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{{Infobox company
| name = Aetna Inc.
| logo = Aetna logo.svg
| type = [[Public company|Public]]
| traded_as = {{nyse|AET}}<br>[[S&P 500|S&P 500 Component]]
| founder = [[Eliphalet Adams Bulkeley]]
| area_served = United States
| key_people = [[Mark Bertolini|Mark T. Bertolini]]<br>{{small|([[Chairman]] and [[CEO]])}}<br>Karen S. Lynch<br>{{small|(President)}}
| industry = [[Managed health care]]
| products = [[Health insurance|Healthcare plans]]
| revenue = {{nowrap|{{decrease}} [[United States Dollar|US$]] 60.535 billion {{small|(2017)}}<ref name="ar2017" />}}
| operating_income = {{decrease}} [[United States Dollar|US$]] 3.571 billion {{small|(2017)}}<ref name="ar2017" />
| net_income = {{decrease}} [[United States Dollar|US$]] 1.904 billion {{small|(2017)}}<ref name="ar2017" />
| assets = {{nowrap|{{decrease}} [[United States Dollar|US$]] 55.151 billion {{small|(2017)}}<ref name="ar2017" />}}
| equity = {{decrease}} [[United States Dollar|US$]] 15.837 billion {{small|(2017)}}<ref name="ar2017" />
<!--| num_employees = 35,258 (2008)-->
| num_employees = 49,828 {{small|(2017)}}<ref>{{cite web|title=Aetna Facts|url=https://www.aetna.com/about-us/aetna-facts-and-subsidiaries/aetna-facts.html|website=aetna.com|publisher=Aetna Inc.|accessdate=10 March 2018}}</ref>
| parent = [[CVS Health]] (pending)
| foundation = {{start date and age|1853|5|28}} (as Aetna Life Insurance Company)
| location = 151 Farmington Ave, [[Hartford, Connecticut|Hartford]], [[Connecticut]], 06105 [[United States|U.S.]]
| homepage = {{URL|http://www.aetna.com/}}
}}
'''Aetna Inc. ''' ({{IPAc-en|ˈ|ɛ|t|n|ə}}) is an American [[managed health care]] company, which sells traditional and [[consumer directed health care]] insurance plans and related services, such as medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans. Aetna is a member of the [[Fortune 500]].
In June 2017, the company announced plans to move its headquarters to [[New York City]] in late 2018.<ref name="NYC">{{cite news |last=Staff |first=Writer |url=https://www.bostonglobe.com/business/2017/06/29/aetna-leave-connecticut-headquarters-for-new-york-city/wQ39SiML1PEVteOnGM8gaJ/story.html |title=Aetna opts for a base in New York, not Boston |work=[[Associated Press]] |publisher=[[The Boston Globe]] |date=2017-06-30 |accessdate=2017-06-30 }}</ref> On December 3, 2017, it was announced that [[CVS Health|CVS]] would purchase Aetna for an estimated $69 billion, a deal which the New York Times reported would "reshape the American health care industry."<ref name=":2">https://www.nytimes.com/2017/12/03/business/dealbook/cvs-is-said-to-agree-to-buy-aetna-reshaping-health-care-industry.html</ref> In doing so, CVS announced the company's headquarters would remain in Hartford, scrapping plans to move to New York City.<ref>http://healthexec.com/topics/leadership/aetna-will-stay-hartford-part-cvs-health-acquisition Aetna will stay in Hartford as part of CVS Health acquisition</ref>
== Members ==
[[File:Aetna.svg|thumb|right|The original stylized Aetna logo]]
Aetna offers health care, dental, pharmacy, group life, disability, and long-term care insurance and employee benefits, primarily through employer-paid (fully or partly) insurance and benefit programs, and through [[Medicare (United States)|Medicare]]. Membership numbers:
(as of September 30, 2016)<ref>{{Cite web|url=https://www.aetna.com/about-us/aetna-facts-and-subsidiaries/aetna-facts.html|title=Aetna Facts – About Us {{!}} Aetna|website=www.aetna.com|access-date=2017-01-02}}</ref>
* 23.1 million medical members
* 14.3 million dental members
* 15.3 million pharmacy benefit management services members
* 13.609 million group insurance members {{Citation needed|date=January 2017}}
* An estimated 1,200,000 health-care professionals
* 695,971+ primary care doctors and specialists
* 5,712 hospitals
== Lobbying and campaign contributions ==
Aetna has spent more than $2.0 million in 2009 on [[lobbying]].<ref>{{cite web|url=http://www.opensecrets.org/lobby/clientsum.php?lname=Aetna+Inc&year=2009|title=Lobbying Spending Database - Aetna Inc, 2009 - OpenSecrets|website=Opensecrets.org|accessdate=3 July 2015}}</ref> The company spent $809,793 between January 2009 and the end of March 2009—up 41 percent from the same period in 2008.<ref>{{cite web|author=Robert Reich's Blog / By Robert Reich |url=http://www.alternet.org/story/140628/obama_must_take_on_the_giant_lobbyists_blocking_health_care_reform/ |title=Obama Must Take On the Giant Lobbyists Blocking Health Care Reform |publisher=AlterNet |date= |accessdate=2011-02-12}}</ref> Aetna's [[campaign contributions]] include more than $110,000 to US Senator [[Joe Lieberman]] (ID-CT) in 2009.<ref>{{cite web|author=boysgramps |url=http://www.commondreams.org/newswire/2009/11/05-10 |title=Nine Americans Jailed This Morning When They Tried to Confront Senator Joe Lieberman for Accepting Insurance Company Money |publisher=Common Dreams |date=2009-11-05 |accessdate=2011-02-12}}</ref> From 2005 through 2009, Aetna contributed $56,250 to Senator [[Max Baucus]] (D-MT), chairman of the [[Senate Finance Committee]], making Aetna the senator's seventh highest contributor over that time period.<ref>{{cite web|url=http://www.opensecrets.org/politicians/contrib.php?type=C&cid=N00004643&newMem=N&cycle=2010|title=Sen. Max Baucus: Campaign Finance/Money - Top Donors - Senator 2010|website=Opensecrets.org|accessdate=3 July 2015}}</ref>
== Quality of care ==
In the California Health Care Quality Report Card 2011 Edition, Aetna received 2 out of 4 stars in Meeting National Standards of Care and 1 out of 4 in Members Rate Their HMO.<ref>{{cite web|url=http://www.opa.ca.gov/about/consumer_information/files/pdf/OPA%20Booklet_2011.pdf |title=Archived copy |accessdate=2016-02-06 |deadurl=yes |archiveurl=https://web.archive.org/web/20120723124810/http://www.opa.ca.gov/about/consumer_information/files/pdf/OPA%20Booklet_2011.pdf |archivedate=2012-07-23 |df= }}</ref>
In the California Health Care Quality Report Card 2010 Edition,<ref name="autogenerated1">{{cite web|url=http://www.opa.ca.gov/report_card/hmorating.aspx |title=Archived copy |accessdate=2016-02-06 |deadurl=yes |archiveurl=https://web.archive.org/web/20130124012442/http://www.opa.ca.gov/report_card/hmorating.aspx |archivedate=2013-01-24 |df= }}</ref> Aetna received 3 out of 4 stars in both Meeting National Standards of Care and How Members Rate Their HMO, for a rating of "Good" (out of "Poor, " "Fair, " "Good, " or "Excellent").<ref name="autogenerated1"/>
== Current leadership ==
* [[Mark Bertolini]] became [[CEO]] of Aetna on November 29, 2010, and chairman on April 8, 2011.<ref name="Bertolini">{{cite web|url=http://www.aetna.com/about-aetna-insurance/aetna-corporate-profile/corporate-bios/bertolini.html |title=Executive bio |publisher=Aetna |accessdate=20 March 2012 |deadurl=yes |archiveurl=https://web.archive.org/web/20120321203729/http://www.aetna.com/about-aetna-insurance/aetna-corporate-profile/corporate-bios/bertolini.html |archivedate=21 March 2012 }}</ref>
* Karen S. Lynch (Rohan) is the President of Aetna.
* Steven B. Kelmar is Executive Vice President of Corporate Affairs and [[Chief of Staff]] to the CEO and Chairman, Mark Bertolini.
* Thomas Sabatino is Executive Vice President and [[General Counsel]].
* Richard di Benedetto is Executive Vice President in charge of Aetna International.
* Deanna Fidleris Executive Vice President in charge of [[Human Resources]].
* Shawn M. Guertin is Executive Vice President, [[CFO]] and Chief Enterprise Risk Officer.
* Meg McCarthy is Executive Vice President of Operations and Technology.
* Harold L. Paz, M.D., M.S. is Executive Vice President and [[Chief Medical Officer]].
* Fran S. Soistman is Executive Vice President in charge of Government Services
* Joseph M. Zubretsky is Senior Executive Vice President in charge of Healthagen.<ref name="Aetna Executives">{{cite web|url=https://www.aetna.com/about-us/aetna-leadership.html|title=Aetna Leadership: Executive Biographies|website=Aetna}}</ref>
== Ownership ==
As of 2017 Aetna shares are mainly held by institutional investors ([[BlackRock]], [[The Vanguard Group]], [[State Street Corporation]], [[T. Rowe Price]], [[Capital Group Companies]] and others<ref>[http://www.nasdaq.com/symbol/aet/ownership-summary Aetna Inc. Ownership Summary]</ref>)
It was announced on December 3, 2017 that CVS Health Corporation would purchase Aetna for an estimated $69 billion USD. Aetna stockholders are said to receive $207 USD per share— $145 USD in cash and 0.8378 of a CVS share, or $62 USD in stock. Mr. Larry Merlo will be chief executive of the two brands.<ref>{{Cite web|title =CVS to Buy Aetna for $69 Billion, Combining Major Health-Care Players.|url =https://www.wsj.com/articles/cvs-to-buy-aetna-for-69-billion-1512325099|accessdate = December 4, 2017|publisher = The Wall Street Journal.|date =December 3, 2017}}</ref>
== Financials ==
{| class="wikitable"
|+ Financial results in billions of US dollars<ref>{{cite web|title=Annual Report 2006 on SEC Filing Form 10-K|url=https://www.sec.gov/Archives/edgar/data/1122304/000095012307002780/y30444exv13w1.htm|date=2007-02-27|publisher=Aetna Inc.|accessdate=2017-06-16|language=en}}</ref><ref>{{cite web|title=Annual Report 2011 on SEC Filing Form 10-K|url=https://www.sec.gov/Archives/edgar/data/1122304/000112230412000045/ex13_1.htm|date=2012-02-24|publisher=Aetna Inc.|accessdate=2017-06-16 |language=en}}</ref><ref name="ar2017">{{cite web|title=Annual Report 2017 on SEC Filing Form 10-K|url=http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9Njg5MDU5fENoaWxkSUQ9Mzk5Mzk4fFR5cGU9MQ==&t=1|date=2018-02-23|publisher=Aetna Inc.|accessdate=2018-03-10|language=en}}</ref>
! Year !! 2002 !! 2003 !! 2004 !! 2005 !! 2006 !! 2007 !! 2008 !! 2009 !! 2010 !! 2011 !! 2012 !! 2013 !! 2014 !! 2015 !! 2016
!2017
|-
| Revenue || 19.88 || 17.98 || 19.90 || 22.49 || 25.15 || 27.60 || 30.95 || 34.76 || 34.25 || 33.78 || 36.60 || 47.30 || 58.00 || 60.34 || 63.16
|60.54
|-
| Net income || −2.555 || 0.893 || 2.155 || 1.573 || 1.702 || 1.831 || 1.384 || 1.277 || 1.767 || 1.986 || 1.658 || 1.914 || 2.041 || 2.390 || 2.271
|1.904
|-
| Assets || 40.13 || 41.02 || 42.21 || 44.43 || 47.63 || 50.72 || 35.85 || 38.55 || 37.74 || 38.59 || 41.34 || 49.72 || 53.35 || 53.51 || 69.15
|55.15
|-
| Equity || 7.060 || 7.992 || 9.162 || 10.19 || 9.145 || 10.04 || 8.186 || 9.504 || 9.891 || 10.12 || 10.41 || 14.03 || 14.48 || 16.11 || 17.88
|15.84
|}
== History ==
Aetna is the direct descendant of Aetna (Fire) Insurance Company, of [[Hartford, Connecticut]].<ref>{{cite book |title=One Hundred Years of Fire Insurance: Being A History Of The Aetna Insurance Company, Hartford, Connecticut, 1819–1919 |url=https://books.google.com/books?id=wR4pAAAAYAAJ |last=Gall |first=Henry R. |authorlink= |author2=William George Jordan |year=1919 |publisher=Aetna Insurance Company |location=Hartford, Connecticut |isbn= |page= |pages= |accessdate=2009-07-14}}</ref><ref name="al">http://aetnet.aetna.com/newsdata/aetna_news/an_20030401_092105.html{{dead link|date=March 2015}}</ref> The name was meant to invoke [[Mount Etna]], at the time Europe's most active volcano.<ref name="ae">{{cite web|url=http://www.aetna.com/about/aetna/aag/history.html |title=History – About Us |publisher=Aetna |date=2005-03-11 |accessdate=2016-08-17 |deadurl=yes |archiveurl=https://web.archive.org/web/20061208010149/http://www.aetna.com/about/aetna/aag/history.html |archivedate=2006-12-08 }}</ref>
=== Timeline ===
==== 1810s ====
* ''1819'' - [[Henry Leavitt Ellsworth]], [[Yale University|Yale]] graduate and attorney, becomes second president of Aetna (Fire) Insurance Company, succeeding [[Thomas Kimberly Brace]]. Ellsworth, who later became the first [[United States Patent and Trademark Office|U. S. Patent Commissioner]], served as Aetna's president for two years until 1821, when he resigned, but Ellsworth continued as a director for another 16 years. Ellsworth's brother, [[William W. Ellsworth|William Wolcott Ellsworth]], also served as a director, as well as the company's first [[General Counsel]].<ref>{{cite book |title=One Hundred Years of Fire Insurance: Being A History of The Aetna Insurance Company, Hartford, Connecticut, 1819-1919 |url=https://books.google.com/books?id=DhMeAAAAMAAJ&pg=PA44&lpg=PA44&dq=%22henry+leavitt+ellsworth%22+aetna#v=onepage&q&f=false |last=Gall |first=Henry R. |authorlink= |author2=William George Jordan |year=1919 |publisher=Aetna Insurance Company |location=Hartford, Connecticut |isbn= |page= |pages= |accessdate=2010-07-28}}</ref>
==== 1850s ====
[[File:Aetna building in Hartford.gk.jpg|300px|thumb|The Aetna headquarters building in Hartford, designed by renowned architect [[James Gamble Rogers]], is the largest colonial-revival building in the world]]
* On May 28, 1853, the Annuity department separated from Aetna Insurance to be incorporated as the Aetna Life Insurance Company, with Eliphalet Bulkeley as president.<ref name="ae"/><ref>{{cite web|url=https://books.google.com/books?id=gN1IAQAAMAAJ&pg=PR86&dq=Aetna+May+1853&hl=en&sa=X&ved=0ahUKEwiq6aih8oHSAhUY9WMKHfvPBOYQ6AEIOjAB#v=onepage&q=Aetna%20May%201853&f=false|title=Annual Report of the Superintendent of the Insurance Department, State of ... - New York (State). Insurance Department - Google Books|work=[[Google Books]]|date=1865-03-01|accessdate=2017-02-09}}</ref><ref>{{cite web|url=https://books.google.com/books?id=bXD7YBx6UvMC&pg=PT30&dq=In+May+1853,+Governor+Seymour+signed&hl=en&sa=X&ved=0ahUKEwj_qrGv84HSAhVpyoMKHUNBCnsQ6AEIHDAA#v=onepage&q=In%20May%201853%2C%20Governor%20Seymour%20signed&f=false|title=Crowbar Governor: The Life and Times of Morgan Gardner Bulkeley - Kevin Murphy - Google Books|work=[[Google Books]]|date=2010|accessdate=2017-02-09}}</ref> (The fire insurance company went on to become part of Connecticut General, which merged into [[Cigna]].)
