After reporting a $2.4 billion net loss for the third quarter, Chartis, flagship property/casualty insurance arm of American International Group (AIG), says it plans to downsize two percent of its workforce.

The reported losses were mainly affected by restructuring and losses from sales of assets, yet the company reported overall operating income for Q3 2010 of $1.1 billion compared to $719 million in Q3 2009. AIG's continuing insurance operations earned $2.1 billion and $1.9 billion before tax in the third quarter of 2010 and the third quarter of 2009, respectively.

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