Fourth Quarter Operating Loss per share of $2.06; Net Loss per share of $0.49

Fourth Quarter Annualized Operating ROE of (8.8)%; Annualized Net Income ROE of (2.1)%

Full Year Operating Loss per share of $9.50; Net Loss per share of $8.40

Full Year Operating ROE of (10.1)%; Net Income ROE of (9.0)%

Book Value of $84.82 per share, down 1% for the quarter, and down 10% for the full year

PartnerRe Ltd.

Wellesley House, 5^th Floor

90 Pitts Bay Road

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For the fourth quarter, net premiums written were up 7%, or 6% on a constant foreign exchange basis, to $880 million primarily related to new business, increased treaty participations, higher positive premium adjustments within the Global (Non-U.S.) Specialty sub-segment, and increased agricultural premiums within the North America sub-segment. These increases were partially offset by the effect of the Company’s decisions in prior quarters to cancel and non-renew business in order to reposition its portfolios, coupled with a continued competitive pricing environment in many markets and a decrease in premiums in our Life segment. For the full year 2011, net premiums written were down 5% to $4.5 billion driven primarily by the effect of the cancellations and non-renewals in the Global (Non-U.S.) P&C sub-segment. These decreases were partially offset by increases in the North America sub-segment and Life segment, and foreign exchange increased net premiums written by 2%.

For the fourth quarter, net premiums earned were down 2%, or 4% on a constant foreign exchange basis, to $1.2 billion primarily due to the impact of cancelled and non-renewed business in the Global (Non-U.S.) P&C and Catastrophe sub-segments, partially offset by increases in the Global (Non-U.S.) Specialty sub-segment and the North America sub-segment’s agriculture business. For the full year 2011, net premiums earned were down 3%, or 6% on a constant exchange basis, to $4.6 billion primarily due to the impact of cancelled and non-renewed business in the Global (Non-U.S) P&C, Catastrophe and Global (Non-U.S.) Specialty sub-segments, partially offset by growth in the North America sub-segment’s agriculture business and the Life segment.

For the fourth quarter, the Non-life combined ratio was 121.7%. The Non-life combined ratio included 12.4 points (or $120 million) of fourth quarter catastrophe losses related to the Thailand floods, 21.6 points (or $210 million) of net losses on prior quarter events and 5.3 points (or $52 million) of net favorable loss development on prior accident years. Favorable loss development on prior year reserves was lower than the level reported in previous quarters due to a higher frequency of mid-sized

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

losses reported this quarter. The net losses on prior quarter events were identified during claims audits conducted by the Company during the fourth quarter and related to the Japan earthquake and resulting tsunami (Japan earthquake), and the 2011 New Zealand earthquakes. Included in the net loss is $50 million gross ($48 million net) of additional catastrophe loss reserves, above the sum of the current point estimates, related to all of the 2011 catastrophic events, given the uncertainty surrounding these complex and volatile events. For the full year 2011, the Non-life combined ratio was 125.4% and included 45.3 points (or $1,733 million) related to the 2011 catastrophic events including the Japan earthquake, the 2011 New Zealand earthquakes, the Thailand floods, the April and May 2011 U.S. tornados, the Australian cyclone and flood events, losses related to an aggregate contract covering events in Australia and New Zealand and the additional catastrophe loss reserves described in the quarterly result (together “the 2011 catastrophic events”). The Non-life combined ratio also included 13.8 points (or $530 million) of net favorable loss development on prior accident years.

For the full year 2011, our total direct losses related to the 2011 catastrophic events, including the additional catastrophe loss estimates described above, are estimated to be $1,790 million pre-tax, net of reinstatements, reinsurance and commission adjustments, and include $1,733 million in our Non-life segment, $3 million in our Life segment and $54 million in our Corporate and Other segment primarily related to insurance-linked securities.

For the fourth quarter, net investment income was down 4% to $156 million primarily reflecting lower reinvestment rates, which was partially offset by the positive impact of foreign exchange of 1%. For the full year 2011, net investment income was down 6% to $629 million primarily due to lower reinvestment rates.

For the fourth quarter, pre-tax net realized and unrealized investment gains were $74 million and primarily related to gains on equity securities. For the full year 2011, pre-tax net realized and unrealized investment gains were $67 million primarily due to decreases in risk-free interest rates, partially offset by widening credit spreads.

For the fourth quarter, the effective tax rate on operating losses and non-operating earnings was (20)% and (19)%, respectively. For the full year 2011, the effective tax rate on operating losses and non-operating earnings was (9)% and 22%, respectively.