* On November 29, 1853, J. B. Bennett was appointed general agent of the company.<ref>{{cite web|url=https://www.immediateannuities.com/museumofinsurance/miscellaneous/1390004.html|title=Aetna Insurance Company - 1853-11-29 - Miscellaneous found in the Museum of Insurance|work=Immediate Annuities|date= |accessdate=2017-02-09}}</ref>
* ''1854'' Aetna hired its first full-time employee, Thomas O. Enders, later to become company president.<ref name="ae"/>
* ''1857'' Aetna moved to new offices on Hungerford and Cone Streets in Hartford. The [[Panic of 1857]] struck Hartford and the nation, causing the closing of all but one bank and many other businesses. Eliphalet Bulkeley blocked a move to liquidate the company during the economic downturn.<ref name="al"/><ref name="ae"/>
* The Aetna Insurance Company issued [[life insurance]] policies on an undetermined number of [[African-American]] [[slaves]], naming their owners as [[beneficiaries]].<ref name="usatoday. com">{{cite news| url=https://www.usatoday.com/money/general/2002/03/25/slave-reparations.htm | work=USA Today | title=Aetna, CSX, FleetBoston face slave reparations suit | date=March 24, 2002 | accessdate=May 2, 2010}}</ref>
==== 1860s ====
* ''1861'' - Aetna began offering participating life insurance policies which paid [[dividend]]s to policyholders just as the mutual life insurance policies did. Aetna launched its new product with a promotional effort including higher commissions for its agents while most companies were cutting back due to the outbreak of the [[American Civil War]] and the consequent loss of premium payments from Southern policyholders. However, the death toll of the war coupled with the booming wartime economy caused an expansion of the life insurance business to match Aetna's expansion.<ref name="al"/><ref name="ae"/>
* ''1865'' - By 1864 Aetna had increased its volume of business by 600% over 1861 and its annual premium income ninefold, exceeding one million dollars. As a result, Aetna possessed the financial stability and resources it needed to meet the stringent regulatory requirements placed on life insurance companies in Massachusetts and New York; by 1865 the company was authorized to begin soliciting business in these states.<ref name="ae"/>
* ''1867'' - Company income rose from $78,000 in 1861 to $5,129,000 by 1867. Aetna moved to its third home office at 670 Main Street, Hartford. By 1924, Aetna had 94 million dollars, 43% of its assets, invested in farm mortgages.<ref name="ae"/>
* ''1868'' Aetna altered its business practices, hiring its first [[actuary]] and abandoning the half-note premium system in favor of an all-cash premium plan.
==== 1870s ====
* ''1872'' - Eliphalet A. Bulkeley died and Thomas O. Enders became president.<ref name="ae"/>
* ''1878'' - Aetna increased its capitalization from $150,000 to $750,000.<ref name="ae"/>
* ''1879'' - Enders' failing health forced him to resign and Eliphalet Bulkeley's son [[Morgan G. Bulkeley]] replaced him.<ref name="ae"/>
==== 1880s ====
* ''1888'' - Aetna outgrew its old offices on 670 Main Street in Hartford and purchased its fourth home office, next door at 650 Main Street; the first building Aetna actually owned, and Aetna's home office for the next 42 years.<ref name="ae"/>
==== 1890s ====
* ''1891'' - Aetna issued its first accident policy, purchased by Morgan Bulkeley himself.<ref name="ae"/>
* ''1892'' - Aetna held its first general agents conference in Chicago.<ref name="ae"/>
* ''1899'' - Aetna became one of the first publicly held insurance companies to enter the health insurance field.<ref name="ae"/>
==== 1900s ====
* ''1902'' - Aetna created an Accident and Liability department to offer employers' liability and workmen's collective insurance, in reaction to the growing strength of the [[Progressive Era|Progressive social reform movement]]. This would become the cornerstone of the Aetna Accident and Liability Company.<ref name="ae"/>
* ''1903'' - An Engineering and Inspection Division was created to improve [[occupational safety and health|workplace safety]].<ref name="ae"/>
* ''1904'' - Aetna introduced its first [[corporate seal]], conveying Aetna's status as the largest life insurer in the world writing accident, health and liability coverage; the logo portrayed the company's home office bursting out from within a globe, with large block typeface spelling out Ae''tna's ranking.<ref name="ae"/>
* ''1907'' - Aetna created a casualty subsidiary to handle items such as automobile property coverage; Aetna soon began aggressively expanding into related lines such as collision and damage. This business developed into the Aetna Casualty and Surety Company.<ref name="ae"/>
* ''1908'' - Aetna hired its first [[home office]] female employee (Julia Kinghorn, [[telephone switchboard]] operator), the first of what has become more than two-thirds of Aetna’s employees.<ref name="ae"/>
==== 1910s ====
* ''1910'' - Under the management of E. E. Cammack, Aetna began using [[Hollerith]] [[punched card]]s machines for tabulating and hired 35 women to input [[Life insurance#Costs, insurability, and underwriting|mortality statistics]] on [[keypunch machine]]s, the company's first female [[Clerk (position)|home office clerks]].<ref name="ae"/>
* ''1911'' - Aetna began its first national advertising campaign. The same year, Aetna formed a [[bond (finance)|bond]] department to market fidelity and [[surety]] coverages.<ref name="ae"/>
* ''1912'' - Aetna introduced the first combination automobile policy, with several separate types of coverage combined into one contract. Several Aetna insureds were killed on the [[RMS Titanic]].<ref name="ae"/>
* ''1913'' - Aetna formed its second affiliate, the Automobile Insurance Company, to write fire insurance on cars. This soon expanded to include [[windstorm]], [[tornado]], [[leasehold]], and ocean and inland [[marine insurance]]. Aetna formed a Group department to sell [[Life insurance#Related Life Insurance Products|group life insurance]], one of the first insurers to do so; the first step towards Aetna’s current health care business.<ref name="ae"/>
==== 1960s ====
* ''1960'' - Aetna expanded outside the U. S., buying a [[Canada|Canadian]] company, Excelsior Life Insurance Company. In 1968, it bought a majority interest in Producer's and Citizen's Cooperative Assurance Company, of [[Sydney]], [[Australia]]. In 1981, it bought a 40 percent interest in two [[Chile]]an companies, and soon thereafter invested in ventures in England, Spain, [[Hong Kong]], [[Taiwan]], [[Indonesia]] and [[Korea]].
==== 1970s ====
* ''1970'' - Aetna's Pension, Casualty and Life Division under the direction of B.E. Burton, President and Lead Actuary, saw billion-dollar growth in the post-ERISA pension administration segment that placed Aetna in the top 5 global pension and investment asset management and recordkeeping firms in the world, with over $11.8 billion (US) in new sales and assets under management during the decade.
==== 1990s ====
* Between 1996 and 1999, Aetna initiated a series of company [[acquisitions]]. In 1996, Aetna acquired U.S. Healthcare, founded by [[Leonard Abramson]].<ref>{{Cite news| issn = 0458-3035| last = OLMOS| first = DAVID R.| title = Aetna Will Buy U.S. Healthcare for $8.6 Billion| work = Los Angeles Times| accessdate = 2015-06-19| date = 1996-04-02| url = http://articles.latimes.com/1996-04-02/news/mn-53913_1_health-care}}</ref> In 1998, Aetna bought NYLCare Health Plans for $1.05 billion, adding 2.2 million members. The next year, it bought [[Prudential Financial|Prudential]] HealthCare for $1 billion, making it the largest provider of health benefits in the U. S., with more than 21 million members. The company spent more than $20 million to revamp its computer systems, enabling the company to identify and discontinue unprofitable accounts. With this new and extensive information about policyholders, new management, and a shift in strategy, Aetna sharply raised premiums on less profitable accounts. Within a few years, Aetna shed 8 million covered lives due to premiums that customers could no longer afford.<ref>“Behind Aetna’s Turnaround: Small Steps to Pare Cost of Care, ” Wall Street Journal, August 13, 2004</ref>
==== 2000s ====
* ''2000'' - Aetna hired [[John Rowe (Aetna)|John Rowe]] as CEO and executive chairman. Rowe cut approximately 15,000 jobs and raised insurance premiums by 16 percent per year. In 2002, He also shrunk Aetna's customer base from 19 million members to 13 million by abandoning unprofitable markets, including almost half of the counties nationwide in which it offered Medicare products.<ref>{{cite web|url=http://www.hoovers.com/company/Aetna_Inc/rffysi-1.html |title=Aetna Inc. | Company profile from Hoover's |publisher=Hoovers.com |date=2010-10-21 |accessdate=2011-02-12}}</ref><ref>{{cite web|url=http://www.answers.com/topic/aetna-inc |title=Aetna Inc: Information from |publisher=Answers.com |date= |accessdate=2011-02-12}}</ref>
* ''2000'' - Aetna sold its financial services and international businesses to [[ING Group|ING]] for $7.7 billion, spun off its health business to its [[shareholders]], thus focusing its business as an independent health and group benefits company.
* ''2001'' - Aetna recruited global public relations and marketing executive Roy Clason, Jr. to lead the companies reputation management strategies during Aetna's multi-year corporate turnaround campaign.
* ''2006'' - John Rowe ended his 65 months as CEO and executive chairman of Aetna; during his tenure, the former [[Harvard]] [[geriatrician]] earned $225,000 a day (including Sundays and holidays).<ref>{{cite journal|url=http://www.pnhp.org/publications/competition_in_a_publicly_funded_healthcare_system.php#REF31 |title=Competition in a publicly funded healthcare system | Physicians for a National Health Program |doi=10.1136/bmj.39400.549502.94 |publisher=Pnhp.org |date= |accessdate=2011-02-12| archiveurl= https://web.archive.org/web/20110114200948/http://www.pnhp.org/publications/competition_in_a_publicly_funded_healthcare_system.php| archivedate= 14 January 2011 <!--DASHBot-->| deadurl= no|pmc=2099512 | pmid=18048539 | volume=335 | year=2007 | journal=BMJ | pages=1126–9 | last1 = Woolhandler | first1 = S | last2 = Himmelstein | first2 = DU}}</ref>
* ''2007'' - Aetna chief medical officer Troy Brennan told the Aetna Investor Conference that, "The (U. S.) [[healthcare system]] is not timely. " He cited "recent statistics from the Institution of Healthcare Improvement… that people are waiting an average of about 70 days to try to see a provider. And in many circumstances people initially diagnosed with [[cancer]] are waiting over a month, which is intolerable. "<ref>{{cite web|url=http://www.medicalnewstoday.com/articles/76295.php |title=Waiting Times For Care? Try Looking At The U. S. - Nurses, Doctors Say It's Time To Debunk The Myths |publisher=Medicalnewstoday.com |date= |accessdate=2011-02-12}}</ref>
* ''2007'' - Aetna acquired plan operator Schaller Anderson in July, signaling a push into the growing business of running plans for Medicaid and the [[State Children's Health Insurance Program]].<ref>{{cite web |url=http://www.fins.com/Finance/Companies/2/Aetna-Inc |title=Aetna Inc. Overview |accessdate=2010-07-21 |work=FINS.com }}</ref>
* ''2008'' - Aetna CEO Ron Williams received $38.12 million in [[Executive compensation|compensation]] - the highest annual compensation in the insurance sector and the 22nd-highest compensation of all American CEOs.<ref>{{cite news| url=https://www.forbes.com/lists/2009/12/best-boss-09_CEO-Compensation-Health-Care-Equipment-Services_9CompTotDisp.html | work=Forbes | title=CEO Compensation | date=April 22, 2009}}</ref><ref>{{cite news| url=https://www.forbes.com/lists/2009/12/best-boss-09_Ronald-A-Williams_NBHZ.html | work=Forbes | title=#22 Ronald A Williams | date=April 22, 2009}}</ref>
* ''2008'' - Aetna began offering [[pet]] health insurance in Alabama, District of Columbia, Idaho, Iowa, Montana, North Dakota and Texas, with plans to quickly expand to all 50 states. “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.<ref>{{cite web|url=http://www.petsbest.com/AboutPetsBest/pressreleases/viewrelease/08-12-16/pets_best_announces_new_underwriter_for_pet_insurance_policies.aspx |title=Pets Best Insurance > Pets Best Announces New Underwriter For Pet Insurance Policies |publisher=Petsbest.com |date= |accessdate=2011-02-12| archiveurl= https://web.archive.org/web/20110104202036/http://www.petsbest.com/aboutpetsbest/pressreleases/viewrelease/08-12-16/Pets_Best_Announces_New_Underwriter_For_Pet_Insurance_Policies.aspx| archivedate= 4 January 2011 <!--DASHBot-->| deadurl= no}}</ref>
* ''2008'' - Aetna's 2008 [[revenue]], excluding net realized [[capital loss]]es, increased 14 percent over 2007 to $31.6 billion.<ref>{{cite web|url=http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MjM2OHxDaGlsZElEPS0xfFR5cGU9Mw==&t=1 |title=2008 Aetna Annual Report, Financial Report to Shareholders |website=Phx.corporate-ir.net |accessdate=2016-08-17}}</ref>
===== 2009 =====
* Through June 30, Aetna took in $14 billion in premiums: $10.7 billion of that amount from employers and employees, $2.9 billion more from [[Medicare (United States)|Medicare]] recipients who bought a supplemental insurance plan to cover the gaps in what Medicare covers, and another $400 million for handling [[Medicaid]] claims. Aetna reported that it paid out $11.9 billion in health care reimbursements and $2.3 billion in [[Administration of business|administrative]] expenses (20 percent).<ref>{{cite web|url=http://pubrecord.org/commentary/5491/best-health-reform-money/ |title=The Best Health ‘Reform’ Money Can Buy | The Public Record |publisher=Pubrecord.org |date= |accessdate=2011-02-12}}</ref>
* On September 22, more than 200 people gathered in front of Aetna's Hartford headquarters to call for a [[public health insurance option]] they said is essential to true national [[health care reform]]. The [[insurance industry]], including Aetna, has opposed a public option.<ref>{{cite web|last=Gosselin |first=Kenneth R. |url=http://www.courant.com/business/hc-aetnaprotest0923.artsep23,0,2148016.story |title=Health Care Public Option Pushed At Hartford Rally And Others Around Nation |publisher=Courant.com |date=2009-09-23 |accessdate=2011-02-12}}</ref>
* On October 2, Connecticut Attorney General [[Richard Blumenthal]] and Healthcare Advocate [[Kevin P. Lembo]] asked Aetna and four other insurance companies for information the companies may have sent policyholders regarding the impact of proposed legislation on [[Medicare Advantage]] and prescription drug programs. According to Blumenthal, some insurance companies have exaggerated or stretched the impact of health care reform.<ref>{{cite web|url=http://www.businessweek.com/ap/financialnews/D9B3511G1.htm |title=Archived copy |accessdate=2009-10-09 |deadurl=yes |archiveurl=https://web.archive.org/web/20091013141431/http://www.businessweek.com/ap/financialnews/D9B3511G1.htm |archivedate=2009-10-13 |df= }}</ref>
* On October 27, Aetna stock values shot up when U. S. Senator Joe Lieberman of Connecticut broke with the Democratic caucus that he is a member of and vowed to join a Republican-led [[filibuster]] if the [[public option]] was not removed from the Senate's health care reform bill.<ref>{{cite web|author=Zaid Jilani |url=http://thinkprogress.org/2009/10/27/insurance-stocks-lieberman/ |title=Insurance Stocks Plunged As Reid Announced Public Option, Spiked After Lieberman Vowed To Filibuster It |publisher=ThinkProgress |date=2009-10-27 |accessdate=2011-02-12}}</ref>
* On October 30, Aetna reported a third quarter profit increase of 18 percent.<ref>{{Cite web|url=http://www.courant.com/business/hc-aetnaearnings.artoct30,0,1816943.story|title=Topic Galleries -- Courant.com|last=|first=|date=2013-06-16|website=|archive-url=https://web.archive.org/web/20130616125318/http://www.courant.com/topic/|archive-date=2013-06-16|dead-url=|access-date=2018-03-22}}</ref>
* On November 3, US Senator [[Tom Harkin]], chairman of the [[Committee on Health, Education, Labor and Pensions]], launched an investigation into health insurance pricing, asking Aetna and three other major insurers to justify their pricing practices. The investigation began after [[small business]] owners testified before Harkin's committee that skyrocketing health care premiums were severely hurting their livelihoods.<ref>[http://www.desmoinesregister.com/article/20091104/NEWS05/911040360/1007]{{dead link|date=February 2011}}</ref>
* Aetna announced the layoff off some 3.5% of its work force, 625 employees, and a similar number of reductions early next year. The current cuts include 160 jobs in Connecticut.<ref>[http://www.rep-am.com/news/connecticut/doc4b053e3497e19222100422.txt] {{dead link|date=May 2016|bot=medic}}{{cbignore|bot=medic}}</ref><ref>[https://www.wsj.com/article/BT-CO-20091119-714290.html] {{webarchive|url=https://web.archive.org/web/20100127091323/http://online.wsj.com/article/BT-CO-20091119-714290.html|date=January 27, 2010}}</ref> "Streamlining our business now will enable us to improve our competitiveness and redirect resources to areas with a greater potential for future growth, " said Aetna CEO Ron Williams.<ref>{{cite web|url=http://www.hartfordbusiness.com/news11033.html |title=Aetna to layoff over 1,000 workers |publisher=Hartford Business |date= |accessdate=2011-02-12}}</ref> During the third quarter of 2009, Aetna earned $326.2 million, or 73 cents per share. That represents an increase from $277.3 million, or 58 cents per share, in the same quarter last year.<ref>{{cite web |url=http://www.tradingmarkets.com/.site/news/Stock%20News/2670548/ |title=Zacks Analyst Blog Highlights: Aetna Inc., UnitedHealth Group Inc., WellPoint Inc., Assurant Inc. and Cigna Corp |publisher=TradingMarkets.com |date=2009-11-20 |accessdate=2011-02-12 }}{{dead link|date=March 2018 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
* On November 30, Aetna CEO Ron Williams told analysts that Aetna would increase prices in 2010 and force 600,000 to 650,000 Aetna customers to drop their coverage.<ref>{{cite news|url=http://www.ama-assn.org/amednews/2009/11/30/bisb1130.htm |title=Aetna prepares for loss of 600,000 members as it raises 2010 prices |date= November 30, 2009 |agency= American Medical News |publisher=Ama-assn.org |accessdate=2011-02-12}}</ref> Aetna President Mark Bertolini justified the move as "ensuring that each customer is priced to an appropriate margin. "<ref>{{cite web|url=http://www.huffingtonpost.com/2009/12/04/aetna-forcing-600000-plus_n_380130.html|title=Aetna Forcing 600,000-Plus To Lose Coverage In Effort To Raise Profits|work=The Huffington Post|accessdate=3 July 2015}}</ref> Aetna chief executive Ronald Williams owns 7.6 million Aetna stock and options.
