Zurich acquires all shares in Zurich Solidarni Pension Fund Company in Poland

Zurich, October 9, 2000. - Zurich Insurance Company and the Polish workers’ association Solidarnosc NSZZ, Gdansk, owners of Zurich Solidarni Pension Fund Company, its parent companies and the distribution company Solidarni Zurich Ltd., agreed on the sale of all shares and options held by Solidarnosc NSZZ to Zurich. The consideration is less than 0.2% of the shareholders’ equity of the Zurich Financial Services Group.

Founded in early 1999, the Pension Fund Company had a very successful start. It has today around 450.000 customers, and ranks among the top five in the Polish market, with around USD 75 million assets under management.

Zurich Financial Services is active in Poland since 1999 with its companies Zurich Insurance SA and Zurich Life Insurance SA, based in Warsaw.

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