Swiss Life
Encyclopedia
The Swiss Life Group is the largest life insurance
company of Switzerland
. The firm is headquartered is in Zurich
. The Swiss Life Group has 7,500 employees and had assets under management
of approximately CHF
133 billion in 2010.
was integrally involved in the development of the cooperative
. The goal of the company was to provide Swiss families a sufficiently solid foundation by providing insurance against the uncertainties of life. In 1866 Widmer obtained a license in Prussia
. A year later, the annuity establishment had business operations in Hamburg
and Bremen
. The German branch split from the company. All of the policies were hand written in Zurich. Beginning in 1894, the establishment was one of the first insurance institutions to offer occupational insurance. Between 1866 and 1987, Rentenanstalt expanded to Germany, France, the Netherlands, Belgium, Great Britain, Spain, Luxembourg and Italy.
In 1988 it took over La Suisse insurance company in Lausanne
.
in December 2004.
In November 2007, Swiss Life sold off Banca del Gottardo for 1.775 billion CHF
. On December 3, 2007, Swiss Life announced that it had launched a takeover bid of AWD Holding
. On March 13, 2008, Swiss Life had successfully acquired a total of 86.2% of AWD.
, accident insurance as well as annuity insurance and life insurance
.
, the Orchestre de la Suisse Romande. Additionally, Swiss Life is a partner of Circus Knie
.
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
company of Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
. The firm is headquartered is in Zurich
Zürich
Zurich is the largest city in Switzerland and the capital of the canton of Zurich. It is located in central Switzerland at the northwestern tip of Lake Zurich...
. The Swiss Life Group has 7,500 employees and had assets under management
Assets under management
Assets under management is a financial term used denote the market value of funds being managed by a financial instutition on behalf of its clients, investors, depositors, etc. This metric is a sign of size and success against competition...
of approximately CHF
Swiss franc
The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. Although not formally legal tender in the German exclave Büsingen , it is in wide daily use there...
133 billion in 2010.
Foundation and growth
Conrad Widmer established Schweizerische Rentenanstalt in 1857 as the first life insurance company in Switzerland. Alfred EscherAlfred Escher
Alfred Escher was a Swiss politician and railway entrepreneur. A member of the Swiss National Council from 1848 to his death 1882, he presided over the council three times ....
was integrally involved in the development of the cooperative
Cooperative
A cooperative is a business organization owned and operated by a group of individuals for their mutual benefit...
. The goal of the company was to provide Swiss families a sufficiently solid foundation by providing insurance against the uncertainties of life. In 1866 Widmer obtained a license in Prussia
Prussia
Prussia was a German kingdom and historic state originating out of the Duchy of Prussia and the Margraviate of Brandenburg. For centuries, the House of Hohenzollern ruled Prussia, successfully expanding its size by way of an unusually well-organized and effective army. Prussia shaped the history...
. A year later, the annuity establishment had business operations in Hamburg
Hamburg
-History:The first historic name for the city was, according to Claudius Ptolemy's reports, Treva.But the city takes its modern name, Hamburg, from the first permanent building on the site, a castle whose construction was ordered by the Emperor Charlemagne in AD 808...
and Bremen
Bremen
The City Municipality of Bremen is a Hanseatic city in northwestern Germany. A commercial and industrial city with a major port on the river Weser, Bremen is part of the Bremen-Oldenburg metropolitan area . Bremen is the second most populous city in North Germany and tenth in Germany.Bremen is...
. The German branch split from the company. All of the policies were hand written in Zurich. Beginning in 1894, the establishment was one of the first insurance institutions to offer occupational insurance. Between 1866 and 1987, Rentenanstalt expanded to Germany, France, the Netherlands, Belgium, Great Britain, Spain, Luxembourg and Italy.
In 1988 it took over La Suisse insurance company in Lausanne
Lausanne
Lausanne is a city in Romandy, the French-speaking part of Switzerland, and is the capital of the canton of Vaud. The seat of the district of Lausanne, the city is situated on the shores of Lake Geneva . It faces the French town of Évian-les-Bains, with the Jura mountains to its north-west...
.
Going corporate
In 1997 under the management of Martin Lopez, Rentenanstalt changed from a cooperative into a publicly traded company. In 1998 Rentenstalt/Swiss Life shares debuted on the SMI index. SwissLife then advanced on a expansionary strategy acquiring Livit, Banca del Gottardo, the Lloyd Continental and UTO Albis in 1999, Schweizerische Treuhandgesellschaft in 2000, a takeover of the real estate properties of Oscar Weber Holding AG in 2001. Finally in 2002, new acquisitions ceased as the company looked to restructure as many felt it was too big.Restructuring
In 2003, the company changed its name to Swiss Life for all its operations except in the Netherlands where is remains under the old name Zwitser Leven. It sold its British operations to Resolution Life GroupResolution plc
Resolution plc was a UK insurance company headquartered in the City of London. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but was acquired by the Pearl Group in May 2008.-Early history:...
in December 2004.
In November 2007, Swiss Life sold off Banca del Gottardo for 1.775 billion CHF
Swiss franc
The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. Although not formally legal tender in the German exclave Büsingen , it is in wide daily use there...
. On December 3, 2007, Swiss Life announced that it had launched a takeover bid of AWD Holding
AWD Holding
AWD Holding AG is one of the largest German financial services companies. Its main focuses are financial investments, building society savings, and insurance geared towards private households with average incomes...
. On March 13, 2008, Swiss Life had successfully acquired a total of 86.2% of AWD.
Products
Swiss Life offers for both individuals and corporations policies a variety of policies including disability insuranceDisability insurance
Disability Insurance, often called DI or disability income insurance, is a form of insurance that insures the beneficiary's earned income against the risk that a disability will make working uncomfortable , painful , or impossible...
, accident insurance as well as annuity insurance and life insurance
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
.
Sponsorship
Swiss Life is a sponsor of the Swiss National Football Team, the Zurich Chamber OrchestraZurich Chamber Orchestra
The Zurich Chamber Orchestra is a Swiss chamber orchestra based in Zurich. The ZKO's principal concert venue in Zurich is the Tonhalle. The ZKO also performs in Zurich at the Rietberg Museum, the ZKO-Haus in the Seefeld quarter of the city, and such churches as the Fraumünster and the Kirche St....
, the Orchestre de la Suisse Romande. Additionally, Swiss Life is a partner of Circus Knie
Circus Knie
Circus Knie is the largest circus of Switzerland, based in Rapperswil.The circus was founded in 1803 by the Knie family and has existed in its present form since 1919 when it changed from an open arena to a covered tent. The circus has been long famous for its animals and now operates a zoo and a...
.