PartnerRe Ltd. Reports Fourth Quarter and Record Full Year 2004 Results and Increase in Dividend

PartnerRe Ltd. Reports Fourth Quarter and Record Full Year 2004
Results and Increase in Dividend
* Fourth Quarter Net Income per share of $2.54; Operating Earnings per share of
$2.25







PEMBROKE, Bermuda, Feb. 7  /PRNewswire-FirstCall/ -- PartnerRe Ltd. (NYSE: PRE)
today reported net income of $143.7 million, or $2.54 per share on a fully
diluted basis, for the fourth quarter of 2004.  This net income includes net
after-tax realized gains on investments of $16.1 million or $0.29 per share. 
Net income for the fourth quarter of 2003, including net after-tax realized
gains on investments of $9.3 million or $0.17 per share, was $104.5 million or
$1.84 per share.  Operating earnings for the fourth quarter of 2004 were $120.8
million or $2.25 per share on a fully diluted basis.  Operating earnings
exclude net after-tax realized investment gains and losses and are calculated
after payment of preferred dividends.  This compares to operating earnings of
$90.3 million, or $1.67 per share, for the fourth quarter of 2003. All
references to per share amounts are on a fully diluted basis.

For the year ended December 31, 2004, net income was $492.4 million or $8.71
per share.  Net income for the period includes a net after-tax realized gain on
investments of $78.1 million or $1.44 per share.  Operating earnings were
$392.8 million, or $7.27 per share.  Net income for the full year 2003 was
$467.7 million or $8.13 per share including net after-tax realized gains of
$80.0 million, or $1.48 per share.  Operating earnings for the same period in
2003 were $358.3 million or $6.65 per share.

Commenting on the 2004 results, PartnerRe President & Chief Executive Officer
Patrick Thiele said, "We had an excellent fourth quarter to close out 2004 with
record results that are well ahead of our stated plan.  Despite facing a
challenging year in terms of the number of natural catastrophes and magnitude
of losses associated with them, PartnerRe performed exceptionally well,
achieving a full year operating return on equity of 17% and growing book value
by 20% to year-end book value per share of $50.99.  Our achievements in 2004
underscore the strength of the Company both financially and operationally."

Summary unaudited consolidated financial data for the period is set out below.

  U.S.$ thousands (except per share amounts and ratios)

                               Three months ended        Twelve months ended
                                   December 31               December 31
                                2004         2003         2004         2003

  Net Premiums Written      $682,998     $772,509   $3,852,672   $3,589,641
  Net Premiums Earned       $942,332     $946,148   $3,733,740   $3,503,442
  Non-Life Combined Ratio       94.5%        95.1%        94.3%        93.2%
  Net Income                $143,669     $104,530     $492,353     $467,679
  Net Income per share(a)      $2.54        $1.84        $8.71        $8.13
  Net Operating Earnings(a) $120,813      $90,286     $392,751     $358,319
  Net Operating Earnings
   per share(a)               $2.25         $1.67        $7.27        $6.65

   (a) Net income per share is defined as net income available to common
       shareholders divided by the weighted average number of fully diluted
       shares outstanding for the period. Net income available to common
       shareholders is defined as net income less preferred dividends. Net
       operating earnings is net income available to common shareholders
       excluding after-tax net realized gains/losses on investments. Net
       operating earnings per share is defined as net operating earnings
       divided by the weighted average number of fully diluted shares
       outstanding for the period. Per share results are on a fully diluted
       basis.



Net premiums written for the fourth quarter 2004 were $683.0 million, a 12%
decrease over the comparable period in 2003.  Total revenues for the quarter
were essentially flat with the fourth quarter of 2003 at $1.1 billion,
including $942.3 million of net premiums earned; net investment income of $80.0
million -- an increase of 9%; and net realized investment gains of $38.6
million.

For the year ended December 31, 2004, net premiums written were $3.9 billion, a
7% increase over the full year 2003.  Total revenues for 2004 were $4.2
billion, including $3.7 billion of net premiums earned, net investment income
of $298.0 million, and net realized investment gains of $117.3 million. Total
revenues for 2003 were $3.9 billion.

At December 31, 2004, total assets were $12.5 billion, total capitalization was
$3.8 billion, and total shareholders' equity was $3.4 billion.  This compares
to total assets of $10.9 billion, total capitalization of $3.2 billion and
total shareholders' equity of $2.6 billion at December 31, 2003.  Book value
per common share at December 31, 2004 was $50.99 on a fully diluted basis,
compared to $42.48 per share at December 31, 2003.

