PartnerRe Ltd. Reports Q4 And Full Year 2011 Results (Excerpt)

PEMBROKE, Bermuda – 07 February, 2012 – PartnerRe Ltd. (the “Company”; NYSE, Euronext: PRE) reported a net loss of $17.6 million, or $0.49 per share for the fourth quarter of 2011. This net loss includes net after-tax realized and unrealized gains on investments of $56.4 million, or $0.85 per share. Net income for the fourth quarter of 2010 was $57.0 million, or $0.65 per share, including net after-tax realized and unrealized losses on investments of $71.8 million, or $0.96 per share. The Company recorded an operating loss of $137.7 million, or $2.06 per share for the fourth quarter of 2011. This compares to operating earnings of $98.8 million, or $1.33 per share, for the fourth quarter of 2010.

Net loss for the full year 2011 was $520.3 million, or $8.40 per share. This net loss includes net after-tax realized and unrealized gains on investments of $15.1 million, or $0.23 per share. Net income for the full year 2010 was $852.6 million, or $10.46 per share, including net after-tax realized and unrealized gains on investments of $301.5 million, or $3.86 per share. Operating loss for the full year 2011 was $641.6 million, or $9.50 per share. This compares to operating earnings of $491.8 million, or $6.29 per share, for the full year 2010.

Operating earnings or loss excludes net after-tax realized and unrealized investment gains and losses, net after-tax foreign exchange gains and losses, and net after-tax interest in results of equity investments, and is 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 results for the fourth quarter and full year 2011, PartnerRe President & Chief Executive Officer Costas Miranthis said, “2011 was a very challenging year. The industry experienced a number of significant catastrophe events during the year, and as a leading global catastrophe reinsurer, we were impacted by these events. While the 2011 catastrophic events resulted in a significant operating loss for PartnerRe, our strong capital base enabled us to withstand this series of catastrophe losses. With total capital in excess of $7 billion, we are well-positioned to benefit from opportunities as the reinsurance market improves.”

Mr. Miranthis added, “During the January 1 renewals, we saw encouraging signs in most of our business lines. Chronic premium rate erosion appears to have been halted nearly everywhere, and risk-adjusted premium rates increased in several areas – some significantly and some more modestly. In this environment, we are pleased with the outcome of the January renewal. We achieved a better balanced risk profile to optimize risk adjusted returns and we added a number of new client relationships. Finally, as we announced last week, we have increased our common share dividend for the nineteenth consecutive year.”

The Company has posted the full text of this release and its fourth quarter 2011 financial supplement on its website www.partnerre.com

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, mortality, longevity and health, and alternative risk products. For the year ended December 31, 2011, total revenues were $5.4 billion. At December 31, 2011, total assets were $22.9 billion, total capital was $7.3 billion and total shareholders’ equity was $6.5 billion.

PartnerRe on the Internet: www.partnerre.com

Contacts:        

PartnerRe Ltd.

Investor Contact:        Robin Sidders                        
Media Contact:           Celia Powell                (441) 292-0888

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Drew Brown/Briana Kelly                               (212) 687-8080