What are the impacts of this cut on the Swiss labour market?

Swiss Life will cut 600 positions (about 5.5% of 11,000 employees) by 2028. It is a sign of transformation in the financial-insurance sector towards digitisation and automation. The most in-demand skills shift to data science, artificial intelligence, and programming, while traditional back office roles experience employment pressures. With other simultaneous cuts in large banks, the trend suggests a national employment transition phase.

How will the 600 seats be cut?

The company will mainly resort to natural fluctuation (retirements, voluntary departures, expiry of contracts). Approximately 100 seats have already been reduced through careful selection of vacant positions. Another 100 reductions are planned by the end of 2026, with the remaining 300 distributed until the end of 2028. The cuts will affect half Swiss Life in Switzerland and half Swiss Life Asset Managers mainly abroad.

What support do employees affected by the cuts receive?

Swiss Life has promised to accompany and support interested employees individually in their professional reorientation. However, the company did not specify the concrete details (training programs, duration, partners). Interested employees should contact HR immediately to learn about the tools available: professional retraining, mentoring, placement assistance, paid accompaniment periods.

How do you reconcile budget growth with job cuts?

Swiss Life recorded positive growth in the first half of 2026: revenues +2% to CHF 12.3 billion, commissions +10%, net profit +8%, operating result +7%. CEO Matthias Aellig said the cuts are part of the efficiency strategy to “expand the business sustainably,” leveraging digitization to achieve the same performance with fewer resources. It is a common strategy in the contemporary financial sector.

What should a Swiss worker in the insurance sector do now?

First, monitor job openings in your industry through specialized platforms. Second: invest in digital skills (data science, artificial intelligence, automation). Third: diversifies research beyond the insurance-financial sector towards health, energy, technology. Fourth: verify the continuity of LAMal (compulsory health insurance) coverage in the event of an occupational change, guaranteed by Swiss law.

Swiss Life plans to cut 600 seats by 2028 (cross-border guide)

Di Redazione Frontaliere Ticino · Published on 3 September 2026

Modern Swiss Life office in Zurich with contemporary architecture and professional workspace, bright natural light.

The Zurich-based company announces 600 job cuts by 2028, despite revenue growth of 2-10% in the first half of 2026.

Context

In brief

Swiss Life announces 600 job cuts by December 31, 2028
Revenue growth: +2% to 12.3 billion CHF in the first half of 2026
CEO Matthias Aellig cites digitalization and efficiency as strategic drivers
Natural fluctuation predominant: already 100 positions reduced, 100 more by the end of 2026

Key facts

What: Organizational downsizing of Swiss Life with 600 positions eliminated
When: By December 31, 2028; 200 positions already eliminated or planned by the end of 2026
Where: Half in Switzerland, half in Swiss Life Asset Managers mainly abroad
Who: Swiss Life (Zurich-based insurance company, 11,000 employees)
Net profit: 649 million francs (+8% in the first half of 2026)
Share buyback program: 250 million francs from October 2026 to March 2027

Swiss Life, the Zurich-based insurance company, has announced the elimination of 600 jobs by the end of 2028, despite an 8% increase in net profit in the first half of 2026. The announcement comes as the company reports overall positive financial results: premiums collected reached 12.3 billion francs (+2%), commission revenues rose 10% to 430 million, and operating results stood at 967 million (+7%).

CEO Matthias Aellig, 55, with a PhD in physics and experience at the consulting firm McKinsey, framed the plan within the company's sustainable development strategy. "In the first six months of the year, we recorded encouraging growth both in the commission sector and in insurance. We are on track to achieve our financial goals," he stated in an official release. "At the same time, we intend to expand our business sustainably beyond 2027," he added, citing the need to strengthen efficiency by leveraging "the opportunities offered by progressive digitalization."

