Zurich completes acquisition of Life portfolio from ING in Argentina

Zurich, March 30, 2005 – Having received regulatory approvals, the Zurich Financial Services Group (Zurich) has completed the acquisition of the Life business portfolio of ING Insurance Argentina. This includes the related assets and liabilities. This transaction was announced on October 20, 2004.  Both parties agreed to keep the price confidential. For the year ended December 31, 2004 the acquired business had gross written premiums of approximately USD 18 million (approximately 52 million Argentinean pesos), while the Life business portfolio of Zurich in Argentina, without the acquired business, had gross written premiums and policy fees of approximately USD 24 million (approximately 71 million Argentinean pesos), on a local statutory basis.