* Aetna filed a $4.9 billion correction to its 2008 health insurance regulatory filings on December 7, 2009. The new filings show that Aetna spends less on small business health care than previously reported. “Health insurance companies have a duty to provide accurate financial information both to consumers and to their regulators about how much money they actually spend on health care and how much they spend on profits, on executive salaries, and on figuring out how to deny care to people when they really need it, ” said Senator [[Jay Rockefeller]], Chairman of the [[U.S. Senate Committee on Commerce, Science, and Transportation]]. “Unfortunately, it looks like Aetna and other health insurers haven’t been taking this duty very seriously. I’m disappointed that my Committee had to launch a full-scale congressional investigation to get these companies to meet their basic reporting obligations. ”<ref>{{cite web|url=http://commerce.senate.gov/public/index.cfm?FuseAction=PressReleases.Detail&PressRelease_id=1b0e362a-c6ba-4f8b-ab5d-9271920c9d15&Month=12&Year=2009 |title=Archived copy |accessdate=2009-12-09 |deadurl=bot: unknown |archiveurl=http://webarchive.loc.gov/all/20100202235410/http%3A//commerce%2Esenate%2Egov/public/index%2Ecfm?FuseAction%3DPressReleases%2EDetail%26PressRelease_id%3D1b0e362a%2Dc6ba%2D4f8b%2Dab5d%2D9271920c9d15%26Month%3D12%26Year%3D2009 |archivedate=February 2, 2010 |df= }} at the [[Library of Congress]] (February 2, 2010).</ref>
* On December 14, Aetna stocks rose dramatically after U. S. Senator Joe Lieberman of Connecticut threatened to filibuster the Senate health care reform bill if it included a Medicare buy-in proposal.<ref>[https://www.wsj.com/article/BT-CO-20091214-709441.html]{{dead link|date=May 2016|bot=medic}}{{cbignore|bot=medic}}</ref><ref>{{cite web|url=http://fdlaction.firedoglake.com/2009/12/14/insurance-stocks-soar-with-joe-liebermans-statements/ |title=Insurance Stocks Soar With Joe Lieberman’s Statements | FDL Action |publisher=Fdlaction. firedoglake.com |date= |accessdate=2011-02-12| archiveurl= https://web.archive.org/web/20110305111201/http://fdlaction.firedoglake.com/2009/12/14/insurance-stocks-soar-with-joe-liebermans-statements/| archivedate= 5 March 2011 <!--DASHBot-->| deadurl= no}}</ref>
* December 29: Aetna chief executive Ron Williams owns approximately 7.6 million Aetna stock and options. The price gain for Aetna stocks of $8.50 from October lows to December 29 adds at least $37 million in value to Williams' holdings.<ref>{{cite web|first=Brett |last=Arends |url=http://www.marketwatch.com/story/health-industry-execs-poised-to-make-a-bundle-2009-12-29?pagenumber=1 |title=Health industry execs will make a bundle |publisher=MarketWatch |date= |accessdate=2011-02-12}}</ref>
===== 2010 =====
* On February 3, Aetna laid off more than 100 Connecticut workers. This follows the lay off of 160 Connecticut Aetna employees in November 2009.<ref>{{cite web|url=http://www.courant.com/business/hc-aetna0204.artfeb04,0,1775192.story |title=Aetna Lays Off 625, Including 100 In State - Hartford Courant |publisher=Courant.com |date=2010-02-04 |accessdate=2011-02-12}}</ref>
* Aetna reported 2009 fourth-quarter net income of $165.9 million, or 38 cents per share, on $8.69 billion in revenue on February 6, 2010.<ref>{{cite web|url=http://www.courant.com/business/hc-aetna0206.artfeb06,0,3216988.story |title=Aetna's Earnings Slip - Hartford Courant |publisher=Courant.com |date=2010-02-06 |accessdate=2011-02-12}}</ref>
* On April 30, Aetna announced a 29 percent increase in net income for the first quarter of 2010 compared with the same quarter a year ago, as the insurer benefited from higher investment income.<ref>{{cite web|first=Matthew |last=Sturdevant |work= The Hartford Courant|url=http://www.courant.com/business/hc-hc-aetna-earnings-0430.artapr30,0,2145609.story |title=Aetna's Net Income Is Up 29 Percent, Operating Earnings Down |publisher=Courant.com |date=2010-04-30 |accessdate=2011-02-12}}</ref>
* In April, Aetna notified policyholders that it was in a contract dispute with [[Continuum Health Partners]] and that its contract with Continuum Health Partners would lapse as of June 5, 2010. Continuum Health Partners comprises five major New York City hospitals: [[Beth Israel Medical Center]], [[Roosevelt Hospital]], [[St. Luke's-Roosevelt Hospital Center|St. Luke's Hospital]], [[Long Island College Hospital]] and [[New York Eye and Ear Infirmary]]. The June 5th date passed and the contract lapsed, an outcome that could mean much higher costs for thousands of New Yorkers.<ref>{{cite web|url=http://www.nydailynews.com/ny_local/2010/06/15/2010-06-15_aetna_pulls_plug_on_pact_failed_deal_leaves_thousands_of_nyers_footing_bill.html|title=Failed deal between Aetna, local hospitals leaves thousands of New Yorkers footing bill |author= Heidi Evans |work= [[New York Daily News]] |date= June 15, 2010|accessdate=3 July 2015}}</ref> Aetna is obligated in its contract with doctors to retain those doctors in-network for a policyholder for a period of a year or until the expiration date of the policyholder's contract, whichever comes first. Aetna did not inform policyholders of this fact. Continuum Health provided a form to policyholders to make this request.<ref>{{cite web|url=http://www.wehealny.org/patients/BI_home/AETNA%20letter.doc |format=DOC |title=ATTENTION AETNA MEMBERS |website=Wehealny.org\accessdate=2016-08-17}}</ref> U. S. Senator [[Kirsten Gillibrand]] has asked executives of Aetna and Continuum Health Partners to re-enter negotiations, saying, "I urge you to re-enter negotiations on a new three-year agreement for reimbursement rates, for the sake of the patients that need health coverage. "<ref>{{cite web|url=http://gillibrand.senate.gov/newsroom/press/release/?id=F3CEA15A-EA0F-48D9-ADB0-150BEC714498 |title=Kirsten Gillibrand - United States Senator for New York: News |publisher=Gillibrand. senate.gov |date=2010-06-18 |accessdate=2011-02-12| archiveurl= https://web.archive.org/web/20110205061339/http://gillibrand.senate.gov/newsroom/press/release/?id=f3cea15a-ea0f-48d9-adb0-150bec714498| archivedate= 5 February 2011 <!--DASHBot-->| deadurl= no}}</ref> In July, the Faculty Union of [[Pratt Institute]], United Federation of College Teachers Local 1460, prepared a letter to Aetna expressing their unhappiness over the termination of the contract.<ref>{{cite web|url=http://www.pratt-union.org/2010/07/09/pratt-faculty-potentially-lose-hundreds-of-doctors-and-several-major-hospitals/|title=Pratt Faculty Potentially Lose Hundreds of Doctors and Several Major Hospitals|work=The Pratt Faculty Union|accessdate=3 July 2015}}</ref>
* In June, Crystal Run Healthcare, a 170-doctor group practice in [[Orange County, New York]] and [[Sullivan County, New York]], announced that it would terminate its contract with Aetna on July 31, 2011.<ref>{{cite web|url=http://www.crainsnewyork.com/article/20100623/PULSE/100629946|title=Crain's New York Business : Login|website=Craisnewyork.com|accessdate=3 July 2015}}</ref><ref>{{cite web|url=http://www.crystalrunhealthcare.com/|title=Crystal Run Healthcare -|website=Crystalrunhealthcare.com|accessdate=3 July 2015}}</ref> Crystal Run stated that, "Aetna proposes to pay us significantly less than other commercial health care plans with whom we contract. Despite good faith efforts, we cannot come to an agreement at this time. We want to afford every opportunity to our patients to make informed choices regarding their health care coverage. " Aetna replied, "It is extraordinary that a responsible physician group would alarm patients in this manner more than a year before there could be any impact to those patients. "<ref>[http://www.marketwatch.com/story/crystal-run-healthcare-terminates-contract-with-aetna-inc-2010-06-21?reflink=MW_news_stmp]{{dead link|date=August 2016}}</ref>
* On July 27, Aetna reported that its second-quarter profit rose 42 percent, as the percentage of premiums the company spent on medical care fell versus a year ago. The insurer earned $491 million, or $1.14 a share, in the three months ended June 30. That compares with net income of $346.6 million, or 77 cents a share, in the same period last year.<ref>{{cite web |url=http://www.courant.com/business/nationworld/wire/sns-ap-us-earns-aetna,0,2005680.story |title=Insurer Aetna announces big dividend payment, reports 30 percent jump in 4th-quarter profit |publisher=Courant.com |date=2011-02-04 |accessdate=2011-02-12 }}{{Dead link|date=August 2018 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
* On September 9, Aetna announced that it would demolish its {{convert|1300000|sqft|m2|adj=on}} structure in Middletown, Connecticut that once housed approximately 5,000 Aetna employees on a {{convert|261|acre|km2|adj=on}} campus. Aetna has not said exactly how it will redevelop the site, although a data center currently located there will remain regardless of future plans.<ref>{{cite web|url=http://www.wfsb.com/story/14807854/middletown-aetna-complex-being-torn-down-2-25-2011|title=Middletown Aetna Complex Being Torn Down|last=|first=|date=2011-02-25|website=|publisher=|accessdate=}}</ref>
==== 2012 ====
In June 2012, Aetna and Inova Health System announced a joint venture creating a new health insurance company, Innovation Health.<ref>{{cite web|title=Aetna And Inova Health System Establish New Health Plan Partnership In Northern Virginia |url=https://www1.aetna.com/news/newsReleases/2012/0622-Aetna-And-Inova-Health-System-Northern-Virginia.html |website=Aetna News Releases |accessdate=25 October 2015 |date=22 June 2012 |deadurl=yes |archiveurl=https://web.archive.org/web/20160304045556/https://www1.aetna.com/news/newsReleases/2012/0622-Aetna-And-Inova-Health-System-Northern-Virginia.html |archivedate=4 March 2016 |df= }}</ref><ref>{{Cite news|url = https://www.washingtonpost.com/business/economy/2012/06/22/gJQAOyoGvV_story.html|title = Aetna and Inova unveil joint venture for improved, cost-effective health care|last = Kliff|first = Sarah|date = 22 June 2012|work = The Washington Post|access-date = 25 October 2015|via = }}</ref>
Aetna introduced a company new logo with effort to establish themselves as a more consumer-focused brand. The logo was designed by New York-based [[Siegel + Gale|Siegel+Gale]].<ref>{{Cite web|title =Aetna Finds its Groove.|url =https://www.underconsideration.com/brandnew/archives/aetna_finds_its_groove.php|accessdate = December 4, 2017|publisher = Under Consideration.|date =January 18, 2012}}</ref>
==== 2015 ====
On July 3, 2015, Aetna announced that it planned to acquire [[Humana]] for {{Currency|37 billion}} in cash and stock,<ref name=":1">{{Cite news|url = http://www.bizjournals.com/louisville/news/2015/08/20/report-aetna-adds-lobbyists-to-push-humana-deal-to.html|title = Report: Aetna adds lobbyists to push Humana deal to regulators|last = Mann|first = David A.|date = 20 August 2015|work = [[Louisville Bus. First|Louisville Business First]]|access-date = 21 August 2015|via = }}</ref> or {{Currency|230}} a share.<ref name=":0" /> Aetna and Humana shareholders would have owned 74% and 26% of the new combined company.<ref name=":0">{{cite press release
|url=http://www.businesswire.com/news/home/20150702005935/en/Aetna-Acquire-Humana-37-Billion-Combined-Entity#.VZZFMuMayc3 |title=Aetna Acquiring Humana for $37 Billion |via=BusinessWire |publisher=Aetna |date=July 3, 2015 }}{{self-published inline|date=August 2015|certain=yes}}</ref> The acquisition was subject to United States government approval and was expected to close in late 2016.<ref name=":1" />
==== 2017 ====
On January 23, 2017, a federal judge blocked Aetna's merger with Humana, saying it would leave senior citizens with fewer options for Medicare coverage.<ref>{{Cite news|url=http://www.politico.com/story/2017/01/judge-block-aetna-humana-merger-234043|title=Judge blocks major health insurance merger|newspaper=POLITICO|access-date=2017-01-23}}</ref><ref>{{Cite news|url=https://www.wsj.com/articles/federal-judge-blocks-aetna-humana-merger-on-antitrust-grounds-1485190239|title=Federal Judge Blocks Aetna-Humana Merger on Antitrust Grounds|last=Kendall|first=Brent|date=2017-01-23|last2=Mathews|first2=Anna Wilde|newspaper=Wall Street Journal|issn=0099-9660|access-date=2017-01-29}}</ref><ref>{{Cite news|url=https://www.nytimes.com/2017/01/23/business/dealbook/aetna-humana-deal-blocked.html|title=Judge Blocks Aetna’s $37 Billion Deal for Humana|last=Abelson|first=Reed|date=2017-01-23|last2=Picker|first2=Leslie|newspaper=The New York Times|issn=0362-4331|access-date=2017-01-29}}</ref> On February 14, 2017, Aetna Inc. and [[Humana Inc.]] officially quashed a $34 billion merger agreement, after judges ruled against the merger for a second time.<ref>{{Citation
| last1 = Wilde Mathews
| first1 =Anna
| last2 =Kendall
| first2 =Brent
| date =February 14, 2017
| title =Antitrust Rulings Put Chill on Health-Insurance Mergers
| publisher = ''[[The Wall Street Journal]]''
| url =https://www.wsj.com/articles/cigna-calls-off-merger-with-anthem-1487104016
| accessdate = February 15, 2017}}</ref>
On June 29, 2017, Aetna announced the company would be moving their main offices to [[New York City]] after being headquartered in Hartford since 1819. The move will be completed in late 2018.<ref name="NYC"/>
On December 4, 2017, [[CVS Health]] announced plans to purchase Aetna for approximately $69 billion.<ref name=":2" /> The deal is expected to close in the latter half of 2018, subject to approval by both [[Shareholder|shareholders]] and federal regulators.<ref name=":2" />
==== 2018 ====
On February 11, 2018, [[CNN]] reported that [[California Department of Insurance|California's Department of Insurance]] had launched an investigation into Aetna following sworn testimony from Dr. Jay Ken Iinuma, a former medical director for the insurer, in a lawsuit against the insurer in which he revealed he never reviewed any patients' medical records when deciding whether to approve or deny claims for coverage.<ref>{{Cite news|url=https://www.cnn.com/2018/02/11/health/aetna-california-investigation/index.html|title=State launches Aetna probe after stunning admission|last=CNN|first=Story by Wayne Drash, CNN Video by Elizabeth Cohen and John Bonifield,|work=CNN|access-date=2018-03-11}}</ref> The [[California Insurance Commissioner]], [[Dave Jones (politician)|Dave Jones]], issued a statement confirming the investigation the following day.<ref>{{Cite web|url=https://www.insurance.ca.gov/0400-news/0100-press-releases/2018/statement017-18.cfm|title=Insurance Commissioner Dave Jones issues statement confirming Aetna investigation|last=California|first=State of|website=www.insurance.ca.gov|language=en|access-date=2018-03-11}}</ref> On February 27, 2018, the ranking members of the [[United States Senate Committee on Finance|Senate Committee on Finance]] and [[United States Senate Committee on Health, Education, Labor and Pensions|Committee on Health, Education, Labor, and Pensions]], Senators [[Ron Wyden]] and [[Patty Murray]], issued a letter to Aetna demanding further information regarding Dr. Iinuma's testimony and the insurer's medical claims determination and patient appeal processes.<ref>{{Cite web|url=http://cdn.cnn.com/cnn/2018/images/02/28/letter.to.aetna.pdf|title=Senate Letter to Aetna|last=|first=|date=February 27, 2018|website=|access-date=}}</ref>
== Fines, lawsuits and settlements ==
=== 1999 ===
