* Aetna Life & Casualty Co. reported...
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* Aetna Life & Casualty Co. reported its first quarterly loss since 1984 because of after-tax charges of $126 million for job cuts and liabilities associated with Olympia & York Developments Ltd.
The insurance company said it lost $20 million, or 18 cents a share, in the three months ended June 30, contrasted with net income of $160 million, or $1.44 a share, a year earlier.
The loss came after an after-tax charge of $96 million, or 87 cents a share, for a company-wide reorganization that will cut 4,800 jobs by the end of next year.
Aetna also took a $30-million after-tax charge in the quarter related to a financial guarantee to Olympia & York bondholders.
The company said it added $105 million to reserves for mortgage loans and real estate write-downs in the quarter, compared with $78 million a year earlier.
The results also include net realized capital losses of $41 million, or 37 cents a share, against $12 million, or 11 cents a share, a year earlier.
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