Total investments, cash and funds held – directly managed at December 31, 2011 were down 2% at $17.9 billion compared to December 31, 2010.

Net Non-life loss and loss expense reserves were up 6% to $10.9 billion at December 31, 2011 when compared to December 31, 2010 primarily due to the impact of the 2011 catastrophic events.

PartnerRe Ltd.

Wellesley House, 5^th Floor

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Pembroke, Bermuda HM 08

Telephone +1 441 292 0888

Fax +1 441 292 6080

www.partnerre.com

Net policy benefits for life and annuity contracts were down 6% to $1.6 billion when compared to December 31, 2010.

Total capital was $7.3 billion at December 31, 2011, down 9% from $8.0 billion at December 31, 2010. The decrease was due to the comprehensive loss of $537 million for the full year 2011, which was primarily driven by the net loss of $520 million, and share repurchases and dividends paid in 2011, partially offset by the issuance of $374 million 7.25% Series E Cumulative Redeemable Preferred Shares in June 2011.

During the fourth quarter of 2011, the Company repurchased approximately 2.6 million common shares at a total cost of approximately $170 million. For the full year 2011, the Company repurchased approximately 5.4 million common shares at a total cost of approximately $396 million. Approximately 5.3 million common shares now remain under the current repurchase authorization.

Total shareholders’ equity was $6.5 billion at December 31, 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 December 31, 2011 was $84.82 on a fully diluted basis compared to $93.77 per diluted share at December 31, 2010.

For the fourth quarter of 2011, all Non-life sub-segments, except for the Global (Non-U.S.) P&C sub-segment, reported an increase in net premiums written compared to the fourth quarter of 2010 due to new business, increased treaty participations, positive premium adjustments in certain lines of business, and reinstatement premiums. For the full year 2011, all sub-segments, with the exception of the North America sub-segment, reported a reduction in net premiums written compared to the full year 2010. The reductions in net premiums written are primarily related to the effect of the Company’s decision to cancel and non-renew business in order to reposition portfolios, including reducing the exposures and limits of its catastrophe-exposed business, and also reflects the continued competitive pricing environment in many markets.

For the fourth quarter, the North America sub-segment’s net premiums written were up 20% primarily due to an increased level of bound agricultural premiums for the 2011 underwriting year compared to the 2010 underwriting year. This sub-segment reported a technical ratio of 88.2%, which included 7.1 points (or $20 million) of net favorable prior year loss development. For the full year 2011, the North America sub-segment’s net premiums written were up 8% primarily due to the same factor

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

describing the fourth quarter. This sub-segment reported a technical ratio of 89.6%, which included 16.7 points (or $189 million) of net favorable prior year loss development and 4.4 points (or $50 million) of losses related to the 2011 catastrophic events.

For the fourth quarter, the Global (Non-U.S.) P&C sub-segment’s net premiums written were down 18%, or 20% on a constant foreign exchange basis, due to the effect of cancellations and non-renewals in prior quarters in all lines of this sub-segment, driven by decreases in pricing and a reduction in catastrophe exposed business. These decreases were partially offset by the impact of new business written. This sub-segment reported a technical ratio of 121.4%, which included 42.1 points (or $81 million) of losses related to the Thailand floods, 13.7 points (or $26 million) of net favorable prior year loss development and 3.7 points (or $7 million) of net adverse prior quarter loss development. For the full year 2011, the Global (Non-U.S.) P&C sub-segment’s net premiums written were down 24%, for the same reasons describing the fourth quarter. This sub-segment reported a technical ratio of 99.8%, which included 19.7 points (or $149 million) of losses related to the 2011 catastrophic events and 15.3 points (or $116 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 up 17%, or 16% on a constant foreign exchange basis, primarily due to new business, increased treaty participations within the credit/surety line of business and positive premium adjustments in certain other lines of business, which were partially offset by the effects of the repositioning of the Company’s portfolio. This sub-segment’s technical ratio of 102.1% included 7.5 points (or $26 million) of losses related to the Thailand floods, 1.8 points (or $7 million) of net favorable prior year loss development and 2.8 points (or $10 million) of favorable prior quarter loss development. For the full year 2011, the Global (Non-U.S.) Specialty sub-segment’s net premiums written were down 3%, due mainly to the Company’s decision to cancel and non-renew business. These declines in net premiums written were partially offset by the factors describing the increase in net premiums written during the fourth quarter of 2011. This sub-segment’s technical ratio of 92.9% included 9.4 points (or $129 million) of net favorable prior year loss development and 4.8 points (or $65 million) of losses related to the 2011 catastrophic events.

