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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aetna Inc. (delisted) | NYSE:AET | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 212.70 | 0 | 01:00:00 |
DOW JONES NEWSWIRES
Aetna Inc.'s (AET) fourth-quarter earnings rose 73% as the health insurer's membership rolls increased and margins improved.
Aetna has seen increased profits in recent quarters, despite revenue declines, as patients reduce their use of health services amid economic turmoil. When patients avoid doctor and hospital visits, insurers cover fewer bills, which boosts earnings.
Aetna has also become more acquisitive of late as it diversifies its operations, such as buying Prodigy Health Group, an administrator of self-funded health-care plans, in June. Providing self-funded options for mid-sized and small businesses is an area where health insurers have been seeking growth. And in October, Aetna bought the account-based health plan administrator PayFlex Holdings Inc. and a Medicare supplement business with more than 150,000 members from Genworth Financial Inc. (GNW).
Aetna reported a profit of $372.6 million, or $1.02 a share, up from $215.6 million, or 53 cents, a year earlier. Excluding items such as realized capital gains, transaction-related costs and severance, earnings rose to 97 cents from 63 cents. Revenue edged up 0.4% to $8.54 billion.
Analysts polled by Thomson Reuters had most recently forecast earnings of 97 cents on revenue of $8.5 billion.
Operating margin rose to 78.6% from 77.9%.
Its total medical benefit ratio, or the amount of premiums used to pay patient medical costs, fell to 80.7% from 83% a year earlier and was up from 78.9% in the prior quarter.
Total medical membership rose to 18.5 million from 18.23 million in the prior quarter.
The company also backed its full-year earnings forecast.
Shares closed Tuesday at $43.70 and were inactive premarket. The stock has risen 3.6% so far this year.
--By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com
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