Helvetia Holding AG

Earnings Release • Apr 11, 2007

Helvetia Group 11th April 2007
Welcome
Ralph-Thomas Honegger
	29.3.2007 1

Programme
n Outstanding Result n Financial Figures n Swiss Business n Business Abroad n Outlook, Strategy, Conditional Capital n Questions and Answers
	29.3.2007 2

Helvetia in top form: best result of all time
High lights (CHF million or %)	2006	2005
n Profit climbed by more than 40% n Excellent return on equity n Considerable strengthening of equity base (+10%) n Impressive share price performance (+44%) [CHF] n Gross combined ratio: significant progress n Embedded value demonstrates profitability of life business	423.8 16.2% 2738.4 401.5 93.2% 1881.7	301.9 13.4% 2480.8 278.0 95.2% 1673.6
n Further gains of market shares: n Germany (L) n Switzerland (NL and L) n Italy (NL) n Spain (L)
		29.3.2007 4

	Helvetia Group: Gross combined ratios non-life
	2006	2005	D 2006/2005
Switzerland	82.9%	105.7%	-22.8
Germany	95.2%	90.1%	5.1
Italy	97.0%	94.6%	2.4
Spain	89.4%	87.2%	2.2
Austria	99.3%	94.4%	4.9
France	79.1 %	71.0%	8.1
Helvetia Group	93.2%	95.2%	2.0
			29.03.2007

Helvetia Group: Record year 2006 / all targets reached
Targets for 2006	Results		Comments
Sustainable guarantee of profitability	Group profit: CHF 423.8 m illion ROE: 16.2%	¸	Income targets outperformed
Positive results in all countries	Very positive result overall in the double-digit million range (in CHF)	¸	Significant improvements in result once again in Switzerland, Spain, Germany and in assumed reinsurance
Growth in insurance business	Clear progress in premium area particularly in non life, but also in life	¸	Further gains in market shares in Switzerland (NL+L), Italy (NL) and Spain (L)
Net combined ratio well under 100%	Net combined ratio of 94.1%	¸	Stabilisation on a par with the excellent level of the previous year (94.0%)
Maintaining the risk capacity of the Group	Rise in equity by 10% to CHF 2.7 billion	¸	Considerable strengthening of equity base
			29.3.2007 11

Helvetia Group: Key data for total business
(CHF million or %)	2006	2005	+/-
Gross premiums written	5,255.7	5,176.8	1.5%
Profit for period (after taxes)	423.8	301.9	40.4%
Investments	28,927.7	27,783.2	4.1%
Investment income	1'109.3	1,301.5	-14.8%
Investment performance	3.1%	5.5%	-2.4
Underwriting reserves, net	25,094.6	23,969.9	4.7%
Consolidated equity	2,738.4	2,480.8	10.4%
Return on equity	16.2%	13.4%	2.8
lvency 1) Group so	218.6%	204.2%	14.4

	Consolidated gross premiums		Growth (in CHF)
(CHF million or %)	2006	2005	2006	2005
Total direct business	5,062.5	4,947.6	2.3%	6.5%
Non-life	2,234.6	2,159.5	3.5%	-0.1%
Life	2,827.9	2,788.1	1.4%	12.1%
Total assumed reinsurance	193.2	229.2	-15.7%	6.4%
Helvetia Group	5,255.7	5,176.8	1.5%	6.5%
Non-life	2,423.3	2,386.6	1.5%	0.6%
Life	2,832.4	2,790.2	1.5%	12.0%

Helvetia Group: Best Group result of all time
(CHF million or %)	2006	2005	+/-
Pre-tax profit, total	562.2	420.2	33.8%
- non-life	321.6	262.5	22.5%
- life	184.6	139.9	32.0%
- other	56.0	17.8	214.6%
Taxes	138.4	118.3	17.0%
Profit for period (after taxes)	423.8	301.9	40.4%

(CHF million or %)	2006	2005	+/-
Gross premiums written	2,423.3	2,386.7	1.5%
Net earned premiums	2,169.4	2,118.6	2.4%
Net insurance benefits	-1,330.8	-1,312.8	1.4%
Net technical costs	-708.4	-676.5	4.7%
Net cost of surplus participation	-2.7	-3.0	-10.0%
Net interest from insurance business	0.1	0.1	0.0%
Net actuarial profit/loss	127.6	126.4	0.9%
Current income on investments	139.6	136.3	2.4%
Gains and losses on investments	70.4	53.6	31.3%
Other income and expenses	-16.0	-53.8	-70.3%
Net profit of non-technical account	194.0	136.1	42.5%
Pre-tax profit	321.6	262.5	22.5%

