q12015Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant To Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 27, 2015

PartnerRe Ltd.

(Exact Name of Registrant as Specified in Charter)

Bermuda

(State or Other Jurisdiction of Incorporation)




001-14536		Not Applicable
(Commission File Number)		(IRS Employer Identification No.)

Wellesley House, 90 Pitts Bay Road, Pembroke, Bermuda		HM 08
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (441) 292-0888

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 2.02	Results of Operations and Financial Condition

On April 27, 2015, PartnerRe Ltd. issued a press release reporting its 2015 first quarter results. A copy of the press release, as well as a financial supplement, are attached hereto as Exhibits 99.1 and 99.2, respectively, to this Form 8-K and are hereby incorporated by reference to this Item 2.02.

As provided in General Instruction B.2 of Form 8-K, the information and exhibits contained in this Form 8-K are not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, are not otherwise subject to the liabilities of that section and are not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.



Item 8.01	Other Events

On April 27, 2015, PartnerRe Ltd. issued a press release reporting that its Board of Directors has declared a dividend of $0.70 per common share. A copy of the press release is attached as Exhibit 99.3 to this Form 8-K and is hereby incorporated by reference to this Item 8.01.



Item 9.01	Financial Statements and Exhibits


(d)	Exhibits.




Exhibit No.		Description

99.1		Press Release of PartnerRe Ltd., dated April 27, 2015

99.2		Financial Supplement

99.3		Press Release of PartnerRe Ltd., dated April 27, 2015

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




		PartnerRe Ltd.
		(Registrant)

Date:	April 27, 2015	By:	/s/ Marc Wetherhill
			Name: Marc Wetherhill
			Title: Chief Legal Counsel

Index to Exhibits




Exhibit No.			Description

99.1			Press Release of PartnerRe Ltd., dated April 27, 2015

99.2			Financial Supplement

99.3			Press Release of PartnerRe Ltd., dated April 27, 2015

q12015Exhibit 99.1 - Press Release

Exhibit 99.1

News Release

PartnerRe Ltd. Reports First Quarter 2015 Results


•	First Quarter Operating Earnings per share of $3.09; Net Income per share of $4.76


•	First Quarter Annualized Operating ROE of 9.8%; Annualized Net Income ROE of 15.1%


•	Book Value of $129.86 per share, up 2.9% for the quarter


•	Tangible Book Value of $118.40 per share, up 3.2% for the quarter

PEMBROKE, Bermuda, April 27, 2015 — PartnerRe Ltd. (NYSE: PRE) today reported net income of $231.7 million, or $4.76 per share for the first quarter of 2015. This includes net after-tax realized and unrealized gains on investments of $100.3 million, or $2.06 per share. Net income for the first quarter of 2014 was $295.7 million, or $5.61 per share, including net after-tax realized and unrealized gains on investments of $115.8 million, or $2.20 per share. The Company reported operating earnings of $150.5 million, or $3.09 per share, for the first quarter of 2015. This compares to operating earnings of $176.9 million, or $3.36 per share, for the first quarter of 2014.

Operating earnings or loss excludes certain net after-tax realized and unrealized investment gains and losses, net after-tax foreign exchange gains and losses, certain net after-tax interest in results of equity method investments, the loss on redemption of preferred shares and certain net after-tax withholding tax on inter-company dividends (included in other expenses), and is calculated after the payment of preferred dividends. All references to per share amounts in the text of this press release are on a fully diluted basis.

Commenting on results, PartnerRe Interim Chief Executive Officer David Zwiener said, “We had a solid start to 2015. Despite continued pressure across all reinsurance lines, our operating performance in the first quarter was characterized by very good underlying technical results and included an absence of major catastrophes and continued favorable reserve development, resulting in a 9.8% operating ROE. This, combined with strong results in our investment portfolio, generated tangible book value per share growth of 3.2%. These results clearly demonstrate our excellent execution capabilities and the strength of the PartnerRe franchise."

Highlights for the first quarter of 2015 compared to the same period in 2014 include:

Results of operations:


•	Net premiums written of $1.7 billion were down 5%. On a constant foreign exchange basis, net premiums written were up 1% driven by the Life and Health segment and modest increases in the Catastrophe and Global (Non-U.S.) P&C Non-life sub-segments. These increases were almost entirely offset by a decrease in the North America Non-life sub-segment.



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

News Release


•	Net premiums earned of $1.2 billion were down 2%. On a constant foreign exchange basis, net premiums earned were up 3% primarily due to the Life and Health segment and the earning of business written in prior periods in the Global Specialty Non-life sub-segment. These increases were partially offset by a decrease in the North America Non-life sub-segment.


•	The Non-life combined ratio was 82.8%. The combined ratio benefited from favorable prior year development of 24.0 points (or $224 million). All Non-life sub-segments experienced net favorable development from prior accident years during the first quarter of 2015.


•	Other expenses of $125 million includes pre-tax costs of $31 million related to the amalgamation with Axis, or $0.63 per diluted share, pre-tax.


•	Net investment income of $105 million was down 10%, or 8% on a constant foreign exchange basis, primarily driven by lower reinvestment rates.


•	Pre-tax net realized and unrealized investment gains were $116 million, primarily reflecting decreases in U.S. and Euro risk-free rates.


•	The effective tax rate on operating earnings and non-operating earnings was 17.2% and 35.6%, respectively.

Balance sheet and capitalization:


•	Total investments, cash and funds held – directly managed were $17.0 billion at March 31, 2015, down 1% compared to December 31, 2014, primarily reflecting the impacts of foreign exchange.


•	Net Non-life loss and loss expense reserves were $9.2 billion at March 31, 2015, down 3% compared to December 31, 2014, primarily reflecting the impacts of foreign exchange.


•	Net policy benefits for life and annuity contracts were $2.0 billion at March 31, 2015, down 3% compared to December 31, 2014, primarily reflecting the impacts of foreign exchange.


•	Total capital was $8.0 billion at March 31, 2015, up 2% compared to December 31, 2014, primarily driven by comprehensive income for the quarter, which was partially offset by share repurchases and common and preferred dividend payments.


•	The Company repurchased approximately 0.5 million common shares at a total cost of approximately $59 million during the quarter. The average repurchase price of $112.89 per share represents a 11% discount to the diluted book value per share at December 31, 2014. As of April 27, 2015, approximately 2.9 million common shares remained under the current repurchase authorization.


•	Total shareholders’ equity attributable to PartnerRe was $7.2 billion at March 31, 2015, up 2% compared to December 31, 2014. The increase was driven by the same factors described above for total capital.

•

Book value per common share was $129.86 at March 31, 2015, a record high for PartnerRe, up 2.9% compared to $126.21 at December 31, 2014. Tangible book value per common share was $118.40 at March 31, 2015, a record high for PartnerRe, up 3.2% compared to $114.76 at December 31, 2014. The increases were primarily driven by net income, which was partially offset by common and preferred dividend payments.



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

News Release

Segment and sub-segment highlights for the first quarter of 2015 compared to the same period in 2014 include:

Non-life:


•	The Non-life segment’s net premiums written were down 8%, or 3% on a constant foreign exchange basis. The decrease was reported in the North America sub-segment and was partially offset by modest increases in the Catastrophe and Global (Non-U.S. P&C) sub-segments.

•

The North America sub-segment’s net premiums written were down 11%, or 10% on a constant foreign exchange basis. The decrease was primarily driven by cancellations, non-renewals and participation decreases across various lines of business and lower premiums bound in the agriculture line of business due to the delayed renewal of some significant contracts that remain in process. These decreases were partially offset by new business written in prior periods and at the January 1, 2015 renewal in the property and casualty lines of business. This sub-segment reported a technical ratio of 78.2%, which included 24.3 points (or $82 million) of net favorable prior year loss development.

•

The Global (Non-U.S.) P&C sub-segment’s net premiums written were down 8%. On a constant foreign exchange basis, net premiums written were up 1% primarily due to new business and increased participations in the property and motor lines of business. These increases were partially offset by the cancellation of a large motor contract. This sub-segment reported a technical ratio of 98.5%, which included 10.4 points (or $18 million) of net favorable prior year loss development.

•

The Global Specialty sub-segment’s net premiums written were down 7%. On a constant foreign exchange basis, net premiums written were flat which reflects new business in the agriculture and multi-line lines of business and lower ceded premiums under the Company's retrocessional program as a result of optimizing our coverage and lower retrocessional pricing. These increases were partially offset by decreases in the marine, credit/surety and specialty casualty lines of business primarily due to cancellations, downward premium adjustments and reduced participations. This sub-segment reported a technical ratio of 72.1%, which included 30.0 points (or $110 million) of net favorable prior year loss development.

•

The Catastrophe sub-segment’s net premiums written were down 2%. On a constant foreign exchange basis, net premiums written were up 5% primarily due to lower ceded premiums under the Company's retrocessional program, due to the extension of a significant treaty for one quarter, and new business. These increases were partially offset by cancellations, non-renewals and share decreases. This sub-segment reported a technical ratio of 40.7%, which included 24.3 points (or $14 million) of net favorable prior year loss development.

Life and Health:


•	The Life and Health segment’s net premiums written were up 11%, or 19% 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, new business in the mortality and longevity lines of business.



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

News Release


•	The Life and Health segment’s allocated underwriting result, which includes allocated investment income and operating expenses, increased to $25 million compared to $14 million in the same period of 2014. This increase was primarily due to a higher level of favorable prior year loss development from the mortality and PartnerRe Health accident and health lines of business.

Corporate and Other:

•

Investment activities contributed income of $206 million to pre-tax net income, excluding investment income allocated to the Life and Health segment. Of this amount, income of $93 million was included in pre-tax operating earnings and income of $113 million related to net realized and unrealized gains on investments and losses from equity method investee companies was included in pre-tax non-operating gains.

Separately, as announced by the Company earlier today, the Board of Directors declared a quarterly dividend of $0.70 per common share. The dividend will be payable on June 1, 2015 to common shareholders of record on May 8, 2015.

The Company has posted its first quarter 2015 financial supplement on its website www.partnerre.com in the Financial Information section of the Investor Relations page under Supplementary Financial Data, which includes a reconciliation of GAAP and non-GAAP measures.

The Company will hold a dial-in conference call at 10 a.m. Eastern tomorrow, April 28. Investors and analysts are encouraged to call in 15 minutes prior to the commencement of the call. The conference call can be accessed by dialing (888)-211-9910 or, from outside the United States, by dialing (913)-981-5543. The media are invited to listen to the call live over the Internet on the Investor Relations section of PartnerRe’s web site, www.partnerre.com. To listen to the webcast, please log on to the broadcast at least five minutes prior to the start.

_________________________________________

Net income/loss per share is defined as net income/loss attributable to PartnerRe common shareholders divided by the weighted average number of fully diluted shares outstanding for the period. Net income/loss attributable to PartnerRe common shareholders is defined as net income/loss attributable to PartnerRe less preferred dividends and loss on redemption of preferred shares.

Operating earnings/loss is defined as net income/loss available to PartnerRe common shareholders excluding certain after-tax net realized and unrealized gains/losses on investments, after-tax net foreign exchange gains/losses, the loss on redemption of preferred shares, certain after-tax interest in earnings/losses of equity method investments and certain after-tax withholding taxes on inter-company dividends (included in other expenses). Operating earnings/loss per share is defined as operating earnings/loss divided by the weighted average number of fully diluted shares outstanding for the period.



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

News Release

The Company uses operating earnings, diluted operating earnings per share and annualized operating return on beginning diluted book value per common and common share equivalents outstanding to measure performance, as these measures focus on the underlying fundamentals of our operations without the impact of after-tax net realized and unrealized gains/losses on investments (except where the Company has made a strategic investment in an insurance or reinsurance related investee), after-tax net foreign exchange gains/losses, the after-tax interest in earnings/losses of equity method investments (except where the Company has made a strategic investment in an insurance or reinsurance related investee and where the Company does not control the investees activities) and certain after-tax withholding taxes on inter-company dividends (included in other expenses).

The Company uses technical ratio and technical result as measures of underwriting performance. The technical ratio is defined as the sum of the loss and acquisition ratios. These metrics exclude other expenses.

The Company also uses combined ratio to measure results for the Non-life segment. The combined ratio is the sum of the technical and other expense ratios.

The Company uses allocated underwriting result as a measure of underwriting performance for its Life and Health operations. This metric is defined as net premiums earned, other income or loss and allocated net investment income less life policy benefits, acquisition costs and other expenses.

The Company uses total capital, which is defined as total shareholders’ equity attributable to PartnerRe, long-term debt, senior notes and CENts, to manage the capital structure of the Company.

The Company calculates Tangible Book Value using common shareholders’ equity attributable to PartnerRe less goodwill and intangible assets, net of tax. The Company calculates Diluted Tangible Book Value per Common Share using Tangible Book Value divided by the number of PartnerRe common shares and common share equivalents outstanding. The Company uses these measures as the basis for its prime measure of long-term financial performance (annualized growth in Diluted Tangible Book Value per Common Share plus dividends).

_____________________________________________

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company, through its wholly owned subsidiaries, also offers capital markets products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multi-line and other lines in its Non-life operations, mortality, longevity and accident and health in its Life and Health operations, and alternative risk products. For the year ended December 31, 2014,



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

News Release

total revenues were $6.5 billion. At March 31, 2015, total assets were $22.5 billion, total capital was $8.0 billion and total shareholders’ equity attributable to PartnerRe was $7.2 billion.

PartnerRe on the Internet: www.partnerre.com

Forward-looking statements contained in this press release are based on the Company’s assumptions and expectations concerning future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. PartnerRe’s forward-looking statements could be affected by numerous foreseeable and unforeseeable events and developments such as exposure to catastrophe, or other large property and casualty losses, credit, interest, currency and other risks associated with the Company’s investment portfolio, adequacy of reserves, levels and pricing of new and renewal business achieved, changes in accounting policies, risks associated with implementing business strategies, and other factors identified in the Company’s filings with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information contained herein, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company disclaims any obligation to publicly update or revise any forward-looking information or statements.




Contacts:	PartnerRe Ltd.	Sard Verbinnen & Co.
	(441) 292-0888	(212) 687-8080
	Investor Contact: Robin Sidders	Drew Brown/Daniel Goldstein
	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

PartnerRe Ltd.

