Second Quarter Operating Earnings per share of $2.20; Net Income per share of $2.50

Second Quarter Annualized Operating ROE of 10.4%; Annualized Net Income ROE of 11.8%

Half Year Operating Earnings per share of $4.97; Net Income per share of $7.76

Half Year Annualized Operating ROE of 11.7%; Annualized Net Income ROE of 18.3%

Book Value of $91.88 per share, up 2.5% for the quarter and up 8.3% year-to-date.

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 second quarter, net premiums written of $1.1 billion were up 8%, or up 10% on a constant foreign exchange basis, primarily related to new business and increased treaty participations in the North America, Global (Non-U.S.) P&C and Global (Non-U.S.) Specialty sub-segments, and new business in the Life segment. These increases were partially offset by a decrease in the Catastrophe sub-segment net premiums written due to lower reinstatement premiums. For the first six months of 2012, net premiums written were up 3%, or up 5% on a constant foreign exchange basis, primarily for the same reasons described for the second quarter, except for the decrease in the Catastrophe sub-segment net written premiums which was due to reductions of certain exposures.

For the second quarter, net premiums earned of $1.1 billion were down 2%, or up 1% on a constant foreign exchange basis. On a constant foreign exchange basis, net premiums earned increased in the North America and Global (Non-U.S.) Specialty sub-segments and Life segment due to new business and increased treaty participations. These increases were partially offset by decreases in the Global (Non-U.S.) P&C and Catastrophe sub-segments due to the effect of the Company’s decisions in prior quarters to cancel and non-renew business. For the first six months of 2012, net premiums earned were down 4%, or 2% on a constant foreign exchange basis, primarily for the same reasons described for the second quarter.

For the second quarter, the Non-life combined ratio was 90.6% and included 12.9 points (or $115 million) of net favorable loss development on prior accident years. All Non-life sub-segments except the Catastrophe sub-segment, which was flat, experienced net favorable development on prior accident years during the second quarter of 2012. For the first six months of 2012, the Non-life combined ratio was 87.8% and included 16.5% points (or $279 million) of net favorable loss development on prior accident years.

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 second quarter and first six months of 2012, net investment income of $153 million and $300 million, respectively, were down 3%, or 2% on a constant foreign exchange basis compared to the applicable prior year periods, primarily reflecting lower reinvestment rates.

For the second quarter, pre-tax net realized and unrealized investment gains were $38 million and primarily related to decreases in risk-free interest rates. For the first six months of 2012, pre-tax net realized and unrealized investment gains were $231 million and primarily related to narrowing credit spreads, increases in the market value of equities and decreases in risk-free interest rates.

For the second quarter, the effective tax rate on operating earnings and non-operating earnings was 13% and 59%, respectively. For the first six months of 2012, the effective tax rate on operating earnings and non-operating earnings was 14% and 24%, respectively.

Total investments, cash and funds held – directly managed were $17.8 billion at June 30, 2012, down 1% compared to December 31, 2011.

Net Non-life loss and loss expense reserves were $10.3 billion at June 30, 2012, down 5% compared to December 31, 2011 primarily due to loss payments associated with 2011 catastrophe events.

Net policy benefits for life and annuity contracts were $1.6 billion at June 30, 2012, down 1% compared to December 31, 2011.

Total capital was $7.5 billion at June 30, 2012, up 3% from $7.3 billion at December 31, 2011. The increase was primarily driven by net income of $536 million for the first six months of 2012, partially offset by share repurchases and common and preferred dividend payments.

During the second quarter of 2012, the Company repurchased approximately 3 million common shares at a total cost of approximately $210 million. During the period July 1, 2012 through July 27, 2012, the Company repurchased approximately 350 thousand common shares at a total cost of approximately $26 million. At July 30, 2012, approximately 1.8 million common shares remained under the current repurchase authorization

Total shareholders’ equity was $6.7 billion at June 30, 2012, up 4% 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 $91.88 on a fully diluted basis at June 30, 2012, up 8% 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.