The Company is continuing its share repurchase program which was initiated
during the second quarter of 2004.  During 2004, the Company repurchased 2.9
million common shares, including 2 million common shares which were part of an
accelerated share repurchase agreement executed on December 30, 2004. This
partially offset the issuance of 3,478,400 common shares on December 31, 2004,
following settlement of the stock purchase contracts associated with the 8%
Premium Equity Participating Security (PEPS) Units, which were subsequently
retired.

Separately, the Company announced today that its Board of Directors has
increased the annual common share dividend by 12% to $1.52 per share from $1.36
per share.  Today, the Board declared a regular quarterly dividend of $0.38 per
common share, representing the increased level of dividend.  The dividend will
be payable on March 1, 2005, to common shareholders of record on February 18,
2005, with the stock trading ex-dividend commencing February 16, 2005.

Results of Operations

"Our results this year clearly demonstrate the excellent level of portfolio
diversification that we have achieved," Mr. Thiele said.  "While there were
variations in results across operating units, overall we achieved excellent
underwriting profitability with a Non-Life combined ratio of 94.3%.

"Our Worldwide Specialty operations posted an exceptional 71.2% technical ratio
on $1.5 billion in net premiums earned for the year.  These outstanding results
helped to offset results in both our U.S. and Global Property & Casualty
operations, which were impacted by reserve strengthening and the significant
natural catastrophes of the third and fourth quarters.  We continued to grow
both our ART and Life segments, and they are increasingly important components
of our overall diversification strategy.

"Our investment operations also added significant value during the year," said
Mr. Thiele. "Investment income increased 14% partially driven by our excellent
cash flow of $1.3 billion, and we generated over $117 million in realized
capital gains."

Results by Segment

The Non-Life segment reported net premiums written of $561.8 million for the
quarter, down 17% as compared to the same period in 2003.  Timing differences
in the recording of written premiums affect quarterly year-over- year
comparisons, and therefore, the full year written premium growth rate is the
more relevant measure.  For the full year, Non-Life net premiums written were
$3.4 billion, representing an increase of 5%.  The combined ratio was 94.5% for
the fourth quarter compared to 95.1% for the same period in 2003. The Non-Life
technical result was $93.5 million in the fourth quarter of 2004 compared to
$87.7 million for the prior year period.  The results for this quarter include
$26 million in estimated claims from the Indian Ocean tsunami, as well as $8
million of net reductions to prior year reserves.  The full year technical
result was $384.1 million, compared to $391.4 million for the same period in
2003. The combined ratio for the year was 94.3% compared to 93.2% in 2003.

The U.S. Property and Casualty business, which represented approximately 26% of
total net premiums written for the year, reported net premiums written of
$179.9 million, down 1% from the prior year's fourth quarter. Net premiums
earned decreased 5% during the quarter when compared to the same period in
2003. The technical ratio for this sub-segment was 97.9% compared to 112.8% in
the fourth quarter of 2003.  For the full year of 2004, net premiums written
increased 8% to $990.3 million. The full year technical ratio was 101.0%
compared to 101.9% in 2003.

The Global (Non-U.S.) Property and Casualty business, which represented
approximately 24% of total net premiums written for the year, reported net
premiums written of $123.8 million for the fourth quarter of 2004, compared to
$193.9 million for the same period in 2003.  Timing differences in the
recording of premiums affect the quarterly comparison.  For the full-year 2004,
net premiums written increased 11% to $944.8 million.  Net premiums earned
during the quarter were $231.5 million, up 1% from $229.6 million in the fourth
quarter 2003.  The technical ratio for this sub-segment was 113.3% for the
fourth quarter compared to 98.2% for the same period in 2003, primarily
reflecting $23 million in net additions to prior year reserves, as increases in
motor excess of loss reserves were partially offset by reductions in reserves
for property business.  The full year technical ratio was 104.2%, compared to
99.3% in 2003.

The Worldwide Specialty business, which represented approximately 39% of total
net premiums written for the year, reported net premiums written of $258.1
million for the fourth quarter, down 14% from the fourth quarter of 2003.  Net
premiums earned were down 6% for the quarter, compared to the same period in
2003. This sub-segment's technical ratio was 68.1%, compared to 72.3% for the
fourth quarter of 2003, reflecting the low level of catastrophe activity during
the quarter, as well as net reserve reductions for prior years of approximately
$33 million.  For the full year, net premiums written were essentially flat
with 2003 at $1.5 billion. The full year technical ratio was 71.2%, compared to
73.5% in 2003.

The Life segment, which markets coverages primarily in Europe, Canada and Latin
America, and represented approximately 11% of total net premiums written for
the year, reported net premiums written of $120.3 million for the quarter,
realizing 31% growth over the fourth quarter of 2003.  The allocated
underwriting result was a loss of $1 million, compared to a gain of $3 million
for the fourth quarter 2003, reflecting approximately $5 million in estimated
claims from the Indian Ocean tsunami.  For the full year, net premiums written
increased 35% to $404.0 million, with an allocated underwriting loss of $4
million, compared to a gain of $6 million in 2003.

