Société Générale Premium Review Conference

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1 Paris, France Albert Benchimol, Executive Vice President & Chief Financial Officer

2 2 PartnerRe Safe Harbor Forward-looking statements contained in this presentation 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 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.

3 3 PartnerRe: High Level Profile Bermuda-based provider of multi-line reinsurance worldwide Founded in 1993 as a specialized catastrophe reinsurer Acquired SAFR in 1997 Acquired reinsurance operations of Winterthur in 1998 Ranked among largest and most highly rated global reinsurers NYSE-listed stock: PRE Total enterprise value: $4,300 million Benefits of a young company, with the advantage of established relationships and experienced multinational management

4 4 PartnerRe Goals Long-term value creation for clients and shareholders Clients Unquestioned ability to pay claims Valued partner in risk management Willing to assume volatility Provide consistent and meaningful capacity Shareholders Consistent book value growth Strong dividend yield Superior returns through cycle Optimize risk/reward profile Stable earnings through diversification High asset quality Conservative and transparent financial reporting

5 5 Long-Term Strategy 1. Diversify risk across products and geographies 2. Maintain risk appetite moderately above the market 3. Actively manage capital across the portfolio and over the cycle 4. Add value through underwriting and transactional excellence 5. Utilize internal financial capabilities to achieve superior return

6 6 Execution Complexity Different models for different markets/lines of business Europe Direct Relationships Property Driven Quota Share Motor Frequency Volume Driven Stability vs. vs. U.S. Broker Opportunistic Casualty Driven Aviation Severity Lumpy In and out

7 Our Organizational Structure Patrick Thiele, President & CEO Scott Moore CEO, PartnerRe U.S. Bruno Meyenhofer CEO, PartnerRe Global Albert Benchimol EVP & CFO Mark Pabst EVP, Corporate Affairs Worldwide U.S. P&C Global P&C Life Specialty ART Investments 7 Program Specialty Casualty Specialty Lines Eastern & Northern Europe France, Benelux & Canada S. Europe & Latin America Overseas Aviation Agriculture Catastrophe Credit & Surety Energy Engineering Marine Sp. Casualty Sp. Property Mortality Longevity Finite Financial Guaranty Structured Finance Weather Fixed Income Equities Finance, Actuarial, HR, IT, Communications, Legal Organizing principle is the Business Unit aligned by market, line of business, buying patterns Standard Accounts

8 8 PartnerRe is Well-Positioned for the Whole Cycle Global platform access to all markets and most business Dual distribution system Strong franchise Broadly diversified book of business diversified by line and by geography improved earnings stability Underwriting excellence disciplined underwriting culture outstanding risk analysis and selection flexibility to curtail business in certain lines Strategy & culture that encompass the whole cycle goals / compensation focused on the right values Financial stability/security/integrity Capital management

9 9 Global Reach; Local Presence Mexico City (2003) Toronto (1972) (1884) Paris Greenwich (1998) Bermuda (1993) Zurich (1978) Seoul (1987) Hong Kong (1996) Tokyo (1998) Singapore (1992) Santiago (2002)

10 10 Dual Distribution System Direct & Broker PartnerRe Reinsurance Premium % 100 Brokered Reinsurance Premium 65% Broker Market Direct Direct Reinsurance Premium 35% /31/ US P&C Global P&C Worldwide Specialty Life

11 11 Strong Global Franchise U.S. Europe 2004 Broker Market Perceptual Map Overall Results 2004 Cedant Perceptual Map Overall Results Financial Security Financial Value (+) (+) ( ) PartnerRe US (+) Strong Underwriting Relationships ( ) PartnerRe (+) Product/ Relationship ( ) ( ) Source: FlaspÖhler Reyes 2004 Broker Market Survey Source: FlaspÖhler Reyes 2004 Cedant Survey

12 12 Broad Diversification by Product and Geography Gross Premiums by Region Net Premiums by Line 9% 5% 40% North America Europe 6% 7% 9% 19% Property Casualty Motor Catastrophe Aviation/Space 46% Asia, Australia, New Zealand Latin America, Caribbean, Africa $3,201 M $3,170 M Data through September 30, % 3% 2% 6% 10% 11% 21% Marine Agriculture Credit/Surety Engineering/Energy Special Risk Life Diversification maximizes return per unit of risk; reduces overall volatility

