SARASOTA, Fla.--(BUSINESS WIRE)--Mar. 12, 2009-- Aetna (NYSE: AET) announced today that it has signed a three-year agreement with Intercoastal Medical Group Inc. Under the new contract, members of Aetna’s Medicare Advantage HMO and PPO plans, will be able to receive covered benefits, at in-network rates, from Intercoastal Medical Group physicians. The contract takes effect April 1.
Intercoastal Medical Group already provides in-network care to members of Aetna’s commercial health plans in the Tampa-area.
“Aetna is very pleased to expand its relationship with Intercoastal Medical Group,” said Jim McCunney, Aetna’s vice president of network management for the Tampa area. “Members of our commercial plans have been receiving excellent care from Intercoastal physicians for some time, and we’re glad that our present and future Medicare Advantage members will be able to benefit from the same services.”
Aetna is the only Medicare Advantage insurer presently contracted with Intercoastal.
“We are very pleased to be able to offer this association with Aetna to our patients and to be the care providers for Intercoastal Aetna patients,” said Geoff Simon, Intercoastal Medical Group administrator.
About Intercoastal Medical Group
Founded in 1993, Intercoastal Medical Group (IMG) is a professional association of more than 60 board-certified physicians encompassing 18 specialties. IMG's seven locations in Sarasota and Manatee counties include physician offices, laboratories, imaging facilities and a day surgery center.
Aetna provides health benefits to approximately 437,000 members in the Tampa area. Those members have access to a network that includes 60 contracted hospitals and more than 7,000 primary care physicians and specialists.
Showing posts with label aetna. Show all posts
Showing posts with label aetna. Show all posts
Thursday, March 12, 2009
Tuesday, March 10, 2009
Aetna Consumer-Directed Health Care Works!
Aetna Announces Results of a Six-Year Study of Consumer-Directed Health Plans
-- Aetna HealthFund(R) Shows Sustained Savings Over Time For Employers, With Members Getting the Care They Need --
HARTFORD, Conn.--(BUSINESS WIRE)--Mar. 10, 2009-- Aetna (NYSE: AET) today announced the results of a six-year study of health care claims and utilization for members in its Aetna HealthFund® consumer-directed plans. The study of 2.6 million Aetna members (410,000 in an Aetna HealthFund plan) demonstrates that Aetna HealthFund shows sustained savings for employers over a five-year period, with members getting the care they need. The results also show that Aetna HealthFund members are seeking increased levels of chronic and preventive care, using generic drugs more often and accessing online tools and information at higher rates than PPO members, while experiencing lower annualized medical cost increases. Importantly, this year’s results also show that Aetna HealthFund members had lower emergency room use than PPO members, suggesting that members are becoming better informed about where to access health care.
The Aetna HealthFund study included 200 plan sponsors who offered an Aetna HealthFund Health Reimbursement Arrangement (HRA) and/or an Aetna HealthFund Health Savings Account (HSA). The study looked at 2.6 million members across the spectrum of Aetna medical products, including 410,000 Aetna HealthFund members. Key findings include:
For full replacement HRA and HSA plans, employers saved $21 million per 10,000 members over the five year period.
For employers who offer Aetna HealthFund plans as an option, they experienced savings of $7 million per 10,000 members over the five year period.
For employers who offer Aetna HealthFund plans as an option and implemented the strategies that Aetna identified as best-in-class, they achieved savings of $23 million per 10,000 members over the five year period.
“In these difficult economic times, employers are looking for tried and true strategies that will allow them to continue to offer their employees a comprehensive and affordable benefits package,” said Aetna President Mark Bertolini. “As the first national health plan to offer consumer-directed products, Aetna has the longest experience with these plans and the best insight into what strategies are successful.”
Last year, Aetna identified several strategies that have proven successful for employers, including fostering a culture where employees and senior executives are engaged health care consumers, implementing a focused and ongoing employee education campaign, offering wellness programs and incentives for healthy behavior, providing 100 percent coverage for preventive care and carefully constructing a plan with the right mix of member responsibility. While these strategies continue to be successful, Aetna found another approach that can help employers achieve success - encouraging their employees to enroll in the consumer-directed plan option. This can be done by offering the consumer-directed plan option as the lowest cost, lowering the required contribution or increasing the fund amount. Furthermore, this year’s results show that employers who implement these strategies can achieve significant cost savings and that more employers are adopting these strategies and seeing positive results.
“Consumerism in health care is about much more than a product – it is the idea that with the right mix of education, member responsibility and benefits design, you can engage members and help them make more informed health care decisions for themselves and their families. In fact, this year’s results show that consumers in the Aetna HealthFund plans sought online health information twice as often as the control population and were twice as likely to take a health risk assessment,” Bertolini added.
