Zurich Group enters pension fund business in Poland

Zurich, July 13, 1998. - The Zurich Group and Solidarnosc NSZZ, the Polish workers’ association with 1.6 million members, have agreed to enter the pension fund business together in Poland and to apply for a joint license. Poland’s new law to privatize part of its state pension system in early 1999 has led Zurich and Solidarnosc NSZZ in Gdansk to establish Zurich Solidarni (pension fund management) and Solidarni Zurich (distribution company).

The operations of Zurich Handlowy Insurance SA and Zurich Handlowy Life Insurance SA, Warsaw, formed by the Zurich Group and the Polish Bank Handlowy last year, are not affected by this agreement. Both companies will continue to target market customer segments in corporate, commercial and personal business.