Aetna

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Aetna Inc.
TypePublic
S&P 500 Component
Traded asNYSEAET
IndustryManaged health care
Founded1853
FoundersEliphalet Adams Bulkeley
HeadquartersHartford, Connecticut, U. S.
Area servedUnited States
Key peopleMark T. Bertolini
(Chairman, CEO, President)
ProductsHealthcare plans
RevenueIncrease $ 47.294 billion (FY 2013)[1]
Operating incomeIncrease $ 2.94 billion (FY 2013)[1]
Net incomeIncrease $ 1.91 billion (FY 2013)[1]
Total assets
  • Increase US$ 49.8718 billion (2013) [2]
  • Increase US$ 41.4945 billion (2012) [2]
Total equityIncrease $ 14.078 billion (FY 2013)[1]
Employees48,600 (Dec 2013)[1]
WebsiteAetna.com
 
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For other uses, see Aetna (disambiguation).
Aetna Inc.
TypePublic
S&P 500 Component
Traded asNYSEAET
IndustryManaged health care
Founded1853
FoundersEliphalet Adams Bulkeley
HeadquartersHartford, Connecticut, U. S.
Area servedUnited States
Key peopleMark T. Bertolini
(Chairman, CEO, President)
ProductsHealthcare plans
RevenueIncrease $ 47.294 billion (FY 2013)[1]
Operating incomeIncrease $ 2.94 billion (FY 2013)[1]
Net incomeIncrease $ 1.91 billion (FY 2013)[1]
Total assets
  • Increase US$ 49.8718 billion (2013) [2]
  • Increase US$ 41.4945 billion (2012) [2]
Total equityIncrease $ 14.078 billion (FY 2013)[1]
Employees48,600 (Dec 2013)[1]
WebsiteAetna.com
The original stylized Aetna logo

Aetna, Inc. /ˈɛtnə/ 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[edit]

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)[citation needed]

Lobbying and campaign contributions[edit]

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[edit]

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").[9]

Current leadership[edit]

Mark Bertolini became CEO of Aetna on November 29, 2010, and chairman on April 8, 2011.[10] Meg McCarthy is Senior Vice President and Chief Information Officer, and Joseph Zubretsky is Chief Financial Officer.[citation needed]

Operations[edit]

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.[citation needed]

History[edit]

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[edit]

1810s[edit]

1850s[edit]

The Aetna building in Hartford

1860s[edit]

1870s[edit]

1880s[edit]

1890s[edit]

1900s[edit]

1910s[edit]

1960s[edit]

1970s[edit]

1990s[edit]

2000s[edit]

2009[edit]

2010[edit]

Fines, lawsuits and settlements[edit]

1999[edit]

2000[edit]

2001[edit]

2002[edit]

2003[edit]

2007[edit]

2009[edit]

2010[edit]

Life insurance policies on slaves[edit]

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.[69]

Aetna acknowledged that concrete evidence exists for Aetna issuing coverage for the lives of slaves and released a public apology.[70]

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.[71][72]

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 is more effective at aiding descendants of slaves and African-Americans in general than making restitutions for Aetna's life insurance policies on slaves.[73][74][75][76][77][78]

See also[edit]

References[edit]

