Aetna (NYSE: AET) announced third-quarter 2018 net income(1) of
$1.0 billion, or $3.03 per share. Adjusted earnings(2) for
third-quarter 2018 were $977 million, or $2.96 per share. Aetna's
performance for the nine months ended September 30, 2018 resulted
in net income of $3.4 billion, or $10.37 per share, and adjusted
earnings of $3.2 billion, or $9.58 per share, for the nine months
ended September 30, 2018.
“Aetna’s solid third quarter performance builds on the positive
momentum from the first half of 2018,” said Mark T. Bertolini,
Aetna chairman and CEO. “Our combination with CVS Health will drive
the next phase of Aetna’s growth and accelerate our opportunity to
help transform the health care system.”
“Our financial performance demonstrates a continued focus on
delivering solid operating results as we prepare to close our
pending transaction with CVS Health,” said Shawn M. Guertin, Aetna
executive vice president and CFO. “With our extensive integration
planning process now set to shift to an implementation phase, I am
confident the combined company is well positioned to begin the next
stage of our journey.”
(In millions, except per share data)
Third-Quarter 2018 Revenue Earnings EPS
GAAP $ 15,484 $ 1,000 $ 3.03 Non-GAAP (Adjusted) $
15,386 $ 977 $ 2.96 Medical Membership totaled 22.1 million
at September 30, 2018
Aetna presents both GAAP and non-GAAP financial measures in this
press release to provide investors with additional information.
Refer to footnotes (1) through (5) for definitions of non-GAAP
financial measures and pages 9 through 11 for reconciliations of
the most directly comparable GAAP financial measures to non-GAAP
financial measures.
Third-Quarter Financial Results at a
Glance Third-Quarter (Millions, except per common share
data)
2018 2017 Change Total revenue $ 15,484
$ 14,994 3
%
Adjusted revenue(3) 15,386 14,948 3 % Net income(1) 1,000 838 19 %
Adjusted earnings(2) 977 814 20 % Per common share results:
Net income(1) $ 3.03 $ 2.52 20 % Adjusted earnings(2) 2.96 2.45 21
% Weighted average common shares - diluted 330.2
332.0
Total Company Results
- Net income(1) was $1.0
billion for third-quarter 2018 compared with $838 million for
third-quarter 2017. The increase in net income during third-quarter
2018 was primarily due to the increase in adjusted earnings
described below and the favorable impact of a gain recognized as a
result of the sale of Aetna's domestic group life insurance, group
disability insurance and absence management businesses (the "Group
Insurance sale") which occurred during fourth-quarter 2017,
partially offset by net realized capital losses in third-quarter
2018 compared to net realized capital gains in third-quarter
2017.
- Adjusted earnings(2) were
$977 million for third-quarter 2018 compared with $814 million for
third-quarter 2017. The increase in adjusted earnings during
third-quarter 2018 was primarily due to the favorable impact of the
Tax Cuts and Jobs Act of 2017 (the "TCJA") and higher pre-tax
adjusted earnings in Aetna's Health Care segment described below,
partially offset by lower adjusted earnings due to the Group
Insurance sale which occurred during fourth-quarter 2017. Adjusted
earnings for third-quarter 2018 reflect a $130 million pre-tax
impact from an unfavorable provider arbitration ruling related to
Aetna's exited individual public health insurance exchange
products.
- Total revenue and adjusted
revenue(3) were $15.5 billion and $15.4 billion,
respectively, for third-quarter 2018, and $15.0 billion and $14.9
billion, respectively, for third-quarter 2017. The increase in
total revenue and adjusted revenue for third-quarter 2018 was
primarily due to higher revenue in Aetna's Heath Care segment
described below, partially offset by lower revenue as a result of
the Group Insurance sale which occurred during fourth-quarter 2017.
Total revenue for third-quarter 2018 also reflects a gain
recognized as a result of the Group Insurance sale.
- Total company expense ratio was
17.7 percent and 17.4 percent for the third quarters of 2018 and
2017, respectively. The adjusted expense ratio(4) was 17.7 percent
and 17.5 percent for the third quarters of 2018 and 2017,
respectively. The increase in both ratios for third-quarter 2018
was primarily due to the reinstatement of the health insurer fee
("HIF") for 2018 and targeted investment spending on Aetna's growth
initiatives, partially offset by the continued execution of Aetna's
expense management initiatives.
- After-tax net income margin was
6.5 percent and 5.6 percent for the third quarters of 2018 and
2017, respectively. The increase in the after-tax net income margin
for third-quarter 2018 was primarily due to the favorable impact of
the TCJA and strong performance in Aetna's Medicare products,
partially offset by the unfavorable provider arbitration ruling
described above and lower favorable development of prior-periods'
health care cost estimates in Aetna's Government business in
third-quarter 2018 compared to third-quarter 2017.
- Adjusted pre-tax
margin(5) remained consistent at 9.2 percent for both
the third quarters of 2018 and 2017. Third-quarter 2018 reflects
strong performance in Aetna's Medicare products and the
reinstatement of the HIF for 2018, offset by the unfavorable
provider arbitration ruling described above and lower favorable
development of prior-periods' health care cost estimates in Aetna's
Government business in third-quarter 2018 compared to third-quarter
2017.
- Total debt to capitalization
ratio(6) decreased to 30.8 percent at September 30,
2018 compared with 37.0 percent at December 31, 2017 primarily
due to year-to-date net income during 2018 and repayment of $1.0
billion aggregate principal amount of Aetna's senior notes during
second-quarter 2018.
- Effective tax rate was 27.4
percent for third-quarter 2018 compared with 33.4 percent for
third-quarter 2017. The decrease in Aetna's effective tax rate for
third-quarter 2018 was primarily due to the reduced corporate
income tax rate specified in the TCJA, partially offset by the
reinstatement of the non-deductible HIF for 2018.
- Operating cash flow excluding large
case pensions products as a percentage of net income was 116.0%
during the nine months ended September 30, 2018.
- Cash and investments at the
parent were approximately $2.8 billion at September 30,
2018.
- Aetna started the quarter with
approximately $1.7 billion of cash and investments at the
parent;
- Net subsidiary dividends to the parent
were $1.3 billion in the quarter;
- Aetna paid a shareholder dividend of
$164 million in the quarter; and
- After other sources and uses, Aetna
ended the quarter with approximately $2.8 billion of cash and
investments at the parent.
