Swiss Life plans around 600 job cuts by 2028

Around 600 jobs will go at Swiss Life by 2028, marking a broad restructuring at one of Switzerland’s major insurance groups. The plan covers both Swiss Life Switzerland and Swiss Life Asset Managers, with the two divisions expected to account for roughly equal shares of the reductions. Many of the affected positions are expected to be located outside Switzerland.

Swiss Life announced the plan on Tuesday, September 1, 2026. The company currently employs around 11,000 staff, meaning the announced reduction represents a significant adjustment across its workforce. Swiss Life said it expects much of the process to happen through “natural wastage”, including vacancies that remain unfilled when employees leave.

The company has already removed about 100 positions through selective recruitment for vacant posts. A further 100 posts are due to disappear by the end of 2026. The remaining reductions will unfold over the following two years.

Swiss Life said it would support affected employees in finding new career paths. The statement did not provide a country-by-country breakdown or specify how many Swiss-based employees would leave the group.

Swiss Life Switzerland and Swiss Life Asset Managers will carry roughly equal shares of the cuts. The company has not published a detailed breakdown by function, office or country, but it said the reductions will occur primarily abroad. That limits the immediate picture of how Swiss employment will be affected.

The split reflects the reach of Swiss Life’s business. The insurance arm serves customers in Switzerland, while Asset Managers operates across international investment markets. Positions in administration, technology, investment operations and support services can be affected by group-wide changes, although Swiss Life has not identified specific departments in its public statement.

For Switzerland, the announcement adds to a period of scrutiny around employment in financial services. Insurance groups increasingly rely on digital customer interfaces, automated processing and centralised back-office systems. Those shifts can reduce demand for some roles while increasing demand for technology and specialised risk, investment and data skills.

The company’s use of natural wastage also means the final impact will depend on staff departures, recruitment decisions and internal transfers. Until Swiss Life publishes more detail, the headline figure of 600 does not translate into 600 immediate dismissals or 600 Swiss-based redundancies.

Digitalisation is central to Swiss Life’s case for reducing headcount. In its statement, the insurer linked the plan to the “profitable expansion of the business beyond 2027” and to a need to improve efficiency. It said ongoing digitalisation would provide part of that opportunity.

The announcement places productivity at the centre of the group’s next phase. Swiss Life wants to grow beyond 2027 while controlling the resources required to run its insurance and asset-management operations. Leaving vacancies unfilled allows the company to reduce staffing gradually, without presenting the entire programme as a wave of immediate layoffs.

That approach can ease the transition for the business, but it does not remove the uncertainty for employees. Workers who leave may not be replaced, and teams could absorb responsibilities previously spread across more positions. Swiss Life said affected employees would receive support in finding new career paths, although it did not detail the retraining, redeployment or severance measures involved.

The first 100 posts have already been cut through targeted recruitment decisions. The next 100 are scheduled by the end of 2026, giving the group a concrete early checkpoint as it carries out the longer plan.

The full employment impact will emerge gradually through 2028. Swiss Life’s timetable points to a managed reduction rather than a single announcement of mass dismissals. Around 100 positions have already gone, another 100 are planned by the end of 2026, and the remaining cuts will be spread across the following period.

The insurer’s pledge to help employees find new career paths will be closely watched by staff representatives and policymakers. The practical questions include how many employees can move into other roles, which skills Swiss Life will prioritise and how much of the reduction will be achieved through retirements, voluntary departures and unfilled vacancies.

The distinction between Swiss and international effects will also matter. Swiss Life says many reductions are expected abroad, but its public announcement does not identify the countries involved. That leaves local consultations and further company communication to clarify the consequences for offices and teams.

For Swiss workers, the announcement underlines how digital investment and cost control are reshaping financial services. Swiss Life’s stated objective is to expand profitably beyond 2027 while operating with fewer staff. The next updates will show whether natural wastage and internal mobility can absorb much of the change, or whether formal redundancies become more prominent.