* A jury in California awarded $116 million in [[punitive damages]] for "[[malice (legal term)|malice]], [[oppression]] and [[fraud]]" to a patient's widow who contended he died after a subsidiary of Aetna delayed approving treatment for [[stomach cancer]] that its own doctors had recommended. Lawyers on both sides called it the largest such verdict against a [[health maintenance organization]]. In 2001 a settlement was reached.<ref>{{cite news| url=https://www.nytimes.com/1999/01/21/business/116-million-punitive-award-against-aetna.html | work=The New York Times | title=$116 Million Punitive Award Against Aetna | date=January 21, 1999 | accessdate=May 2, 2010}}</ref><ref>{{cite web|url=http://www.californiahealthline.org/Articles/1999/1/21/AETNA—To-Pay-116M-for-Malice-Oppression-and-Fraud.aspx |title=AETNA: To Pay $116M for 'Malice, Oppression, and Fraud' |publisher=California Healthline |date=1999-01-21 |accessdate=2011-02-12}}</ref><ref>{{cite web|url=http://www.alacrastore.com/storecontent/Business-and-Industry/24834039 |title=Aetna settled $120.5 mil judgment that was awarded to widow in 1999; case involved Aetna refusing to pay for treatment recommended by in-plan doctors - Bestwire - April 26, 2001 - Business & Industry® |publisher=AlacraStore.com |date=2001-04-26 |accessdate=2011-02-12}}</ref>
=== 2000 ===
* The [[U.S. Court of Appeals]] affirmed a $1,855,000 federal jury award for Brokerage Concepts Inc. (BCI) against Aetna U. S. Healthcare (formerly U. S. Healthcare), its Pennsylvania [[subsidiary]], and one of its former senior executives, Richard Wolfson. In its suit, BCI accused Aetna U. S. Healthcare of [[tortious interference]] with contractual relations. BCI alleged the [[managed-care]] company used its economic power in the business of [[prescription drug]] sales to [[coerce]] one of BCI's clients, the "I Got It at Gary's" [[pharmacy]] chain, into using another Aetna U. S. Healthcare subsidiary, Corporate Health Administrators, as its health benefits management firm. According to the suit, Aetna U. S. Healthcare threatened to drop "I Got it at Gary's" from its pharmacy network if the company didn't switch to Corporate Health Administrators.<ref>{{cite news| url=http://philadelphia.bizjournals.com/philadelphia/stories/2000/12/11/daily1.html# | first=John | last=George | title=Brokerage Concepts .9M jury award upheld on appeal | date=December 11, 2000}}</ref>
=== 2001 ===
* The Maryland [[Insurance Commissioner]] ordered five Maryland health plans to pay a total of $1.4 million in penalties for failing to comply with the state's claims payment practices; Aetna was cited twice and ordered to pay the largest fine of $850,000.<ref>{{cite news| url=http://baltimore.bizjournals.com/baltimore/stories/2001/09/03/daily14.html# | title=State health plans hit with .4M in penalties | date=September 5, 2001}}</ref>
* The State of Texas fined Aetna $1.15 million for failing to promptly pay doctors and hospitals for services. Texas Insurance Commissioner Jose Montemayor also ordered Aetna to pay [[restitution]] to physicians and health care providers who did not receive timely payment for claims.<ref>{{cite web|url=http://www.highbeam.com/doc/1G1-79644614.html |title=Slow-Pay Case Prompts Texas to Fine Aetna $1.15 Million. - Knight Ridder/Tribune Business News | HighBeam Research - FREE trial |publisher=Highbeam.com |date=2001-11-02 |accessdate=2011-02-12}}</ref>
=== 2002 ===
* The [[New York Department of Insurance]] fined Aetna US Healthcare and [[UnitedHealthcare]] a total of $2.5 million, citing a litany of bungled claims, improper treatment [[denials]], unlicensed health [[insurance agents]], and poorly performing claims processors using out-of-date [[software]].<ref>{{cite web|last=Lankarge |first=Vicki |url=http://www.claims-advocacy.org/new_york_fines_aetna_and_unitedh.htm |title=New York fines Aetna and UnitedHealthcare |publisher=Claims-advocacy.org |date= |accessdate=2011-02-12 |deadurl=yes |archiveurl=https://web.archive.org/web/20110725174103/http://www.claims-advocacy.org/new_york_fines_aetna_and_unitedh.htm |archivedate=2011-07-25 |df= }}</ref>
* Aetna agreed to streamline communications, reduce administrative complexity, and improve the quality of the health care system, ending [[litigation]] between Aetna and 700,000 [[physicians]] and medical societies. The physicians' [[lawsuit]], settled for $470 million, charged Aetna with systematically reducing payments to physicians and overriding their treatment decisions.<ref>{{cite web|url=http://www.medscape.com/viewarticle/456119 |title=Access |publisher=Medscape |date= |accessdate=2011-02-12}}</ref>
=== 2003 ===
* Aetna and the [[American Dental Association]] (ADA) announced a class-action settlement by dentists who accused Aetna of interfering with dental procedures to cut costs and forcing dentists to comply with excessive paperwork. The settlement called for Aetna to pay $4 million to 40,000 to 50,000 dentists and $1 million to the ADA Foundation, a [[charitable organization|charitable]] group.<ref>{{cite news| url=http://articles.latimes.com/2003/aug/20/business/fi-rup20.4 | work=Los Angeles Times | title=Aetna, Dentists Settle Class-Action Lawsuit | date=August 20, 2003 | accessdate=May 2, 2010}}</ref>
* Georgia Insurance Commissioner [[John W. Oxendine]] fined Aetna's Prudential Health Plan $100,000 for violating Georgia's prompt pay law by delaying claims payments. Aetna companies had been fined four previous times by Oxendine's office, in 2000 and again in 2002, for a total of $411,200.<ref>[http://sacramento.bizjournals.com/atlanta/stories/2003/11/03/daily18.html?jst=s_cn_hl] {{dead link|date=May 2016|bot=medic}}{{cbignore|bot=medic}}</ref>
=== 2007 ===
* The New Jersey Department of Banking and Insurance filed an administrative order levying a $9.5 million fine against Aetna for refusing to appropriately cover certain services provided by out-of-network providers—including [[emergency treatment]]—in violation of New Jersey rules and regulations.<ref>{{cite web|url=http://www.businessinsurance.com/article/20070803/NEWS/200010820|title=Aetna suit alleges out-of-network reductions|work=Business Insurance|accessdate=3 July 2015}}</ref>
=== 2009 ===
* Former Aetna employee Cornelius Allison of [[Darby, Pennsylvania|Darby]], Pa., filed [[lawsuit|suit]] against Aetna in U. S. District Court in Pennsylvania after [[hacker (computer security)|hackers]] gained access to a company [[Web site]] holding personal data for 450,000 current and former employees as well as job applicants. The suit charged Aetna with [[negligence]], [[breach of contract]], [[negligent misrepresentation]] and [[invasion of privacy]].<ref>{{cite web|url=http://www.upi.com/Top_News/2009/06/10/Aetna-targeted-in-suit-for-losing-data/UPI-57311244645234/ |title=Aetna targeted in suit for losing data |publisher=UPI.com |date= |accessdate=2011-02-12}}</ref>
* The Arizona Department of Insurance fined Aetna Life Insurance Company and Aetna Health, Inc. after examination of their practices exposed multiple violations of Arizona insurance laws. The department found that Aetna violated significant state laws governing important areas of health insurance operations, including Aetna's: failure to provide policyholders with information about their rights on [[appeals]] of medical claims or services denials; failure to acknowledge receipt of policyholder appeals; failure to notify policyholders about appeal decisions/outcomes; and, in some appeals involving the denial of services for potentially life-threatening conditions, failure to inform policyholders of their decision within the required, expedited time frames.<ref>{{cite web|url=http://www.insurancejournal.com/news/west/2009/11/04/105078.htm |title=Arizona Fines Aetna for Multiple Violations |publisher=Insurancejournal.com |date=2009-11-04 |accessdate=2011-02-12}}</ref>
=== 2010 ===
* Aetna paid a $750,000 fine as part of a settlement with the [[New York Insurance Department]] related to the company administering an affordable healthcare plan for the state. Aetna's violations included failing to provide a required 30-day notice of rate increases to about 946 members in 2007, failing to provide notice to 1,406 terminated workers of their rights to convert to another policy, failing to report enrollment data from May 2007 through August 2008, and failing to respond to Insurance Department requests for data in March 2008.<ref>{{cite web|url=http://www.courant.com/business/hc-aetna0205.artfeb05,0,2496090.story |title=Aetna Pays $750,000 Fine To New York Insurance Department - Hartford Courant |publisher=Courant.com |date=2010-02-04 |accessdate=2011-02-12}}</ref>
== Life insurance policies on slaves ==
In 2000 Deadria Farmer-Paellmann, head of the nonprofit Restitution Study Group of Hoboken, New Jersey, disclosed that from approximately 1853 to approximately 1860 Aetna had issued life insurance policies to slaveowners covering the lives of their slaves.<ref>{{cite news| url=https://www.nytimes.com/2002/05/05/nyregion/slave-policies.html?pagewanted=all | work=The New York Times | title=Slave Policies | first=Virginia | last=Groark | date=May 5, 2002 | accessdate=May 2, 2010}}</ref>
Aetna acknowledged that concrete evidence exists for Aetna issuing coverage for the lives of slaves and released a public apology.<ref>{{cite web |url=http://www.globalethics.org/newsline/2000/03/13/aetna-apologizes-for-pre-civil-war-policies-issued-on-lives-of-slaves/ |title=Ethics Newsline® » News » Aetna Apologizes For Pre-Civil-War Policies Issued On Lives Of Slaves |publisher=Globalethics.org |date=2000-03-13 |accessdate=2011-02-12 |archive-url=https://web.archive.org/web/20131017235053/http://www.globalethics.org/newsline/2000/03/13/aetna-apologizes-for-pre-civil-war-policies-issued-on-lives-of-slaves/ |archive-date=2013-10-17 |dead-url=yes |df= }}</ref>
In 2002, Farmer-Paellmann brought suit against Aetna and two other companies in federal court asking for reparations for the descendants of slaves. The lawsuit said Aetna, [[CSX]] and Fleet were "unjustly enriched" by "a system that enslaved, tortured, starved and exploited human beings." It argued that [[African-American]]s are still suffering the effects of 2½ centuries of enslavement followed by more than a century of institutionalized racism. The complaint blamed slavery for present-day disparities between blacks and whites in income, education, literacy, health, life expectancy and crime.<ref name="usatoday. com"/>
This suit was dismissed, and the dismissal largely upheld on appeal.<ref>{{cite news| url=https://www.usatoday.com/money/companies/regulation/2004-01-26-reparations_x.htm?csp=34 | work=USA Today | title=Judge rejects lawsuit seeking reparations | first1=James | last1=Cox | date=January 26, 2004 | accessdate=May 2, 2010}}</ref><ref>{{cite news| url=http://articles.latimes.com/2008/oct/31/opinion/oe-olson31?pg=2 | work=Los Angeles Times | title=So long, slavery reparations | first=Walter | last=Olson | date=October 31, 2008 | accessdate=May 2, 2010}}</ref>
In 2006, Farmer-Paellmann announced a nationwide [[boycott]] of Aetna over the issue of [[Reparation (legal)|reparations]] for its policies covering slaves. Aetna stated that its commitment to diversity in the workplace and its investment of over 36 million dollars in such areas as education, health, economic development, community partnerships, and [[minority-owned business]] initiatives in the African-American community are more effective at aiding descendants of slaves and African-Americans in general than making restitutions for Aetna's life insurance policies on slaves.<ref>"[http://www.aetna.com/news/2002/pr_20020327.htm Aetna Statement Regarding Slavery Reparations Lawsuit]", Aetna press release, March 27, 2002</ref><ref>"[http://www.aetna.com/news/2002/slavery_reparations_issue.html Slavery Reparations Issue]", Remarks Delivered by Aetna Chairman John Rowe at the Aetna Shareholders Meeting, April 26, 2002</ref><ref>"[http://www.aetna.com/aetna-press/media-coverage-and-contacts/misguided.html Aetna boycott is misguided]", ''[[The Hartford Courant]]'', November 23, 2006</ref><ref>"[http://www.aetna.com/aetna-press/diversity_support.html Questions and Answers Regarding Slavery Reparations and Aetna’s Support of Diversity]", Aetna press release</ref><ref>"[http://www.aetna.com/data/judges_order.pdf Judge's Order In re African-American Slave Descendants Litigation]", District Judge [[Charles Ronald Norgle]], July 6, 2005</ref><ref>"[http://www.aetna.com/news/kits/05-3265opinion.pdf Decision on Appeal In re African-American Slave Descendants Litigation]", December 13, 2006</ref>
== See also ==
{{Portal|Connecticut|Companies}}
* [[Aetna Building]]
* [[List of United States insurance companies]]
;Related topics
* [[Drivotrainer]]
* [[Health care reform in the United States]]
* [[Health care reform debate in the United States]]
* [[Health insurance]]
* [[Life insurance]]
* [[Managed health care]]
* [[Medicare Advantage]]
* [[Pet insurance]]
* [[Public health insurance option]]
==References==
{{Reflist|30em}}
== External links ==
<!-- Per [[WP:ELMINOFFICIAL]], choose one official website only -->
* {{Official website|http://www.aetna.com/ }}
{{commons category|position=left|Aetna}}
{{Finance links
| name = Aetna
| symbol = AET
| sec_cik = AET
| yahoo = AET
| google = AET
}}
[[Category:Aetna| 01]]
[[Category:Insurance companies of the United States]]
[[Category:Health insurance companies]]
[[Category:Health insurance in the United States]]
[[Category:Health maintenance organizations]]
[[Category:Dental companies of the United States]]
[[Category:Life insurance companies of the United States]]
[[Category:Pharmacy benefit management companies based in the United States]]
[[Category:Health care companies based in Connecticut]]
[[Category:Companies based in Hartford, Connecticut]]
[[Category:American companies established in 1850]]
[[Category:1850 establishments in Connecticut]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Reparations for slavery]]
[[Category:Announced mergers and acquisitions]]
{{Infobox company
| name = Aetna Inc.
| logo = Aetna logo.svg
| type = [[Public company|Public]]
| traded_as = {{nyse|AET}}<br>[[S&P 500|S&P 500 Component]]
| founder = [[Eliphalet Adams Bulkeley]]
| area_served = United States
| key_people = [[Mark Bertolini|Mark T. Bertolini]]<br>{{small|([[Chairman]] and [[CEO]])}}<br>Karen S. Lynch<br>{{small|(President)}}
| industry = [[Managed health care]]
| products = [[Health insurance|Healthcare plans]]
| revenue = {{nowrap|{{decrease}} [[United States Dollar|US$]] 60.535 billion {{small|(2017)}}<ref name="ar2017" />}}
| operating_income = {{decrease}} [[United States Dollar|US$]] 3.571 billion {{small|(2017)}}<ref name="ar2017" />
| net_income = {{decrease}} [[United States Dollar|US$]] 1.904 billion {{small|(2017)}}<ref name="ar2017" />
| assets = {{nowrap|{{decrease}} [[United States Dollar|US$]] 55.151 billion {{small|(2017)}}<ref name="ar2017" />}}
| equity = {{decrease}} [[United States Dollar|US$]] 15.837 billion {{small|(2017)}}<ref name="ar2017" />
<!--| num_employees = 35,258 (2008)-->
| num_employees = 49,828 {{small|(2017)}}<ref>{{cite web|title=Aetna Facts|url=https://www.aetna.com/about-us/aetna-facts-and-subsidiaries/aetna-facts.html|website=aetna.com|publisher=Aetna Inc.|accessdate=10 March 2018}}</ref>
| parent = [[CVS Health]] (pending)
| foundation = {{start date and age|1853|5|28}} (as Aetna Life Insurance Company)
| location = 151 Farmington Ave, [[Hartford, Connecticut|Hartford]], [[Connecticut]], 06105 [[United States|U.S.]]
| homepage = {{URL|http://www.aetna.com/}}
}}
'''Aetna Inc. ''' ({{IPAc-en|ˈ|ɛ|t|n|ə}}) is an American [[managed health care]] company, which sells traditional and [[consumer directed health care]] insurance plans and related services, such as medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans. Aetna is a member of the [[Fortune 500]].
