Some of this may be due to the economy, but the insurance business invests big time in technology so there is still the attrition that goes on with computers doing some of the work that was done by people in the past. The insurers still have vast billion dollar pools of reserve cash on hand as well. BD
The company just said it’s whacking 1,000 jobs. The move is tied to “the company’s growth outlook for 2009,” Aetna said. The company is projecting earnings per share growth of 3% to 5% for next year — way down from the fast growth the company has been seeing recently.