Helvetia Holding AG

Investor Presentation • Sep 14, 2005

Helvetia Patria Group Interim Results 2005

Welcome

14.09.2005

Programme:

• n The overall business Erich Walser
• n The Swiss business Philipp Gmür
• n Foreign business; Roland Geissmann consolidated financial statements
• n Review and preview Erich Walser
• n Questions and Answers

The overall business

Erich Walser, CEO

Excellent overall result

In CHF million, unless otherwise noted	30.6.05	30.6.04
Gross written premiums	3 284.5	3 074.2
Income from investments	542.9	484.6
Result before taxation	140.1	100.6
Result after taxation	104.2	73.7
Investments at market values	26 821.2	25 654.1
equity1) Consolidated shareholders'	1 556.1	1 157.1
Market capitalization	1 793.7	1 393.9
CHF)2) Result after taxes per share (in	12.6	12.3
share (in CHF)1) Consolidated shareholders' equity per	188.6	192.8
Share price (CHF)	207.3	221.5
Price/Book ratio	115%	120%
Number of shareholders	4 249	3 697

1) 30.6.04 incl. Legal Quote, 30.6.05 excl. Legal Quote

(impact 30.6.05: removal of CHF 17.25 per share for Legal Quote)

2) On the basis of 8'652'875 (6'293'000 for 30.6.04) Helvetia Patria Holding shares minus shares in own holdings (2005: 400'312; 2004: 291'136)

Controlled premium growth

The Swiss business

Philipp Gmür, CEO Switzerland

Switzerland: first half-year 2005

• n Premiums: stable development of the individual life business; again selective growth in the group life; continuous growth in the non-life segment.
• n Claims/benefits: Excellent loss result, favourable death- and disability risk results in the individual – and group life insurance sectors
• n Result: Good underwriting results, cost discipline, restrengthened profitability in the life business

7

Switzerland: Premiums life business

In CHF million

Total premiums direct life Periodic premiums individual Single premiums individual

Total individual life

Periodic premiums group Single premiums group Total group life

30.6.05	30.6.04	Change
12 586881.7.2	1 406.1	+ 13.0%
201.0	200.9	+ 0.0%
130.2	122.6	+ 6.2%
331.2	323.5	+ 2.4%
739.5	700.7	+ 5.5%
518.0	381.9	+ 35.6%
1 257.5	1 082.6	+ 16.2%

Switzerland: Premiums non-life business

In CHF million	30.6.05	30.6.04	Change
Total premiums non-life	395.5	390.9	+ 1.2%
Property	193.5	193.9	- 0.2%
Transport	30.1	30.3	- 0.7%
Motor-vehicle	120.6	117.2	+ 2.9%
Liability	51.3	49.5	+ 3.6%

Switzerland: Non-life key figures

	30.06.05	30.06.04
Gross premiums (in CHF million)	395.5	390.9
Claims ratio gross (%)	56.9	64.8
Expense ratio gross (%)	30.5	27.9
Combined ratio gross all in (%)	88.9	93.9
Combined ratio net all in (%)	98.3	97.4

All ratios in % of the earned premiums 'All in': All underwriting expenses/revenues are taken into account

Floods August 2005

n Number of damage reports (as of 08.09.2005)

Personal property n	2'500
Buildings n	300
Business interruptions n	400
Comprehensive auto ins. n	300

• n Gross loss burden: CHF 115 million
• n Estimated net loss burden: about CHF 30 million
• n Quick help through large efforts by the employees of the indemnity department and the affected regional agencies
• n Claims settlement procedures proved to be working well again.

Preview of the Swiss business

Group life	Individual life	Non-life
Focussed underwriting policy continued; New BVG (LOB) product «Invest»	Moderate profit oriented growth; New unit-linked products	Concentration on profitable segments; New product for buildings/household

Attractive products and services network related to the area of Aging

TerzAvita Quality and service

Continuation of the quality and service initiative

The foreign business units

Roland Geissmann, CFO

Premium growth by country

(including indirect business)

Successful business units (I)

Germany Austria Italy

• n Increased premium income
• n Reduced claims ratio
• n Further improved loss experience
• n Combined ratio gross of 93.2 per cent
• n Above-average progress in the life business

• n Higher broker- and customer satisfaction

• n Better underwriting result

• n Declining loss frequency thanks to excellent portfolio quality
• n Higher premium in come in the non-life business
• n Combined ratio gross of 98.1 per cent (before allocations to equalisation reserves)

• n Improved profitability through restructuring-/ optimization measures

• n Good underwriting result

• n Increased premium volume in most of the non-life sectors
• n Further decreasing loss burden
• n Combined ratio gross below 90 per cent
• n Growth in the life sector above market average

Foreign business units

Successful business units (II)