In June 2017, the company announced plans to move its headquarters to [[New York City]] in late 2018.<ref name="NYC">{{cite news |last=Staff |first=Writer |url=https://www.bostonglobe.com/business/2017/06/29/aetna-leave-connecticut-headquarters-for-new-york-city/wQ39SiML1PEVteOnGM8gaJ/story.html |title=Aetna opts for a base in New York, not Boston |work=[[Associated Press]] |publisher=[[The Boston Globe]] |date=2017-06-30 |accessdate=2017-06-30 }}</ref> On December 3, 2017, it was announced that [[CVS Health|CVS]] would purchase Aetna for an estimated $69 billion, a deal which the New York Times reported would "reshape the American health care industry."<ref name=":2">https://www.nytimes.com/2017/12/03/business/dealbook/cvs-is-said-to-agree-to-buy-aetna-reshaping-health-care-industry.html</ref> In doing so, CVS announced the company's headquarters would remain in Hartford, scrapping plans to move to New York City.<ref>http://healthexec.com/topics/leadership/aetna-will-stay-hartford-part-cvs-health-acquisition Aetna will stay in Hartford as part of CVS Health acquisition</ref>
== Members ==
[[File:Aetna.svg|thumb|right|The original stylized Aetna logo]]
Aetna offers health care, dental, pharmacy, group life, disability, and long-term care insurance and employee benefits, primarily through employer-paid (fully or partly) insurance and benefit programs, and through [[Medicare (United States)|Medicare]]. Membership numbers:
(as of September 30, 2016)<ref>{{Cite web|url=https://www.aetna.com/about-us/aetna-facts-and-subsidiaries/aetna-facts.html|title=Aetna Facts – About Us {{!}} Aetna|website=www.aetna.com|access-date=2017-01-02}}</ref>
* 23.1 million medical members
* 14.3 million dental members
* 15.3 million pharmacy benefit management services members
* 13.609 million group insurance members {{Citation needed|date=January 2017}}
* An estimated 1,200,000 health-care professionals
* 695,971+ primary care doctors and specialists
* 5,712 hospitals
== Lobbying and campaign contributions ==
Aetna has spent more than $2.0 million in 2009 on [[lobbying]].<ref>{{cite web|url=http://www.opensecrets.org/lobby/clientsum.php?lname=Aetna+Inc&year=2009|title=Lobbying Spending Database - Aetna Inc, 2009 - OpenSecrets|website=Opensecrets.org|accessdate=3 July 2015}}</ref> The company spent $809,793 between January 2009 and the end of March 2009—up 41 percent from the same period in 2008.<ref>{{cite web|author=Robert Reich's Blog / By Robert Reich |url=http://www.alternet.org/story/140628/obama_must_take_on_the_giant_lobbyists_blocking_health_care_reform/ |title=Obama Must Take On the Giant Lobbyists Blocking Health Care Reform |publisher=AlterNet |date= |accessdate=2011-02-12}}</ref> Aetna's [[campaign contributions]] include more than $110,000 to US Senator [[Joe Lieberman]] (ID-CT) in 2009.<ref>{{cite web|author=boysgramps |url=http://www.commondreams.org/newswire/2009/11/05-10 |title=Nine Americans Jailed This Morning When They Tried to Confront Senator Joe Lieberman for Accepting Insurance Company Money |publisher=Common Dreams |date=2009-11-05 |accessdate=2011-02-12}}</ref> From 2005 through 2009, Aetna contributed $56,250 to Senator [[Max Baucus]] (D-MT), chairman of the [[Senate Finance Committee]], making Aetna the senator's seventh highest contributor over that time period.<ref>{{cite web|url=http://www.opensecrets.org/politicians/contrib.php?type=C&cid=N00004643&newMem=N&cycle=2010|title=Sen. Max Baucus: Campaign Finance/Money - Top Donors - Senator 2010|website=Opensecrets.org|accessdate=3 July 2015}}</ref>
== Quality of care ==
In the California Health Care Quality Report Card 2011 Edition, Aetna received 2 out of 4 stars in Meeting National Standards of Care and 1 out of 4 in Members Rate Their HMO.<ref>{{cite web|url=http://www.opa.ca.gov/about/consumer_information/files/pdf/OPA%20Booklet_2011.pdf |title=Archived copy |accessdate=2016-02-06 |deadurl=yes |archiveurl=https://web.archive.org/web/20120723124810/http://www.opa.ca.gov/about/consumer_information/files/pdf/OPA%20Booklet_2011.pdf |archivedate=2012-07-23 |df= }}</ref>
In the California Health Care Quality Report Card 2010 Edition,<ref name="autogenerated1">{{cite web|url=http://www.opa.ca.gov/report_card/hmorating.aspx |title=Archived copy |accessdate=2016-02-06 |deadurl=yes |archiveurl=https://web.archive.org/web/20130124012442/http://www.opa.ca.gov/report_card/hmorating.aspx |archivedate=2013-01-24 |df= }}</ref> Aetna received 3 out of 4 stars in both Meeting National Standards of Care and How Members Rate Their HMO, for a rating of "Good" (out of "Poor, " "Fair, " "Good, " or "Excellent").<ref name="autogenerated1"/>
== Current leadership ==
* [[Mark Bertolini]] became [[CEO]] of Aetna on November 29, 2010, and chairman on April 8, 2011.<ref name="Bertolini">{{cite web|url=http://www.aetna.com/about-aetna-insurance/aetna-corporate-profile/corporate-bios/bertolini.html |title=Executive bio |publisher=Aetna |accessdate=20 March 2012 |deadurl=yes |archiveurl=https://web.archive.org/web/20120321203729/http://www.aetna.com/about-aetna-insurance/aetna-corporate-profile/corporate-bios/bertolini.html |archivedate=21 March 2012 }}</ref>
* Karen S. Lynch (Rohan) is the President of Aetna.
* Steven B. Kelmar is Executive Vice President of Corporate Affairs and [[Chief of Staff]] to the CEO and Chairman, Mark Bertolini.
* Thomas Sabatino is Executive Vice President and [[General Counsel]].
* Richard di Benedetto is Executive Vice President in charge of Aetna International.
* Deanna Fidleris Executive Vice President in charge of [[Human Resources]].
* Shawn M. Guertin is Executive Vice President, [[CFO]] and Chief Enterprise Risk Officer.
* Meg McCarthy is Executive Vice President of Operations and Technology.
* Harold L. Paz, M.D., M.S. is Executive Vice President and [[Chief Medical Officer]].
* Fran S. Soistman is Executive Vice President in charge of Government Services
* Joseph M. Zubretsky is Senior Executive Vice President in charge of Healthagen.<ref name="Aetna Executives">{{cite web|url=https://www.aetna.com/about-us/aetna-leadership.html|title=Aetna Leadership: Executive Biographies|website=Aetna}}</ref>
== Ownership ==
As of 2017 Aetna shares are mainly held by institutional investors ([[BlackRock]], [[The Vanguard Group]], [[State Street Corporation]], [[T. Rowe Price]], [[Capital Group Companies]] and others<ref>[http://www.nasdaq.com/symbol/aet/ownership-summary Aetna Inc. Ownership Summary]</ref>)
It was announced on December 3, 2017 that CVS Health Corporation would purchase Aetna for an estimated $69 billion USD. Aetna stockholders are said to receive $207 USD per share— $145 USD in cash and 0.8378 of a CVS share, or $62 USD in stock. Mr. Larry Merlo will be chief executive of the two brands.<ref>{{Cite web|title =CVS to Buy Aetna for $69 Billion, Combining Major Health-Care Players.|url =https://www.wsj.com/articles/cvs-to-buy-aetna-for-69-billion-1512325099|accessdate = December 4, 2017|publisher = The Wall Street Journal.|date =December 3, 2017}}</ref>
== Financials ==
{| class="wikitable"
|+ Financial results in billions of US dollars<ref>{{cite web|title=Annual Report 2006 on SEC Filing Form 10-K|url=https://www.sec.gov/Archives/edgar/data/1122304/000095012307002780/y30444exv13w1.htm|date=2007-02-27|publisher=Aetna Inc.|accessdate=2017-06-16|language=en}}</ref><ref>{{cite web|title=Annual Report 2011 on SEC Filing Form 10-K|url=https://www.sec.gov/Archives/edgar/data/1122304/000112230412000045/ex13_1.htm|date=2012-02-24|publisher=Aetna Inc.|accessdate=2017-06-16 |language=en}}</ref><ref name="ar2017">{{cite web|title=Annual Report 2017 on SEC Filing Form 10-K|url=http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9Njg5MDU5fENoaWxkSUQ9Mzk5Mzk4fFR5cGU9MQ==&t=1|date=2018-02-23|publisher=Aetna Inc.|accessdate=2018-03-10|language=en}}</ref>
! Year !! 2002 !! 2003 !! 2004 !! 2005 !! 2006 !! 2007 !! 2008 !! 2009 !! 2010 !! 2011 !! 2012 !! 2013 !! 2014 !! 2015 !! 2016
!2017
|-
| Revenue || 19.88 || 17.98 || 19.90 || 22.49 || 25.15 || 27.60 || 30.95 || 34.76 || 34.25 || 33.78 || 36.60 || 47.30 || 58.00 || 60.34 || 63.16
|60.54
|-
| Net income || −2.555 || 0.893 || 2.155 || 1.573 || 1.702 || 1.831 || 1.384 || 1.277 || 1.767 || 1.986 || 1.658 || 1.914 || 2.041 || 2.390 || 2.271
|1.904
|-
| Assets || 40.13 || 41.02 || 42.21 || 44.43 || 47.63 || 50.72 || 35.85 || 38.55 || 37.74 || 38.59 || 41.34 || 49.72 || 53.35 || 53.51 || 69.15
|55.15
|-
| Equity || 7.060 || 7.992 || 9.162 || 10.19 || 9.145 || 10.04 || 8.186 || 9.504 || 9.891 || 10.12 || 10.41 || 14.03 || 14.48 || 16.11 || 17.88
|15.84
|}
== History ==
Aetna is the direct descendant of Aetna (Fire) Insurance Company, of [[Hartford, Connecticut]].<ref>{{cite book |title=One Hundred Years of Fire Insurance: Being A History Of The Aetna Insurance Company, Hartford, Connecticut, 1819–1919 |url=https://books.google.com/books?id=wR4pAAAAYAAJ |last=Gall |first=Henry R. |authorlink= |author2=William George Jordan |year=1919 |publisher=Aetna Insurance Company |location=Hartford, Connecticut |isbn= |page= |pages= |accessdate=2009-07-14}}</ref><ref name="al">http://aetnet.aetna.com/newsdata/aetna_news/an_20030401_092105.html{{dead link|date=March 2015}}</ref> The name was meant to invoke [[Mount Etna]], at the time Europe's most active volcano.<ref name="ae">{{cite web|url=http://www.aetna.com/about/aetna/aag/history.html |title=History – About Us |publisher=Aetna |date=2005-03-11 |accessdate=2016-08-17 |deadurl=yes |archiveurl=https://web.archive.org/web/20061208010149/http://www.aetna.com/about/aetna/aag/history.html |archivedate=2006-12-08 }}</ref>
=== Timeline ===
==== 1810s ====
* ''1819'' - [[Henry Leavitt Ellsworth]], [[Yale University|Yale]] graduate and attorney, becomes second president of Aetna (Fire) Insurance Company, succeeding [[Thomas Kimberly Brace]]. Ellsworth, who later became the first [[United States Patent and Trademark Office|U. S. Patent Commissioner]], served as Aetna's president for two years until 1821, when he resigned, but Ellsworth continued as a director for another 16 years. Ellsworth's brother, [[William W. Ellsworth|William Wolcott Ellsworth]], also served as a director, as well as the company's first [[General Counsel]].<ref>{{cite book |title=One Hundred Years of Fire Insurance: Being A History of The Aetna Insurance Company, Hartford, Connecticut, 1819-1919 |url=https://books.google.com/books?id=DhMeAAAAMAAJ&pg=PA44&lpg=PA44&dq=%22henry+leavitt+ellsworth%22+aetna#v=onepage&q&f=false |last=Gall |first=Henry R. |authorlink= |author2=William George Jordan |year=1919 |publisher=Aetna Insurance Company |location=Hartford, Connecticut |isbn= |page= |pages= |accessdate=2010-07-28}}</ref>
==== 1850s ====
[[File:Aetna building in Hartford.gk.jpg|300px|thumb|The Aetna headquarters building in Hartford, designed by renowned architect [[James Gamble Rogers]], is the largest colonial-revival building in the world]]
* On May 28, 1853, the Annuity department separated from Aetna Insurance to be incorporated as the Aetna Life Insurance Company, with Eliphalet Bulkeley as president.<ref name="ae"/><ref>{{cite web|url=https://books.google.com/books?id=gN1IAQAAMAAJ&pg=PR86&dq=Aetna+May+1853&hl=en&sa=X&ved=0ahUKEwiq6aih8oHSAhUY9WMKHfvPBOYQ6AEIOjAB#v=onepage&q=Aetna%20May%201853&f=false|title=Annual Report of the Superintendent of the Insurance Department, State of ... - New York (State). Insurance Department - Google Books|work=[[Google Books]]|date=1865-03-01|accessdate=2017-02-09}}</ref><ref>{{cite web|url=https://books.google.com/books?id=bXD7YBx6UvMC&pg=PT30&dq=In+May+1853,+Governor+Seymour+signed&hl=en&sa=X&ved=0ahUKEwj_qrGv84HSAhVpyoMKHUNBCnsQ6AEIHDAA#v=onepage&q=In%20May%201853%2C%20Governor%20Seymour%20signed&f=false|title=Crowbar Governor: The Life and Times of Morgan Gardner Bulkeley - Kevin Murphy - Google Books|work=[[Google Books]]|date=2010|accessdate=2017-02-09}}</ref> (The fire insurance company went on to become part of Connecticut General, which merged into [[Cigna]].)
