PartnerRe Ltd. Reports Fourth Quarter and Full Year 2009 Results

PEMBROKE, Bermuda – 12 February, 2010 - PartnerRe Ltd. (NYSE, Euronext Paris:PRE) reported net income of $354.4 million, or $4.25 per share on a fully diluted basis for the fourth quarter of 2009. Net income includes net after-tax realized and unrealized gains on investments of $17.6 million, or $0.22 per share. Net income for the fourth quarter of 2008 was $95.3 million, or $1.53 per share on a fully diluted basis, including net after-tax realized and unrealized gains on investments of $37.6 million, or $0.67 per share. Operating earnings for the fourth quarter of 2009 were $315.0 million, or $3.87 per share on a fully diluted basis. This compares to operating earnings of $53.9 million, or $0.95 per share, for the fourth quarter of 2008.

For the year ended December 31, 2009, net income was $1.5 billion, or $23.51 per share. Net income includes net after-tax realized and unrealized gains on investments of $497.0 million, or $7.78 per share, as well as a net after-tax gain of $57.0 million, or $0.89 per share, from the purchase of approximately 75% of the Company’s outstanding Capital Efficient Notes (CENts) in the first quarter of 2009. Operating earnings were $932.1 million, or $14.59 per share. Net income for the full year of 2008 was $46.6 million, or $0.22 per share. This net income included net after-tax realized and unrealized losses on investments of $453.6 million, or $8.15 per share. Operating earnings for the full year of 2008 were $469.3 million, or $8.43 per share.

Operating earnings exclude after-tax net realized and unrealized investment gains and losses, after-tax net realized gain on the purchase of the CENts and after-tax interest in results of equity investments, and are calculated after 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 the 2009 results, PartnerRe President & Chief Executive Officer Patrick Thiele said, “We had an exceptional year in 2009, achieving an operating return on beginning equity of 22% and GAAP book value per share growth of 32%. The Company also recently announced a 6% increase in the annual common dividend per share, marking the 17th consecutive year the Company has increased its dividend since inception. These results form part of PartnerRe’s long track record of success, which has seen the Company grow its GAAP book value per share plus dividends at a compounded rate of 13% over the last 5 years.”

More detail about this release is available on the Company's website: www.partnerre.com