Helvetia Holding AG

Earnings Release • Mar 30, 2007

Helvetia Group
Swiss Small & Mid Cap Seminar 2007 Friday, March 30, 2007
Welcome
Roland Geissmann, CFO & Deputy President
	29.3.2007 1

Topics
n Introduction, Strategy, Shareholders' Structure n Highlight 2006: Outstanding Result n Key Financial Figures n Investment Business n Embedded Value n Business Units n Outlook 2007
	29.3.2007	2

Creation of up to 15% conditional capital
Consistent improvement of financial flexibility …
n was systematically promoted in the past
Share capital increase in autumn 2004 n
Change to IFRS accounting principles n
Granting of interactive 'A-' rating by Standard & Poor's in autumn 2006 n
n will be continued by creating up to 15% conditional capital:
Financing options will be increased n
Maximum quota of 15% based on: n
n opportunities provided by the capital market
n current unused capacity for subordinated capital
… is part of the current 'Strategy 2007-2010'
n improved flexibility to finance acquisitions to drive strategic growth
n new potential to optimise financing structure and capital costs
Document name	Date	8

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 equity ratio 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) Switzerland (NL and L) n n Italy (NL) n Spain (L)
		29.3.2007 12

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 outstripped
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 15

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%

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

Helvetia Group: Life business (1/2)
2006		+/-
2,832.4	2,790.2	1.5%
2,789.8	2,757.1	1.2% -4.4%
		2005 -2,943.2 -3,079.5

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%
1) incl. cost of investment contracts			23

(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%

2006	2005	D 2006/2005
82.9%	105.7%	-22.8
95.2%	90.1%	5.1
97.0%	94.6%	2.4
89.4%	87.2%	2.2
99.3%	94.4%	4.9
79.1 %	71.0%	8.1
93.2%	95.2%	2.0

	2006	2005	+/-
Helvetia Group	562.2	420.2	142.0
Switzerland	289.0	220.4	68.6
Abroad	273.2	199.8	73.4
- Germany	51.4	31.7	19.7
- Italy	27.7	28.1	-0.4
- Spain	110.1	62.6	47.5
- Other	84.0	77.4	6.6

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 tandem 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.

Important dates
Ordinary Shareholders' Meeting in St. Gallen
Publication of half-year financial results for 2007
Financial results for 2007: Analysts' and media conference in Zurich
Ordinary Shareholders' Meeting in St. Gallen
Publication of half-year financial results for 2008
	29.03.2007 40

	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:
Adress: Helvetia Group Home Office	Investor Relations: Corporate	Wolfgang Lohr Helvetia Group Dufourstrasse 40 CH-9001 St.Gallen Phone +41 (0)58 280 54 48 Fax +41 (0)58 280 55 89 E-mail: wolfgang.lohr@helvetia.ch
Dufourstrasse 40 CH-9001 St.Gallen Switzerland	Communications:	Yvonne Hafner Helvetia Group 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 42

Contact details:
Address:	Helvetia Group Head Office Dufourstrasse 40 CH-9001 St. Gallen Switzerland
Investor Relations Office:	Wolfgang Lohr Head of Investor Relations
	Phone: Fax: E-mail: Internet:	+41 58 280 54 48 +41 58 280 55 89 wolfgang.lohr@helvetia.ch www.helvetia.com
		29.03.2007 43