* On November 29, 1853, J. B. Bennett was appointed general agent of the company.<ref>{{cite web|url=https://www.immediateannuities.com/museumofinsurance/miscellaneous/1390004.html|title=Aetna Insurance Company - 1853-11-29 - Miscellaneous found in the Museum of Insurance|work=Immediate Annuities|date= |accessdate=2017-02-09}}</ref>
* ''1854'' Aetna hired its first full-time employee, Thomas O. Enders, later to become company president.<ref name="ae"/>
* ''1857'' Aetna moved to new offices on Hungerford and Cone Streets in Hartford. The [[Panic of 1857]] struck Hartford and the nation, causing the closing of all but one bank and many other businesses. Eliphalet Bulkeley blocked a move to liquidate the company during the economic downturn.<ref name="al"/><ref name="ae"/>
* The Aetna Insurance Company issued [[life insurance]] policies on an undetermined number of [[African-American]] [[slaves]], naming their owners as [[beneficiaries]].<ref name="usatoday. com">{{cite news| url=https://www.usatoday.com/money/general/2002/03/25/slave-reparations.htm | work=USA Today | title=Aetna, CSX, FleetBoston face slave reparations suit | date=March 24, 2002 | accessdate=May 2, 2010}}</ref>
==== 1860s ====
* ''1861'' - Aetna began offering participating life insurance policies which paid [[dividend]]s to policyholders just as the mutual life insurance policies did. Aetna launched its new product with a promotional effort including higher commissions for its agents while most companies were cutting back due to the outbreak of the [[American Civil War]] and the consequent loss of premium payments from Southern policyholders. However, the death toll of the war coupled with the booming wartime economy caused an expansion of the life insurance business to match Aetna's expansion.<ref name="al"/><ref name="ae"/>
* ''1865'' - By 1864 Aetna had increased its volume of business by 600% over 1861 and its annual premium income ninefold, exceeding one million dollars. As a result, Aetna possessed the financial stability and resources it needed to meet the stringent regulatory requirements placed on life insurance companies in Massachusetts and New York; by 1865 the company was authorized to begin soliciting business in these states.<ref name="ae"/>
* ''1867'' - Company income rose from $78,000 in 1861 to $5,129,000 by 1867. Aetna moved to its third home office at 670 Main Street, Hartford. By 1924, Aetna had 94 million dollars, 43% of its assets, invested in farm mortgages.<ref name="ae"/>
* ''1868'' Aetna altered its business practices, hiring its first [[actuary]] and abandoning the half-note premium system in favor of an all-cash premium plan.
==== 1870s ====
* ''1872'' - Eliphalet A. Bulkeley died and Thomas O. Enders became president.<ref name="ae"/>
* ''1878'' - Aetna increased its capitalization from $150,000 to $750,000.<ref name="ae"/>
* ''1879'' - Enders' failing health forced him to resign and Eliphalet Bulkeley's son [[Morgan G. Bulkeley]] replaced him.<ref name="ae"/>
==== 1880s ====
* ''1888'' - Aetna outgrew its old offices on 670 Main Street in Hartford and purchased its fourth home office, next door at 650 Main Street; the first building Aetna actually owned, and Aetna's home office for the next 42 years.<ref name="ae"/>
==== 1890s ====
* ''1891'' - Aetna issued its first accident policy, purchased by Morgan Bulkeley himself.<ref name="ae"/>
* ''1892'' - Aetna held its first general agents conference in Chicago.<ref name="ae"/>
* ''1899'' - Aetna became one of the first publicly held insurance companies to enter the health insurance field.<ref name="ae"/>
==== 1900s ====
* ''1902'' - Aetna created an Accident and Liability department to offer employers' liability and workmen's collective insurance, in reaction to the growing strength of the [[Progressive Era|Progressive social reform movement]]. This would become the cornerstone of the Aetna Accident and Liability Company.<ref name="ae"/>
* ''1903'' - An Engineering and Inspection Division was created to improve [[occupational safety and health|workplace safety]].<ref name="ae"/>
* ''1904'' - Aetna introduced its first [[corporate seal]], conveying Aetna's status as the largest life insurer in the world writing accident, health and liability coverage; the logo portrayed the company's home office bursting out from within a globe, with large block typeface spelling out Ae''tna's ranking.<ref name="ae"/>
* ''1907'' - Aetna created a casualty subsidiary to handle items such as automobile property coverage; Aetna soon began aggressively expanding into related lines such as collision and damage. This business developed into the Aetna Casualty and Surety Company.<ref name="ae"/>
* ''1908'' - Aetna hired its first [[home office]] female employee (Julia Kinghorn, [[telephone switchboard]] operator), the first of what has become more than two-thirds of Aetna’s employees.<ref name="ae"/>
==== 1910s ====
* ''1910'' - Under the management of E. E. Cammack, Aetna began using [[Hollerith]] [[punched card]]s machines for tabulating and hired 35 women to input [[Life insurance#Costs, insurability, and underwriting|mortality statistics]] on [[keypunch machine]]s, the company's first female [[Clerk (position)|home office clerks]].<ref name="ae"/>
* ''1911'' - Aetna began its first national advertising campaign. The same year, Aetna formed a [[bond (finance)|bond]] department to market fidelity and [[surety]] coverages.<ref name="ae"/>
* ''1912'' - Aetna introduced the first combination automobile policy, with several separate types of coverage combined into one contract. Several Aetna insureds were killed on the [[RMS Titanic]].<ref name="ae"/>
* ''1913'' - Aetna formed its second affiliate, the Automobile Insurance Company, to write fire insurance on cars. This soon expanded to include [[windstorm]], [[tornado]], [[leasehold]], and ocean and inland [[marine insurance]]. Aetna formed a Group department to sell [[Life insurance#Related Life Insurance Products|group life insurance]], one of the first insurers to do so; the first step towards Aetna’s current health care business.<ref name="ae"/>
==== 1960s ====
* ''1960'' - Aetna expanded outside the U. S., buying a [[Canada|Canadian]] company, Excelsior Life Insurance Company. In 1968, it bought a majority interest in Producer's and Citizen's Cooperative Assurance Company, of [[Sydney]], [[Australia]]. In 1981, it bought a 40 percent interest in two [[Chile]]an companies, and soon thereafter invested in ventures in England, Spain, [[Hong Kong]], [[Taiwan]], [[Indonesia]] and [[Korea]].
==== 1970s ====
* ''1970'' - Aetna's Pension, Casualty and Life Division under the direction of B.E. Burton, President and Lead Actuary, saw billion-dollar growth in the post-ERISA pension administration segment that placed Aetna in the top 5 global pension and investment asset management and recordkeeping firms in the world, with over $11.8 billion (US) in new sales and assets under management during the decade.
==== 1990s ====
* Between 1996 and 1999, Aetna initiated a series of company [[acquisitions]]. In 1996, Aetna acquired U.S. Healthcare, founded by [[Leonard Abramson]].<ref>{{Cite news| issn = 0458-3035| last = OLMOS| first = DAVID R.| title = Aetna Will Buy U.S. Healthcare for $8.6 Billion| work = Los Angeles Times| accessdate = 2015-06-19| date = 1996-04-02| url = http://articles.latimes.com/1996-04-02/news/mn-53913_1_health-care}}</ref> In 1998, Aetna bought NYLCare Health Plans for $1.05 billion, adding 2.2 million members. The next year, it bought [[Prudential Financial|Prudential]] HealthCare for $1 billion, making it the largest provider of health benefits in the U. S., with more than 21 million members. The company spent more than $20 million to revamp its computer systems, enabling the company to identify and discontinue unprofitable accounts. With this new and extensive information about policyholders, new management, and a shift in strategy, Aetna sharply raised premiums on less profitable accounts. Within a few years, Aetna shed 8 million covered lives due to premiums that customers could no longer afford.<ref>“Behind Aetna’s Turnaround: Small Steps to Pare Cost of Care, ” Wall Street Journal, August 13, 2004</ref>
==== 2000s ====
* ''2000'' - Aetna hired [[John Rowe (Aetna)|John Rowe]] as CEO and executive chairman. Rowe cut approximately 15,000 jobs and raised insurance premiums by 16 percent per year. In 2002, He also shrunk Aetna's customer base from 19 million members to 13 million by abandoning unprofitable markets, including almost half of the counties nationwide in which it offered Medicare products.<ref>{{cite web|url=http://www.hoovers.com/company/Aetna_Inc/rffysi-1.html |title=Aetna Inc. | Company profile from Hoover's |publisher=Hoovers.com |date=2010-10-21 |accessdate=2011-02-12}}</ref><ref>{{cite web|url=http://www.answers.com/topic/aetna-inc |title=Aetna Inc: Information from |publisher=Answers.com |date= |accessdate=2011-02-12}}</ref>
* ''2000'' - Aetna sold its financial services and international businesses to [[ING Group|ING]] for $7.7 billion, spun off its health business to its [[shareholders]], thus focusing its business as an independent health and group benefits company.
* ''2001'' - Aetna recruited global public relations and marketing executive Roy Clason, Jr. to lead the companies reputation management strategies during Aetna's multi-year corporate turnaround campaign.
* ''2006'' - John Rowe ended his 65 months as CEO and executive chairman of Aetna; during his tenure, the former [[Harvard]] [[geriatrician]] earned $225,000 a day (including Sundays and holidays).<ref>{{cite journal|url=http://www.pnhp.org/publications/competition_in_a_publicly_funded_healthcare_system.php#REF31 |title=Competition in a publicly funded healthcare system | Physicians for a National Health Program |doi=10.1136/bmj.39400.549502.94 |publisher=Pnhp.org |date= |accessdate=2011-02-12| archiveurl= https://web.archive.org/web/20110114200948/http://www.pnhp.org/publications/competition_in_a_publicly_funded_healthcare_system.php| archivedate= 14 January 2011 <!--DASHBot-->| deadurl= no|pmc=2099512 | pmid=18048539 | volume=335 | year=2007 | journal=BMJ | pages=1126–9 | last1 = Woolhandler | first1 = S | last2 = Himmelstein | first2 = DU}}</ref>
* ''2007'' - Aetna chief medical officer Troy Brennan told the Aetna Investor Conference that, "The (U. S.) [[healthcare system]] is not timely. " He cited "recent statistics from the Institution of Healthcare Improvement… that people are waiting an average of about 70 days to try to see a provider. And in many circumstances people initially diagnosed with [[cancer]] are waiting over a month, which is intolerable. "<ref>{{cite web|url=http://www.medicalnewstoday.com/articles/76295.php |title=Waiting Times For Care? Try Looking At The U. S. - Nurses, Doctors Say It's Time To Debunk The Myths |publisher=Medicalnewstoday.com |date= |accessdate=2011-02-12}}</ref>
* ''2007'' - Aetna acquired plan operator Schaller Anderson in July, signaling a push into the growing business of running plans for Medicaid and the [[State Children's Health Insurance Program]].<ref>{{cite web |url=http://www.fins.com/Finance/Companies/2/Aetna-Inc |title=Aetna Inc. Overview |accessdate=2010-07-21 |work=FINS.com }}</ref>
* ''2008'' - Aetna CEO Ron Williams received $38.12 million in [[Executive compensation|compensation]] - the highest annual compensation in the insurance sector and the 22nd-highest compensation of all American CEOs.<ref>{{cite news| url=https://www.forbes.com/lists/2009/12/best-boss-09_CEO-Compensation-Health-Care-Equipment-Services_9CompTotDisp.html | work=Forbes | title=CEO Compensation | date=April 22, 2009}}</ref><ref>{{cite news| url=https://www.forbes.com/lists/2009/12/best-boss-09_Ronald-A-Williams_NBHZ.html | work=Forbes | title=#22 Ronald A Williams | date=April 22, 2009}}</ref>
* ''2008'' - Aetna began offering [[pet]] health insurance in Alabama, District of Columbia, Idaho, Iowa, Montana, North Dakota and Texas, with plans to quickly expand to all 50 states. “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.<ref>{{cite web|url=http://www.petsbest.com/AboutPetsBest/pressreleases/viewrelease/08-12-16/pets_best_announces_new_underwriter_for_pet_insurance_policies.aspx |title=Pets Best Insurance > Pets Best Announces New Underwriter For Pet Insurance Policies |publisher=Petsbest.com |date= |accessdate=2011-02-12| archiveurl= https://web.archive.org/web/20110104202036/http://www.petsbest.com/aboutpetsbest/pressreleases/viewrelease/08-12-16/Pets_Best_Announces_New_Underwriter_For_Pet_Insurance_Policies.aspx| archivedate= 4 January 2011 <!--DASHBot-->| deadurl= no}}</ref>
* ''2008'' - Aetna's 2008 [[revenue]], excluding net realized [[capital loss]]es, increased 14 percent over 2007 to $31.6 billion.<ref>{{cite web|url=http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MjM2OHxDaGlsZElEPS0xfFR5cGU9Mw==&t=1 |title=2008 Aetna Annual Report, Financial Report to Shareholders |website=Phx.corporate-ir.net |accessdate=2016-08-17}}</ref>
===== 2009 =====
* Through June 30, Aetna took in $14 billion in premiums: $10.7 billion of that amount from employers and employees, $2.9 billion more from [[Medicare (United States)|Medicare]] recipients who bought a supplemental insurance plan to cover the gaps in what Medicare covers, and another $400 million for handling [[Medicaid]] claims. Aetna reported that it paid out $11.9 billion in health care reimbursements and $2.3 billion in [[Administration of business|administrative]] expenses (20 percent).<ref>{{cite web|url=http://pubrecord.org/commentary/5491/best-health-reform-money/ |title=The Best Health ‘Reform’ Money Can Buy | The Public Record |publisher=Pubrecord.org |date= |accessdate=2011-02-12}}</ref>
* On September 22, more than 200 people gathered in front of Aetna's Hartford headquarters to call for a [[public health insurance option]] they said is essential to true national [[health care reform]]. The [[insurance industry]], including Aetna, has opposed a public option.<ref>{{cite web|last=Gosselin |first=Kenneth R. |url=http://www.courant.com/business/hc-aetnaprotest0923.artsep23,0,2148016.story |title=Health Care Public Option Pushed At Hartford Rally And Others Around Nation |publisher=Courant.com |date=2009-09-23 |accessdate=2011-02-12}}</ref>
* On October 2, Connecticut Attorney General [[Richard Blumenthal]] and Healthcare Advocate [[Kevin P. Lembo]] asked Aetna and four other insurance companies for information the companies may have sent policyholders regarding the impact of proposed legislation on [[Medicare Advantage]] and prescription drug programs. According to Blumenthal, some insurance companies have exaggerated or stretched the impact of health care reform.<ref>{{cite web|url=http://www.businessweek.com/ap/financialnews/D9B3511G1.htm |title=Archived copy |accessdate=2009-10-09 |deadurl=yes |archiveurl=https://web.archive.org/web/20091013141431/http://www.businessweek.com/ap/financialnews/D9B3511G1.htm |archivedate=2009-10-13 |df= }}</ref>
* On October 27, Aetna stock values shot up when U. S. Senator Joe Lieberman of Connecticut broke with the Democratic caucus that he is a member of and vowed to join a Republican-led [[filibuster]] if the [[public option]] was not removed from the Senate's health care reform bill.<ref>{{cite web|author=Zaid Jilani |url=http://thinkprogress.org/2009/10/27/insurance-stocks-lieberman/ |title=Insurance Stocks Plunged As Reid Announced Public Option, Spiked After Lieberman Vowed To Filibuster It |publisher=ThinkProgress |date=2009-10-27 |accessdate=2011-02-12}}</ref>
* On October 30, Aetna reported a third quarter profit increase of 18 percent.<ref>{{Cite web|url=http://www.courant.com/business/hc-aetnaearnings.artoct30,0,1816943.story|title=Topic Galleries -- Courant.com|last=|first=|date=2013-06-16|website=|archive-url=https://web.archive.org/web/20130616125318/http://www.courant.com/topic/|archive-date=2013-06-16|dead-url=|access-date=2018-03-22}}</ref>
* On November 3, US Senator [[Tom Harkin]], chairman of the [[Committee on Health, Education, Labor and Pensions]], launched an investigation into health insurance pricing, asking Aetna and three other major insurers to justify their pricing practices. The investigation began after [[small business]] owners testified before Harkin's committee that skyrocketing health care premiums were severely hurting their livelihoods.<ref>[http://www.desmoinesregister.com/article/20091104/NEWS05/911040360/1007]{{dead link|date=February 2011}}</ref>
* Aetna announced the layoff off some 3.5% of its work force, 625 employees, and a similar number of reductions early next year. The current cuts include 160 jobs in Connecticut.<ref>[http://www.rep-am.com/news/connecticut/doc4b053e3497e19222100422.txt] {{dead link|date=May 2016|bot=medic}}{{cbignore|bot=medic}}</ref><ref>[https://www.wsj.com/article/BT-CO-20091119-714290.html] {{webarchive|url=https://web.archive.org/web/20100127091323/http://online.wsj.com/article/BT-CO-20091119-714290.html|date=January 27, 2010}}</ref> "Streamlining our business now will enable us to improve our competitiveness and redirect resources to areas with a greater potential for future growth, " said Aetna CEO Ron Williams.<ref>{{cite web|url=http://www.hartfordbusiness.com/news11033.html |title=Aetna to layoff over 1,000 workers |publisher=Hartford Business |date= |accessdate=2011-02-12}}</ref> During the third quarter of 2009, Aetna earned $326.2 million, or 73 cents per share. That represents an increase from $277.3 million, or 58 cents per share, in the same quarter last year.<ref>{{cite web |url=http://www.tradingmarkets.com/.site/news/Stock%20News/2670548/ |title=Zacks Analyst Blog Highlights: Aetna Inc., UnitedHealth Group Inc., WellPoint Inc., Assurant Inc. and Cigna Corp |publisher=TradingMarkets.com |date=2009-11-20 |accessdate=2011-02-12 }}{{dead link|date=March 2018 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
* On November 30, Aetna CEO Ron Williams told analysts that Aetna would increase prices in 2010 and force 600,000 to 650,000 Aetna customers to drop their coverage.<ref>{{cite news|url=http://www.ama-assn.org/amednews/2009/11/30/bisb1130.htm |title=Aetna prepares for loss of 600,000 members as it raises 2010 prices |date= November 30, 2009 |agency= American Medical News |publisher=Ama-assn.org |accessdate=2011-02-12}}</ref> Aetna President Mark Bertolini justified the move as "ensuring that each customer is priced to an appropriate margin. "<ref>{{cite web|url=http://www.huffingtonpost.com/2009/12/04/aetna-forcing-600000-plus_n_380130.html|title=Aetna Forcing 600,000-Plus To Lose Coverage In Effort To Raise Profits|work=The Huffington Post|accessdate=3 July 2015}}</ref> Aetna chief executive Ronald Williams owns 7.6 million Aetna stock and options.
