- Swiss Life plans to cut around 600 jobs globally by the end of 2028 to streamline operations
- About half of the job cuts will be in Switzerland, mainly affecting its domestic insurance business
- Most workforce reduction will be through natural attrition and selective hiring, not widespread layoffs
Swiss insurer Swiss Life plans to cut around 600 jobs globally by the end of 2028 as part of a push to streamline operations, speed up digitalisation and support long-term growth.
About half of the cuts will be in Switzerland, mainly in its domestic insurance business. The remaining reductions will largely affect the international operations of Swiss Life Asset Managers.
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The company said most of the workforce reduction will be achieved through natural attrition and selective hiring rather than widespread layoffs. Around 100 redundancies are expected by the end of 2026, with the broader reduction to be implemented over the following two years.
Swiss Life said the restructuring is aimed at strengthening its market position, improving operational efficiency and using digital tools to capture new business opportunities. CEO Matthias Aellig said the company intends to become more efficient while positioning itself for continued growth beyond 2027, reported Reuters.
The workforce announcement came alongside Swiss Life's first-half 2026 financial results, which showed stronger performance. Net profit increased 8% to CHF 649 million, while operating profit rose 8% to CHF 967 million in local currencies, Global banking and finance reported.
Premiums increased 3% year-on-year to CHF 12.3 billion, supported by a 7% rise in the company's domestic Swiss market. Fee income also climbed 7% to CHF 1.34 billion.
Alongside the restructuring plans, Swiss Life announced a new CHF 250 million share buyback programme, scheduled to run from October 1, 2026, through March 2027. The programme follows the completion of a previous CHF 750 million buyback in May.
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The planned workforce reduction highlights Swiss Life's push to streamline operations and adapt to digitalisation despite continued profitability and revenue growth. The company said the measures are intended to create a more efficient operating structure while supporting expansion opportunities in its core insurance and asset-management businesses.
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