Acquisition of Life portfolio from ING in Argentina

20 October 2004

In order to strengthen the Life Insurance business in Argentina, Zurich Financial Services Group (Zurich) has signed an agreement with ING Insurance Argentina to acquire their Life business portfolio in Argentina. This includes the related assets and liabilities. The parties agreed to keep the transaction price confidential. As at December 31, 2003 the acquired business had gross written premiums, on a local statutory basis, of approximately USD 14 million (43 million Argentinean pesos). Pending regulatory approvals, the transaction is expected to close in early 2005.

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