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Helvetia GroupF ll lt 2014Full-year results 2014

Pipilotti RistAufgeweckter Rosenscheitel, 2014Photo: Gerry Nitsche, Zurich

Disclaimer

Disclaimer: Analyst Presentation

NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF IT NOR THE INFORMATION CONTAINED IN IT AND ANY RELATED MATERIALS MAY BE TAKEN OR TRANSMITTED INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR DISTRIBUTED OR REDISTRIBUTED, DIRECTLY OR INDIRECTLY, INTHE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR TO ANY RESIDENT THEREOFThis document, which has been prepared by Helvetia Group, is private and confidential and may not be copied, altered, offered, sold or otherwise distributed to anybody by the recipient without the consent of Helvetia Group. Although all reasonable effort has been made to ensure that the facts stated herein are correct and the opinions contained herein are fair and reasonable this document is selective in nature and is intended to provide an introduction to and an overview of the business ofopinions contained herein are fair and reasonable, this document is selective in nature and is intended to provide an introduction to and an overview of the business of Helvetia 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 as accurate by Helvetia Group. Neither Helvetia Group nor any of its directors, officers, employees and advisors nor any other person is liable in any way for any loss howsoever arising directly or indirectly from the use of this information.The facts and information contained in this document are as up to date as is reasonably possible and may be subject to revision in the future. Neither Helvetia 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 Groupcompleteness of the information contained in this document. This document may contain projections or other forward looking statements related to Helvetia Group which, by their very nature, involve inherent risks and uncertainties, both general and specific, and there is a risk 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 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 events; (8) mortality and morbidity rates; (9) policy renewal and lapse rates; and (10) realization of synergies q y g g p ( ) y y ( ) p y p ( ) y gand scale benefits. We caution you that the foregoing list of important factors is not exhaustive; 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 Group on the date of its publication and Helvetia Group assumes no obligation to update such statements unless otherwise required by applicable law.This document serves for information purposes only. This document does not constitute an offer or a solicitation to sell, exchange, buy or subscribe to securities, nor does it constitute an offering circular as defined by article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus as defined by the listing rules of the SIX Swiss Exchange Ltd. Investors should make their decision to sell, buy or subscribe to securities in Helvetia Holding AG or Schweizerische National-V i h G ll h f AG l l h b i f h l ff hi h ill b bli h d i dVersicherungs-Gesellschaft AG solely on the basis of the relevant offer prospectus which will be published in due course.

This document is not an offer of securities for sale or purchase in the United States. The securities to which this document relates have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. There will not be a public offering of securities in the United States.

2

Highlights of the 2014 financial year (1/2)

Very good result emphasizes the successful development of the Group

Strong increase of “underlying earnings” (+15.9%) to CHF 422 million

Contribution (CHF 256 million) from profitable NL business (+ 33.3%)

Combined Ratio at 93.1% – all foreign markets < 100%

Proposed dividend of CHF 18.00 per shareStrong rise in profits

Business volume increased by 4 4% in OC1) (incl acquisitions); organic growth stable Business volume increased by 4.4% in OC1) (incl. acquisitions); organic growth stable

NL business as growth driver with +10.3% in OC (organic growth of +1.4% OC)

First growth effects visible from acquisitions, especially in Austria (+ 23.5% in OC) and Switzerland NL (+14 5% in OC)

Dynamic growth through acquisitions Switzerland NL (+14.5% in OC) acquisitions

3

1) Original currency

Highlights of the 2014 financial year (2/2)

Successful acquisition of Nationale Suisse and Basler Austria

Important first integration successes achieved:

Defined management structures and target organisations incl. processes as well as a harmonised product range in all country markets for the “New Helvetia”harmonised product range in all country markets for the New Helvetia

Sales start with expanded branch network under the brand Helvetia on 1 May 2015 in Switzerland; Germany, Spain and Italy follow gradually from mid-2015

Rebranding Basler Austria to Helvetia and start of the joint product portfolio

Integration “on track”

Solid direct investment yield for the group of 2 5%1)

Rebranding Basler Austria to Helvetia and start of the joint product portfolio

Disposal of Nationale Suisse Belgium

Solid direct investment yield for the group of 2.5%1)

Financing of the acquisitions successfully completed – solvency measures remain stable:

Solvency I of 216%Solidly positioned

SST ratio expected between 150 and 200% (as of end 2014)p

41) Weighted due to acquisitions during the period

Your Swiss Insurer.

Financial figuresFinancial figures

Underlying earnings / IFRS

Adjusted reporting for the period 2014 – 2017(in CHF million)

2014

Additional disclosure of underlying earnings for the integration phase 2014 – 2017 Reflects the operational development of the “new Helvetia” Group as the IFRS earnings are

temporarily affected by special effects.2014

Underlying earnings (after tax), “new Helvetia” Group1) 422

Integration costs2) -85

Amortisation of intangible assets -70

Additional amortisation of bonds to par due to revaluation at fair value -13

Valuation gains on Nationale Suisse shares 109g

Total acquisition effects -59

Tax & other items 30

IFRS i f th i d 393IFRS earnings for the period 393

Underlying earnings contains:

Synergies before tax 0

6

Financing costs -3

1) Including Nationale Suisse and Basler Austria on a pro-rata basis2) Incl. restructuring provision

Result by business area1)

Group result increases by 16 percent(in CHF million)

4222)

Life

Other activities

36%

4%

364

422 )

Non-life 60%

153192

151

256

+15 9%

2014

2013

153

19

151

15

+15.9%

-1.1% +33.3%

-21.3%

19 15

Total Life Non-life Other activities

7

1) Basis underlying earnings2) Including acquisitions of 2014 on a pro rata basis: CHF 22 millions

Result by geography1)

Sound performance, also in our foreign markets(in CHF million)

364

422

7%7%

15% CH

DE

IT

251

29468%

3%7% IT

ES

Others

Corporate

+15.9%

2014

2013

24 21 27 3032 28

64+17.0%-40.1% +57.5%

+4.4% +114.3%

n/a24 21 27 30

11153 28

-11

T t l DECH IT ES Other ins rance C tTotal DECH IT ES Other insurance units2)

Corporate

8

1) Basis underlying earnings2) Segment includes the country markets Austria, France, Belgium, reinsurance, representative offices in Liechtenstein and the specialty lines business of Nationale Suisse in Latin

America, Turkey and Asia, operated via the representative offices in Istanbul and Miami as well as branches in Singapore and Kuala Lumpur

