Swiss Life to cut about 600 jobs by 2028 despite strong first-half growth

Swiss Life delivered stronger-than-expected first-half results while announcing plans to eliminate about 600 jobs by the end of 2028. The cuts will affect operations in Switzerland and abroad, including Swiss Life Asset Managers.

The Zurich-based life insurer reported net profit of 649 million Swiss francs for the first six months of the year, an 8% increase. Operating profit rose 8% in local currencies to 967 million francs, while commission income climbed 11% to 430 million francs. Gross premiums reached 12.3 billion francs, up 3%.

Revenue from fees and commissions increased 7% in local currencies to 1.34 billion francs. Swiss Life attributed the growth to its own and third-party products and services, asset management activities, and independent advisory channels. Its Swiss Solvency Test ratio stood at about 215% at the end of June, compared with 213% at the end of December.

The results exceeded AWP consensus estimates, which had forecast net profit of 630 million francs and operating profit of 928 million francs. Swiss Life also announced a 250 million franc share buyback scheduled to run from October 2026 through March 2027. It said it remains on track to generate more than 1 billion francs in fee and commission-related results under its Swiss Life 2027 programme.

The planned workforce reduction will affect about 300 positions in Switzerland and another 300 at Swiss Life Asset Managers, mainly outside the country. Around 100 jobs have already been eliminated, with another reduction expected by year-end. Chief Executive Matthias Aellig said the group wanted to improve “efficiency, particularly through the opportunities offered by advances in digitalisation.” Swiss Life said many cuts would come through natural staff turnover and that it would support affected employees in finding new professional paths.

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Efficiency, particularly through the opportunities offered by advances in digitalisation.