An undisclosed number of Aetna Inc. employees, including case managers, received layoff notices Wednesday at the health insurer’s Blue Bell office. One employee said that seven out of 18 supervisors lost their jobs, and each supervisor oversaw a staff of 15 to 20.
Bloomberg – Hartford Financial Services, Inc., which employs more than 1,000 workers at an Upper Macungie Township call center, posted a second-quarter loss on the cost of retiring investments made by Allianz SE.
The net loss of $101 million, or 26 cents a share, compares with profit of $33 million, or 5 cents, a year earlier, according to a statement today from Hartford, an insurer based in the Connecticut city of the same name. Chief Executive Officer Liam McGee struck a deal in April to pay about $2.4 billion to buy back debt and warrants that were issued to Allianz.
McGee is counting on profit from property and casualty policies as the insurer shrinks life operations. He reached a deal in April to sell an annuities-distribution business and an agreement yesterday for American International Group Inc. to buy Woodbury Financial Services.
“Selling Woodbury is a favorable sign that Hartford is making progress on its divestiture plans,” Meyer Shields, an analyst at Stifel Nicolaus & Co., said in a note today. “Individual life and retirement plans will probably be more difficult to get done,” and those deals may be necessary to push the stock above $20 a share, he wrote.