• n Good underwriting result
• n Motor-vehicle insurance with excellent result
• n Combined ratio gross below 90 per cent
• n Strong growth in the group life business

• n Merger decreases expense ratio

• n Transport insurance specialist

• n Pleasing course of business
• n New business relations following acquisition
• n Strict cost control and efficient financial management

Spain France Assumed Reinsurance

• n Good operating result
• n No major loss events in the 1st half-year 2005 (2nd half-year 2005 storm damages in CH and from Katrina in the US)
• n Expanded portfolio in the reinsurance sector
• n Strictly profit-oriented and successful underwriting policy

Foreign business units

Consolidated financial statements

Life business: Result doubled

Life business: Premium distribution (Gross premiums)

Individual life Single premiums Premiums 174.8 (+ 10.0%) 24.4% Group life Single premiums Premiums 521.6 (+ 35.3%) 73.0% Individual life Periodic premiums Premiums 330.2 (- 0.3%) 28.7% Group life Periodic premiums Premiums 768.4 (+ 6.5%) 66.8% Total CHF 1 865.2 million (+ 13.2%) Unit-linked Single premiums Premiums 18.6 (+ 43.3%) 2.6% Unit-linked Periodic premiums Premiums 51.6 (+ 39.3%) 4.5% Total Periodic premiums 61.7% (66.2%) Total Single premiums In CHF million

38.3% (33.8%)

Life business: Strengthening of profitability

In CHF million	1. HY 2005	1. HY 2004	Change
Net written premiums	1 848.5	1 630.4	+ 13.4%
Net benefits paid	- 1 296.9	- 1 549.5	- 16.3%
Net change in actuarial reserves	- 337.0	+ 111.4	-
Net change in other underwriting reserves	- 5.7	- 5.0	14.0% +
Net underwriting expenses	- 142.9	- 137.2	+ 4.2%
Net expense ratio in % of net written premiums	7.7%	8.4%	-
Net expenditure on results-linked and non-results linked policyholders' dividends	- 92.3	- 63.2	+ 46.0%
Result from life underwriting activities	44.7	20.1	+122.4%
Net underwriting reserves	21 226.2	20 234.7	+ 4.9%

Non-life business: Excellent

Direct business: Premium volume by business segment

Non-life business

• *) Premium of total direct business life and non-life
• Prior-year levels in brackets

Non-life business: Again significantly improved result

In CHF million	30.6.05	30.6.04	Change
Premium income direct business	1 306.9	1 296.2	+ 0.8%
Premium income Assumed reinsurance	108.5	127.9	- 15.2%
Total premium income	1 415.4	1 424.1	- 0.6%
Net claims paid	- 659.4	- 681.1	- 3.2%
Net change in equalisation reserve	- 15.7	- 28.6	- 45.1%
Claims ratio (excl. change in equalisation reserve) in
% of net earned premiums	63.0%	63.0%	-
Net underwriting expenses	- 331.4	- 342.4	- 3.2%
Expense ratio in % of net earned premiums	31.6%	31.7%	-
Combined Ratio net («all in» in % of net
earned premiums)	97.6%	99.0%	-
Result from non-life underwriting activities	89.6	74.7	+ 19.9%
Net non-life underwriting reserves	3 877.0	3 410.7	+ 13.7%

The investment business and other elements of the non-underwriting account

Selected stock market indices - 1st half-year 2005

Source: DATASTREAM 1/9/05

Selected financial markets – 1st half-year 2005

Details of investment result

Profit and Loss Account (no deferred depreciation)

In CHF million	30.6.05	30.6.04	Change
1. Current income	465	451	+ 3.1%
2. Realized gains/losses	66	90	- 26.7%
- on index- and unit-linked life insurance policies	1	1	-
3. De-/appreciation and value adjustments affecting the operating result	- 38	- 68	- 44.1%
- of index- and unit-linked life insurance policies	49	11	+ 345.5%
3. *) Total of	(- 11)	(-57)	- 80.7%
4. Total investment income - including index- and unit-linked life insurance policies	543	485	+ 12.0%
- excluding index- and unit-linked life insurance policies (LP)	493	473	+ 4.2%
5. Direct yield	1.9%	1.9%
6. Perform. without index- and unit-linked LP	3.4%	1.3%
*) Depreciation based on ARR 14 «old», i.e. total is charged to

Investment structure

In CHF million

1) Shares/share funds: CHF 2 031.3 million Mixed and bond funds: CHF 504.4 million Derivatives and options: CHF 31.6 million

2) Alternative investments : 15.7%, i.e. CHF 404.2 million (private equity and hedge funds)

Shareholders' equity and solvency

Influence of individual components on the consolidated shareholders' equity

In CHF million

Shareholders' equity at 1.1.2005	1 417.1
Valuation changes not affecting operating results:
- Real estate/shares/share funds	+ 93.4
- Legal quote	- 13.2
Changes affecting operating results:
- Result after taxation	+ 104.3
Dividends/currency differences	- 45.5
Cons. shareholders' equity at 30.6.05 (after minorities)	1 556.1
Net increase	+ 139.0

