Helvetia Holding AG

Investor Presentation • Sep 27, 2006

Helvetia Patria Group 2005 Annual Results

Welcome

05.04.2006

Programme:

• Q
• Q Financials
• Q Swiss Business Activities
• Q Foreign Business Activities
• Q Summary and Outlook
• Q Q&A

Key Figures Erich Walser Roland Geissmann Philipp Gmür Erich Walser Erich Walser

Excellent Result

Erich Walser, CEO

2005 Highlights

in CHF millions (unless otherwise indicated)

H i h l i h t g g s	2 0 0 5	C h a n g e f 2 0 0 4 r o m
f M k d i i i t Q a r e r s e n p r o H i h i l Q g e r p r e m m o m e u v u L t b i d t i Q o w e r n e c o m n e r a o V d i l t t t Q e r g o o n e s m e n r e s y v u S t t h i i t Q r o n g g r o w n e q u y H i h i t t Q g r e r n o n e q u u y I d d i i d d d Q n c r e a s e v e n p r o p o s e ( C H F )	3 0 1 9 1 6 8 5 7 % 9 4 0 1 3 0 1 5 2 4 8 0 8 1 3 4 % 9 0 0	3 6 % 5 + 6 % 5 + 3 8 % t p s - 3 0 % 4 + % 2 1 6 + 0 % 7 t + p s % 6 3 6 +

Our 2005 track record: All major goals achieved

2 0 0 5 l g o a s	R l t e s s u		C t o m m e n s
S i b l t u s a n a e f i b i l i t t p r o a y	P f i f C H F t r o o 3 0 1 9 i l l i m o n	9	R O E f 1 0 0 % t t a r g e s o i i f i l d d 1 3 4 % t s g n c a n y e x c e e e :
P i t i l t i l l o s e r e s s n a v u k t t c o u n r y m a r e s	H i h t i g o p e r a n g l t r e s u s	9	P f i t b l l i f d r o a e e a n n o n l i f b i e u s n e s s
G t h i i r o n n s r a n c e w u b i u s n e s s	O l l t h e r a g r o v w f 6 5 % o	9	G f t h i l i r o n e w d a n n o n l i f b i e u s n e s s
% N t b i d t i b l 1 0 0 e c o m n e r a o e o w	C f % N t R 9 4 0 e o	9	f H i h l i t b l g p r o a e n o n y l i f b i e u s n e s s
f G M i t 's a n e n a n c e o r o u p i k i t r s c a p a c y	I i n c r e a s e n h h l d ' i t s a r e o e r s e q u y	9	S C h h l d ' i t b H F a r e o e r s e q u y u p y 4 4 0 1 i l l i m o n
G d i l t t t o o n v e s m e n r e s u	I t t f n e s m e n p e r o r m v f % 5 5 a n c e o	9	H i h d i t g e x r a o r n a r y i t t i n e s m e n n c o m e v

Successful strategic initiatives

G l o a s		M e a s r e s u
Q l i t d i u a y a n s e r v c e t i i t i o p m s a o n	9	P j i l l k t t t r o e c s n a c o n r m a r e s u y , i C H D d A i l. E F Q M n a n n c : , ,
P i f l i t t t e n e r a o n o a n e c e n w 5 0 l t s e g m e n p s : u	9	C H A i t t : e r z v a
I d i i b i l i t n c r e a s e v s y	9	S h i f S i S k i p o n s o r s p o w s s -

Industry leader Helvetia Patria: Share performance 1.1.2005 to 31.3.2006

Financials

Roland Geissmann, CFO

Key figures for 2005

i C H F i l l i n m o n s	2 0 0 5	2 0 0 4	/ + -
G i i t t r o s s p r e m m s r e n u w	5 1 7 6 8	4 8 6 2 9	6 % 5 +
N i i t t t e p r e m u m s w r e n	4 8 7 3 7	4 6 0 5 5	7 0 % +
1 ) G i f i t t r o s s n c o m e r o m n v e s m e n s	1 3 0 1 5	9 1 0 7	% 3 4 0 +
I t t n v e s m e n s	2 8 3 2 7 7	2 6 0 6 6 5	% 6 6 +
) 2 f % I t t i n v e s m e n p e r o r m a n c e n	5 5	4 8	% 0 7 t + p s
G f ( ) f i t l t h i d r o u p p r o o s s o r e p e r o	3 0 1 9	2 2 2 6	3 5 6 % +
) ) 3 4 G % b i d t i i r o s s c o m n e r a o n	9 5 2	9 5 5	0 3 % t p s -
3 ) 4 ) % N t b i d t i i e c o m n e r a o n	9 4 0	9 8 7	% 3 8 t p s -
3 ) 4 ) f % N t t i l i i e e x p e n s e r a o e n , ,	9 7	1 0 4	% 0 7 t p s -
C l i d t d h h l d ' i t o n s o a e s a r e o e r s e q u y	2 4 8 0 8	2 0 4 0 7	2 1 6 % +
% R t i t i e u r n o n e q u y n	1 3 4	1 2 7	0 7 % t + p s
5 ) G % l i r o u p s o v e n c y n	2 4 2 0	1 9 0 6	1 4 % 5 t + p s

