Zurich decides to delist Zurich registered shares pursuant to the exchange into shares of Zurich Allied AG

Zurich, March 12, 1999 - The Board of Directors of Zurich Insurance Company has decided to delist the Zurich registered shares (ZURN) currently traded on the Swiss Exchange, as more than 99% of its shareholders accepted the offer to exchange their shares into shares of Zurich Allied AG (ZUAN) last August. Based on the Stock Exchange Act, on February 23, 1999 the Commercial Court of the Canton of Zurich has declared these registered shares to be no longer valid. Holders of the invalidated Zurich shares will receive the same number of Zurich Allied shares with the identical CHF 10.- nominal value at no charge.

Zurich Financial Services is represented by its two holding companies, Zurich Allied AG (ZUAN) listed on the Swiss Exchange and Allied Zurich p.l.c. (ADZ) on the London Stock Exchange. Zurich Allied AG is included in the Swiss Market Index (SMI), which represents the 23 largest capitalized Swiss companies listed on the Swiss Exchange, and Allied Zurich p.l.c. is included in the London Stock Exchange’s FTSE-100 index. Both companies have introduced an American Depositary Receipts (ADR) program in the USA (symbol: ZRHAY and ADZHY).