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also traded via OTCQX
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| company_logo = [[Image:Zurich Financial.svg|190px]]
| company_logo = [[Image:Zurich Financial.svg|190px]]
| company_type = [[Aktiengesellschaft]]
| company_type = [[Aktiengesellschaft]]
| traded_as = {{SWX|ZURN}}
| traded_as = {{SWX|ZURN}}<br>{{OTCQX|ZURVY}}
| foundation = 1872
| foundation = 1872
| location = [[Zurich]], [[Switzerland]]
| location = [[Zurich]], [[Switzerland]]

Revision as of 15:51, 5 May 2012

Zurich Insurance Group Ltd.
Company typeAktiengesellschaft
SIX: ZURN
OTCQX: ZURVY
IndustryFinancial services
Founded1872
HeadquartersZurich, Switzerland
Key people
Martin Senn (CEO)
Manfred Gentz (Chairman)
Pierre Wauthier (CFO)
Kristof Terryn (COO)
ProductsLife and non-life insurance, pensions, investments
RevenueDecrease US $52.983 billion (2011)[1]
Increase US $3.797 billion (2011)[1]
Total assetsIncrease US $385.869 billion (end 2011)[1]
Total equityIncrease US $34.017 billion (end 2011)[1]
Number of employees
Approximately 60,000 (2011)
Websitewww.zurich.com

Zurich Insurance Group Ltd. (SIX: ZURN), commonly known as Zurich, is a Swiss Insurance company, headquartered in Zurich, Switzerland. Zurich Insurance Group is Switzerland’s biggest insurer.[2] As of 2011, Zurich was the world’s 79th largest public company according to Forbes’ Global 2000s list [3] and ranked 94th in Interbrands top100 brands.[4]

Zurich Insurance Group Ltd is a global insurance company which is organized into three core business segments: General Insurance, Global Life and Farmers. The company employs around 60,000 people serving customers in more than 170 countries and territories across the globe.[5]

Zurich Insurance Group Ltd is listed on the SIX Swiss Exchange and as of 2011 the Group’s Capital position was strong with shareholders equity of $31.6 billon.[6]


History

The company was founded in 1872 as a marine reinsurance under the name “Versicherungs-Verein” (Insurance Association), a subsidiary of the Schweiz Marine Company. In 2000, after a number of acquisitions, it was unified to form one holding company – Zurich Financial Services.

In April 2012, Zurich Financial Services Ltd changed its name to Zurich Insurance Group Ltd. The name change reflects that in recent years Zurich has streamlined its business portfolio to concentrate on insurance. In a statement the group explained the rationale behind the name change. “In recognition of this strategic focus, the reference to financial services in the company name has been replaced by indicating the insurance activity of the Group instead and to specify the purpose accordingly.”[7]


Timeline[8]


1872 Zurich founded as a Marine Reinsurer under the name “Versicherungs-Verein”


1875 Zurich moves into accident insurance and changes its name to Zurich Transport and Accident Limited


1880 Zurich quits the marine business after a severe loss


1894 Zurich changes its name to Zurich General Accident & Liability Insurance


Headquarters of Zurich-then called Zurich General Accicent and Liability Insurance-in Zurich about 1905

1912 Zurich gains the necessary licenses to start business in the USA


1915 Zurich purchases an entire company for the first time, Barcelona-based Hispania Compania General de Seguros


1922 Zurich enters the UK general insurance market as the first foreign insurance company to write direct accident business and starts the VITA Life Insurance Company in Switzerland


1925 Zurich becomes the official insurer for all newly-sold Ford automobiles in the UK


1929 Zurich Fire Insurance Company of New York is founded


1939 American Guarantee and Liability Company founded in New York


1955 Zurich establishes itself as a one-stop wholesale insurer and changes its name to Zurich Insurance Company


1976 The International Division is founded


1978 Risk Engineering is founded


1986 Zurich gets an insurance license for Japan


1996 Zurich Capital Markets is founded


1997 Zurich acquires a majority Interest in Scudder, Stevens & Clark, New York, a purely financial non insurance company


1998 Zurich merges with the financial services arm of UK-based BAT and becomes Zurich Financial Services


2003 Zurich Way is launched to standardise core business processes and share best practice


2005 Zurich launches its global brand campaign “Because change happenz”


2008 Zurich HelpPoint is introduced


2010 Zurich is included in the top global brands by the Interbrand ranking for the first time ever


2012 Zurich Financial Services Ltd changes its name to Zurich Insurance Group Ltd

Business structure

Zurich Insurance Group Ltd is organized into three core business segments.

General Insurance

Zurich’s General Insurance serves individuals, small and medium-sized businesses and major multinational corporations with motor, home, and commercial products and services.