1) In addition to interest and dividend income, gains/losses from financial investments and income from investment properties, also includes income from holdings in associated companies and directly assignable costs.

2) Profit (loss) from investments affecting/not affecting income as % of average invested capital

3) All in

4) % of premiums earned

5) Capital as % of solvency I requirement acc. to ISVAP

Premium volume by business line

Premium growth by business line

Total CHF 5 177 million

1) Incl. unit-linked life insurance

Non-life: Targets exceeded

i C H F i l l i C i H F i l l i n m o n s n m o n s	2 0 0 5	2 0 0 4	/ + -
G i i t t r o s s p r e m m s r e n u w	2 3 8 6 7	2 3 7 1 7	0 6 % +
C i i ( ) t t t t r r e n n c o m e o n n e s m e n s n e u v	1 3 6 4	1 2 4 3	9 7 % +
G i d l a n s a n o s s e s o n
i t t n v e s m e n s	3 6 5	1 4 1	2 8 0 1 % +
C l i i d ( ) a m s n c r r e g r o s s u	1 5 3 6 6 -	1 4 8 6 6 -	3 4 % +
U d i i ( ) t t n e r r n g c o s s g r o s s w	7 3 4 3 -	7 4 6 0 -	1 6 % -
f ( ) f P i t l b t t i r o o s s e o r e a a o n x	2 6 2 5	1 4 5 7	% 8 0 2 +
1 ) C l i t i ( t ) a m s r a o n e	6 2 0 %	6 4 2 %	2 2 % t + p s
1 ) E t i ( t ) p e n s e r a o n e x	3 2 0 %	3 3 6 %	1 6 % t p s -
1 ) 2 ) C b i d i ( ) t t o m n e r a o n e	9 4 0 %	9 7 8 %	3 8 % t p s -

1) % of premiums earned 2) All in

Non-life underwriting

i % n	C H	D	I	E	A	F	A R V	T l t o a
C l i i ( ) t a m s r a o g r o s s ( ) E t i x p e n s e r a o g r o s s	4 7 7 2 8 3	6 4 5 3 3 7	6 4 5 2 9 2	1 5 5 3 2 1	6 1 5 3 8 3	4 3 0 2 8 0	4 1 7 2 8 5	6 4 3 3 0 8
C b i d i ( ) t o m n e r a o g r o s s	1 0 5 7	9 0 1	9 6 6	8 2 7	9 4 4	1 0 7	9 9 9	9 2 5
C ( ) b i d t i 2 0 0 4 o m n e r a o g r o s s C h f a n g e r o m	1 0 6 0	8 8 5	9 6 9	9 5 9	9 9 2	7 4 7	9 4 4	9 5 5
2 0 0 4 ( % ) t p s	0 3 -	1 6 +	2 3 -	8 7 -	4 8 -	3 7 -	5 5 +	0 3 -

Life: High profitability

C i H F i l l i n m o n s	2 0 0 5	2 0 0 4	/ + -
G i i t t r o s s p r e m m s r e n u w 1 ) P i f i t t t r e m m s o a n n e s m e n n a r e u v u	2 7 9 0 2 9 1	2 4 9 1 3 7 4	% 1 2 0 + 2 3 0 % +
C i i ( ) t t t t u r r e n n c o m e o n n v e s m e n s n e G i d l i t t a n s a n o s s e s o n n v e s m e n s	6 8 9 4 4 1 0 8	6 9 1 2 1 2 8 7	0 3 % - 2 1 1 4 % +
C l i / b f i i d d h i i l t t a m s e n e s p a a n c a n g e n a c a r a u ( ) r e s e r e s g r o s s v C f i i i t t t o s o p a r c p a o n	3 1 0 0 2 -	2 6 2 8 2 -	1 8 0 % + 4 6 6 % +
f ( ) t e a u r e g r o s s 2 ) ( ) U d i t i t n e r r n g c o s s g r o s s w E i ( ) i % t t p e n s e r a o n e n x	2 8 8 9 - 2 4 7 5 9 7	1 9 0 7 - 2 6 1 0 - 1 0 4	% 5 2 + 0 % 7 t p s -
f ( ) f P i t l b t t i r o o s s e o r e a x a o n	1 3 9 9	1 4 7 4	% 5 1 -