Helvetia Group: Non-life business (2/2)
(% or percentage points)	2006	2005	+/-
Premium growth (in CHF) - Total business - Direct business	1.5% 3.5%	0.6% -0.1%	0.9 3.6
Gross claims ratio Gross cost ratio Gross combined ratio	61.2% 31.9% 93.2%	64.3% 30.7% 95.2%	-3.1 1.2 -2.0
Net claims ratio Net cost ratio Net combined ratio	61.3% 32.8% 94.1%	62.0% 32.0% 94.0%	-0.7 0.8 0.1
Funding ratio	154.6%	149.1%	5.5

(CHF million or %)	2006	2005	+/-
Gross premiums written	2,832.4	2,790.2	1.5%
Earned net premiums	2,789.8	2,757.1	1.2%
1) Net insurance benefits	-2,943.2	-3,079.5	-4.4%
Net technical costs	-278.0	- 266.7	4.2%
Net cost of surplus participation	-164.0	-288.9	-43.2%
Net interest from insurance business	-33.8	-33.8	0.0%
Subtotal 1, net	-629.2	-911.8	-31.0%
Current income on investments	714.3	689.4	3.6%
Gains and losses on investments	135.6	410.8	-67.0%
Other income and expenses	-36.1	-48.5	-25.6%
Subtotal 2, net	813.8	1,051.7	-22.6%
Pre-tax profit	184.6	139.9	32.0%

(CHF million or %)	2006	2005	+/-
Premium growth (in CHF)
- Total business	1.5%	12.0%	-10.5
- Direct business	1.4%	12.1%	-10.7
Gross cost ratio	10.0%	9.7%	0.3
Total embedded value (CHF million)	1,881.7	1,673.6	12.4%
- Switzerland	1,519.4	1,373.1	10.7%
- EU	362.3	300.5	20.6%
Value of new business (CHF million)	21.7	19.9	9.0%

(CHF million or %)	2006	2005	+/-
Current income on investments	867.0	841.1	3.1%
- Interest and dividend income	704.4	675.7	4.2%
- Rental income1)	162.6	165.4	-1.7%
Total gains and losses	250.7	475.8	-47.3%
Total gains/losses on investments	290.9	506.9	-42.6%
- Shares, investment funds, derivatives	224.4	387.3	-42.0%
- Bonds	63.4	113.9	-44.4%
- Other	3.1	5.7	-46.2%
Gains/losses on investment property	-40.2	-31.1	29.3%
Other asset management expenses	-8.4	-15.4	-45.7%
Investment income	1,109.3	1,301.5	-14.8%
2) Direct yield	3.1%	3.2%	-0.1%
Investment performance	3.1%	5.5%	-2.4%

(in CHF million)	2006	2005	+/-
Total premiums direct life	2,217.0	2,174.4	+2.0%
Regular premiums individual life	415.1	415.3	-0.1%
Single premiums individual life	246.6	234.5	+5.2%
Total individual life	661.7	649.8	+1.8%
Regular premiums group life	821.8	788.1	+4.3%
Single premiums group life	733.5	736.5	-0.4%
Total group life	1,555.2	1,524.6	+2.0%

Balance sheet media conference 2007 Date 30

Switzerland: Highly profitable life business
Profit drivers	Developments	Comments
Whole life insurance	+	Consistently good results
Disability insurance	++	Good economic conditions, selective underwriting policy, active benefit management
Cost (loadings)	+	Active cost management in all areas
Investments	++	Very good return
Embedded value	Developments	Comments
Development embedded value 2006	+	Embedded value increased by 10.7%
Value of new business	++	Value of new business increased by 23.9%
Profitability of new business	+++	Profitability of new business increased by 37.6%
			29.3.2007 31

(in CHF million)	2006	2005	+/-
Total premiums non-life	607.5	582.9	+4.2%
Property	332.5	317.3	+4.8%
Transport	36.4	37.9	-3.9%
Motor vehicle	162.4	154.6	+5.0%
Liability	76.2	73.1	+4.3%
Market growth in a very competitive environment, particularly in property insurance n Growth stimulated by new range of house products and good performance of sales force n

Switzerland: Outstanding profitability in non-life business
	2006	2005
Gross premiums (in CHF million)	607.5	582.9
Claims ratio (%)1)	54.1%	77.4%
Cost ratio (%)1)	28.8%	28.2%
Combined ratio (%)1) 2)	82.9%	105.7%
Excellent earning power n
Good year for claims n
1) Gross, in % of earned premiums 2) 'all in'
Bilanzmedienkonferenz 2007		Date

