Sale of parts of Zurich Luxembourg to P&V completed

29 October 2004

Zurich Financial Services Group (Zurich) has completed the sale in Luxembourg of both its Life operations in the consumer and commercial segments and of its General Insurance operations in the consumer and small commercial segments to P&V Assurances (P&V). This transaction was announced on October 24, 2003. Both parties agreed to keep the price confidential.

Zurich will continue to be active in Luxembourg in the corporate segment, serving its large commercial and corporate customers.

-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