August 12 2004
Zurich Financial Services Group (Zurich) announced today that it has signed an agreement to divest all Life Insurance policies written by its Taiwanese branch, including the related assets and liabilities, to Far Glory Life Insurance Company. This step is in line with Zurich's strategy to sharpen the focus of the Group's Life Insurance business. The transaction is expected to close before the end of 2004. The parties agreed to keep the value of the transaction confidential.
Zurich remains committed to its General Insurance operation in Taiwan, which is not affected by this transaction.
For the first quarter of 2004, Zurich Taiwan Life reported gross written premiums, on a local basis, of NTD 2.19 billion (approximately USD 65.6 million).
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 headquarted in Zurich, Switzerland. Zurich has offices in more that 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
Zurich Taiwan Life
Media Relations / Amanda Ho
Phone +886 935 520 729
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