Business volume in original currency(in CHF million)

16

By business area ■ organic ■ acquired

16

103

225

2014 2013 ∆ 14/13(OC)

∆ 14/13(org.1)/OC)

13-67 +16

7,767

Life 4,768 4,731 +1.1% -1.1%

Non-Life 2,789 2,551 +10.3% +1.4%

Reinsurance 210 195 +7.8% +7.8%

+36+238

7,477

,Total 7,767 7,477 +4.4% +0.3%

2013 Life Non-Life Re-i

2014insurance

9

1) organic

Life: Key points

∆ 14/13(in CHF million) 2014 2013 ∆ 14/13 ∆ 14/13 (OC) ∆ 14/13(org./OC)

Business volume 4,768 4,731 +0.8% +1.1% -1.1%

Net profit1) 151 153 1 1%

(in CHF million)

Net profit1) 151 153 -1.1%

New business volume(in PVNBP)2) 3,178 3,315 -4.1%(in PVNBP) )

New business margin(in % PVNBP)2) 0.8% 1.6% -0.8% pts.

Due to acquisitions business volume increased in 2014 by +1.1% (in OC) or +0.8% (in CHF) Increased volume contribution of foreign country markets CH: further growth in group life; due to the low interest rate environment in single life (especially for CH: further growth in group life; due to the low interest rate environment in single-life (especially for

investment-linked products) the volume of the previous year could no longer be achieved Stable life result in a challenging low interest rate environment Lower interest rates in all country markets result in a decline of new business margin

101) Basis underlying earnings (incl. acquisitions)2) Basis EV (excl. acquisitions)

Lower interest rates in all country markets result in a decline of new business margin

Life: Profit by sources1)

2014 2013 ∆ 14/13

(in CHF million)

Savings result 237 257 -7.9%

Fee result 16 13 17.5%

Risk result 246 246 0.2%

Other result -1 -4 -

Cost result -69 -60 -15.0%

O ti fit 429 452 5 2%Operating profit 429 452 -5.2%

Operating profit (margin after costs) decreases by 5.2%: Lower savings result due to increased interest rates on retirement assets within mandatory group life Stable risk result Stable risk result Lower costs result due to declining acquisition cost surcharges

1) Basis IFRS (excl. acquisitions)

11

Direct yield and guarantees in life business

Gross margin1) to the benefit of policyholders and shareholders – slightly lower

3.46%3 28%

Switzerland EU Total

0.97% 0.84%0.78%

3.28%3.12%

2.71% 2.62%2.51%

2.86% 2.75%2.62%

0.79% 0.72% 0.73%

)

0.84% 0.75% 0.73%

1.92% 1.90% 1.78% 2.02% 2.00% 1.89%

2.49% 2.44% 2.34%

2012 2013 2014 2012 2013 20142012 2013 2014

12

1) Before legal quote (excl. acquisitions)

Margin Average guaranteed interest

Non-life: Key points(in CHF million)

2014 2013 ∆ 14/13 ∆ 14/13 (OC) ∆ 14/13(org./OC)

Business volume 2 789 2 551 +9 3% +10 3% +1 4%Business volume 2,789 2,551 +9.3% +10.3% +1.4%

Net profit1) 256 192 +33.3%

C bi d tiCombined ratio 93.1% 93.6% -0.5% pts.

Organic growth of 1 4% additionally supported by the acquisition of Nationale Suisse and Basler Organic growth of 1.4%, additionally supported by the acquisition of Nationale Suisse and BaslerAustria lead to an overall increase in volume of 10.3% (in OC)

Less severe weather events led to a lower claims ratio and thereby improved the combined ratio Improvement of net profit due to better technical result and an increase in realised investment gains;Improvement of net profit due to better technical result and an increase in realised investment gains;

additional support through acquisitions

13

1) Basis underlying earnings (incl. acquisitions)

Net combined ratio non-life

Claims ratio development-0.5% pts.93.6 93.1

(in %)

21.0 21.6

9.2 9.1

1.02 5

0.7

64.863.4

62.430.2 30.7

NatCats

63.860.9 61.7

2.5

63.4 62.42012 2013 2014

Lower liabilities from severe weather events

Increased cost ratio due to acquisitions (slight decrease organically)

2013 2014

Claims ratio

Administration cost ratioAcquisition cost ratio

organically)

Positive technical result of all business units (Combined ratios < 100%)

14

Claims ratio

Changes in equity

(in CHF million)

Increased equity due to good group results and capital increase+37.1%

400 12.4% Hybrid capital

393

361 -163 6 53515.5% Unrealised gains/losses (net)

(including policyholder share)

5,6638.8%

393

7.3%

83.9%4,131

72.1% Equity, reserves and minority interests

Equity as at

Group earnings

G/L1)

recognisedDividends Other Equity

as atNew capital2)as at

31/12/13earnings for period

recognised in equity

as at 31/12/14

1) Contains unrealised gains/losses2) Consisting of CHF 535 million new share capital and CHF 400 million hybrid capital (counting as equity) 15

capital

Financing of Nationale Suisse

(i CHF illi )

Financing structure of the Nationale Suisse acquisition Leverage1)

1,727 41 233

535

(in CHF million)

1 0001,000

400Hybrid debt(partially counting as equity)

22.6%

Perp.NC 5.5

150

225

225 Senior debt

10.7% 10.5%

22.6%30NC 10

6Y

10 5Y 150

Consideration(for 96.3% of outstanding

shares)

Owned shares

Share issuance

Debt issuance

Gradual acquired2.2% pts.

2012 2013 2014

10.5Y

shares)

1) Sum of senior bonds and hybrid debt divided by the sum of outstanding senior bonds, hybrid debt and shareholders' equity16

Synergies, integration costs and acquisition effects

Distribution of incurred synergies, integration costs and acquisition effects

Target Achievements / Forecast(in CHF million)

Total 2014 2015 2016 2017 after 2017

Synergies (p.a.) 105 to 130 - 10-20% 30-60% 70-100% recurring (status 2017)(status 2017)

Integration costs -160 to -200 -85 30-40% 10-20% 0-10% none

Financing costs (p.a.) -13 -3 -13 -13 -13 recurring

Amortisation ofAmortisation of intangible assets -217 -41 -59 -59 -59 none

Additional amortisation of bonds to par -304 -13 -48 -42 -36 slightly

decreasing1)