For the fourth quarter, the Catastrophe sub-segment’s net premiums written were up from $10 million in 2010 to $21 million in 2011 primarily related to additional reinstatement premiums associated with the increase in our Japan earthquake loss estimates. This sub-segment’s technical ratio of 183.5% included net losses on prior quarters events of 152.4 points (or $217 million) and 8.7 points (or $13 million) of losses related to the Thailand floods. The net losses on prior quarters’ events was primarily related to the increases in our Japan and New Zealand earthquakes 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

estimates and the additional catastrophe loss reserves described in the Non-life quarterly result. For the full year 2011, the Catastrophe sub-segment’s net premiums written were down 13%, or 15% on a constant foreign exchange basis, primarily due to the reduction of certain catastrophe limits and exposures as part of the portfolio rebalancing. This sub-segment’s technical ratio of 258.7% included 260.7 points (or $1,469 million) of losses related to the 2011 catastrophic events, including the additional catastrophe loss reserves as described in the Non-life result, and 16.8 points (or $96 million) of net favorable prior year loss development.

For the fourth quarter of 2011, the Life segment’s net premiums written decreased by 10%. Without the favorable effect of foreign exchange, net premiums written would have decreased by 11% primarily due to the restructuring of a longevity treaty from a traditional treaty to a swap basis during the first quarter of 2011, which was partially offset by new mortality and longevity business. For the full year 2011, the Life segment’s net premiums written increased by 6%, or 2% on a constant foreign exchange basis. This increase was primarily due to growth in the longevity and mortality business compared to the same period in 2010, partially offset by the impact of the restructured treaty described in the fourth quarter result.

The Life allocated underwriting result, which includes allocated investment income and operating expenses, decreased to $6 million for the fourth quarter of 2011 compared to $12 million in the same period in 2010, primarily due to a lower level of net favorable development. The Life allocated underwriting result increased to $39 million for the full year 2011 compared to $20 million in the same period in 2010 primarily due to a charge of $20 million recorded in the second quarter of 2010 related to an impaired life annuity treaty.

For the fourth quarter, investment and capital markets activities contributed income of $211 million to pre-tax net loss, excluding investment income allocated to the Life segment. Of this amount, income of $139 million was included in pre-tax operating loss and an additional $72 million in net realized and unrealized gains on investments and losses from equity investee companies was included in pre-tax net loss. For the full year 2011, investment and capital markets activities contributed income of $617 million to pre-tax net loss, excluding Life investment income. Of this amount, income of $556 million was included in pre-tax operating loss and $61 million in net realized and unrealized gains on investments and losses from equity investee companies was included 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

Contacts:

PartnerRe Ltd.

Sard Verbinnen & Co.

(441) 292-0888

(212) 687-8080

Investor Contact: Robin Sidders

Drew Brown/Briana Kelly

Media Contact: Celia Powell

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

Revenues

Gross premiums written

Net premiums written

Decrease 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) losses

Total expenses

(Loss) income before taxes and interest in (losses) earnings of equity investments

Income tax expense

Interest in (losses) earnings of equity investments

Net (loss) income

Preferred dividends

Operating (loss) earnings available to common shareholders

Comprehensive (loss) income, net of tax

Per share data:

(Loss) earnings per common share:

Basic operating (loss) earnings

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 (loss) income

Weighted average number of common shares outstanding

Diluted operating (loss) earnings

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 (loss) income

Weighted average number of common shares and common share equivalents outstanding

Dividends declared per common share

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, 84,766,693 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 (loss) income:

Currency translation adjustment

Other accumulated comprehensive loss

Retained earnings

Common shares held in treasury, at cost (2011, 19,444,365 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 Share and Common Share Equivalents Outstanding (assuming exercise of all share-based awards)

Number of Common Share and Common Share Equivalents Outstanding

Gross premiums written

Net premiums written

Decrease in unearned premiums

Net premiums earned

Losses and loss expenses and life policy benefits

Acquisition costs

Technical result

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Other operating expenses

Underwriting result

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Net realized and unrealized investment gains

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Gross premiums written

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Decrease 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

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Allocated underwriting result ⁽¹⁾

Net realized and unrealized investment losses

Interest expense

Amortization of intangible assets

Net foreign exchange losses

Income tax expense

Interest in earnings of equity investments

Net income

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