Helvetia Holding AG

Investor Presentation • Sep 22, 2006

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Helvetia Group London, September 22, 2006

Welcome

1st semester of 2006 at a glance

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in CHF million (unless otherwise indicated)

Q Marked rise in profit 162.9 Q Only slightly lower premium volume 3 227.4 95.6% + 133% 473.7 2 367.8	At a glance	1st sem. 06
	Q Outstanding net combined ratio non-life
	Q Increased earnings power in life
	Q Pleasing investment result
	Q Excellent equity capital base
	Q High return on equity (annualised)	13.4%

Key figures for 1st semester 2006

in CHF million	1st sem. 06	Previous year	+/-
Gross premiums written	3 227.4	3 267.8	-1.2%
Net premiums written	3 070.1	3 118.1	-1.5%
Gross income from investments1)	473.7	658.8	-28.1%
Investments (30.6.06 vs 31.12.05)	27 851.9	27 783.2	+0.2%
Investment performance net IFRS in % 2)	0.2	3.2	-3.0% pts
Group profit (loss) for the period	162.9	116.4	+39.9%
Gross combined ratio in % 3) 4)	93.9	90.5	+3.4% pts
Net combined ratio in % 3) 4)	95.6	94.0	+1.6% pts
Net expense ratio, life, in % 4)	9.5	9.4	+0.1% pts
Cons. shareholders' equity (30.6.06 vs 31.12.05)	2 367.8	2 480.8	-4.6%
Annualised return on equity in %	13.4	11.0	+2.4% pts
Group solvency in % (30.6.06 vs 31.12.05) 5)	220.5	242.0	-21.5% pts
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 (not including unit-linked life insurance), excl. HTM/LAR 3) All types of costs are included in the calculation (all in) 4) As % of premiums earned 5) Capital as % of solvency 1 requirement according to ISVAP

Non-life: consolidation on an excellent level
in CHF million in CHF million	1st sem. 2006	1st sem. 2005	+/-
Gross premiums written	1 407.8	1 400.7	+0.5%
Current income on investments Gains and losses on	68.1	63.1	+7.9%
investments	7.0	25.6	-72.7%
Claims incurred (gross)	-706.5	-675.5	+4.6%
Underwriting costs (gross)	-391.3	-373.4	+4.8%
Profit (loss) before taxes	110.3	119.3	-7.5%
Claims ratio (net) 1)	61.2%	60.8%	+0.4% pts
Expense ratio (net) 1)	34.4%	33.2%	+1.2% pts
Combined ratio (net) 1) 2)	95.6%	94.0%	+1.6% pts

1) As % of premiums earned

2) All types of costs are included in the calculation (all in)

Non-life underwriting

CH	D	I	E	A	F	ARV	Total
59.7	54.2	67.3	55.7	64.4	55.6	65.4	60.5
29.6	38.9	29.0	32.3	37.7	25.2	33.6	33.5
89.3	93.1	96.3	88.0	102.1	80.8	99.0	94.0
87.7	90.2	91.5	87.5	96.5	69.3	104.1	90.5
+1.6	+2.9	+4.8	+0.5	+5.6	+11.5	-5.1	+3.5

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Life: high profitability
in CHF million	1st sem. 06	1st sem. 05	+/-
Gross premiums written Premiums of an investment nature 1)	1 819.6 0.5	1 867.1 0.3	-2.5% +66.7%
Current income on investments Gains and losses on investments	366.8 21.6	348.3 206.8	+5.3% -89.6%
Claims/benefits paid and change in actuarial reserves (gross) Cost of policyholder dividends	-1 487.0	-1 695.5	-12.3%
(gross)	-58.9	-122.7	-52.0%
Underwriting costs (gross) Expense ratio (net) in % 2)	-141.7 9.5	-143.1 9.4	-1.0% +0.1% pts
Profit (loss) before taxes	93.9	40.3	+133.0%