17

p g

1) Amortisation until maturity

Dividend – continuous increase

Dividend per share in CHF Dividend yield / payout ratio

4 9% 3 9% 3 8%5 4% 4.9% 3.9% 3.8%5.4%

49% 46% 43%44%2)16.00 17.00 17.50 18.00

47%3)

2011 2012 2013 20142011 2012 2013 20141) 1)

Dividend of CHF 18.001) is 2.9% above prior year

Payout ratio of 44%2) / 47%3)

Att ti di id d i ld f 3 8%

18

Attractive dividend yield of 3.8%

1) Recommendation to the Shareholders' Meeting2) Payout ratio based on underlying earnings

3) Payout ratio based on IFRS earnings

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Asset managementAsset management

Investments - overall performance

201(in CHF million)

1,677

282

292 53 -63

+0.8% +0.1% -0.1%3.3%1) 7.7%1)

4.4%2.5%1)

993 1,275 2,952 3,153

Current income

Gains / losses

FX gains / losses on b d

Derivatives Group result

∆ unreal. G/L ( )

Overall Group

lt

Investments with market i k f th

Total

bonds (gross) result risk for the policyholder

Stable current investment income; the investment performance of 7 7% is borne by all asset classes with bonds and Stable current investment income; the investment performance of 7.7% is borne by all asset classes, with bonds and equities providing the highest returns

The valuation reserves in shareholders' equity rose again due to further declines in interest rates

The investment portfolio of the Nationale Suisse Group was acquired in Q4 and at (high) market values

20

1) Weighted due to acquisitions during the period

Direct yield and performance full-year 2014(in CHF million)

Investment performance: total portfolio

Equities Bonds Investmentproperty Mortgages Other Total

Current income 63 3.0% 585 2.4% 209 3.8% 92 2.3% 44 993 2.5%

G/L 172 155 3 -1 -47 282

Investment result 235 11.8% 740 3.1% 212 3.9% 91 2.3% -3 1,275 3.3%

Unrealised G/L 9 1,656 7 0 5 1,677

Total 244 12.2%1) 2,396 10.0%1) 219 4.0%1) 91 2.3%1) 2 2,952 7.7%1)

New and reinvestment of maturing funds in 20142)

Equities Bonds Investment Mortgages AverageEquities Bonds property Mortgages Average

Direct yield 2.1% 1.9% 5.1% 1.9% 2.2%

Weighted by asset class in 2014 3% 80% 9% 8% 100%

21

class in 2014

1) Weighted due to acquisitions during the period2) Excl. acquisitions (Nationale Suisse, Basler AT)

Well-diversified investment portfolio

By asset class

(Dec 13 in brackets)

Alternative investments / investment funds / derivatives

E iti 2)

Other1)

7%(7%)

3%(4%)

4%(5%)

2%(1%)

2%(3%)

Market risk PH

LoansEquities2)

8%(10%)

(7%)

Mortgages

PHWell-diversified investment portfolio Optimised under a risk/return point of view Integration of Nationale Suisse's assets

have only a marginal impact on our group

CHF48.0 bn

61%(57%)13%

(13%)

have only a marginal impact on our group wide asset class allocation

BondsInvestment ■ Helvetia: 88%

■ Nationale Suisse: 12%property

22

1) Money market instruments and investments in associates 2) Net equity exposure after hedging: 1.7%

■ Nationale Suisse: 12%

Bond credit ratings

Rating quality remained very solid

57% 58% 51% 47% 43%

19%31% 25%

27% 28%27%

3% 4% 10% 10% 11%9% 13%12% 15% 19%

2010 2011 2012 2013 2014

AAA

AAA

< A and not rated < A and not rated

23

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Swiss businessSwiss business

Highlights: Swiss business

Business volume: CHF 4,451 million (+1.8%)(in CHF million) 3,539

Combinedratio in % (net)

84 7%

85.4%+0.7% pts.Business

volume life3'574

3'470 69-1.0%

(org.) (acq.)

84.7%3 574

294+17.0%

Gross premiums +14 5%

817 95

912

(org.) (acq.)

Profit after Tax1)

20132014

251

premiums non-life

+14.5%797

2013

Life (L): Growth in regular premiums both in group life and individual life; strong demand for full insurance solutions in occupational pensions; decline in single premiums

Non life (NL): Satisfying growth in all lines whilst retaining a strong technical insurance result;

25

Non-life (NL): Satisfying growth in all lines, whilst retaining a strong technical insurance result; organic growth (+2.5%) also positive in all lines of business

1) Basis underlying earnings (incl. Nationale Suisse)

Highlights: Life business Switzerland

Pleasing growth in regular premiums

2014 2013 ∆14/13 ∆14/13 (org.)

Business volume life 3,539 3,574 -1.0% -2.9%

(in CHF million)

Total individual lifeRegular premiumsSingle premiumsDeposits

88951837160

94446348121

-5.9%+11.7%-22.9%

+184 7%

-13.2%+1.3%

-27.2%+184 7%Deposits 60 21 +184.7% +184.7%

Total group lifeRegular premiumsSingle premi ms

2,6501,2031 447

2,6301,1341 496

+0.8%+6.1%

3 3%

+0.8%+6.1%

3 3%Single premiums 1,447 1,496 -3.3% -3.3%

Individual life: Continuous growth in regular premiums (among others, owing to good sales of the “Garantieplans”); decline in single premiumsdecline in single premiums

Group Life: Continuous growth through all distribution channels for regular premiums; single premiums lower partly due to Swisscanto taking back the pension liability previously in the responsibility of Helvetia

Technical result: Good insurance technical result and further strengthening of reserves and policyholder bonuses

26

Technical result: Good insurance technical result and further strengthening of reserves and policyholder bonuses

Highlights: Non-life business Switzerland

Organic growth in all business lines

2014 2013 ∆ 14/13 ∆14/13 (org.)

Total premiums non-lifeProperty

912441

797376

+14.5%+17.1%

+2.5%+1.4%

(in CHF million)

TransportMotor vehicleLiabilityAccident/health

3331311411

26288107

0

+25.6%+8.6%+7.0%

n/a

+5.5%+4.0%+1.1%

n/a

Combined Ratio (net)Claims ratio (net)Cost ratio (net)

85.4%56.5%28.9%

84.7%56.1%28.6%

+0.7% pts.+0.4% pts.+0.3% pts.

