Bank One to Purchase Zurich Life

Zurich, May 30, 2003 – Zurich Financial Services Group and Bank One Corporation (NYSE: ONE) today announced definitive agreements for Bank One to acquire Zurich Life, a large U.S. life insurance group of companies, from Zurich.

Bank One will pay Zurich approximately USD 500 million in cash. The total value paid to or retained by Zurich will be in excess of USD 1 billion, the IAS value of Zurich Life as of December 2002. This value is comprised of the USD 500 million of cash received from Bank One and the capital in Kemper Investors Life Insurance Company (KILICO), plus additional assets and businesses retained by Zurich. Finally, Bank One will provide administration and assume, through reinsurance, certain lines of business currently underwritten by KILICO. This transaction is expected to close in the third quarter of 2003, pending regulatory approvals.

James J. Schiro, Chief Executive Officer of Zurich Financial Services, said, "This is a positive move for the Zurich Life companies, their customers, distribution partners and employees as Bank One’s strong distribution channels will leverage Zurich Life’s existing distribution and its capability in manufacturing high quality life insurance and annuity products. The sale of Zurich Life is consistent with our decisions to reallocate capital to non-life businesses that can deliver well in excess of our earnings hurdle rate. With this transaction, Zurich is on track towards meeting its goal of generating USD1 billion in risk-based capital through divestments."

Zurich Life, based in Schaumburg, Ill, is a top-10 writer of term life insurance in the U.S. serving its customers through independent general agencies and a direct-to-consumer life insurance agency, Zurich Direct. It is a significant writer of fixed and variable annuities, with a recognized expertise in the teachers’ market. Zurich Life also underwrites universal life and has a substantial share of the business-owned life insurance market. As of December 31, 2002, Zurich Life had approximately USD 292 billion of direct life insurance in force.