The results also show that Aetna HealthFund members:
Seek preventive care more often than the control matched PPO population. Furthermore, Aetna HealthFund members had 10 percent lower primary care physician utilization for non-routine services and 15 percent lower utilization of specialist care.
Access the same or higher levels of screenings for diabetes and breast and cervical cancer, compared to members in traditional PPO products.
Utilize the prescription drugs necessary to treat chronic conditions such as diabetes, congestive heart failure, coronary artery disease and high cholesterol at similar or higher rates than PPO members.
Use consumer tools and information – including searching for health information, using the cost of care tools available through Aetna Navigator – at twice the rate compared to PPO members.
“Aetna’s analysis of members in its Aetna HealthFund plans exemplifies the importance of providing credible data that will help employers evaluate the performance of these plans. It is always a challenge to adopt new ideas, particularly in the face of a recession,” said Alexander Domaszewicz, Mercer’s Health Consumerism Lead. “The study reinforces the evidence we’ve seen emerge throughout the decade - that strategies such as encouraging employee financial responsibility, offering robust coverage for preventive care and providing a full suite of online tools and information, is helping employers achieve cost savings, promote a healthier workforce and still meet plan sponsor attraction, retention and employee satisfaction goals. We need to recognize, however, that many employees need high touch outreach and face-to-face support when they face complex illnesses. The ideal strategy when implementing consumer-directed health plans combines all of these approaches in the right way.”
-- Aetna HealthFund(R) Shows Sustained Savings Over Time For Employers, With Members Getting the Care They Need --
HARTFORD, Conn.--(BUSINESS WIRE)--Mar. 10, 2009-- Aetna (NYSE: AET) today announced the results of a six-year study of health care claims and utilization for members in its Aetna HealthFund® consumer-directed plans. The study of 2.6 million Aetna members (410,000 in an Aetna HealthFund plan) demonstrates that Aetna HealthFund shows sustained savings for employers over a five-year period, with members getting the care they need. The results also show that Aetna HealthFund members are seeking increased levels of chronic and preventive care, using generic drugs more often and accessing online tools and information at higher rates than PPO members, while experiencing lower annualized medical cost increases. Importantly, this year’s results also show that Aetna HealthFund members had lower emergency room use than PPO members, suggesting that members are becoming better informed about where to access health care.
The Aetna HealthFund study included 200 plan sponsors who offered an Aetna HealthFund Health Reimbursement Arrangement (HRA) and/or an Aetna HealthFund Health Savings Account (HSA). The study looked at 2.6 million members across the spectrum of Aetna medical products, including 410,000 Aetna HealthFund members. Key findings include:
For full replacement HRA and HSA plans, employers saved $21 million per 10,000 members over the five year period.
For employers who offer Aetna HealthFund plans as an option, they experienced savings of $7 million per 10,000 members over the five year period.
For employers who offer Aetna HealthFund plans as an option and implemented the strategies that Aetna identified as best-in-class, they achieved savings of $23 million per 10,000 members over the five year period.
“In these difficult economic times, employers are looking for tried and true strategies that will allow them to continue to offer their employees a comprehensive and affordable benefits package,” said Aetna President Mark Bertolini. “As the first national health plan to offer consumer-directed products, Aetna has the longest experience with these plans and the best insight into what strategies are successful.”
Last year, Aetna identified several strategies that have proven successful for employers, including fostering a culture where employees and senior executives are engaged health care consumers, implementing a focused and ongoing employee education campaign, offering wellness programs and incentives for healthy behavior, providing 100 percent coverage for preventive care and carefully constructing a plan with the right mix of member responsibility. While these strategies continue to be successful, Aetna found another approach that can help employers achieve success - encouraging their employees to enroll in the consumer-directed plan option. This can be done by offering the consumer-directed plan option as the lowest cost, lowering the required contribution or increasing the fund amount. Furthermore, this year’s results show that employers who implement these strategies can achieve significant cost savings and that more employers are adopting these strategies and seeing positive results.
“Consumerism in health care is about much more than a product – it is the idea that with the right mix of education, member responsibility and benefits design, you can engage members and help them make more informed health care decisions for themselves and their families. In fact, this year’s results show that consumers in the Aetna HealthFund plans sought online health information twice as often as the control population and were twice as likely to take a health risk assessment,” Bertolini added.
The results also show that Aetna HealthFund members:
Seek preventive care more often than the control matched PPO population. Furthermore, Aetna HealthFund members had 10 percent lower primary care physician utilization for non-routine services and 15 percent lower utilization of specialist care.
Access the same or higher levels of screenings for diabetes and breast and cervical cancer, compared to members in traditional PPO products.
