Closing of final step in the Deutsche Bank transaction

Zurich, May 15, 2002 - Zurich Financial Services (Zurich) today announced the closing of the acquisition of Deutsche Bank's life insurance operations in Italy, Spain and Portugal. Zurich also closed the sale of its asset management operations in Germany and Italy. This is the final step of the broader transaction between Deutsche Bank and Zurich, which was agreed on December 3, 2001.

The closing also marks the start of Zurich's strategic distribution partnership with Deutsche Bank in key Continental European markets. Under the agreements, Zurich will offer insurance products to Deutsche Bank's retail and private banking customers as an exclusive provider in Germany, Spain, Italy and Portugal and as preferred provider in other Continental European markets. At the same time, Zurich will offer Deutsche Bank's banking services to its customers throughout Europe.