Key Takeaways:
Swiss Life plans to cut about 600 jobs by the end of 2028, roughly 5 percent of its global workforce, to boost efficiency and profitability.
"With the 2027 targets well on track, Swiss Life wants to strengthen its position and efficiency by using digitization to capture market opportunities," Chief Executive Matthias Aellig said.
The reduction will be split roughly evenly between Swiss Life Switzerland and Swiss Life Asset Managers, primarily in international markets. About 100 positions have already been eliminated through selective hiring, with another 100 expected by the end of 2026. The company employs about 11,000 people worldwide and maintains a network of around 17,000 advisors. Affected employees will receive individual support and help with professional reorientation, the company said.
The job cuts are part of an operational-efficiency program expected to generate annual savings of approximately 150 million francs from 2029 onward. Swiss Life also launched a new share buyback of 250 million francs ($309.3 million), after completing a previous 750 million-franc program in May as planned. The earlier buyback was launched in December 2024 alongside new targets for higher fee results and return on equity over the 2025-2027 period.
For the first half of 2026, Swiss Life reported net profit of 643 million francs, up from 585 million francs a year earlier. Gross written premiums rose 1.8 percent to 12.33 billion francs, helped by 7.1 percent growth in Switzerland to 6.75 billion francs. The insurance service result increased to 691 million francs from 659 million francs, while the net investment result grew 14 percent to 290 million francs.
Assets under management at Swiss Life Asset Managers reached 158 billion francs at the end of June, compared with 146 billion francs at the end of 2025. The asset-management unit generates recurring fee income alongside the core life-insurance business, making it a key driver of the group's growth strategy.
The restructuring reflects broader cost pressure across European insurers as customers increasingly expect digital access to policies and pension products. Higher interest rates have improved returns on investment portfolios, but they also make customers more fee-sensitive and intensify competition from banks and low-cost investment platforms. For Swiss Life, the phased approach through natural attrition limits disruption while the buyback demonstrates capital return commitment to shareholders.
Investors will watch for further details on the efficiency program's impact on margins and fee income as the company executes reductions through 2028. The savings are intended to support Swiss Life's next strategic phase after the current "Swiss Life 2027" program concludes.
This article is for informational purposes only and does not constitute investment advice.
