Zurich divests its interest in General Insurance business in Thailand

Zurich, December 22, 2004 - Zurich Financial Services Group (Zurich) announced today that it has divested its interest in Thai Zurich Insurance Company to Sri Brothers Co., Ltd and to Pailuck Co., Ltd. This step is in line with Zurich’s strategy to sharpen the focus of the Group’s General Insurance business and redeploy capital to its chosen target markets. The Thai Zurich Insurance Company’s name will change to reflect the change in ownership. Terms and conditions of the transaction have not been disclosed. The transaction was signed and closed on the same day.

Zurich’s global corporate customers (International Program Business) will continue to be serviced locally by Thai Zurich Insurance Company under new ownership.

Thai Zurich Insurance Company recorded approximately USD 42 million (THB 1.7 billion) of premiums written for the year ended December 31, 2003 on a local statutory reporting basis.

-Ends-

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:

Media and Public Relations

Phone: +41 (0)1 625 21 00, Fax: +41 (0)1 625 26 41, E-mail: media@zurich.com

Investor Relations

Phone: +41 (0)1 625 22 99, Fax: +41 (0)1 625 36 18, E-mail: investor.relations@zurich.com

Zurich Financial Services

Mythenquai 2, P.O. Box, 8022 Zurich, Switzerland

http://www.zurich.com

SWX Swiss Exchange/virt-x: ZURN