NU Online News Service, Nov. 10, 3:42 p.m. EST
American International Group's (AIG) general insurance subsidiary has reduced its staff by less than 2 percent.
"As part of Chartis' year-end review, we have conducted a resizing of our staffing levels across the organization to reflect our business objectives," said spokeswoman Marie Ali in an emailed statement.
"We continue to hire across the board where we see the best potential for growth," she added.
AIG announced a $2.4 billion loss for the third quarter earlier this month on charges related to its plan to repay taxpayers, but said worldwide net written premiums during the third quarter for Chartis increased 7 percent to $8.6 billion compared to the same time a year ago.
Chartis improved its combined ratio to 99.3 from 105.2 and its operating income was $1.1 billion compared to $719 million during the 2009 third quarter. Results were primarily driven by an improvement in underwriting income.
As relayed to National Underwriter by readers, and confirmed through a call to Chartis, the specific layoffs referred to in Chartis' comments occurred on Nov. 9. The story's opening paragraph has been corrected to show that the action has already happened.
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