* Aetna filed a $4.9 billion correction to its 2008 health insurance regulatory filings on December 7, 2009. The new filings show that Aetna spends less on small business health care than previously reported. “Health insurance companies have a duty to provide accurate financial information both to consumers and to their regulators about how much money they actually spend on health care and how much they spend on profits, on executive salaries, and on figuring out how to deny care to people when they really need it, ” said Senator [[Jay Rockefeller]], Chairman of the [[U.S. Senate Committee on Commerce, Science, and Transportation]]. “Unfortunately, it looks like Aetna and other health insurers haven’t been taking this duty very seriously. I’m disappointed that my Committee had to launch a full-scale congressional investigation to get these companies to meet their basic reporting obligations. ”<ref>{{cite web|url=http://commerce.senate.gov/public/index.cfm?FuseAction=PressReleases.Detail&PressRelease_id=1b0e362a-c6ba-4f8b-ab5d-9271920c9d15&Month=12&Year=2009 |title=Archived copy |accessdate=2009-12-09 |deadurl=bot: unknown |archiveurl=http://webarchive.loc.gov/all/20100202235410/http%3A//commerce%2Esenate%2Egov/public/index%2Ecfm?FuseAction%3DPressReleases%2EDetail%26PressRelease_id%3D1b0e362a%2Dc6ba%2D4f8b%2Dab5d%2D9271920c9d15%26Month%3D12%26Year%3D2009 |archivedate=February 2, 2010 |df= }} at the [[Library of Congress]] (February 2, 2010).</ref>
* On December 14, Aetna stocks rose dramatically after U. S. Senator Joe Lieberman of Connecticut threatened to filibuster the Senate health care reform bill if it included a Medicare buy-in proposal.<ref>[https://www.wsj.com/article/BT-CO-20091214-709441.html]{{dead link|date=May 2016|bot=medic}}{{cbignore|bot=medic}}</ref><ref>{{cite web|url=http://fdlaction.firedoglake.com/2009/12/14/insurance-stocks-soar-with-joe-liebermans-statements/ |title=Insurance Stocks Soar With Joe Lieberman’s Statements | FDL Action |publisher=Fdlaction. firedoglake.com |date= |accessdate=2011-02-12| archiveurl= https://web.archive.org/web/20110305111201/http://fdlaction.firedoglake.com/2009/12/14/insurance-stocks-soar-with-joe-liebermans-statements/| archivedate= 5 March 2011 <!--DASHBot-->| deadurl= no}}</ref>
* December 29: Aetna chief executive Ron Williams owns approximately 7.6 million Aetna stock and options. The price gain for Aetna stocks of $8.50 from October lows to December 29 adds at least $37 million in value to Williams' holdings.<ref>{{cite web|first=Brett |last=Arends |url=http://www.marketwatch.com/story/health-industry-execs-poised-to-make-a-bundle-2009-12-29?pagenumber=1 |title=Health industry execs will make a bundle |publisher=MarketWatch |date= |accessdate=2011-02-12}}</ref>
===== 2010 =====
* On February 3, Aetna laid off more than 100 Connecticut workers. This follows the lay off of 160 Connecticut Aetna employees in November 2009.<ref>{{cite web|url=http://www.courant.com/business/hc-aetna0204.artfeb04,0,1775192.story |title=Aetna Lays Off 625, Including 100 In State - Hartford Courant |publisher=Courant.com |date=2010-02-04 |accessdate=2011-02-12}}</ref>
* Aetna reported 2009 fourth-quarter net income of $165.9 million, or 38 cents per share, on $8.69 billion in revenue on February 6, 2010.<ref>{{cite web|url=http://www.courant.com/business/hc-aetna0206.artfeb06,0,3216988.story |title=Aetna's Earnings Slip - Hartford Courant |publisher=Courant.com |date=2010-02-06 |accessdate=2011-02-12}}</ref>
* On April 30, Aetna announced a 29 percent increase in net income for the first quarter of 2010 compared with the same quarter a year ago, as the insurer benefited from higher investment income.<ref>{{cite web|first=Matthew |last=Sturdevant |work= The Hartford Courant|url=http://www.courant.com/business/hc-hc-aetna-earnings-0430.artapr30,0,2145609.story |title=Aetna's Net Income Is Up 29 Percent, Operating Earnings Down |publisher=Courant.com |date=2010-04-30 |accessdate=2011-02-12}}</ref>
* In April, Aetna notified policyholders that it was in a contract dispute with [[Continuum Health Partners]] and that its contract with Continuum Health Partners would lapse as of June 5, 2010. Continuum Health Partners comprises five major New York City hospitals: [[Beth Israel Medical Center]], [[Roosevelt Hospital]], [[St. Luke's-Roosevelt Hospital Center|St. Luke's Hospital]], [[Long Island College Hospital]] and [[New York Eye and Ear Infirmary]]. The June 5th date passed and the contract lapsed, an outcome that could mean much higher costs for thousands of New Yorkers.<ref>{{cite web|url=http://www.nydailynews.com/ny_local/2010/06/15/2010-06-15_aetna_pulls_plug_on_pact_failed_deal_leaves_thousands_of_nyers_footing_bill.html|title=Failed deal between Aetna, local hospitals leaves thousands of New Yorkers footing bill |author= Heidi Evans |work= [[New York Daily News]] |date= June 15, 2010|accessdate=3 July 2015}}</ref> Aetna is obligated in its contract with doctors to retain those doctors in-network for a policyholder for a period of a year or until the expiration date of the policyholder's contract, whichever comes first. Aetna did not inform policyholders of this fact. Continuum Health provided a form to policyholders to make this request.<ref>{{cite web|url=http://www.wehealny.org/patients/BI_home/AETNA%20letter.doc |format=DOC |title=ATTENTION AETNA MEMBERS |website=Wehealny.org\accessdate=2016-08-17}}</ref> U. S. Senator [[Kirsten Gillibrand]] has asked executives of Aetna and Continuum Health Partners to re-enter negotiations, saying, "I urge you to re-enter negotiations on a new three-year agreement for reimbursement rates, for the sake of the patients that need health coverage. "<ref>{{cite web|url=http://gillibrand.senate.gov/newsroom/press/release/?id=F3CEA15A-EA0F-48D9-ADB0-150BEC714498 |title=Kirsten Gillibrand - United States Senator for New York: News |publisher=Gillibrand. senate.gov |date=2010-06-18 |accessdate=2011-02-12| archiveurl= https://web.archive.org/web/20110205061339/http://gillibrand.senate.gov/newsroom/press/release/?id=f3cea15a-ea0f-48d9-adb0-150bec714498| archivedate= 5 February 2011 <!--DASHBot-->| deadurl= no}}</ref> In July, the Faculty Union of [[Pratt Institute]], United Federation of College Teachers Local 1460, prepared a letter to Aetna expressing their unhappiness over the termination of the contract.<ref>{{cite web|url=http://www.pratt-union.org/2010/07/09/pratt-faculty-potentially-lose-hundreds-of-doctors-and-several-major-hospitals/|title=Pratt Faculty Potentially Lose Hundreds of Doctors and Several Major Hospitals|work=The Pratt Faculty Union|accessdate=3 July 2015}}</ref>
* In June, Crystal Run Healthcare, a 170-doctor group practice in [[Orange County, New York]] and [[Sullivan County, New York]], announced that it would terminate its contract with Aetna on July 31, 2011.<ref>{{cite web|url=http://www.crainsnewyork.com/article/20100623/PULSE/100629946|title=Crain's New York Business : Login|website=Craisnewyork.com|accessdate=3 July 2015}}</ref><ref>{{cite web|url=http://www.crystalrunhealthcare.com/|title=Crystal Run Healthcare -|website=Crystalrunhealthcare.com|accessdate=3 July 2015}}</ref> Crystal Run stated that, "Aetna proposes to pay us significantly less than other commercial health care plans with whom we contract. Despite good faith efforts, we cannot come to an agreement at this time. We want to afford every opportunity to our patients to make informed choices regarding their health care coverage. " Aetna replied, "It is extraordinary that a responsible physician group would alarm patients in this manner more than a year before there could be any impact to those patients. "<ref>[http://www.marketwatch.com/story/crystal-run-healthcare-terminates-contract-with-aetna-inc-2010-06-21?reflink=MW_news_stmp]{{dead link|date=August 2016}}</ref>
* On July 27, Aetna reported that its second-quarter profit rose 42 percent, as the percentage of premiums the company spent on medical care fell versus a year ago. The insurer earned $491 million, or $1.14 a share, in the three months ended June 30. That compares with net income of $346.6 million, or 77 cents a share, in the same period last year.<ref>{{cite web |url=http://www.courant.com/business/nationworld/wire/sns-ap-us-earns-aetna,0,2005680.story |title=Insurer Aetna announces big dividend payment, reports 30 percent jump in 4th-quarter profit |publisher=Courant.com |date=2011-02-04 |accessdate=2011-02-12 }}{{Dead link|date=August 2018 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
* On September 9, Aetna announced that it would demolish its {{convert|1300000|sqft|m2|adj=on}} structure in Middletown, Connecticut that once housed approximately 5,000 Aetna employees on a {{convert|261|acre|km2|adj=on}} campus. Aetna has not said exactly how it will redevelop the site, although a data center currently located there will remain regardless of future plans.<ref>{{cite web|url=http://www.wfsb.com/story/14807854/middletown-aetna-complex-being-torn-down-2-25-2011|title=Middletown Aetna Complex Being Torn Down|last=|first=|date=2011-02-25|website=|publisher=|accessdate=}}</ref>
==== 2012 ====
In June 2012, Aetna and Inova Health System announced a joint venture creating a new health insurance company, Innovation Health.<ref>{{cite web|title=Aetna And Inova Health System Establish New Health Plan Partnership In Northern Virginia |url=https://www1.aetna.com/news/newsReleases/2012/0622-Aetna-And-Inova-Health-System-Northern-Virginia.html |website=Aetna News Releases |accessdate=25 October 2015 |date=22 June 2012 |deadurl=yes |archiveurl=https://web.archive.org/web/20160304045556/https://www1.aetna.com/news/newsReleases/2012/0622-Aetna-And-Inova-Health-System-Northern-Virginia.html |archivedate=4 March 2016 |df= }}</ref><ref>{{Cite news|url = https://www.washingtonpost.com/business/economy/2012/06/22/gJQAOyoGvV_story.html|title = Aetna and Inova unveil joint venture for improved, cost-effective health care|last = Kliff|first = Sarah|date = 22 June 2012|work = The Washington Post|access-date = 25 October 2015|via = }}</ref>
Aetna introduced a company new logo with effort to establish themselves as a more consumer-focused brand. The logo was designed by New York-based [[Siegel + Gale|Siegel+Gale]].<ref>{{Cite web|title =Aetna Finds its Groove.|url =https://www.underconsideration.com/brandnew/archives/aetna_finds_its_groove.php|accessdate = December 4, 2017|publisher = Under Consideration.|date =January 18, 2012}}</ref>
==== 2015 ====
On July 3, 2015, Aetna announced that it planned to acquire [[Humana]] for {{Currency|37 billion}} in cash and stock,<ref name=":1">{{Cite news|url = http://www.bizjournals.com/louisville/news/2015/08/20/report-aetna-adds-lobbyists-to-push-humana-deal-to.html|title = Report: Aetna adds lobbyists to push Humana deal to regulators|last = Mann|first = David A.|date = 20 August 2015|work = [[Louisville Bus. First|Louisville Business First]]|access-date = 21 August 2015|via = }}</ref> or {{Currency|230}} a share.<ref name=":0" /> Aetna and Humana shareholders would have owned 74% and 26% of the new combined company.<ref name=":0">{{cite press release
|url=http://www.businesswire.com/news/home/20150702005935/en/Aetna-Acquire-Humana-37-Billion-Combined-Entity#.VZZFMuMayc3 |title=Aetna Acquiring Humana for $37 Billion |via=BusinessWire |publisher=Aetna |date=July 3, 2015 }}{{self-published inline|date=August 2015|certain=yes}}</ref> The acquisition was subject to United States government approval and was expected to close in late 2016.<ref name=":1" />
==== 2017 ====
On January 23, 2017, a federal judge blocked Aetna's merger with Humana, saying it would leave senior citizens with fewer options for Medicare coverage.<ref>{{Cite news|url=http://www.politico.com/story/2017/01/judge-block-aetna-humana-merger-234043|title=Judge blocks major health insurance merger|newspaper=POLITICO|access-date=2017-01-23}}</ref><ref>{{Cite news|url=https://www.wsj.com/articles/federal-judge-blocks-aetna-humana-merger-on-antitrust-grounds-1485190239|title=Federal Judge Blocks Aetna-Humana Merger on Antitrust Grounds|last=Kendall|first=Brent|date=2017-01-23|last2=Mathews|first2=Anna Wilde|newspaper=Wall Street Journal|issn=0099-9660|access-date=2017-01-29}}</ref><ref>{{Cite news|url=https://www.nytimes.com/2017/01/23/business/dealbook/aetna-humana-deal-blocked.html|title=Judge Blocks Aetna’s $37 Billion Deal for Humana|last=Abelson|first=Reed|date=2017-01-23|last2=Picker|first2=Leslie|newspaper=The New York Times|issn=0362-4331|access-date=2017-01-29}}</ref> On February 14, 2017, Aetna Inc. and [[Humana Inc.]] officially quashed a $34 billion merger agreement, after judges ruled against the merger for a second time.<ref>{{Citation
| last1 = Wilde Mathews
| first1 =Anna
| last2 =Kendall
| first2 =Brent
| date =February 14, 2017
| title =Antitrust Rulings Put Chill on Health-Insurance Mergers
| publisher = ''[[The Wall Street Journal]]''
| url =https://www.wsj.com/articles/cigna-calls-off-merger-with-anthem-1487104016
| accessdate = February 15, 2017}}</ref>
On June 29, 2017, Aetna announced the company would be moving their main offices to [[New York City]] after being headquartered in Hartford since 1819. The move will be completed in late 2018.<ref name="NYC"/>
On December 4, 2017, [[CVS Health]] announced plans to purchase Aetna for approximately $69 billion.<ref name=":2" /> The deal is expected to close in the latter half of 2018, subject to approval by both [[Shareholder|shareholders]] and federal regulators.<ref name=":2" />
==== 2018 ====
On February 11, 2018, [[CNN]] reported that [[California Department of Insurance|California's Department of Insurance]] had launched an investigation into Aetna following sworn testimony from Dr. Jay Ken Iinuma, a former medical director for the insurer, in a lawsuit against the insurer in which he revealed he never reviewed any patients' medical records when deciding whether to approve or deny claims for coverage.<ref>{{Cite news|url=https://www.cnn.com/2018/02/11/health/aetna-california-investigation/index.html|title=State launches Aetna probe after stunning admission|last=CNN|first=Story by Wayne Drash, CNN Video by Elizabeth Cohen and John Bonifield,|work=CNN|access-date=2018-03-11}}</ref> The [[California Insurance Commissioner]], [[Dave Jones (politician)|Dave Jones]], issued a statement confirming the investigation the following day.<ref>{{Cite web|url=https://www.insurance.ca.gov/0400-news/0100-press-releases/2018/statement017-18.cfm|title=Insurance Commissioner Dave Jones issues statement confirming Aetna investigation|last=California|first=State of|website=www.insurance.ca.gov|language=en|access-date=2018-03-11}}</ref> On February 27, 2018, the ranking members of the [[United States Senate Committee on Finance|Senate Committee on Finance]] and [[United States Senate Committee on Health, Education, Labor and Pensions|Committee on Health, Education, Labor, and Pensions]], Senators [[Ron Wyden]] and [[Patty Murray]], issued a letter to Aetna demanding further information regarding Dr. Iinuma's testimony and the insurer's medical claims determination and patient appeal processes.<ref>{{Cite web|url=http://cdn.cnn.com/cnn/2018/images/02/28/letter.to.aetna.pdf|title=Senate Letter to Aetna|last=|first=|date=February 27, 2018|website=|access-date=}}</ref>
