Second Quarter Operating Earnings per share of $0.98; Net Income per share of $1.69

Second Quarter Annualized Operating ROE of 4.2%; Annualized Net Income ROE of 7.2%

Half Year Operating Loss per share of $9.86; Net Loss per share of $10.32

Half Year Annualized Operating ROE of (21.0)%; Annualized Net Income/(Loss) ROE of (22.0)%

Book Value of $83.71 per share, down 11% year-to-date, and 2% year over year

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

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For the second quarter, net premiums written were down 5%, or 10% on a constant foreign exchange basis, to $1.1 billion primarily related to the effect of the Company’s decision to cancel and non-renew business in order to reposition its portfolios following the integration of PARIS RE, and also reflects a continued competitive pricing environment in certain markets. The decreases were partially offset by growth in net premiums written in the agriculture line of our North America Non-Life sub-segment and our Life segment. For the first six months of 2011, net premiums written were down 13% to $2.5 billion primarily for the same reasons described for the second quarter, while foreign exchange increased net premiums written by 1%.

For the second quarter, net premiums earned were flat at $1.1 billion primarily for the same reasons described for net premiums written, however, the impact was lower due to the earning of premiums related to business written in 2010. For the first six months of 2011, net premiums earned were down 4% to $2.2 billion primarily for the same reasons described for the second quarter.

For the second quarter, the Non-life combined ratio was 101.7% and included 13.2 points (or $119 million) related to second quarter catastrophe events, including the U.S. tornadoes in April and May 2011 and losses related to an aggregate contract covering events in Australia and New Zealand. The Non-Life combined ratio included 6.6 points (or $59 million) related to net adverse loss development on the catastrophic events that occurred during the first quarter of 2011, and 17.8 points (or $161 million) of net favorable loss development on prior accident years. For the first

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

six months of 2011, the Non-life combined ratio was 147.1% and included 67.6 points (or $1,204 million) related to the second quarter of 2011 catastrophic events and the Japan earthquake and resulting tsunami, New Zealand earthquake, Australian floods and losses related to aggregate contracts covering events in Australia and New Zealand during the first quarter of 2011 (together “the 2011 catastrophic events”) and included 17.0 points (or $303 million) of net favorable loss development on prior accident years.

For the second quarter, the Company’s losses related to the 2011 catastrophic events are estimated to be $181 million pre-tax, net of reinstatements, reinsurance and commission adjustments, and include $178 million in our Non-Life segment and $3 million in our Corporate and Other segment. For the first six months of 2011, our total direct losses related to the 2011 catastrophic events are estimated to be $1,259 million pre-tax, net of reinstatements, reinsurance and commission adjustments, and include $1,204 million in our Non-life segment, $4 million in our Life segment and $51 million in our Corporate and Other segment primarily related to insurance-linked securities.

For the second quarter, net investment income was down 9% to $158 million primarily due to lower reinvestment rates and was partially offset by the positive impact of foreign exchange of 2%. For the first six months of 2011, net investment income was down 11% to $310 million primarily due to lower reinvestment rates.

For the second quarter, pre-tax net realized and unrealized investment gains were $78 million primarily related to decreases in risk-free interest rates. For the first six months of 2011, pre-tax net realized and unrealized investment losses were $34 million primarily related to increases in risk-free interest rates.

For the second quarter, the effective tax rate on operating earnings and non-operating earnings was 14% and 44%, respectively. For the first six months of 2011, the effective tax rate on operating losses and non-operating losses was (3)% and (26)%, respectively.

Total investments, cash and funds held – directly managed at June 30, 2011 were up 4% at $18.9 billion from December 31, 2010.

Net Non-life loss and loss expense reserves were up 13% to $11.6 billion at June 30, 2011 when compared to December 31, 2010, primarily due to the impact of the 2011 catastrophic events.

Net policy benefits for life and annuity contracts were down 1% to $1.7 billion when compared to December 31, 2010.

Total capital was $7.4 billion at June 30, 2011, down 7% from $8.0 billion at December 31, 2010. The decrease was primarily due to the comprehensive loss of

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

$641 million for the first six months of 2011, which was driven by the net loss of $683 million and partially offset by an increase of $44 million in the currency translation account, and also reflects the issuance of $374 million 7.25% Series E Cumulative Redeemable Preferred Shares in June 2011, and share repurchases and dividends paid in 2011.

Total shareholders’ equity was $6.6 billion at June 30, 2011 compared to $7.2 billion at December 31, 2010. The decrease was primarily driven by the factors described above under total capital.

Book value per common share at June 30, 2011 was $83.71 on a fully diluted basis compared to $93.77 per diluted share at December 31, 2010.

