Helvetia Holding AG

Investor Presentation • Jun 19, 2003

Helvetia Patria Group

Erich Walser, CEO

HELVETIA

PATRIA

The Company Strategy

Company Profile

We are

• a leading insurance services Group based in Switzerland with core competencies in risk management (life and non-life business, reinsurance) and private pensions.
• active in Central and Southern Europe through our regional offices, subsidiaries and associated companies as well as worldwide through our network partners.

Strongly focussed

Focussed in the markets

Focussed by client segments

Focussed by business line

private clients; small business (SME)

no health insurance; very limited commercial liability

Shareholders' Structure

The Group's Business

2002: First negative overall result

Swiss GAAP FER 14

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

1) After full depreciation of shares (no use of impairment)

2) Based on 6 597 192 (2001) and 6 293 000 (2002) Helvetia Patria Holding shares

3) Based on 6 597 192 (2001) and 6 293 000 (2002) Helvetia Patria Holding shares minus own holdings

Premium development by business segment

(incl. indirect business)

Premium growth by country

Swiss Group life business: Earnings problems

• Minimum interest rate of 3.25 per cent is unattainable at the financial markets. Annual rate of return of defensive investments is currently about 2 per cent.
• Conversion rate of 7.2 per cent leads to losses in the old-age pensions.
• Substantial increase of disability cases aggravates the risk result.
• The lack of interest rate margin causes uncovered costs.

Helvetia Patria's response

• Minimum interest rate will be reduced by 2004. The conversion rate will be swiftly adjusted to the demographic realities by Parliament.
• Risk selection by target groups
• Premium increases for disability risks, streamlining of policies with a very high claims ratio.
• Efficient administration through cost control. Adjusting cost surcharges by 1.1.2004.
• 2003: clear reduction of loss 2004: break even

The investment business and the other business units

The investment result in detail

I C H F i l l i n m o n	2 0 0 1	2 0 0 2	C h a n g e
C 1 t i u r r e n n c o m e	9 1 3	9 1 4	0 1 % +
2 R l i d f i / l t e a z e p r o o s s e s i d d i l i k d t o n n e x a n u n n e - - - l i f i l i i e n s u r a n c e p o c e s	6 0 6 -	4 6 - -	1 0 6 % 7 - -
3 D / i i d l d j t t t e a p p r e c a o n a n a e a s m e n s v u u - f f i h i l t t t t a e c n g e o p e r a n g r e s u f i d d i l i k d t o n e x a n u n n e - - -	7 4 8 - 3 5 -	8 9 8 - 3 7 -	2 0 0 % + % 5 7 +
l i f i l i i e n s u r a n c e p o c e s
*) S f 3 u m o	( 8 3 ) 7 -	( 9 3 ) 5 -
( D i f f b 2 d 3 ) t e r e n c e e w e e n a n	( 1 7 7 ) -	( 9 8 1 ) -
4 T t l i t t i o a n e s m e n n c o m e v i t h i d d i t l i k d n e a n n n e w x u - - - l i f i l i i n r n	7 3 6	6 7	1 0 9 1 %
e s a c e p o c e s u i h i d d i l i k d t t t o n e a n n n e w u x u - - - l i f i l i i	7 7 1	- 3 0	- 1 0 3 9 %
e n s r a n c e p o c e s u *) D i i d i F E R 1 4 l d ", i. l h d f i d l t t t t t t e p r e c a o n s a c c o r n g o o e. o a c a r g e o p r o a n o s " t ( d f d d i t i ) a c c o n n o e e r r e e p r e c a o n s u	- - s

Reduced share quota

In CHF million

Derivatives/Options:

CHF 277.2 Mio.

The other Business Units

Germany: - High growth - Floods lead to a profit slump despite the unchanged high portfolio quality Austria: - ANKER still making a loss - Streamlining and turnaround initiated Italy: - Growth and profit very good Spain: - HCVN break even, PE very good - Merger initiated France:- Growth and profit very good

Re-insurance: - Good development

The consolidated financial statements and the Group's shareholders' equity

Life underwriting result

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

Significantly improved result in the non-life business

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

Development of shareholders' equity according Swiss GAAP FER 14 compared with market capitalization

Approved equity capital

• Approved increase in capital by a maximum of 50 per cent
• Maintaining the strategic scope for action:
  • External acquisition opportunities at home and abroad
  • Strong organic growth under interesting conditions
  • Greatest possible increase in financial flexibility

Review and Preview

Current business trends and preview (as of end of April 2003)

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	T t l o a : i f L e : N l i f o n e : -	% 1 3 8 + 1 % 7 5 + 7 9 % +
C l i t d a m s r e n s	f N l t l i o r m a c o u r s e o n e c a m s : N i f i i i d / i k i f t t t o s p e c c n c e n s s r n g e a r e s u I i i f i l b h h b f t t t t t n s g n c a n e e r a n e e a r e o r e y y
C t d l t o s e v e o p m e n s	W i t h i b d t n u g e
F i i l l t n a n c a r e s u s	H d i t h i d e g n g r a e o n s a r e s n c r e a s e R d d i t e c e e q e p o s r e u u y x u 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
P i 2 0 0 3 r e e v w	P i h l i f i l l d t r e m m g r o e e c r e a s e u w w ( S ) i t l d w z e r a n

Just Ask us.

Appendix

The Management of the Helvetia Patria Group

Extensive Experience and Expertise

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How to contact us:

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