Consolidated Statements of Operations and Comprehensive Income

(Expressed in thousands of U.S. dollars, except share and per share data)
(Unaudited)



	For the three months ended March 31, 2015			For the three months ended March 31, 2014
Revenues
Gross premiums written	$	1,748,933		$	1,871,740
Net premiums written	$	1,653,215		$	1,738,494
Increase in unearned premiums	(418,493		)	(484,712		)
Net premiums earned	1,234,722			1,253,782
Net investment income	104,631			116,867
Net realized and unrealized investment gains	115,645			142,172
Other income	4,292			404
Total revenues	1,459,290			1,513,225
Expenses
Losses and loss expenses and life policy benefits	721,281			749,457
Acquisition costs	275,791			264,608
Other expenses ⁽¹⁾	124,750			111,462
Interest expense	12,245			12,238
Amortization of intangible assets	6,768			7,002
Net foreign exchange gains	(13,147		)	(670		)
Total expenses	1,127,688			1,144,097
Income before taxes and interest in (losses) earnings of equity method investments	331,602			369,128
Income tax expense	79,665			62,305
Interest in (losses) earnings of equity method investments	(3,838		)	6,064
Net income	248,099			312,887
Net income attributable to noncontrolling interests	(2,182		)	(3,044		)
Net income attributable to PartnerRe	245,917			309,843
Preferred dividends	14,184			14,184
Net income attributable to PartnerRe common shareholders	$	231,733		$	295,659
Operating earnings attributable to PartnerRe common shareholders	$	150,536		$	176,910
Comprehensive income attributable to PartnerRe	$	242,760		$	294,394
Earnings and dividends per share data attributable to PartnerRe common shareholders:
Basic operating earnings	$	3.17		$	3.43
Net realized and unrealized investment gains, net of tax	2.11			2.24
Net foreign exchange losses, net of tax	(0.33		)	(0.02		)
Interest in (losses) earnings of equity method investments, net of tax	(0.07		)	0.07
Basic net income	$	4.88		$	5.72
Weighted average number of common shares outstanding	47,525,344			51,652,177
Diluted operating earnings ⁽¹⁾	$	3.09		$	3.36
Net realized and unrealized investment gains, net of tax	2.06			2.20
Net foreign exchange losses, net of tax	(0.32		)	(0.02		)
Interest in (losses) earnings of equity method investments, net of tax	(0.07		)	0.07
Diluted net income	$	4.76		$	5.61
Weighted average number of common shares and common share equivalents outstanding	48,710,228			52,727,573
Dividends declared per common share	$	0.70		$	0.67
⁽¹⁾ Other expenses for the three months ended March 31, 2015 includes $31 million of costs related to the amalgamation with Axis, pre-tax, or $0.63 per diluted share, pre-tax.

PartnerRe Ltd.
Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars, except per share and parenthetical share and per share data)
(Unaudited)



	March 31,			December 31,
	2015			2014
Assets
Investments:
Fixed maturities, at fair value	$	13,412,011		$	13,918,745
Short-term investments, at fair value	20,055			25,678
Equities, at fair value	1,320,284			1,056,514
Other invested assets	286,596			298,827
Total investments	15,038,946			15,299,764
Funds held – directly managed	592,609			608,853
Cash and cash equivalents	1,413,799			1,313,468
Accrued investment income	150,255			158,737
Reinsurance balances receivable	2,899,821			2,454,850
Reinsurance recoverable on paid and unpaid losses	290,018			246,158
Funds held by reinsured companies	659,058			765,905
Deferred acquisition costs	706,779			661,186
Deposit assets	75,692			92,973
Net tax assets	10,600			6,876
Goodwill	456,380			456,380
Intangible assets	152,836			159,604
Other assets	41,802			45,603
Total assets	$	22,488,595		$	22,270,357
Liabilities
Unpaid losses and loss expenses	$	9,401,397		$	9,745,806
Policy benefits for life and annuity contracts	1,996,519			2,050,107
Unearned premiums	2,159,446			1,750,607
Other reinsurance balances payable	188,941			182,395
Deposit liabilities	52,638			70,325
Net tax liabilities	275,700			240,989
Accounts payable, accrued expenses and other	338,137			304,728
Debt related to senior notes	750,000			750,000
Debt related to capital efficient notes	70,989			70,989
Total liabilities	15,233,767			15,165,946
Shareholders’ Equity
Common shares (par value $1.00; issued: 2015 and 2014, 87,237,220 shares)	87,237			87,237
Preferred shares (par value $1.00; issued and outstanding: 2015 and 2014, 34,150,000 shares; aggregate liquidation value: 2015 and 2014, $853,750)	34,150			34,150
Additional paid-in capital	3,959,465			3,949,665
Accumulated other comprehensive loss	(37,240		)	(34,083		)
Retained earnings	6,442,442			6,270,811
Common shares held in treasury, at cost (2015, 39,572,572 shares; 2014, 39,400,936 shares)	(3,288,909		)	(3,258,870		)
Total shareholders’ equity attributable to PartnerRe	7,197,145			7,048,910
Noncontrolling interests	57,683			55,501
Total shareholders’ equity	7,254,828			7,104,411
Total liabilities and shareholders’ equity	$	22,488,595		$	22,270,357
Diluted Book Value Per Common Share and Common Share Equivalents Outstanding ^{(1) (2)}	$	129.86		$	126.21
Diluted Tangible Book Value Per Common Share and Common Share Equivalents Outstanding ^{(1) (2)}	$	118.40		$	114.76
Number of Common Shares and Common Share Equivalents Outstanding ⁽²⁾	48,849,532			49,087,412


(1)	Excludes the aggregate liquidation value of preferred shares (2015 and 2014, $853,750) and noncontrolling interests (2015, $57,683; 2014, $55,501).


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

PartnerRe Ltd.
Segment Information
(Expressed in millions of U.S. dollars)

(Unaudited)



	For the three months ended March 31, 2015
	North America			Global (Non-U.S.) P&C			Global Specialty			Catastrophe			Total Non-life segment			Life and Health segment			Corporate and Other			Total
Gross premiums written	$	473		$	334		$	427		$	191		$	1,425		$	324		$	—		$	1,749
Net premiums written	$	471		$	331		$	362		$	176		$	1,340		$	313		$	—		$	1,653
(Increase) decrease in unearned premiums	(132		)	(157		)	3			(118		)	(404		)	(14		)	—			(418		)
Net premiums earned	$	339		$	174		$	365		$	58		$	936		$	299		$	—		$	1,235
Losses and loss expenses and life policy benefits	(172		)	(119		)	(170		)	(20		)	(481		)	(240		)	—			(721		)
Acquisition costs	(93		)	(52		)	(93		)	(4		)	(242		)	(34		)	—			(276		)
Technical result	$	74		$	3		$	102		$	34		$	213		$	25		$	—		$	238
Other income													—			1			3			4
Other expenses													(52		)	(15		)	(58		)	(125		)
Underwriting result													$	161		$	11		n/a			$	117
Net investment income																14			91			105
Allocated underwriting result ⁽¹⁾																$	25		n/a			n/a
Net realized and unrealized investment gains																			116			116
Interest expense																			(12		)	(12		)
Amortization of intangible assets																			(7		)	(7		)
Net foreign exchange gains																			13			13
Income tax expense																			(80		)	(80		)
Interest in losses of equity method investments																			(4		)	(4		)
Net income																			n/a			$	248
Loss ratio ⁽²⁾	50.7		%	68.4		%	46.7		%	33.7		%	51.4		%
Acquisition ratio ⁽³⁾	27.5			30.1			25.4			7.0			25.9
Technical ratio ⁽⁴⁾	78.2		%	98.5		%	72.1		%	40.7		%	77.3		%
Other expense ratio ⁽⁵⁾													5.5
Combined ratio ⁽⁶⁾													82.8		%
	For the three months ended March 31, 2014
	North America			Global (Non-U.S.) P&C			Global Specialty			Catastrophe			Total Non-life segment			Life and Health segment			Corporate and Other			Total
Gross premiums written	$	530		$	364		$	479		$	210		$	1,583		$	289		$	—		$	1,872
Net premiums written	$	527		$	361		$	389		$	179		$	1,456		$	282		$	—		$	1,738
Increase in unearned premiums	(148		)	(182		)	(34		)	(100		)	(464		)	(20		)	—			(484		)
Net premiums earned	$	379		$	179		$	355		$	79		$	992		$	262		$	—		$	1,254
Losses and loss expenses and life policy benefits	(260		)	(94		)	(201		)	21			(534		)	(215		)	—			(749		)
Acquisition costs	(92		)	(54		)	(79		)	(8		)	(233		)	(32		)	—			(265		)
Technical result	$	27		$	31		$	75		$	92		$	225		$	15		$	—		$	240
Other income (loss)													1			1			(2		)	—
Other expenses													(65		)	(17		)	(29		)	(111		)
Underwriting result													$	161		$	(1	)	n/a			$	129
Net investment income																15			102			117
Allocated underwriting result ⁽¹⁾																$	14		n/a			n/a
Net realized and unrealized investment gains																			142			142
Interest expense																			(12		)	(12		)
Amortization of intangible assets																			(7		)	(7		)
Net foreign exchange gains																			—			—
Income tax expense																			(62		)	(62		)
Interest in earnings of equity method investments																			6			6
Net income																			n/a			$	313
Loss ratio ⁽²⁾	68.6		%	52.4		%	56.6		%	(26.5		)%	53.8		%
Acquisition ratio ⁽³⁾	24.3			30.1			22.4			10.1			23.6
Technical ratio ⁽⁴⁾	92.9		%	82.5		%	79.0		%	(16.4		)%	77.4		%
Other expense ratio ⁽⁵⁾													6.5
Combined ratio ⁽⁶⁾													83.9		%


(1)	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 expenses.


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


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


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


(5)	Other expense ratio is obtained by dividing other expenses by net premiums earned.


(6)	Combined ratio is defined as the sum of the technical ratio and the other expense ratio.

q12015Exhibit 99.2 - Supplement



		Exhibit 99.2

PartnerRe Ltd.

Financial Supplement

Financial Information

as at March 31, 2015

(unaudited)

The following financial supplement is provided to assist in your understanding of

PartnerRe Ltd.

This report is for information purposes only. It should be read in conjunction with

documents filed with the SEC by PartnerRe Ltd., including the Company’s Annual

Report on Form 10-K and Quarterly Reports on Form 10-Q.

PartnerRe Ltd.

Financial Supplement - March 31, 2015

Table of Contents



	Page

Regulation G
Life Value in Force
Consolidated Financial Statements
Consolidated Statements of Operations	1
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Cash Flows	3
Consolidated Statements of Comprehensive Income	4
Segment Information
For the three months ended March 31, 2015 and 2014	5-6
Non-life segment	7
North America sub-segment	8
Global (Non-U.S.) P&C sub-segment	9
Global Specialty sub-segment	10
Catastrophe sub-segment	11
Life and Health segment	12
Corporate and Other	13
Distribution of Premiums
Distribution of Premiums by line of business, geography and production source	14
Distribution of Premiums by reinsurance type for the Non-life sub-segment	15
Investments
Investment Portfolio	16
Distribution of Corporate Bonds	17
Distribution of Equities	18
Distribution of Mortgage/Asset-Backed Securities	19
Other Invested Assets including Private Markets and Derivative Exposures	20
Funds Held - Directly Managed Portfolio	21
Distribution of Corporate Bonds - Funds Held - Directly Managed Portfolio	22
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses)	23
Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses) on Funds Held - Directly Managed Portfolio	24
Loss Reserves
Analysis of Unpaid Losses and Loss Expenses	25
Analysis of Policy Benefits for Life and Annuity Contracts	26
Reserve Development	27
Natural Catastrophe Probable Maximum Losses (PMLs)
Single Occurrence Estimated Net PML Exposure	28
Impact of new methodology on Estimated Gross PML Exposure (April 1, 2014 only)	29
Reconciliation of GAAP and non-GAAP measures	30-32
Diluted Book Value per Common Share - Treasury Stock Method	33
Diluted Book Value and Diluted Tangible Book Value per Common Share - Rollforward	34-35

PartnerRe Ltd.

Regulation G

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has also included certain non-GAAP financial measures within the meaning of Regulation G. Management believes that these non-GAAP financial measures are important to investors, analysts, rating agencies and others who use the Company’s financial information and will help provide a consistent basis for comparison between quarters and for comparison with other companies within the industry. However, investors should consider these non-GAAP measures in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.

The reconciliation of non-GAAP financial measures to the most comparable GAAP financial measures in accordance with Regulation G is included within the relevant tables.

Operating Earnings (Loss) available to PartnerRe Common Shareholders (Operating Earnings (Loss)), Diluted Operating Earnings (Loss) per Common Share and Annualized Operating Return on Beginning Diluted Book Value per Common Share and Common Share Equivalents Outstanding (Annualized Operating ROE): The Company uses Operating Earnings (Loss), Diluted Operating Earnings (Loss) per Common Share and Annualized Operating ROE to measure performance, as these measures focus on the underlying fundamentals of the Company’s operations. Operating Earnings (Loss) exclude the impact of net realized and unrealized gains and losses on investments, net of tax (except where the Company has made a strategic investment in an insurance or reinsurance related investee), net foreign exchange gains and losses, net of tax, loss on redemption of preferred shares and the interest in earnings (losses) of equity method investments, net of tax (except where the Company has made a strategic investment in an insurance or reinsurance related investee and where the Company does not control the investee’s activities), and are calculated after preferred dividends. The Company calculates Diluted Operating Earnings (Loss) per Common Share using Operating Earnings (Loss) for the period divided by the weighted average number of PartnerRe common shares and common share equivalents outstanding. The Company calculates Annualized Operating ROE using annualized Diluted Operating Earnings (Loss) per Common Share for the period divided by the Diluted Book Value per PartnerRe common share and common share equivalents outstanding as of the beginning of the year. Operating Earnings (Loss) and Diluted Operating Earnings (Loss) per Common Share should not be viewed as a substitute for Net Income (Loss) or Diluted Net Income (Loss) per Common Share prepared in accordance with GAAP. Annualized Operating ROE supplements GAAP information.