C ti d th f i i lif b i iti i th ( 2 5%) f ll b i li Continued growth of premiums in non-life business; positive organic growth (+2.5%) of all business lines

Growth drivers are property, motor vehicle and transport business

Combined ratio remains at a very good level

All sales channels with positive growth

27

All sales channels with positive growth

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ConclusionConclusion

Good start of the “new Helvetia”

Strategy & Finance Top 3 position in Switzerland,

strengthened position in Europe & international "Specialty Markets"international Specialty Markets

Rapidly concluded financing Profit potential > CHF 500 million and

synergy target > CHF 100 million (gross)

Processes & Structure Structure and processes defined Extended range of products and sy e gy ta get C 00 o (g oss)

expanded sales channels Legal merger in preparation

Culture & EmployeesNew management team in all country New management team in all country markets

Ongoing career meetings with all staff Staff synergies in Switzerland through

29

Staff synergies in Switzerland through natural fluctuation

Integration on track

J i t l l h d l d hi t iti 1 M 2015

Next steps

Joint sales launch and leadership transition on 1 May 2015

Extension of the distribution network from 62 general and major agencies to 81

Planned merger of legal entities in early May

Switzer-land

Europe Staggered launch with unified product range in 2015

Gradual combination of back-office activities

Planned merger of legal entities

Integration in multi-channel organization in line with sales launch in SwitzerlandSpecialty Markets

Integration in multi channel organization in line with sales launch in Switzerland

Defined cooperation with market units in Europe

Continuation of the targeted development of the global business model

Group Functions

Group-wide functions defined – gradual implementation

Rebranding concept and implementation defined – future sales under Helvetia brand in CH as of May 2015; country markets to follow

30

y

Your Swiss Insurer.

AppendixAppendix

Underlying earnings / IFRS 2014

Underlying earnings Helvetia Acquisitions Total 2014 Total 2013 ∆ Helvetia YoY ∆ Total YoY

Non-life 231 25 256 192 +39 +64

Results by geography and business area (in CHF million)

Life 149 2 151 153 -4 -2

Other 20 -5 15 19 +1 -4

Total 400 22 422 364 +36 +58

Switzerland 272 22 294 251 +21 +43

Germany 15 0 15 24 -9 -9

Italy 32 0 32 21 +11 +11

Spain 27 1 28 27 0 +1Spain 27 1 28 27 0 +1

Other insurance units 66 -2 64 30 +36 +34

Corporate -12 1 -11 11 -23 -22

Total 400 22 422 364 +36 +58

Non-life Life Other activities Total

Results by business areaCH DE IT ES

Other Insurance

UnitsCorporate Total

Results by geography

Underlying earnings 256 151 15 422

∆ -80 -36 +87 -29

Reported 176 115 102 393

Underlying earnings 294 15 32 28 64 -11 422

∆ -73 -1 -29 0 -13 +87 -29

Reported IFRS

32

Reported IFRS earnings 176 115 102 393 Reported IFRS

earnings 221 14 3 28 51 76 393

Business volume by geography 2014

Life1) Non-life Total

2014 2013 ∆ 14/13 ∆ 14/13 2014 2013 ∆ 14/13 ∆ 14/13 2014 2013 ∆ 14/13 ∆ 14/13(in CHF million) 2014 2013 ∆ 14/13(OC)

∆ 14/13(org./OC)

2014 2013 ∆ 14/13(OC)

∆ 14/13(org./OC)

2014 2013 ∆ 14/13(OC)

∆ 14/13(org./OC)

Switzerland 3,539 3,574 -1.0% -2.9% 912 797 14.5% 2.5% 4,451 4,371 1.8% -1.9%

(in CHF million)

Germany 300 301 1.1% 1.1% 565 542 5.4% 2.5% 865 843 3.9% 2.0%

Italy 642 596 9.1% 6.0% 507 484 6.2% -0.1% 1,149 1,080 7.8% 3.2%

Spain 141 130 9.7% 9.7% 295 275 8.8% 2.1% 436 405 9.1% 4.5%

Austria 143 130 11.2% 1.4% 233 192 23.5% 1.8% 376 322 18.5% 1.6%

France - - - 252 261 -2.2% -2.2% 252 261 -2.2% -2.2%

International2) 3 - 100% - 25 - 100% - 28 - 100% -

Di t b i 4 768 4 731 1 1% 1 1% 2 789 2 551 10 3% 1 4% 7 557 7 282 3 9% 0 2%Direct business 4,768 4,731 1.1% -1.1% 2,789 2,551 10.3% 1.4% 7,557 7,282 3.9% -0.2%

Activereinsurance 210 195 7.8% 7.8%

Total 7 767 7 477 4 4% 0 3%

33

Total 7,767 7,477 4.4% 0.3%

1) Including deposit volumes (not reported as premiums under IFRS)2) Includes country market Belgium, business through the representative office in Liechtenstein, Istanbul and Miami as well as branches in Singapore and Kuala Lumpur

Non-life business volume 20141)

(in CHF million)

Currency-adjusted growth Property2) Transport2) Motor vehicle

Liability Accident/health

Total NLvehicle health

Switzerland441 33 313 114 11 912

+17.1% +25.6% +8.6% +7.0% - +14.5%

273 59 138 63 32 565Germany

273 59 138 63 32 565

+2.4% +2.3% +15.2% +4.5% +2.0% +5.4%

Italy93 6 269 48 91 507

+5.7% +157.0% +1.9 +10.5% +13.7% +6.2%

Spain129 16 117 16 17 295

+8.8% +32.3% +11.6% -15.4% -0.4% +8.8%

France14 195 40 3 - 252

France+16.0% -4.4% +5.3% -11.6% - -2.2%

Austria82 7 91 29 24 233

+20.2% +5.0% +22.7% +24.1% +47.1% +23.5%

Other3)17 3 3 - 2 25

n/a n/a n/a n/a n/a n/a

Total1,049 319 971 273 177 2,789

34

Total+12.7% +3.4% +9.3% +6.8% +22.7% +10.3%

1) Incl. pro rata acquisitions2) Property (incl. Engineering, Travel, Credit-Life); Transport (incl. Art)3) Segment includes the country markets Belgium, reinsurance, the representative offices in Liechtenstein and the specialty business of Nationale Suisse in Latin America, Turkey and Asia,

operated via the representative offices in Istanbul and Miami as well as branches in Singapore and Kuala Lumpur

Overview of net combined ratios(in %)

CH DE IT ES AT FR Group1) ARI

Claims ratio (net) 56.5 67.3 63.6 71.5 63.0 64.4 62.4 68.6

Cost ratio (net) 28.9 32.4 32.8 25.5 33.9 32.7 30.7 29.6

Combined Ratio 2014 85.4 99.7 96.4 97.0 96.9 97.1 93.1 98.2

Combined Ratio 2013 84.7 97.9 98.8 94.1 99.7 98.8 93.6 97.7

Change from 2013 0.7 1.8 -2.4 2.9 -2.8 -1.7 -0.5 0.5

ARI = Active reinsurance

35

1) The Group ratio reflects the non-life business segment, which includes the direct business.