Global Life

Zurich’s Global Life offers leading life insurance,[9] savings, investment and pension solutions to customers.

Farmers

Zurich’s Farmers segment includes farmers management services, which provides non-claims related management services to the Famers Exchanges (not owned by Zurich), as well as the Farmers RE business which includes reinsurance assumed from the Farmers Exchange by the Group. Zurich’s Farmers Insurance Group is the third largest insurance group in the United States.[10]

Group Executive Committee

Zurich’s Group Executive Committee deals with financial, business and strategic policy issues that impact the Group:


Chief Executive Officer: Martin Senn


CEO of Farmers Group, Inc: Jeff Dailey


CEO North America Commercial and Regional Chairman of the Americas: Mike Foley


CEO General Insurance: Mario Greco


CEO Global Life: Kevin Hogan


Chief Risk Officer and Regional Chairman of Europe: Axel P Lehmann


Chief Administrative Officer: Christian Orator


Chief Investment Officer: Cecilia Reyes


Regional Chairman of Asia-Pacific & Middle East: Geoffrey Riddell


Group Head of Operations: Kristof Terryn


Chief Financial Officer: Pierre Wauthier

Products

Zurich Insurance Group Ltd offers general and life insurance products for individuals, small and medium-sized business and major multinational corporations including; car insurance, home insurance, general liability insurance, life insurance and critical illness, savings and investments, pensions and retirement planning to name but a few.

Areas of business

Zurich is known for being a global insurer and has a significant presence in the world’s most attractive insurance markets. It services customers in more than 170 countries, with major operations in Europe, North America, Asia-Pacific and Latin America.[11]

Corporate governance

In 2009, Zurich was awarded Charity Times “Best Insurance Services”[12] and was short listed again in 2010.

According to the company website, The Zurich Community Trust (UK) has donated over £60 million since 1972, with the goal of addressing key social issues, by supporting over 600 charities a year, making a measurable impact on the lives of over 80,000 people.[13] Zurich was one of the first recipients of the Community Mark from Business in the Community which it has successfully retained for three years.[14]

At a group level, The Z Zurich Foundation’s mission is to help individuals and communities understand and manage risk, leveraging Zurich’s core strengths as an insurer. Zurich is achieving this aim by working with long-term partnership with select non-profit organizations such as Practical Action, the Rainforest Alliance, and the International Federation of Red Cross and Red Crescent Societies.[15] As of March 2012, Zurich reinforced its commitment to the Z Zurich foundation by making a substantial investment of $100 million.[16]

In 2011, Zurich launched a free online resource –My Community Starter – designed to make getting involved in community activities more simple.[17]

Financial performance / information

Zurich Insurance Group Ltd (“Zurich”) is listed on the SIX Swiss Exchange under the ticker ZURN. As of the 1st December 2010 there were 147,385,822 fully paid registered shares[18] and 121,715 shareholders.[19] Twenty three percent of the holding of the registered shares were private individuals (14 percent of all issued shares), seven percent were foundations and pension funds (five percent of all issued shares) and 70 percent were other legal entities (44 percent of all issued shares).[20]

In its full year results for 2011 Zurich reported a net income after tax (attributable to shareholders) of $3.8bn[21], an increase of 10% on the previous year, and a business operating profit of $4.3bn. It declared a full year dividend of CHF 17.00, to be paid in April 2012.[22]

The company has a robust capital position with a Solvency 1 ratio of 242% and a Swiss Solvency Test ratio of 190% as of 31 December 2011, far above the minimum capital requirements. The strength of Zurich’s balance sheet is reflected in the reports of the ratings agencies. As of 21 March 2011 Zurich Insurance Company Ltd was rated as ‘AA-/stable’ by Standard and Poor’s, ‘Aa3/stable’ by Moody’s, and A+/stable’ by A.M. Best.[23]


All figures below are for the year ended 31st December and are in USD millions unless stated otherwise.[24]

Year ended December 31 Revenue ($m) Profit before tax ($m) Profit after tax ($m) Basic earnings per share (CHF)
2011 52,983 4,757 3,792 25.81
2010 67,857 4,862 3,507 23.59
2009 70,272 4,531 3,236 24.39
2008 32,349 2,663 3,116 23.35

Awards/Recognitions in 2011/12

  • Zurich in top 100 global brands of 2011 (Interbrand)[25]


  • 2nd most-admired company in property and casualty insurance and 102nd in the Fortune Global 500 (Fortune))[26]


  • Zurich named Best Overall Commercial Insurer (National Underwriter)[27]


  • University of Farmers is rated the number one Corporate University (Training)[28]and its leader is rated the Learning Professional of the Year (Skillsoft)[29]


  • Life Insurer of the Year and Energy Insurer of the Year (Middle East and North Africa Insurance Review)[30]


