Swiss Life Group will eliminate roughly 600 roles by the end of 2028 as the company reported an 8% increase in first-half (H1) profit.
“Swiss Life aims to further expand its business profitably beyond 2027, exploit market opportunities and increase operational efficiency. This also includes a reduction of around 600 positions by the end of 2028, largely through natural attrition,” the insurer said.
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Job cuts at the group are set to be divided approximately evenly between Swiss Life’s Swiss operations and Swiss Life Asset Managers, with the latter concentrated overseas.
Around 100 roles have already gone via selective non-replacement of vacancies and the group anticipates roughly 100 further redundancies before the end of 2026.
According to the company, staff impacted will receive individual support including help with career transition.
Net profit for H1 2026 reached $801.7m (SFr649m), while operating profit climbed by 8% at constant currency to SFr967m.
The fee result grew 11% at constant currency to SFr430m, a figure lifted by a SFr29m gain from transferring the Swiss Life International network business to a partner company. The same transaction added SFr23m to net profit.
Looking at individual markets, Switzerland delivered premium growth of 7%, reaching SFr6.75bn.
French premiums held steady at €4.05bn ($4.69bn), while German premiums advanced 3% to €777m.
Separately, the group confirmed the completion of its previously announced acquisition of TELIS Group on 1 July 2026, although the deal’s impact is not captured in the half-year numbers.
In the International market unit, premiums declined by 8% to €1.30bn.
The fee results there jumped 56% to €71m, helped by a €32m gain tied to the network business transfer, while the segment result improved to €92m from €64m.
Swiss Life said its Swiss Life 2027 programme continues on schedule, targeting a fee result above SFr1bn by 2027, return on equity of 17–19% and cumulative cash remittance to the holding company of SFr3.6–3.8bn across the three-year period.
Swiss Life group CEO Matthias Aellig said: “We achieved pleasing growth in our fee and insurance business during the first six months of the year.
“At the same time, we want to sustainably expand our business beyond 2027. This entails strengthening our position and our efficiency – also by leveraging the advancing digitalisation – to enable us to quickly capture further market opportunities in a focused manner. In this context, we will see a reduction of around 600 positions by the end of 2028.”
