Swiss Life to Cut Up to 600 Jobs by 2028

Global Insurance Desk: Swiss Life announced on Tuesday that it intends to reduce its workforce by as many as 600 positions by the end of 2028 as part of efforts to boost operational efficiency and support longer-term growth.

Roughly half of those roles are expected to come from the company’s Swiss insurance operations, with the remainder drawn mainly from its asset management business outside Switzerland. The Zurich-based insurer, which currently employs around 11,000 people, said the bulk of the reduction would occur through natural staff turnover rather than large-scale forced departures.

Management has already trimmed about 100 positions by filling vacancies more selectively, and it anticipates a further 100 reductions by the close of this year. Affected employees will receive individual support as they seek new opportunities.

Chief Executive Matthias Aellig framed the move as necessary preparation for profitable expansion beyond 2027.

“We want to sustainably expand our business beyond 2027. This entails strengthening our position and our efficiency – also by leveraging the advancing digitalisation – to enable us to quickly capture further market opportunities in a focused manner,” he said in the company’s statement.

The announcement coincided with solid first-half results. Gross written premiums rose 3 percent in local currencies to 12.3 billion Swiss francs, helped by 7 percent growth in the domestic market. Profit from operations reached 967 million francs, while net profit climbed 8 percent to 649 million francs.

Swiss Life also launched a new 250 million franc share buyback programme after completing its previous one in May.

The timing of the efficiency drive, even as results remain healthy, reflects a broader industry focus on cost discipline and technology-driven productivity gains. Swiss Life, Switzerland’s largest life insurer and a significant real estate investor, indicated that digital tools would play a central role in allowing the organisation to operate more leanly while pursuing new market openings.

The company stressed that the changes form part of a deliberate strategy to remain competitive rather than a response to immediate financial pressure.