Helvetia Holding AG

Earnings Release • Jun 2, 2008

Investment case
► Strong value proposition for investors:
► Track record of strong capital base and earnings	growth
► Attractive, diversified business portfolio
► Stable customer base supported by clear value proposition
► Loyal and effective distribution networks / close to market
► Well established position in non-life, growth potential in life outside Switzerland
► Sustainable Shareholder value culture: Profitable growth, solid financial strength, attractive RoE
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Opportunities	Challenges
Smaller size allows closeness to customers and markets	Avoiding diseconomies of scale
Strategic Focus: ► Superior market insights ► Fast time-to-market ► High distribution loyalty ► Superior customer satisfaction ► Above-average underwriting results	Strategic Focus: ► Clear focus on target customer segments ► Maintain business diversification ► Optimisation of capital allocation ► Improvement of operational efficiency
Winning proposition: ► International, but not global ► Big enough to be reliable, small enough to be personal ► Capital market listed, aimed at medium and long-term focus

Strategic program 2007-2010
	Ambition
Dynamisation of growth	►Multiplication of distribution success models ►Exploitation of alternative/new distribution channels ►Capitalise on existing banking partner options
Expansion of life business	►Cross-selling approach in all business units ►Transfer of successful German unit-linked model ►Implementation of a best-in-class approach
Structural cost improvements	►Clear targets to reduce cost ratio (≤ 30%) ►Develop selected cross-country synergies ►Step by step industrialisation of our value chain
M&A Capital structure - optimisation	►Use structural leverages to support a 15% RoE target ►M&A approach for profitable growth opportunities
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(CHF million)
	2007	2006	+/-
Profit for the period, after taxes	402.0	423.8	-5.1%
Return on equity	14.4%	16.2%	-1.8%-pt
Group solvency 1)	217.4%	221.7%	-4.3%-pt
Investment performance 2)	2.4%	3.1%	-0.7%-pt
Gross premiums written	5'488.9	5'255.7	4.4%
Net combined ratio	94.5%	94.1%	+0.4%-pt

	Performance of Helvetia Group in 2007
Profitable growth	Non-life premium growth: Combined ratio (net): Life premium growth:	7.1% (FX-adjusted: 4.0%) 94.5% 2.2% (FX-adjusted: 1.2%)
	Volume of new business (APE): Embedded value yield:	+13.1% 21.3%
Solid financial	Equity: + 4.1 % Stable solvency margin at: 217.4 %
	Interactive rating: "A-" with stable outlook
strength
Attractive return on	RoE after taxes: 14.4% (06: 16.2%) Pay out ratio of 54%

Important dates
03.09.2008 "	Publication of half-year financial results for 2008
18.03.2009 "	Publication of annual results for 2008
17.04.2009 "	Ordinary Shareholders' Meeting in St.Gallen
03.09.2009 "	Publication of half-year financial results for 2009
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Cautionary note regarding forward-looking information

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This document was prepared by Helvetia Group and may not be copied, altered, offered, sold or otherwise distributed to anybody by the recipient without the consent of Helvetia Group. Although all reasonable effort has been made to ensure that the facts stated herein are correct and the opinions contained herein are fair and reasonable, this document is selective in nature and is intended to provide an introduction to and overview of the business of Helvetia Group. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed as accurate by Helvetia Group. Neither Helvetia Group nor any of its directors, officers, employees and advisors nor any other person is liable in any way for any loss howsoever arising directly or indirectly from the use of this information. The facts and information contained in this document are as up to date as is reasonably possible and may be subject to revision in the future. Neither Helvetia Group nor any of its directors, officers, employees or advisors nor any other person makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document.

This document may contain projections or other forward-looking statements related to Helvetia Group which by their very nature involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These include (1) changes in general economic conditions, in particular in the markets in which we operate; (2) the performance of financial markets; (3) changes in interest rates; (4) changes in currency exchange rates; (5) changes in laws and regulations, including accounting policies or practices; (6) risks associated with implementing our business strategies; (7) the frequency, magnitude and general development of insured events; (8) the mortality and morbidity rates; (9) policy renewal and lapse rates. We caution you that the foregoing list of important factors is not exclusive; when evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties. All forward-looking statements are based on information available to Helvetia Group on the date of its publication and Helvetia Group assumes no obligation to update such statements unless otherwise required by applicable law.

The purpose of this document is to inform the Helvetia Group's shareholders and the public of the business activities of Helvetia Group. This document does not constitute an offer or a solicitation to exchange, buy or subscribe to securities, nor does it constitute an offering circular as defined by Art. 652 a of the Swiss Code of Obligations or a listing prospectus as defined by the listing rules of the SWX Swiss Exchange. Should Helvetia Group make one or more capital increases in the future, investors should make their decision to buy or subscribe to new shares or other securities solely on the basis of the relevant offering circular.