First Quarter Operating Earnings per share of $3.36; Net Income per share of $5.61

First Quarter Annualized Operating ROE of 12.3%; Annualized Net Income ROE of 20.5%

Book Value of $114.13 per share, up 4.5% for the quarter

Tangible Book Value of $103.10 per share, up 4.7% for the quarter

Net premiums written of $1.7 billion were up 6%. The increase was driven by the North America and Global Specialty Non-life sub-segments, and the Life and Health segment. The increase was primarily driven by the agriculture and credit/surety lines of business in the North America Non-life sub-segment, the multi-line and agriculture lines of business in the Global Specialty Non-life sub-segment and PartnerRe Health’s accident and health line of business in the Life and Health segment. These increases were partially offset by decreases in the Catastrophe and Global (Non-U.S.) P&C Non-life sub-segments.

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

Net premiums earned of $1.3 billion were up 9%, or 10% on a constant foreign exchange basis. The increase was primarily driven by the earning of new business written in 2013 in the North America, Global (Non-U.S.) P&C and Global Specialty Non-life sub-segments and the Life and Health segment.

The Non-life combined ratio was 83.9%. The combined ratio benefited from favorable prior year development of 16.6 points (or $164 million). All Non-life sub-segments experienced net favorable development on prior accident years during the first quarter of 2014.

Net investment income of $117 million was down 6%. The decrease in net investment income primarily reflects lower reinvestment rates.

Pre-tax net realized and unrealized investment gains were $142 million primarily reflecting decreases in longer-term risk-free interest rates and narrowing credit spreads.

The effective tax rate on operating earnings and non-operating earnings was 14% and 20%, respectively.

Total investments, cash and funds held – directly managed were $17.5 billion at March 31, 2014, comparable to December 31, 2013.

Net Non-life loss and loss expense reserves were $10.3 billion at March 31, 2014, down 1% compared to December 31, 2013.

Net policy benefits for life and annuity contracts were $2.1 billion at March 31, 2014, up 7% compared to December 31, 2013.

Total capital was $7.6 billion at March 31, 2014, up 1% compared to December 31, 2013 primarily driven by net income for the quarter, which was partially offset by share repurchases and common and preferred dividend payments.

The Company repurchased approximately 1.8 million common shares at a total cost of approximately $180 million during the first quarter of 2014. The average repurchase price of $99.76 per share represents an 8.7% discount to diluted book value per share at December 31, 2013. Since April 1, 2014, the Company has repurchased 450 thousand common shares at a total cost of approximately $46 million. As of April 28, 2014, approximately 2.7 million common shares remained under the current repurchase authorization.

Total shareholders’ equity attributable to PartnerRe was $6.8 billion at March 31, 2014, up 1% compared to December 31, 2013. The increase was driven by the factors described above for total capital.

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

Book value per common share was $114.13 at March 31, 2014, a record high for PartnerRe, up 4.5% compared to $109.26 at December 31, 2013. Tangible book value per common share was $103.10 at March 31, 2014, up 4.7% compared to $98.49 at December 31, 2013. The increases were primarily driven by net income, which was partially offset by common and preferred dividend payments.

The Non-life segment’s net premiums written were up 5%. The increase was reported in the North America and Global Specialty sub-segments and was partially offset by decreases in the Catastrophe and Global (Non-U.S.) P&C sub-segments.

The North America sub-segment’s net premiums written were up 18%, or 19% on a constant foreign exchange basis, primarily driven by the restructuring of a significant treaty and new business in the agriculture line of business and new mortgage guaranty business in the credit/surety line of business. This sub-segment reported a technical ratio of 92.9%, which included 6.5 points (or $24 million) of net favorable prior year loss development.

The Global (Non-U.S.) P&C sub-segment’s net premiums written were down 2%, or 3% on a constant foreign exchange basis, primarily due to increased retentions, share decreases and cancellations in the property line of business, partially offset by new business written in the motor line of business. This sub-segment reported a technical ratio of 82.5%, which included 26.0 points (or $47 million) of net favorable prior year loss development.