Utilize the prescription drugs necessary to treat chronic conditions such as diabetes, congestive heart failure, coronary artery disease and high cholesterol at similar or higher rates than PPO members.
Use consumer tools and information – including searching for health information, using the cost of care tools available through Aetna Navigator – at twice the rate compared to PPO members.
“Aetna’s analysis of members in its Aetna HealthFund plans exemplifies the importance of providing credible data that will help employers evaluate the performance of these plans. It is always a challenge to adopt new ideas, particularly in the face of a recession,” said Alexander Domaszewicz, Mercer’s Health Consumerism Lead. “The study reinforces the evidence we’ve seen emerge throughout the decade - that strategies such as encouraging employee financial responsibility, offering robust coverage for preventive care and providing a full suite of online tools and information, is helping employers achieve cost savings, promote a healthier workforce and still meet plan sponsor attraction, retention and employee satisfaction goals. We need to recognize, however, that many employees need high touch outreach and face-to-face support when they face complex illnesses. The ideal strategy when implementing consumer-directed health plans combines all of these approaches in the right way.”
Friday, February 27, 2009
Aetna Continues With Share Repurchase
Aetna Board of Directors Authorizes Additional Share Repurchases
HARTFORD, Conn.--(BUSINESS WIRE)--Feb. 27, 2009-- Aetna Inc. (NYSE: AET) today announced that its Board of Directors has authorized the company to repurchase from time to time up to $750 million of its common stock.
The company intends to continue buying shares in the open market from time to time. At December 31, 2008, Aetna had approximately 456 million shares outstanding.
HARTFORD, Conn.--(BUSINESS WIRE)--Feb. 27, 2009-- Aetna Inc. (NYSE: AET) today announced that its Board of Directors has authorized the company to repurchase from time to time up to $750 million of its common stock.
The company intends to continue buying shares in the open market from time to time. At December 31, 2008, Aetna had approximately 456 million shares outstanding.
Thursday, February 26, 2009
Aetna Adds Four New Adventist Health System Hospitals
Aetna Adds Four New Adventist Health System Hospitals
ORLANDO, Fla.--(BUSINESS WIRE)--Feb. 26, 2009-- Aetna (NYSE: AET) and Adventist Health System announced today that they have reached agreement on a new contract that adds four new Adventist hospitals to Aetna’s provider networks in the Central Florida and Tampa Bay/West Central Florida areas. The new contract took effect last month.
Under the agreement, the following facilities will be joining Aetna’s provider network: Florida Hospital Waterman; Heartland Medical Center; Florida Hospital Lake Placid and Florida Hospital Wauchula.
“We are pleased to be a participating provider for Aetna members at all 18 Florida Hospital locations,” said John Brownlow, senior vice president of managed care at Adventist.
Members of Aetna’s network-based plans will be able to receive covered in-patient and out-patient services, at in-network rates, from all four facilities. The contract also applies to the system’s affiliated physicians.
“Aetna is delighted to announce the addition of these four new hospitals,” said Jim McCunney, Aetna’s network vice president for the Central Florida area. “We strive to provide our members with broad access to high-quality hospitals and physicians, and we’re pleased to expand that access in the Central and West Central Florida areas.”
Aetna provides and administers health benefits to more than 625,000 members in Central and West Central Florida. Those members have access to a contracted network of more than 95 hospitals, and more than 13,000 primary care physicians and specialists.
About Florida Hospital
Opened in 1908, Florida Hospital is one of the largest not-for-profit hospitals in the country, caring for more than 1 million patient visits per year – that’s more than any other hospital in the country, according to the American Hospital Association. The more-than-2,000-bed system, comprised of eight hospitals and 18 Centra Care locations, has been recognized by U.S. News & World Report as one of the best hospitals in the country for the past 10 years.
ORLANDO, Fla.--(BUSINESS WIRE)--Feb. 26, 2009-- Aetna (NYSE: AET) and Adventist Health System announced today that they have reached agreement on a new contract that adds four new Adventist hospitals to Aetna’s provider networks in the Central Florida and Tampa Bay/West Central Florida areas. The new contract took effect last month.
Under the agreement, the following facilities will be joining Aetna’s provider network: Florida Hospital Waterman; Heartland Medical Center; Florida Hospital Lake Placid and Florida Hospital Wauchula.
“We are pleased to be a participating provider for Aetna members at all 18 Florida Hospital locations,” said John Brownlow, senior vice president of managed care at Adventist.
Members of Aetna’s network-based plans will be able to receive covered in-patient and out-patient services, at in-network rates, from all four facilities. The contract also applies to the system’s affiliated physicians.