The ART (Alternative Risk Transfer) segment comprises finite reinsurance,
structured finance, weather related products, and the results of the Company's
investment in Channel Re.  Premiums are not a representative measure of
activity in ART, as reinsurance accounting does not apply for much of the
business in this segment.  The ART segment recognizes reinsurance revenues,
gross margins, net spreads, or changes in the value of derivative instruments
on its various transactions either on the "premium written", "premium earned",
"investment income", or "other income" lines of the income statement, in
accordance with the applicable accounting guidance.  The underwriting result
for this segment was a gain of $1 million for the fourth quarter of 2004,
compared to a gain of $10 million in the fourth quarter of 2003.  For the full
year, the ART segment posted a gain of $3 million, compared to a gain of $11
million for 2003. Fourth quarter and full year 2004 results were adversely
impacted by weather and catastrophe-related losses.

Commentary and Outlook

"Following an exceptional year in 2004, the January 2005 renewal season was
mixed for PartnerRe in terms of pricing and potential future profitability,"
Mr. Thiele said.  "While the U.S. was rationally competitive with pricing in
most lines at reasonable profitability levels, European and international
markets were somewhat more competitive than expected.  Our financial strength
and franchise allowed us to gain a fair amount of new business. However, many
customers increased their retentions and we also reduced our participation in
those instances where competitive pressures pushed prices and terms and
conditions below our standards.  As a result, we underwrote a diversified
portfolio priced to achieve profitability above our long-term objective, but we
expect total consolidated net written premiums to be flat to down 5% in 2005,
barring unusual market conditions."

The Company uses operating earnings, diluted operating earnings per share and
operating return on beginning common shareholders' equity to measure
performance, as these measures focus on the underlying fundamentals of our
operations without the influence of realized gains and losses from the sale of
investments, which is driven by the timing of the disposition of investments
and not by our operating performance.  For planning purposes, the Company does
not anticipate realized investment gains or losses.  The Company also uses
technical ratio and technical result as measures of underwriting performance.
These metrics exclude overhead expenses.  All references to per share amounts
in this press release are on the basis of fully diluted shares.  Certain
reclassifications have been made to prior year consolidated financial statement
amounts to conform to the current year presentation and the new segment
presentation.

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance
to insurance companies. Risks reinsured include property, casualty, motor,
agriculture, aviation/space, catastrophe, credit/surety, engineering/energy,
marine, special risks, other lines, life/annuity and health, and alternative
risk transfer solutions. At December 31, 2004, total revenues were $4.2
billion, total assets were $12.5 billion, total capitalization was $3.8 billion
and total shareholders' equity was $3.4 billion. Our major reinsurance
operations have ratings of AA- from Standard & Poor's, Aa3 from Moody's, A+
from A.M. Best, and AA from Fitch.

PartnerRe on the Internet: http://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,
adequacy of reserves, risks associated with implementing business strategies,
levels and pricing of new and renewal business achieved, credit, interest,
currency and other risks associated with the Company's investment portfolio,
changes in accounting policies, 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.

                                PartnerRe Ltd.
        Consolidated Statements of Operations and Comprehensive Income
        (Expressed in thousands of U.S dollars, except per share data)
                                 (Unaudited)


                                For the    For the
                                  three      three
                                 months     months
                                  ended      ended     For the      For the
                               December   December  year ended   year ended
                                   31,        31,  December 31, December 31,
                                  2004       2003         2004         2003

  Revenues
       Gross premiums written   $686,551   $775,321  $3,887,516  $3,624,518

       Net premiums written     $682,998   $772,509  $3,852,672  $3,589,641
       Decrease (increase) in
        unearned premiums        259,334    173,639    (118,932)    (86,199)
       Net premiums earned       942,332    946,148   3,733,740   3,503,442
       Net investment income      79,961     73,156     297,997     261,697
       Net realized investment
        gains                     38,646     18,984     117,339      86,656
       Other income                6,889     12,055      23,623      21,101
        Total Revenues         1,067,828  1,050,343   4,172,699   3,872,896

  Expenses
       Losses and loss
        expenses including life
         policy benefits         625,268    661,597   2,475,743   2,365,742
       Acquisition costs         227,798    203,875     901,554     773,230
       Other operating expenses   67,791     63,772     271,331     235,739
       Interest expense           10,204      6,031      40,744      18,570
       Net foreign exchange
        gains                    (14,680)    (2,744)    (16,586)    (11,824)
       Total Expenses            916,381    932,531   3,672,786   3,381,457

