INSURANCE
From Times Staff and Wire Reports
Aetna Will Cut 4,000 Jobs: Despite steadily improving profit, Aetna Life & Casualty Co. said it will eliminate nearly 10% of its work force and take a $1.025-billion charge, mainly to offset losses from its pension businesses. Aetna said it will eliminate about 4,000 of its 42,000 jobs, stop selling guaranteed investment contracts and single-premium annuities and add $574 million to workers’ compensation reserves. The bulk of the charge--to be taken against 1993 fourth-quarter operating earnings--is $825 million from ending those contracts and annuities sales. The layoffs will cost Aetna $200 million after taxes, the Hartford, Conn.-based company said.