Health Care Segment Results
Health Care, which provides a full range of insured and
self-insured medical, pharmacy, dental and behavioral health
products and services, reported:
- Income before income taxes(1) was
approximately $1.3 billion for both the third quarters of 2018 and
2017. Pre-tax adjusted earnings(2) were $1.4 billion for
third-quarter 2018 compared with $1.3 billion for third-quarter
2017. The increase in income before income taxes and pre-tax
adjusted earnings was primarily due to strong performance in
Aetna's Medicare products and the favorable impact of the
reinstatement of the HIF for 2018. The increases were partially
offset by the unfavorable provider arbitration ruling described
above and lower favorable development of prior-periods' health care
cost estimates in Aetna's Government business in third-quarter 2018
compared to third-quarter 2017. The increase in income before
income taxes was largely offset by net realized capital losses in
third-quarter 2018 compared to net realized capital gains in
third-quarter 2017.
- Total revenue and adjusted revenue(3)
were both $15.3 billion for third-quarter 2018 and both $14.3
billion for third-quarter 2017. The increase in total revenue and
adjusted revenue was primarily due to membership growth in Aetna's
Medicare products, the adoption of new accounting guidance related
to revenue recognition effective during first-quarter 2018 and the
favorable impact of the reinstatement of the HIF for 2018. The
increase was partially offset by lower membership in Aetna's ACA
compliant individual and small group Commercial products and its
Medicaid products.
- Medical membership at
September 30, 2018 increased compared with June 30, 2018.
The increase primarily reflects increases in Aetna's Commercial
ASC, Medicare and Medicaid products, partially offset by decreases
in Aetna's Commercial Insured products.
- Medical benefit ratios ("MBRs") for the
three and nine months ended September 30, 2018 and 2017 were
as follows:
Third-Quarter
Year-to-Date 2018 2017
Change 2018 2017 Change
Commercial 84.5 % 81.3 % 3.2 pts. 79.4 % 79.7 % (0.3 ) pts.
Government 79.3 % 82.4 % (3.1 ) pts. 81.2 % 83.0 % (1.8 ) pts.
Total Health Care 81.5 % 81.9 % (0.4 ) pts. 80.4 % 81.5 % (1.1 )
pts.
- Aetna's third-quarter 2018 Commercial
MBR increased compared with third-quarter 2017 primarily due to the
unfavorable provider arbitration ruling described above and the
seasonality of medical costs in 2018 relative to 2017. The increase
was partially offset by the reinstatement of the HIF for 2018.
- Aetna's third-quarter 2018 Government
MBR decreased compared with third-quarter 2017 primarily due to the
reinstatement of the HIF for 2018 and strong performance in Aetna's
Medicare products, partially offset by lower favorable development
of prior-periods' health care cost estimates in third-quarter 2018
compared to third-quarter 2017.
- In third-quarter 2018, Aetna
experienced unfavorable development of prior-periods’ health care
cost estimates in its Commercial products due to the provider
arbitration ruling described above, which relates to 2014 through
2016 dates of service. Excluding the impact of the provider
arbitration ruling, Aetna experienced favorable development of
prior-periods' health care cost estimates in its Commercial
products, primarily attributable to second-quarter 2018
performance.
- In third-quarter 2018, Aetna
experienced favorable development of prior-periods' health care
cost estimates in its Medicare and Medicaid products, primarily
attributable to second-quarter 2018 performance.
- Prior years' health care costs payable
estimates developed favorably by $416 million and $783 million
during the first nine months of 2018 and 2017, respectively. This
development is reported on a basis consistent with the prior years'
development reported in the health care costs payable table in
Aetna's annual audited financial statements, and does not directly
correspond to an increase in 2018 operating results.
- Days claims payable(6) was 50 days at
September 30, 2018, a sequential increase of 1 day compared
with June 30, 2018 and a decrease of 4 days compared with
September 30, 2017. The year over year decrease was driven
primarily by changes in business mix.
Given the pending transaction with CVS Health, Aetna is not
hosting a conference call in conjunction with its third-quarter
2018 earnings release and does not expect to do so for future
quarters. Please direct any questions regarding this press release
to Aetna Investor Relations or Aetna Communications.
About AetnaAetna is one of the nation's leading
diversified health care benefits companies, serving an estimated
39.0 million people with information and resources to help them
make better informed decisions about their health care. Aetna
offers a broad range of traditional, voluntary and
consumer-directed health insurance products and related services,
including medical, pharmacy, dental and behavioral health plans,
and medical management capabilities, Medicaid health care
management services, workers' compensation administrative services
and health information technology products and services. Aetna's
customers include employer groups, individuals, college students,
part-time and hourly workers, health plans, health care providers,
governmental units, government-sponsored plans, labor groups and
expatriates. For more information, see www.aetna.com and learn
about how Aetna is helping to build a healthier world.