All Non-life sub-segments, except for the North America sub-segment, reported a reduction in net premiums written compared to the second quarter and first six months of 2010 primarily related to the effect of the Company’s decision to cancel and non-renew business in order to reposition portfolios following the integration of PARIS RE, including a reduction in the exposure and limits of the Catastrophe sub-segment, and also reflects a continued competitive pricing environment in certain markets.

For the second quarter, the North America sub-segment’s net premiums written were up 17% primarily due to an increased level of bound agricultural premiums for the 2011 underwriting year compared to a downward agricultural premium adjustment recorded in the second quarter of 2010. This sub-segment reported a technical ratio of 96.9%, which included $55 million, or 20.9 points of net favorable prior year loss development and $34 million, or 12.9 points of losses related to the 2011 catastrophic events. For the first six months of 2011, the North America sub-segment’s net premiums written were up 3% primarily due to the same factor describing the second quarter. This sub-segment reported a technical ratio of 94.8%, which included $95 million, or 18.1 points of net favorable prior year loss development and $47 million, or 9.0 points of losses related to the 2011 catastrophic events.

For the second quarter, the Global (Non-U.S.) P&C sub-segment’s net premiums written were down 35% due to cancellations and non-renewals in all lines of this sub-segment, driven by decreases in pricing and a reduction in catastrophe exposed business. This sub-segment reported a technical ratio of 93.5%, which included $22 million, or 11.5 points of net favorable prior year loss development. For the first six months of 2011, the Global (Non-U.S.) P&C sub-segment’s net premiums written

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

were down 30%, due to the same reasons describing the second quarter. This sub-segment was less affected by catastrophe losses for the first six months of 2011 compared to the same period last year and reported a technical ratio of 99%, which included $52 million, or 14.0 points attributable to the 2011 catastrophic events and $54 million, or 14.6 points of net favorable prior year loss development.

For the second quarter, the Global (Non-U.S.) Specialty sub-segment’s net premiums written were down 6%, or 11% on a constant exchange basis, primarily due to pricing and the repositioning of the Company’s portfolio following the Paris Re acquisition, with most lines contributing to the decrease. This sub-segment’s technical ratio of 83.2% included $10 million, or 3.0 points of losses related to the 2011 catastrophic events and $58 million, or 16.9 points of net favorable prior year loss development. For the first six months of 2011, the Global (Non-U.S.) Specialty sub-segment’s net premiums written were down 20%, due to the same reasons described for the second quarter and additionally due to the decrease in specialty casualty renewals written at January 1, 2011. This sub-segment’s technical ratio of 88.9% included $43 million, or 6.5 points of losses related to the 2011 catastrophic events and $93 million, or 14.0 points of net favorable prior year loss development.

For the second quarter, the Catastrophe sub-segment’s net premiums written were down 16% due in part to the Company reducing certain catastrophe limits and exposures as part of its portfolio rebalancing following the integration of PARIS RE, as well as timing difference resulting from a delay in the renewal of several Japanese treaties following the Japan earthquake and tsunami. This sub-segment’s technical ratio of 119.8% included $128 million, or 136.2 points of losses related to the 2011 catastrophic events and $26 million, or 24.1 points of net favorable prior year loss development. For the first six months of 2011, the Catastrophe sub-segment’s net premiums written were down 18% due to the reduction of certain catastrophe limits and exposures as described for the second quarter. This sub-segment reported a technical loss for the first six months of 2011, which included $1,062 million, or 467.8 points of losses related to the 2011 catastrophic events and $61 million, or 26.4 points of net favorable prior year loss development.

For the second quarter, the Life segment’s net premiums written increased by 17% primarily due to growth in the longevity business compared to the same period in 2010. This segment’s technical result was $9 million and reflected net adverse loss development of $2 million. For the first six months of 2011, the Life segment’s net premiums written increased by 15% due to growth in the longevity and mortality business compared to the same period in 2010. This segment’s technical result was $18 million and reflected net favorable loss development of $1 million.

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

The Life allocated underwriting result, which includes the technical result, allocated investment income and operating expenses, was $12 million for the second quarter of 2011, compared to a loss of $13 million in the same period in 2010 which was primarily due to a charge of $20 million recorded in the second quarter of 2010 related to an impaired life annuity treaty. The Life allocated underwriting result was $24 million for the first six months of 2011, compared to a break even result in the same period in 2010 which was primarily for the same reason describing the second quarter.

For the second quarter, investment and capital markets activities contributed $215 million to pre-tax net income, excluding Life investment income. Of this amount, $138 million was included in pre-tax operating earnings and an additional $77 million in net realized and unrealized gains on investments and losses from equity investee companies in pre-tax net income. For the first six months of 2011, investment and capital markets activities contributed $236 million of pre-tax income to the overall pre-tax net loss, excluding Life investment income. Of this amount, $270 million of pre-tax income was included in pre-tax operating loss and an additional $34 million in net realized and unrealized losses on investments and losses from equity investee companies in pre-tax net loss.

