Zurich Financial Reports $100M Realized WorldCom Loss

August 12, 2002

Swiss insurer Zurich Financial Services AG reports it has a realized capital loss of approximately $100 million on investments related to WorldCom Inc., according to a Dow Jones report.

A Zurich spokesperson said the losses were not related to insurance activities, but rather investment portfolios.

WorldCom, which filed for bankruptcy a month ago and listed $107 billion in total assets and $41 billion in debts, reported it discovered an additional $3.3 billion of improperly booked earnings, and indicated it will likely write off $50.6 billion of goodwill and other intangible assets.