  Income before distributions
   related to trust preferred and
    mandatorily redeemable
     preferred securities and
      taxes                      151,447    117,812     499,913     491,439
    Distributions related
     to trust preferred and
      mandatorily redeemable
       preferred securities           --      4,010          --      21,650
       Income tax expense          7,778      9,272       7,560       2,110
  Net income                    $143,669   $104,530    $492,353    $467,679

  Preferred dividends             $6,804     $4,970     $21,485     $29,390

  Operating earnings available
   to common shareholders       $120,813    $90,286    $392,751    $358,319

  Comprehensive income          $245,827   $135,414    $576,289    $562,043

  Per Share Data:
     Earnings per common share:
      Basic operating earnings     $2.27      $1.68       $7.34       $6.73
      Net realized investment
       gains, net of tax            0.31       0.17        1.46        1.50
      Basic net income             $2.58      $1.85       $8.80       $8.23
      Weighted average number of
       common shares
        outstanding             53,130.0   53,674.9    53,490.8    53,238.6


      Diluted operating earnings   $2.25      $1.67       $7.27       $6.65
      Net realized investment
       gains, net of tax            0.29       0.17        1.44        1.48
      Diluted net income           $2.54      $1.84       $8.71       $8.13
      Weighted average number of
       common and common
        equivalent shares
         outstanding            53,809.0   54,176.1    54,047.4    53,895.9



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


                                             December 31,      December 31,
                                                    2004              2003
  Assets
       Investments and cash
       Fixed maturities, at fair value
        (amortized cost: 2004, $6,611,683;
          2003, $5,241,494)                   $6,723,580        $5,343,651
       Short-term investments, at fair value
        (amortized cost: 2004, $28,691;
         2003, $46,271)                           28,694            46,307
       Equities, at fair value
        (cost: 2004, $887,006; 2003, $614,697) 1,010,777           713,950
       Trading securities, at fair value
        (cost: 2004, $102,371; 2003, $113,385)   108,402           122,544
       Cash and cash equivalents, at fair value,
        which approximates amortized cost        436,003           558,692
       Other invested assets                      90,268            11,776
       Total investments and cash              8,397,724         6,796,920
       Accrued investment income                 151,871           132,291
       Reinsurance balances receivable         1,356,771         1,214,269
       Reinsurance recoverable on paid and
        unpaid losses                            180,710           188,706
       Funds held by reinsured companies       1,100,107         1,068,432
       Deferred acquisition costs                409,332           354,854
       Deposit assets                            299,408           508,037
       Taxes recoverable                          81,235            80,835
       Goodwill                                  429,519           429,519
       Other                                     104,564           129,337
  Total Assets                               $12,511,241       $10,903,200

  Liabilities
       Unpaid losses and loss expenses        $5,766,629        $4,755,059
       Policy benefits for life and annuity
        contracts                              1,277,101         1,162,016
       Unearned premiums                       1,194,778         1,035,450
       Funds held under reinsurance treaties      21,875            27,399
       Deposit liabilities                       344,202           570,634
       Long-term debt                            220,000           220,000
       Accounts payable, accrued expenses and
        other                                    128,606           132,064
       Debt related to trust preferred
        securities                               206,186           206,186
       Mandatorily redeemable preferred
        securities                                    --           200,000
  Total Liabilities                            9,159,377         8,308,808

  Shareholders' Equity
       Common shares (par value $1.00,
        issued and outstanding: 2004,
         54,854,398; 2003, 53,741,553)            54,854            53,742
       Series C cumulative preferred
        shares (par value $1.00, issued and
         outstanding: 2004 and 2003, 11,600,000;
          aggregate liquidation preference:
           2004 and 2003, $290,000,000)           11,600            11,600
       Series D cumulative preferred shares
        (par value $1.00, issued and outstanding:
          2004, 9,200,000; 2003, nil; aggregate
           liquidation preference: 2004,
            $230,000,000; 2003, nil)               9,200                --
       Additional paid-in capital              1,288,292         1,023,167
       Deferred compensation                        (199)             (125)
       Accumulated other comprehensive income:
        Net unrealized gains on investments,
         net of tax                              194,575           166,492
        Currency translation adjustment           72,510            16,657
       Retained earnings                       1,721,032         1,322,859
  Total Shareholders' Equity                   3,351,864         2,594,392

  Total Liabilities and Shareholders' Equity $12,511,241       $10,903,200

  Shareholders' Equity Per Common Share           $51.63            $42.88

  Diluted Book Value Per Common and Common
    Equivalent
       Share (assuming exercise of stock
        options and warrants)                     $50.99            $42.48

  Number of Diluted Common Shares Outstanding   55,533.4          54,242.8



                                PartnerRe Ltd.
                        Supplementary Information
                        (in millions of U.S. dollars)
                                 (Unaudited)

                             SEGMENT INFORMATION
                 For the three months ended December 31, 2004

