CORRECT: Zurich Has Contingency Plan For Potential Greek Euro Exit

Zurich Insurance Group AG (ZURN.VX) has contingency plans in place should Greece end up leaving the euro zone, Chief Financial Officer Pierre Wauthier said Thursday, adding that the insurer has almost no Greek investments left in its portfolio.

Speaking to reporters on a conference call to detail earnings, Wauthier said the company is looking at different scenarios as part of its risk-management processes.

Zurich's exposure to Spain and Italy remained relatively stable during the first quarter and was limited, he said.

Zurich Insurance has a total of $69 billion invested in government and government related bonds. About $4 billion is held in Spanish bonds and about $6 billion in Italian bonds. The Greek exposure amounts to about $1 million, Wauthier said.

-By Anita Greil, Dow Jones Newswires; +41 43 443 8044; anita.greil@dowjones.com

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