Tangible Book Value and Diluted Tangible Book Value per PartnerRe Common Share and Common Share Equivalents Outstanding: The Company calculates Tangible Book Value using common shareholders’ equity attributable to PartnerRe less goodwill and intangible assets, net of tax. The Company calculates Diluted Tangible Book Value per Common Share using Tangible Book Value divided by the weighted average number of PartnerRe common shares and common share equivalents outstanding. The Company uses these measures as the basis for its prime measure of long-term financial performance (annualized growth in Diluted Tangible Book Value per Common Share plus dividends). Management believes annualized growth in Diluted Tangible Book Value per Common Share plus dividends aligns the Company’s stated long-term objectives with the measure most investors use to evaluate total shareholder value creation given that it focuses on the tangible value of total shareholder returns, excluding the impact of goodwill and intangibles.

Book Value and Tangible Book Value excluding Net Unrealized Gains and Losses on Fixed Income Securities and Funds Held - Directly Managed, Net of Tax (Book Value and Tangible Book Value excluding NURGL) and Diluted Book Value and Diluted Tangible Book Value per PartnerRe Common Share and Common Share Equivalents Outstanding (Diluted Book Value and Diluted Tangible Book Value per Common Share) excluding Net Unrealized Gains and Losses on Fixed Income Securities and Funds Held - Directly Managed, Net of Tax (Diluted Book Value and Diluted Tangible Book Value per Common Share excluding NURGL): The Company calculates Book Value and Tangible Book Value excluding NURGL using common shareholders’ equity attributable to PartnerRe and Tangible Book Value, respectively, less net unrealized gains and losses on fixed income securities and funds held - directly managed, net of tax. Book Value and Tangible Book Value excluding NURGL focuses on the underlying fundamentals of the Company’s financial position without the impact of interest rates and credit spreads on the unrealized gains and losses on fixed income securities and funds held - directly managed, net of tax. The Company calculates Diluted Book Value and Diluted Tangible Book Value per Common Share excluding NURGL divided by the number of common shares and common share equivalents outstanding.

Total Capital: The Company calculates Total Capital as the sum of common shareholders’ equity attributable to PartnerRe, preferred shares, long-term debt, senior notes and capital efficient notes. The Company uses Total Capital as a measure to manage the capital structure of the Company.

All references to per share data, per common share data, common shares and common share equivalent data, and common shareholders’ equity data throughout this Financial Supplement relates to PartnerRe Ltd.’s (PartnerRe) common shareholders.

PartnerRe Ltd.

Life Value In Force

The Company calculates Value in Force (VIF) for its Life portfolio, which represents the value of the Life portfolio that is not recognized in the Consolidated Balance Sheets prepared under generally accepted accounting principles in the United States (U.S. GAAP). Accordingly, there is no corresponding measure that is prepared in accordance with U.S. GAAP. Management believes that this is useful information for investors, analysts, rating agencies and others. The Life VIF calculation includes the business written in the Company’s Life and Health segment, except for the PartnerRe Health business.

The Company’s Life VIF calculation uses market consistent techniques, but primarily differs from a full Market Consistent Embedded Value (MCEV) calculation, as defined in the European Insurance CFO Forum MCEV principles, due to: (i) different methodologies used; and ii) the Life VIF is only a component of MCEV and, specifically, the tangible assets backing the liabilities are not considered in the Company’s calculation.

The Company’s Life VIF, which is calculated on a going concern basis, is the sum of:

•

present value of future profits - which is defined as the net present value of shareholders’ projected after-tax cash flows from the in-force business on a best-estimate assumption basis. The discount rates used reflect currency-specific market yields on zero coupon government bonds at given durations and are applied to projected deterministic cash flows and to calculate risk-free investment returns. The best-estimate is defined as median biometric assumptions and does not include any provision for adverse deviation. The Company attributes no value to future new business or renewals of short-term business. Allocated inflated-adjusted expenses are projected on a best estimate basis;


•	cost of non-hedgeable risks - which is defined as the cost of holding capital for non-hedgeable financial and non-hedgeable non-financial risks, such as a mortality deviation from shocks or changes in trends. The non-hedgeable risk capital has been determined using an internal economic capital model calibrated to a 99.6% Value at Risk (VaR) corresponding to a 1 in 250 year event;


•	frictional costs - which is defined as the cost of double taxation or investment management charges on assets backing required capital;

•

time value of options and guarantees (TVOG) - which is defined as the difference between the market value and the intrinsic value of the option calculated using stochastic techniques. The TVOG is significant to the guaranteed minimum death benefit (GMDB) portfolio where the Company covers death claims on savings plans, where the sum reinsured is the difference between the invested premium amount and the current fund value; and


•	cost of non-economic excess encumbered capital - which is defined as the cost of any encumbered capital in excess of economic capital required by local regulations.

Actuarial non-economic assumptions, such as current and future mortality, are based on the most recent experience available, combined with internal and industry benchmarks, including trend expectation where appropriate.

The Life VIF is sensitive to changes in assumptions. In particular, the Life VIF is sensitive to changes in yield curves that are used for discounting, changes in equity market value assumptions and implied volatilities.

The Company performs a detailed Life VIF calculation on an annual basis and performs a roll-forward approach on an interim quarterly basis.

PartnerRe Ltd.

Consolidated Statements of Operations

(Expressed in thousands of U.S. dollars, except share and per share data)

(Unaudited)



	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2015			2014			2014			2014			2014			2014			2013
Revenues
Gross premiums written	$	1,748,933		$	1,236,676		$	1,361,280		$	1,462,307		$	1,871,740		$	5,932,003		$	5,569,706
Net premiums written	$	1,653,215		$	1,220,035		$	1,342,690		$	1,418,665		$	1,738,494		$	5,719,884		$	5,396,526
(Increase) decrease in unearned premiums	(418,493		)	225,695			213,924			(65,596		)	(484,712		)	(110,689		)	(198,316		)
Net premiums earned	1,234,722			1,445,730			1,556,614			1,353,069			1,253,782			5,609,195			5,198,210
Net investment income	104,631			114,686			118,176			129,967			116,867			479,696			484,367
Net realized and unrealized investment gains (losses)	115,645			98,329			(34,420		)	165,717			142,172			371,796			(160,735		)
Other income	4,292			4,297			2,223			9,265			404			16,190			16,565
Total revenues	1,459,290			1,663,042			1,642,593			1,658,018			1,513,225			6,476,877			5,538,407
Expenses
Losses and loss expenses and life policy benefits	721,281			869,923			959,543			883,846			749,457			3,462,770			3,157,808
Acquisition costs	275,791			324,884			321,756			302,573			264,608			1,213,822			1,077,628
Other expenses ^{(1) (2)}	124,750			122,539			108,615			107,072			111,462			449,688			500,466
Interest expense	12,245			12,244			12,241			12,240			12,238			48,963			48,929
Amortization of intangible assets	6,768			6,479			7,003			7,003			7,002			27,486			27,180
Net foreign exchange (gains) losses	(13,147		)	(7,301		)	(8,206		)	(2,023		)	(670		)	(18,201		)	18,203
Total expenses	1,127,688			1,328,768			1,400,952			1,310,711			1,144,097			5,184,528			4,830,214
Income before taxes and interest in (losses) earnings of equity method investments	331,602			334,274			241,641			347,307			369,128			1,292,349			708,193
Income tax expense	79,665			53,143			45,617			78,440			62,305			239,506			48,416
Interest in (losses) earnings of equity method investments	(3,838		)	(1,013		)	5,294			4,925			6,064			15,270			13,665
Net income	248,099			280,118			201,318			273,792			312,887			1,068,113			673,442
Net income attributable to noncontrolling interests	(2,182		)	(3,225		)	(4,920		)	(1,951		)	(3,044		)	(13,139		)	(9,434		)
Net income attributable to PartnerRe	245,917			276,893			196,398			271,841			309,843			1,054,974			664,008
Preferred dividends	14,184			14,184			14,184			14,184			14,184			56,735			57,861
Loss on redemption of preferred shares	—			—			—			—			—			—			9,135
Net income attributable to PartnerRe common shareholders	$	231,733		$	262,709		$	182,214		$	257,657		$	295,659		$	998,239		$	597,012
Operating earnings attributable to PartnerRe common shareholders	$	150,536		$	218,340		$	226,660		$	133,508		$	176,910		$	755,418		$	721,733
Comprehensive income attributable to PartnerRe	$	242,760		$	251,528		$	198,578		$	288,630		$	294,394		$	1,033,129		$	641,173
Earnings and dividends per share data attributable to PartnerRe common shareholders:
Basic operating earnings	$	3.17		$	4.48		$	4.58		$	2.66		$	3.43		$	15.10		$	13.03
Net realized and unrealized investment gains (losses), net of tax	2.11			1.69			(0.72		)	2.46			2.24			5.73			(2.30		)
Net foreign exchange (losses) gains, net of tax	(0.33		)	(0.61		)	(0.24		)	(0.06		)	(0.02		)	(0.92		)	0.05
Loss on redemption of preferred shares	—			—			—			—			—			—			(0.16		)
Interest in (losses) earnings of equity method investments, net of tax	(0.07		)	(0.04		)	0.06			0.07			0.07			0.17			0.16
Withholding tax on inter-company dividends, net of tax ⁽²⁾	—			(0.13		)	—			—			—			(0.12		)	—
Basic net income	$	4.88		$	5.39		$	3.68		$	5.13		$	5.72		$	19.96		$	10.78
Weighted average number of common shares outstanding	47,525,344			48,707,096			49,514,980			50,241,216			51,652,177			50,019,480			55,378,980
Diluted operating earnings ⁽¹⁾	$	3.09		$	4.37		$	4.47		$	2.60		$	3.36		$	14.76		$	12.79
Net realized and unrealized investment gains (losses), net of tax	2.06			1.64			(0.70		)	2.41			2.20			5.60			(2.25		)
Net foreign exchange (losses) gains, net of tax	(0.32		)	(0.60		)	(0.23		)	(0.06		)	(0.02		)	(0.90		)	0.04
Loss on redemption of preferred shares	—			—			—			—			—			—			(0.16		)
Interest in (losses) earnings of equity method investments, net of tax	(0.07		)	(0.03		)	0.06			0.07			0.07			0.17			0.16
Withholding tax on inter-company dividends, net of tax ⁽²⁾	—			(0.12		)	—			—			—			(0.12		)	—
Diluted net income	$	4.76		$	5.26		$	3.60		$	5.02		$	5.61		$	19.51		$	10.58
Weighted average number of common shares and common share equivalents outstanding	48,710,228			49,958,224			50,681,325			51,328,761			52,727,573			51,174,225			56,448,105
Dividends declared per common share	$	0.70		$	0.67		$	0.67		$	0.67		$	0.67		$	2.68		$	2.56
(1) Includes costs related to the Company's proposed amalgamation with Axis and the restructuring of the Company’s business support operations and Global Non-life operations. See page 13 for the expense and per share data.
(2) Withholding taxes on certain inter-company dividends are included in other expenses.

PartnerRe Ltd.

Condensed Consolidated Balance Sheets

(Expressed in thousands of U.S. dollars, except share and per share data)

(Unaudited)



	March 31,				December 31,				September 30,				June 30,				March 31,				December 31,
	2015				2014				2014				2014				2014				2013
Assets
Total investments	$	15,038,946			$	15,299,764			$	15,288,212			$	15,584,828			$	15,479,461			$	15,148,883
Funds held - directly managed	592,609				608,853				650,374				669,713				764,386				785,768
Cash and cash equivalents	1,413,799				1,313,468				1,519,287				1,208,220				1,269,037				1,496,485
Accrued investment income	150,255				158,737				171,050				170,508				190,169				185,717
Reinsurance balances receivable	2,899,821				2,454,850				2,974,668				3,015,727				3,064,301				2,465,713
Reinsurance recoverable on paid and unpaid losses	290,018				246,158				317,071				358,804				362,149				308,892
Funds held by reinsured companies	659,058				765,905				808,686				863,491				849,256				843,081
Deferred acquisition costs	706,779				661,186				707,481				755,769				725,584				644,952
Goodwill	456,380				456,380				456,380				456,380				456,380				456,380
Intangible assets	152,836				159,604				166,083				173,085				180,088				187,090
Other assets	128,094				145,452				148,051				189,948				176,692				515,334
Total assets	$	22,488,595			$	22,270,357			$	23,207,343			$	23,446,473			$	23,517,503			$	23,038,295
Liabilities
Unpaid losses and loss expenses	$	9,401,397			$	9,745,806			$	10,264,001			$	10,399,775			$	10,529,717			$	10,646,318
Policy benefits for life and annuity contracts	1,996,519				2,050,107				2,113,463				2,127,412				2,118,479				1,974,133
Unearned premiums	2,159,446				1,750,607				2,048,550				2,357,544				2,299,250				1,723,767
Other reinsurance balances payable	188,941				182,395				237,175				254,750				269,487				202,549
Debt obligations	820,989				820,989				820,989				820,989				820,989				820,989
Other liabilities	666,475				616,042				656,909				528,600				638,982				904,380
Total liabilities	15,233,767				15,165,946				16,141,087				16,489,070				16,676,904				16,272,136
Total shareholders’ equity attributable to PartnerRe	7,197,145				7,048,910				7,013,980				6,910,047				6,780,928				6,709,532
Noncontrolling interests	57,683				55,501				52,276				47,356				59,671				56,627
Total shareholders’ equity	7,254,828				7,104,411				7,066,256				6,957,403				6,840,599				6,766,159
Total liabilities and shareholders’ equity	$	22,488,595			$	22,270,357			$	23,207,343			$	23,446,473			$	23,517,503			$	23,038,295
Diluted Book Value Per Common Share	$	129.86			$	126.21			$	121.95			$	118.96			$	114.13			$	109.26
Diluted Tangible Book Value Per Common Share	$	118.40			$	114.76			$	110.75			$	107.80			$	103.10			$	98.49
Number of Common Shares and Common Share Equivalents Outstanding	48,849,532				49,087,412				50,513,695				50,910,028				51,935,217				53,596,034
Capital Structure:
Senior notes ⁽¹⁾	$	750,000	9	%	$	750,000	9	%	$	750,000	9	%	$	750,000	10	%	$	750,000	10	%	$	750,000	10	%
Capital efficient notes ⁽²⁾	63,384		1		63,384		1		63,384		1		63,384		1		63,384		1		63,384		1
Preferred shares, aggregate liquidation value	853,750		11		853,750		11		853,750		11		853,750		11		853,750		11		853,750		11
Common shareholders’ equity attributable to PartnerRe	6,343,395		79		6,195,160		79		6,160,230		79		6,056,297		78		5,927,178		78		5,855,782		78
Total Capital	$	8,010,529	100	%	$	7,862,294	100	%	$	7,827,364	100	%	$	7,723,431	100	%	$	7,594,312	100	%	$	7,522,916	100	%


(1)	PartnerRe Finance A LLC and PartnerRe Finance B LLC, the issuers of the senior notes, do not meet U.S. GAAP consolidation requirements. Accordingly, the Company shows the related intercompany debt of $250.0 million and $500.0 million, respectively, on its Condensed Consolidated Balance Sheets.


