Issuance of senior debt 

3 September 2004

Zurich Financial Services Group (Zurich) today announced its intention to raise fixed rate senior debt in the Euro market. The debt will be issued via the Zurich Insurance Company’s "Euro Medium Term Note Programme." The transaction is expected to be of benchmark size, with terms to be finalized following investor marketing and subject to market conditions. Application will be made to list the notes on the Luxemburg Stock Exchange.

The funds raised will be used for refinancing and for general corporate purposes.

Patrick O’Sullivan, Group Finance Director of Zurich Financial Services, said: "This transaction is consistent with our policy of prudent financial management. By taking advantage of current attractive market conditions we will simultaneously address refinancing needs, improve our debt maturity profile and lower our average cost of capital."

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:

Zurich Financial Services
Media and Public Relations
8022 Zurich
Switzerland

Tel: +41 (0) 1 625 21 00
Fax: +41 (0)1 625 26 41

http://www.zurich.com

SWX Swiss Exchange/virt-x: ZURN

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Notes to editors:

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