Zurich Financial Services Group now holds 100% of INZIC

Zurich, October 27, 2000. - The Zurich Financial Services Group acquired from the Incentive Group the remaining 30% in INZIC AG and now owns 100%. INZIC currently has an interest of 29.14% of shares and options in Bâloise Holding. The consideration amounts to CHF 405 million.

The opportunity to acquire the remaining INZIC shares arises as a consequence of the impending merger of Incentive Investment AG with the publicly listed India Investment AG.

In the context of this transaction, Rolf Hüppi, Chairman and CEO of Zurich Financial Services reiterated an earlier statement that Zurich "has no intention at this point in time of launching a public tender offer for Bâloise shares. The 100% ownership of INZIC will give Zurich full flexibility in managing this investment."

INZIC AG was established in November 1999 as a joint venture between Zurich Financial Services and Incentive Investment for jointly holding the respective interests of the two companies in Bâloise. Zurich Financial Services has been a 70% owner of INZIC.

The Zurich Financial Services Group is a global leader in the financial services industry, providing its customers with solutions in the area of financial protection and asset accumulation. The Group concentrates its activities in five business segments: non-life and life insurance, reinsurance, Farmers Management Services, and asset management. Headquartered in Zurich, Switzerland, the Group’s worldwide presence builds on strong positions in its three key markets - the United States, the United Kingdom and Switzerland. It has offices in more than 60 countries reaching over 35 million customers and employing 68,000 people. Based on consolidated figures for 1999, the Group achieved gross premiums of USD 48 billion. This amount includes insurance deposits as well as premiums from the Farmers Exchanges. The net income amounted to USD 3.26 billion. On June 30, 2000, the Group had USD 435 billion of assets under management of which USD 260 billion represent funds managed for third-party institutional and retail customers.

For further information please contact:
Zurich Financial Services, 8022 Zurich, Switzerland
Media and Information, Iris Roth
Phone +41 (0)1 625 21 00, Fax +41 (0)1 625 26 41
http://www.zurich.com