ZURICH, Switzerland, June 23, 2003 (PRIMEZONE) -- Winterthur Insurance, a subsidiary of Credit Suisse Group (NYSE:CSR) (Other OTC:CSGKF), has signed an agreement to sell its insurance operations in Italy to Unipol for total consideration of EUR 1.465 billion in cash. The transaction will significantly strengthen the capital position of Winterthur. Subject to regulatory and anti-trust approvals, the transaction is expected to be completed in the second half of 2003.A total consideration of EUR 1.465 billion will be payable in cash at completion, of which 90% will be paid directly by Unipol Assicurazioni SpA and 10% by its majority shareholder Finsoe SpA. Together with the sale of Churchill announced on June 11, 2003, the transaction will substantially strengthen Winterthur Group's solvency capital by approximately CHF 3.5 billion. Furthermore, the sales will result in a capital gain of over CHF 1 billion after tax upon closing in the second half of 2003.
"In view of our strategy to strengthen our capital base, and in the context of an Italian insurance market currently undergoing a phase of consolidation, we have chosen to realize the value of Winterthur's strong performance in Italy", Winterthur Group CEO Leonhard Fischer said. "The offer from Unipol is uniquely attractive and gives us greater financial flexibility to grow selectively in other markets."
Winterthur Italy writes both life and non-life business. In 2002, aggregate premium volume was EUR 2.04 billion. Winterthur Italy offers tailor-made, innovative and high-quality insurance products to approximately 1.9 million customers and employs a staff of approximately 1,600.
Enquiries: Winterthur, Media Relations Tel. +41 52 261 77 44
Credit Suisse Group, Media Relations Tel. +41 1 333 88 44
Credit Suisse Group, Investor Relations Tel. +41 1 333 45 70
This press release can be accessed on Credit Suisse Group's website at: www.credit-suisse.com
Winterthur Group Winterthur Group is a leading Swiss insurance company with head office in Winterthur and, as an international company, ranks among the top six providers of primary insurance in Europe. The Group provides a broad range of property and liability insurance products, as well as insurance solutions in life and pensions that are tailored to the individual needs of private and corporate clients. With approximately 32,000 employees worldwide, Winterthur Group achieved a premium volume of CHF 37.4 billion in 2002 and reported assets under management of CHF 142.7 billion as of March 31, 2003.
Credit Suisse Group
Credit Suisse Group is a leading global financial services company headquartered in Zurich. The business unit Credit Suisse Financial Services provides private clients and small and medium-sized companies with private banking and financial advisory services, banking products, and pension and insurance solutions from Winterthur. The business unit Credit Suisse First Boston, an investment bank, serves global institutional, corporate, government and individual clients in its role as a financial intermediary. Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and Frankfurt, and in the form of American Depositary Shares (CSR) in New York. The Group employs around 73,000 staff worldwide. As of March 31, 2003, it reported assets under management of CHF 1,160.5 billion.
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