1) Savings units in premiums from investment contracts not included in the income statement

2) % of premiums earned

Structure of investments at 31.12.2005

Total CHF 27.8 billion 1) (2004: CHF 26.1 billion)

1) Covers investments I and II as per consol. balance sheet

2) Financial investments held to maturity

3) Financial investments at fair value through profit or loss

4) Loans

155) Financial investments available-for-sale

Investment performance: High extraordinary income

i C H F i l l i n m o n s	2 0 0 5	2 0 0 4	/ + -
C i f i P i t t. t u r r e n n c o m e r o m n v e s r o e r e s	1 6 4 5	1 6 8 0	1 % 5 -
p I t t d d i i d d i n e r e s a n v e n n c o m e G i d l i t. t i a n s a n o s s e s o n n v e s r o e r e s	6 7 5 7 3 1 1 -	6 6 0 2 1 9 7 -	2 3 % + 3 % 7 7 +
p p G f i d l i i l a n s a n o s s e s o n n a n c a i t t n e s m e n s v	0 6 9 5	1 6 7 7	2 0 2 3 % +
f f h i h i d i t t o c e n e r e s w x -	1 1 3 9	5 1 4	1 2 1 6 % +
f h i t t d s a r e s n e s m e n n s v u , , d i t i e r a e s v v O h t e r	3 8 3 7 5 7	1 1 1 5 4 8	2 4 7 4 % + 1 8 8 % +
O h i i t t t e r n v e s m e n n c o m e	1 5 4 -	6 9 -	1 2 3 2 % -
P f i ( l ) i t t t r o o s s o n n v e s m e n s	1 3 0 1 5	9 1 1 7	3 4 0 % +
) 1 D i t t r e c r e u r n ) 2 f I t t n v e s m e n p e r o r m a n c e	3 2 % 5 5 %	3 3 % % 4 8	0 1 % t p s - % 0 7 t + p s

1) Interest, dividends and income from investment properties as % of average invested capital (excl. unit-linked life insurance)

2) Income from investments through profit or loss with no impact on the

income statement as % of average invested capital (excl. unit-linked life insurance)

Unrealised gains and losses on investments (gross): Strong growth

Higher unrealised gains and losses on investments (net)

Change in shareholders' equity/ market capitalisation

• Market capitalisation
• Shareholders' equity
• 1) Based on weighted average of shares in circulation
• 2) Based on shares in circulation

Change in shareholders' equity at 31.12.2005

in CHF millions

Swiss Business Activities

Philipp Gmür, CEO Switzerland

Our 2005 Track Record: All major objectives achieved

2 0 0 5 l g o a s	R l t e s s u		C t o m m e n s
S i b l t u s a n a e f S i t b i l i t i i b i p r o a y n w s s u s n e s s	P f i f C H F t r o o 2 2 0 i l l i m o n	9	R O E t t i i f i t l a r g e s s g n c a n y d d e x c e e e
P f i d i h i t- t r o r v e n g r o w n l i f d l i f b i e a n n o n e u s n e s s e s -	G h f t r o w o 8 8 % i l i f d n e a n 1 3 % f i l i n n o n e -	9	f E l l t l t c e e n r e s s o r x u f f l i d l i b i e a n n o n e u s n e s s e s -
N b i d i b l 1 0 0 % t t e c o m n e r a o e o w	N C R f t e o 9 4 % 5	9	P f i b l l i f b i t r o a e n o n e u s n e s s - d i t j l i e s p e m a o r c a m s
A t i t t c e c o s m a n a g e m e n v	S t b l t b a e c o s a s e	9	C b l 2 0 0 4 d b d t t o s s e o w a n u g e
A i d t t t t r a c v e p r o u c r a n g e	N d i t e w p r o u c s n i b i l i a r o s s n n e s v u u	9	f f f M d i o e r n r a n g e o o e r n g s f l l h l t d l i i o r a o m e -r e a e p o c e s
H i h l i i f i t t t g c e n s a s a c o n	B h k l d e n c m a r e a e r i t k i m a g e r a c n g	9	P i t i t h i o s v e g r o w n l i b i l i t b i i 2 0 0 0 a s n e s s s n c e y u

