© Zurich Financial Services Analysts´ day 2001

1

Concluding remarks

Rolf Hüppi

Chairman and CEO of Zurich Financial Services

2

Key 2003 financial targets 2000

TARGET Performance 1

NON-LIFECombined ratio – overall 104% 105.5%Combined ratio – US commercial 104% 104.9%Combined ratio – UK 103% 105.1%Combined ratio – CH 103% 105.7%Premium growth >10% 6.2%2

LIFE 1% above

EV return discount rate 1.7%>disc.rateNew business premium growth (APE) 10% - 12% 2.0%

FARMERSGrowth in net income excluding investment result 8% - 10% 4.6%

1) all growth rates are in local currencies2) net earned premiums

3

Key 2003 financial targets (cont.)

REINSURANCE ALTERNATIVE RISKCentre: “Embedded value” return 9% 12%Zurich Capital Markets: RoE > 20% > 20%

ASSET MANAGEMENTOperating margin > 25% 15.7%Funds performance (1st & 2nd quartiles) >70% >60%2

Net fund flow in % of AuM 5% – 10% 2.7%

GROUPNormalized earnings organic growth in USD 10% - 15%

1) all growth rates are in local currencies2) US, UK, Germany

2000

TARGET Performance1

4

Summary

• Focused financial services group with strong fundamentals

• Taking firm corrective actions to generate 10%-15% normalized average earnings growth per year

• 2001 a transition year

• Clear financial targets & strategic direction

• Focus on areas of strengths/Dispose of non-strategic assets

• Committed to improving efficiency

© Zurich Financial Services Analysts´ day 2001

5

Annual results 2000

Appendix

6

Own Investments

2000 1999 In % of average investments

Investment income 5.2% 5.1%

Total investment return 6.2% 4.0%

TMT stocks 10% 14%

Alternative investments in USD bn.

Total Investments at Fair Value 2.2

of which Cap Z 1.0

of which C ZFS II 0.4

Remaining Commitment 3.5

of which Cap Z 2.6

of which CZFS2 0.2

7

Special items 1999

Gains from IAS 19 153 9720 36 -

Life accounting changes1139 139

FX gains/losses 250 14774 29

Excess nat cat -140 -100-40

Reserve strengthening -88 -88

Y2K -80 -35-30 -9 -3 -3

Contingency provision-210 -210

Total 24 21203-23033 -3

Total NL Life Re Farmers A Mgt.In USD millions

1) Plus USD 87m related to realized gains on trading assets already included in normalized net income.

8

Special items 2000

Accounting changes -90 90

FX gains/losses -34 -96 -12 74

Reserve strengthening-270 -270

Covariance benefit 350 350

Commutations 215 115 100

Excess nat cat -72 -72

Life reserve transfer -101 101

Share unification -92 -80 -12

Total 97 26 179 -96 -12

Total NL Life Re Farmers A Mgt.In USD millions

9

US 3% 13% ------------11%-------------

UK 14% 5% 20% 12% 5%

Switzerland stable stable 10% 1% -1%

Germany 4% 4% --------------5%-------------

Personal Commercial

Motor Household Motor Liability Property

Rate increases in non-life 2000Rate increases 4Q 2000 on 4Q 1999

10

in progress30%

revamped6%

launched*64%

E-business update

Over 200 initiatives worldwide• Progress in 2000

– Success of Agency Dashboard and AD Online

– Success of e-ZSB: 75% new premiums processed on-line, 22,500 agents registered

– First version of Swiss portal launched, UK to follow with Bank of Scotland

– Significant portion of direct premiums being written over the internet in the UK (10%), Japan (20%), Germany (12%)

– Exchange being rolled out in Canada

efficiency48%

Customer15%

density14%

frequency23%

“Zurich’s e-business strategy continues to take a multi-channel approach integrated with our core businesses, rather than focus on a few major pure play internet initiatives”

*) of which 47% in phase 2, i.e. new features being added

11

Embedded Value profit analysis

1,029 +112 +37 +160 -256 +141 = USD 1,223 m. USD 194 m.

1600

0

200

400

600

800

1000

1200

1400

US

D M

illion

s

New Business Value

Operating Profit

Operating Assumption changes

Investment Return below expected

Economic Assumption changes

Excess Value Added

Expected Embedded Value Profit

Actual Embedded Value Profit