Zurich Insurance Dismisses 12+ Staff After Swiss Regulator Sales Ban

Zurich Insurance Group AG announced that more than 12 employees were let go following enforcement proceedings by the Swiss Financial Market Authority (Finma). Finma imposed a partial sales ban on certain life‑insurance policies offered by Zurich’s corporate life and pensions unit after the unit sold policies to Swiss customers at prices lower than those approved by the regulator.

Chief Executive Officer Mario Greco said the affected unit, which generates about 20 million Swiss francs in annual profit, can continue to service existing customers but cannot sell new policies. He added that the ban will have “no impact” on the group’s overall financial results. Finma declined to comment, noting its heightened supervisory role after the 2023 Credit Suisse collapse. The investigation’s duration remains unclear, and Zurich is preparing its second‑quarter earnings report for early August.