@AetnaNews
Condensed Consolidated Balance
Sheets (Unaudited) (Millions)
At September 30,2018
At December 31,2017
Assets: Cash and short-term investments $ 9,565 $ 6,356 Accounts
receivable, net 5,704 5,071 Other current assets 4,102 4,096
Total current assets 19,371 15,523 Long-term investments
15,764 17,793 Other long-term assets 21,968 21,835 Total
assets $ 57,103 $ 55,151 Liabilities and
shareholders’ equity: Health care costs payable $ 5,831 $ 5,815
Current portion of long-term debt 375 999 Other current liabilities
10,464 10,023 Total current liabilities 16,670 16,837
Long-term debt, less current portion 7,782 8,160 Other long-term
liabilities 14,088 14,317 Total Aetna shareholders' equity 18,291
15,580 Non-controlling interests 272 257 Total liabilities
and equity $ 57,103 $ 55,151
Consolidated
Statements of Income (Unaudited)
Three
Months EndedSeptember 30, Nine Months
EndedSeptember 30, (Millions)
2018
2017 2018 2017 Revenue: Premiums
$ 13,237 $ 13,272 $ 39,663 $ 40,810 Fees and other revenue 2,068
1,443 6,152 4,404 Net investment income 202 233 605 730 Net
realized capital (losses) gains (23 ) 46 (40 ) (262 ) Total
revenue 15,484 14,994 46,380 45,682
Benefits and expenses: Benefit costs 10,852 10,960
32,096 33,537 Cost of products sold 390 — 1,154 — Operating
expenses 2,742 2,612 8,298 9,017 Interest expense 85 90 262 349
Amortization of other acquired intangible assets 48 58 142 176 Loss
on early extinguishment of long-term debt — — — 246 Reduction of
reserve for anticipated future losses on discontinued products —
— (70 ) (109 ) Total benefits and expenses 14,117
13,720 41,882 43,216 Income
before income taxes 1,367 1,274 4,498 2,466 Income tax expense 375
426 1,070 815 Net income including
non-controlling interests 992 848 3,428 1,651
Less: Net (loss) income attributable to non-controlling
interests (8 ) 10 7 (9 ) Net income attributable to
Aetna $ 1,000 $ 838 $ 3,421 $ 1,660
Consolidated Statements of
Cash Flows (Unaudited)
For the Nine MonthsEnded
September 30,
(Millions)
2018 2017 Cash flows from operating
activities: Net income including non-controlling interests $ 3,428
$ 1,651 Adjustments to reconcile net income to net cash provided by
operating activities: Net realized capital losses 40 262
Depreciation and amortization 400 499 Debt fair value amortization
(10 ) (14 ) Equity in earnings of affiliates, net (30 ) (80 )
Stock-based compensation expense 125 135 Reduction of reserve for
anticipated future losses on discontinued products (70 ) (109 )
Amortization of net investment premium 38 54 Loss on early
extinguishment of long-term debt — 246 Gain on sale of businesses
(355 ) — Changes in assets and liabilities: Premiums due and other
receivables (486 ) (184 ) Income taxes 625 (15 ) Other assets and
other liabilities 136 (1,196 ) Health care and insurance
liabilities (156 ) 931 Distributions from partnership investments —
44 Net cash provided by operating activities 3,685
2,224 Cash flows from investing activities: Proceeds
from sales and maturities of investments 7,164 8,854 Cost of
investments (6,235 ) (7,860 ) Additions to property, equipment and
software (336 ) (301 ) Cash used for acquisitions, net of cash
acquired (8 ) (24 ) Net cash provided by investing activities 585
669 Cash flows from financing activities: Issuance of
long-term debt — 988 Repayment of long-term debt (1,000 ) (11,734 )
Common shares issued under benefit plans, net (95 ) (132 ) Common
shares repurchased — (3,845 ) Dividends paid to shareholders (491 )
(420 ) Contributions, non-controlling interests 9 182
Net cash used for financing activities (1,577 ) (14,961 ) Net
increase (decrease) in cash and cash equivalents 2,693 (12,068 )
Cash and cash equivalents, beginning of period 4,076 17,996
Cash and cash equivalents, end of period $ 6,769 $
5,928
Reconciliation of the Most Directly Comparable GAAP Measure to
Certain Reported Amounts
(Millions, except per common share
data)
Three Months EndedSeptember 30,
2018
Three Months EndedSeptember 30,
2017
Reconciliation of net income to adjusted earnings
TotalCompany
PerCommonShare
TotalCompany
PerCommonShare
Net income(1) (GAAP measure) $ 1,000 $ 3.03 $ 838 $ 2.52 Gain
related to sale of certain domestic group insurance businesses (121
) (0.37 ) — — Transaction and integration-related costs 18 0.05 — —
Amortization of other acquired intangible assets 48 0.15 58 0.17
Net realized capital losses (gains) 23 0.07 (46 ) (0.14 ) Income
tax expense (benefit) 9 0.03 (36 ) (0.10 ) Adjusted
earnings(2) $ 977 $ 2.96 $ 814 $ 2.45
Weighted average common shares - diluted 330.2 332.0
Three Months Ended
September 30, 2018
Three Months Ended
September 30, 2017
(Millions)
HealthCare
Corporate/Other(7)
TotalCompany
HealthCare
Corporate/Other
(7)
TotalCompany
Reconciliation of total revenue to adjusted revenue Total
revenue (GAAP measure) $ 15,286 $ 198 $ 15,484 $ 14,285 $ 709 $
14,994 Gain related to sale of certain domestic group insurance
businesses — (121 ) (121 ) — — — Net realized capital losses
(gains) 12 11 23 (26 ) (20 ) (46 ) Adjusted
revenue(3) (excludes net realized capital losses (gains) and an
other item) $ 15,298 $ 88 $ 15,386 $ 14,259
$ 689 $ 14,948
Reconciliation of
income (loss) before income taxes to pre-tax adjusted earnings
(loss) Income (loss) before income taxes (GAAP measure) $ 1,320
$ 47 $ 1,367 $ 1,283 $ (9 ) $ 1,274 Less: (Loss) income before
income taxes attributable to non-controlling interests (GAAP
measure) (10 ) — (10 ) 14 — 14 Income
(loss) before income taxes attributable to Aetna (GAAP measure)
1,330 47 1,377 1,269 (9 ) 1,260 Gain related to sale of certain
domestic group insurance businesses — (121 ) (121 ) — — —
Transaction and integration-related costs — 18 18 — — —
Amortization of other acquired intangible assets 48 — 48 58 — 58
Net realized capital losses (gains) 12 11 23
(26 ) (20 ) (46 ) Pre-tax adjusted earnings (loss)(2) $ 1,390
$ (45 ) $ 1,345 $ 1,301 $ (29 ) $ 1,272
Reconciliation of the Most Directly
Comparable GAAP Measure to Certain Reported Amounts
(Millions, except per common share data)
Nine Months EndedSeptember 30,
2018
Nine Months EndedSeptember 30,
2017
TotalCompany
PerCommonShare
TotalCompany
PerCommonShare
Net income(1) (GAAP measure) $ 3,421 $ 10.37 $ 1,660 $ 4.92 Gain
related to sale of certain domestic group insurance businesses (355