Non-life technical account

2014 2013

Gross Share RE1) Net Gross Share

RE1) Net

Premiums earned 2,932 -356 2.,576 2,575 -368 2,207

(in CHF million)

Insurance benefits

Technical costs

-1,797

-858

189

68

-1,608

-790

-1,620

-739

220

73

-1,400

-666

Technical result 277 -99 178 216 -75 141

Investment income, net

Other non-technical expenses and income

177

-132

144

-41

fPre-tax profit 223 244

Taxes -47 -52

Profit after tax 176 192

Claims ratio (incl. profit participation)

Cost ratio

Combined ratio

61.3%

29.3%

90.6%

62.4%

30.7%

93.1%

62.9%

28.7%

91.6%

63.4%

30.2%

93.6%

36

1) Reinsurance

Life business volume 20141)

(in CHF million)

Currency- Traditional Investment- Deposits2) Total Total TotalCurrencyadjusted growth life linked

pIndividual life Group life life

Switzerland604 225 60 889 2,650 3,539

+0.1% -29.9% +184.7% -5.9% +0.8% -1.0%

Germany161 139 - 300 - 300

-6.0% +10.8% - +1.1% - +1.1%

528 - 93 621 21 642Italy

+30.3% - -42.1% +9.8% -6.9% +9.1%

Spain53 34 - 87 54 141

+5 2% 32 4% - +14 5% +2 9% +9 7%+5.2% 32.4% - +14.5% +2.9% +9.7%

Austria92 51 - 143 - 143

+5.4% +23.8% - +11.2% - +11.2%

3 3 3Belgium

3 - - 3 - 3

+100% - - +100% - -

Total1,441 449 153 2,043 2,725 4,768

37

1) Incl. pro rata acquisitions2) Not reported as premiums under IFRS

+9.5% -12.4% -16.0% +1.6% +0.8% +1.1%

Traditional embedded value

17726

110

-467218

(in CHF million)

218 -8

2 923 2,97931/12/13 EV yield -5.5% 31/12/14

2,923 ,1,780 Adjusted equity 2,190

1,978 + Value of insurance portfolio 1,833

-835 - Solvency costs -1,044

2,923 Embedded value 2,979

2013 Expected added value

Value of new business

Operating variances

Economic variances

Capital movements1)

Currency translation/other

2014

38

1) Incl. adjusted net asset value of acquisitions

Assumptions for EV calculation

Switzerland EU

Assumptions for calculation 2014 2013 2014 2013

Risk discount rate (RDR) 6.00% 5.75% 6.50%-8.00% 6.50%-8.50%

Yield on bonds 0 60% 1 70% 1 80% 3 00% 1 70% 3 10% 3 70% 4 80%Yield on bonds 0.60%-1.70% 1.80%-3.00% 1.70%-3.10% 3.70%-4.80%

Yield on equities 6.00% 5.75% 6.50% 6.50%

Yield on real estate 4.50% 4.50% 5.00% 5.10%

39

Life reserves(in CHF billion)

EU7.0

1.25% interest guarantee1.75% interest guarantee

IndividualLife11.4

extra-mandatory

CH26.5

Grouplife Retirement

Other5.1

4.5

mandatory

life15.1

Retirementassets

10.0 5.5

4.5

20.7% of Swiss life reserves are subject to the BVG minimum interest rate

40

The Swiss pension scheme

Pillar 1 Pillar 2 Pillar 3

3-pillar-concept

Pillar 1 Pillar 2 Pillar 3

General stateinsuranceAHV (1948)

Occupational pension plan for employees

BVG (1985)Private coverage

( ) ( )

Purpose Basic level of provision Ensure living standard Coverage of individual requirements

Responsibility Government Employer's responsibility Personal responsibilityp y p y p y p y

Financing Employer (50%)Employee (50%)

Employer (min. 50%)Employee

100% self-financing

Parameters 2014 - - Min quota 90% At the discretion of the insurerParameters 2014 Min. quota 90%- Min. interest rate 1.75%- Conversion rate 6.80%

At the discretion of the insurer

Helvetia CH - Group life: Individual life:business volume2014

pCHF 2,650 million CHF 889 million

Helvetia CH 2014 market share

-Number 3 provider Number 3 providermarket share Number 3 provider Number 3 provider

41

Limited impact of the SNB decision

Direct Impact Limited impact due to largely hedged foreign currency holdings Limited impact due to largely hedged foreign currency holdings

and low equity exposure, for which hedging instruments were also held; Moreover, the Swiss stock market has recovered substantially since 15 January

Lower interest rates led to an increase in the value of our bond portfolio

Consistent asset liability management remains the basis of a robust investment policy Conclusion

Capitalisation of the Group after the

Foreign exchange translation differences have relatively low

Future Challenges

Capitalisation of the Group after the SNB decision still lies within the aspired target range

Dividend capacity is not affectedg g y

influence, since the largest contribution (~70%) of profits come from the Swiss business and only ~30% from foreign country markets

Volume growth of foreign country markets shown in CHF are negatively affected (no effect in local currency)

Lower reinvestment yields and higher hedging costs put investment returns under pressure

42

Investment result by business area

Life Non-life Other1) Total

2014 2013 2014 2013 2014 2013 2014 2013 ∆14/13(in CHF million)

Current income (net) 872 851 109 106 12 10 993 967 26

- Current income on Group investments

- Rental income

681

191

664

187

91

18

88

18

12

-

10

-

784

209

762

205

22

4

Gains and losses on Groupinvestments (net)

99 131 68 38 116 21 283 190 93

- Equities, investment funds6 97 20 27 97 14 123 138 -15

alternative investments, derivatives6 97 20 27 97 14 123 138 15

- Bonds 109 52 41 1 5 7 155 60 95

- Investment property -18 -27 21 10 - - 3 -17 20

- Other 2 9 -14 - 14 - 2 9 -7

Income from Group financial assets and investment property 971 982 177 144 128 31 1,276 1,157 119

Investments with market risk for theInvestments with market risk for the policyholder 200 160 - - - - 200 160 40