13 13 Significantly Enhanced Stability of Business NWP 1998: $687 Million NWP 2001: $1,825 Million NWP 2003: $3,590 Million Property Casualty Motor Catastrophe Aviation/Space Marine Agriculture Credit/Surety Engineering/Energy Special Risk Life Financial Guaranty

14 14 Disciplined Approach to Business U.S. Casualty 2002: 763% 2003: 1033% 2004: 1165% Energy On-shore 2002: 725% 400 Index Percentage E Index: 1997 premium levels = 100 U.S. Casualty Global Property Catastrophe Aviation Agriculture Energy On-Shore Credit & Surety Global Motor

15 15 PartnerRe Controls Underwriting Dedicated experienced underwriters by line and market Strict guidelines based on risk selection, aggregate limits and diversification Auditable processes and procedures Involvement of pricing actuaries and business unit manager Reviews Quarterly operations reviews Underwriting audits Peer reviews Reserving Independent reserving function Quarterly reserving analyses by line and type of business Full independent review by Group actuarial function

16 16 Excellent Execution Combined Ratio (%) 150 Average Difference PartnerRe : RAA : 13.1% PartnerRe : Global : 8.3% Jun-04 RAA PRE Global Industry Sources: FPK/ Swiss Re for Global; S&P for 2002 Global; Management estimates for 2003 and 6/30/2004 Global

17 Financial Performance

18 18 Strong Financial Position Supports Franchise Superior profitability Strong balance sheet Conservative reserve position No material exposure to A&E and Lloyd s Modest exposure to U.S. casualty Well-capitalized Total capital $3.4 billion (at 9/30/2004) Top 10 of global reinsurance groups Excellent ratings: S&P AA- Moody s Aa3 A.M. Best A+ Fitch AA

19 19 Solid Financial Results Selected Income Statement Data ($MM, except per share data and ratios) Income Statement Yr ended Dec 31 9 Mos. to Sept Net Premiums Earned $1,338 $1,314 $1,664 $2,426 $3,503 $2,557 $2,791 Net Investment Income Net Operating Income (1) (222) Diluted Operating EPS (1) $1.73 $3.79 ($4.44) $3.60 $6.65 $4.98 $5.02 Return on Common Equity 5% 12% -12% 12.5% 19.6% 19.6% 15.7% Key Ratios Combined Ratio (2) 109.8% 102.5% 130.2% 97.9% 94.5% 92.6 % 94.2% Notes: (1) Excludes realized gains/(losses) (2) Excludes Life business

20 20 Strong and Transparent Balance Sheet Selected Balance Sheet Data ($MM, except per share data) 2001 Yr ended Dec M 2004 Total Investments & Cash $4,411 $5,185 $6,791 $7,694 Total Assets $7,165 $8,548 $10,903 $11,913 Loss and LAE Reserves $3,699 $4,474 $5,917 $6,525 Long- term Debt $220 $220 $220 $220 Hybrid Securities $400 $400 $406 $406 Shareholders Equity $1,748 $2,077 $2,594 $2,821 FDBV per Share $29.05 $34.02 $42.48 $47.35

21 21 Investment Portfolio, Investment Income & Cash Flow $9.0 $290.0 $8.0 $7.0 Total Cash & Investments TTM Net Investment Income $280.0 Billions $6.0 $5.0 $4.0 $262 $270.0 $260.0 Millions $3.0 $2.0 $1.0 $240 $245 $250.0 $240.0 $0.0 12/31/01 3/31/02 6/30/02 9/30/02 12/31/02 3/31/03 6/30/03 9/30/03 12/31/03 3/31/04 6/30/04 9/30/04 $ /31/01 3/31/02 6/30/02 9/30/02 12/31/02 3/30/03 6/30/03 9/30/03 12/31/03 3/31/04 6/30/04 9/30/04 Market Yield (fixed income securities & cash) 5.1% 5.3% 4.7% 3.5% 3.5% 3.5% 3.5% 3.9% 3.8% 3.4% 4.0% 3.8% TTM Operating Cash Flow (Millions) $364 $480 $548 $632 $687 $744 $899 $1,026 $1,150 $1,251 $1,276 $1,263

