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Sale of Zurich Singapore to QBE completed

Zurich, June 30, 2004 - Zurich Financial Services Group (Zurich) today announced the completion of the sale of 100% of the share capital of Zurich Insurance (Singapore) Pte. Ltd. (Zurich Singapore) to QBE Insurance (International) Limited (QBE). This transaction was announced on May 21, 2004.

Zurich Financial Services is an insurance-based financial services provider with a global network that focuses its activities on its key markets in North America and Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. Zurich has offices in more than 50 countries and employs about 62,000 people.

For further information please contact:
Zurich Financial Services, Media and Public Relations
8022 Zurich, Switzerland
Phone +41 (0)1 625 21 00, Fax +41 (0)1 625 26 41
http://www.zurich.com
SWX Swiss Exchange/virt-x: ZURN