Investment result 1,171 1,142 177 144 128 31 1,476 1,317 159

Direct yield2) 2.6% 2.8% 2.3% 2.7% 2.5% 2.7%Performance2) 7.7% 1.5% 7.4% 2.3% 7.7% 1.7%

43

1) Incl. elimination of intra-Group interest and dividend income2) Weighted due to acquisitions during the period

Direct yield and performance1)

Current Direct G/L Investment Yield Unrealised Total Yield(in CHF million) Current income

Direct yield

G/L Investment result

Yield Unrealised G/L

Total Yield

Equities 63 3.0% 172 235 11.8% 9 244 12.2%

Life 25 3.2% 14 39 5.1% 52 91 12.0%

f 3 2 9% 2 2% 9 9%

(in CHF million)

Non-life 3 2.9% 2 5 4.2% 4 9 7.9%

Other 35 2.9% 156 191 17.0% -47 144 12.8%

Bonds 585 2.4% 155 740 3.1% 1,656 2,396 10.0%

Life 507 2.4% 109 616 3.1% 1,493 2,109 10.5%

Non-life 63 2.0% 41 104 2.9% 153 257 7.9%

Other 15 2.0% 5 20 4.7% 10 30 6.1%

Investment property 209 3.8% 3 212 3.9% 7 219 4.0%

Life 191 3.9% -18 173 3.5% 0 173 3.5%

Non-life 18 3.4% 21 39 7.5% 7 46 8.9%

Mortgages 92 2.3% -1 91 2.3% 0 91 2.3%

Life 89 2.4% -1 88 2.3% 0 88 2.3%

Non-life 3 2.2% 0 3 2.2% 0 3 2.2%

Other 44 - -47 -3 - 5 2 -

Total 993 2.5% 283 1,275 3.3% 1,677 2,952 7.7%

44

1) Weighted due to acquisitions during the period

Group investment result compared to 2013(in CHF million)

+118

26 15 3720 34 -14

+118

1,1571,275

Current G/L equities/ f 1)

G/L Currency f

Other2013 2014G/L income funds1) investment

propertyinfluencebonds

45

1) Also includes alternative investments and equity derivatives

Investment property

By country By use

(Dec 13 in brackets) (Dec 13 in brackets)

27%

6.3 bn(5.1 bn)

6.3 bn(5.1 bn)

73%

92.6%

Residential

CommercialItaly (0.8%)

Spain (1.1%)

Austria (3.6%)

Switzerland (92.6%)

Other (0.4%)Germany (1.5%)

46

Direct yield in life business(in CHF million)

Switzerland2.4% 2.3% 2.2%

4 2%

14,697 14,907 17'452

Bonds Investment 4,412 4,539 5,072

4.2% 4.1% 3.9%

2012 2013 2014property

2012 2013 2014

602 725 7964,009 4,252 4,346Equities

Loans / Mortgages

2.7% 2.5% 2.4%3.3% 3.3% 3.2%

EU

2012 2013 2014 2012 2013 2014

4.7%

3,901 4,166 5,282 Equities 21 34 33

3.8% 3.6% 3.2% 3.5%2.8%

Bonds

2012 2013 2014 2012 2013 2014

47

Equity exposure1) vs market trends

Equity exposure

q y pEquity exposure delta-adjustedEquity exposure after hedging

4 8%5.3% 5.2% 5.3% 5.5%

4.2%4.5% 4.6% 4.8% 4.6%

4.0% 4.3% 4.3% 4.5%5.2%

5.0% 5.0%5.2%

4.2%

2.0% 2.0% 2.1% 2.1% 2.5% 2.1% 2.1% 2.3% 1.7%

Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14

48

1) Equity exposure incl. group equity funds

Investments in original currency

Switzerland EU

10%

5% 1% 3%

CHF 36.0 bn

CHF 12.0 bn

CHFEURUSD

84% 97%

Other

(in CHF billion) Bonds Equities Investment Other

CHF 57% 17.3 43% 0.9 32% 0.8 87% 11.3

EUR 38% 11.8 26% 0.6 59% 1.4 12% 1.5

USD 4% 1.2 23% 0.5 9% 0.2 1% 0.1

49

Other 1% 0.2 8% 0.2 - - - -

Currency hedges vs currency trendsFX EUR/CHF1)

FX USD/CHF1)Level of currency hedging

FX GBP/CHF1)

1% 0% 8% 0% 3% 0% 6% 6% 7% 6% 5% 6% 6% 3% 6% 7% 6% 4% 4% 4% 8% 9% 9% 6% 8%71 70 68 70 63 70 66 66 67 66 65 66 66 83 76 77 76 74 74 74 68 69 69 66 68

Dec 12

Jan 13

Feb 13

Mar 13

Apr 13

Mai 13

Jun 13

Jul 13

Aug 13

Sep 13

Oct 13

Nov 13

Dec 13

Jan 14

Feb 14

Mar 14

Apr 14

Mai 14

Jun 14

Jul 14

Aug 14

Sep 14

Oct 14

Nov 14

Dec 14

Helvetia holds investments in foreign currencies to match liabilities in foreign currencies and to diversify the asset base. The currency exposure is currently around CHF 4 bn and is systematically hedged.

In general, the exposure in assets exposed to market risks has increased in the year. This is also valid for gross FX exposures in investments in foreign currencies, among other reasons, because the new issuance activity in Swiss francs

it k Th h d i l l ll i t i dwas quite weak. The hedging levels were generally maintained

The hedges capture the volatility of FX exposures in the P&L. Some 2/3 of currencies were continuously hedged The rest of the exposures remained open, firstly on the assumption that the lower boundary of the CHF/EUR remains and secondly given the strengthening US Dollar.