Switzerland: Gross premiums by business line

Switzerland: Life premiums

i C H F i l l i n m o n s	2 0 0 5	2 0 0 4	/ + -
T t l d i t l i f i o a r e c e p r e m m s u	2 1 7 4 4	1 9 9 9 0	8 8 % +
f P i d i i i d i i d l l i e r o c p r e m u m s n v u a e ,	4 1 5 3	4 1 8 2	% 0 7 -
S f i l i i d i i d l l i n g e p r e m m s n a e u v u ,	2 3 4 5	2 4 6 2	% 4 8 -
T t l i i d i i d l l i f o a p r e m m s n a e u v u ,	6 4 9 8	6 6 4 4	2 2 % -
P i d i i l i f e r o c p r e m m s g r o p e u u ,	7 8 8 1	8 6 7 5	3 9 % +
S f i l i l i n g e p r e m u m s g r o u p e ,	3 6 7 5	5 7 6 0	2 9 % 7 +
T l i l i f t o a p r e m u m s g r o u p e ,	1 2 4 6 5	1 3 3 4 6	1 4 2 % +

• Q Individual life: Premium level maintained +/- despite difficult environment
• Q Group life: Growth through renewed acquisition effort and occupational pension reforms; high client loyalty

Switzerland: Profitability in the life business

R t e e n e c o m p o n e n s v u	P f e r o r m a n c e	C t o m m e n s
T l i f i e r m e n s u r a n c e	+	C t t l d l t o n s a n g o o r e s s y u
D i b i l i i t s a y n s u r a n c e	+ +	G d i l i t d o o e c o n o m c c m a e a n i d l i d i i t t t c o n n u e s e e c v e u n e r w r n g f l i i l. i l i p o c n c n g r o p e y u
C ( ) t h o s s s u r c a r g e s	+	A d d i t i l i t i l l o n a m p r o e m e n s n a v a r e a s
I t t n e s m e n s v	+ +	S t e e c o m m e n s G R l d i o a n e s s m a n n

Switzerland: Group life

Compliance with statutory minimum distribution ratio (legal quote)

C i H F i l l i i d i t h t t t d n m o n s, n a c c o r a n c e s a o r e a r- e n w u y y t t t s a e m e n s	2 0 0 5
G f i b i b j t t l l t r o s s n c o m e r o m u s n e s s s u e c o e g a q u o e	4 3 6 7	% 1 0 0
B f i i f f i i b i t e n e s n a v o u r o n s u r e r s n u s n e s s b j t t l l t s u e c o e g a q u o e	4 1 0 2	9 4 %
O i f i ( l ) f b i b j t t t t p e r a n g p r o o s s r o m u s n e s s s u e c o l l t e g a q u o e	2 6 5
O f ( ) f t i i t l b i t b j t t p e r a n g p r o o s s r o m u s n e s s n o s u e c o l l t e g a q u o e	1 8 -
P f i ( l ) f l i f b i S i l d t t r o o s s r o m g r o u p e u s n e s s w z e r a n ,	2 4 7

Switzerland: Group life

Analysis of results for business subject to legal quote

i C H F i l l i i d i i h h d t t t t t n m o n s, n a c c o r a n c e w w s a u o r y y e a r- e n t t t s a e m e n s t t t s a e m e n s	2 0 0 5
R l f i * t e s r o m s a n g s p p r r o o c c e e s s s s u v R l f i k t e s r o m r s p r o c e s s u R l f t t e s u r o m c o s p r o c e s s	8 2 3 2 2 0 6 3 7 6 3 7 7 3 3 7
G f i ( l ) f b h b i i b j b j i i l l t t t t t t t t r o s s p r o o s s r o m u e s n u e s s s n e s s u s s e u c e o c m o n e m g u a m q q u u o o e a	1 5 3 2 1 0 3 0 7 3 3 -
A d d i i t t A d d i i t t o n o r e s e r v e s o n o r e s e r v e s A l l i f f l i h l d d i i d d t t t f f A d d i t i t i i t d i i d d o c a o n o r e s e r v e s o r u u r e p o c y o e r v e n s o n o p r o v s o n s o r u u r e v e n s	2 3 3 4 1 5 - - 3 4 5 2 6 5 -
E b i B t i b h d M i d t t r g e n s e r e s r e c n u n g e r n e s q u o e O i f i ( l ) f h b i b j l l t t t t t t p e r a n g p r o o s s o r , e u s n e s s s u e c o e g a q u o e G ä f t t l l t h t u n e r s e e s e s c	2 6 5