1) Savings units in premiums from investment contracts not included in the income statement 2) As % of premiums earned

in CHF million in CHF million	1st sem. 2006	1st sem. 2005	+/-
Current income from
investment properties	82.6	76.3	+8.3%
Interest and dividend income	362.6	345.2	+5.0%
Gains and losses on investment
properties	-15.6	-23.9	-34.7%
Gains and losses on financial
investments	47.4	265.5	-82.1%
of which fixed-interest	-7.2	75.4	-109.5%
equities, investment	54.0	187.6	-71.2%
funds, derivatives	0.6	2.5	-76.0%
Other
Other investment income	-3.3	-4.3	-23.3%
Profit (loss) on investments	473.7	658.8	-28.1%
Annualised direct return 1)	3.3%	3.2%	+0.1%pts
Investment performance net IFRS 2)	0.2%	3.2%	-3.0%pts

Swiss business activities

Our track record in the 1st semester of 2006: targets outstripped

Results		Comments
Profit of CHF 103 million	9	ROE targets exceeded significantly
Growth of 3.2 % in non-life, de cline in life of - 3.8%	9/ -	Return to growth in property, difficult market conditions for life
Net CR of 95.5 %	9	Consistently high profitability in non life
Costs below previous year and budget	9
New products in ind. life, group life and non-life	9	New EU insurance and non-life home related products introduced successfully
Implementation of construction and build ings insurance with Raiffeisen	9	Potential is exploited successively

Switzerland: life premiums
in CHF million	30.06.06	30.06.05	+/-
Total direct life premiums	1 524.6	1 583.8	-3.7%
Regular premiums, individual life Single premiums, individual life	201.1 93.2	201.0 130.2	0.0% -28.4%
Total premiums, individual life	294.3	331.2	-11.1%
Regular premiums, group life Single premiums, group life	767.6 462.7	739.5 513.1	+3.7% -9.8%
Total premiums, group life	1 230.3	1 252.6	-1.8%

Q Individual life: Regular premiums remained stable in a difficult market environment, decline in traditional single premiums; growth for unit-linked products

Q Group life: Growth in regular premiums, decline in single premiums due to brake on acquisition volumes

Revenue components	Performance	Comments
Whole life insurance	+	Consistently good results
Disability insurance	++	Good economic environment and continued selective underwriting policy, particularly in group life
Costs (supplements)	+	Continued improvement in all areas
Investments	+	Pleasing investment result

Switzerland: non-life premiums
in CHF million	30.6.06	30.6.05	+/-
Total non-life premiums	408.3	395.5	+3.2%
Property	201.3	194.2	+3.7%
Transport	29.4	30.2	-2.6%
Motor vehicle	127.3	120.6	+5.6%
Liability	50.3	50.5	-0.4%

• Q Attractive growth and pleasing trend reversal in property
• Q Premium growth for private customers thanks to new home-related products and good sales efforts by own sales force
• Q Market for corporate segment noticeably softer

30.06.06	30.06.05
408.3	395.5
59.7%	56.9%
29.6%	30.8%
89.3%	87.7%
95.5%	96.9%

Successful business units (I)
Germany	Italy	Spain
Q Significantly higher contribution to profit Q Strict cost management Q Good growth in life business Q Attractive products Q High quality and excellent service	Q Pleasing result thanks to low combined ratio Q Excellent growth in non-life business Q Good claims experience Q Efficiency gains thanks to modern IT solution	Q Improvement of portfolio quality in motor vehicle business Q Strong growth in the other NL sectors as well as in life business Q Few claims Q New household insurance products
Share of premium volume: 14% Share of pre-tax income: 20.4%	Share of premium volume: 8% Share of pre-tax income: 5.6%	Share of premium volume: 8% Share of pre-tax income: 11.9%

Outlook for 2006
Growth	Initiatives started
Claims experience	Retain good level,
	partly dependent on market
Costs	within budget
Investments	Market-dependent, continuation of a strict risk management
Reserves for
policyholder dividends, life	Lower inflow than in 2005

Strategy 2007 - 2010

Important dates
29.03.2007 Q	Business results 2006: analysts' and media conference in Zurich
04.05.2007 Q	Ordinary Shareholders' Meeting in St.Gallen
07.09.2007 Q	Publication of 2007 interim results
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Contact:
Address:	Helvetia Group
	Head Office
	Dufourstrasse 40
		CH-9001 St.Gallen
	Switzerland
Investor Relations Office:	Daniel Schläpfer,
		Head of Corporate Communication
	Tel.:	+41 58 280 54 48
	Fax:	+41 58 280 55 89
	E-mail:	daniel.schlaepfer@helvetia.ch
	Internet:	www.helvetia.com
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