50

1) Indexed as at 31.12.2012

Bond credit ratings (1/2)

Sector allocation as at 31/12/2014 Risk profile of financials

15.8%

4.0% 0.9%

AAA

41.3%CHF

47.3%

20.7%

CHF 12.3 bn

AAA

AAA

< AN t t d

42.9%

29.9 bn 27.1%

0.6%

Not rated

24.6%

CHF

SecuredUnsecured(straight bonds)

Corporates

47.1%

27.7%

CHF 12.3 bn

FinancialsStates/supranationals

(straight bonds)Government guaranteeSubordinated

Corporates

51

Bond credit ratings (2/2)

Bonds with rating < A as at 31/12/2014

31%6%

BBB

59%

10%0%

31%

43%CHF

CHF 1.6 bn

BBB

BBB

<B or NR

10%

51%

CHF 3.7 bn

38%CHF Government bonds

51%

11%

1.6 bn

<4% of investment portfolio

Financial securities

Corporate bonds

Italian government bondsSpanish government bonds

52

Otherg

Financial bonds by country of issuer's origin

4%3%

2%1% 7%

38%

5%

5%

CHF 12.3 bn

The 10 largest counterparties make up around 77% of the Group's financial bonds portfolio and are distributed over the following categories:

■ Mortgage bonds from various issuers

8%

7%

12.3 bn■ Swiss cantonal banks

■ Quasi-governmental institutions

12%8%

Switzerland (38%) UK (5%) Ireland (1%) Germany (12%) Luxembourg (5%) Other (7%) Netherlands (8%) USA (4%) Austria (8%) Italy (3%)

53

France (7%) Australia (2%)

Corporate bonds by country of issuer's origin

25%3%

2%2%

1% 10%

The 10 largest counterparties make up around 55% of the Group's corporate bonds portfolio and are

5%

3%

3%

CHF 4.7 bn

the Group's corporate bonds portfolio and are distributed over the following categories:

■ Transport (public and private)

■ Energy

20%12%

5%4.7 bn

■ Utilities

■ Pharmaceuticals

■ Telecommunication

12%

France (25%) Austria (5%) Norway (1%)USA (20%) UK (3%) Other (10%) Netherlands (12%) Germany (3%)Switzerland (12%) Australia (2%)

54

Italy (5%) Japan (2%)

Government and supranational bond exposure

Governments / supranationals Government bonds by country

(Dec 13 in brackets)

3%(3%)

3%(3%)

3%(3%)

5%(5%)10%

35%(36%)

5%

4%(5%)

3%(3%)8%

5%

5%(5%)

5%(5%)

63%19%

CHF 12.8 bn CHF

8.1 bn

22%(19%)

7%(7%)

(6%)

Switzerland (35%) (AAA) Austria (5%) (AAA) Finland (3%) (AAA) Italy (22%) (BBB) Germany (4%) (AAA) Other (5%), of which: Luxembourg (7%) (AAA) Belgium (3%) (AA) 0.10% Ireland (A)

CountryRegional authorities excl. countries / incl. citiesQuasi-government enterprises

55

g ( ) ( ) g ( ) ( ) ( )Netherlands (5%) (AAA) Slovakia (3%) (A) 0.00% Greece (B) France (5%) (AA) Spain (3%) (BBB) 0.00% Portugal (BB)

Quasi government enterprisesSupranational banks

Investment portfolio by IFRS category(in CHF billion)

3.17%

5.511% Available for Sale (AFS)

Loans and Receivables (LAR)

24.150%

6.313%

( )

Investment PropertyCHF

48.0 bn

9.019%

Trading / Derivates

Held to Maturity (HTM)

56

Acquisition accounting

Accounting implications: Purchase price allocation & goodwill calculations(in CHF million)

Goodwill

Basler ATNationale Suisse

Purchase price1,727

Goodwill716

Intangibles187 Purchase

price

Goodwill70

NAV824

price159

NAV59

Intangibles 30

NB: PPA calculations are as of settlement date (20.10) and only refer to the 96.3% shares held at that date Further acquisitions are regarded

as a transaction with minorities

57

Integration of Nationale Suisse

Bond maturity in 5 years, nominal value 100; amortised cost value, 105; market value 30.09.14, 120 (illustrative example)

Background to additional amortisation cost for bonds

Market value120 Amortisation -1 p.a.Market value=AC 120 Amortisation -4 p.a.

HTM/LAR

Book value

Nationale Helvetia

Nominal 100

AC 105Book valueBook value

Neue AC Basis

Nominal 100

New AC base = = MW, deshalb

erhöhte Abschreibung

auf Parität

MV, therefore, increased

amortisation to par

AC 105

Market value120

A ti ti 1Amortisation -4 p.a.

AFS

Unrealised gains

Book value

Market value= AC 120

Nominal 100

AC 105 Amortisation -1 p.a.Book value

New acquisitioncost = MV: no

Nominal 100

120

cost = MV: no more unrealised

gains

58

New reporting structure

Reporting structure from 1 January 2015 onwards – New segmentation reflects business model

IFRS primary segment

CH

Market Units

Market Areas1) Specialty Markets Other

IFRS primary segment

Europe

CH DE IT ESAT FRCH & International

Active Reinsurance

Group Reinsurance CCMarket Units International Reinsurance Reinsurance

New reporting structure in accordance with our market areas (full P&L for each market area) Further disclosure for Market Units CH / DE / AT / IT / ES Life, Non-life and Other secondary segments will remain as before

1) IFRS main segments59

Equity/comprehensive income(in CHF million)

G/L recorded in equity CHF +361 million ■ hybrid bonds

■ share capital

1'677-214

-9546 535

-700400

■ share capital

393-148

-163

Comprehensive income CHF +754 million

4,131

5,6634'963

Group profit for the period

Unreal. G/L (net)

Policy-holder participation

Deferred tax liabilities, net invest

Dividends Equity (without preferred securities)

Preferred securities

Total equity as at 31/12/2014

Total equityas at 31/12/2013

OtherRevaluedpension benefit obligation

New capital

period net invest. hedge, FX translation

securities)

60

obligation

Changes in unrealised gains/losses

Changes in fair value

(in CHF million)

Gains/losses transferred to the income statement

-40 80 -71 13

Gains/losses transferred to the income statement

∆ 1 677

1,695

Unrealised gains/losses on assets

∆ 1,677

2,498

Unrealised gains/losses on assets

2014 2013 ∆

Equities 342 333 9

821

Equities 342 333 9

Bonds 2,117 461 1,656

Other 39 27 12

Total 2,498 821 1,677

Unrealisedgains/losses ( ) t

Bonds Equities Other Unrealisedgains/losses ( ) t

Total 2,498 821 1,677

(gross) as at 31/12/2013

(gross) as at 31/12/2014

61

Unrealised gains/losses

(in CHF million)

Breakdown between shareholders and policyholders

278

( )

Total unrealised G/LShareholders' unrealised G/L in equityPolicyholders' unrealised G/L in equity

278

LiabilitiesPolicyholders' unrealised G/L in liabilitiesMinority interest in unrealised G/L and deferred tax

2,498

1,345

356

100

Liabilities

553821

167

356

Equity

322198

20142013

Equity

62

Group solvency and sensitivities

Solvency I 216%

(in CHF million)

4,466

2,396

924y

Hybrid capital

218% 216%

2,070

L: 1,434

2013 2014 Required it l

Surplus cover Availableit l

NL: 565

capital capital

SST-ratioAs of 30/06/20141) coverage ratiowithin the range of 150% to 200%

80% 100%33% 200%150%0%

within the range of 150% to 200%

63

1) Prior to the acquisition of Nationale Suisse

Solvency and risk sensitivities

Solvency I Equities Interest rates Credit Spreads1)

Group Solvency

y q-30% +100 Bp

p+100 Bp

-12% pts. -31% pts. -15% pts.