*after creating fluctuation reserves from equities of CHF 50.2 million

Switzerland: Non-life premiums

C i H F i l l i n m o n s	2 0 0 5	2 0 0 4	/ + -
T l l i f i t o a n o n e p r e m u m s -	8 2 9 5	5 7 5 7	1 3 % +
P t r o p e r y	3 1 7 3	3 1 7 8	% 0 2 -
T t r a n s p o r	3 9 7	3 6 7	3 3 % +
M t h i l o o r v e c e s	1 4 6 5	1 4 9 8	3 2 % +
i b i l i L t a y	7 3 1	7 1 4	2 4 % +

QContinual growth, catch-up potential in property insurance business

Switzerland: Non-life profitability

	2 0 0 5	2 0 0 4
G i r o s s p r e m m s ( i C H F i l l i ) u n m o n s	5 8 2 9	5 7 5 7
G l i t i ( % ) r o s s c a m s r a o	% 7 7 4	6 3 % 7
1 ) G i ( % ) t r o s s e p e n s e r a o x	2 8 2 %	% 2 9 7
1 ) 2 ) G b i d i ( % ) t r o s s c o m n e r a o	1 0 % 5 7	1 0 6 0 %
1 ) 2 ) N b i d i ( % ) t t e c o m n e r a o	9 4 % 5	1 0 1 1 %

• Q Excellent earnings power
• QWeather-related claims 08/2005 absorbed well thanks to natural hazards pool of Swiss insurers and reinsurance concept

1) As % of premiums earned 2) 'All in'

Outlook for the Swiss business

G l i f r o p e u	I d i i d l l i f n a e v u	N l i f o n e -
P f i i d h t t t Q r o o r e n e g r o w - G B V I t Q n v e s a s - l t t s u p p e m e n o d t p r o c r a n g e u	N d f t Q e p r o c s o r w u d d d h i t t a e g r o m p e s w u	C i i h t t Q o o p e r a o n w R i f f i B i l d i d a e s e n n g a n : u t i p r o p e r y n s u r a n c e N l i i i i t t Q e c e n a c q s o n s w u i l l i i t t t s c o n n e o r s e u

Information Technology

Modern portfolio and quote systems in all areas

Quality and Service

Achievement of ambitious Q+S goals in 2004-06 strategic period

Foreign business units

Erich Walser, CEO

Premium growth by country

Successful business units (I)

G e r m a n y	I l t a y	S i p a n
C f t i b t i t i t Q o n r o n o p r o u l i d t d t d l l c o n s o a e a g o o e v e A b Q o v e -a v e r a g e t h i t i g r o n p r o p e r n s r a n c e w y u I d k t i t i Q m p r o v e m a r e p o s o n i l i f i b i n e n s u r a n c e u s n e s s A t t t i d t Q r a c e p r o c s v u H i h l i d t Q g q u a y a n l l i t e x c e e n s e r v c e	E l l l t t Q x c e e n r e s u h k l b i d t t a n s o o w c o m n e t i r a o O d i t t Q u s a n n g h i t g r o w n l i f i e n s r a n c e u F Q o c u s o n 'h i h d g -e n i t l i t ' d p r v a e c e n s a n 's l l i ' m a c o m p a n e s t s e g m e n A i i i f S f i d V i t t Q c q u s o n o o a f t l i p o r o o	S f i i i t i Q g n c a n r s e i f i t n p r o E t l l b i d Q x r e m e y o w c o m n e t i r a o C d l i i t Q o s s e c n n g S t k t i t i Q r o n g m a r e p o s o n G t h l i h t l b Q r o w s g y a o v e k t m a r e a v e r a g e M f l l Q e r g e r s c c e s s u u y l t d c o m p e e
S h f i l 1 % 5 a r e o p r e m u m v o u m e : S h f i % t 7. 5 a r e o p r e- a x n c o m e :	S h f i l 1 1 % a r e o p r e m u m v o u m e : S h f i 6. % t 7 a r e o p r e- a x n c o m e :	S h f i l 9 % a r e o p r e m u m v o u m e : S h f i 1 4 9 % t a r e o p r e- a x n c o m e :

Successful business units (II)

Austria

• Q Improvement in profitability
• Q Favourable results in all business areas
• Q Slightly higher premium volumes
• Q Der ANKER successfully restructured
• Q Dynamic growth of Helvetia transport insurance