  • Claims services received honors in Germany (TÜV Süd)[31]and Switzerland (ESPRIX)[32]


  • Zurich Japan is number one in customer satisfaction in the Japanese general insurance sector (Japanese Customer Satisfaction Index 2011 Survey)[33]


  • Zurich won Business Insurance Innovation 2011 Award for its supply chain suite of products (Business Insurance magazine)[34]


  • Zurich won Business Insurance Innovation 2012 Award for its Multinational Insurance Application (Business Insurance magazine)[35]

References

  1. ^ a b c d title=Annual Report 2011 http://www.zurich.com/annualreport2011/servicepages/downloads/files/entire_zurich_ar2011.pdf#page=2 title=Annual Report 2011. {{cite web}}: Check |url= value (help); Missing or empty |title= (help); Missing pipe in: |url= (help)
  2. ^ [1]: "Zurich Says Board Will Propose Ackermann as Chairman." Bloomberg. 13 March 2012
  3. ^ [2]: "The World's Biggest Public Companies." Forbes. Retrieved 25 April 2012
  4. ^ [3]: "Best Global Brands 2011." Interbrand. Retrieved 25 April 2012
  5. ^ [4]: "About us." Zurich.com. Retrieved 25 April 2012
  6. ^ [5]: "Zurich Financial Services CEO discusses Q4 Results-Earnings Call Transcript." Seeking Alpha. 16 February 2012
  7. ^ [6]: “Zurich name change completed.” Insurance Daily. 4 April 2012
  8. ^ [7]: "Heritage." Zurich.com. Retrieved 25 April 2012
  9. ^ [8]:"Investors' Day - Focus on Execution p34." Zurich.com. Retrieved 25 April 2012
  10. ^ [9]: "About Farmers." Farmers.com. Retrieved 25 April 2012
  11. ^ [10]:"About us." Zurich.com. Retrieved 25 April 2012
  12. ^ [11]: "2009: The Winners." The Charity Times
  13. ^ [12]:"Zurich Community Trust
  14. ^ [13]:"Business in the Community, Zurich Financial Services Ltd, the insurance-based financial services provider, has successfully retained the CommunityMark for a further three years." Business in the community. Retrieved 25 April 2012
  15. ^ [14]:"Z Zurich Foundation, Annual Report 2010 P1"
  16. ^ [15]:"Zurich invests USD 100 million into the Z Zurich Foundation and provides further evidence for the increasing social and economic role of insurance." 4-traders. 22 March 2012
  17. ^ [16]: "Fear factor holding back community volunteering." The Guardian website. Retrieved 25 April 2012
  18. ^ [17]:"Investors." Zurich.com. Retrieved 25 April 2012
  19. ^ [18]: "Shareholders information." Zurich.com. Retrieved 25 April 2012
  20. ^ [19]: "Shareholders information." Zurich.com. Retrieved 25 April 2012
  21. ^ [20]: "Zurich Insurance Group Ltd." ft.com/marketsdata. Retrieved 25 April 2012
  22. ^ [21]:"News Release:Zurich performs well in 2011 and proposes dividend of CHF 17."Zurich.com. 16 February 2012
  23. ^ [22]: "Investors." Zurich.com. Retrieved 25 April 2012
  24. ^ [23]: "Investors." Zurich. Retrieved 25 April 2012
  25. ^ [24]:"Best Global Brands 2011." Interbrand. Retrieved 25 April 2012
  26. ^ [25]:"World’s Most Admired Companies 2011." Fortune. Retrieved 25 April 2011
  27. ^ [26]:"Zurich, Annual Report 2011 P3." Zurich.com. Retrieved 25 April 2012
  28. ^ [27]:"Training: Top 125." Famers.com. January/February 2011
  29. ^ [28]:"Farmers Insurance Annette Thompson named Learning Professional of the Year by SkillSoft, a leading SaaS provider of e-learning and performance support solutions." Farmers.com. Retrieved 25 April 2012
  30. ^ [29]:"Zurich, Annual Report 2011 P3." Zurich.com. Retrieved 25 April 2012
  31. ^ [30]:"Zurich, Annual Report 2011 P3." Zurich.com. Retrieved 25 April 2012
  32. ^ [31]:"Swiss Excellence hat einen Namen." EMSCESPRIX. Retrieved 10th April 2012
  33. ^ [32]:"2011 Japan Auto Insurance Customer Satisfaction Study." 22 August 2011
  34. ^ [33]:"News Release: Zurich wins Business Insurance Innovation Award for Multinational Insurance Application." 19 March 2012
  35. ^ [34]: "News Release: Zurich wins Business Insurance Innovation Award for Multinational Insurance Application." 19 March 2012
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