6 Largest insurance Companies from Switzerland- According to Annual Report of 2021, there are 6 Largest insurance Companies from Switzerland. Basically, these companies have huge market of insurance products inside the Switzerland and foreign countries around the world.
Principally, the economy of Switzerland is one of the world’s most highly-developed economic with Gross Domestic Products (GDP) around 812 billion US Dollars and GDP per capita around 93,457 US Dollars in 2021 based on the World Bank Database. Overall, it makes Switzerland as one of the World’s largest GDP per capital in 2021 beside Liechtenstein, Monaco, Luxembourg, Bermuda, Ireland, and Norway.
Based on the composition of its economy, the service contributes around 70% and become the main contributors to Value added of GDP to Switzerland. One of the main contributors in service sector is the insurance industries. In Insurance industries, The Swiss insurance market consist of some products including life insurers, non-life insurers, supplementary health insurers, reinsurers and captives. in 2021, total earned premium in Switzerland of Life insurance around 23.1 billion Swiss Franc (CHF) and Non-life around 29.9 billion Swiss Franc (CHF).
Based on the insurance companies in Switzerland, there are some Largest Insurance Companies from Switzerland that have huge markets. Here are the famous insurance companies from Switzerland in 2021. All the data came from Annual report of each insurance company in 2021.
The rank of 6 Largest insurance Companies from Switzerland Based on Assets in 2021
| Rank | Insurance Companies From Switzerland | Assets | Assets | Liabilities | Liabilities |
|---|---|---|---|---|---|
| Origin Currency | US Dollar | Origin Currency | US Dollar | ||
| 1 | Zurich Insurance Group | 435 Billion US Dollar | 435 Billion US Dollar | 396 Billion US Dollar | 396 Billion US Dollar |
| 2 | Swiss Life | 240 Billion CHF | 242 Billion US Dollar | 223 Billion CHF | 225 Billion US Dollar |
| 3 | Chubb | 200 Billion US Dollar | 200 Billion US Dollar | 140 Billion US Dollar | 140 Billion US Dollar |
| 4 | Swiss Re | 181 Billion US Dollar | 181 Billion US Dollar | 157 Billion US Dollar | 157 Billion US Dollar |
| 5 | Bâloise | 89.9 Billion CHF | 90.7 Billion US Dollar | 82.6 Billion CHF | 83.4 Billion US Dollar |
| 6 | Helvetia Holding | 69.7 Billion CHF | 70.3 Billion US Dollar | 62.5 Billion CHF | 63.1 Billion US Dollar |
| Origin Currency = Currency officially used in Annual Report 2021 | |||||
| US Dollar = Currency in US Dollar after coverting from Oirigin Currency | |||||
| Currency Rate : 1 Swiss Franc (CHF) = 1.01 US Dollar (USD) | |||||
| Source : Annual Report, 2021 | |||||
The rank above was composed by Assets of company in 2021. All of the data was obtained from Balance sheet, Annual Report in 2021. Balance sheet basically describes the conditions of financial positions of the insurance companies. The balance sheet consists of Assets, Liabilities, and Equities. The Assets is the physical and non-physical properties that company has possessed in specific periods of time. Furthermore, the liabilities are the debts and obligations that companies have to be paid off in the futures. Lastly, the Equities or commonly known as net-assets is the difference between assets and liabilities.
The Rank of 6 Largest insurance Companies from Switzerland Based on Net Income in 2021
| Rank | Insurance Companies From Switzerland | Revenue | Revenue | Net Income | Net Income |
|---|---|---|---|---|---|
| Origin Currency | US Dollar | Origin Currency | US Dollar | ||
| 1 | Chubb | 40.9 Billion US Dollar | 40.9 Billion US Dollar | 8.5 Billion US Dollar | 8.5 Billion US Dollar |
| 2 | Zurich Insurance Group | 69 Billion US Dollar | 69 Billion US Dollar | 5.4 Billion US Dollar | 5.4 Billion US Dollar |
| 3 | Swiss Re | 46.7 Billion US Dollar | 46.7 Billion US Dollar | 1.4 Billion US Dollar | 1.4 Billion US Dollar |
| 4 | Swiss Life | 22.2 Billion CHF | 22.42 Billion US Dollar | 1.25 Billion CHF | 1.26 Billion US Dollar |
| 5 | Bâloise | 10.5 Billion CHF | 10.6 Billion US Dollar | 583 Million CHF | 588 Million US Dollar |
| 6 | Helvetia Holding | 12.5 Billion CHF | 12.6 Billion US Dollar | 519 Million CHF | 524 Million US Dollar |
| Origin Currency = Currency officially used in Annual Report 2021 | |||||
| US Dollar = Currency in US Dollar after coverting from Oirigin Currency | |||||
| Currency Rate : 1 Swiss Franc (CHF) = 1.01 US Dollar (USD) | |||||
| Source : Annual Report, 2021 | |||||
The rank above was composed based on the Net income of the company in 2021. All of the data was obtained from Income statements, Annual Report in 2021. Income statements basically can describe the business performance in specific time. The loss or profit of the company can be looked at the income statements.