France

• Q Excellent annual result
• Q Strict risk selection
• Q Consolidation after high growth in premiums in previous years
• Q Expanded product range
• Q Development of new sales channels

Assumed Re

• Q Favourable result despite high claims years in 2004 and 2005
• Q Portfolio further diversified and slightly enlarged
• Q Good premium trend
• Q Exemplary underwriting policy

Other foreign business units

Summary and outlook

Overall trend

P f i h / R E t t Q r o g r o w o	Ò
f f / f A i l l l i l i i i i t t t t Q c a r a r e s o r e n o n e a c e s u u v -	Ò
C ( / ) b i d t i l i t Q o m n e r a o e p e n s e c a m s m g m x	Ò
R i k i t Q s c a p a c y	Ò
S h h l d ' i t Q a r e o e r s e q u y	Ò
S i l l i t Q u c c e s s n a c o u n r e s	9
G h t Q r o w	9

Priorities for the 2006 financial year

Outlook for 2006

G h t r o w	i l f i i L t t t e v e r a g e p o e n a o r m p r o v e m e n n n o n l i f b i e s n e s s u
C l i a m s	R i d l l, t e a n g o o e e v l d k t t p a r e p o n m a r e y
C t o s s	F h f i t t, r e r r o o m o r m p r o e m e n u v i A i d I l t t e g n s r a a n a u y
I t t n v e s m e n s	M k t d d t a r e e p e n e n -
R f i i i t t e s e r e s o r p a r c p a o n v f l i f t e a r e s e u ,	L i f l h i 2 0 0 t 5 o e r n o a n n w w

Current performance (February 2006)

P i t h r e m u m g r o w ( d i b i d ) t t r e c s n e s s a g g r e g a e u	% ( O C % ) T t l 2 4 3 0 o a : - - L i f 5 0 % ( O C 5 1 % ) e : - - f % ( O C % ) N l i 0 9 0 1 + o n e : - - i i l O C = o r g n a c u r r e n c y
C l i d l t a m s e e o p m e n v	i a s p r e o s e a r v u y
C t d l t o s e v e o p m e n	i t h i b d t w n u g e
I t t n e s m e n s v	C i i h i b d t t t r r e n n c o m e n g e u w u ; I t t l t d d t i i l t i n e r e s r e a e r e u c o n n r e v a u a o n - i m a r g n ;
	C i i f i l i t t t o n n u a o n o c a u o u s p o c y
C l i o n c s o n u	A h i d f i d t t t s n g s s a n e a r e c o n e n e c a n w w , f h i t h l t 2 0 0 6 a c e v e e g o a s s e o r

Into the future with a single brand

Aims behind the single brand

• QStronger public profile
• QPromote internal identification with the company
• QEnhance market attractiveness for internal and external target groups

In a market of interchangeable products, brand image is an increasingly important success factor for insurers.

Helvetia's values

Quality, trust, reliability and dynamism are the values to which Helvetia is committed and which it conveys - Group-wide.

Attractive investment

Return on equity/ profit growth

Combined ratio < 100%

Clearly defined, focused strategy

High-quality portfolio

Solid share price performance

Sound balance sheet

Profitable business units

Swiss identity: "Trust, reliability, quality"

Just ask us .

Detailed information

Positive contribution by all regions to 2005 Group results

i C H F i l l i n m o n s	2 0 0 5	2 0 0 4	/ + -
R i e g o n s
S i l d t w z e r a n -	2 2 0 4	1 6 6 6	3 2 3 % +
G e r m a n y -	3 1 7	0 0 5	% 3 6 6 -
I t l a y -	2 8 1	1 5 7	9 0 % 7 +
S i p a n -	6 2 6	1 2 1	4 1 4 % 7 +
O h t e r -	7 7 4	6 5 5	% 3 9 2 +
f ( ) f T t l i t l b t t i o a p r o o s s e o r e a x a o n	4 2 0 2	3 0 0 0	4 0 1 % +
I t n c o m e a e s x	1 1 8 3 -	7 7 4 -	2 8 % 5 +
G f ( ) f i t l t h i d r o u p p r o o s s o r e p e r o	3 0 1 9	2 2 2 6	3 6 % 5 +

