PartnerRe Ltd. Reports Q3 and Nine Month 2013 Results (Excerpt)

PEMBROKE, Bermuda – 29 October, 2013 - PartnerRe Ltd. (Ticker: PRE.BH) has reported a net income of $333.4 million, or $5.84 per share for the third quarter of 2013. This includes net after-tax realized and unrealized losses on investments of $1.3 million, or $0.03 per share. Net income for the third quarter of 2012 was $486.7 million, or $7.53 per share, including net after-tax realized and unrealized gains on investments of $221.8 million, or $3.55 per share. The Company reported operating earnings of $311.2 million, or a quarterly record for PartnerRe of $5.70 per share, for the third quarter of 2013. This compares to operating earnings of $244.4 million, or $3.90 per share, for the third quarter of 2012.

Net income for the first nine months of 2013 was $392.2 million, or $5.93 per share. This includes net after-tax realized and unrealized losses on investments of $219.0 million, or $3.83 per share. Net income for the first nine months of 2012 was $1,023.0 million, or $15.19 per share, including net after-tax realized and unrealized gains on investments of $399.4 million, or $6.21 per share. Operating earnings for the first nine months of 2013 were $564.3 million, or $9.86 per share. This compares to operating earnings of $568.1 million, or $8.84 per share, for the first nine months of 2012.

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 investments and the loss on redemption of preferred shares, 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 President & Chief Executive Officer Costas Miranthis said, “We had very strong third quarter results reflecting a low level of large loss activity and strong core performance for most of our businesses, culminating in a 74.9% combined ratio and a 22.6% operating return on equity. For the year to date, we have recorded a 13% operating return on equity and an increase of 4.7% in book value per share. I would like to thank our teams for their exceptional focus and determination over the last few years, without which we would not be enjoying such excellent results.”

“We are encouraged by these strong results in the current economic reinsurance pricing environment,” Mr. Miranthis added. “Against a backdrop of improved underlying primary pricing, reinsurance remains a competitive market. The market dynamics are similar to what we experienced in prior quarters but our teams have demonstrated that we can leverage the strength of our worldwide franchise to identify attractive business opportunities in all lines, and particularly in diversifying lines, where we have had the most success.”

As announced separately by the Company, the Board of Directors declared a quarterly dividend of $0.64 per common share. The dividend will be payable on November 29, 2013, to common shareholders of record on November 18, 2013.

The Company has posted the complete text of this release and its third quarter 2013 financial supplement on its website www.partnerre.com  in the Investor Relations section on the Financial Reports page under Supplementary Financial Data, which includes a reconciliation of GAAP and non-GAAP measures.

PartnerRe on the Internet: www.partnerre.com   

PartnerRe Ltd.

(441) 292-0888

Investor Contact: Robin Sidders

Media Contact: Celia Powell

or

Sard Verbinnen & Co

(212) 687-8080

Drew Brown/Daniel Goldstein