Your Swiss Insurer.
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
Your Swiss Insurer.
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: [email protected]
Simon WeissInvestor Relations ManagerHelvetia Group pDufourstr. 40CH 9001 St.Gallen
Telephone: +41 (0)58 280 54 49Email: [email protected]
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: [email protected]
70
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