Shareholders' equity in comparison with market capitalization

Excellent Group result

Excellent Group result

In CHF 1'000	30.6.05	30.6.04	Change
Non-life underwriting account Life underwriting account Non-underwriting account	89 566 44 729 7 710	74 741 20 086 5 786	+ 19.8% + 122.7% + 33.3%
Subtotal 1 ./. Linear depreciation goodwill ./. Taxation ./. Minority interests	142 005 - 1 925 - 35 726 - 122	100 613 - 32 - 26 856 - 37	+ 41.1% - + 33.0% + 229.7%
Result after depreciation goodwill, taxation and minority interests	104 232	73 688	+ 41.5%
Result per share (in CHF) Return on equity RoE	12.6 7.0%	12.3 6.4%	+ 2.4% + 9.4%

Review and preview

Erich Walser, CEO

Overall assessment

• n Profit growth/RoE ì n Underwriting result life/non-life ì n Combined ratio (Claims-/expense mgt.) ì n Risk capacity ì n Improved profitability in the life -business ü n Shareholders' equity ü n Growth =
• n Framework group life business =

Current business trends and preview (July 05)

Premium growth n	Total:	+ 8.3 % (LC + 7.7 %)
(Direct business aggregated)	Life:	+ 14.2 % (LC + 13.9 %)
	Non-Life:	+ 1.5 % (LC + 0.5 %)
		LC=Local currency
Loss experience n	From a current of the storm and the US ranges that can	perspective, the effects damages in Switzerland (Katrina) will be limited to be well handled.
Cost development n	Within budget
Investments n	Current income	within budget;
	Increased valuation	margin;
		Continued cautious investment policy.
Preview 2005 n	Despite the to additional extraordinary anticipating that pleasing result.	storm damages – but subject events - we are we will achieve again a

Appendix

The Management of the Helvetia Patria Group

Group support functions

A historical overview

n	1858	Founding of Allgemeine Versicherungs-Gesellschaft Helvetia, St. Gallen
n	1861	Founding of Helvetia Schweiz. Feuerversicherungsgesellschaft, St. Gallen
n	1862	Establishment of branch offices in Germany
n	1878	Founding of the Mutual «Patria, Schweizerische Lebensversicherungs gesellschaft» in Basel
n	1920- 1962	Founding of branch offices and subsidiaries of the Helvetia in France, Italy, Austria, 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	Begin of partnership between Helvetia and Patria
n	1996	Founding of Helvetia Patria Holding in St. Gallen
n	1998	Acquisition of La Vasco Navarra (Spain); Acquisition of the portfolio of NCD (Italy)
n	1999	Merger between the companies La Vasco Navarra and Cervantes Helvetia to Helvetia CVN, Madrid/Pamplona
n	2000	Acquisition of the Spanish insurer Previsión Española, Seville
n	2001	Acquisition of Norwich Union Vita, Milan; renamed in Helvetia Life
n	2002	Acquisition of Royal & Sun Alliance's transport portfolio in France
n	2003	Merger of subsidiaries Previsión Española and Helvetia CVN into Helvetia Previsión with headquarters in Seville
n	2004	Acquisition of two transport insurance portfolios in France

How to contact us:

Address:	Helvetia Patria Group Head Office
	Dufourstrasse 40
	CH-9001 St.Gallen Switzerland
Investor Relations Office:	Daniel Schläpfer,
	Head Corporate Communications
	Telephone: +41 71 493 54 48
	Fax: +41 71 493 55 89
	E-mail: daniel.schlaepfer@helvetiapatria.ch
	Internet: www.helvetiapatria.com

Cautionary statement regarding forward-looking information

This document is made by 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 Helvetia Patria Group. Although all reasonable effort has been made to ensure the facts stated herein are accurate and that 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 Patria 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 by Helvetia Patria Group as being accurate. Neither 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 Helvetia Patria 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 Patria 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 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 claim events; (8) the mortality and morbidity experience; (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 Patria Group on the date of its posting and Helvetia Patria Group assumes no obligation to update such statements unless otherwise required by applicable law. The purpose of this document is to inform Helvetia Patria Group's shareholders and the public of Helvetia Patria Group's business activities for the halfyear ended June 30, 2005. This document does not constitute an offer or a solicitation to exchange, buy or subscribe for securities and it does not constitute an offering circular within the meaning of Art. 652a of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of SWX Swiss Exchange. Should Helvetia Patria Group make in the future one or more capital increases, investors should make their decision to buy or to subscribe for new shares or other securities solely based on the relevant offering circular.

This document is also available in German. The German version is binding.