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

PartnerRe Ltd.

(441) 292-0888

Investor Contact: Robin Sidders

Media Contact: Celia Powell

Sard Verbinnen & Co.

(212) 687-8080

Drew Brown/Briana Kelly

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

For the three
months ended
June 30,

2011

For the three
months ended
June 30,

2010

For the six
months ended
June 30,

2011

For the six
months ended
June 30,

2010

Revenues

Gross premiums written

Net premiums written

Decrease (increase) in unearned premiums

Net premiums earned

Net investment income

Net realized and unrealized investment gains (losses)

Other income

Total revenues

Expenses

Losses and loss expenses and life policy benefits

Acquisition costs

Other operating expenses

Interest expense

Amortization of intangible assets

Net foreign exchange gains

Total expenses

Income (loss) before taxes and interest in (losses) earnings of equity investments

Income tax expense

Interest in (losses) earnings of equity investments

Net income (loss)

Preferred dividends

Operating earnings (loss) available to common shareholders

Comprehensive income (loss), net of tax

Per share data:

Earnings (loss) per common share:

Basic operating earnings (loss)

Net realized and unrealized investment gains (losses), net of tax

Net foreign exchange gains, net of tax

Interest in (losses) earnings of equity investments, net of tax

Basic net income (loss)

Weighted average number of common shares outstanding

Diluted operating earnings (loss)

Net realized and unrealized investment gains (losses), net of tax

Net foreign exchange gains, net of tax

Interest in (losses) earnings of equity investments, net of tax

Diluted net income (loss)

Weighted average number of common shares and common share equivalents outstanding

Dividends declared per common share

June 30,

2011

Assets

Investments:

Fixed maturities, trading securities, at fair value

Short-term investments, trading securities, at fair value

Equities, trading securities, at fair value

Other invested assets

Total investments

Funds held – directly managed

Cash and cash equivalents, at fair value, which approximates amortized cost

Accrued investment income

Reinsurance balances receivable

Reinsurance recoverable on paid and unpaid losses

Funds held by reinsured companies

Deferred acquisition costs

Deposit assets

Net tax assets

Goodwill

Intangible assets

Other assets

Total assets

Liabilities

Unpaid losses and loss expenses

Policy benefits for life and annuity contracts

Unearned premiums

Other reinsurance balances payable

Deposit liabilities

Net tax liabilities

Accounts payable, accrued expenses and other

Debt related to senior notes

Debt related to capital efficient notes

Total liabilities

Shareholders’ Equity

Common shares (par value $1.00; issued: 2011, 84,569,310 shares; 2010, 84,033,089 shares)

Preferred shares (par value $1.00; issued and outstanding: 2011, 35,750,000 shares;
2010, 20,800,000 shares; aggregate liquidation value: 2011, $893,750; 2010, $520,000)

Additional paid-in capital

Accumulated other comprehensive income:

Currency translation adjustment

Other accumulated comprehensive loss

Retained earnings

Common shares held in treasury, at cost (2011, 16,831,534 shares; 2010, 14,046,895 shares)

Total shareholders’ equity

Total liabilities and shareholders’ equity

Shareholders’ Equity Per Common Share (excluding preferred shares:
2011, $893,750; 2010, $520,000)

Diluted Book Value Per Common and Common Share Equivalents Outstanding
(assuming exercise of all share-based awards)

Number of Common and Common Share Equivalents Outstanding

Gross premiums written

Net premiums written

Decrease (increase) in unearned premiums

Net premiums earned

Losses and loss expenses and life policy benefits

Acquisition costs

Technical result

Other income

Other operating expenses

Underwriting result

Net investment income

Allocated underwriting result ⁽¹⁾

Net realized and unrealized investment gains

Interest expense

Amortization of intangible assets

Net foreign exchange gains

Income tax expense

Interest in losses of equity investments

Net income

Loss ratio ⁽²⁾

Acquisition ratio ⁽³⁾

Technical ratio ⁽⁴⁾

Other operating expense ratio ⁽⁵⁾

Combined ratio ⁽⁶⁾

Gross premiums written

Net premiums written

Decrease (increase) in unearned premiums

Net premiums earned

Losses and loss expenses and life policy benefits

Acquisition costs

Technical result

Other income (loss)

Other operating expenses

Underwriting result

Net investment income

Allocated underwriting result ⁽¹⁾

Net realized and unrealized investment gains

Interest expense

Amortization of intangible assets

Net foreign exchange gains

Income tax expense

Interest in earnings of equity investments

Net income

Loss ratio ⁽²⁾