                                            Global
                                            (Non-            Total
                                       U.S.  U.S. Worldwide Non-Life  ART
                                       P&C   P&C) Specialty Segment Segement
                                                                      (a)

      Gross premiums written          $180  $124     $258    $562     $1

      Net premiums written            $180  $124     $258    $562     $1
      Decrease in unearned premiums     28   107      119     254     --
      Net premiums earned             $208  $231     $377    $816     $1
      Losses and loss expenses
       including life policy benefits (150) (203)    (172)   (525)     1
      Acquisition costs                (54)  (60)     (84)   (198)    --
      Technical Result                  $4  $(32)    $121     $93     $2

      Other income                     n/a   n/a      n/a       6      1
      Other operating expenses         n/a   n/a      n/a     (48)   (2)
      Underwriting Result              n/a   n/a      n/a     $51     $1

      Net investment income            n/a   n/a      n/a     n/a     --
      Allocated Underwriting Result(6) n/a   n/a      n/a     n/a    n/a

      Net realized investment gains    n/a   n/a      n/a     n/a    n/a
      Interest expense                 n/a   n/a      n/a     n/a    n/a
      Net foreign exchange gains       n/a   n/a      n/a     n/a    n/a
      Income tax expense               n/a   n/a      n/a     n/a    n/a
      Net income                       n/a   n/a      n/a     n/a    n/a

      Loss ratio(1)                   72.3%  87.5%   45.7%   64.3%
      Acquisition ratio(2)            25.6   25.8    22.4    24.2
      Technical ratio(3)              97.9% 113.3%   68.1%   88.5%
      Other overhead expense ratio(4)                         6.0
      Combined ratio(5)                                      94.5%


                                          Life Segment  Corporate     Total

        Gross premiums written                 $124       $ --         $687

        Net premiums written                   $120       $ --         $683
        Decrease in unearned premiums             5         --          259
        Net premiums earned                    $125       $ --         $942
        Losses and loss expenses
         including
           life policy benefits                (101)        --         (625)
        Acquisition costs                       (30)        --         (228)
        Technical Result                        $(6)      $ --          $89

        Other income                             --         --            7
        Other operating expenses                 (6)       (12)         (68)
        Underwriting Result                    $(12)       n/a          $28

        Net investment income                    11          69          80
        Allocated Underwriting Result(6)        $(1)        n/a         n/a

        Net realized investment gains           n/a          39          39
        Interest expense                        n/a         (10)        (10)
        Net foreign exchange gains              n/a          15          15
        Income tax expense                      n/a          (8)         (8)
        Net income                              n/a         n/a        $144

        Loss ratio (1)
        Acquisition ratio (2)
        Technical ratio (3)
        Other overhead expense ratio (4)
        Combined ratio (5)


    (A) This segment includes the Company's share of Channel Re's net
        income in the amount of $2.5 million.  The 2003 period includes no
        income from Channel Re as the Company acquired its equity ownership
        in the first quarter of 2004.


                 For the three months ended December 31, 2003

                                            Global
                                            (Non-            Total
                                       U.S.  U.S. Worldwide Non-Life  ART
                                       P&C   P&C) Specialty Segment Segement
                                                                      (a)

      Gross premiums written           $181    $193   $303   $677      $5

      Net premiums written             $182    $194   $301   $677      $4
      Decrease (increase) in unearned
       premiums                          37      36    101    174      (1)
      Net premiums earned              $219    $230   $402   $851      $3
      Losses and loss expenses
       including life policy benefits  (193)   (176)  (214)  (583)     (2)
      Acquisition costs                 (54)    (50)   (76)  (180)     --
      Technical Result                 $(28)     $4   $112    $88      $1

      Other income                      n/a     n/a    n/a     --      12
      Other operating expenses          n/a     n/a    n/a    (47)     (3)
      Underwriting Result               n/a     n/a    n/a    $41     $10

      Net investment income             n/a     n/a    n/a    n/a      --
      Allocated Underwriting Result(6)  n/a     n/a    n/a    n/a     n/a

      Net realized investment gains     n/a     n/a    n/a    n/a     n/a
      Interest expense                  n/a     n/a    n/a    n/a     n/a
      Net foreign exchange gains        n/a     n/a    n/a    n/a     n/a
      Income tax expense                n/a     n/a    n/a    n/a     n/a
      Distributions related to trust
       preferred and mandatorily
        redeemable preferred securities n/a     n/a    n/a    n/a     n/a
      Net income                        n/a     n/a    n/a    n/a     n/a

      Loss ratio (1)                   88.1 %  76.7 % 53.4 % 68.5 %
      Acquisition ratio (2)            24.7    21.5   18.9   21.1
      Technical ratio (3)             112.8 %  98.2 % 72.3 % 89.6 %
      Other overhead expense ratio (4)                        5.5
      Combined ratio (5)                                     95.1 %


