Swiss Life plans to cut 600 seats by 2028

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."

Financial growth vs. organizational downsizing

The contrast is stark: despite a 7% increase in operating results and an 8% rise in net profits, Swiss Life decides to downsize its workforce. The pace of reductions is already underway: approximately 100 jobs have already been eliminated through targeted selection in vacant positions. By the end of 2026, the company plans to eliminate another 100, leaving the remaining 300 cuts to be distributed until the end of 2028.

According to management, most of the workforce reduction will occur through natural fluctuation, thus avoiding mass layoffs. The cuts will affect about half of Swiss Life in Switzerland and the remaining half of Swiss Life Asset Managers, mainly abroad. The company has promised to support and assist affected employees individually in their professional reorientation.

From a stock market perspective, the announcement was met with little enthusiasm. The company's stock, which is part of the SMI (the index of the 20 leading Swiss stocks), showed a slight increase at the time of the data release but has recorded a 1% loss since the beginning of January 2026. However, the 12-month performance is positive (+7%) and very strong over five years (+92%). The company has also decided to launch a new share buyback program of 250 million francs, scheduled from October 2026 to March 2027.

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.

Timing, sector, and required skills

The plan is spread over three years: two-thirds of the cuts already realized or planned by the end of 2026 (200 out of 600 positions), and the remaining third distributed over the last two years until the end of 2028. This phasing suggests that the company intends to avoid concentrated shocks in the short term, probably to avoid destabilizing business operations and its reputation as an employer.

In the broader context of the Swiss labor market, reductions in large companies like Swiss Life serve as an economic indicator of sectoral transition. Other large Swiss companies in the banking and insurance sector have already implemented personnel reductions in recent years. These cumulative trends indicate a phase of transformation of the labor market towards leaner and more automated models, with non-uniform impacts on different categories of workers.

Those working in the Swiss financial-insurance sector should closely monitor these signals as indicators of the industry's strategic direction. The most in-demand skills are increasingly moving towards data management, digital consulting, quantitative analysis, and programming, rather than traditional back-office roles. For many employees, professional updating towards these areas represents a strategic defense against automation.

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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.

First: invest in digital upskilling. The required skills are definitively shifting towards artificial intelligence, data science, process automation, and digital platform management. If you currently work in a traditional role (claims settlement, contract administration, back office), acquiring a certification or course in these areas significantly increases your employability even if Swiss Life or other companies cut positions in your sector.

Second: diversify your search beyond the financial-insurance sector. The Swiss job market is much broader. Sectors such as healthcare, energy, construction, technology, and public services continue to seek qualified personnel and are not affected in the same way by the waves of automation hitting the insurance back office.

Operational deadlines for the next 24 months

By the end of 2026, Swiss Life will eliminate approximately 100 additional positions (in addition to the 100 already reduced in previous months). If you work for this company or want to monitor opportunities in the sector, the next 12 months will be crucial for your positioning. Check the company's official communications through the internal HR portal, stay updated on career channels, and if you are interested in alternative opportunities, start looking for updated job offers in your sector today.

Swiss Life has promised individual support to employees affected by the reorganization. If you are one of them, request details on the nature of this support from your Human Resources office immediately. Do not delay: the support could include professional training, mentoring towards alternative roles, assistance in external placement with other employers, or paid support periods. Every day that passes is a missed opportunity to proactively plan your employment transition.

Source: cdt.ch