(2)	PartnerRe Finance II, the issuer of the capital efficient notes, does not meet U.S. GAAP consolidation requirements. Accordingly, the Company shows the related intercompany debt of $71.0 million on its Condensed Consolidated Balance Sheets.

PartnerRe Ltd.

Condensed Consolidated Statements of Cash Flows

(Expressed in millions of U.S. dollars)

(Unaudited)



	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2015			2014			2014			2014			2014			2014			2013
Net cash provided by operating activities:
Underwriting operations	$	44		$	158		$	240		$	66		$	33		$	497		$	337
Investment income	137			147			140			176			142			606			637
Taxes and foreign exchange	(42		)	(36		)	(18		)	(100		)	(96		)	(250		)	(147		)
Net cash provided by operating activities	$	139		$	269		$	362		$	142		$	79		$	853		$	827
Net cash provided by operating activities	$	139		$	269		$	362		$	142		$	79		$	853		$	827
Net cash provided by (used in) investing activities	115			(247		)	84			(15		)	(71		)	(250		)	418
Net cash used in financing activities	(123		)	(215		)	(99		)	(189		)	(232		)	(736		)	(866		)
Effect of foreign exchange rate changes on cash	(30		)	(13		)	(36		)	1			(3		)	(50		)	(5		)
Increase (decrease) in cash and cash equivalents	101			(206		)	311			(61		)	(227		)	(183		)	374
Cash and cash equivalents - beginning of period	1,313			1,519			1,208			1,269			1,496			1,496			1,122
Cash and cash equivalents - end of period	$	1,414		$	1,313		$	1,519		$	1,208		$	1,269		$	1,313		$	1,496

PartnerRe Ltd.

Consolidated Statements of Comprehensive Income

(Expressed in thousands of U.S. dollars)

(Unaudited)



	For the three months ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2015			2014			2014			2014			2014
Net income attributable to PartnerRe	$	245,917		$	276,893		$	196,398		$	271,841		$	309,843
Change in currency translation adjustment	(2,504		)	(12,101		)	1,412			17,020			(15,223		)
Change in net unrealized gains or losses on investments, net of tax	(217		)	(218		)	(221		)	(222		)	(225		)
Change in unfunded pension obligation, net of tax	(436		)	(13,046		)	989			(9		)	(1		)
Comprehensive income attributable to PartnerRe	$	242,760		$	251,528		$	198,578		$	288,630		$	294,394



	For the year ended
	December 31,			December 31,
	2014			2013
Net income attributable to PartnerRe	$	1,054,974		$	664,008
Change in currency translation adjustment	(8,892		)	(31,778		)
Change in net unrealized gains or losses on investments, net of tax	(886		)	(918		)
Change in unfunded pension obligation, net of tax	(12,067		)	9,861
Comprehensive income attributable to PartnerRe	$	1,033,129		$	641,173

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)



For the three months ended March 31, 2015
	North America			Global (Non-U.S.) P&C			Global Specialty			Catastrophe			Total Non-life segment			Life and Health segment			Corporate and Other			Total
Gross premiums written	$	473		$	334		$	427		$	191		$	1,425		$	324		$	—		$	1,749
Net premiums written	$	471		$	331		$	362		$	176		$	1,340		313			$	—		$	1,653
(Increase) decrease in unearned premiums	(132		)	(157		)	3			(118		)	(404		)	(14		)	—			(418		)
Net premiums earned	$	339		$	174		$	365		$	58		$	936		$	299		$	—		$	1,235
Losses and loss expenses and life policy benefits	(172		)	(119		)	(170		)	(20		)	(481		)	(240		)	—			(721		)
Acquisition costs	(93		)	(52		)	(93		)	(4		)	(242		)	(34		)	—			(276		)
Technical result	$	74		$	3		$	102		$	34		$	213		$	25		$	—		$	238
Other income													—			1			3			4
Other expenses													(52		)	(15		)	(58		)	(125		)
Underwriting result													$	161		$	11		n/a			$	117
Net investment income																14			91			105
Allocated underwriting result ⁽¹⁾																$	25		n/a			n/a
Net realized and unrealized investment gains																			116			116
Interest expense																			(12		)	(12		)
Amortization of intangible assets																			(7		)	(7		)
Net foreign exchange gains																			13			13
Income tax expense																			(80		)	(80		)
Interest in losses of equity method investments																			(4		)	(4		)
Net income																			n/a			$	248
Loss ratio ⁽²⁾	50.7		%	68.4		%	46.7		%	33.7		%	51.4		%
Acquisition ratio ⁽³⁾	27.5			30.1			25.4			7.0			25.9
Technical ratio ⁽⁴⁾	78.2		%	98.5		%	72.1		%	40.7		%	77.3		%
Other expense ratio ⁽⁵⁾													5.5
Combined ratio ⁽⁶⁾													82.8		%


(1)	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 expenses.


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


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


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


(5)	Other expense ratio is obtained by dividing other expenses by net premiums earned.


(6)	Combined ratio is defined as the sum of the technical ratio and the other expense ratio.

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)



For the three months ended March 31, 2014
	North America			Global (Non-U.S.) P&C			Global Specialty			Catastrophe			Total Non-life segment			Life and Health segment			Corporate and Other			Total
Gross premiums written	$	530		$	364		$	479		$	210		$	1,583		$	289		$	—		$	1,872
Net premiums written	$	527		$	361		$	389		$	179		$	1,456		$	282		$	—		$	1,738
Increase in unearned premiums	(148		)	(182		)	(34		)	(100		)	(464		)	(20		)	—			(484		)
Net premiums earned	$	379		$	179		$	355		$	79		$	992		$	262		$	—		$	1,254
Losses and loss expenses and life policy benefits	(260		)	(94		)	(201		)	21			(534		)	(215		)	—			(749		)
Acquisition costs	(92		)	(54		)	(79		)	(8		)	(233		)	(32		)	—			(265		)
Technical result	$	27		$	31		$	75		$	92		$	225		$	15		$	—		$	240
Other income (loss)													1			1			(2		)	—
Other expenses													(65		)	(17		)	(29		)	(111		)
Underwriting result													$	161		$	(1	)	n/a			$	129
Net investment income																15			102			117
Allocated underwriting result ⁽¹⁾																$	14		n/a			n/a
Net realized and unrealized investment gains																			142			142
Interest expense																			(12		)	(12		)
Amortization of intangible assets																			(7		)	(7		)
Net foreign exchange gains																			—			—
Income tax expense																			(62		)	(62		)
Interest in earnings of equity method investments																			6			6
Net income																			n/a			$	313
Loss ratio ⁽²⁾	68.6		%	52.4		%	56.6		%	(26.5		)%	53.8		%
Acquisition ratio ⁽³⁾	24.3			30.1			22.4			10.1			23.6
Technical ratio ⁽⁴⁾	92.9		%	82.5		%	79.0		%	(16.4		)%	77.4		%
Other expense ratio ⁽⁵⁾													6.5
Combined ratio ⁽⁶⁾													83.9		%

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Non-life segment



	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2015 ^(A)			2014			2014			2014			2014			2014			2013
Gross premiums written	$	1,425		$	923		$	1,025		$	1,136		$	1,583		$	4,667		$	4,590
Net premiums written	$	1,340		$	917		$	1,019		$	1,108		$	1,456		$	4,500		$	4,427
Net premiums earned	$	936		$	1,127		$	1,227		$	1,042		$	992		$	4,387		$	4,235
Losses and loss expenses	(481		)	(609		)	(688		)	(632		)	(534		)	(2,463		)	(2,400		)
Acquisition costs	(242		)	(288		)	(284		)	(260		)	(233		)	(1,065		)	(953		)
Technical result	$	213		$	230		$	255		$	150		$	225		$	859		$	882
Other income (loss)	—			2			(1		)	1			1			3			3
Other expenses	(52		)	(65		)	(62		)	(61		)	(65		)	(252		)	(259		)
Underwriting result	$	161		$	167		$	192		$	90		$	161		$	610		$	626
Loss ratio ⁽²⁾	51.4		%	54.1		%	56.1		%	60.6		%	53.8		%	56.1		%	56.7		%
Acquisition ratio ⁽³⁾	25.9			25.5			23.1			25.0			23.6			24.3			22.5
Technical ratio ⁽⁴⁾	77.3		%	79.6		%	79.2		%	85.6		%	77.4		%	80.4		%	79.2		%
Other expense ratio ⁽⁵⁾	5.5			5.7			5.0			5.9			6.5			5.8			6.1
Combined ratio ⁽⁶⁾	82.8		%	85.3		%	84.2		%	91.5		%	83.9		%	86.2		%	85.3		%


(A)	Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2015, net premiums written and net premiums earned include foreign exchange impacts of $(75.5) million and $(42.8) million, respectively, compared to the three months ended March 31, 2014.

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

North America sub-segment



	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2015 ^(A)			2014			2014			2014			2014			2014			2013
Gross premiums written	$	473		$	340		$	372		$	400		$	530		$	1,642		$	1,601
Net premiums written	$	471		$	338		$	372		$	392		$	527		$	1,630		$	1,587
Net premiums earned	$	339		$	405		$	424		$	390		$	379		$	1,597		$	1,533
Losses and loss expenses	(172		)	(253		)	(247		)	(240		)	(260		)	(1,000		)	(975		)
Acquisition costs	(93		)	(102		)	(106		)	(102		)	(92		)	(401		)	(351		)
Technical result	$	74		$	50		$	71		$	48		$	27		$	196		$	207
Loss ratio ⁽²⁾	50.7		%	62.5		%	58.2		%	61.5		%	68.6		%	62.6		%	63.6		%
Acquisition ratio ⁽³⁾	27.5			25.1			24.9			26.1			24.3			25.1			22.9
Technical ratio ⁽⁴⁾	78.2		%	87.6		%	83.1		%	87.6		%	92.9		%	87.7		%	86.5		%
Distribution of Net Premiums Written by Major Lines of Business:
Agriculture	30		%	26		%	22		%	31		%	31		%	28		%	30		%
Casualty	35			39			40			38			33			37			37
Credit/Surety	7			7			7			6			8			7			3
Motor	4			5			7			3			4			4			4
Multiline	10			8			6			8			9			8			6
Other	1			—			3			3			1			2			5
Property	13			15			15			11			14			14			15
Total	100		%	100		%	100		%	100		%	100		%	100		%	100		%


(A)	Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2015, net premiums written and net premiums earned include foreign exchange impacts of $(3.0) million and $(1.8) million, respectively, compared to the three months ended March 31, 2014.

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Global (Non-U.S.) P&C sub-segment



	For the three months ended													For the year ended
	March 31,			December 31,			September 30,		June 30,		March 31,			December 31,			December 31,
	2015 ^(A)			2014			2014		2014		2014			2014			2013
Gross premiums written	$	334		$	122		162		155		$	364		$	803		818
Net premiums written	$	331		$	122		164		148		$	361		$	794		811
Net premiums earned	$	174		$	200		202		187		$	179		$	768		743
Losses and loss expenses	(119		)	(119		)	(123	)	(103	)	(94		)	(438		)	(373	)
Acquisition costs	(52		)	(60		)	(56	)	(52	)	(54		)	(222		)	(196	)
Technical result	$	3		$	21		23		32		$	31		$	108		174
Loss ratio ⁽²⁾	68.4		%	59.4		%	61.1	%	54.6	%	52.4		%	57.0		%	50.2	%
Acquisition ratio ⁽³⁾	30.1			29.9			27.6		27.9		30.1			28.9			26.4
Technical ratio ⁽⁴⁾	98.5		%	89.3		%	88.7	%	82.5	%	82.5		%	85.9		%	76.6	%
Distribution of Net Premiums Written by Major Lines of Business:
Casualty	10		%	7		%	7	%	8	%	10		%	8		%	9	%
Motor	36			48			43		37		37			40			37
Property	54			45			50		55		53			52			54
Total	100		%	100		%	100	%	100	%	100		%	100		%	100	%


(A)	Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2015, net premiums written and net premiums earned include foreign exchange impacts of $(33.3) million and $(15.4) million, respectively, compared to the three months ended March 31, 2014.

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Global Specialty sub-segment



	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2015 ^(A)			2014			2014			2014			2014			2014			2013
Gross premiums written	$	427		$	448		$	432		$	438		$	479		$	1,797		$	1,676
Net premiums written	$	362		$	446		$	428		$	432		$	389		$	1,696		$	1,579
Net premiums earned	$	365		$	430		$	448		$	406		$	355		$	1,638		$	1,506
Losses and loss expenses	(170		)	(213		)	(279		)	(270		)	(201		)	(963		)	(920		)
Acquisition costs	(93		)	(117		)	(105		)	(98		)	(79		)	(400		)	(362		)
Technical result	$	102		$	100		$	64		$	38		$	75		$	275		$	224
Loss ratio ⁽²⁾	46.7		%	49.5		%	62.3		%	66.5		%	56.6		%	58.8		%	61.1		%
Acquisition ratio ⁽³⁾	25.4			27.4			23.5			24.2			22.4			24.4			24.0
Technical ratio ⁽⁴⁾	72.1		%	76.9		%	85.8		%	90.7		%	79.0		%	83.2		%	85.1		%
Distribution of Net Premiums Written by Major Lines of Business:
Agriculture	15		%	12		%	11		%	14		%	13		%	13		%	9		%
Aviation/Space	11			15			13			13			8			13			13
Credit/Surety	14			14			16			15			19			16			19
Energy	4			5			5			5			3			4			5
Engineering	11			10			10			9			10			10			14
Marine	11			18			18			15			16			17			19
Multiline	12			8			8			6			10			8			3
Other	2			—			1			1			1			—			—
Specialty casualty	11			9			7			10			14			10			9
Specialty property	9			9			11			12			6			9			9
Total	100		%	100		%	100		%	100		%	100		%	100		%	100		%


(A)	Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2015, net premiums written and net premiums earned include foreign exchange impacts of $(27.5) million and $(18.4) million, respectively, compared to the three months ended March 31, 2014.

