Swiss Life To Cut Around 600 Positions By 2028 Despite 8% Profit Growth

Swiss Life plans to reduce around 600 positions by the end of 2028 as part of an efficiency and digitalization push, even as the insurer reported higher profit, stronger fee income and improved returns for the first half of 2026.

 

TL;DR

 

• Swiss Life plans to reduce around 600 positions by the end of 2028.
• Most reductions are expected through natural attrition, while around 100 redundancies are expected by the end of 2026.
• Roughly half of the affected positions are in Switzerland.
• The announcement came as net profit rose 8% to CHF 649 million.
• Swiss Life is linking the restructuring to efficiency and digitalization.

 

Swiss Life has announced plans to reduce around 600 positions by 2028 as it looks to improve efficiency and position the business for growth beyond its current "Swiss Life 2027" strategy.

The company said most of the workforce reductions will occur through natural attrition rather than direct redundancies.

Around half of the affected positions will be at Swiss Life in Switzerland, while the remaining half will be at Swiss Life Asset Managers, mainly outside Switzerland. Reuters also reported that half of the reductions will affect Switzerland.

 

Around 100 Redundancies Expected In 2026

 

Swiss Life has already reduced around 100 positions by selectively filling vacancies as part of the restructuring effort.

The insurer now expects approximately 100 redundancies by the end of 2026.

The company said affected employees will receive individual assistance and support as they look for new professional opportunities.

This distinction is important because Swiss Life is not describing all 600 planned reductions as layoffs.

Most of the positions are expected to disappear through attrition over the next two years, while the confirmed direct redundancy figure currently stands at around 100 for 2026.

 

Swiss Life Links Job Reductions To Digitalization

 

Swiss Life said the workforce changes are part of a wider effort to improve operational efficiency and prepare the company to grow beyond 2027.

CEO Matthias Aellig said the insurer wants to strengthen its market position and efficiency while leveraging advancing digitalization for future growth.

According to Aellig, the company wants to move quickly when new market opportunities emerge while maintaining a more focused operating structure.

Reuters similarly reported that the reductions are intended to improve efficiency across Swiss Life operations.

The restructuring reflects a broader pattern in which financial services companies are increasing automation and digitalization while reconsidering how many roles are required across traditional operations.

However, Swiss Life did not say that automation or artificial intelligence directly caused the planned job reductions.

Job Cuts Come As Profit Rises 8%

 

The workforce reduction announcement came alongside stronger financial results for the first half of 2026.

Swiss Life reported net profit of CHF 649 million, representing an 8% increase from the previous year.

Profit from operations increased 8% in local currency to CHF 967 million, while the company's fee result increased 11% to CHF 430 million.

Its return on equity also improved to 20.2%, compared with 17.6% during the first half of 2025.

Premium income reached CHF 12.3 billion, up 3% in local currencies, with Reuters noting that Swiss business helped drive premium growth.

Swiss Life also reported fee income of CHF 1.34 billion, up 7% in local currency.

Aellig said the company recorded growth across both its fee and insurance businesses and remained on track to meet the financial targets set under its Swiss Life 2027 program.

 

Swiss Life Also Announces CHF 250 Million Buyback

 

Alongside the restructuring and financial results, Swiss Life announced another share repurchase program worth CHF 250 million.

The move follows the completion of its previous buyback program in May 2026.

Reuters noted that the new CHF 250 million share buyback had been widely anticipated.

The combination of higher profit, a fresh share buyback and planned workforce reductions creates the clearest contrast in Swiss Life's latest announcement.

For employees, however, the immediate impact remains more limited than the headline figure might suggest.

Swiss Life currently expects around 100 redundancies by the end of 2026, while the broader reduction of around 600 positions is expected to take place gradually through the end of 2028, largely through natural attrition.