Sale of part of Dutch operations to SNS Reaal

Zurich, May 22, 2003 - Zurich Financial Services Group (Zurich) and SNS Reaal Groep N.V. (SNS Reaal) have signed an agreement under which SNS Reaal will acquire all of Zurich’s Life operations as well as Zurich’s Non-Life operations in the consumer and small business segments in the Netherlands. SNS Reaal is a Dutch bancassurance group with total assets of just over EUR 46 billion. Zurich will continue to serve the Non-Life corporate business customers in the Netherlands through its business unit Continental Europe Corporate (CEC). The transaction is subject to regulatory approvals.

Axel P. Lehmann, Chief Executive Officer of the Business Division Continental Europe, said, "This sale marks our progress in the implementation of our strategy to focus on core markets and core activities that maximize the value of our businesses."

In 2002, the insurance portfolios of Zurich Netherlands’ Life operations, plus the Non-Life operations in the consumer and small business segments recorded gross written premiums and policy fees of about EUR 211.5 million. The parties agreed to keep the price confidential.