Profitable life and non-life business

i C H F i l l i n m o n s	2 0 0 5	2 0 0 4	/ + -
B i u s n e s s a r e a s :
f L i e f N l i o n e -	1 3 9 9 2 6 2 5	1 4 4 7 1 4 5 7	1 % 5 - % 8 0 2 +
O h t e r	1 7 8	6 9	1 8 0 % 5 +
P f i ( l ) b f i t t t r o o s s e o r e a x a o n	4 2 0 2	3 0 0 0	% 4 0 1 +
I t n c o m e a e s x	1 1 8 3 -	4 7 7 -	2 8 % 5 +
G f i ( l ) f h i d t t r o p p r o o s s o r e p e r o u	3 0 1 9	2 2 2 6	3 5 6 % +

Impact of individual components on consolidated shareholders' equity

i C H F i l l i n m o n s
S h h l d ' i t t 1 1 2 0 0 5 a r e o e r s e q u y a	2 0 4 0 7
C f f h i l i i i t t t a n g e s n v a u a o n n o a e c n g n c o m e :
A d j f i t t t t t s m e n o n e s m e n s o u v -
f i l ( ) a r a e g r o s s v u	1 9 9 6
C h i l i b i l i i f t t t a n g e s n a e s o r c o n r a c s -
f i t h t i i t i t w p a r c p a o n e a u r e s	4 6 9 -
f D d t d t l t i d j t t e e r r e a x e s a n c u r r e n c y r a n s a o n a u s m e n s -	3 8 1 -
G f ( ) f i t l t h i d r o u p p r o o s s o r e p e r o	3 0 1 9 +
T t i i t h r a n s a c o n s n r e a s u r y s a r e s	6 9 4 +
D i i d d d i i b i t t e n s r o n v u	4 5 5 -
O h h t e r c a n g e s	0 3 -
S h h l d ' i 3 1 1 2 0 t t 5 a r e o e r s e q a u y	2 4 8 0 8

Breakdown of premiums by country

Gross premiums for the Group: CHF 5 177 million

Premium split, direct life business

Performance of selected stock exchange indices 2005

Source: DATASTREAM 9/1/06

DOW JONES INDUSTRIALS - PRICE INDEX

Performance of financial markets in 2005

Investment structure at 31.12.2005

Group currency exposure

Share portfolio: hedging

Fixed-interest securities portfolio: Group currency exposure

Total fixed-interest sec.: CHF 14 167.9 mill.

Fixed-interest securities portfolio: ratings

*) incl. cantonal banks, foreign national banks, cantons and mortgage bond centres: top credit ratings

Portfolio of investment properties

Loans and mortgages

Appendix

Executive Management

Member of Group management

Other country markets

Support functions

Milestones in our history

Q	1 8 5 8	F d i f A l l i V i h G l l h f H l i S G l l t t t t. o u n a o n o g e m e n e e r s c e r u n g s- e s e s c a e v e a a e n ,
Q	1 8 6 1	F d t i f H l t i S h i i h F i h G l l h f t o u n a o n o e v e a c w e z e r s c e e u e r v e r s c e r u n g s- e s e s c a S G t. l l a e n
Q	1 8 6 2	f f f G E t b l i h t b h i i s a s m e n o r a n c o c e s n e r m a n y
Q	1 8 8 7	F d i f "P i S h i i h L b i h l l h f " M l i B l t t t t o u n a o n o a r a, c w e z e r s c e e e n s v e r s c e r u n g s g e s e s c a u u a n a s e
Q	1 9 2 0-	E b l i h f b h f f i d b i d i i f t t s a s m e n o r a n c o c e s a n s u s a r e s o
	1 9 6 2	H l t i i F I t l A t i B l i ( l d i 1 9 8 5 ), G ( l d i 1 9 9 7 ), e v e a n r a n c e a y, u s r a, e g u m s o n r e e c e s o n , ( ) C ( ) N t h l d l d i 1 9 9 5 d d l d i 1 9 9 9 e e r a n s s o n a n a n a a s o n
Q	1 9 7 4	f S G M H l t i F d H l t i A l l i t. l l e r g e r o e e a e e r a n e e a g e m e n e a e n v u v ,
Q	1 9 8 6-	A d d i i l H l i b i d i i b l i h d i S i I l t t t t o n a e e a s s a r e s e s a s e n p a n, a v u y
	1 9 8 8	d G a n e r m a n y
Q	1 9 9 2	S t t f t h i b t H l t i d P t i a r o p a r n e r s p e w e e n e v e a a n a r a
Q	1 9 9 6	F d t i f H l t i P t i H l d i S t. G l l o u n a o n o e v e a a r a o n g a e n ,
Q	1 9 9 8	A i i t i f L V N ( S i ) i i t i f t h N C D t f l i ( I t l ) c q u s o n o a a s c o a v a r r a p a n ; a c q u s o n o e p o r o o a y
Q	1 9 9 9	f ? C f M t h t i L V N d t H l t i t e r g e r o e o c o m p a n e s a a s c o a a r r a a n e r a n e s e e a o o r m w v v v H l i C V N M d i d / P l t e e a a r a m p o n a v ,
Q	2 0 0 0	A i i i f h h S i h i P i i ó E ñ l S i l l t t t c q u s o n o e s o u e r n p a n s n s u r e r r e v s n s p a o a e v e ,
Q	2 0 0 1	A i i i f N i h U i V i M i l d H l i L i f t t t c q u s o n o o r w c n o n a, a n ; r e n a m e e v e a e
Q	2 0 0 2	A i i i f U K b d R l & S A l l i 's f l i i F t t t t c q u s o n o a s e o y a u n a n c e r a n s p o r p o r o o n r a n c e -
Q	2 0 0 3	M f b i d i i P i i ó E ñ l d H l t i C V N t t H l t i e r g e r o s u s a r e s r e v s n s p a o a a n e v e a o c r e a e e v e a S P i i ó i t h h d t i i l l r e s n e a q a r e r s n e e v w u v
Q	2 0 0 4	A i i i f i f l i i F t t t t t c q u s o n o w o r a n s p o r n s u r a n c e p o r o o s n r a n c e
Q	2 0 0 5	M f b i d i i H l i V i d H l i L i f i H l i V i i h h d i M i l t t t t t t t t e r g e r o s u s a r e s e v e a a a n e v e a e n o e v e a a w e a q u a r e r s n a n
Q	2 0 0 5	A i i i f h i f l i f h S f i d V i i I l t t t t t t c q u s o n o e n s u r a n c e p o r o o o e c o m p a n y o a n a y