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

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

For the second quarter, the North America sub-segment’s net premiums written were up 12% primarily due to the late binding of a significant January 1 agriculture treaty in April 2012 and increased treaty participations in the property line of business, which were partially offset by non-renewals. This sub-segment reported a technical ratio of 87.5%, which included 13.4 points (or $38 million) of net favorable prior year loss development. For the first six months of 2012, the North America sub-segment’s net premiums written were up 5% primarily due to the same factors describing the second quarter, partially offset by an experience driven premium adjustment related to favorable results from the 2011 crop year. This sub-segment reported a technical ratio of 85.6%, which included 19.1 points (or $100 million) of net favorable prior year loss development.

For the second quarter, the Global (Non-U.S.) P&C sub-segment’s net premiums written were up 6%, or 10% on a constant foreign exchange basis, due to the impact of new business in the motor line of business. This increase was partially offset by the effects of cancellations in prior quarters. This sub-segment reported a technical ratio of 96.2%, which included 11.0 points (or $18 million) of net favorable prior year loss development. For the first six months of 2012, the Global (Non-U.S.) P&C sub-segment’s net premiums written were up 8%, or 11% on a constant foreign exchange basis, primarily due to the same factors describing the second quarter. This sub-segment reported a technical ratio of 90.9%, which included 14.1 points (or $46 million) of net favorable prior year loss development.

For the second quarter, the Global (Non-U.S.) Specialty sub-segment’s net premiums written were up 18%, or 21% on a constant foreign exchange basis, primarily due to increases from almost all lines of business driven by new business, increased treaty participations and positive premium adjustments. This sub-segment reported a technical ratio of 84.3%, which included 16.1 points (or $59 million) of net favorable prior year loss development. For the first six months of 2012, the Global (Non-U.S.) Specialty sub-segment’s net premiums written were up 15%, or 17% on a constant foreign exchange basis, primarily due to the same factors describing the second quarter. This sub-segment reported a technical ratio of 85.0%, which included 17.0 points (or $114 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

For the second quarter, the Catastrophe sub-segment’s net premiums written were down 10% primarily related to lower reinstatement premiums, with new business written in non-peak catastrophe zones being offset by reductions in certain exposures. This sub-segment reported a technical ratio of 30.8%, with no prior year net reserve development. For the first six months of 2012, the Catastrophe sub-segment’s net premiums written were down 20%, primarily due to the non-renewal of certain business at January 1 and April 1 and a reduction in reinstatement premiums, which were partially offset by new business. This sub-segment reported a technical ratio of 20.8%, which included 11.4 points (or $19 million) of net favorable prior year loss development.

For the second quarter, the Life segment’s net premiums written increased by 2%, or 6% on a constant foreign exchange basis, primarily due to new longevity business written in the fourth quarter of 2011. This increase was partially offset by decreases in mortality business. For the first six months of 2012, the Life segment’s net premiums written were up 3%, or 6% on a constant foreign exchange basis, primarily due to the same factors describing the second quarter.

The Life allocated underwriting result, which includes allocated investment income and operating expenses, decreased to $6 million in the second quarter of 2012 compared to $12 million in the same period of 2011. The decrease was primarily due to an increased level of claims activity on certain mortality business. The Life allocated underwriting result increased to $26 million for the first six months of 2012, compared to $24 million in the same period of 2011. The increase was primarily the result of a higher level of net investment income reported by cedants.

For the second quarter, investment and capital markets activities contributed income of $171 million to pre-tax net income, excluding investment income allocated to the Life segment. Of this amount, income of $134 million was included in pre-tax operating earnings and an additional $37 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 first six months of 2012, investment and capital markets activities contributed income of $498 million to pre-tax net income, excluding investment income allocated to the Life segment. Of this amount, income of $263 million was included in pre-tax operating earnings and an additional $235 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.

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,

2012

For the three
months ended
June 30,

2011

For the six
months ended
June 30,

2012

For the six
months ended
June 30,

2011

Revenues

Gross premiums written

Net premiums written

(Increase) 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

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 (losses), 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 (losses), 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,

2012

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, 85,141,999 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 loss:

Currency translation adjustment

Other accumulated comprehensive loss

Retained earnings

Common shares held in treasury, at cost (2012, 22,584,510 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

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

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⁾