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Catastrophe sub-segment



	For the three months ended													For the year ended
	March 31,			December 31,			September 30,		June 30,		March 31,			December 31,			December 31,
	2015 ^(A)			2014			2014		2014		2014			2014			2013
Gross premiums written	$	191		$	13		59		143		$	210		$	425		$	495
Net premiums written	$	176		$	11		55		136		$	179		$	380		$	450
Net premiums earned	$	58		$	92		153		59		$	79		$	384		$	453
Losses and loss expenses	(20		)	(24		)	(39	)	(19	)	21			(62		)	(132		)
Acquisition costs	(4		)	(9		)	(17	)	(8	)	(8		)	(42		)	(44		)
Technical result	$	34		$	59		97		32		$	92		$	280		$	277
Loss ratio ⁽²⁾	33.7		%	26.5		%	25.2	%	33.4	%	(26.5		)%	16.1		%	29.0		%
Acquisition ratio ⁽³⁾	7.0			9.1			11.7		13.0		10.1			11.0			9.7
Technical ratio ⁽⁴⁾	40.7		%	35.6		%	36.9	%	46.4	%	(16.4		)%	27.1		%	38.7		%


(A)	Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2015, net premiums written and net premiums earned include foreign exchange impacts of $(11.8) million and $(7.1) million, respectively, compared to the three months ended March 31, 2014.

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Life and Health segment



	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2015 ^(A)			2014			2014			2014			2014			2014			2013
Gross premiums written	$	324		$	314		$	336		$	326		$	289		$	1,265		$	972
Net premiums written	$	313		$	302		$	325		$	311		$	282		$	1,220		$	964
Net premiums earned	$	299		$	318		$	331		$	311		$	262		$	1,222		$	957
Life policy benefits	(240		)	(261		)	(272		)	(252		)	(215		)	(1,000		)	(760		)
Acquisition costs	(34		)	(37		)	(38		)	(43		)	(32		)	(149		)	(125		)
Technical result	$	25		$	20		$	21		$	16		$	15		$	73		$	72
Other income	1			2			2			3			1			8			11
Other expenses	(15		)	(17		)	(17		)	(16		)	(17		)	(68		)	(71		)
Underwriting result	$	11		$	5		$	6		$	3		$	(1	)	$	13		$	12
Net investment income	14			16			14			15			15			60			61
Allocated underwriting result ⁽¹⁾	$	25		$	21		$	20		$	18		$	14		$	73		$	73
Distribution of Net Premiums Written by Major Lines of Business:
Accident and Health	27		%	25		%	24		%	27		%	16		%	23		%	15		%
Longevity	22			25			26			22			25			25			26
Mortality	51			50			50			51			59			52			59
Total	100		%	100		%	100		%	100		%	100		%	100		%	100		%


(A)	Comparisons of net premiums written and net premiums earned between periods include the impact of foreign exchange variances. For the three months ended March 31, 2015, net premiums written and net premiums earned include foreign exchange impacts of $(21.1) million and $(19.0) million, respectively, compared to the three months ended March 31, 2014.

PartnerRe Ltd.

Segment Information

(Expressed in millions of U.S. dollars)

(Unaudited)

Corporate and Other



	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2015			2014			2014			2014			2014			2014			2013
Technical result	$	—		$	1		$	(1	)	$	—		$	—		$	—		$	8
Other income (loss)	3			—			1			5			(2		)	5			3
Corporate expenses - amalgamation related costs ⁽¹⁾	(31		)	—			—			—			—			—			—
Corporate expenses - costs of restructuring (2)	—			(6		)	(3		)	(2		)	—			(11		)	(58		)
Corporate expenses	(27		)	(35		)	(26		)	(27		)	(28		)	(118		)	(105		)
Other expenses	—			—			—			(1		)	(1		)	(1		)	(7		)
Net investment income	91			99			104			115			102			420			423
Net realized and unrealized investment gains (losses)	116			98			(34		)	166			142			372			(161		)
Interest expense	(12		)	(12		)	(12		)	(12		)	(12		)	(49		)	(49		)
Amortization of intangible assets	(7		)	(6		)	(7		)	(7		)	(7		)	(27		)	(27		)
Net foreign exchange gains (losses)	13			7			8			2			—			18			(18		)
Income tax expense	(80		)	(53		)	(46		)	(78		)	(62		)	(239		)	(49		)
Interest in (losses) earnings of equity method investments	(4		)	(1		)	5			5			6			15			14


(1)	The amalgamation related costs relate to the company's proposed amalgamation with AXIS and consists of severance and transaction costs. During the three months ended March 31,2015, these costs had a per diluted share impact, pre-tax, of $0.63.

(2)

The costs of restructuring relate to the Company’s reorganization of its business support and Global Non-life operations. During the three months ended December 31, 2014, the three months ended September 30, 2014 and the three months ended June 30, 2014, these costs predominantly comprised of facility exit costs. For the three months ended December 31, 2014, the three months ended September 30, 2014 and the three months ended June 30, 2014, these costs had a per diluted share impact, pre-tax, of $0.11, $0.07 and $0.05, respectively. During the year ended December 31, 2014, these costs predominantly comprised of facility exit costs. During the year ended December 31, 2013, these costs predominantly comprised of severance costs related to the Company's voluntary and involuntary termination plans, and to a lesser extent, facility exit costs. For the year ended December 31, 2014 and the year ended December 31, 2013, these costs had a per diluted share impact, pre-tax, of $0.21 and $1.03, respectively.

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)



	For the three months ended										For the year ended
	March 31,		December 31,		September 30,		June 30,		March 31,		December 31,		December 31,
	2015		2014		2014		2014		2014		2014		2013
Distribution of Net Premiums Written by Line of Business:
Non-life
Property and casualty
Casualty	12	%	11	%	12	%	11	%	12	%	12	%	12	%
Motor	8		6		7		5		9		7		7
Multiline and other	6		5		5		5		5		5		4
Property	15		9		10		9		15		11		12
Specialty
Agriculture	12		12		10		13		12		12		11
Aviation/Space	2		6		4		4		2		4		4
Catastrophe	11		1		4		9		10		6		8
Credit/Surety	5		7		7		6		7		7		6
Energy	1		2		2		1		1		1		2
Engineering	2		4		3		3		2		3		4
Marine	2		6		6		5		4		5		6
Specialty casualty	3		3		2		3		3		3		3
Specialty property	2		3		4		4		2		3		3
Life and Health	19		25		24		22		16		21		18
	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Geography:
Asia, Australia and New Zealand	10	%	10	%	13	%	13	%	9	%	11	%	11	%
Europe	43		38		39		35		45		40		40
Latin America, Caribbean and Africa	9		14		10		9		8		10		10
North America	38		38		38		43		38		39		39
	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Distribution of Gross Premiums Written by Production Source:
Broker	69	%	68	%	69	%	69	%	71	%	69	%	71	%
Direct	31		32		31		31		29		31		29
	100	%	100	%	100	%	100	%	100	%	100	%	100	%

PartnerRe Ltd.

Distribution of Premiums

(Unaudited)



	For the three months ended										For the year ended
	March 31,		December 31,		September 30,		June 30,		March 31,		December 31,		December 31,
	2015		2014		2014		2014		2014		2014		2013
Distribution of Gross Premiums Written by Reinsurance Type for the Non-life sub-segment:
North America
Non-Proportional	25	%	11	%	16	%	11	%	24	%	16	%	18	%
Proportional	75		89		84		89		76		84		82
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Global (Non-U.S.) P&C
Non-Proportional	34	%	4	%	12	%	8	%	37	%	22	%	21	%
Proportional	66		96		88		92		63		78		79
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Global Specialty
Non-Proportional	24	%	10	%	13	%	16	%	26	%	17	%	19	%
Proportional	76		90		87		84		74		83		81
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Catastrophe
Non-Proportional	97	%	113	%	97	%	96	%	98	%	98	%	98	%
Proportional	3		(13	)	3		4		2		2		2
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
Non-life total
Non-Proportional	36	%	11	%	19	%	23	%	38	%	25	%	28	%
Proportional	64		89		81		77		62		75		72
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%

PartnerRe Ltd.

Investment Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)



	March 31,					December 31,					September 30,					June 30,					March 31,					December 31,
	2015					2014					2014					2014					2014					2013
Investments:
Fixed maturities
U.S. government	$	2,241		15	%	$	2,277		15	%	$	2,160		14	%	$	1,827		12	%	$	1,850		12	%	$	1,599		11	%
U.S. government sponsored enterprises	58			—		39			—		25			—		29			—		16			—		25			—
U.S. states, territories and municipalities	621			4		531			3		321			2		221			1		130			1		124			1
Non-U.S. sovereign government, supranational and government related	1,557			10		1,976			13		2,209			14		2,289			15		2,332			15		2,354			15
Corporates	5,495			37		5,604			37		5,706			37		5,981			38		5,989			39		6,049			40
Mortgage/asset-backed securities	3,440			23		3,492			23		3,530			24		3,660			24		3,581			23		3,442			23
Total fixed maturities	13,412			89		13,919			91		13,951			91		14,007			90		13,898			90		13,593			90
Short-term investments	20			—		25			—		37			—		32			—		29			—		14			—
Equities	1,320			9		1,057			7		1,001			7		1,253			8		1,250			8		1,221			8
Other invested assets	287			2		299			2		299			2		293			2		302			2		321			2
Total investments	$	15,039		100	%	$	15,300		100	%	$	15,288		100	%	$	15,585		100	%	$	15,479		100	%	$	15,149		100	%
Cash and cash equivalents	1,414					1,313					1,519					1,208					1,269					1,496
Total investments and cash	$	16,453				$	16,613				$	16,807				$	16,793				$	16,748				$	16,645
Maturity distribution:
One year or less	$	257		2	%	$	313		2	%	$	401		3	%	$	428		3	%	$	383		3	%	$	378		3
More than one year through five years	4,694			35		5,169			37		5,279			38		5,212			37		5,359			38		5,057			37
More than five years through ten years	3,669			27		3,719			27		3,747			27		3,790			27		3,806			27		3,962			29
More than ten years	1,372			10		1,251			9		1,031			7		949			7		798			6		768			6
Subtotal	9,992			74		10,452			75		10,458			75		10,379			74		10,346			74		10,165			75
Mortgage/asset-backed securities	3,440			26		3,492			25		3,530			25		3,660			26		3,581			26		3,442			25
Total	$	13,432		100	%	$	13,944		100	%	$	13,988		100	%	$	14,039		100	%	$	13,927		100	%	$	13,607		100	%
Credit quality by market value:
AAA	10		%			11		%			12		%			12		%			13		%			14		%
AA	45					46					44					43					42					41
A	19					19					19					20					21					21
BBB	17					16					17					17					16					16
Below Investment Grade/Unrated	9					8					8					8					8					8
	100		%			100		%			100		%			100		%			100		%			100		%
Expected average duration ⁽¹⁾	3.5		Yrs			3.7		Yrs			3.5		Yrs			3.4		Yrs			3.2		Yrs			3.0		Yrs
Average yield to maturity at market ⁽¹⁾	2.3		%			2.4		%			2.3		%			2.2		%			2.5		%			2.5		%
Average credit quality	A					A					A					A					A					A

(1) Includes funds holding fixed income securities that are classified with equities under generally accepted accounting principles in the United States.

PartnerRe Ltd.

Distribution of Corporate Bonds

(Expressed in thousands of U.S. dollars)

(Unaudited)



March 31, 2015
	Fair Value			Percentage to Total Fair Value of Corporate Bonds			Percentage to Invested Assets and cash			Largest single issuer as a percentage of Invested Assets and cash
Distribution by sector - Corporate bonds
Finance	$	1,223,778		22.3		%	7.4		%	1.0		%
Consumer noncyclical	773,920			14.1			4.7			0.2
Communications	619,651			11.3			3.8			0.5
Utilities	602,876			11.0			3.7			0.3
Energy	478,543			8.7			2.9			0.2
Consumer cyclical	449,134			8.2			2.7			0.3
Industrials	448,739			8.1			2.7			0.2
Insurance	286,444			5.2			1.8			0.2
Basic materials	163,706			3.0			1.0			0.2
Real estate investment trusts	120,035			2.2			0.7			0.1
Technology	118,230			2.1			0.7			0.2
Catastrophe bonds	87,191			1.6			0.5			0.1
Government guaranteed corporate debt	63,026			1.1			0.4			0.4
Longevity and mortality bonds	50,367			0.9			0.3			0.2
Diversified	9,327			0.2			0.1			—
Total Corporate bonds	$	5,494,967		100.0		%	33.4		%
Finance sector - Corporate bonds
Banks	$	705,066		12.8		%	4.3		%
Investment banking and brokerage	320,309			5.8			1.9
Financial services	145,520			2.7			0.9
Commercial and consumer finance	35,449			0.7			0.2
Other	17,434			0.3			0.1
Total finance sector - Corporate bonds	$	1,223,778		22.3		%	7.4		%
	AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
Credit quality of finance sector - Corporate bonds
Banks	$	—		$	107,574		$	408,612		$	162,226		$	26,654		$	705,066
Investment banking and brokerage	—			1,594			277,424			40,040			1,251			320,309
Financial services	—			116,838			21,867			5,127			1,688			145,520
Commercial and consumer finance	—			—			2,450			30,527			2,472			35,449
Other	—			—			—			17,434			—			17,434
Total finance sector - Corporate bonds	$	—		$	226,006		$	710,353		$	255,354		$	32,065		$	1,223,778
% of total	—		%	18		%	58		%	21		%	3		%	100		%

Concentration of investment risk

The top 10 Corporate bond issuers account for 16.1% of the Company’s total corporate bonds. The single largest issuer accounts for 2.9% of the Company’s total Corporate bonds.