                                        Life Segment   Corporate      Total

        Gross premiums written                  $93       $ --         $775

        Net premiums written                    $92       $ --         $773
        Decrease (increase) in unearned
         premiums                                --         --          173
        Net premiums earned                     $92       $ --         $946
        Losses and loss expenses
         including
           life policy benefits                 (76)        --         (661)
        Acquisition costs                       (24)        --         (204)
        Technical Result                        $(8)      $ --           81

        Other income                             --         --           12
        Other operating expenses                 (6)         (8)        (64)
        Underwriting Result                    $(14)        n/a         $29

        Net investment income                    17          56          73
        Allocated Underwriting Result(6)         $3         n/a         n/a

        Net realized investment gains           n/a          19          19
        Interest expense                        n/a          (6)         (6)
        Net foreign exchange gains              n/a           3           3
        Income tax expense                      n/a          (9)         (9)
        Distributions related to trust
         preferred and mandatorily redeemable
          preferred securities                  n/a          (4)         (4)
        Net income                              n/a         n/a        $105

        Loss ratio (1)
        Acquisition ratio (2)
        Technical ratio (3)
        Other overhead expense ratio (4)
        Combined ratio (5)

   (1) Loss ratio is obtained by dividing losses and loss expenses by
       net premiums earned.
   (2) Acquisition ratio is obtained by dividing acquisition costs by net
       premiums earned.
   (3) Technical ratio is defined as the sum of the loss ratio and the
       acquisition ratio.
   (4) Other overhead expense ratio is obtained by dividing other
       operating expenses by net premiums earned.
   (5) Combined ratio is the sum of the technical ratio and the other
       overhead expense ratio.
   (6) Allocated Underwriting Result is defined as net premiums earned and
       allocated investment income less losses and loss expenses,
       acquisition costs and other overhead expenses.



                                 PartnerRe Ltd.
                         Supplementary Information
                         (in millions of U.S. dollars)
                                  (Unaudited)

                              SEGMENT INFORMATION
                      For the year ended December 31, 2004

                                           Global
                                           (Non-            Total
                                   U.S.     U.S. Worldwide Non-Life  ART
                                   P&C      P&C) Specialty Segment Segement
                                                                      (a)

    Gross premiums written        $991     $944   $1,531    $3,466     $5

    Net premiums written          $990     $945   $1,509    $3,444     $5
    (Increase) decrease in
     unearned premiums             (97)     (16)      (9)     (122)     1
    Net premiums earned           $893     $929   $1,500    $3,322     $6
    Losses and loss expenses
     including life policy
      benefits                    (699)    (730)    (744)   (2,173)    (7)
    Acquisition costs             (204)    (238)    (323)     (765)    (1)
    Technical Result              $(10)    $(39)    $433      $384    $(2)

    Other income                   n/a      n/a      n/a         6     18
    Other operating expenses       n/a      n/a      n/a      (194)   (13)
    Underwriting Result            n/a      n/a      n/a      $196     $3

    Net investment income          n/a      n/a      n/a       n/a     --
    Allocated Underwriting
     Result(6)                     n/a      n/a      n/a       n/a    n/a

    Net realized investment gains  n/a      n/a      n/a       n/a    n/a
    Interest expense               n/a      n/a      n/a       n/a    n/a
    Net foreign exchange gains     n/a      n/a      n/a       n/a    n/a
    Income tax expense             n/a      n/a      n/a       n/a    n/a
    Net income                     n/a      n/a      n/a       n/a    n/a

    Loss ratio(1)                 78.2 %   78.6 %   49.6 %    65.4 %
    Acquisition ratio(2)          22.8     25.6     21.6      23.0
    Technical ratio(3)           101.0 %  104.2 %   71.2 %    88.4 %
    Other overhead expense
     ratio(4)                                                  5.9
    Combined ratio (5)                                        94.3 %


                                           Life
                                          Segment   Corporate     Total

     Gross premiums written                  $417     $ --         $3,888

     Net premiums written                    $404     $ --         $3,853
     (Increase) decrease in unearned
      premiums                                  2       --           (119)
     Net premiums earned                     $406     $ --         $3,734
     Losses and loss expenses including
        life policy benefits                 (296)      --         (2,476)
     Acquisition costs                       (136)      --           (902)
     Technical Result                        $(26)    $ --           $356

     Other income                               -       --             24
     Other operating expenses                 (22)     (42)          (271)
     Underwriting Result                     $(48)     n/a           $109

     Net investment income                     44      254            298
     Allocated Underwriting Result (6)        $(4)     n/a            n/a

     Net realized investment gains            n/a      117            117
     Interest expense                         n/a      (41)           (41)
     Net foreign exchange gains               n/a       17             17
     Income tax expense                       n/a       (8)            (8)
     Net income                               n/a      n/a           $492

     Loss ratio (1)
     Acquisition ratio (2)
     Technical ratio (3)
     Other overhead expense ratio (4)
     Combined ratio (5)


    (A) This segment includes the Company's share of Channel Re's net income
        in the amount of $6.0 million.  The 2003 period includes no income
        from Channel Re as the Company acquired its equity ownership in the
        first quarter of 2004.