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Operational details

Occupational implications in the financial-insurance sector

The Swiss Life plan reflects a broader trend in the Swiss financial sector: the use of digitalization and automation as a lever for operational efficiency. With 11,000 direct employees and a network of 20,000 consultants, Swiss Life is one of the leading players in the national insurance market. The 600 cuts represent approximately 5.5% of the direct workforce, a significant figure for the overall Swiss labor market and a sign of structural transformation in the sector.

The choice to rely mainly on natural fluctuation (retirements, voluntary career changes, expiration of fixed-term contracts) rather than collective dismissals represents a more gradual personnel management strategy. However, this does not exclude that individual employees may find themselves in situations of occupational redundancy, especially if their professional profile is less suited to the new corporate priorities: still paper-based processes, traditional back-office roles, non-digitalized tasks.

The company has communicated that it will individually support the affected employees in their professional reorientation, offering personalized support. This commitment is significant in terms of corporate social responsibility. However, the concrete details of this support remain unspecified: no training programs, duration of assistance, involved partners, or tools provided have been communicated.

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Key points

What to do as a worker in Switzerland

If you are an employee of Swiss Life or another large financial-insurance company and want to monitor opportunities, you have access to various practical tools. First, consult new job listings to assess demand in your professional field and geographic areas of interest. Specialized platforms for Swiss job offers will help you understand what type of profile is required and in which companies.

Second, if you work in Switzerland and want to verify the impact of any employment changes on your personal budget, calculate your current salary and how it would vary in a scenario of transition between employers. A salary calculation tool can help you compare offers or plan a salary negotiation in case of a job change.

If you are currently employed by Swiss Life and fall into the categories affected by the downsizing plan, ask your HR manager for clarification on the specific nature of the promised support (retraining programs, support periods, references for other employers). Do not accept vague answers: the company's official communications guarantee individual support, and you have the right to know the concrete details.

Monitoring the sector and diversifying your job search

The reductions at Swiss Life follow a phase of restructuring in the Swiss banking and insurance sector that began in recent years. This does not mean that the sector is in structural crisis, but that it is in accelerated transition towards fully digitalized business models. For those looking for work in Switzerland, the practical advice is twofold.

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Frequently Asked Questions

What are the impacts of this cut on the Swiss labour market?: Swiss Life will cut 600 positions (about 5.5% of 11,000 employees) by 2028. It is a sign of transformation in the financial-insurance sector towards digitisation and automation. The most in-demand skills shift to data science, artificial intelligence, and programming, while traditional back office roles experience employment pressures. With other simultaneous cuts in large banks, the trend suggests a national employment transition phase.
How will the 600 seats be cut?: The company will mainly resort to natural fluctuation (retirements, voluntary departures, expiry of contracts). Approximately 100 seats have already been reduced through careful selection of vacant positions. Another 100 reductions are planned by the end of 2026, with the remaining 300 distributed until the end of 2028. The cuts will affect half Swiss Life in Switzerland and half Swiss Life Asset Managers mainly abroad.
What support do employees affected by the cuts receive?: Swiss Life has promised to accompany and support interested employees individually in their professional reorientation. However, the company did not specify the concrete details (training programs, duration, partners). Interested employees should contact HR immediately to learn about the tools available: professional retraining, mentoring, placement assistance, paid accompaniment periods.
How do you reconcile budget growth with job cuts?: Swiss Life recorded positive growth in the first half of 2026: revenues +2% to CHF 12.3 billion, commissions +10%, net profit +8%, operating result +7%. CEO Matthias Aellig said the cuts are part of the efficiency strategy to “expand the business sustainably,” leveraging digitization to achieve the same performance with fewer resources. It is a common strategy in the contemporary financial sector.
What should a Swiss worker in the insurance sector do now?: First, monitor job openings in your industry through specialized platforms. Second: invest in digital skills (data science, artificial intelligence, automation). Third: diversifies research beyond the insurance-financial sector towards health, energy, technology. Fourth: verify the continuity of LAMal (compulsory health insurance) coverage in the event of an occupational change, guaranteed by Swiss law.