) (1.08 ) — — Transaction and integration-related costs 95 0.29
1,202 3.56 Reduction of reserve for anticipated future losses on
discontinued products (70 ) (0.21 ) (109 ) (0.32 ) Loss on early
extinguishment of long-term debt — — 246 0.73 Penn Treaty-related
guaranty fund assessments — — 231 0.68 Amortization of other
acquired intangible assets 142 0.43 176 0.52 Net realized capital
losses 40 0.12 262 0.78 Income tax benefit (113 ) (0.34 ) (770 )
(2.28 ) Adjusted earnings(2) $ 3,160 $ 9.58 $ 2,898
$ 8.59 Weighted average common shares -
diluted 329.9 337.5
Nine Months Ended
September 30, 2018
Nine Months Ended
September 30, 2017
(Millions)
HealthCare
Corporate/Other(
7)
TotalCompany
HealthCare
Corporate/Other
(7)
TotalCompany
Reconciliation of total revenue to adjusted revenue Total
revenue (GAAP measure) $ 45,768 $ 612 $ 46,380 $ 43,912 $ 1,770 $
45,682 Gain related to sale of certain domestic group insurance
businesses — (355 ) (355 ) — — — Interest income on proceeds of
transaction-related debt — — — — (11 ) (11 ) Net realized capital
losses (gains) 24 16 40 (34 ) 296 262
Adjusted revenue(3) (excludes net realized capital losses
(gains) and other items) $ 45,792 $ 273 $ 46,065
$ 43,878 $ 2,055 $ 45,933
Reconciliation of income (loss) before income taxes to pre-tax
adjusted earnings (loss) Income (loss) before income taxes
(GAAP measure) $ 4,322 $ 176 $ 4,498 $ 4,176 $ (1,710 ) $ 2,466
Less: Income (loss) before income taxes attributable to
non-controlling interests (GAAP measure) 10 — 10
(7 ) 1 (6 ) Income (loss) before income taxes
attributable to Aetna (GAAP measure) 4,312 176 4,488 4,183 (1,711 )
2,472 Gain related to sale of certain domestic group insurance
businesses — (355 ) (355 ) — — — Transaction and
integration-related costs — 95 95 — 1,202 1,202 Reduction of
reserve for anticipated future losses on discontinued products —
(70 ) (70 ) — (109 ) (109 ) Loss on early extinguishment of
long-term debt — — — — 246 246 Penn Treaty-related guaranty fund
assessments — — — 231 — 231 Amortization of other acquired
intangible assets 142 — 142 176 — 176 Net realized capital losses
(gains) 24 16 40 (34 ) 296 262
Pre-tax adjusted earnings (loss)(2) $ 4,478 $ (138 ) $ 4,340
$ 4,556 $ (76 ) $ 4,480
Margins and Ratios
Three Months EndedSeptember
30,
Nine Months EndedSeptember 30, (Millions)
2018 2017 2018 2017
Reconciliation of income before income taxes to adjusted
earnings before income taxes, excluding interest expense:
Income before income taxes (GAAP measure) $ 1,367 $ 1,274 $ 4,498 $
2,466 Interest expense(8) 85 90 262 264 Gain related to sale of
certain domestic group insurance businesses (121 ) — (355 ) —
Transaction and integration-related costs 18 — 95 1,202 Reduction
of reserve for anticipated future losses on discontinued products —
— (70 ) (109 ) Loss on early extinguishment of long-term debt — — —
246 Penn Treaty-related guaranty fund assessments — — — 231
Amortization of other acquired intangible assets 48 58 142 176 Net
realized capital losses (gains) 23 (46 ) 40 262
Adjusted earnings(2) before income taxes, excluding interest
expense (A) $ 1,420 $ 1,376 $ 4,612 $ 4,738
Reconciliation of net income to adjusted earnings
excluding interest expense, net of tax: Net income(1) (GAAP
measure) (B) $ 1,000 $ 838 $ 3,421 $ 1,660 Interest expense(8) 85
90 262 264 Gain related to sale of certain domestic group insurance
businesses (121 ) — (355 ) — Transaction and integration-related
costs 18 — 95 1,202 Reduction of reserve for anticipated future
losses on discontinued products — — (70 ) (109 ) Loss on early
extinguishment of long-term debt — — — 246 Penn Treaty-related
guaranty fund assessments — — — 231 Amortization of other acquired
intangible assets 48 58 142 176 Net realized capital losses (gains)
23 (46 ) 40 262 Income tax benefit (9 ) (68 ) (168 ) (863 )
Adjusted earnings(2) excluding interest expense, net of tax $ 1,044
$ 872 $ 3,367 $ 3,069
Reconciliation of total revenue to adjusted revenue: Total
revenue (GAAP measure) (C) $ 15,484 $ 14,994 $ 46,380 $ 45,682 Gain
related to sale of certain domestic group insurance businesses (121
) — (355 ) — Interest income on proceeds of transaction-related
debt — — — (11 ) Net realized capital losses (gains) 23 (46
) 40 262 Adjusted revenue(3) (excludes net realized
capital losses (gains) and other items) (D) $ 15,386 $
14,948 $ 46,065 $ 45,933
Reconciliation of total operating expenses to adjusted operating
expenses: Total operating expenses (GAAP measure) (E) $ 2,742 $
2,612 $ 8,298 $ 9,017 Transaction and integration-related costs (18
) — (95 ) (1,128 ) Penn Treaty-related guaranty fund assessments —
— — (231 ) Adjusted operating expenses (F) $
2,724 $ 2,612 $ 8,203 $ 7,658
After-tax net income and adjusted pre-tax margins: After-tax
net income margin (GAAP measure) (B)/(C) 6.5 % 5.6 % 7.4 % 3.6 %
Adjusted pre-tax margin(5) (A)/(D) 9.2 % 9.2 % 10.0 % 10.3 %
Expense ratios: Total company expense ratio (GAAP measure)
(E)/(C) 17.7 % 17.4 % 17.9 % 19.7 % Adjusted expense ratio(4)
(F)/(D) 17.7 % 17.5 % 17.8 % 16.7 %
Operating Cash
Flow excluding Large Case Pensions Products as a Percentage of Net
Income Nine Months EndedSeptember 30,
(Millions)
2018 2017 Net cash provided by
operating activities $ 3,685 $ 2,224 Less: Net cash used for
operating activities: Large case pensions products (198 ) (196 )
Net cash provided by operating activities excluding large case
pensions products (A) 3,883 2,420 Net
income(1) 3,421 1,660 Less: Net income: Large case pensions
products 72 88 Net income(1) excluding large case
pensions products (B) $ 3,349 $ 1,572
Operating cash flow excluding large case pensions products as a
percentage of net income: Operating cash flow as a percentage
of net income (1) (A)/(B) 116.0 % 153.9 %
Footnotes
(1) Net income refers to net income attributable to Aetna
reported in Aetna's Consolidated Statements of Income in accordance
with U.S. generally accepted accounting principles ("GAAP"). Income
before income taxes refers to income before income taxes
attributable to Aetna in accordance with GAAP. Unless otherwise
indicated, all references in this press release to net income, net
income per share and income before income taxes exclude amounts
attributable to non-controlling interests.