SST Equities30%

Interest rates100 Bp

Credit Spreads+100 Bp-30% -100 Bp +100 Bp

-10% pts. -9% pts. -21% pts.

Risk Sensitivities

Interest rate risksensitivities

Interest rate level+10 Bp

Interest rate level-10 Bp

Income Statement 18.1% pts. -11.4% pts.

Equity -68.3% pts. 59.2% pts.

Share price risksensitivities

Share price+10%

Share price-10%

I St t t 67 9% t 58 9% tIncome Statement 67.9% pts. -58.9% pts.

Foreign exchange risksensitivities

EUR / CHF USD / CHF GBP / CHF

+2% -2% +2% -2% +2% -2%

Income Statement 4 6% pts 4 6% pts 1 7% pts 1 7% pts 1 6% pts 1 6% pts

64

Income Statement 4.6% pts. -4.6% pts. -1.7% pts. 1.7% pts. -1.6% pts. 1.6% pts.

1) Includes Corporate Spreads & Sovereign Spreads for PIIGS-countries

Durations

Modified duration1) Share in %

Bonds (booked in life) 8.0 84.6

Bonds (booked in non-life) 5.0 14.0

Other interest rate instruments and loans 3.0 1.5

Total interest rate instruments and loans 7.5 100.0

Liabilities life and non-life 7.8 100.0

Negative Duration gap of 0.32) (before consideration of real estate as additionally matching asset class)

65

1) Based on the current SST model2) The duration gap represents the exposure of risk-bearing capital to interest rate changes

Management structure of Helvetia Group

Group CEOStefan Loacker

Internal Audit1)

Simon SchneiderGeneral Secretariat1)

Christophe NiquilleGroup

Stefan Loacker

Investments Finance Strategy &

Simon SchneiderChristophe Niquille

IT / OperationsGroup Group HR Ralph-Thomas Honegger

Paul Norton Communication Patrick Scherrer

Markus Gemperlep

functions Roland Bentele

SwitzerlandPhilipp Gmür

EuropeMarkus Gemperle

Specialty MarketsDavid Ribeaud

Market areas

Germany- Volker Steck

Austria - Otmar Bodner

Italy - Francesco La Gioia Active RI. - Gérald Kanis

France - Vincent Letac

CH / Int. - David Ribeaud

Market units

Spain - Jose Maria Paagman

66

Members of the Group Executive Management Support functions 1) reports to the Chairman of the Board of Directors

Group structure as of 31/12/2014 (1/2)Helvetia Holding AG St.Gallen100%

Helvetia InsuranceSt.Gallen100% Helvetia

Reinsurance

Helvetia Compañia SuizaSevilla99%

Helvetia HoldingSuizoMadrid100%

Helvetia Beteiligungen AGSt.Gallen100%

Helvetia LifeBasel100%

Helvetia Head Office forGermany

St.Gallen Helvetia VitaMilan100%

Helvetia InternationalFrankfurt

HelvetiaFinanceSt. Helier (Jersey)100%

yFrankfurt Chiara Vita

Milan100%

Helvetia

Helvetia Head Office forAustriaVienna

100%

Schweizerische Helvetia VersHelvetia VersicherungenVienna100%

Helvetia Assurances S.A.Paris100%

Vienna

Helvetia Head Office forFranceParis

Schweizerische Nationale-Vers.Basel99%1)

Helvetia Vers. Österreich AG Vienna100%

Helvetia Italia AssicurazioniMilan100%

Helvetia Head Office forItalyMilan

Helvetia LifeFrankfurt100%

Chiara Assicurazioni

67

Milan53%

1) 14% of the 99% are held by Helvetia Beteiligungen AG (further details see group structure (2/2))

Group structure as of 31/12/2014 (2/2)

Schweizerische National Leben AGBottmingen98%

Helvetia Holding AG St.Gallen100%

Europäische Reiseversicherungs AGBasel100%

Care Travel AGBrüttisellen

Medicall AGBrüttisellen74%

Schweizerische National-Vers.-Ges. AGVaduz (Liechtenstein)

100%( )

100%

Nationale Suisse Latin America LLCMiami (USA)100%

Schweizerische

Coop Rechtsschutz

Schweizer-National Vers.-AGFrankfurt100%

Nationale Suisse Comp Italiana SpAS. Donato

Nationale Suisse Servizi Assicurativi SrlS. Donato

Schweizerische Nationale-Vers.Basel99%1)

Coop Rechtsschutz AGAarau43%

S. Donato100%

S. Donato100%

Nationale Suisse Vita Comp SpAS. Donato100%

SAS Saint CloudParis100%

Nacional Suiza Compañia de Seg S.A.Barcelona

68

1) Includes smile.direct Versicherungen, Wallisellen; Swiss National Ins Comp Ltd., Kuala Lumpur and Swiss National Insurance Comp Ltd., Singapur;(14% of the 99% are held by Helvetia Beteiligungen AG)

Barcelona100% Belgian subsidiaries not included

Important dates

24/04/2015 Ordinary Shareholders' Meeting

31/08/2015 Publication of half-year results for 2015 31/08/2015 Publication of half-year results for 2015

March 2016 Publication of financial results 2015

69

Contact details

Susanne TenglerHead of Investor RelationsHelvetia Group

Investor Relations

Helvetia Group Dufourstr. 40CH 9001 St.Gallen

Telephone: +41 (0)58 280 57 79Email: susanne.tengler@helvetia.ch

Simon WeissInvestor Relations ManagerHelvetia Group pDufourstr. 40CH 9001 St.Gallen

Telephone: +41 (0)58 280 54 49Email: simon.weiss@helvetia.ch

Martin NellenHead of Corporate Communications and Brand Management

Corporate Communications& Brand Management Head of Corporate Communications and Brand Management

Helvetia Group Dufourstr. 40CH 9001 St.Gallen

Telephone: +41 (0)58 280 56 88

& Brand Management

p ( )Email: martin.nellen@helvetia.ch

70