Helvetia Holding AG

Earnings Release • Sep 7, 2007

(CHF million)	1st half 07	1st half 06	+/-
Gross premiums booked	3'358.9	3'227.4	4.1%
Profit for period (after taxes)	172.9	162.9	6.1%
Capital investments (30.6.2007 vs. 31.12.2006)	29'529.9	28'927.7	2.1%
Results from capital investments	632.4	473.7	33.5%
Investment performance1)	1.3%	0.2%	1.1%Pkt
Underwriting reserves, net (30.6.2007 vs. 31.12.2006)	26'050.5	25'094.6	3.8%
Consolidated equity (30.6.2007 vs. 31.12.2006)	2'725.3	2'738.4	-0.5%
Annualised equity ratio	12.7%	13.4%	-0.7%Pkt
Group solvency 2) (30.6.2007 vs. 31.12.2006)	236.2%	221.7%	14.5%Pkt

Key figures for total business

Actuarial figures non-life
(in %)	CH	D	I	E	A	F	GRI	Total
Claims ratio, net Cost ratio, net	64.5% 35.6%	69.7% 41.4%	67.3% 31.5%	61.2% 37.0%	62.6% 39.4%	40.4% 27.6%	74.6% 25.5%	66.6% 35.4%
Combined ratio, net	100.1%	111.1%	98.8%	98.1%	102.0%	68.0%	100.1%	102.0%
Combined ratio 2006, net Change compared with 2006 (in % points)	95.5% +4.6	95.8% +15.3	98.1% +0.7	95.6% +2.5	103.2% -1.2	82.4% -14.4	97.1% +3.0	95.6% +6.4

(CHF million and/or %)	1st half 07	1st half 06	+/-
Current income from capital investments -interest and dividend income -rental income 1)	479.5 396.9 82.6	445.2 362.6 82.6	7.7 9.5 -
Total profit/loss	160.6	31.8	405.0
Total profit/loss on financial investments -equities, investment funds, derivatives -interest-bearing -other	173.9 119.6 53.3 1.0	47.4 54.0 -7.2 0.6	266.9 121.5 - 66.7
Profit/loss on properties for investment purposes	-13.3	-15.6	-14.7
Other investment management expenses	-7.7	-3.3	133.3
Results from capital investments	632.4	473.7	33.5
Annualised direct returns 2)	3.3%	3.3%	-
Investment performance 3)	1.3%	0.2%	1.1% points

The Swiss business

Philipp Gmür, CEO Switzerland

Aggregated gross premiums: CHF 1,960.1 million (Share of Group total: 58%)		Gross premiums by business line
			1st half 07	Change to 1st half 06
		Direct business	Group life	1'258.0	+2.2%
Life 78.7% 1'542.2		Regular premium	809.3	+5.4%
		Single premium	448.7	-3.0%
		Individual life	284.2	-3.4%
417.9			Regular premium	198.6	-1.2%
			Single premium	85.6	-8.2%
Direct business Non-life 21.3%			Non-life	417.9	+2.3%
			Property	203.8	+1.2%
			Transport	28.2	-3.9%
Key figures for results	1st half 07	Change to 1st half 06	Motor vehicles	132.2	+3.8%
			Liability	53.7	+6.8%
Results before tax	133.6	29.5%
	100.1%	4.6% points

Developments since
Growth direct business (Jan - July 2007)	Total Non-life Life	+3.4% (OC1) +1.4%) +6.1% (OC1) +2.5%) +1.3% (OC1) +0.7%)
1) Original currency Claims experience	- better claims ratio on group level - storms CH on July and August: claims of CHF 25 million net - other countries: no extraordinary events
Capital investments	- Standard revenues running according to plan - Non-realised profits/losses on AFS shares market related in June (high volatility)
1) Original currency		35

Most important trends
1
Competition for	n Overcapacities - organic growth at limit in saturated markets
growth	n Everyone wants market growth - at whose cost?
Industrialisation	n Technology, process optimisation and economies of scale concepts n Cyclically increasing market consolidation
Individualisation	n Closeness to customers and niche strategy as opportunities n Growing price sensitivity leads to cost pressure
4 Balance sheet	n capital management as key competence (Solvency II)
management	n Focus on risk management and asset and liability management
Capital market dynamics	n Changed investor behaviour on the capital market n High market volatility

Important dates
17.03.2008 n	Financial results for 2007: Analysts' and media conference in Zurich
25.04.2008 n	Ordinary Shareholders' Meeting in St.Gallen
03.09.2008 n	Publication of half-year financial results for 2008
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About Helvetia Group

The Helvetia is a Europe-wide active insurance service provider with core competencies in risk management (life and non-life insurance business, reinsurance) as well as in private pensions. The Group is active in Central – and Southern Europe through its regional offices, subsidiaries and associated companies. The Group headquarters are located in St.Gallen/Switzerland while the headquarters for Switzerland are in Basle. Helvetia provides with 4'600 employees services to more than two million customers in six European countries. About 2'200 employees are working for the insurer in Switzerland. The Group generated a premium volume of CHF 5.3 billion in 2006 and a net profit of CHF 423.8 million. The registered shares of Helvetia Holding are part of the Swiss Performance Index (SPI) and are traded at the Swiss Stock Exchange (SWX) under the symbol HELN.

		Historical overview
n	1858	Establishment of Allgemeinen Versicherungs-Gesellschaft Helvetia, St.Gallen
n	1861	Establishment of Helvetia Schweizerische Feuerversicherungs-Gesellschaft, St.Gallen
n	1862	Establishment of branch offices in Germany
n	1878	Establishment Patria, Schweizerische Lebensversicherungsgesellschaft cooperative society in Basel
n	1920- 1962	Establishment of branch offices and subsidiaries of Helvetia in France, Italy, Austria, Belgium (sold 1985), Greece (sold 1997), Holland (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	Start of partnership between Helvetia and Patria
n	1996	Establishment of Helvetia Patria Holding, St.Gallen
n	1998	Acquisition of La Vasco Navarre (Spain); acquisition of the portfolio of NCD (Italy)
n	1999	Merger of the two companies La Vasco Navarre and Cervantes Helvetia to form Helvetia CVN, Madrid/Pamplona
n	2000	Acquisition of the southern Spanish insurer Previsión Española, Seville
n	2001	Acquisition of Norwich Union Vita, Milan; renamed Helvetia Life
n	2002	Acquisition of the transport insurance company of the British Royal und Sun Alliance in France
n	2003	Merger of the two companies Previsión Española and Helvetia CVN to form Helvetia Previsión with headquarters in Seville
n	2004	Acquisition of two transport insurance portfolios in France
n	2005	Merger of the tow Italian companies Helvetia Vita and Helvetia Life to form Helvetia Vita with headquarters in Milan
n	2005	Acquisition of the insurance portfolio of the company Sofid Vita in Italy
n	2006	Group-wide, standardised brand name "helvetia"
n	2006	'A-' rating with stable outlook (by Standard & Poor's)

Contact:
Investor Relations:	Daniel Schläpfer Helvetia Group Dufourstrasse 40 CH-9001 St.Gallen
	Tel. +41 (0)58 280 54 48 Fax +41 (0)58 280 55 89 E-mail: daniel.schlaepfer@helvetia.ch
Corporate Communications:	Yvonne Hafner Helvetia Group St. Alban-Anlage 26 CH-4002 Basel
	Tel. +41 (0)58 280 13 35 Fax +41 (0)58 280 29 73 E-mail: yvonne.hafner@helvetia.ch
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