Zurich Switzerland and AIG Private Bank take over Zurich Invest Bank products

Zurich, June 26, 2003 – Zurich Switzerland is to transfer part of the banking products of Zurich Invest Bank to AIG Private Bank Ltd. and will continue to administer the remainder. This move means that Zurich Switzerland will focus more strongly on its core businesses of life and non-life insurance. Zurich Invest Bank AG is expected to cease operations at the end of 2003.

As part of the strategic reorganization, Zurich Switzerland is focusing on its insurance business. A highly viable and attractive solution for Zurich Invest Bank AG products (a wholly owned subsidiary of Zurich Insurance Company) has been arranged, partly in collaboration with a suitable external partner, and partly through continued administration within the Group.

A strong external partner has been secured in the form of AIG Private Bank Ltd., Zurich. The customers of Zurich Invest Bank AG are gaining an experienced global partner in AIG Private Bank Ltd. All Zurich Invest Bank AG Savings Accounts, Equity and Investment Plans will continue to be administered by AIG Private Bank Ltd. from the end of August 2003, largely at the same advantageous conditions. The parties have agreed not to divulge any details about the transfer price.

In the future, Zurich Invest Retirement Accounts 3a and Zurich Vested Benefits Foundation Accounts will be administered by Zurich Switzerland directly. Mortgages will also continue to be administered within Zurich Switzerland.

Customers of Zurich Invest Bank AG can continue to conduct their financial business with Zurich Invest Bank AG and then – depending on the product they hold – either with AIG Private Bank Ltd. or Zurich Switzerland. Naturally, all customer assets will be fully protected at all times.