PartnerRe Ltd.

Distribution of Equities

(Expressed in thousands of U.S. dollars)

(Unaudited)



	March 31, 2015
	Fair Value		Percentage to Total Fair Value of Equities		Percentage to Invested Assets and cash		Largest single issuer as a percentage of Invested Assets and cash
Distribution by sector - Equities
Real estate investment trusts	$	177,130	19.2	%	1.1	%	0.2	%
Insurance	128,521		14.0		0.8		0.6
Consumer noncyclical	113,740		12.4		0.7		—
Energy	108,648		11.8		0.7		0.2
Finance	104,378		11.3		0.6		0.1
Technology	65,311		7.1		0.4		0.1
Consumer cyclical	59,747		6.5		0.4		—
Industrials	58,435		6.4		0.3		0.1
Communications	53,388		5.8		0.3		—
Utilities	28,946		3.1		0.2		—
Basic materials	21,290		2.3		0.1		—
Diversified	669		0.1		—		—
Total	$	920,203	100.0	%	5.6	%

Mutual funds and exchange traded funds (ETFs)
Funds and ETFs holding equities	142,104				0.8
Funds holding fixed income securities	257,977				1.6
Total Equities	$	1,320,284			8.0	%

Concentration of investment risk

The single largest fund in funds holding fixed income securities is a closed-end mutual fund holding municipal bonds which accounts for 18.9% of the Company’s total equities. Excluding equity securities held in mutual funds and exchange traded funds, the top 10 common stock issuers account for 26.3% of the Company’s total equities. Excluding equity securities held in mutual funds and exchange traded funds, the single largest issuer accounts for 10.6% of the Company’s total equities.

PartnerRe Ltd.

Distribution of Mortgage/Asset-Backed Securities ⁽¹⁾

(Expressed in thousands of U.S. dollars)

(Unaudited)

Fixed Maturities - Mortgage/Asset-Backed Securities by type and by rating



	Rating at March 31, 2015
	GNMA			GSEs			AAA			AA			A			BBB			Non-Investment Grade/Unrated			Total
U.S. Asset-Backed Securities	$	—		$	—		$	136,378		$	133,300		$	86,605		$	—		$	467,567		$	823,850
U.S. Collaterized Mortgage Obligations	—			2,522			3,290			—			—			—			—			5,812
U.S. Mortgage Backed Securities (MBS)	385,634			1,378,976			—			—			—			—			—			1,764,610
U.S. Commercial Mortgage Backed Securities (CMBS)	5,589			—			7,728			10,127			18,820			2,994			1,947			47,205
U.S. MBS Interest Only	33,037			80,345			3,802			—			—			—			14,952			132,136
	$	424,260		$	1,461,843		$	151,198		$	143,427		$	105,425		$	2,994		$	484,466		$	2,773,613
Non-U.S. Asset-Backed Securities	$	—		$	—		$	136,057		$	61,655		$	58,766		$	20,577		$	20,793		$	297,848
Non-U.S. Collaterized Mortgage Obligations	—			—			123,210			46,596			52,513			—			—			222,319
Non-U.S. Commercial Mortgage Backed Securities (CMBS)	—			—			7,418			—			—			—			—			7,418
Non-U.S. Mortgage Backed Securities (MBS)	—			—			138,586			—			—			—			—			138,586
	$	—		$	—		$	405,271		$	108,251		$	111,279		$	20,577		$	20,793		$	666,171
Total mortgage/asset-backed securities	$	424,260		$	1,461,843		$	556,469		$	251,678		$	216,704		$	23,571		$	505,259		$	3,439,784
Corporate Securities	—			57,555			—			—			—			—			—			57,555
Total	$	424,260		$	1,519,398		$	556,469		$	251,678		$	216,704		$	23,571		$	505,259		$	3,497,339
% of total	12		%	43		%	16		%	7		%	6		%	1		%	15		%	100		%


(1)	In addition to the mortgage/asset-backed securities above, the Company has derivatives exposure to to-be-announced mortgage-backed securities with a notional value of $280.6 million and a carrying value of $1.4 million at March 31, 2015 within Other Invested Assets.

PartnerRe Ltd.

Other Invested Assets including Private Markets and Derivative Exposures

(Expressed in thousands of U.S. dollars)

(Unaudited)

Carrying and Notional Values of Private Markets Investments and Other Invested Assets



	March 31, 2015												December 31, 2014					September 30, 2014
	Investments		Fair Value of Derivatives			Carrying Value			Net Notional Amount of Derivatives / Other		Total Net Exposures ⁽¹⁾		Carrying Value			Total Net Exposures ⁽¹⁾		Carrying Value			Total Net Exposures ⁽¹⁾
Private Markets Investments
Principal Finance - Investments	$	100,058	$	—		$	100,058		$	—	$	100,058	$	101,268		$	101,268	$	101,723		$	101,723
Principal Finance - Derivative Exposure Assumed ⁽²⁾	—		(22,131		)	(22,131		)	42,504		20,373		(17,804		)	24,720		(11,315		)	31,254
Insurance-Linked Securities	—		(320		)	(320		)	205,680		205,360		(336		)	206,045		(375		)	280,863
Strategic Investments	210,562		—			210,562			—		210,562		195,263			195,263		197,376			197,376
Total other invested assets - Private Markets Exposure Assumed	310,620		(22,451		)	288,169			248,184		536,353		278,391			527,296		287,409			611,216
Other ⁽³⁾	8,761		(10,334		)	(1,573		)					20,436					11,851
Total other invested assets	$	319,381	$	(32,785	)	$	286,596						$	298,827				$	299,260

(1)

The total net exposures originated in Private Markets are $1,548 million at March 31, 2015 ($1,572 million and $1,599 million at December 31, 2014 and September 30, 2014, respectively). In addition to the net exposures listed above of $536 million at March 31, 2015 ($527 million and $611 million at December 31, 2014 and September 30, 2014, respectively), the Company has the following other net exposures originated in Private Markets:


•	Principal Finance: $722 million of assets listed under Investments - Fixed Maturities and $11 million listed under Investments - Equities for a total exposure of $853 million at March 31, 2015 ($858 million and $858 million at December 31, 2014 and September 30, 2014, respectively).


•	Insurance-Linked Securities: $138 million of bonds listed under Investments - Fixed Maturities and $5 million listed under Investment - Equities for a total exposure of $348 million at March 31, 2015 ($361 million and $399 million at December 31, 2014 and September 30, 2014, respectively).


•	Strategic Investments: $135 million of assets listed under Investments - Equities and $2 million of assets listed under Other Assets for a total exposure of $347 million at March 31, 2015 ($353 million and $342 million at December 31, 2014 and September 30, 2014, respectively).


(2)	The Company enters into interest rate swaps to mitigate notional exposure on certain fixed maturities and total return swaps. Accordingly, the notional value of these interest rate swaps is not presented in the table.


(3)	Other includes foreign currency and fixed income hedging instruments used to manage currency and duration exposure, respectively, and other miscellaneous invested assets.

PartnerRe Ltd.

Funds Held - Directly Managed Portfolio

(Expressed in millions of U.S. dollars)

(Unaudited)



	March 31, 2015					December 31, 2014					September 30, 2014					June 30, 2014					March 31, 2014					December 31, 2013
Investments:
Fixed maturities
U.S. government	$	107		25	%	$	105		22	%	$	104		22	%	$	105		20	%	$	104		17	%	$	108		19	%
U.S. government sponsored enterprises	49			11		49			10		45			9		50			10		50			8		50			9
Non-U.S. sovereign government, supranational and government related	111			26		128			27		123			26		128			25		179			30		137			25
Corporates	145			33		177			38		192			40		215			42		245			41		249			44
Total fixed maturities	412			95	%	459			97	%	464			97	%	498			97	%	578			96		544			97
Short-term investments	11			2		—			—		—			—		—			—		3			1		2			—
Other invested assets	12			3		14			3		15			3		16			3		15			3		15			3
Total investments	$	435		100	%	$	473		100	%	$	479		100	%	$	514		100	%	$	596		100	%	$	561		100	%
Cash and cash equivalents	54					42					53					41					37					85
Total investments and cash	$	489				$	515				$	532				$	555				$	633				$	646
Accrued investment income	5					6					6					6					7					7
Other funds held assets/liabilities	99					88					112					109					124					133
Total funds held - directly managed	$	593				$	609				$	650				$	670				$	764				$	786
Maturity distribution:
One year or less	$	71		17	%	$	77		16	%	$	87		19	%	$	72		15	%	$	99		17	%	$	89		16	%
More than one year through five years	210			50		241			53		258			56		261			52		298			51		331			61
More than five years through ten years	142			33		141			31		117			25		165			33		157			27		109			20
More than ten years	—			—		—			—		2			—		—			—		27			5		17			3
Total	$	423		100	%	$	459		100	%	$	464		100	%	$	498		100	%	$	581		100	%	$	546		100	%
Credit quality by market value:
AAA	11		%			12		%			12		%			12		%			15		%			13		%
AA	66					64					64					62					58					58
A	16					17					17					18					21					22
BBB	7					7					7					8					6					7
	100		%			100		%			100		%			100		%			100		%			100		%
Expected average duration	3.3		Yrs			3.4		Yrs			3.1		Yrs			3.4		Yrs			3.3		Yrs			2.9		Yrs
Average yield to maturity at market	0.8		%			1.0		%			0.9		%			1.1		%			1.2		%			1.2		%
Average credit quality	AA					AA					AA					AA					AA					AA

PartnerRe Ltd.

Distribution of Corporate Bonds

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)



	March 31, 2015
	Fair Value			Percentage to Total Fair Value of Corporate Bonds			Percentage to Funds Held - Directly Managed Investments and cash			Largest single issuer as a percentage of Funds Held - Directly Managed Investments and cash
Distribution by sector - Corporate bonds
Finance	$	38,422		26.5		%	7.9		%	1.1		%
Consumer noncyclical	23,799			16.4			4.9			1.7
Energy	22,156			15.3			4.5			1.9
Utilities	16,456			11.3			3.4			1.0
Communications	11,236			7.7			2.3			0.8
Basic materials	9,877			6.8			2.0			0.9
Consumer cyclical	8,027			5.5			1.6			1.5
Industrials	4,139			2.9			0.8			0.7
Technology	3,942			2.7			0.8			0.8
Government guaranteed corporate debt	3,729			2.6			0.8			0.7
Real estate investment trusts	3,279			2.3			0.7			0.7
Total Corporate bonds	$	145,062		100.0		%	29.7		%
Finance sector - Corporate bonds
Banks	$	30,012		20.7		%	6.2		%
Financial services	8,410			5.8			1.7
Total finance sector - Corporate bonds	$	38,422		26.5		%	7.9		%
	AAA			AA			A			BBB			Total
Credit quality of finance sector - Corporate bonds
Banks	$	13,207		$	1,669		$	13,822		$	1,314		$	30,012
Financial services	—			4,173			4,237			—			8,410
Total finance sector - Corporate bonds	$	13,207		$	5,842		$	18,059		$	1,314		$	38,422
% of total	34		%	15		%	47		%	4		%	100		%

Concentration of investment risk

The Top 10 corporate bond issuers account for 41.1% of the Company’s total corporate bonds within the Funds Held - Directly Managed Portfolio. The single largest issuer accounts for 6.5% of the Company’s total corporate bonds within the Funds Held - Directly Managed portfolio.

PartnerRe Ltd.

Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses)

(Expressed in thousands of U.S. dollars)

(Unaudited)



	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2015			2014			2014			2014			2014			2014			2013
Fixed maturities	$	102,619		$	109,468		$	108,290		$	114,637		$	111,019		$	443,414		$	446,299
Short-term investments, cash and cash equivalents	140			190			216			193			269			868			1,886
Equities	5,915			6,720			11,999			14,473			7,134			40,326			32,989
Funds held and other	4,623			8,996			7,493			8,963			7,740			33,192			34,215
Funds held - directly managed	3,022			3,194			3,485			3,229			3,933			13,841			20,502
Investment expenses	(11,688		)	(13,882		)	(13,307		)	(11,528		)	(13,228		)	(51,945		)	(51,524		)
Net investment income ⁽¹⁾	$	104,631		$	114,686		$	118,176		$	129,967		$	116,867		$	479,696		$	484,367
Net realized investment gains on fixed maturities and short-term investments	$	51,858		$	26,699		$	37,809		$	31,205		$	25,022		$	120,734		$	118,575
Net realized investment gains on equities	20,365			30,334			33,894			33,678			827			98,733			75,217
Net realized (losses) gains on other invested assets	(7,749		)	(19,887		)	7,019			(17,753		)	9,935			(20,686		)	20,497
Change in net unrealized (losses) gains on other invested assets	(21,640		)	(11,843		)	(6,538		)	(14,121		)	(25,678		)	(58,180		)	56,652
Change in net unrealized investment gains (losses) on fixed maturities and short-term investments	76,971			61,085			(75,537		)	123,434			119,799			228,781			(525,787		)
Change in net unrealized investment (losses) gains on equities	(7,016		)	17,052			(31,093		)	6,322			10,325			2,605			118,010
Net other realized and unrealized investment (losses) gains	—			(5,801		)	575			611			991			(3,624		)	(2,107		)
Net realized and unrealized investment gains (losses) on funds held - directly managed	2,856			690			(549		)	2,341			951			3,433			(21,792		)
Net realized and unrealized investment gains (losses)	$	115,645		$	98,329		$	(34,420	)	$	165,717		$	142,172		$	371,796		$	(160,735	)


(1)	Comparisons of net investment income between periods include the impact of foreign exchange variances. For the three months ended March 31, 2015, net investment income includes foreign exchange impacts of $(3.3) million compared to the three months ended March 31, 2014.

PartnerRe Ltd.

