AIG employee headcount is 51% lower than during financial crisis.

American International Group’s headcount fell by 10,000 last year as CEO Peter Hancock sold units and cut jobs. The number of employees fell by 15% to 56,400 as of 12/31/16, which compares to 116,000 at 12/31/08. Like his predecessors, Robert Benmosche and Edward Liddy, Hancock has been shrinking the company that longtime CEO Maurice “Hank” Greenberg had built into the world’s largest insurer.

“We expect to see the results from our improved underwriting platform, reduced expense base and the strong improvement in our business mix,” Hancock said last week in a statement announcing a fourth-quarter loss of $3.04 billion that was driven by swelling claims costs.

AIG has also been moving jobs to lower-cost locations and cutting positions, including hundreds of posts in New York and the U.K. He told staff in a town-hall meeting in late 2015 not to count on lifetime employment with the company.

Hancock also has been striking reinsurance deals to simplify the company. He announced an agreement in January to pay Warren Buffett’s Berkshire Hathaway Inc. about $10 billion to take on risks from policies that AIG initiated in prior years. The CEO reached a separate reinsurance contract with Swiss Re AG last year.