Zurich Financial Services exits Life Business in Indonesia

Zurich, September 16, 2003 - In line with its strategy to allocate capital to key markets in order to generate sustained profitable growth, Zurich Financial Services Group (Zurich) has signed a definitive agreement for the sale of its Life business in Indonesia to PT. Asuransi Jiwa Manulife Indonesia (Manulife Indonesia). Terms and conditions of the sale have not been disclosed. Pending regulatory approvals, the transaction is expected to close during the fourth quarter of this year.

Zurich Life Indonesia had in excess of 110,000 policy holders and generated USD 7.54 million in premiums at the end of 2002. The agreed sale does not involve Zurich’s Non-life business in Indonesia.

Zurich and Manulife have begun a communications program designed to keep all stakeholders informed. Zurich is confident that Manulife Indonesia will continue to offer an excellent service to customers.