First Quarter Operating Earnings per share of $2.76; Net Income per share of $5.24

First Quarter Annualized Operating ROE of 13.0%; Annualized Net Income ROE of 24.7%

Book Value of $89.63 per share, up 5.7% for the quarter.

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 written of $1.5 billion were flat, or up 1% on a constant foreign exchange basis, primarily related to new business in the Global (Non-U.S.) Specialty sub-segment, the Global (Non-U.S.) P&C sub-segment and the Life segment. These increases were partially offset by a decrease in the Catastrophe sub-segment due to reductions of certain catastrophe exposures at the January 1, 2012 renewals and by the effect of the Company’s decisions in prior quarters to cancel and non-renew business in order to rebalance the portfolio.

Net premiums earned of $990 million were down 7%, or 6% on a constant foreign exchange basis, across all sub-segments within the Non-life segment primarily due to the impact of business cancelled and non-renewed in prior quarters, and the impact of lower agriculture premiums in the North America sub-segment. These reductions in net premiums earned were partially offset by an increase in the Life segment resulting from new business written in the fourth quarter of 2011.

The Non-life combined ratio was 84.7% and included 20.6 points (or $164 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 first quarter 2012.

Net investment income was down 3% to $147 million primarily reflecting lower reinvestment rates, which was partially offset by cash inflows.

Pre-tax net realized and unrealized investment gains were $193 million and primarily related to gains on equity securities and gains on fixed income securities due to narrowing credit spreads.

The effective tax rate on operating earnings and non-operating earnings was 15% and 16%, respectively.

Total investments, cash and funds held – directly managed at March 31, 2012 were up 2% at $18.2 billion compared to December 31, 2011.

Net Non-life loss and loss expense reserves were down 1% to $10.8 billion at March 31, 2012 compared to December 31, 2011 primarily due to loss payments associated with 2011 catastrophe events, which was partially offset by losses incurred and the impacts of foreign exchange.

Net policy benefits for life and annuity contracts were up 4% to $1.7 billion compared to December 31, 2011 primarily due to the impact of foreign exchange.

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

Total capital was $7.6 billion at March 31, 2012, up 4% from $7.3 billion at December 31, 2011. The increase was due to comprehensive income of $376 million, which was primarily driven by net income of $360 million.

During the first quarter of 2012, the Company repurchased approximately 180 thousand common shares at a total cost of approximately $12 million. During the period April 1, 2012 through April 27, 2012, the Company repurchased approximately 839 thousand common shares at a total cost of approximately $56 million. At April 30, 2012, approximately 4.3 million common shares remained under the current repurchase authorization

Total shareholders’ equity was $6.8 billion at March 31, 2012 compared to $6.5 billion at December 31, 2011. The increase was driven by the factors described above under total capital.

Book value per common share at March 31, 2012 was $89.63 on a fully diluted basis compared to $84.42 per diluted share at December 31, 2011.

All Non-life sub-segments, except for the Catastrophe sub-segment, reported an increase in net premiums written compared to the first quarter of 2011 primarily due to new business, which was partially offset by the effects of business cancelled and non-renewed in prior quarters.

The North America sub-segment’s net premiums written were up 1% primarily due to positive premium adjustments, new business and renewal increases. These increases were partially offset by lower premiums in the agriculture line of business resulting from an experience-driven premium adjustment related to favorable results from the 2011 crop year. This sub-segment reported a technical ratio of 83.4%, which included 26.0 points (or $62 million) of net favorable prior year loss development.

The Global (Non-U.S.) P&C sub-segment’s net premiums written were up 9%, or 11% on a constant foreign exchange basis, due to the impact of new business and increased treaty participations. These increases were partially offset by the effects of cancellations in prior quarters and increased cedant retentions. This sub-segment reported a technical ratio of 85.5%, which included 17.4 points (or $28 million) of net favorable prior year loss development

The Global (Non-U.S.) Specialty sub-segment’s net premiums written were up 12%, or 13% on a constant foreign exchange basis, primarily due to new business in short tail lines of business. This increase was partially offset by the effects of cancelled and

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

non-renewed business in prior quarters. This sub-segment’s technical ratio of 85.8% included 18.0 points (or $55 million) of net favorable prior year loss development.

The Catastrophe sub-segment’s net premiums written were down 26% primarily related to the non-renewal of certain catastrophe exposures at January 1, 2012. This sub-segment’s technical ratio of 12.6% included 20.9 points (or $19 million) of net favorable prior year loss development.

The Life segment’s net premiums written increased by 4%, or 6% on a constant foreign exchange basis, primarily due to new longevity business written in the fourth quarter of 2011.

The Life allocated underwriting result, which includes allocated investment income and operating expenses, increased to $21 million for the first quarter of 2012 compared to $12 million in the same period in 2011. The increase was primarily due to a higher level of net favorable prior year loss development.

Investment and capital markets activities contributed income of $327 million to pre-tax net income, excluding investment income allocated to the Life segment. Of this amount, income of $129 million was included in pre-tax operating earnings and an additional $198 million in net realized and unrealized gains on investments and earnings from equity investee companies was included in pre-tax non-operating income.

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
March 31,

2012

Revenues

Gross premiums written

Net premiums written

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 losses (gains)

Total expenses

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

Income tax expense (benefit)

Interest in 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 (losses) gains, net of tax

Interest in 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 (losses) gains, net of tax

Interest in 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

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: 2012, 84,939,858 shares; 2011, 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 2011, $893,750)

Additional paid-in capital

Accumulated other comprehensive income (loss):

Currency translation adjustment

Other accumulated comprehensive loss

Retained earnings

Common shares held in treasury, at cost (2012, 19,626,865 shares; 2011, 19,444,365 shares)

Total shareholders’ equity

Total liabilities and shareholders’ equity

Shareholders’ Equity Per Common Share (excluding preferred shares: 2012 and 2011, $893,750)

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

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 losses

Income tax expense

Interest in earnings 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

(Increase) 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

Net investment income

Allocated underwriting result ⁽¹⁾

Net realized and unrealized investment losses

Interest expense

Amortization of intangible assets

Net foreign exchange gains

Income tax benefit

Interest in earnings of equity investments

Net loss

Loss ratio ⁽²⁾

Acquisition ratio ⁽³⁾

Technical ratio ⁽⁴⁾

Other operating expense ratio ⁽⁵⁾

Combined ratio ⁽⁶⁾