Zurich Insurance Group facts for kids
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Headquarters at Mythenquai
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Formerly
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| Aktiengesellschaft | |
| Traded as | SIX: ZURN |
| Industry | Financial services |
| Founded | 1872 |
| Headquarters | Zürich, Switzerland |
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Key people
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Michel Liès, Chairman Mario Greco, CEO |
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| Revenue |  US$ 69.87 billion (2021) |
| Total assets |  US$435.826 billion (2021) |
| Total equity | US$39.170 billion (2021) |
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Number of employees
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56,000 (2021) |
Zurich Insurance Group Ltd is a big insurance company from Zürich, Switzerland. It's the largest insurance company in Switzerland. In 2021, Forbes magazine said it was the 112th largest public company in the world.
Zurich is a worldwide insurance company. It has three main parts: General Insurance, Global Life, and Farmers. Zurich has about 55,000 employees and helps customers in 215 countries and places. The company's shares are traded on the SIX Swiss Exchange, which is like a stock market in Switzerland.
Contents
How Zurich Started and Grew
Early Days (1872–1998)
Zurich started in 1872. It was first called "Versicherungs-Verein" and helped other insurance companies. Its first main job was to insure things being transported, like goods on ships.
In 1875, the company started offering accident insurance. It changed its name to Transport- und Unfall-Versicherungs-Actiengesellschaft "Zurich". By 1880, Zurich stopped insuring transport because it lost a lot of money.
Expanding Across Europe and Beyond
By 1894, Zurich got permission to do business in many countries like Austria, France, Germany, and Spain. It changed its name again to "Zurich" "Allgemeine Unfall- und Haftpflicht-Versicherungs-Gesellschaft" because it focused on accident and liability insurance (which protects you if you cause harm to others).
In 1912, Zurich bravely entered the United States market. It started in states like New York and Illinois. This was a big step for the company.
Growing with New Companies
Zurich bought its first whole company in 1915 in Spain. In 1922, it created "Vita Lebensversicherungs-Gesellschaft," a new company just for life insurance. This new company quickly grew into other countries. Zurich also opened offices in the United Kingdom and Canada.
In 1925, Zurich became the official insurer for all new Ford cars in Great Britain. Over the years, Zurich bought many other companies around the world to grow even bigger.
Fitness Trails and Investments
In 1968, "Vita Lebensversicherungs-Gesellschaft" helped create the first Vita Parcours in Switzerland. These are like outdoor fitness trails. In 1990, Zurich started ZIM (Zurich Investment Management) to help manage money for investors.
Later, in 1993, "Vita" became "Zurich" Life Insurance Company. The name "Vita" is still used for the "Stiftung Vita Parcours" foundation, which helps with the fitness trails.
Zurich Financial Services (1998–2012)
In 1998, Zurich joined with the financial part of British American Tobacco. They formed "Zurich Financial Services." This made the company even larger and more global.
By 2002, Zurich Financial Services decided to focus mainly on financial products and services related to insurance. The company started making good profits again in 2003, after a tough year.
In 2011, Zurich made a big deal with Banco Santander SA. They agreed to work together for 25 years in Latin America.
Zurich Insurance Group (Since 2012)
In April 2012, Zurich Financial Services Ltd changed its name back to its original, shorter name: Zurich Insurance Group Ltd. The company said this new name better showed that its main focus was on insurance.
In 2018, Zurich Spain launched Klinc. This is a digital company that offers online insurance plans for things like cars, homes, and devices. Klinc also supports sporting events to promote a healthy lifestyle.
In 2021, Zurich bought Special Insurance Services, a company based in Texas. In 2022, Zurich sold part of its life and pension business in Italy to another company called GamaLife.
A Small Change to the Logo
In March 2022, Zurich Insurance Group stopped using its short logo (a white Z in a blue circle). This was because the "Z" symbol became linked to the Russian invasion of Ukraine.
What Zurich Does
Zurich has three main parts that help different kinds of customers:
General Insurance
This part of Zurich helps individuals, small businesses, and large international companies. They offer insurance for cars, homes, and many types of businesses.
Global Life
Global Life offers different kinds of life insurance. They also help people save money, invest, and plan for their retirement (pensions).
Farmers
Zurich's Farmers segment works with Farmers Exchanges, which are insurance groups in the United States. Zurich owns Farmers RE, which helps with reinsurance for these Farmers Exchanges. Zurich's Farmers Insurance Group is one of the largest insurance groups in the United States.
Working with MetLife
In 2020, Zurich bought the property and casualty insurance part of MetLife. This deal also included a 10-year agreement for Farmers and MetLife to work together.
Zurich Around the World
Zurich Ireland
Zurich Insurance plc (ZIP) is Zurich's company in Ireland. It's a very important part of Zurich Insurance Group for selling non-life insurance in Europe. ZIP sells insurance across the European Union from its main office in Ireland and other branches.
Zurich North America
Zurich started working in the US and Canadian markets in 1912. Today, it's a top provider of commercial property and casualty insurance there. It helps many different industries, like car companies, farms, construction, and technology.
Helping Communities
Zurich cares about helping communities.
In 2009, Zurich won an award for "Best Insurance Services" from Charity Times. The Zurich Community Trust in the UK has given over £60 million to charities since 1972. They help more than 600 charities each year and make a difference for over 80,000 people.
Zurich also supports SBP, a group that helps communities recover after disasters. Zurich employees and customers have volunteered with SBP to rebuild homes. In 2014, the Z Zurich Foundation gave SBP a $3 million grant. This money helped create a "Disaster Resilience and Recovery Lab" to teach communities how to be stronger against future disasters.
In 2011, Zurich launched "My Community Starter," a free online tool to make it easier for people to get involved in community activities. In 2013, Zurich started a global program to help communities deal with floods. They work with the International Federation of Red Cross and Red Crescent Societies (IFRC) to make this program successful.
Images for kids
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Zurich offices in Madrid, Spain
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See also
In Spanish: Zurich Insurance Group para niños
- Zurich Art Prize