(2) Non-GAAP financial measures such as adjusted earnings,
adjusted earnings per share, pre-tax adjusted earnings, adjusted
operating expenses, adjusted revenue, adjusted expense ratio and
adjusted pre-tax margin exclude from the relevant GAAP metrics, as
applicable:
- Amortization of other acquired
intangible assets;
- Net realized capital gains or losses;
and
- Other items, if any, that neither
relate to the ordinary course of Aetna's business nor reflect
Aetna's underlying business performance.
Although the excluded items may recur, management believes the
non-GAAP financial measures Aetna discloses, including those
described above, provide a more useful comparison of Aetna's
underlying business performance from period to period. The chief
executive officer assesses consolidated Aetna results based on
adjusted earnings and assesses business segment results based on
pre-tax adjusted earnings because income taxes are recorded in
Aetna’s Corporate/Other category and are not allocated to Aetna’s
business operations. Non-GAAP financial measures Aetna discloses,
including those described above, should not be considered a
substitute for, or superior to, financial measures determined or
calculated in accordance with GAAP.
For the periods covered in this press release, the following
items are excluded from the non-GAAP financial measures described
above, as applicable, because Aetna believes they neither relate to
the ordinary course of Aetna's business nor reflect Aetna's
underlying business performance:
- During 2017, Aetna sold its domestic
group life insurance, group disability insurance and absence
management businesses. The transaction was accomplished through an
indemnity reinsurance arrangement. As used in this press release,
the terms “gain”, “deferred gain” and “amortization of deferred
gain” include both the deferred gain related to the retroactive
provisions of the reinsurance contract and the prepaid reinsurance
premium paid by Hartford Life and Accident Insurance Company
("HLAIC") to Aetna (representing unearned ceding commission to
Aetna) allocated to the prospective provisions of the reinsurance
contract. A significant portion of the gain on sale has been
deferred and will be amortized into earnings: (a) over the
remaining contract period (estimated to be approximately 3 years at
the closing date) in proportion to the amount of insurance
protection provided for the prospective reinsurance portion of the
gain; and (b) as Aetna recovers amounts due from HLAIC over a
period estimated to be approximately 30 years at the closing date
for the retrospective reinsurance portion of the gain. The gain
recognized during the three and nine months ended September 30,
2018 does not directly relate to the underwriting or servicing of
products for customers and is not directly related to the core
performance of Aetna's business operations.
- Aetna recorded transaction-related
costs during the three and nine months ended September 30,
2018 related to its proposed acquisition by CVS Health Corporation
("CVS Health"). Aetna also recorded transaction and
integration-related costs during the nine months ended
September 30, 2017 primarily related to its proposed
acquisition of Humana Inc. (the "Humana Transaction"). Transaction
costs include costs associated with the transactions contemplated
by the CVS Health merger agreement, real estate costs associated
with the cancellation of Aetna's previously announced headquarters
relocation which will no longer occur due to CVS Health's proposed
acquisition of Aetna (the "CVS Health Transaction"), the
termination of the Humana Merger Agreement (as defined below), the
termination of Aetna's agreement to sell certain assets to Molina
Healthcare, Inc. and advisory, legal and other professional fees
which are reflected in Aetna's GAAP Consolidated Statements of
Income in operating expenses. Transaction costs also include the
negative cost of carry associated with the debt financing that
Aetna obtained in June 2016 for the Humana Transaction. Prior to
the mandatory redemption of the SMR Notes (as defined below), the
negative cost of carry associated with these senior notes was
excluded from adjusted earnings and pre-tax adjusted earnings. The
negative cost of carry associated with the $2.8 billion aggregate
principal amount of Aetna's senior notes issued in June 2016 that
are not subject to mandatory redemption (the "Other 2016 Senior
Notes") was excluded from adjusted earnings and pre-tax adjusted
earnings through the date of the termination of the Humana Merger
Agreement. The components of the negative cost of carry are
reflected in Aetna's GAAP Consolidated Statements of Income in
interest expense and net investment income. Subsequent to the
termination of the Humana Merger Agreement, the interest expense
and net investment income associated with the Other 2016 Senior
Notes were no longer excluded from adjusted earnings and pre-tax
adjusted earnings.
- In 1993, Aetna discontinued the sale of
fully guaranteed large case pensions products and established a
reserve for anticipated future losses on these products, which
Aetna reviews quarterly. During both the nine months ended
September 30, 2018 and 2017, Aetna reduced the reserve for
anticipated future losses on discontinued products. Aetna believes
excluding any changes in the reserve for anticipated future losses
on discontinued products from adjusted earnings provides more
useful information as to Aetna's continuing products and is
consistent with the treatment of the operating results of these
discontinued products, which are credited or charged to the reserve
and do not affect net income attributable to Aetna.
- During the nine months ended
September 30, 2017, Aetna incurred losses on the early
extinguishment of long-term debt due to (a) the mandatory
redemption of $10.2 billion aggregate principal amount of certain
of its senior notes issued in June 2016 (collectively, the "SMR
Notes") following the termination of the definitive agreement (the
"Humana Merger Agreement") to acquire Humana Inc. ("Humana") and
(b) the early redemption of the entire $750 million aggregate
principal amount of its senior notes due 2020.
- During the nine months ended
September 30, 2017, Aetna recorded an expense for estimated
future guaranty fund assessments related to Penn Treaty Network
America Insurance Company and one of its subsidiaries
(collectively, "Penn Treaty"), which was placed in rehabilitation
in 2009 and placed in liquidation in March 2017. This expense does
not directly relate to the underwriting or servicing of products
for customers and is not directly related to the core performance
of Aetna's business operations.
- Other acquired intangible assets relate
to Aetna's acquisition activities and are amortized over their
useful lives. However, this amortization does not directly relate
to the underwriting or servicing of products for customers and is
not directly related to the core performance of Aetna's business
operations.
- Net realized capital gains and losses
arise from various types of transactions, primarily in the course
of managing a portfolio of assets that support the payment of
liabilities. However, these transactions do not directly relate to
the underwriting or servicing of products for customers and are not
directly related to the core performance of Aetna's business
operations.
- The corresponding tax benefit or
expense related to the items excluded from adjusted earnings above
was calculated utilizing the appropriate tax rate for each
individual item. In addition, Aetna recorded a non-recurring tax
benefit of $149 million in the nine months ended September 30,
2018. Neither the income tax benefit or expense on the excluded
items nor the tax benefit related to the non-recurring item
directly relates to the underwriting or servicing of products for
customers, and neither is directly related to the core performance
of Aetna's business operations.
