Zurich Financial Services Group: Full year earnings expectations based on first six months confirmed

Zurich, July 19, 2001. - Despite weak financial markets, a continued strong US dollar, and insurance claims from natural catastrophes to date, Zurich Financial Services Group, absent unforeseen developments, is still confident of achieving its full year 2001 normalized earnings target of USD 1.8 to 2.0 billion. First half 2001 results to be issued on 6 September will support this expectation; non life gross written premiums in local currencies have grown in excess of 20% over the prior year period.

The Zurich Financial Services Group (www.zurich.com) is a global leader in the financial services industry, providing its customers with integrated and web-enabled 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 approximately 35 million customers and employing approximately 70,000 people. Based on consolidated figures for 2000, the Group achieved gross premiums of USD 50 billion. This amount includes insurance deposits as well as premiums from the Farmers P&C Group. The net income amounted to USD 2.33 billion. On December 31, 2000, the Group had USD 440 billion of assets under management of which USD 259 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