“Aetna is delighted to announce the addition of these four new hospitals,” said Jim McCunney, Aetna’s network vice president for the Central Florida area. “We strive to provide our members with broad access to high-quality hospitals and physicians, and we’re pleased to expand that access in the Central and West Central Florida areas.”
Aetna provides and administers health benefits to more than 625,000 members in Central and West Central Florida. Those members have access to a contracted network of more than 95 hospitals, and more than 13,000 primary care physicians and specialists.
About Florida Hospital
Opened in 1908, Florida Hospital is one of the largest not-for-profit hospitals in the country, caring for more than 1 million patient visits per year – that’s more than any other hospital in the country, according to the American Hospital Association. The more-than-2,000-bed system, comprised of eight hospitals and 18 Centra Care locations, has been recognized by U.S. News & World Report as one of the best hospitals in the country for the past 10 years.
Wednesday, February 18, 2009
Aetna 4th Quarter Earnings
Aetna Reports Fourth-Quarter and Full-Year 2008 Results
HARTFORD, Conn.--(BUSINESS WIRE)--Feb. 12, 2009-- Aetna (NYSE: AET):
>Fourth-quarter 2008 operating earnings per share increased 9 percent to $0.96
>Full-year 2008 operating earnings per share increased 13 percent to $3.93
>Net income per share decreased 52 percent in the fourth quarter 2008 to $0.42 per share and decreased 18 percent to $2.83 per share for the full year. Net income includes net realized capital losses and other items, which are excluded from operating earnings
>Medical membership totaled 17.7 million members at December 31, 2008; representing an annual growth of 848,000 and a quarter-over-quarter growth of 33,000
>Aetna projects 2009 operating earnings per share of $3.85 to $3.95. Excluding a projected $0.54 per share year-over-year increase in pension expense, operating earnings per share growth is projected to be 12 to 14 percent over 2008
Aetna (NYSE: AET) today announced that fourth-quarter 2008 operating earnings per share, (1) which exclude net realized capital losses and other items, increased 9 percent to $0.96. Full-year 2008 operating earnings per share increased 13 percent to $3.93. The increase in operating earnings per share reflects significant growth in revenue, solid underwriting results and continued operating expense efficiencies, partially offset by lower net investment income. Operating results also benefited from share repurchases and the full-year impact of recent acquisitions. The company’s 17 percent growth in full-year health care revenue was driven by premium rate increases and medical membership growth in both core and newer customer segments. Total health care revenue, including realized capital losses, grew by 16 percent for the full year.
Net income, which includes net realized capital losses and other items, was $0.42 per share for the fourth quarter of 2008, 52 percent lower than the prior-year quarter, due to net realized capital losses of $0.42 per share and the previously announced severance and facility charge and contribution for the establishment of a new out-of-network pricing database of $.08 and $.04 per share, respectively. Full-year 2008 net income was $2.83 per share, 18 percent lower than 2007, primarily due to net realized capital losses of $.99 per share. The majority of the net realized capital losses resulted from declines in the market value of debt securities in the company’s investment portfolio as a result of the widening of credit spreads in 2008.
HARTFORD, Conn.--(BUSINESS WIRE)--Feb. 12, 2009-- Aetna (NYSE: AET):
>Fourth-quarter 2008 operating earnings per share increased 9 percent to $0.96
>Full-year 2008 operating earnings per share increased 13 percent to $3.93
>Net income per share decreased 52 percent in the fourth quarter 2008 to $0.42 per share and decreased 18 percent to $2.83 per share for the full year. Net income includes net realized capital losses and other items, which are excluded from operating earnings
>Medical membership totaled 17.7 million members at December 31, 2008; representing an annual growth of 848,000 and a quarter-over-quarter growth of 33,000
>Aetna projects 2009 operating earnings per share of $3.85 to $3.95. Excluding a projected $0.54 per share year-over-year increase in pension expense, operating earnings per share growth is projected to be 12 to 14 percent over 2008
Aetna (NYSE: AET) today announced that fourth-quarter 2008 operating earnings per share, (1) which exclude net realized capital losses and other items, increased 9 percent to $0.96. Full-year 2008 operating earnings per share increased 13 percent to $3.93. The increase in operating earnings per share reflects significant growth in revenue, solid underwriting results and continued operating expense efficiencies, partially offset by lower net investment income. Operating results also benefited from share repurchases and the full-year impact of recent acquisitions. The company’s 17 percent growth in full-year health care revenue was driven by premium rate increases and medical membership growth in both core and newer customer segments. Total health care revenue, including realized capital losses, grew by 16 percent for the full year.
