Zurich Insurance Group AG let go of more than 12 employees amid enforcement proceedings by the Swiss regulator Finma, Chief Executive Officer Mario Greco said.<\/p>\n
The regulator also imposed a sales ban on some policies in Zurich\u2019s corporate life and pensions unit in Switzerland, Greco said in an interview Monday. The enforcement proceeding began after Swiss customers of the unit were sold policies \u2014 which are highly regulated \u2014 at lower prices than agreed upon with Finma, Greco said.<\/p>\n
\u201cThe regret is that we should have found it ourselves, which we didn\u2019t despite all the audits and checks that we do,\u201d Greco said. Remediation steps hadn\u2019t been followed, which led to the enforcement proceeding, he said.<\/p>\n
The unit within the Swiss business can for the time being now only serve existing customers, and it\u2019s unclear how long the probe will last. The unit generates annual profits of around 20 million Swiss francs ($24.4 million) a year, meaning the ban will have \u201cno impact\u201d on the group\u2019s bottom line, he said.<\/p>\n
A spokesperson for Finma declined to comment on the matter. The enforcement proceeding was first reported by Swiss newspaper Blick.<\/p>\n
Finma has taken a more assertive stance with firms under its watch since the collapse of Credit Suisse in 2023. Another major Swiss institution, Julius Baer Group Ltd., is currently being prevented from conducting share buybacks amid an ongoing investigation by Finma into risk-control lapses related to the Signa real estate bankruptcy.<\/p>\n
Zurich saw robust profitability in 2025, with net income up 17% in the year. The company has also been active in the takeover market, and is currently working on the integration of specialty insurer Beazley Plc after an $11 billion acquisition.<\/p>\n
As part of its supervisory role, Finma said it continuously monitors compliance by banks, insurers and other firms with financial market laws, and intervenes where it deems necessary. Enforcement proceedings are among a number of measures Finma can pursue to ensure that a license holder\u2019s compliance is restored. The regulator frequently keeps the proceedings confidential.<\/p>\n
Zurich shares fluctuated in Zurich on Monday, and were up 0.2% at 5:14 p.m.<\/p>\n
Zurich is set to report second-quarter earnings on Aug. 6.<\/p>\n
Photograph: Zurich Insurance Group CEO Mario Greco; photo credit: Betty Laura Zapata\/Bloomberg<\/p>\n
Copyright 2026 Bloomberg.<\/p>\n
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