1. © Zurich Financial Services Analysts´ day 20011 Concluding remarks Rolf Hüppi Chairman and CEO of Zurich Financial Services

2. 2 Key 2003 financial targets 2000 TARGET Performance 1 NON-LIFE Combined ratio – overall104%105.5% Combined ratio – US commercial104%104.9% Combined ratio – UK103%105.1% Combined ratio – CH103%105.7% Premium growth>10%6.2% 2 LIFE 1% above EV return discount rate1.7%>disc.rate New business premium growth (APE)10% - 12%2.0% FARMERS Growth in net income excluding investment result8% - 10%4.6% 1) all growth rates are in local currencies 2) net earned premiums

3. 3 Key 2003 financial targets (cont.) REINSURANCE ALTERNATIVE RISK Centre: “Embedded value” return9%12% Zurich Capital Markets: RoE > 20%> 20% ASSET MANAGEMENT Operating margin> 25%15.7% Funds performance (1st & 2nd quartiles)>70%>60% 2 Net fund flow in % of AuM5% – 10%2.7% GROUP Normalized earnings organic growth in USD 10% - 15% 1) all growth rates are in local currencies 2) US, UK, Germany 2000 TARGET Performance 1

4. 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

5. © Zurich Financial Services Analysts´ day 20015 Annual results 2000 Appendix

6. 6 Own Investments 20001999 In % of average investments Investment income5.2%5.1% Total investment return6.2%4.0% TMT stocks10%14% Alternative investments in USD bn. Total Investments at Fair Value2.2 of which Cap Z1.0 of which C ZFS II0.4 Remaining Commitment3.5 of which Cap Z2.6 of which CZFS20.2

7. 7 Special items 1999 Gains from IAS 19 153972036- Life accounting changes 1 139139 FX gains/losses2501477429 Excess nat cat-140-100-40 Reserve strengthening-88-88 Y2K-80-35-30-9-3-3 Contingency provision-210-210 Total2421203-23033-3 Total NL Life ReFarmers A Mgt. In USD millions 1) Plus USD 87m related to realized gains on trading assets already included in normalized net income.

8. 8 Special items 2000 Accounting changes-9090 FX gains/losses-34-96-1274 Reserve strengthening-270-270 Covariance benefit350350 Commutations215115100 Excess nat cat-72-72 Life reserve transfer-101101 Share unification-92-80-12 Total9726179-96-12 Total NL Life ReFarmers A Mgt. In USD millions

9. 9 US 3%13% ------------11%------------- UK 14%5%20% 12%5% Switzerland stablestable 10%1% -1% Germany 4%4%--------------5%------------- Personal Commercial Motor HouseholdMotorLiability Property Rate increases in non-life 2000 Rate increases 4Q 2000 on 4Q 1999

10. 10 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 “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. 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 USD Millions New Busines s Value Operating Profit Operating Assumption changes Investment Return below expected Economic Assumption changes Excess Value Added Expected Embedded Value Profit Actual Embedded Value Profit