Net income, which includes net realized capital losses and other items, was $0.42 per share for the fourth quarter of 2008, 52 percent lower than the prior-year quarter, due to net realized capital losses of $0.42 per share and the previously announced severance and facility charge and contribution for the establishment of a new out-of-network pricing database of $.08 and $.04 per share, respectively. Full-year 2008 net income was $2.83 per share, 18 percent lower than 2007, primarily due to net realized capital losses of $.99 per share. The majority of the net realized capital losses resulted from declines in the market value of debt securities in the company’s investment portfolio as a result of the widening of credit spreads in 2008.
Aetna Partners With Patient Choice Insights
Aetna Signs Contract with Patient Choice Healthcare, Inc.
ST. LOUIS PARK, Minn.--(BUSINESS WIRE)--Feb. 17, 2009-- Aetna (NYSE: AET), the nation’s third largest insurance company, announced that it will begin offering Patient Choice Insights, a tiered health care provider network in Minnesota.
Patient Choice is recognized as a leader for its tiered network model launched nearly a decade ago. With the Patient Choice Insights network, health care providers are ranked on cost and quality measures and members are encouraged to use providers who rank best in delivering value.
Aetna will offer the Patient Choice Insights network to self-funded employers and their employees in central and southern Minnesota. “This network option allows us to offer new customers a highly competitive network solution, and consequently, greater quality and value to both our employers and their employees,” said Ross Sanders, president of national accounts for Aetna’s north central and southwest regions.
“We can now offer a national solution to both Minnesota-based employers, and national employers with employees in Minnesota, that combines highly regarded transparency and quality tools for members with some of the strongest medical management capabilities in the industry,” he added.
“Now more than ever, employers are looking for ways to reduce costs and having a quality network of participating providers greatly helps achieve that goal. We’re conducting a seminar on February 23 in Minneapolis for brokers, consultants and employers focusing on additional ways we can help them reduce costs,” said Sanders.*
ST. LOUIS PARK, Minn.--(BUSINESS WIRE)--Feb. 17, 2009-- Aetna (NYSE: AET), the nation’s third largest insurance company, announced that it will begin offering Patient Choice Insights, a tiered health care provider network in Minnesota.
Patient Choice is recognized as a leader for its tiered network model launched nearly a decade ago. With the Patient Choice Insights network, health care providers are ranked on cost and quality measures and members are encouraged to use providers who rank best in delivering value.
Aetna will offer the Patient Choice Insights network to self-funded employers and their employees in central and southern Minnesota. “This network option allows us to offer new customers a highly competitive network solution, and consequently, greater quality and value to both our employers and their employees,” said Ross Sanders, president of national accounts for Aetna’s north central and southwest regions.
“We can now offer a national solution to both Minnesota-based employers, and national employers with employees in Minnesota, that combines highly regarded transparency and quality tools for members with some of the strongest medical management capabilities in the industry,” he added.
“Now more than ever, employers are looking for ways to reduce costs and having a quality network of participating providers greatly helps achieve that goal. We’re conducting a seminar on February 23 in Minneapolis for brokers, consultants and employers focusing on additional ways we can help them reduce costs,” said Sanders.*
Friday, January 2, 2009
Aetna To Underwrite Pets Best Insurance
Pets Best Announces New Underwriter For Pet Insurance Policies
BOISE, Idaho, December 16, 2008 — Pets Best Insurance LLC (Pets Best) announced today that effective December 12, 2008, new policies will be underwritten by Aetna Insurance Company of Connecticut (AICC) in Alabama, District of Columbia, Idaho, Iowa, Montana, North Dakota and Texas. The change will strengthen Pets Best's overall position in the industry and provide a better platform for the continued growth of its mission to protect pets throughout the U.S. Existing policy holders will be automatically notified when policies roll over to AICC-underwritten coverage.
"This will be a seamless transition for our existing customers and will allow us to provide more options for pet owners, including increased coverage and additional deductible levels," said Jack Stephens DVM, President of Pets Best Insurance. "In these uncertain economic times, we want pet owners to know that they don't have to deal with pet accidents and illnesses alone. Now more than ever, we want people to know about their options for protection."
Pets Best plans will remain competitively priced, with reimbursements based on a straightforward 80 percent of veterinary bills after the deductible. Premium rates with AICC will be based on experience by breed, pet age and the typical veterinary costs within each policy holder's local area.
Pets Best and AICC will work together to extend outreach to pet owners, communicating the value of budgeting for unexpected accidents and illness through reliable, affordable insurance. Plans will include a choice of higher deductibles for pet owners who want to lower the cost of their premiums. The expanded range of options will give policyholders the ability to design plans around their budget and risk tolerance.
