Helvetia : Invitation to the Annual General Meeting

AGM documents 2023

Invitation to the Ordinary Annual General Meeting

Friday, 28 April 2023

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Dividend history

Dividend per share in CHF

Payout ratio1	Dividend yield
20222	56 %	5.5 %	5.90
2021	60%	5.1 %	5.50
2020	109%	5.4 %	5.00
2019	58 %	3.7 %	5.00

• 1 2019 excl. positive one-off tax effect

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Proposal to the Annual General Meeting

Key share data Helvetia Holding AG

• 1 Based on year-end price

2

Proposal to the Annual General Meeting

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Contents.

Welcome address 4

Invitation to the ordinary Annual General Meeting

of Helvetia Holding AG 9

Organisational information 10

Agenda items 12

Highlights in 2022 32

Shareholders and

dividend policy 36

Dr Thomas Schmuckli Chairman of the Board of DirectorsDr Philipp Gmür Chief Executive Of cer

We are there when it matters.

Ladies and Gentlemen

Helvetia once again proved the stability and growth potential of its business model in the 2022 nancial year and created value for its shareholders on this basis. Strong results in the core business mean we are able to propose a renewed increase in the dividend to CHF 5.90 per share to the Annual General Meeting (2021: CHF 5.50). The busi-ness volume stood at CHF 11097.2 million, thus increasing by 2.6% on a currency-adjusted basis. The driver was the non-life business, which grew on a broad basis in all segments and business lines.

Solid technical results and a one-off gain on disposal led to a record result of

CHF 614.4 million (IFRS, after tax). Against the backdrop of a challenging market environment, the business has proven to be extremely resilient. In the non-life business, Helvetia was able to increase its technical result thanks to the good portfolio quality. In life insurance, the margin after costs in-creased year on year and showed stron-ger interest and risk results in particular. Fur-thermore, Helvetia also generated a one-off pro t of CHF 102.0 million with the sale of the Spanish life insurance company Sa Nostra Vida.

Helvetia's resilience is also re ected in its capitalisation, which remains excellent: Helvetia has been awarded an «A+» rating by the S&P Global Ratings rating agency. The SST ratio was estimated to be above 300% as at 1 January 2023.

In addition to its sustainable dividend growth, resilience and outstanding capitali-sation, Helvetia also stood out from the crowd last year by seizing growth opportu-nities as part of the helvetia 20.25 strategy. One such example is the clear increase in income from fee and commission business, where we recorded a rise of 12.4% on a currency-adjusted basis relative to the

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Helvetia successfully accessed growth opportunities in 2022. time, the importance of the non-life business is growing within the Group.

previous year. The growth can mainly be attributed to the expansion of the «Health & Care» ecosystem in Spain. Helvetia also expanded its business with asset manage-ment services for third parties with a capital increase of the Helvetia (CH) Swiss Property Fund, thus increasing commission income. With the fee business, we are tap-ping into new sources of income, diver-sifying our business mix and making our-selves less dependent on interest rate developments in line with our strategy.

In the 2022 nancial year, we are for the rst time reporting a pro tability gure for this business area in the form of the «fee margin». The fee margin shows the income generated in the fee business after deduc-tion of costs. It totalled CHF 31.3 million last year, accounting for just under 5% of Group pro t. This gure underlines the attractiveness and pro tability of the fee business.

Helvetia also increased its share in Caser by 10% pts. to 80%, meaning that it is now participating in the pro table development of Caser to a greater extent. At the sameHelvetia also made various small acquisi-tions. The focus here was placed on gaining new capabilities. For example, seven providers have been added to the «Health & Care» ecosystem in Spain. Growth opportunities have also been seized in the specialty lines through the development of new expertise. In the technical insurance business, for example, an underwriting team with a focus on insurance solutions for renewable energies and environmental technology was created.

We are convinced that Helvetia will also perform successfully in the future.

The basis for the success we enjoyed in the past nancial year was formed by our purpose: «Life is full of opportunities and risks. We are there when it matters.» We are con dent that if we live by this raison d'être each and every day, Helvetia will also perform successfully in the future. We would like to thank you most sincerely for supporting us in doing so and for the trust you place in us.

Yours sincerely,Dr Thomas Schmuckli Chairman of the Board of DirectorsDr Philipp Gmür Chief Executive Of cer

Philipp Gmür to stand down as Group CEO

At the end of October 2022, Philipp Gmür, Chief Executive Of cer and Group CEO of Helvetia Versicherungen, announced that he was to stand down in mid-2023. He has been with the company since 1993, serving as CEO of the Swiss domestic market for 13 years before assuming his current role as Group CEO in 2016.

«It is a privilege and a joy to be able to shape the Helvetia Group's development together with a strong team. However, I also look forward to passing on the baton and taking on new tasks outside the Helvetia Group,» comments Philip Gmür with respect to his decision.

Thomas Schmuckli, Chairman of the Board of Directors, adds: «Philipp Gmür has left a lasting mark on the Helvetia Group: He has driven forward the development of Helvetia into a leading all-lines insurer in its do-mestic market, the internationalisation of the Group, the expansion of additional lines of business and the introduction of new bu-siness models in a targeted manner. We would already like to take this opportunity to express our sincere gratitude to Philipp Gmür for his immense and long-standing dedication to the Helvetia Group.»