22 22 High Quality Investment Portfolio Focus on appropriate asset allocation Diversified, high quality portfolio Investments By Class Fixed-Income By Asset Class High Yield and Convertibles Equities Other Investment Grade Cash and Cash Equivalents 8% 6% 26% 6% 54% AAA High Yield and Convertibles Foreign Currency Bonds 7% 34% Cash 6% 7% 28% U.S. Government 18% U.S. Corporates Asset/ Mortgage Backed Data as of 9/30/04

23 23 Conservative Reserving Recorded Point Estimate High Low US P&C $1,523 $1,865 $1,170 Global (Non-U.S.) P&C $1,916 $2,142 $1,568 Worldwide Specialty $1,771 $1,865 $1,411 Data as of 9/30/04 Reserves will at all times be no less than actuarial best estimate

24 24 Capital Outlook $4,000 Capital CAGR = 13% Common equity CAGR = 18% $3,000 Millions $2,000 $1,000 Debt Trust Preferred Series D Preferred Perpetual Preferred $0 12/31/01 12/31/02 12/31/03 12/31/04 Pro- Form a 12/31/05 PLAN Mandatorily Convertible Preferred (PEPS) Common Shares

25 25 Efficient Capital Management Consistent dividend growth Opportunistic share repurchases/reduce capital used at low returns Capital raised to fund attractive opportunities /30/2004 Total Equity Raised: $1,400 Dividends & Share Repurchases Capital Raised $ Millions $250 $200 $150 $100 $50 $0 $50 $100 $229 $152 $146 Dividends: $527 Share Repurchases: $477 Total Capital Returned: $1,004 $101 $53 $56 $57 $58 $64 $20 $ /30/04 $40 Soft Market $93 $150 $200 Note: Initial capitalization $954 MM $153 Dividends Share Repurchases Capital Raised $200

26 Outlook

27 27 Market Context Interest Rates Equity Markets M&A Price/Loss Relationship U.S. Casualty European Casualty/Motor Property/Catastrophe Specialty Short-tail

28 28 Reinsurance Market Cycle European Motor QS Mortality Prosperity U.S. Casualty Credit & Surety Space Catastrophe Engineering Marine U.S. Large Account Per Risk Property Agriculture Market LT ØROE Longevity U.S. D&O Industrial Property European Motor XL Upturn Decline Energy Airlines Depression Depression

29 29 Competitive Behavior Reinsurance Loss costs appear moderate to stable Capital moving into oversupply High ROEs Benign investment market Limited prior year activity Scale reinsurer's increasing risk appetite New Bermudians now mature Demand Decreasing at proportional and lower layers Increasing at higher layers Security concerns

30 30 PartnerRe Tactics for Current Stage of Cycle Focus on growth in profitable areas only Maintain balance and diversification Further modest shift to casualty away from specialty lines Grow Life and ART rapidly Maintain underwriting/reserving discipline Active capital management Execution is Key

31 31 PartnerRe Performance: P Net Premium Written $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $ F 2005P

32 32 PartnerRe Performance: P $9.00 $8.00 $7.00 Operating Earnings Per Share Net Income Per Share Operating ROE 25 % 20 $6.00 $ $4.00 $ $2.00 $ $ F 2005P 2001=WTC ROE: -12.5% 0

33 33 PartnerRe Performance: P Diluted Book Value per Share and Share Price $70 $60 Diluted Book Value per Share PRE Share Price Share Price at November 24, 2004: $59.87 $50 $40 $30 $20 $10 $ F 2005P

34 34 PartnerRe Attributes for Success Proven strategy The right infrastructure size experience people/skills/culture systems Well-established underwriting culture Strong and transparent balance sheet unencumbered by issues of the past conservative reserving philosophy ability to withstand significant losses Management committed to creating shareholder value

35 35

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