Importantly, Pets Best plans underwritten by AICC have earned the exclusive recommendation of the American Veterinary Medical Association Group Health and Life Insurance Trust (AVMA GHLIT). "The veterinary profession is a trusted source of information and education for pet owners. Increasing awareness and usage of pet insurance will increase the overall health of pets by providing an additional financial resource so that needed care can be affordably delivered," said Gary R. Holfinger DVM, Chairman of the Board of Trustees of the AVMA GHLIT."As the new underwriter for Pets Best policies, we look forward to working closely with Pets Best and the AVMA GHLIT to extend the reach of the pet insurance industry to bring trusted, affordable pet health insurance products to pet owners nationwide," said Gretchen Spann, Aetna's head of pet insurance.
About Pets Best Insurance
Pets Best Insurance administers an insurance plan that reimburses pet owners for a straightforward 80 percent of veterinary services after a deductible, with no benefit schedules or fee restrictions. Pets Best plans do not include age restrictions and allow the pet owner to choose their veterinarian. Any pet can have guaranteed acceptance for accident-only policies so that even seriously ill pets can be insured against unexpected costs from accidental injury. The Pets Best Insurance team is a group of pet lovers who strive to deliver quality customer service and value. As the creator of the oldest and largest pet insurer in the United States, Jack Stephens DVM is the pioneer of pet health insurance and brings 26 years of experience in helping pet owners afford quality care for their pets. Insurance plans offered and administered by Pets Best are underwritten by Aetna Insurance Company of Connecticut (AICC) and recommended by the American Veterinary Medical Association Group Health and Life Insurance Trust (AVMA GHLIT). Visit Pets Best Insurance at petsbest.com or phone 877-PetsBest (738-7237).
BOISE, Idaho, December 16, 2008 — Pets Best Insurance LLC (Pets Best) announced today that effective December 12, 2008, new policies will be underwritten by Aetna Insurance Company of Connecticut (AICC) in Alabama, District of Columbia, Idaho, Iowa, Montana, North Dakota and Texas. The change will strengthen Pets Best's overall position in the industry and provide a better platform for the continued growth of its mission to protect pets throughout the U.S. Existing policy holders will be automatically notified when policies roll over to AICC-underwritten coverage.
"This will be a seamless transition for our existing customers and will allow us to provide more options for pet owners, including increased coverage and additional deductible levels," said Jack Stephens DVM, President of Pets Best Insurance. "In these uncertain economic times, we want pet owners to know that they don't have to deal with pet accidents and illnesses alone. Now more than ever, we want people to know about their options for protection."
Pets Best plans will remain competitively priced, with reimbursements based on a straightforward 80 percent of veterinary bills after the deductible. Premium rates with AICC will be based on experience by breed, pet age and the typical veterinary costs within each policy holder's local area.
Pets Best and AICC will work together to extend outreach to pet owners, communicating the value of budgeting for unexpected accidents and illness through reliable, affordable insurance. Plans will include a choice of higher deductibles for pet owners who want to lower the cost of their premiums. The expanded range of options will give policyholders the ability to design plans around their budget and risk tolerance.
Importantly, Pets Best plans underwritten by AICC have earned the exclusive recommendation of the American Veterinary Medical Association Group Health and Life Insurance Trust (AVMA GHLIT). "The veterinary profession is a trusted source of information and education for pet owners. Increasing awareness and usage of pet insurance will increase the overall health of pets by providing an additional financial resource so that needed care can be affordably delivered," said Gary R. Holfinger DVM, Chairman of the Board of Trustees of the AVMA GHLIT."As the new underwriter for Pets Best policies, we look forward to working closely with Pets Best and the AVMA GHLIT to extend the reach of the pet insurance industry to bring trusted, affordable pet health insurance products to pet owners nationwide," said Gretchen Spann, Aetna's head of pet insurance.
About Pets Best Insurance
Pets Best Insurance administers an insurance plan that reimburses pet owners for a straightforward 80 percent of veterinary services after a deductible, with no benefit schedules or fee restrictions. Pets Best plans do not include age restrictions and allow the pet owner to choose their veterinarian. Any pet can have guaranteed acceptance for accident-only policies so that even seriously ill pets can be insured against unexpected costs from accidental injury. The Pets Best Insurance team is a group of pet lovers who strive to deliver quality customer service and value. As the creator of the oldest and largest pet insurer in the United States, Jack Stephens DVM is the pioneer of pet health insurance and brings 26 years of experience in helping pet owners afford quality care for their pets. Insurance plans offered and administered by Pets Best are underwritten by Aetna Insurance Company of Connecticut (AICC) and recommended by the American Veterinary Medical Association Group Health and Life Insurance Trust (AVMA GHLIT). Visit Pets Best Insurance at petsbest.com or phone 877-PetsBest (738-7237).