Composition of Net Investment Income and Net Realized and Unrealized Investment Gains (Losses)

Funds Held - Directly Managed Portfolio

(Expressed in thousands of U.S. dollars)

(Unaudited)



	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2015			2014			2014			2014			2014			2014			2013
Fixed maturities	$	2,809		$	3,000		$	3,128		$	2,936		$	3,725		$	12,789		$	18,804
Short-term investments, cash and cash equivalents	14			11			8			9			31			59			1,246
Other	368			399			527			456			378			1,760			1,287
Investment expenses	(169		)	(216		)	(178		)	(172		)	(201		)	(767		)	(835		)
Net investment income	$	3,022		$	3,194		$	3,485		$	3,229		$	3,933		$	13,841		$	20,502
Net realized investment gains (losses) on fixed maturities and short-term investments	$	170		$	194		$	(32	)	$	1,601		$	197		$	1,959		$	6,021
Net realized investment gains on other invested assets	146			53			—			—			—			53			19
Change in net unrealized investment gains (losses) on fixed maturities and short-term investments	2,358			946			(209		)	259			942			1,938			(24,176		)
Change in net unrealized investment gains (losses) on other invested assets	182			(503		)	(308		)	481			(188		)	(517		)	(3,656		)
Net realized and unrealized investment gains (losses) on funds held - directly managed	$	2,856		$	690		$	(549	)	$	2,341		$	951		$	3,433		$	(21,792	)

PartnerRe Ltd.

Analysis of Unpaid Losses and Loss Expenses

(Expressed in thousands of U.S. dollars)

(Unaudited)



	As at and for the three months ended															As at and for the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2015			2014			2014			2014			2014			2014			2013
Reconciliation of beginning and ending liability for unpaid losses and loss expenses:
Gross liability at beginning of period	$	9,745,806		$	10,264,001		$	10,399,775		$	10,529,717		$	10,646,318		$	10,646,318		$	10,709,371
Reinsurance recoverable at beginning of period	(214,349		)	(249,338		)	(244,543		)	(251,666		)	(267,384		)	(267,384		)	(291,330		)
Net liability at beginning of period	9,531,457			10,014,663			10,155,232			10,278,051			10,378,934			10,378,934			10,418,041
Net incurred losses related to:
Current year	705,176			779,029			853,508			792,275			698,170			3,122,981			3,118,755
Prior years	(224,337		)	(169,443		)	(165,763		)	(160,880		)	(164,327		)	(660,413		)	(721,499		)
	480,839			609,586			687,745			631,395			533,843			2,462,568			2,397,256
Change in reserve agreement ⁽¹⁾	13,108			(16,977		)	—			2,324			(10,760		)	(25,412		)	(49,544		)
Net losses paid	(471,676		)	(882,812		)	(513,127		)	(767,435		)	(635,175		)	(2,798,549		)	(2,401,559		)
Effects of foreign exchange rate changes	(349,312		)	(193,003		)	(315,187		)	10,897			11,209			(486,084		)	14,740
Net liability at end of period	9,204,416			9,531,457			10,014,663			10,155,232			10,278,051			9,531,457			10,378,934
Reinsurance recoverable at end of period	196,981			214,349			249,338			244,543			251,666			214,349			267,384
Gross liability at end of period	$	9,401,397		$	9,745,806		$	10,264,001		$	10,399,775		$	10,529,717		$	9,745,806		$	10,646,318
Breakdown of gross liability at end of period:
Case reserves	$	3,975,276		$	4,236,038		$	4,420,406		$	4,425,723		$	4,552,142		$	4,236,038		$	4,663,164
Additional case reserves	229,363			253,890			321,607			380,582			332,758			253,890			403,145
Incurred but not reported reserves	5,196,758			5,255,878			5,521,988			5,593,470			5,644,817			5,255,878			5,580,009
Gross liability at end of period	$	9,401,397		$	9,745,806		$	10,264,001		$	10,399,775		$	10,529,717		$	9,745,806		$	10,646,318
Breakdown of gross liability at end of period by Non-life sub-segment:
North America	$	3,317,662		$	3,307,948		$	3,541,332		$	3,468,159		$	3,550,399		$	3,307,948		$	3,535,946
Global (Non-U.S.) P&C	2,021,090			2,175,965			2,261,968			2,364,579			2,428,416			2,175,965			2,444,129
Global Specialty	3,620,345			3,769,758			3,924,377			3,975,834			3,920,012			3,769,758			3,951,543
Catastrophe	442,300			492,135			536,324			591,203			630,890			492,135			714,700
Gross liability at end of period	$	9,401,397		$	9,745,806		$	10,264,001		$	10,399,775		$	10,529,717		$	9,745,806		$	10,646,318
Unrecognized time value of non-life reserves⁽²⁾	$	369,059		$	474,258		$	603,499		$	621,803		$	665,021		$	474,258		$	733,528
Non-life paid loss ratio data:
Non-life paid losses to incurred losses ratio	98.1		%	144.8		%	74.6		%	121.6		%	119.0		%	113.6		%	100.2		%
Non-life paid losses to net premiums earned ratio	50.4		%	78.3		%	41.9		%	73.7		%	64.0		%	63.8		%	56.6		%

(1) The change in the reserve agreement is due to adverse (favorable) development on Paris Re’s reserves which are guaranteed by Axa under the reserve agreement.

(2) The unrecognized time value of non-life reserves represents the difference between the recorded gross/net liability for unpaid losses and loss expenses and the amount of gross/net liability for unpaid losses and loss expenses that would be recorded if the underlying unpaid losses and loss expenses were discounted. The unrecognized time value, or discount, in the non-life reserves is calculated by applying appropriate risk-free rates by currency and duration to the underlying unpaid losses and loss expenses.

PartnerRe Ltd.

Analysis of Policy Benefits for Life and Annuity Contracts

(Expressed in thousands of U.S. dollars)

(Unaudited)



	As at and for the three months ended															As at and for the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2015			2014			2014			2014			2014			2014			2013
Reconciliation of beginning and ending policy benefits for life and annuity contracts:
Gross liability at beginning of period	$	2,050,107		$	2,113,463		$	2,127,412		$	2,118,479		$	1,974,133		$	1,974,133		$	1,813,244
Reinsurance recoverable at beginning of period	(29,495		)	(25,433		)	(23,703		)	(7,691		)	(7,022		)	(7,022		)	(20,684		)
Net liability at beginning of period	2,020,612			2,088,030			2,103,709			2,110,788			1,967,111			1,967,111			1,792,560
Net incurred losses related to:
Current year	254,450			269,438			273,394			258,100			218,307			1,019,240			799,596
Prior years	(14,008		)	(9,101		)	(1,596		)	(5,649		)	(2,693		)	(19,038		)	(39,044		)
	240,442			260,337			271,798			252,451			215,614			1,000,202			760,552
Net losses paid	(166,408		)	(252,950		)	(178,847		)	(274,295		)	(74,812		)	(780,905		)	(625,546		)
Effects of foreign exchange rate changes	(127,374		)	(74,805		)	(108,630		)	14,765			2,875			(165,796		)	39,545
Net liability at end of period	1,967,272			2,020,612			2,088,030			2,103,709			2,110,788			2,020,612			1,967,111
Reinsurance recoverable at end of period	29,247			29,495			25,433			23,703			7,691			29,495			7,022
Gross liability at end of period	$	1,996,519		$	2,050,107		$	2,113,463		$	2,127,412		$	2,118,479		$	2,050,107		$	1,974,133
Life value in force	$	109,900		$	145,100		$	180,200		$	197,000		$	208,300		$	145,100		$	188,000

PartnerRe Ltd.

Reserve Development

(Expressed in thousands of U.S. dollars)

(Unaudited)



	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2015			2014			2014			2014			2014			2014			2013
Prior year net favorable (adverse) reserve development:
Non-life segment:
North America	$	82,536		$	76,235		$	82,788		$	67,404		$	24,515		$	250,942		$	222,839
Global (Non-U.S.) P&C	18,031			27,999			29,404			30,278			46,713			134,394			180,052
Global Specialty	109,675			78,278			50,959			69,244			59,214			257,696			227,383
Catastrophe	14,095			(13,069		)	2,612			(6,046		)	33,885			17,381			91,225
Total Non-life net prior year reserve development	$	224,337		$	169,443		$	165,763		$	160,880		$	164,327		$	660,413		$	721,499
Non-life segment:
Net prior year reserve development due to changes in premiums	$	(3,540	)	$	(8,389	)	$	(11,215	)	$	(8,631	)	$	(9,669	)	$	(37,940	)	$	(70,810	)
Net prior year reserve development due to all other factors ⁽²⁾	227,877			177,832			176,978			169,511			173,996			698,353			792,309
Total Non-life net prior year reserve development	$	224,337		$	169,443		$	165,763		$	160,880		$	164,327		$	660,413		$	721,499
Life and Health segment:
Net prior year reserve development due to GMDB ⁽¹⁾	$	4,977		$	3,481		$	(329	)	$	980		$	3,031		$	7,163		$	26,617
Net prior year reserve development due to all other factors ⁽²⁾	9,031			5,620			1,925			4,669			(338		)	11,875			12,427
Total Life and Health net prior year reserve development	$	14,008		$	9,101		$	1,596		$	5,649		$	2,693		$	19,038		$	39,044


(1)	The guaranteed minimum death benefit (GMDB) reserves are sensitive to volatility in certain referenced global equity markets. At March 31, 2015, a 10% increase in the referenced global equity market would have decreased reserves by approximately $1.7 million, while a 10% decrease in the referenced global equity market would have increased reserves by approximately $2.2 million.


(2)	Net prior year reserve development due to all other factors includes, but is not limited to loss experience, changes in assumptions and changes in methodology.

PartnerRe Ltd.

Natural Catastrophe Probable Maximum Losses (PMLs)

(Expressed in millions of U.S. dollars)

(Unaudited)

Single occurrence estimated net PML exposure ⁽¹⁾⁽²⁾



		January 1, 2015 ⁽²⁾				October 1, 2014⁽²⁾				July 1, 2014 ⁽²⁾				April 1, 2014				January 1, 2014
Zone	Peril	1-in-250 year PML		1-in-500 year PML (Earthquake perils only)		1-in-250 year PML		1-in-500 year PML (Earthquake perils only)		1-in-250 year PML		1-in-500 year PML (Earthquake perils only)		1-in-250 year PML		1-in-500 year PML (Earthquake perils only)		1-in-250 year PML		1-in-500 year PML (Earthquake perils only)
U.S. Southeast	Hurricane	$	765			$	757			$	757			$	966			$	908
U.S. Northeast	Hurricane	963				909				909				1,014				1,008
U.S. Gulf Coast	Hurricane	850				870				870				978				960
Caribbean	Hurricane	179				189				189				183				192
Europe	Windstorm	606				722				722				630				626
Japan	Typhoon	145				145				145				147				128
California	Earthquake	609		$	730	588		$	675	588		$	675	587		$	689	589		$	668
British Columbia	Earthquake	223		414		204		391		204		391		209		431		214		378
Japan	Earthquake	393		440		427		481		427		481		433		465		432		466
Australia	Earthquake	305		415		367		495		367		495		348		449		332		426
New Zealand	Earthquake	194		229		218		279		218		279		193		222		203		223


(1)	The PML estimates are pre-tax and net of retrocession and reinstatement premiums. The peril zones in this disclosure are major peril zones for the industry. The Company has exposures in other peril zones that can potentially generate losses greater than the PML estimates in this disclosure.

(2)

Effective July 1, 2014, the Company introduced a new methodology to calculate the Natural Catastrophe PML that uses a more granular application of pricing adjustments, correlation, and retrocession at the treaty level. In the above table, only the data subsequent to April 1, 2014 reflects the new methodology. The table on page 29 shows the impact of the new methodology on the gross PML data reported as of April 1, 2014.

For more information regarding cautionary language related to the Natural Catastrophe PML disclosure and the forward-looking statements, as well as uncertainties and limitations associated with certain assumptions and the methodology used, you must refer to the Company’s natural catastrophe PML information and definitions, see Business - Natural Catastrophe Probable Maximum Loss (PML) in Item 1 of Part 1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

PartnerRe Ltd.

Natural Catastrophe Probable Maximum Losses (PMLs)

(Unaudited)

Impact of new methodology on estimated gross PML exposure (April 1, 2014) ⁽¹⁾



		April 1, 2014 ⁽¹⁾
Zone	Peril	1-in-250 year PML		1-in-500 year PML (Earthquake perils only)
U.S. Southeast	Hurricane	(12	)%
U.S. Northeast	Hurricane	(5	)
U.S. Gulf Coast	Hurricane	(7	)
Caribbean	Hurricane	3
Europe	Windstorm	9
Japan	Typhoon	1
California	Earthquake	(8	)	(3	)%
British Columbia	Earthquake	(5	)	—
Japan	Earthquake	(1	)	(3	)
Australia	Earthquake	—		4
New Zealand	Earthquake	—		4


(1)	Effective July 1, 2014, the Company introduced a new methodology to calculate the Natural Catastrophe PML that uses a more granular application of pricing adjustments, correlation, and retrocession at the treaty level. The table above shows the impact of the new methodology on the gross PML data reported as of April 1, 2014 (see page 28).