== Fines, lawsuits and settlements ==
=== 1999 ===
* A jury in California awarded $116 million in [[punitive damages]] for "[[malice (legal term)|malice]], [[oppression]] and [[fraud]]" to a patient's widow who contended he died after a subsidiary of Aetna delayed approving treatment for [[stomach cancer]] that its own doctors had recommended. Lawyers on both sides called it the largest such verdict against a [[health maintenance organization]]. In 2001 a settlement was reached.<ref>{{cite news| url=https://www.nytimes.com/1999/01/21/business/116-million-punitive-award-against-aetna.html | work=The New York Times | title=$116 Million Punitive Award Against Aetna | date=January 21, 1999 | accessdate=May 2, 2010}}</ref><ref>{{cite web|url=http://www.californiahealthline.org/Articles/1999/1/21/AETNA—To-Pay-116M-for-Malice-Oppression-and-Fraud.aspx |title=AETNA: To Pay $116M for 'Malice, Oppression, and Fraud' |publisher=California Healthline |date=1999-01-21 |accessdate=2011-02-12}}</ref><ref>{{cite web|url=http://www.alacrastore.com/storecontent/Business-and-Industry/24834039 |title=Aetna settled $120.5 mil judgment that was awarded to widow in 1999; case involved Aetna refusing to pay for treatment recommended by in-plan doctors - Bestwire - April 26, 2001 - Business & Industry® |publisher=AlacraStore.com |date=2001-04-26 |accessdate=2011-02-12}}</ref>
=== 2000 ===
* The [[U.S. Court of Appeals]] affirmed a $1,855,000 federal jury award for Brokerage Concepts Inc. (BCI) against Aetna U. S. Healthcare (formerly U. S. Healthcare), its Pennsylvania [[subsidiary]], and one of its former senior executives, Richard Wolfson. In its suit, BCI accused Aetna U. S. Healthcare of [[tortious interference]] with contractual relations. BCI alleged the [[managed-care]] company used its economic power in the business of [[prescription drug]] sales to [[coerce]] one of BCI's clients, the "I Got It at Gary's" [[pharmacy]] chain, into using another Aetna U. S. Healthcare subsidiary, Corporate Health Administrators, as its health benefits management firm. According to the suit, Aetna U. S. Healthcare threatened to drop "I Got it at Gary's" from its pharmacy network if the company didn't switch to Corporate Health Administrators.<ref>{{cite news| url=http://philadelphia.bizjournals.com/philadelphia/stories/2000/12/11/daily1.html# | first=John | last=George | title=Brokerage Concepts .9M jury award upheld on appeal | date=December 11, 2000}}</ref>
=== 2001 ===
* The Maryland [[Insurance Commissioner]] ordered five Maryland health plans to pay a total of $1.4 million in penalties for failing to comply with the state's claims payment practices; Aetna was cited twice and ordered to pay the largest fine of $850,000.<ref>{{cite news| url=http://baltimore.bizjournals.com/baltimore/stories/2001/09/03/daily14.html# | title=State health plans hit with .4M in penalties | date=September 5, 2001}}</ref>
* The State of Texas fined Aetna $1.15 million for failing to promptly pay doctors and hospitals for services. Texas Insurance Commissioner Jose Montemayor also ordered Aetna to pay [[restitution]] to physicians and health care providers who did not receive timely payment for claims.<ref>{{cite web|url=http://www.highbeam.com/doc/1G1-79644614.html |title=Slow-Pay Case Prompts Texas to Fine Aetna $1.15 Million. - Knight Ridder/Tribune Business News | HighBeam Research - FREE trial |publisher=Highbeam.com |date=2001-11-02 |accessdate=2011-02-12}}</ref>
=== 2002 ===
* The [[New York Department of Insurance]] fined Aetna US Healthcare and [[UnitedHealthcare]] a total of $2.5 million, citing a litany of bungled claims, improper treatment [[denials]], unlicensed health [[insurance agents]], and poorly performing claims processors using out-of-date [[software]].<ref>{{cite web|last=Lankarge |first=Vicki |url=http://www.claims-advocacy.org/new_york_fines_aetna_and_unitedh.htm |title=New York fines Aetna and UnitedHealthcare |publisher=Claims-advocacy.org |date= |accessdate=2011-02-12 |deadurl=yes |archiveurl=https://web.archive.org/web/20110725174103/http://www.claims-advocacy.org/new_york_fines_aetna_and_unitedh.htm |archivedate=2011-07-25 |df= }}</ref>
* Aetna agreed to streamline communications, reduce administrative complexity, and improve the quality of the health care system, ending [[litigation]] between Aetna and 700,000 [[physicians]] and medical societies. The physicians' [[lawsuit]], settled for $470 million, charged Aetna with systematically reducing payments to physicians and overriding their treatment decisions.<ref>{{cite web|url=http://www.medscape.com/viewarticle/456119 |title=Access |publisher=Medscape |date= |accessdate=2011-02-12}}</ref>
=== 2003 ===
* Aetna and the [[American Dental Association]] (ADA) announced a class-action settlement by dentists who accused Aetna of interfering with dental procedures to cut costs and forcing dentists to comply with excessive paperwork. The settlement called for Aetna to pay $4 million to 40,000 to 50,000 dentists and $1 million to the ADA Foundation, a [[charitable organization|charitable]] group.<ref>{{cite news| url=http://articles.latimes.com/2003/aug/20/business/fi-rup20.4 | work=Los Angeles Times | title=Aetna, Dentists Settle Class-Action Lawsuit | date=August 20, 2003 | accessdate=May 2, 2010}}</ref>
* Georgia Insurance Commissioner [[John W. Oxendine]] fined Aetna's Prudential Health Plan $100,000 for violating Georgia's prompt pay law by delaying claims payments. Aetna companies had been fined four previous times by Oxendine's office, in 2000 and again in 2002, for a total of $411,200.<ref>[http://sacramento.bizjournals.com/atlanta/stories/2003/11/03/daily18.html?jst=s_cn_hl] {{dead link|date=May 2016|bot=medic}}{{cbignore|bot=medic}}</ref>
=== 2007 ===
* The New Jersey Department of Banking and Insurance filed an administrative order levying a $9.5 million fine against Aetna for refusing to appropriately cover certain services provided by out-of-network providers—including [[emergency treatment]]—in violation of New Jersey rules and regulations.<ref>{{cite web|url=http://www.businessinsurance.com/article/20070803/NEWS/200010820|title=Aetna suit alleges out-of-network reductions|work=Business Insurance|accessdate=3 July 2015}}</ref>
=== 2009 ===
* Former Aetna employee Cornelius Allison of [[Darby, Pennsylvania|Darby]], Pa., filed [[lawsuit|suit]] against Aetna in U. S. District Court in Pennsylvania after [[hacker (computer security)|hackers]] gained access to a company [[Web site]] holding personal data for 450,000 current and former employees as well as job applicants. The suit charged Aetna with [[negligence]], [[breach of contract]], [[negligent misrepresentation]] and [[invasion of privacy]].<ref>{{cite web|url=http://www.upi.com/Top_News/2009/06/10/Aetna-targeted-in-suit-for-losing-data/UPI-57311244645234/ |title=Aetna targeted in suit for losing data |publisher=UPI.com |date= |accessdate=2011-02-12}}</ref>
* The Arizona Department of Insurance fined Aetna Life Insurance Company and Aetna Health, Inc. after examination of their practices exposed multiple violations of Arizona insurance laws. The department found that Aetna violated significant state laws governing important areas of health insurance operations, including Aetna's: failure to provide policyholders with information about their rights on [[appeals]] of medical claims or services denials; failure to acknowledge receipt of policyholder appeals; failure to notify policyholders about appeal decisions/outcomes; and, in some appeals involving the denial of services for potentially life-threatening conditions, failure to inform policyholders of their decision within the required, expedited time frames.<ref>{{cite web|url=http://www.insurancejournal.com/news/west/2009/11/04/105078.htm |title=Arizona Fines Aetna for Multiple Violations |publisher=Insurancejournal.com |date=2009-11-04 |accessdate=2011-02-12}}</ref>
=== 2010 ===
* Aetna paid a $750,000 fine as part of a settlement with the [[New York Insurance Department]] related to the company administering an affordable healthcare plan for the state. Aetna's violations included failing to provide a required 30-day notice of rate increases to about 946 members in 2007, failing to provide notice to 1,406 terminated workers of their rights to convert to another policy, failing to report enrollment data from May 2007 through August 2008, and failing to respond to Insurance Department requests for data in March 2008.<ref>{{cite web|url=http://www.courant.com/business/hc-aetna0205.artfeb05,0,2496090.story |title=Aetna Pays $750,000 Fine To New York Insurance Department - Hartford Courant |publisher=Courant.com |date=2010-02-04 |accessdate=2011-02-12}}</ref>
== Life insurance policies on slaves ==
In 2000 Deadria Farmer-Paellmann, head of the nonprofit Restitution Study Group of Hoboken, New Jersey, disclosed that from approximately 1853 to approximately 1860 Aetna had issued life insurance policies to slaveowners covering the lives of their slaves.<ref>{{cite news| url=https://www.nytimes.com/2002/05/05/nyregion/slave-policies.html?pagewanted=all | work=The New York Times | title=Slave Policies | first=Virginia | last=Groark | date=May 5, 2002 | accessdate=May 2, 2010}}</ref>
Aetna acknowledged that concrete evidence exists for Aetna issuing coverage for the lives of slaves and released a public apology.<ref>{{cite web |url=http://www.globalethics.org/newsline/2000/03/13/aetna-apologizes-for-pre-civil-war-policies-issued-on-lives-of-slaves/ |title=Ethics Newsline® » News » Aetna Apologizes For Pre-Civil-War Policies Issued On Lives Of Slaves |publisher=Globalethics.org |date=2000-03-13 |accessdate=2011-02-12 |archive-url=https://web.archive.org/web/20131017235053/http://www.globalethics.org/newsline/2000/03/13/aetna-apologizes-for-pre-civil-war-policies-issued-on-lives-of-slaves/ |archive-date=2013-10-17 |dead-url=yes |df= }}</ref>
In 2002, Farmer-Paellmann brought suit against Aetna and two other companies in federal court asking for reparations for the descendants of slaves. The lawsuit said Aetna, [[CSX]] and Fleet were "unjustly enriched" by "a system that enslaved, tortured, starved and exploited human beings." It argued that [[African-American]]s are still suffering the effects of 2½ centuries of enslavement followed by more than a century of institutionalized racism. The complaint blamed slavery for present-day disparities between blacks and whites in income, education, literacy, health, life expectancy and crime.<ref name="usatoday. com"/>
This suit was dismissed, and the dismissal largely upheld on appeal.<ref>{{cite news| url=https://www.usatoday.com/money/companies/regulation/2004-01-26-reparations_x.htm?csp=34 | work=USA Today | title=Judge rejects lawsuit seeking reparations | first1=James | last1=Cox | date=January 26, 2004 | accessdate=May 2, 2010}}</ref><ref>{{cite news| url=http://articles.latimes.com/2008/oct/31/opinion/oe-olson31?pg=2 | work=Los Angeles Times | title=So long, slavery reparations | first=Walter | last=Olson | date=October 31, 2008 | accessdate=May 2, 2010}}</ref>
In 2006, Farmer-Paellmann announced a nationwide [[boycott]] of Aetna over the issue of [[Reparation (legal)|reparations]] for its policies covering slaves. Aetna stated that its commitment to diversity in the workplace and its investment of over 36 million dollars in such areas as education, health, economic development, community partnerships, and [[minority-owned business]] initiatives in the African-American community are more effective at aiding descendants of slaves and African-Americans in general than making restitutions for Aetna's life insurance policies on slaves.<ref>"[http://www.aetna.com/news/2002/pr_20020327.htm Aetna Statement Regarding Slavery Reparations Lawsuit]", Aetna press release, March 27, 2002</ref><ref>"[http://www.aetna.com/news/2002/slavery_reparations_issue.html Slavery Reparations Issue]", Remarks Delivered by Aetna Chairman John Rowe at the Aetna Shareholders Meeting, April 26, 2002</ref><ref>"[http://www.aetna.com/aetna-press/media-coverage-and-contacts/misguided.html Aetna boycott is misguided]", ''[[The Hartford Courant]]'', November 23, 2006</ref><ref>"[http://www.aetna.com/aetna-press/diversity_support.html Questions and Answers Regarding Slavery Reparations and Aetna’s Support of Diversity]", Aetna press release</ref><ref>"[http://www.aetna.com/data/judges_order.pdf Judge's Order In re African-American Slave Descendants Litigation]", District Judge [[Charles Ronald Norgle]], July 6, 2005</ref><ref>"[http://www.aetna.com/news/kits/05-3265opinion.pdf Decision on Appeal In re African-American Slave Descendants Litigation]", December 13, 2006</ref>
== See also ==
{{Portal|Connecticut|Companies}}
* [[Aetna Building]]
* [[List of United States insurance companies]]
;Related topics
* [[Drivotrainer]]
* [[Health care reform in the United States]]
* [[Health care reform debate in the United States]]
* [[Health insurance]]
* [[Life insurance]]
* [[Managed health care]]
* [[Medicare Advantage]]
* [[Pet insurance]]
* [[Public health insurance option]]
==References==
{{Reflist|30em}}
== External links ==
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* {{Official website|http://www.aetna.com/ }}
{{commons category|position=left|Aetna}}
{{Finance links
| name = Aetna
| symbol = AET
| sec_cik = AET
| yahoo = AET
| google = AET
}}
[[Category:Aetna| 01]]
[[Category:Insurance companies of the United States]]
[[Category:Health insurance companies]]
[[Category:Health insurance in the United States]]
[[Category:Health maintenance organizations]]
[[Category:Dental companies of the United States]]
[[Category:Life insurance companies of the United States]]
[[Category:Pharmacy benefit management companies based in the United States]]
[[Category:Health care companies based in Connecticut]]
[[Category:Companies based in Hartford, Connecticut]]
[[Category:American companies established in 1850]]
[[Category:1850 establishments in Connecticut]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Reparations for slavery]]
[[Category:Announced mergers and acquisitions]]
