Aetna

For other uses, see Aetna (disambiguation).
Aetna Inc.
Public
Traded as NYSE: AET
S&P 500 Component
Industry Managed health care
Founded 1853 (1853) (as Aetna Life Insurance Company)
Founder Eliphalet Adams Bulkeley
Headquarters Hartford, Connecticut, U.S.
Area served
United States
Key people
Mark T. Bertolini
(Chairman and CEO)
Products Healthcare plans
Revenue Increase $ 47.294 billion (FY 2013)[1]
Increase $ 2.94 billion (FY 2013)[1]
Increase $ 1.91 billion (FY 2013)[1]
Total assets
  • Increase US$ 53.42 billion (2016)

[2]

Total equity Increase $ 14.078 billion (FY 2013)[1]
Number of employees
48,600 (Dec 2013)[1]
Website www.aetna.com
The original stylized Aetna logo

Aetna, Inc. /ˈɛtnə/ (stylized as ætna) 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 100.

Members

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. Membership numbers: (as of June 30, 2013)

Lobbying and campaign contributions

Aetna has spent more than $2.0 million in 2009 on lobbying.[3] The company spent $809,793 between January 2009 and the end of March 2009—up 41 percent from the same period in 2008.[4] Aetna's campaign contributions include more than $110,000 to US Senator Joe Lieberman (ID-CT) in 2009.[5] 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.[6]

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.[7] In the California Health Care Quality Report Card 2010 Edition,[8] 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").[8]

Current leadership

Operations

In 2005, the company had $1.1 billion in earnings. Aetna's 2007 revenue, reported in 2008, was $27.6 billion. Aetna's 2008 revenue, reported in 2009, was $31 billion. Aetna's 2012 revenue, reported in 2013, was $35.54 billion.

History

Aetna is the direct descendant of Aetna (Fire) Insurance Company, of Hartford, Connecticut.[11][12] The name was meant to invoke Mount Etna, at the time Europe's most active volcano.[13]

Timeline

1810s

1850s

The Aetna building in Hartford

1860s

1870s

1880s

1890s

1900s

1910s

1960s

1970s

1990s

2000s

2009
2010

2012

In June 2012, Aetna and Inova Health System announced a joint venture creating a new health insurance company, Innovation Health.[55][56]

2015

On July 3, 2015, Aetna announced that it will acquire Humana for US$37,000,000,000 in cash and stock,[57] or US$230 a share.[58] Aetna and Humana shareholders will own 74% and 26% of the new combined company.[58] The acquisition is subject to United States government approval and is expected to close in late 2016.[57]

Fines, lawsuits and settlements

1999

2000

2001

2002

2003

2007

2009

2010

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.[73]

Aetna acknowledged that concrete evidence exists for Aetna issuing coverage for the lives of slaves and released a public apology.[74]

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-Americans 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.[15]

This suit was denied, and the denial largely upheld on appeal.[75][76]

In 2006, Farmer-Paellmann announced a nationwide boycott of Aetna over the issue of 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.[77][78][79][80][81][82]

See also

Related topics

References

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