Swiss Life Layoffs: Insurer To Cut 600 Jobs by End-2028 in Efficiency Drive
Swiss Life plans to cut 600 jobs by the end of 2028 through natural attrition as part of an efficiency drive. The move follows strong H1 2026 results showing an 8 per cent profit rise. The restructuring aims to save CHF 150 million annually from 2029. The planned job reductions will be split roughly evenly across the group.
Swiss Life Holding AG announced plans to reduce its global workforce by approximately 600 positions by the end of 2028 as part of a broad operational efficiency drive. The workforce optimisation plan was unveiled alongside the company's financial results for the first half of 2026.
Efficiency Drive and Targeted Reductions
The planned job reductions will be split roughly evenly across the group, Swiss Life said. Around half of the positions will be eliminated within Swiss Life’s domestic insurance operations in Switzerland, while the remaining half will come from Swiss Life Asset Managers, primarily in international markets. Amazon Layoffs: 121 Employees in Washington State Affected by October Job Cuts.
The insurer intends to implement the adjustments gradually over more than two years, relying largely on natural attrition rather than immediate, large-scale redundancies. This approach involves leaving vacancies unfilled as employees retire or depart. The company noted that about 100 positions have already been phased out through selective hiring controls, with another 100 reductions anticipated by the close of 2026.
Financial Context and Strong First-Half Performance
The restructuring announcement comes from a position of financial stability rather than distress. Swiss Life reported a robust set of figures for the first half of 2026, including an 8 per cent increase in net profit to CHF 649 million. Gross written premiums rose 3 per cent in local currencies to CHF 12.3 billion, driven notably by a 7 per cent expansion in the domestic Swiss market. "Swiss Life will provide affected employees with individual assistance and support in their professional reorientation," the company said.
Group Chief Executive Officer Matthias Aellig explained that the cost-reduction initiative is designed to prepare the company for sustainable growth 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. In this context, we will see a reduction of around 600 positions by the end of 2028," Matthias Aellig said. Uber Layoffs: 3,300 Jobs Cut To Boost Ride-Sharing and Robotaxi Business, Says Report.
Long-Term Savings and Share Buyback
The structural efficiency measures are expected to generate annual cost savings of approximately CHF 150 million from 2029 onward. These savings will support the insurer's next strategic phase following its ongoing "Swiss Life 2027" program. Alongside the restructuring news, management announced a new CHF 250 million share buyback program scheduled to run from October 1, 2026, through the end of March 2027, underscoring continued capital discipline and shareholder returns.
(The above story first appeared on LatestLY on Sep 02, 2026 08:39 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).