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SA Eagle - Preliminary Results

23 February 2006 Gaynor Holshausen, Communications Manager

SA Eagle is 73.6% owned subsidiary of the Swiss based Zurich Financial Services Group. Growth in premium revenue continued with an increase of 10% to R3,509.7 million (2004: R3,191.1 million - restated).

Investment income increased by R18 million to R175.4 million (2004: R157.4 million - restated). The bond portfolio has performed positively and the continued equity disposal programme has resulted in realised gains of R172.9 million (2004: R70.1 million - restated).

Managing Director, Nick Beyers, commented. An increase in the incidence of accidents and higher repair costs impacted the motor account and certain weather related events and a number of large fires impacted the fire account. Most other underwriting accounts performed satisfactorily during the period. However, we will continue to focus on rigorous risk assessment and appropriate corrective action going forward.

Whilst earnings per share increased by 24.2%, headline earnings per share, which excludes net realised gains on disposal of investments, have decreased to 1,933.4 cents per share (2004: 2,037.4 cents per share). The solvency margin has decreased to 52.9% (2004: 57.0%), after payment of the special dividend in March 2005. This remains above the stated policy of maintaining solvency in the 40% to 50% range. SA Eagle remains financially sound and continues to enjoy an AA+ claims paying ability rating with Global Credit Rating.

In line with current dividend policy, the Directors have declared a final dividend of 600 cents per share (2004: 470 cents per share) bring the total dividend to 800 cents per share (2004: 650 cents per share).

Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 55,000 people serving customers in
more than 120 countries.

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