                      For the year ended December 31, 2003


                                           Global
                                           (Non-            Total
                                   U.S.     U.S. Worldwide Non-Life  ART
                                   P&C      P&C) Specialty Segment Segement
                                                                      (a)

    Gross premiums written         $920    $848   $1,542   $3,310     $5

    Net premiums written           $920    $849   $1,517   $3,286     $4
    (Increase) decrease in
     unearned premiums              (77)    (10)       1      (86)    (1)
    Net premiums earned            $843    $839   $1,518   $3,200     $3
    Losses and loss expenses
     including life policy benefits(645)   (625)    (827)  (2,097)    (2)
    Acquisition costs              (214)   (209)    (289)    (712)    --
    Technical Result               $(16)     $5     $402     $391     $1

    Other income                    n/a     n/a      n/a       --     21
    Other operating expenses        n/a     n/a      n/a     (176)   (11)
    Underwriting Result             n/a     n/a      n/a     $215    $11

    Net investment income           n/a     n/a      n/a      n/a     --
    Allocated Underwriting
     Result(6)                      n/a     n/a      n/a      n/a    n/a

    Net realized investment gains   n/a     n/a      n/a      n/a    n/a
    Interest expense                n/a     n/a      n/a      n/a    n/a
    Net foreign exchange gains      n/a     n/a      n/a      n/a    n/a
    Income tax expense              n/a     n/a      n/a      n/a    n/a
    Distributions related to
     trust preferred and
       mandatorily redeemable
        preferred securities        n/a     n/a      n/a      n/a    n/a
    Net income                      n/a     n/a      n/a      n/a    n/a

    Loss ratio(1)                  76.5%   74.5%    54.5%    65.5%
    Acquisition ratio(2)           25.4    24.8     19.0     22.2
    Technical ratio (3)           101.9%   99.3%    73.5%    87.7%
    Other overhead expense
     ratio(4)                                                 5.5
    Combined ratio (5)                                       93.2%

                                             Life
                                            Segment   Corporate     Total

     Gross premiums written                  $310      $ --         $3,625

     Net premiums written                    $300      $ --         $3,590
     (Increase) decrease in unearned
      premiums                                -          --            (87)
     Net premiums earned                     $300      $ --         $3,503
     Losses and loss expenses including
        life policy benefits                 (267)       --         (2,366)
     Acquisition costs                        (61)       --           (773)
     Technical Result                        $(28)     $ --           $364

     Other income                              --        --             21
     Other operating expenses                 (19)      (30)          (236)
     Underwriting Result                     $(47)      n/a           $149

     Net investment income                     53       209            262
     Allocated Underwriting Result (6)         $6       n/a            n/a

     Net realized investment gains            n/a        87             87
     Interest expense                         n/a       (18)           (18)
     Net foreign exchange gains               n/a        12             12
     Income tax expense                       n/a        (2)            (2)
     Distributions related to trust
      preferred and mandatorily redeemable
       preferred securities                   n/a       (22)           (22)
     Net income                               n/a       n/a           $468

     Loss ratio (1)
     Acquisition ratio (2)
     Technical ratio (3)
     Other overhead expense ratio (4)
     Combined ratio (5)


   (1) Loss ratio is obtained by dividing losses and loss expenses by net
       premiums earned.
   (2) Acquisition ratio is obtained by dividing acquisition costs by net
       premiums earned.
   (3) Technical ratio is defined as the sum of the loss ratio and the
       acquisition ratio.
   (4) Other overhead expense ratio is obtained by dividing other operating
       expenses by net premiums earned.
   (5) Combined ratio is the sum of the technical ratio and the other
       overhead expense ratio.
   (6) Allocated Underwriting Result is defined as net premiums earned and
       allocated investment income less losses and
       loss expenses, acquisition costs and other overhead expenses.



