $  327         $  24           $ 733        $ 198        $  —          $ 931
written
                                                                                                                     
Net premiums     $ 297        $  85         $  316         $  25           $ 723        $ 197        $  —          $ 920
written
Decrease in
unearned           16         98         23          101         238       8          2         248    
premiums
Net premiums     $ 313        $  183        $  339         $  126          $ 961        $ 205        $  2          $ 1,168
earned
Losses and
loss
expenses and
life policy        (248  )       (88   )       (252  )        (45    )       (633  )      (168 )        —            (801   )
benefits
Acquisition       (73   )     (47   )     (80   )      (12    )     (212  )    (33  )      —         (245   )
costs
Technical        $ (8    )    $  48         $  7           $  69           $ 116        $ 4          $  2          $ 122
result
                                                                                                                     
Other income                                                                 2            1             —            3
Other
operating                                                                   (70   )    (15  )      (27  )     (112   )
expenses
Underwriting                                                               $ 48         $ (10  )        n/a        $ 13
result
                                                                                                                     
Net
investment                                                                               15         121       136    
income
Allocated
underwriting                                                                            $ 5             n/a          n/a
result ^ (1)
                                                                                                                     
Net realized
and
unrealized                                                                                              5            5
investment
gains
Interest                                                                                                (12  )       (12    )
expense
Amortization
of                                                                                                      (5   )       (5     )
intangible
assets
Net foreign
exchange                                                                                                (3   )       (3     )
losses
Income tax                                                                                              (23  )       (23    )
expense
Interest in
earnings of                                                                                            1         1      
equity
investments
Net income                                                                                             n/a      $ 112    
                                                                                                                     
Loss ratio ^       79.2    %     48.5    %     74.3    %      35.6     %     65.9    %
(2)
Acquisition        23.2         25.6         23.5          9.8           22.0  
ratio ^ (3)
                                                                                                                     
Technical          102.4   %     74.1    %     97.8    %      45.4     %     87.9    %
ratio ^ (4)
Other
operating                                                                    7.4   
expense
ratio ^ (5)
                                                                                                                     
Combined                                                                     95.3   %
ratio ^ (6)
                                                                                                                     
For the three months ended December 31, 2011
                                                                                                                     
                              Global        Global                         Total
                 North        (Non-U.S.)    (Non-U.S.)                     Non-life     Life         Corporate
                 America      P&C           Specialty      Catastrophe     segment      segment      and Other     Total
                                                                                                                     
Gross
premiums         $ 235        $  97         $  354         $  19           $ 705        $ 193        $  —          $ 898
written
                                                                                                                     
Net premiums     $ 235        $  97         $  337         $  21           $ 690        $ 190        $  —          $ 880
written
Decrease in
unearned           50         95         19          121         285       13         3         301    
premiums
Net premiums     $ 285        $  192        $  356         $  142          $ 975        $ 203        $  3          $ 1,181
earned
Losses and
loss
expenses and
life policy        (184  )       (188  )       (276  )        (250   )       (898  )      (171 )        —            (1,069 )
benefits
Acquisition       (67   )     (45   )     (88   )      (11    )     (211  )    (28  )      —         (239   )
costs
Technical        $ 34         $  (41   )    $  (8    )     $  (119   )     $ (134  )    $ 4          $  3          $ (127   )
result
                                                                                                                     
Other income                                                                 2            1             —            3
Other
operating                                                                   (78   )    (15  )      (20  )     (113   )
expenses
Underwriting                                                               $ (210  )    $ (10  )        n/a        $ (237   )
result
                                                                                                                     
Net
investment                                                                               16         140       156    
income
Allocated
underwriting                                                                            $ 6             n/a          n/a
result ^ (1)
                                                                                                                     
Net realized
and
unrealized                                                                                              74           74
investment
gains
Interest                                                                                                (12  )       (12    )
expense
Amortization
of                                                                                                      (9   )       (9     )
intangible
assets
Net foreign
exchange                                                                                                15           15
gains
Income tax                                                                                              (3   )       (3     )
expense
Interest in
losses of                                                                                              (2   )     (2     )
equity
investments
Net loss                                                                                               n/a      $ (18    )
                                                                                                                     
Loss ratio ^       64.6    %     97.8    %     77.5    %      175.9    %     92.1    %
(2)
Acquisition        23.6         23.6         24.6          7.6           21.6  
ratio ^ (3)
                                                                                                                     
Technical          88.2    %     121.4   %     102.1   %      183.5    %     113.7   %
ratio ^ (4)
Other
operating                                                                    8.0   
expense
ratio ^ (5)
                                                                                                                     
Combined                                                                     121.7  %
ratio ^ (6)
                                                                                                                     

      Allocated underwriting result is defined as net premiums earned, other
(1)  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
(Expressed in millions of U.S. dollars)
(Unaudited)

For the year ended December 31, 2012
                                                                                                                     
                             Global         Global                         Total
                 North       (Non-U.S.)     (Non-U.S.)                     Non-life      Life        Corporate
                 America     P&C            Specialty      Catastrophe     segment       segment     and Other     Total
                                                                                                                     
