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PartnerRe results 2010

PartnerRe Ltd consolidated results year ended 31 December ● US$ mn Category 2006 2007 2008 2009* 2010 Gross written premium 3,217.00 3,210.00 3,426.00 3,398.00 4,132.00 Net written premium 3,192.00 3,185.00 3,392.00 3,351.00 3,961.00 Increased NWP % 0.3 (0.2) 6.5 (1.2) 18.2 Retention % 99.2 99.2 99.0 98.6 95.9 Net earned premium 3,172.00 3,203.00 3,334.00 3,525.00 4,029.00 Claims incurred 1,741.00 1,627.00 2,131.00 1,858.00 2,657.00 Claims incurred % NEP 54.9 50.8 63.9 52.7 65.9 Operating expenses 937.00 948.00 1,008.00 1,025.00 1,173.00 Operating expenses % NWP 29.4 29.8 29.7 30.6 29.6 Underwriting result 499.00 635.00 199.00 655.00 204.00 Underwriting result % NWP 15.6 19.9 5.9 19.5 5.2 Combined ratio % 84.4 80.4 94.1 81.8 95.0 Life GWP 507.00 597.00 584.00 595.00 749.00 Life NWP 487.00 569.00 579.00 591.00 742.00 Life result (22.00) (33.00) (50.00) (11.00) (51.00) Net investment income 449.40 523.26 572.96 596.07 672.78 Net realised gains/(losses)** 47.16 (72.49) (531.36) 591.71 401.48 Pre-tax result 844.64 799.56 56.27 1,798.94 981.34 Pre-tax % NWP 26.5 25.1 1.7 53.7 24.8 Net result 749.33 717.81 46.57 1,536.85 852.55 Shareholders' funds 3,785.85 4,321.56 4,199.11 7,645.73 7,206.92 Solvency margin % 118.6 135.7 123.8 228.2 181.9 Unearned premium reserve 1,215.62 1,267.87 1,273.79 1,706.82 1,599.14 Outstanding claims reserve 6,732.20 7,098.96 7,385.45 10,475.13 10,317.86 Total technical provisions 7,947.82 8,366.83 8,659.24 12,181.95 11,917.00 Technical reserves as % NWP 249.0 262.7 255.3 363.5 300.9 Overall coverage as % NWP 367.6 398.4 379.1 591.7 482.8 * The consolidated financials include the results of Paris Re for the period from October 2, 2009 (the date of acquisition of the controlling interest) to December 31, 2009 ** Comprises both net realised and unrealised investment (losses) gains

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