For a reconciliation of financial measures calculated under GAAP
to these items, refer to the tables on pages 9 through 11 of this
press release.
(3) Adjusted revenue excludes net realized capital gains and
losses, gain related to the Group Insurance sale and interest
income on the proceeds of Aetna's senior notes issued in June 2016
as noted in (2) above. Refer to the tables on pages 9 through 11 of
this press release for a reconciliation of total revenue calculated
under GAAP to adjusted revenue.
(4) The adjusted expense ratio excludes net realized capital
gains and losses and other items, if any, that are excluded from
adjusted revenue or adjusted operating expenses, as noted in (2)
above. For a reconciliation of the comparable GAAP measure to this
metric for the periods covered by this press release, refer to page
11 of this press release.
(5) In order to provide useful information regarding Aetna's
profitability on a basis comparable to others in the industry,
without regard to financing decisions, income taxes or amortization
of other acquired intangible assets (each of which may vary for
reasons not directly related to the performance of the underlying
business), Aetna's adjusted pre-tax margin is based on adjusted
earnings excluding interest expense and income taxes. Management
also uses adjusted pre-tax margin to assess Aetna's performance,
including performance versus competitors.
(6) Days claims payable is calculated by dividing the health
care costs payable at each quarter end by the average health care
costs per day in each respective quarter. The total debt to
capitalization ratio is calculated by dividing total long-term debt
and short-term debt ("Total Debt") by the sum of Total Debt and
total Aetna shareholders' equity.
(7) Aetna's Corporate/Other category is not a business segment.
It is added to Aetna's business segment to reconcile segment
reporting to Aetna's consolidated results. The Corporate/Other
category consists of:
- Products for which Aetna no longer
solicits or accepts new customers such as its large case pensions
and long-term care products;
- Contracts Aetna has divested through
reinsurance or other contracts, such as its domestic group life
insurance, group disability insurance and absence management
businesses; and
- Corporate expenses not supporting
Aetna’s business operations, including transaction and
integration-related costs, income taxes, interest expense on its
outstanding debt and the financing components of its pension and
other postretirement employee benefit plans expense.
As described in (2) above, the pre-tax adjusted earnings of the
Corporate/Other category exclude other items, if any, that neither
relate to the ordinary course of Aetna's business nor reflect
Aetna's underlying business performance.
(8) Interest expense included in the reconciliation to adjusted
earnings before income taxes, excluding interest expense and the
reconciliation to adjusted earnings excluding interest expense, net
of tax, for the nine months ended September 30, 2017 excludes costs
associated with the term loan credit agreement executed in
connection with the Humana Transaction and the negative cost of
carry on transaction-related debt incurred in connection with the
Humana Transaction. These costs are included within transaction and
integration-related costs. Refer to (2) above for further
discussion.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. You can generally identify forward-looking statements by
the use of forward-looking terminology such as “anticipate,”
“believe,” “can,” “continue,” “could,” “estimate,” “evaluate,”
“expect,” “explore,” “forecast,” “guidance,” “intend,” “likely,”
“may,” “might,” “outlook,” “plan,” “potential,” “predict,”
“probable,” “project,” “seek,” “should,” “view,” or “will,” or the
negative thereof or other variations thereon or comparable
terminology. These forward-looking statements are only predictions
and involve known and unknown risks and uncertainties, many of
which are beyond Aetna’s control.
Statements in this press release that are forward-looking,
including Aetna’s projections as to the impact of Aetna's
combination with CVS Health, integration planning and
implementation and Aetna's positioning for the next stage of its
journey, are based on management’s estimates, assumptions and
projections, and are subject to significant uncertainties and other
factors, many of which are beyond Aetna’s control. Important risk
factors could cause actual future results and other future events
to differ materially from those currently estimated by management,
including, but not limited to: the timing to consummate the CVS
Health Transaction; the timing to consummate the sale of all
Aetna's standalone Medicare Part D prescription drug plans (the
"Divestiture"); the risk that the Centers for Medicare &
Medicaid Services ("CMS") and/or another regulator may not approve
the CVS Health Transaction and/or the Divestiture or allow it to
proceed; the risk that a regulatory approval that may be required
for the CVS Health Transaction and/or the Divestiture, including by
CMS, is delayed or is obtained subject to conditions that are not
anticipated; the risk that a condition to the closing of the CVS
Health Transaction and/or the Divestiture may not be satisfied; the
diversion of and attention of management of both CVS Health and
Aetna on transaction-related issues; the ability to achieve the
synergies and value creation from the CVS Health Transaction
contemplated by management; CVS Health’s ability to promptly and
effectively integrate Aetna’s businesses; unanticipated increases
in medical costs (including increased intensity or medical
utilization as a result of flu or otherwise; changes in membership
mix to higher cost or lower-premium products or membership adverse
selection; medical cost increases resulting from unfavorable
changes in contracting or re-contracting with providers (including
as a result of provider consolidation and/or integration); and/or
increased pharmacy costs); the profitability of Aetna’s Medicaid
products; changes in medical cost estimates due to the necessary
extensive judgment that is used in the medical cost estimation
process, the considerable variability inherent in such estimates,
and the sensitivity of such estimates to changes in medical claims
payment patterns and changes in medical cost trends; and changes in
Aetna’s future cash requirements, capital requirements, results of
operations, financial condition and/or cash flows. As currently
enacted, health care reform will continue to significantly impact
Aetna’s business operations and financial results, including
Aetna’s pricing and medical benefit ratios, and certain components
of the legislation will continue to be phased in until 2022. Aetna
will be required to dedicate significant resources and incur
significant expenses during 2018 to implement health care reform.
Significant parts of the legislation continue to evolve through the
promulgation of executive orders, regulations and guidance,
including the collection and payment of amounts under the ACA's
risk adjustment program. In addition, pending efforts in the U.S.
