Zurich Financial Services receives license to conduct pension fund business in Poland

Zurich, January 8, 1999 - Zurich Solidarni SA in Warsaw, a subsidiary of the Zurich Financial Services Group and the Polish workers’ association Solidarnosc NSZZ (with nearly 1.6 million members) has received a license from the local authorities to conduct pension fund business in Poland. Market operations are expected to begin this year along with the privatization of part of Poland’s state pension system.

The activities of Zurich Handlowy Insurance SA and Zurich Handlowy Life Insurance SA, Warsaw, formed by the Zurich Financial Services 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.