Helvetia Holding AG

Investor Presentation • Apr 4, 2003

Annual Results 2002 Helvetia Patria Group

Welcome

Chairman of the Board of Directors

Program:

• The Group's business Erich Walser
• The investment business
• The consolidated financialstatements and the Group's shareholders' equity
• The Swiss business
• Review and preview
• Questions and answers

Ralph Honegger Roland Geissmann

Philipp Gmür Erich Walser

Helvetia Patria's course of business in 2002

• Engine: Positive development in the life and non-life businesses
• Navigation: No change of course
• Sailing: Rough stock markets, cyclical lull and world-wide economic stagnation

Staying on course thanks to a slim boat, a well-coordinated crew and good mechanics! Staying on course thanks to a slim boat, a well-coordinated crew and good mechanics!

Important key figures of Helvetia Patria

In CHF million

• Negative overall result Reasons:
  • Insufficient legal framework in the Swiss group life business
  • High depreciation of capital investments
• High premium income
• Satisfactory equity cover

2 0 0 1	2 0 0 2	C h a n g e
1 0 0 6	3 6 2 0 -	4 6 0 % -
4 6 0 6 3	5 1 4 4 9	% 1 1 7
1 5 1 9 7	1 0 4 6 5	3 1 1 % -

Dividend payment despite difficult time

Dividend per share

• Dividend yield
  • * Recommendation to Shareholders' Meeting

Erich Walser, CEO

Negative overall result

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
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 v e s m e n s a m a r e v a u e s	2 3 2 9 3 5	2 3 8 1 9 5
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
) 1 M k t i t l i t i a r e c a p a a o n z	1 6 6 9 1	9 6 2 8
) 2 R l f h ( i C H F ) t t t e s a e r a e s p e r s a r e n u x	1 6 8	6 0 3 -
) 1 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 p e r s a r e n u y	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) Based on 6 597 192 (2001) and 6 293 000 (2002) Helvetia Patria Holding shares

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

High organic premium growth

Total premiums including acquisitions/divestments at balance sheet rates Total premiums excluding acquisitions/divestments at fixed rates

Direct business: Premiums by business segment

Premium development by business segment

(incl. indirect business)

Life business: Premium distribution

In CHF million

Premium growth by country

Shareholders' structure

1) includes holding of Swiss Re (recent: below 5%)

2002

Ralph Honegger, CIO

Development of selected stock market indices 2002

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

Realized profits and losses

in CHF million Real estate Shares, derivatives, funds Fixed-interest rate securities Other Total 2001

Depreciation and value adjustments

Real estate Mortgages Shares and funds Fixed-interest rate securities Others / eliminations Net incl. appreciations in CHF million

Total

Reduced share quota

In CHF million

Derivatives/Options:

CHF 277.2 Mio.

Equity exposure and hedging policy

Excellent credit standing of our bond portfolio

90% of all bonds have at least an A-Rating

*) in particular. Cantonal Banks, foreign regional banks, cantons and mortgage bond centers: debtors with first-rate credit standing

Roland Geissmann, CFO

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

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

Includes indirect business

Other extraordinary income from other business activities

Capitalized zillmering amount (Acquisition costs of the individual life business) Retransfer of reserves, accrued earlier (See also equalization reserves) In CHF million 2002 208 202

Development of the Group result

Profit after taxation (in CHF million)

Profit before taxation (in CHF million)

Profit per share (in CHF)

2 0 0 0	2 0 0 1	2 0 0 2
1 6 1 1	1 0 0 6	3 6 2 0 -
2 2 5 9	1 4 2 5	3 5 0 6 -
2 5 6	1 6 8	6 0 3 -

Development of shareholders' equity compared with market capitalization

Approved increase in 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

Philipp Gmür, CEO Switzerland

Overview 2002

• High premium growth in the life insurance business
• Good underwriting result in the non-life business
• Structural problems in group life business

Gross premiums by segment

Total: CHF 3 170.9 million

Premiums in life business

Total premiums direct life Periodic premiums individual Single premiums individual

Total individual life

In CHF million

Periodic premiums group Single premiums group Total group life

Total periodic premiums Total single premiums

2 0 0 1	2 0 0 2	C h a n g e
2 1 7 1 0	2 6 3 0 1	2 1 1 %
4 0 3 9	4 1 0 1	% 1 5
3 9 7 7	4 1 5 7	2 0 4 %
8 3 6 7	8 6 7 2	% 1 0 7
5 9 7 3	6 6 0 0	% 1 0 5
9 0 1 7	1 1 0 2 9	3 9 6 %
1 3 8 7 4	1 7 6 2 9	2 1 % 7
1 0 0 1 2	1 0 0 1 7	6 9 %
1 1 6 9 8	1 6 0 0 5	% 3 3 4

Premiums in non-life business

C I H F i l l i n m o n	2 0 0
f T t l i l i o a p r e m u m s n o n e -
P t r o p e r y
T t r a n s p o r
M h i l t o o r v e c e
i b i l i L t a y

2 0 0 1	2 0 0 2	C h a n g e
3 3 5 7	5 4 0 8	1 3 %
3 1 4 8	3 1 5 7	0 3 %
2 4 2	2 5 8	% 6 6
1 3 0 5	1 3 5 2	% 3 6
6 4 2	6 4 1	0 2 % -

Non-life ratios

G ( C ) i H F r o s s p r e m m s m n u
G l i i ( % ) t r o s s c a m s r a o
G i ( % ) t r o s s e p e n s e r a o x
C ( % ) b i d R i b t t t o m n e a o r o u
C ( % ) b i d R t i t t o m n e a o n e o

2	2
0	0
0	0
1	2
3	4
3	0
5	8
7	5
6	6
2	3
1	8
3	3
1	0
6	0
9	9
3	3
7	8
9	9
8	9
9	9

Co-operation with the Raiffeisen Banks

In CHF million

• Continuous success
• Significant growth

Expand insurance expertise at Raiffeisen Banks

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

• HPV supports a market-conform minimum interest rate. The conversion rate has to be swiftly adjusted to the demographic realities.
• 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.
• Project transparence

• Growth (individual life with periodic premiums/non-life) and costs under control
• Quality- and service offensive
• Anniversary of "Patria Genossenschaft": «125 Jahre mehr vom Leben»

Objectives for the business year 2003

• Achieving positive overall result (depending on stock market development)
• Putting profitability before growth
• Taking measures in the group business
• Increasing the risk capacity
• Continuing cost control
• Expanding co-operations

Current business trends and preview

P i h t r e m m g r o u w ( D i b i d ) t t r e c u s n e s s a g g r e g a e	T l t o a : i f L e : N l i f o n e : -	9 7 % + 1 2 % 7 + 3 % 5 +
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 u r e s 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 u c e e q u y e x p o s u r e 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 v e w	P i h l i f i l l d t r e m u m g r o w e w e c r e a s e ( S ) i t l d w z e r a n

Conclusion: Helvetia Patria is well positioned in an attractive industry

• Rising demand for one stop solutions in the financial and pension-scheme sectors in Europe
• Leadership position in risk protection
• Powerful country markets and brands
• Strong base for European growth
• Access to customers through multichannel business model
• Strengthening of risk capacity and concentration on profitable business

The Management of the Helvetia Patria Group

Extensive Experience and Expertise

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