This article is based on the research process for our list of the largest companies in Switzerland. The list includes contact details, fields of activities, revenues (if publicly available) and many more valuable data points.
Zurich is the largest city in Switzerland, the country’s economic powerhouse and is considered a financial center of international standing. This is also reflected in our list of Zurich’s 3 largest financial companies:
1) Zurich Insurance Group
Zurich Insurance Group is the largest Swiss insurance group and ranks among the TOP 5 on a global scale. The company was initially founded in 1872 as a reinsurance company and quickly developed into an internationally operating universal insurer. Today, the business comprises three core areas: general insurance, Global Life (life insurance, occupational pensions, pension plans in general) and Farmers (benefits and reinsurance business for the US insurance group Farmers, which is an independent part of the Group). Geographically, the business is focused on Europe and North America. In 2022, Zurich Insurance Group generated gross written premiums of USD 56.1 billion and employed nearly 60,000 people worldwide.
2) Swiss Re AG
Swiss Reinsurance Company – as a global brand: “Swiss Re” – is the world’s number 2 reinsurer after Munich Re. The company was founded in 1863 by Helvetia Versicherungen, Schweizerische Kreditanstalt and Basler Handelsbank, and today most of its shares are in free float. Beyond traditional reinsurance business, Swiss Re offers asset management, insurance-based corporate finance, risk transfer solutions and risk management to its global clientele. Net premium income in 2022 was $43.1 billion, of which just over $22 billion (51 percent) was from traditional reinsurance business. The Swiss Re Group employs more than 14,000 people worldwide.
3) UBS Group AG
UBS Group stands for the largest Swiss bank and is also one of the largest asset managers in the world. Founded in 1862, the “Bank in Winterthur” is considered the nucleus of UBS. Today’s group was formed by the merger of Union Bank of Switzerland and Swiss Bank Corporation in 1998. Another milestone is currently the acquisition of Credit Suisse in March 2023. The “emergency merger”, which took place with government support, was triggered by economic difficulties at Credit Suisse. UBS had total assets of $1,104.1 billion at the end of 2022 and employed over 72,000 people. Credit Suisse is contributing approximately $531 billion in total assets and over 50,000 employees to the merger.
Picture source: Henrique Ferreira via Unsplash (29.04.2023)