Our track record for 2006: Outstanding result, all objectives achieved
Targets for 2006	Results		Comments
Sustainable guarantee of profitability of Swiss business	Profit of CHF 289.0 million	¸	Profit increased substantially yoy ROE targets outperformed
Income-oriented growth in life and non-life	Growth of 2.0 % in L and 4.2 % in NL	¸	Market growth in L and NL
Combined Ratio below 100%	Combined Ratio of 82.9%	¸	High portfolio quality, no damage by natural forces
Active cost management	Stable cost base	¸	Costs below previous year & budget
Attractive product range	New L and NL products	¸	Raiffeisen builder's risk and buildings, Swisstrend, BVG Invest
Quality-oriented approach	Finalist for Esprix Quality Award	¸	Target of 400 EFQM points was exceeded
Balance sheet media conference 2007			Date

Outlook for 2007
Growth	As far as premiums are concerned, the positive results of the new growth strategy are becoming increasingly noticeable.
Claims	The claims experience in the first few months of the current year has been very favourable, not least thanks to the unusually mild winter. This was also not affected by the January storm Cyril.
Costs	Costs are under control, and the cost ratio will improve considerably in line with premium growth.
Actuarial results	Overall, we expect good actuarial results once again in the current year, together with a net combined ratio of well under 100% in the non-life sector.
Financial result	Depends on the development of the capital markets.

Target-oriented strategic positioning
Attractive business portfolio	n Lucrative markets and profitable niches n Clear focus on private and SME customers
Strong value proposition for customers	n "Best in class" products and services n Innovative insurance and pension solutions n Service quality in sales and support
Growth through excellent customer access	n Unique sales network with strong partnerships n Sales partnerships for defined products n Customers and sales partners who are very loyal
	Dynamic brand with Swiss identity
Document name		Date	46

Important dates
04.05.2007 n	Ordinary Shareholders' Meeting in St. Gallen
07.09.2007 n	Publication of half-year financial results for 2007
17.03.2008 n	Financial results for 2007: Analysts' and media conference in Zurich
25.04.2008 n	Ordinary Shareholders' Meeting in St. Gallen
03.09.2008 n	Publication of half-year financial results for 2008
		29.03.2007 54

	Historical overview
n	1858	Establishment of Allgemeine Versicherungs-Gesellschaft Helvetia, St.Gallen
n	1861	Establishment of Helvetia Schweizerische Feuerversicherungs-Gesellschaft, St.Gallen
n	1862	Establishment of branch offices in Germany
n	1878	Establishment of "Patria, Schweizerische Lebensversicherungsgesellschaft" co-operative society in Basel
n	1920- 1962	Establishment of branch offices and subsidiaries of Helvetia in France, Italy, Austria, Belgium (sold 1985), Greece (sold 1997), the Netherlands (sold 1995) and Canada (sold 1999)
n	1974	Merger of Helvetia Feuer and Helvetia Allgemeine, St. Gallen
n	1986- 1988	Further Helvetia subsidiaries established in Spain, Italy and Germany
n	1992	Start of partnership between Helvetia and Patria
n	1996	Establishment of Helvetia Patria Holding, St. Gallen
n	1998	Acquisition of La Vasco Navarra (Spain); acquisition of the portfolio of NCD (Italy)
n	1999	Merger of the two companies La Vasco Navarra and Cervantes Helvetia to form Helvetia CVN, Madrid/Pamplona
n	2000	Acquisition of the southern Spanish insurer Previsión Española, Seville
n	2001	Acquisition of Norwich Union Vita, Milan; renamed Helvetia Life
n	2002	Acquisition of British insurer Royal & Sun Alliance's transport portfolio in France
n	2003	Merger of the companies Previsión Española and Helvetia CVN to form Helvetia Previsión with headquarters in Seville
n	2004	Acquisition of two transport insurance portfolios in France
n	2005	Merger of the two Italian companies Helvetia Vita and Helvetia Life into Helvetia Vita with headquarters in Milan
n	2005	Acquisition of the insurance portfolio of the company Sofid Vita in Italy
n	2006	Introduction of the unified "helvetia" brand throughout the Group
		as an easy-to-understandable and unmistakable name

Contact details:
	Investor Relations:	Wolfgang Lohr
		Helvetia Group
		Dufourstrasse 40
Adress:		CH-9001 St.Gallen
		Phone +41 (0)58 280 54 48 Fax +41 (0)58 280 55 89
Helvetia Group		E-mail: wolfgang.lohr@helvetia.ch
Home Office	Corporate
Dufourstrasse 40	Communications:	Yvonne Hafner
CH-9001 St.Gallen		Helvetia Group
Switzerland		St. Alban-Anlage 26
		CH-4002 Basel
		Phone +41 (0)58 280 13 35
		Fax +41 (0)58 280 29 73
		E-Mail: yvonne.hafner@helvetia.ch
		29.3.2007