Zurich to Defer India Insurance Joint Venture

Zurich, September 20, 2002 - Zurich Financial Services has decided to defer its plans to establish new life and non-life insurance joint ventures in India. The decision does not affect Zurich’s asset management business, risk management operations and UK call center facility in India.

James J. Schiro, Chief Executive Officer of Zurich Financial Services, said, "This decision has to be seen in light of our recently announced strategy to allocate our capital to core markets in order to generate sustained profitable growth. The sharpened focus requires us to implement tough decisions, but I know they are in the interest of putting Zurich back on track of sustained and profitable growth."

Sandy Leitch, Chief Executive Officer of the Business Division United Kingdom, Ireland and Southern Africa / Asia Pacific, added, "Given our strategic focus, deferring entry at this point is the right decision. I have no doubt that, over the long term, India will be an important insurance market; and we will be reviewing our future entry options."