aetna inc (AET) Key Developments
Aetna Inc. Signs New Contract with Antelope Valley Hospital
Aug 18 14
Aetna Inc. has signed a new contract with Antelope Valley Hospital. Aetna members who receive care at Antelope Valley Hospital will be covered at the in-network level of benefits.
Aetna to expand Affordable Care Act Exchange Footprint to Georgia in 2015
Jul 30 14
Aetna Inc. expects to expand its Affordable Care Act exchange footprint to Georgia in 2015.
Aetna Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revises Earnings Guidance for the Full Year 2014
Jul 29 14
Aetna Inc. reported consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company’s total revenue was $14,509.4 million against $11,537.4 million a year ago. Income before income taxes was $924.6 million against $847.7 million a year ago. Net income attributable to the company was $548.8 million or $1.52 per share against $536.0 million or $1.49 per share a year ago. Operating earnings were $610.0 million compared to $582.6 million a year ago. Operating earnings per share was $1.69 against $1.62 a year ago. The increase in operating earnings was primarily due to the inclusion of approximately one additional month of Coventry financial results in 2014 as well as higher underwriting margins in its Group Insurance segment partially offset by the year-over-year decrease in favorable development of prior-period health care cost estimates in 2014. The 25% increase in operating revenues is primarily the result of higher Health Care premiums from approximately one additional month of revenue in 2014 from the Coventry acquisition, membership growth in its Health Care businesses and the effects of pricing actions designed to recover Health Care Reform mandated fees and taxes.
For the six months, the company’s total revenue was $28,504.2 million against $21,076.3 million a year ago. Income before income taxes was $2,074.3 million against $1,598.4 million a year ago. Net income attributable to the company was $1,214.3 million or $3.35 per share against $1,026.1 million or $2.97 per diluted share a year ago. Operating earnings were $1,332.0 million compared to $1,099.1 million a year ago. Operating earnings per share was $3.67 against $3.18 a year ago.
The company raised its projection for full-year 2014 operating earnings per share to a range of $6.45 to $6.60 from its previous projection of $6.35 to $6.55 per share. The company expects its full-year 2014 operating revenue to at least $57 billion from its previous range of $56 billion to $57 billion.
Aetna Appoints Harold L. Paz as Executive Vice President and Chief Medical Officer
Jul 25 14
Aetna announced that Harold L. Paz, M.D., M.S., will join Aetna later this month as executive vice president and chief medical officer. Paz will lead clinical strategy and policy at the intersection of all of Aetna's domestic and global businesses. He will drive clinical innovation to improve patient experience, quality and cost in all areas of the health care delivery system. Before joining Aetna, Paz served as chief executive officer of Penn State Hershey Medical Center and Health System, senior vice president for Health Affairs for Penn State University, dean of its College of Medicine and professor of medicine and public health sciences for eight years.
Olympia J. Snowe Joins Aetna Inc.'s Board of Directors
Jul 24 14
Aetna Inc. announced that former United States Senator Olympia J. Snowe has been appointed to Aetna's Board of Directors, effective immediately. With the addition of Snowe, 67, the company's Board increases to 13 members. She currently is chairman and CEO of Olympia Snowe, LLC.