Gross
premiums         $ 1,221     $   684        $   1,505      $  500          $ 3,910       $ 802       $  6          $ 4,718
written
                                                                                                                     
Net premiums     $ 1,219     $   681        $   1,415      $  453          $ 3,768       $ 799       $  6          $ 4,573
written
(Increase)
decrease in        (43)        (3)          (42)        4            (84)        (4)        1          (87)
unearned
premiums
Net premiums     $ 1,176     $   678        $   1,373      $  457          $ 3,684       $ 795       $  7          $ 4,486
earned
Losses and
loss
expenses and
life policy        (816)         (415)          (821)         (103)          (2,155)       (647)        (3)          (2,805)
benefits
Acquisition       (291)       (167)        (321)       (42)         (821)       (116)      —          (937)
costs
Technical        $ 69        $   96         $   231        $  312          $ 708         $ 32        $  4          $ 744
result
                                                                                                                     
Other income                                                                 5             4            3            12
Other
operating                                                                   (257)       (52)       (102)      (411)
expenses
Underwriting                                                               $ 456         $ (16)         n/a        $ 345
result
                                                                                                                     
Net
investment                                                                                64         507        571
income
Allocated
underwriting                                                                             $ 48           n/a          n/a
result ^ (1)
                                                                                                                     
Net realized
and
unrealized                                                                                              494          494
investment
gains
Interest                                                                                                (49)         (49)
expense
Amortization
of                                                                                                      (32)         (32)
intangible
assets
Net foreign
exchange                                                                                                —            —
losses
Income tax                                                                                              (204)        (204)
expense
Interest in
earnings of                                                                                            10         10
equity
investments
Net income                                                                                             n/a       $ 1,135
                                                                                                                     
Loss ratio ^       69.4  %       61.3   %       59.8   %      22.4     %     58.5    %
(2)
Acquisition        24.7          24.6           23.4          9.3            22.3
ratio ^ (3)
                                                                                                                     
Technical          94.1  %       85.9   %       83.2   %      31.7     %     80.8    %
ratio ^ (4)
Other
operating                                                                    7.0
expense
ratio ^ (5)
                                                                                                                     
Combined                                                                     87.8    %
ratio ^ (6)
                                                                                                                     
For the year ended December 31, 2011
                                                                                                                     
                             Global         Global                         Total
                 North       (Non-U.S.)     (Non-U.S.)                     Non-life      Life        Corporate
                 America    P&C           Specialty     Catastrophe   segment      segment    and Other   Total
                                                                                                                     
Gross
premiums         $ 1,104     $   682        $   1,446      $  599          $ 3,831       $ 790       $  12         $ 4,633
written
                                                                                                                     
Net premiums     $ 1,104     $   678        $   1,344      $  562          $ 3,688       $ 786       $  12         $ 4,486
written
Decrease in
unearned          31          81           32          12           156         6          —          162
premiums
Net premiums     $ 1,135     $   759        $   1,376      $  574          $ 3,844       $ 792       $  12         $ 4,648
earned
Losses and
loss
expenses and
life policy        (741)         (567)          (950)         (1,459)        (3,717)       (650)        (6)          (4,373)
benefits
Acquisition       (276)       (191)        (328)       (26)         (821)       (117)      —          (938)
costs
Technical        $ 118       $   1          $   98         $  (911)        $ (694)       $ 25        $  6          $ (663)
result
                                                                                                                     
Other income                                                                 4             1            3            8
Other
operating                                                                   (283)       (53)       (99)       (435)
expenses
Underwriting                                                               $ (973)       $ (27)         n/a        $ (1,090)
result
                                                                                                                     
Net
investment                                                                                66         563        629
income
Allocated
underwriting                                                                             $ 39           n/a          n/a
result ^ (1)
                                                                                                                     
Net realized
and
unrealized                                                                                              67           67
investment
gains
Interest                                                                                                (49)         (49)
expense
Amortization
of                                                                                                      (36)         (36)
intangible
assets
Net foreign
exchange                                                                                                34           34
gains
Income tax                                                                                              (69)         (69)
expense
Interest in
losses of                                                                                              (6)        (6)
equity
investments
Net loss                                                                                               n/a       $ (520)
                                                                                                                     
Loss ratio ^       65.3  %       74.7   %       69.1   %      254.2    %     96.7    %
(2)
Acquisition        24.3          25.1           23.8          4.5            21.3
ratio ^ (3)
                                                                                                                     
Technical          89.6  %       99.8   %       92.9   %      258.7    %     118.0   %
ratio ^ (4)
Other
operating                                                                    7.4
expense
ratio ^ (5)
                                                                                                                     
Combined                                                                     125.4   %
ratio ^ (6)

Contact:

PartnerRe Ltd.
Investors: Robin Sidders
Media: Celia Powell
441-292-0888
or
Sard Verbinnen & Co
Drew Brown/Daniel Goldstein
212-687-8080
 
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