Friday, August 1, 2008
Aetna 2nd Qtr 2008 Earnings Beats The Street
Aetna Reports Second-Quarter 2008 Results
>Operating earnings were $0.94 per share, a 13 percent increase over the prior-year quarter, above the Thomson/First Call mean of $0.93 per share
>Net income was $0.97 per share, a 14 percent increase over the prior-year quarter
>Medical membership increased by 32,000 to 17.5 million in the second quarter of 2008
>Commercial Medical Benefit Ratio was 80.5 percent
>Guidance: Full-year 2008 operating earnings per share projected to be $4.00
HARTFORD, Conn., July 31, 2008 — Aetna (NYSE: AET) today announced second-quarter 2008 operating earnings of $0.94 per share, a 13 percent increase over the prior-year quarter. The increase in operating earnings per share reflects 15 percent growth in total revenue, solid underwriting results and the impact of share repurchases. The growth in total revenue was primarily from quarter-over-quarter membership growth and premium rate increases. Second-quarter net income was $0.97 per share, an increase of 14 percent over the prior-year quarter. Operating earnings exclude net realized capital losses and other items.
Total company results
Total Operating Expenses were $1.4 billion for the second quarter of 2008, $183.6 million higher than the second quarter of 2007. Operating expenses as a percentage of revenue3 was 17.8 percent for the second quarter of 2008 and 2007. Excluding operating expenses from our recent acquisitions of Schaller Anderson and Goodhealth Worldwide, the operating expense ratio was 17.3 percent for the second quarter of 2008, an improvement of 50 basis points. Including net realized capital losses, this percentage was 17.9 percent for the second quarter of 2008 and 2007.
Corporate Interest Expense was $36.8 million after tax for the second quarter of 2008, compared with $27.8 million for the second quarter of 2007. The increase for second quarter 2008 was due to higher average debt levels in 2008.
Net Income was $480.5 million for the second quarter of 2008, compared with $451.3 million for the second quarter of 2007. Net income includes $14.3 million and $30.3 million of net realized capital losses in the second quarter of 2008 and 2007, respectively.
Operating Margin was 10.2 percent for the second quarter of 2008, compared with 10.8 percent for the second quarter of 2007, pre-tax.4 The after-tax operating margin, which represents net income divided by total revenue, was 6.1 percent for the second quarter of 2008, compared with 6.6 percent for the second quarter of 2007.
Share repurchases totaled 13.7 million shares at a cost of $600.0 million in the second quarter of 2008.
Saturday, April 26, 2008
Aetna 1st Qtr 2008 Earnings
Aetna Reports First-Quarter 2008 Results
Operating earnings were $0.92 per share, a 14 percent increase over the prior-year quarter, in line with the Thomson/First Call mean of $0.92 per share
Net income was $0.85 per share, a 5 percent increase over the prior-year quarter
Medical membership increased by 614,000 to 17.5 million
Commercial Medical Benefit Ratio was 79.8 percent
Guidance: Full-year 2008 operating earnings per share projected to be $4.00
Hartford, Conn., April 24, 2008 — Aetna (NYSE: AET) today announced first-quarter 2008 operating earnings of $0.92 per share, a 14 percent increase over the prior-year quarter. The increase in operating earnings per share reflects a 16 percent growth in total revenue, primarily from quarter-over-quarter membership growth and premium rate increases, as well as stable underwriting results. This improvement also reflects the benefit of share repurchases. First-quarter net income was $0.85 per share, an increase of 5 percent over the prior-year quarter. Operating earnings exclude net realized capital losses.
"Our focus remains on executing our strategy to drive profitable growth," said Joseph M. Zubretsky, executive vice president and CFO. "We demonstrated this in the first quarter in the following ways: strong top-line growth, resulting from solid membership increases and disciplined pricing actions; strong underwriting discipline and medical cost management that led to a Commercial Medical Benefit Ratio of 79.8 percent; and effective management of capital and its accretive deployment."Given these results, we feel confident in reaffirming our full-year 2008 operating earnings guidance of $4.00 per share," Zubretsky said. "In addition, we project medical membership growth to be in the range of 850,000 to 900,000 members, a 50,000 member increase over our prior guidance."
Health Care business resultsHealth Care, which provides a full range of insured and self-insured medical, pharmacy, dental and behavioral health products and services, reported:
Operating earnings of $461.6 million for the first quarter of 2008, compared with $422.7 million for the first quarter of 2007. The increase in operating earnings reflects a 20 percent increase in revenue primarily from membership growth, premium rate increases and acquisitions, as well as stable underwriting results and continued general and administrative expense efficiencies.