Brief Description of 6 Largest insurance Companies from Switzerland
1.Zurich Insurance Group
Zurich Insurance Group Ltd is a Swiss insurance company that has main office in Zürich. Historically, this company was founded on 1872. Along with business development from time to time, this insurance company have employed around 50 thousand of people. Financially, in 2021, the company has assets around 435 billion US Dollars with liabilities around 396 billion US Dollars. Based on the business performance in 2021, Zurich insurance can generate revenue around 69 billion US Dollars with Net income 5.4 billion US Dollars.
2.Swiss Life
The Swiss Life Group is one of the largest insurance companies from Switzerland that has main office in Zurich. Historically, Conrad Widmer found this insurance company in 1857. Nowadays, beside in Switzerland this company has some markets in Europe countries. Financially, in 2021, the company, Swiss Life, has assets around 240 billion CHF / 242 billion US Dollars with Liabilities around 223 billion CHF / 225 billion US Dollars. Based on the financial performance in 2021, the company can generate the revenue around 22.2 billion CHF / 22.42 billion US Dollars with Net Income around 1.25 billion CHF / 1.26 billion US Dollars.
3.Chubb
Chubb is the Switzerland insurance that has main office in Zurich. Historically, Thomas Caldecot Chubb started this insurance company. Along with the business development of the company, Chubb has employed more than 20 thousand of people. Financially, in 2021, the company has assets around 200 billion US Dollars with Liabilities around 140 billion US Dollars. Based on the business performance in 2021, the company can generate revenue around 40.9 billion US Dollars with reaping Net income around 8.5 billion US Dollars.
4.Swiss Re
Swiss Reinsurance Company Ltd known as Swiss Re is the insurance company that has main office in Zurich, Switzerland. Historically, this company was founded on December 19th, 1863. Along with business development of the company, Swiss Re has employed around 15 thousand of people. Financially, in 2021, the company has assets around 181 billion US Dollars and Liabilities 157 billion US Dollars. Based on the business performance, in 2021, the company can generate revenue around 46.7 billion US Dollars with net income around Net Income 1.4 billion US Dollars.
5.Bâloise
Bâloise Holding AG is a Swiss insurance holding company that has main office in Basel. Historically, this company started its business in 1863. Along with business development, the company has employed around 7.3 thousand of people. Financially, according to balance sheet of annual report in 2021, the company has assets around 89.9 billion CHF / 90.7 billion US Dollars with liabilities around 82.6 billion CHF / 83.4 billion US Dollars. Based on the business performance in 2021, the company can generate revenue 10.5 billion CHF / 10.6 billion US Dollars and net income around 583 million CHF / 588 million US Dollars.
6.Helvetia Holding
Helvetia is Swiss insurance group that has main office in St. Gallen, Switzerland. Historically, this company was founded in 1858. Financially, in 2021, according to Balance sheet, the company have assets around 69.7 billion CHF / 70.3 billion US Dollars with liabilities around 62.5 billion CHF / 63.1 billion US Dollars. Based on business performance in 2021, the company can generate revenue around 12.5 billion CHF / 12.6 billion US Dollars with Net Income around 519 million CHF / 524 million US Dollars.
Bibliography of 6 Largest insurance Companies from Switzerland
Zurich Insurance Group. 2022. Annual Report 2021. Accessed via https://www.zurich.com/en/investor-relations/results-and-reports on May 27th, 2023.
Swiss Life. 2022. Annual Report 2021. Accessed via https://www.swisslife.com/en/home/investors/results-and-reports.html on May 27th, 2023.
Chubb 2022. Annual Report 2021. Accessed via https://investors.chubb.com/financials/annual-reports/default.aspx on May 27th, 2023.
Swiss Re. 2022. Annual Report 2021. Accessed via https://reports.swissre.com/2021 on May 27th, 2023.
Bâloise. 2022. Annual Report 2021. Accessed via https://www.baloise.com/en/home/investors/publications/financial-statements.html on May 27th, 2023.
Helvetia Holding. 2022. Annual Report 2021. Accessed via https://www.helvetia.com/corporate/web/en/home/investors/publications/annual-results.html on May 27th, 2023.
Swiss Insurance Assocation. 2022.Premium Volume and Key Figures. Accessed via https://www.svv.ch/en/sia/sia-publications/facts-and-figures/facts-and-figures/premium-volume-and-key-figures on May 27th, 2023.
The World Bank.2022. GDP (current US$) – Switzerland. Accessed via https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=CH on May 27th, 2023.