Important dates

• Q 12.05.2006 Ordinary Shareholders' Meeting in St.Gallen
• Q07.09.2006 Publication of the 2006 Half-Year Results
• Q 29.03.2007 2006 Annual Results: Analysts and Media Conference in Zurich
• Q 04.05.2007 Ordinary Shareholders' Meeting in St.Gallen
• Q 07.09.2007 Publication of the 2007 Half-Year Results

Contact:

A d d r e s s :	G H l i P i t t e v e a a r a r u p p e H d O f f i e a c e
	f 4 0 D t o r s r a s s e u u C S G H 9 0 0 1 t l l a e n -
	I R l i O f f i t t n e s o r e a o n s c e v :	D i l S h l ä f a n e c p e r ,
f C H d e a o		C t i t i o r p o r a e o m m u n c a o n
T l e :		4 1 7 1 4 9 3 5 4 4 8 +
F a x :		4 1 7 1 4 9 3 5 5 8 9 +
E i l m a : d -		i l. h l f @ h l i i h t t a n e s c a e p e r e v e a p a r a c
	I t t n e r n e :	h l t i t i w w w e v e a p a r a c o m

Cautionary note regarding forwardlooking statements

This document was prepared by the Helvetia Patria Group and may not be copied, altered, offered, sold or otherwise distributed to any other person by any recipient without the consent of the Helvetia Patria Group. Although all reasonable effort has been made to ensure that the information provided herein is accurate and that the opinions contained herein are fair and reasonable, this document is selective by nature and is intended to provide an introduction and overview of the business of the Helvetia Patria Group. Where information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Helvetia Patria Group. Neither the Helvetia Patria Group nor any of its directors, officers, employees and advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this information. The facts and information contained herein are as up to date as is reasonably possible and may be subject to revision in the future. Neither the Helvetia Patria Group as such 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 the Helvetia Patria Group which, by their very nature, involve inherent risks and uncertainties, 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 factors 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) mortality and morbidity rates; and (9) policy renewal and lapse rates. We caution you that the foregoing list of important factors is not exhaustive; 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 the Helvetia Patria Group on the date of its publication and the Helvetia Patria Group assumes no obligation to update such statements unless otherwise required by applicable law.

The purpose of this document is to inform the Helvetia Patria Group's shareholders and the public of the Helvetia Patria Group's business activities during 2005. This document does not constitute an offer or a solicitation to exchange, buy or subscribe for securities, nor does it constitute an offering circular within the meaning of Art. 652 a of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of SWX Swiss Exchange. Should the Helvetia Patria Group make one or more capital increases in the future, investors should make their decision to buy or subscribe for new shares or other securities solely on the basis of the relevant offering circular. This document is also available in German, French and Italian. The German version is binding.