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

(in thousands of U.S. dollars, except per share data)

(Unaudited)



	For the three months ended															For the year ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2015 ⁽²⁾			2014			2014			2014			2014			2014			2013
Reconciliation of GAAP and non-GAAP measures:
Annualized return on beginning diluted book value per common share calculated with net income per share attributable to common shareholders ⁽¹⁾	15.1		%	19.3		%	13.2		%	18.4		%	20.5		%	17.9		%	10.5		%
Less:
Annualized net realized and unrealized investment gains (losses), net of tax, on beginning diluted book value per common share ⁽¹⁾	6.5			6.0			(2.5		)	8.8			8.0			5.1			(2.2		)
Annualized net foreign exchange (losses) gains, net of tax, on beginning diluted book value per common share ⁽¹⁾	(1.0		)	(2.2		)	(0.9		)	(0.2		)	(0.1		)	(0.8		)	—
Annualized net interest in (losses) earnings of equity method investments, net of tax, on beginning diluted book value per common share ⁽¹⁾	(0.2		)	(0.1		)	0.2			0.3			0.3			0.2			0.2
Annualized loss on redemption of preferred shares, on beginning diluted book value per common share ⁽¹⁾	—			—			—			—			—			—			(0.2		)
Withholding tax on inter-company dividends, net of tax, on beginning diluted book value per common share ⁽¹⁾	—			(0.4		)	—			—			—			(0.1		)	—
Annualized operating return on beginning diluted book value per common share ⁽¹⁾	9.8		%	16.0		%	16.4		%	9.5		%	12.3		%	13.5		%	12.7		%
Net income attributable to PartnerRe	$	245,917		$	276,893		$	196,398		$	271,841		$	309,843		$	1,054,974		$	664,008
Less:
Net realized and unrealized investment gains (losses), net of tax	100,311			82,128			(35,426		)	123,734			115,817			286,252			(127,182		)
Net foreign exchange (losses) gains, net of tax	(15,801		)	(29,824		)	(11,913		)	(3,175		)	(971		)	(45,883		)	2,521
Interest in (losses) earnings of equity method investments, net of tax	(3,313		)	(1,810		)	2,893			3,590			3,903			8,577			9,075
Withholding tax on inter-company dividends, net of tax	—			(6,125		)	—			—			—			(6,125		)	—
Dividends to preferred shareholders	14,184			14,184			14,184			14,184			14,184			56,735			57,861
Operating earnings attributable to PartnerRe common shareholders	$	150,536		$	218,340		$	226,660		$	133,508		$	176,910		$	755,418		$	721,733
Per diluted common share:
Net income attributable to PartnerRe common shareholders	$	4.76		$	5.26		$	3.60		$	5.02		$	5.61		$	19.51		$	10.58
Less:
Net realized and unrealized investment gains (losses), net of tax	2.06			1.64			(0.70		)	2.41			2.20			5.60			(2.25		)
Net foreign exchange (losses) gains, net of tax	(0.32		)	(0.60		)	(0.23		)	(0.06		)	(0.02		)	(0.90		)	0.04
Loss on redemption of preferred shares	—			—			—			—			—			—			(0.16		)
Interest in (losses) earnings of equity method investments, net of tax	(0.07		)	(0.03		)	0.06			0.07			0.07			0.17			0.16
Withholding tax on inter-company dividends, net of tax	—			(0.12		)	—			—			—			(0.12		)	—
Operating earnings attributable to PartnerRe common shareholders	$	3.09		$	4.37		$	4.47		$	2.60		$	3.36		$	14.76		$	12.79
(1) Excluding preferred shares of $853,750 at January 1, 2015 and 2014 and $893,750 at January 1, 2013.
(2) Amalgamation related costs, pre-tax, (see page 13) are $30,880, or $0.63 per diluted share, or 2.0% points on the annualized operating return on beginning diluted book value per common share. After-tax, operating earnings attributable to PartnerRe common shareholders adjusted to be before the amalgamation related costs are $181,416, or $3.72 per diluted share, or an 11.8% annualized operating return on beginning diluted book value per common share.

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

(in thousands of U.S. dollars, except share and per share data)

(Unaudited)



	March 31,		December 31,		September 30,		June 30,		March 31,		December 31,
	2015		2014		2014		2014		2014		2013
Reconciliation of GAAP and non-GAAP measures:
Total shareholders’ equity	$	7,254,828	$	7,104,411	$	7,066,256	$	6,957,403	$	6,840,599	$	6,766,159
Less:
Preferred shares, aggregate liquidation value	853,750		853,750		853,750		853,750		853,750		853,750
Noncontrolling interests	57,683		55,501		52,276		47,356		59,671		56,627
Common shareholders’ equity attributable to PartnerRe	6,343,395		6,195,160		6,160,230		6,056,297		5,927,178		5,855,782
Less:
Goodwill	456,380		456,380		456,380		456,380		456,380		456,380
Intangible assets, net of tax	103,276		105,652		109,327		111,990		116,331		120,900
Tangible book value	$	5,783,739	$	5,633,128	$	5,594,523	$	5,487,927	$	5,354,467	$	5,278,502
Common shares and common share equivalents outstanding	48,849,532		49,087,412		50,513,695		50,910,028		51,935,217		53,596,034
Equals:
Diluted tangible book value per common share	$	118.40	$	114.76	$	110.75	$	107.80	$	103.10	$	98.49

PartnerRe Ltd.

Reconciliation of GAAP and non-GAAP measures

(in thousands of U.S. dollars, except share and per share data)

(Unaudited)



	March 31,		December 31,		September 30,		June 30,		March 31,		December 31,
	2015		2014		2014		2014		2014		2013
Reconciliation of GAAP and non-GAAP measures:
Total shareholders’ equity	$	7,254,828	$	7,104,411	$	7,066,256	$	6,957,403	$	6,840,599	$	6,766,159
Less:
Preferred shares, aggregate liquidation value	853,750		853,750		853,750		853,750		853,750		853,750
Noncontrolling interests	57,683		55,501		52,276		47,356		59,671		56,627
Common shareholders’ equity attributable to PartnerRe	6,343,395		6,195,160		6,160,230		6,056,297		5,927,178		5,855,782
Less:
Goodwill	456,380		456,380		456,380		456,380		456,380		456,380
Intangible assets, net of tax	103,276		105,652		109,327		111,990		116,331		120,900
Tangible book value	5,783,739		5,633,128		5,594,523		5,487,927		5,354,467		5,278,502
Net unrealized gains on fixed income securities and funds held - directly managed, net of tax (NURGL)	391,377		355,028		316,706		388,648		299,871		223,995
Book value excluding NURGL	$	5,952,018	$	5,840,132	$	5,843,524	$	5,667,649	$	5,627,307	$	5,631,787
Tangible book value excluding NURGL	$	5,392,362	$	5,278,100	$	5,277,817	$	5,099,279	$	5,054,596	$	5,054,507
Divided by:
Number of common shares and common share equivalents outstanding	48,849,532		49,087,412		50,513,695		50,910,028		51,935,217		53,596,034
Equals:
Diluted book value per common share excluding NURGL	$	121.84	$	118.97	$	115.68	$	111.33	$	108.35	$	105.08
Diluted tangible book value per common share excluding NURGL	$	110.39	$	107.52	$	104.48	$	100.16	$	97.33	$	94.31

PartnerRe Ltd.

Diluted Book Value per Common Share - Treasury Stock Method ⁽¹⁾

(in thousands of U.S. dollars, except share and per share data)

(Unaudited)



	March 31,		December 31,		September 30,		June 30,		March 31,		December 31,
	2015		2014		2014		2014		2014		2013
Basic book value per common share
Total shareholders’ equity	$	7,254,828	$	7,104,411	$	7,066,256	$	6,957,403	$	6,840,599	$	6,766,159
Less:
Preferred shares, aggregate liquidation value	853,750		853,750		853,750		853,750		853,750		853,750
Noncontrolling interests	57,683		55,501		52,276		47,356		59,671		56,627
Common shareholders’ equity attributable to PartnerRe	$	6,343,395	$	6,195,160	$	6,160,230	$	6,056,297	$	5,927,178	$	5,855,782
Basic common shares outstanding	47,664,648		47,836,284		49,347,349		49,822,482		50,859,821		52,443,434
Basic book value per common share	$	133.08	$	129.51	$	124.83	$	121.56	$	116.54	$	111.66
Common shareholders’ equity attributable to PartnerRe	$	6,343,395	$	6,195,160	$	6,160,230	$	6,056,297	$	5,927,178	$	5,855,782
Basic common shares outstanding	47,664,648		47,836,284		49,347,349		49,822,482		50,859,821		52,443,434
Add:
Stock options and other	1,734,600		1,997,735		2,005,535		2,121,937		2,230,335		2,382,771
Restricted stock units	881,806		931,283		895,359		893,521		848,006		870,054
Less:
Stock options and other bought back via treasury stock method	1,431,522		1,677,890		1,734,548		1,927,912		2,002,945		2,100,225
Diluted common shares and common share equivalents outstanding	48,849,532		49,087,412		50,513,695		50,910,028		51,935,217		53,596,034
Diluted book value per common share	$	129.86	$	126.21	$	121.95	$	118.96	$	114.13	$	109.26


(1)	This method assumes that proceeds received upon exercise of options will be used to repurchase the Company’s common shares at the average market price. Unvested restricted stock and the dilutive impact of the Company’s forward sale contracts, if any, are also added to determine the diluted common shares and common share equivalents outstanding.

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

(in millions of U.S. dollars, except per share data)

(Unaudited)



	As at and for the three months ended March 31, 2015						As at and for the three months ended March 31, 2014
	Common shareholders’ equity			Diluted book value per common share			Common shareholders’ equity			Diluted book value per common share
Common shareholders’ equity attributable to PartnerRe / diluted book value per common share at beginning of period	$	6,195		$	126.21		$	5,856		$	109.26
Technical result	238			4.88			240			4.54
Other expenses	(125		)	(2.56		)	(111		)	(2.11		)
Net investment income	105			2.15			117			2.22
Amortization of intangible assets	(7		)	(0.14		)	(7		)	(0.13		)
Other, net	(11		)	(0.23		)	(15		)	(0.27		)
Operating income tax expense	(35		)	(0.72		)	(33		)	(0.62		)
Preferred dividends	(14		)	(0.29		)	(14		)	(0.27		)
Operating earnings	151			3.09			177			3.36
Net realized and unrealized investment gains, net of tax	100			2.06			116			2.20
Net foreign exchange losses, net of tax	(16		)	(0.32		)	(1		)	(0.02		)
Interest in (losses) earnings of equity method investments, net of tax	(3		)	(0.07		)	4			0.07
Net income attributable to PartnerRe common shareholders	232			4.76			296			5.61
Common share dividends	(33		)	(0.70		)	(35		)	(0.67		)
Change in currency translation adjustment	(3		)	(0.06		)	(15		)	(0.29		)
Repurchase of common shares, net	(47		)	(0.52		)	(174		)	(0.02		)
Change in other accumulated comprehensive income or loss, net of tax	(1		)	(0.01		)	(1		)	—
Impact of change in number of common and common share equivalents outstanding	n/a			0.18			n/a			0.24
Common shareholders’ equity attributable to PartnerRe / diluted book value per common share at end of period	$	6,343		$	129.86		$	5,927		$	114.13
Goodwill	(456		)	(9.34		)	(456		)	(8.79		)
Intangible assets, net of tax	(103		)	(2.12		)	(117		)	(2.24		)
Tangible common shareholders’ equity attributable to PartnerRe / diluted tangible book value per common share at end of period	$	5,784		118.40			$	5,354		$	103.10

PartnerRe Ltd.

Diluted Book Value per Common Share - Rollforward

(in millions of U.S. dollars, except per share data)

(Unaudited)



	As at and for the year ended December 31, 2014						As at and for the year ended December 31, 2013
	Common shareholders’ equity			Diluted book value per common share			Common shareholders’ equity			Diluted book value per common share
Common shareholders’ equity attributable to PartnerRe / diluted book value per common share at beginning of period	$	5,856		$	109.26		$	6,040		$	100.84
Technical result	932			18.21			962			17.06
Other expenses	(450		)	(8.79		)	(500		)	(8.87		)
Net investment income	480			9.37			484			8.58
Amortization of intangible assets	(27		)	(0.53		)	(27		)	(0.48		)
Other, net	(40		)	(0.77		)	(47		)	(0.85		)
Operating income tax expense	(83		)	(1.62		)	(92		)	(1.63		)
Preferred dividends	(57		)	(1.11		)	(58		)	(1.02		)
Operating earnings	755			14.76			722			12.79
Net realized and unrealized investment gains (losses), net of tax	286			5.60			(127		)	(2.25		)
Net foreign exchange (losses) gains, net of tax	(46		)	(0.90		)	2			0.04
Loss on redemption of preferred shares	—			—			(9		)	(0.16		)
Interest in earnings of equity method investments, net of tax	9			0.17			9			0.16
Withholding tax on inter-company dividend, net of tax	(6		)	(0.12		)	—			—
Net income attributable to PartnerRe common shareholders	998			19.51			597			10.58
Common share dividends	(134		)	(2.68		)	(142		)	(2.56		)
Change in currency translation adjustment	(9		)	(0.17		)	(32		)	(0.56		)
Repurchase of common shares, net	(503		)	0.55			(616		)	0.84
Preferred share issuance costs	—			—			(9		)	(0.15		)
Recognition of loss on redemption of preferred shares	—			—			9			0.16
Change in other accumulated comprehensive income or loss, net of tax	(13		)	(0.25		)	9			0.16
Impact of change in number of common and common share equivalents outstanding	n/a			(0.01		)	n/a			(0.05		)
Common shareholders’ equity attributable to PartnerRe / diluted book value per common share at end of period	$	6,195		$	126.21		$	5,856		$	109.26
Goodwill	(456		)	(9.30		)	(456		)	(8.51		)
Intangible assets, net of tax	(106		)	(2.15		)	(121		)	(2.26		)
Tangible common shareholders’ equity attributable to PartnerRe / diluted tangible book value per common share at end of period	$	5,633		$	114.76		$	5,279		$	98.49

q12015Exhibit 99.3 - Dividends

Exhibit 99.3

News Release

PartnerRe Ltd. Declares Quarterly Dividend of $0.70 Per Ordinary Share

PEMBROKE, Bermuda, April 27, 2015 — PartnerRe Ltd. (NYSE:PRE) today announced that its Board of Directors has declared a dividend of $0.70 per common share.

The dividend will be payable on June 1, 2015, to common shareholders of record on May 8, 2015.

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company, through its wholly owned subsidiaries, also offers capital markets products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines in its Non-life operations, mortality, longevity and accident and health in its Life and Health operations, and alternative risk products. For the year ended December 31, 2014, total revenues were $6.5 billion. At December 31, 2014, total assets were $22.5 billion, total capital was $8.0 billion and total shareholders’ equity attributable to PartnerRe was $7.2 billion.

PartnerRe on the Internet: www.partnerre.com




Contacts:	PartnerRe Ltd.	Sard Verbinnen & Co.
	(441) 292-0888	(212) 687-8080
	Investor Contact: Robin Sidders	Drew Brown/Daniel Goldstein
	Media Contact: Celia Powell



PartnerRe Ltd. Wellesley House, 5th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08	Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com