Exclusive talks with P&V Assurances confirmed

Zurich, July 24, 2003 - Zurich Financial Services (Zurich) and P&V Assurances (P&V) confirmed today that they are in exclusive talks about the possible sale of certain Zurich operations in Belgium and Luxembourg to P&V. These businesses represented a Gross Written Premium volume of about EUR 300 million in 2002. Excluded from the negotiations are Zurich’s Non-life operations in the corporate segment and the international Life business in Luxembourg.

P&V is a Belgian Life and Non-life insurer with total Gross Written Premiums of around EUR 366 million in 2002. The successful acquisition of the Zurich operations would enable P&V to expand its multi-channel strategy with an important network of brokers. The group P&V currently commercializes its products through a network of employed exclusive advisers under the umbrella of P&V D (P&V Distribution), independent agents, a limited number of brokers, a specific unit for institutions and direct sale through Actel.

Zurich will continue to operate the Non-life corporate businesses in Belgium and Luxembourg through its business unit Continental Europe Corporate (CEC).

Both companies will make no further statement concerning the contemplated transaction until an agreement has been reached.