Congress to repeal, amend, replace or restrict funding for various
aspects of health care reform and pending litigation challenging
aspects of the law and its implementation continue to create
additional uncertainty about the ultimate impact of health care
reform. As a result, many of the impacts of health care reform are
unknown. Other important risk factors include: adverse changes in
federal or state government policies, legislation or regulations
(including legislative, judicial or regulatory measures that would
affect Aetna’s business model, repeal, restrict funding for or
amend various aspects of health care reform, limit Aetna’s ability
to price for the risk it assumes and/or reflect reasonable costs or
profits in its pricing, such as mandated minimum medical benefit
ratios, or eliminate or reduce ERISA pre-emption of state laws
(increasing Aetna’s potential litigation exposure)); the
implementation of health care reform legislation, collection of ACA
fees, assessments and taxes through increased premiums; adverse
legislative, regulatory and/or judicial changes to or
interpretations of existing health care reform legislation and/or
regulations (including those relating to minimum medical loss ratio
(“MLR”) rebates); the timing and amount of and payment methods for
satisfying assessments for Penn Treaty Network America Insurance
Company and other insolvent payors under state guaranty fund laws;
adverse and less predictable economic conditions in the U.S. and
abroad (including unanticipated levels of, or increases in the rate
of, unemployment); reputational or financial issues arising from
Aetna’s social media activities, data security breaches, other
cybersecurity risks or other causes; adverse program, pricing,
funding or audit actions by federal or state government payors,
including as a result of changes to or curtailment or elimination
of the Centers for Medicare & Medicaid Services’ ("CMS") star
rating bonus payments; Aetna's ability to maintain and/or enhance
its CMS star ratings; Aetna’s ability to diversify Aetna’s sources
of revenue and earnings (including by developing and expanding
Aetna's consumer health and services businesses and expanding
Aetna’s foreign operations), transform Aetna’s business model,
develop new products and optimize Aetna’s business platforms; the
success of Aetna’s consumer health and services initiatives;
adverse changes in size, product or geographic mix or medical cost
experience of membership; managing executive succession and key
talent retention, recruitment and development; failure to achieve
and/or delays in achieving desired rate increases and/or profitable
membership growth due to regulatory review or other regulatory
restrictions, an uncertain economy and/or significant competition,
especially in key geographic areas where membership is
concentrated, including successful protests of business awarded to
Aetna; failure to adequately implement health care reform and/or
repeal or replacement of or changes in health care reform; the
outcome of various litigation and regulatory matters, including
audits, challenges to Aetna’s minimum MLR rebate methodology and/or
reports, intellectual property litigation and litigation
concerning, and ongoing reviews by various regulatory authorities
of, certain of Aetna’s payment practices with respect to
out-of-network providers and/or other providers; Aetna’s ability to
integrate, simplify, and enhance Aetna’s existing products,
processes and information technology systems and platforms to keep
pace with changing customer and regulatory needs; Aetna’s ability
to successfully integrate Aetna’s businesses (including businesses
Aetna may acquire in the future), separate divested businesses and
implement multiple strategic and operational initiatives
simultaneously; Aetna’s ability to manage health care and other
benefit costs; Aetna’s ability to reduce administrative expenses
while maintaining targeted levels of service and operating
performance; failure by a service provider to meet its obligations
to Aetna; Aetna’s ability to develop and maintain relationships
(including joint ventures or other collaborative risk-sharing
agreements) with providers while taking actions to reduce medical
costs and/or expand the services Aetna offers; Aetna’s ability to
demonstrate that Aetna’s products and processes lead to access to
quality affordable care by Aetna’s members; Aetna’s ability to
maintain its relationships with third-party brokers, consultants
and agents who sell its products; increases in medical costs
resulting from any epidemics, acts of terrorism or other extreme
events; a downgrade in Aetna’s financial ratings; and adverse
impacts from any failure to raise the U.S. Federal government’s
debt ceiling or any sustained U.S. Federal government shut down.
For more discussion of important risk factors that may materially
affect Aetna, please see the risk factors contained in Aetna’s 2017
Annual Report on Form 10-K (“Aetna’s Annual Report”), on file with
the Securities and Exchange Commission (the "SEC"). You also should
read Aetna’s Annual Report and Aetna's Quarterly Report on Form
10-Q for the quarter ended June 30, 2018, each on file with the
SEC, and Aetna's Quarterly Report on Form 10-Q for the quarter
ended September 30, 2018, when filed with the SEC, for a
discussion of Aetna's historical results of operations and
financial condition.
No assurances can be given that any of the events anticipated by
the forward-looking statements will transpire or occur, or if any
of them do occur, what impact they will have on the results of
operations, financial condition or cash flows of Aetna. You are
cautioned not to place undue reliance on Aetna’s forward-looking
statements. These forward-looking statements are and will be based
on management’s then-current views and assumptions regarding future
events and operating performance, and are applicable only as of the
dates of such statements. Aetna does not assume any duty to update
or revise forward-looking statements, whether as a result of new
information, future events or otherwise, as of any future date.