                               PartnerRe Ltd.
                        Supplementary Information
                                 (Unaudited)


                                        For the  For the
                                         three    three   For the  For the
                                        months   months     year     year
                                         ended    ended    ended    ended
                                       December December  December December
                                          31,      31,       31,      31,
                                         2004     2003      2004     2003

    Distribution of Net Premiums
     Written by

    Line of Business:
                 Non-Life
                   Property and
                    Casualty
                       Property            18 %     22 %     19 %     21 %
                       Casualty            19       17       21       19
                       Motor                7       10       10       10
                   Worldwide Specialty
                       Agriculture          5        5        4        4
                       Aviation/Space      10       11        6        8
                       Catastrophe          2        2        9       10
                       Credit/Surety        8        6        6        5
                       Engineering/Energy   6        7        6        7
                       Marine               3        2        2        3
                       Special Risk         4        5        6        5
                 ART                       --        1       --       --
                 Life                      18       12       11        8



    Geographic Distribution of Gross
     Premiums Written:
                       Europe              43 %     42 %     45 %     41 %
                       North America       43       45       40       44
                       Asia, Australia
                        and New Zealand     8        7        9       10
                       Latin America and
                        the Caribbean       5        5        5        4
                       Africa               1        1        1        1



                                                   As at
                                                December 31,
                                                    2004

    Credit Ratings (Financial Strength Ratings):
      Standard & Poor's                              AA-
      Moodys                                         Aa3
      A.M. Best                                       A+
      Fitch                                           AA


                                        As at                 As at
                                     December 31,          December 31,
                                         2004                  2003
                                (in thousands of U.S.  (in thousands of U.S.
                                       dollars)              dollars)
    Capital Structure:
      Long-term debt                $220,000       6 % $     220,000     7 %
      Trust Preferred
       Securities(1)                 200,000       5         200,000     6
      Series B Cumulative
       Redeemable Preferred
       Shares (PEPS)                      --      --         200,000     6
      6.75% Series C Cumulative
       Preferred Shares,
       aggregate liquidation         290,000       8         290,000     9
      6.5% Series D Cumulative
       Preferred Shares,
       aggregate liquidation         230,000       6              --    --
      Common Shareholders' Equity  2,831,864      75       2,304,392    72
      Total Capital               $3,771,864     100 % $   3,214,392   100 %

    (1)  Neither the Trust that issued the securities nor PartnerRe
         Finance, which owns the Trust, meet the consolidation requirements
         of FIN 46(R). Accordingly, the Company shows the related
         intercompany debt of $206.2 million on its Consolidated Balance
         Sheets.


                                PartnerRe Ltd.
                          Supplementary Information
                                 (Unaudited)


                                             As at              As at
                                         December 31,       December 31,
                                             2004               2003

    Investment Portfolio:
      Credit Quality    AAA                  62 %               57 %
                        AA                    2                  3
                        A                    18                 19
                        BBB                  12                 14
                        Below Investment
                         Grade/Unrated        6                  7


      By Class         U.S. Government       5 %                7 %
                       U.S. Mortgage/Asset
                            Backed          16                 17
                       U.S. Corporates      23                 26
                       Foreign Fixed Income 34                 31
                       Equities and Equity
                        Substitutes         16                 15
                       Cash (net of pending
                        transactions)        6                  4

      Expected average duration            3.4 Yrs            3.6 Yrs

      Average yield to maturity at market  3.8 %              3.8 %
      (fixed income securities and cash)

      Average Credit Quality                AA                 AA


                                For the     For the
                                 three       three      For the     For the
                                 months      months      year        year
                                 ended       ended      ended        ended
                                December    December   December     December
                                   31,         31,        31,          31,
                                  2004        2003       2004         2003
                        (in thousands of U.S. dollars except per share data)

   Reconciliation of GAAP
    and non-GAAP measures:

   Net income                $143,669    $104,530    $492,353    $467,679
   Less:
    Net realized investment
     gains, net of tax         16,052       9,274      78,117      79,970
    Dividends to preferred
     shareholders               6,804       4,970      21,485      29,390
   Operating earnings
    available to common
     shareholders            $120,813     $90,286    $392,751    $358,319

   Diluted net income per
    common share                $2.54       $1.84       $8.71       $8.13
   Less:
    Net realized investment
     gains, net of tax, per
      common share               0.29        0.17        1.44        1.48
   Diluted operating
    earnings per common
     share                      $2.25       $1.67       $7.27       $6.65

   Annualized return on
    beginning common
     shareholders' equity
      calculated with net
       income                    23.8%       21.8%       20.4%       24.0%
   Less:
       Net realized investment
        gains, net of tax         2.8         2.0         3.4         4.4
   Annualized operating
    return on equity             21.0%       19.8%       17.0%       19.6%


DATASOURCE: PartnerRe Ltd.



CONTACT:  PartnerRe Ltd. Investor Contact: Robin Sidders, Media Contact:

Celia Powell, [phone]; or Jim Barron or Hallie Bozzi of Citigate Sard

Verbinnen, [phone], for PartnerRe Ltd.



Web site:  http://www.partnerre.com/ 

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