Net income of $447.6 million for the first quarter of 2008, compared with $420.4 million for the first quarter of 2007. Net income includes $18.6 million and $5.2 million of realized capital losses in the first quarter of 2008 and 2007, respectively, due to the accounting for certain fixed income investments which decreased in market value because of the increase in yields caused by the widening of credit spreads in 2008 and the increase in rates in 2007.
Our Medical Benefit Ratios by product for the first quarter 2008 and 2007 were as follows:
First quarter medical membership increased by 614,000 to 17.467 million, pharmacy membership increased by 219,000 to 10.951 million and dental membership increased by 334,000 to 14.166 million.
Total revenues for the first quarter of 2008 increased by 19 percent to $7.1 billion from $6.0 billion for the first quarter of 2007.
On Thursday, however, Hartford-based Aetna said its a mix of membership growth and higher premiums boosted revenue 16 percent. Though profit slipped, the results still met Wall Street forecasts.
"We were struck by Aetna's ability to convert its defensive positioning into an offense that is winning business and creating separation from its competitors," said Lehman Brothers analyst Joshua Raskin, in a note to investors Friday.
The company reaffirmed its outlook for 2008 adjusted earnings per share of $4, and raised its forecast for medical membership growth by 50,000, to a range of 850,000 to 900,000 members.
Raskin said Aetna stands almost alone in its ability to manage through the tough profit environment hampering its competitors.
Operating earnings were $0.92 per share, a 14 percent increase over the prior-year quarter, in line with the Thomson/First Call mean of $0.92 per share
Net income was $0.85 per share, a 5 percent increase over the prior-year quarter
Medical membership increased by 614,000 to 17.5 million
Commercial Medical Benefit Ratio was 79.8 percent
Guidance: Full-year 2008 operating earnings per share projected to be $4.00
Hartford, Conn., April 24, 2008 — Aetna (NYSE: AET) today announced first-quarter 2008 operating earnings of $0.92 per share, a 14 percent increase over the prior-year quarter. The increase in operating earnings per share reflects a 16 percent growth in total revenue, primarily from quarter-over-quarter membership growth and premium rate increases, as well as stable underwriting results. This improvement also reflects the benefit of share repurchases. First-quarter net income was $0.85 per share, an increase of 5 percent over the prior-year quarter. Operating earnings exclude net realized capital losses.
"Our focus remains on executing our strategy to drive profitable growth," said Joseph M. Zubretsky, executive vice president and CFO. "We demonstrated this in the first quarter in the following ways: strong top-line growth, resulting from solid membership increases and disciplined pricing actions; strong underwriting discipline and medical cost management that led to a Commercial Medical Benefit Ratio of 79.8 percent; and effective management of capital and its accretive deployment."Given these results, we feel confident in reaffirming our full-year 2008 operating earnings guidance of $4.00 per share," Zubretsky said. "In addition, we project medical membership growth to be in the range of 850,000 to 900,000 members, a 50,000 member increase over our prior guidance."
Health Care business resultsHealth Care, which provides a full range of insured and self-insured medical, pharmacy, dental and behavioral health products and services, reported:
Operating earnings of $461.6 million for the first quarter of 2008, compared with $422.7 million for the first quarter of 2007. The increase in operating earnings reflects a 20 percent increase in revenue primarily from membership growth, premium rate increases and acquisitions, as well as stable underwriting results and continued general and administrative expense efficiencies.
Net income of $447.6 million for the first quarter of 2008, compared with $420.4 million for the first quarter of 2007. Net income includes $18.6 million and $5.2 million of realized capital losses in the first quarter of 2008 and 2007, respectively, due to the accounting for certain fixed income investments which decreased in market value because of the increase in yields caused by the widening of credit spreads in 2008 and the increase in rates in 2007.
Our Medical Benefit Ratios by product for the first quarter 2008 and 2007 were as follows:
First quarter medical membership increased by 614,000 to 17.467 million, pharmacy membership increased by 219,000 to 10.951 million and dental membership increased by 334,000 to 14.166 million.Total revenues for the first quarter of 2008 increased by 19 percent to $7.1 billion from $6.0 billion for the first quarter of 2007.
On Thursday, however, Hartford-based Aetna said its a mix of membership growth and higher premiums boosted revenue 16 percent. Though profit slipped, the results still met Wall Street forecasts.
"We were struck by Aetna's ability to convert its defensive positioning into an offense that is winning business and creating separation from its competitors," said Lehman Brothers analyst Joshua Raskin, in a note to investors Friday.
The company reaffirmed its outlook for 2008 adjusted earnings per share of $4, and raised its forecast for medical membership growth by 50,000, to a range of 850,000 to 900,000 members.
Raskin said Aetna stands almost alone in its ability to manage through the tough profit environment hampering its competitors.
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