The Global Specialty sub-segment’s net premiums written were up 8% primarily due to new business and renewal increases in the multi-line line of business and new business and upward premium adjustments in the agriculture line of business. These increases were partially offset by decreases in net premiums written in most of the other lines of business, predominantly due to increased retentions and cancellations. This sub-segment reported a technical ratio of 79.0%, which included 16.7 points (or $59 million) of net favorable prior year loss development.

The Catastrophe sub-segment’s net premiums written were down 15%, or 14% on a constant foreign exchange basis, primarily driven by cancellations, non-renewals and the restructuring of certain treaties, which was, partially offset by new business. This sub-segment reported a favorable technical ratio of (16.4)%, which included 43.0 points (or $34 million) of net favorable prior year loss development.

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 and Health segment’s net premiums written were up 13%, or 12% on a constant foreign exchange basis. The increase was primarily driven by PartnerRe Health’s accident and health line of business and, to a lesser extent, the mortality and longevity lines of business.

The Life and Health segment’s allocated underwriting result, which includes allocated investment income and operating expenses, decreased to $14 million compared to $16 million in the same period of 2013 primarily due to a modestly lower level of net favorable prior year loss development.

Investment and capital markets activities contributed income of $247 million to pre-tax net income, excluding investment income allocated to the Life and Health segment. Of this amount, income of $99 million was included in pre-tax operating earnings and income of $148 million related to net realized and unrealized gains on investments and earnings from equity method investee companies was included in pre-tax non-operating earnings.

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.

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

Increase in unearned premiums

Net premiums earned

Net investment income

Net realized and unrealized investment gains

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 before taxes and interest in earnings of equity method investments

Income tax expense

Interest in earnings of equity method investments

Net income

Net income attributable to noncontrolling interests

Net income attributable to PartnerRe

Preferred dividends

Loss on redemption of preferred shares

Net income attributable to PartnerRe common shareholders

Operating earnings attributable to PartnerRe common shareholders

Comprehensive income attributable to PartnerRe

Per share data attributable to PartnerRe common shareholders:

Earnings per common share:

Basic operating earnings

Net realized and unrealized investment gains, net of tax

Net foreign exchange losses, net of tax

Loss on redemption of preferred shares

Interest in earnings of equity method investments, net of tax

Basic net income

Weighted average number of common shares outstanding

Diluted operating earnings

Net realized and unrealized investment gains, net of tax

Net foreign exchange losses, net of tax

Loss on redemption of preferred shares

Interest in earnings of equity method investments, net of tax

Diluted net income

Weighted average number of common shares and common share equivalents outstanding

Dividends declared per common share

Assets

Investments:

Fixed maturities, at fair value

Short-term investments, at fair value

Equities, at fair value

Other invested assets

Total investments

Funds held – directly managed

Cash and cash equivalents

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: 2014, 86,879,432 shares; 2013, 86,657,045 shares)

Preferred shares (par value $1.00; issued and outstanding: 2014 and 2013, 34,150,000 shares;aggregate liquidation value: 2014 and 2013, $853,750)

Additional paid-in capital

Accumulated other comprehensive loss

Retained earnings

Common shares held in treasury, at cost (2014, 36,019,611 shares; 2013, 34,213,611 shares)

Total shareholders’ equity attributable to PartnerRe

Noncontrolling interests

Total shareholders’ equity

Total liabilities and shareholders’ equity

Diluted Book Value Per Common Share and Common Share Equivalents Outstanding ^(1) (2)

Diluted Tangible Book Value Per Common Share and Common Share Equivalents Outstanding ^(1) (2)

Number of Common Share and Common Share Equivalents Outstanding ⁽²⁾

Excludes the aggregate liquidation value of preferred shares (2014 and 2013, $853,750) and noncontrolling interests (2014, $59,671; 2013, $56,627).

Common share and common share equivalents outstanding are calculated using the Treasury Method for all potentially dilutive shares.

Gross premiums written

Net premiums written

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 earnings of equity method 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

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 earnings of equity method investments

Net income

Loss ratio ⁽²⁾

Acquisition ratio ⁽³⁾

Technical ratio ⁽⁴⁾

Other operating expense ratio ⁽⁵⁾

Combined ratio ⁽⁶⁾

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.

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

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

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

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

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