Supplementary Information
Statements of Income Before Income Taxes Attributable to
Aetna by Segment (Unaudited) HealthCare
Corporate/Other Total (Millions)
Three
months ended September 30, 2018 Revenue: Premiums $
13,216 $ 21 $ 13,237 Fees and other revenue 1,945 123 2,068 Net
investment income 137 65 202 Net realized capital losses (12 ) (11
) (23 ) Total revenue 15,286 198 15,484
Benefits and expenses: Benefit costs 10,775 77 10,852 Cost
of products sold 390 — 390 Operating expenses 2,753 (11 ) 2,742
Interest expense — 85 85 Amortization of other acquired intangible
assets 48 — 48 Total benefits and expenses
13,966 151 14,117 Income before income taxes
including non-controlling interests 1,320 47 1,367
Less: Loss before income taxes attributable to
non-controlling interests (10 ) — (10 ) Income before income
taxes attributable to Aetna $ 1,330 $ 47 $ 1,377
Three months ended September 30, 2017
Revenue: Premiums $ 12,730 $ 542 $ 13,272 Fees and other
revenue 1,416 27 1,443 Net investment income 113 120 233 Net
realized capital gains 26 20 46 Total revenue
14,285 709 14,994
Benefits and
expenses: Benefit costs 10,423 537 10,960 Operating expenses
2,521 91 2,612 Interest expense — 90 90 Amortization of other
acquired intangible assets 58 — 58 Total
benefits and expenses 13,002 718 13,720 Income
(loss) before income taxes including non-controlling interests
1,283 (9 ) 1,274 Less: Income before income taxes
attributable to non-controlling interests 14 — 14
Income (loss) before income taxes attributable to Aetna $
1,269 $ (9 ) $ 1,260
Statements of Income Before Income Taxes Attributable to Aetna
by Segment (Unaudited) HealthCare
Corporate/Other Total (Millions)
Nine
months ended September 30, 2018 Revenue: Premiums $
39,602 $ 61 $ 39,663 Fees and other revenue 5,791 361 6,152 Net
investment income 399 206 605 Net realized capital losses (24 ) (16
) (40 ) Total revenue 45,768 612 46,380
Benefits and
expenses: Benefit costs 31,857 239 32,096 Cost of products sold
1,154 — 1,154 Operating expenses 8,293 5 8,298 Interest expense —
262 262 Amortization of other acquired intangible assets 142 — 142
Reduction of reserve for anticipated future loss on discontinued
products — (70 ) (70 ) Total benefits and expenses 41,446
436 41,882 Income before income taxes
including non-controlling interests 4,322 176 4,498
Less: Income before income taxes attributable to
non-controlling interests 10 — 10 Income
before income taxes attributable to Aetna $ 4,312 $ 176
$ 4,488
Nine months ended September 30,
2017 Revenue: Premiums $ 39,212 $ 1,598 $ 40,810 Fees
and other revenue 4,322 82 4,404 Net investment income 344 386 730
Net realized capital gains (losses) 34 (296 ) (262 ) Total
revenue 43,912 1,770 45,682
Benefits and
expenses: Benefit costs 31,942 1,595 33,537 Operating expenses
7,618 1,399 9,017 Interest expense — 349 349 Amortization of other
acquired intangible assets 176 — 176 Loss on early extinguishment
of long-term debt — 246 246 Reduction of reserve for anticipated
future loss on discontinued products — (109 ) (109 ) Total
benefits and expenses 39,736 3,480 43,216
Income (loss) before income taxes including non-controlling
interests 4,176 (1,710 ) 2,466 Less: (Loss) income
before income taxes attributable to non-controlling interests (7 )
1 (6 ) Income (loss) before income taxes attributable to
Aetna $ 4,183 $ (1,711 ) $ 2,472
Membership September 30, 2018 June
30, 2018 December 31, 2017 September 30, 2017
(Thousands)
Insured ASC Total
Insured ASC Total Insured
ASC Total Insured
ASC Total Medical Membership:
Commercial 3,941 13,851 17,792 3,976 13,793 17,769 4,504 13,596
18,100 4,584 13,470 18,054 Medicare Advantage 1,750 — 1,750 1,734 —
1,734 1,473 — 1,473 1,467 — 1,467 Medicare Supplement 775 — 775 757
— 757 740 — 740 733 — 733 Medicaid 1,115 713 1,828
1,104 711 1,815 1,316 608
1,924 1,311 600 1,911 Total Medical Membership
7,581 14,564 22,145 7,571 14,504
22,075 8,033 14,204 22,237 8,095
14,070 22,165
Dental Membership: Total Dental
Membership 4,982 7,657 12,639 5,006
7,674 12,680 5,421 8,006 13,427
5,538 7,930 13,468
Pharmacy Benefit
Management Services Membership: Commercial 7,404 7,412 8,034
7,994
Medicare Prescription Drug Plan
(standalone)
2,226 2,174 2,077 2,074 Medicare Advantage Prescription Drug Plan
1,260 1,258 1,129 1,124 Medicaid 2,252 2,235 2,525
2,493 Total Pharmacy Benefit Management Services Membership
13,142 13,079 13,765 13,685
Health Care Medical Benefit Ratios Three Months
EndedSeptember 30, Nine Months
EndedSeptember 30, (Millions)
2018
2017 2018 2017 Health Care Premiums
(GAAP measure) Commercial $ 5,675 $ 6,063 $ 17,117 $ 18,479
Government 7,541 6,667 22,485 20,733
Total Health Care
$ 13,216 $ 12,730 $ 39,602 $ 39,212
Health Care Benefit Costs (GAAP measure) Commercial $ 4,796
$ 4,928 $ 13,594 $ 14,726 Government 5,979 5,495
18,263 17,216 Total Health Care $ 10,775 $
10,423 $ 31,857 $ 31,942
Medical Benefit
Ratios "MBRs" Commercial 84.5 % 81.3 % 79.4 % 79.7 % Government
79.3 % 82.4 % 81.2 % 83.0 %
Total Health Care
81.5 % 81.9 % 80.4 % 81.5 %
Roll Forward of Health
Care Costs Payable (Unaudited)
Nine Months EndedSeptember
30,
(Millions)
2018
2017 Health care costs payable, beginning of period $
5,815 $ 6,558 Less: reinsurance recoverables 6 5
Health care costs payable, beginning of period, net 5,809 6,553
Add: Components of incurred health care costs Current year 32,231
32,611 Prior years(a) (416 ) (783 ) Total incurred health care
costs (b) 31,815 31,828 Less: Claims paid Current year
26,856 26,959 Prior years 4,946 5,364 Total claims
paid 31,802 32,323 Health care costs payable, end of period,
net 5,822 6,058 Add: premium deficiency reserve 6 77 Add:
reinsurance recoverables 3 4 Health care costs
payable, end of period $ 5,831 $ 6,139
(a) Negative amounts reported for incurred health care costs
related to prior years result from claims being settled for less
than originally estimated.(b) Total incurred health care costs
during the nine months ended September 30, 2018 in the table above
exclude $6 million related to a premium deficiency reserve for the
2018 coverage year related to Aetna's Medicaid products. Total
incurred health care costs during the nine months ended September
30, 2017 in the table above exclude $77 million primarily related
to a premium deficiency reserve for the 2017 coverage year related
to Aetna's individual Commercial products. Total incurred health
care costs for the nine months ended September 30, 2018 and 2017 in
the table above also exclude $36 million and $37 million,
respectively, of benefit costs recorded in Aetna's Health Care
segment that are included in Aetna's unpaid claims liability.
Days Claims Payable (Unaudited) September 30,
2018 June 30, 2018 March
31, 2018 December 31, 2017
September 30, 2017 Days Claims Payable 50 49
50 49 54
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181030005485/en/
AetnaMedia Contact:Ethan Slavin,
860-273-6095SlavinE@aetna.comorInvestor Contact:Joe
Krocheski, 860-273-0896krocheskij@aetna.com
Aetna (NYSE:AET)
Historical Stock Chart
From Feb 2024 to Mar 2024
Aetna (NYSE:AET)
Historical Stock Chart
From Mar 2023 to Mar 2024