  1. ^ a b c d e Aetna Inc. Form 10-K, Securities and Exchange Commission, February 28, 2014
  2. ^ a b "AETNA INC /PA/ 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 28, 2014. 
  3. ^ opensecrets.org
  4. ^ Robert Reich's Blog / By Robert Reich. "Obama Must Take On the Giant Lobbyists Blocking Health Care Reform". AlterNet. Retrieved 2011-02-12. 
  5. ^ Posted by boysgramps (2009-11-05). "Nine Americans Jailed This Morning When They Tried to Confront Senator Joe Lieberman for Accepting Insurance Company Money". Common Dreams. Retrieved 2011-02-12. 
  6. ^ opensecrets.org
  7. ^ opa.ca.gov
  8. ^ opa.ca.gov
  9. ^ Health Care Quality Report Card 2010 Edition
  10. ^ "Executive bio". Aetna. Retrieved 20 March 2012. 
  11. ^ Gall, Henry R.; William George Jordan (1919). One Hundred Years of Fire Insurance: Being A History Of The Aetna Insurance Company, Hartford, Connecticut, 1819–1919. Hartford, Connecticut: Aetna Insurance Company. Retrieved 2009-07-14. 
  12. ^ a b c d "Aetna Legends—Eliphalet Adams Bulkeley", Aetna, April 4, 2003
  13. ^ a b c d e f g h i j k l m n o p q r s t u v w x "Aetna At-A-Glance: Aetna History", Aetna company information
  14. ^ Gall, Henry R.; William George Jordan (1919). One Hundred Years of Fire Insurance: Being A History of The Aetna Insurance Company, Hartford, Connecticut, 1819-1919. Hartford, Connecticut: Aetna Insurance Company. Retrieved 2010-07-28. 
  15. ^ a b "Aetna, CSX, FleetBoston face slave reparations suit". USA Today. March 24, 2002. Retrieved May 2, 2010. 
  16. ^ “Behind Aetna’s Turnaround: Small Steps to Pare Cost of Care, ” Wall Street Journal, August 13, 2004
  17. ^ "Aetna Inc. | Company profile from Hoover's". Hoovers.com. 2010-10-21. Retrieved 2011-02-12. 
  18. ^ "Aetna Inc: Information from". Answers.com. Retrieved 2011-02-12. 
  19. ^ Competition in a publicly funded healthcare system | Physicians for a National Health Program. Pnhp.org. doi:10.1136/bmj.39400.549502.94. Archived from the original on 14 January 2011. Retrieved 2011-02-12. 
  20. ^ "Waiting Times For Care? Try Looking At The U. S. - Nurses, Doctors Say It's Time To Debunk The Myths". Medicalnewstoday.com. Retrieved 2011-02-12. 
  21. ^ "Aetna Inc. Overview". FINS.com. Retrieved 2010-07-21. 
  22. ^ "CEO Compensation". Forbes. April 22, 2009. 
  23. ^ "#22 Ronald A Williams". Forbes. April 22, 2009. 
  24. ^ "Pets Best Insurance > Pets Best Announces New Underwriter For Pet Insurance Policies". Petsbest.com. Archived from the original on 4 January 2011. Retrieved 2011-02-12. 
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  27. ^ Gosselin, Kenneth R. (2009-09-23). "Health Care Public Option Pushed At Hartford Rally And Others Around Nation". Courant.com. Retrieved 2011-02-12. 
  28. ^ businessweek.com
  29. ^ Zaid Jilani (2009-10-27). "Insurance Stocks Plunged As Reid Announced Public Option, Spiked After Lieberman Vowed To Filibuster It". ThinkProgress. Retrieved 2011-02-12. 
  30. ^ "Aetna Inc. : Aetna Inc. News and Photos". Courant.com. Retrieved 2011-02-12. 
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  32. ^ [2][dead link]
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  34. ^ "Aetna to layoff over 1,000 workers". Hartford Business. Retrieved 2011-02-12. 
  35. ^ "Zacks Analyst Blog Highlights: Aetna Inc., UnitedHealth Group Inc., WellPoint Inc., Assurant Inc. and Cigna Corp". TradingMarkets.com. 2009-11-20. Retrieved 2011-02-12. 
  36. ^ "Aetna prepares for loss of 600,000 members as it raises 2010 prices". Ama-assn.org. November 30, 2009. Retrieved 2011-02-12. 
  37. ^ huffingtonpost.com
  38. ^ [4][dead link]
  39. ^ [5][dead link]
  40. ^ "Insurance Stocks Soar With Joe Lieberman’s Statements | FDL Action". Fdlaction. firedoglake.com. Archived from the original on 5 March 2011. Retrieved 2011-02-12. 
  41. ^ Arends, Brett. "Health industry execs will make a bundle". MarketWatch. Retrieved 2011-02-12. 
  42. ^ "Wall Street bets on a GOP win in Massachusetts". Los Angeles Times. January 19, 2010. Archived from the original on 11 April 2010. Retrieved May 2, 2010. 
  43. ^ "Aetna Lays Off 625, Including 100 In State - Hartford Courant". Courant.com. 2010-02-04. Retrieved 2011-02-12. 
  44. ^ "Aetna's Earnings Slip - Hartford Courant". Courant.com. 2010-02-06. Retrieved 2011-02-12. 
  45. ^ Sturdevant, Matthew (2010-04-30). "Aetna's Net Income Is Up 29 Percent, Operating Earnings Down". Courant.com. Retrieved 2011-02-12. 
  46. ^ "Failed deal between Aetna, local hospitals leaves thousands of New Yorkers footing bill" by Heidi Evans, New York Daily News, June 15, 2010
  47. ^ "Attention: Aetna patients
  48. ^ "Kirsten Gillibrand - United States Senator for New York: News". Gillibrand. senate.gov. 2010-06-18. Archived from the original on 5 February 2011. Retrieved 2011-02-12. 
  49. ^ "Pratt Faculty Potentially Lose Hundreds of Doctors and Several Major Hospitals", July 9, 2010
  50. ^ "NY doctors break talks with Aetna over rates", June 23, 2010 Crain's NY Business: Crain's Health Pulse
  51. ^ Crystal Run Healthcare
  52. ^ "Crystal Run Healthcare Terminates Contract With Aetna, Inc. ", June 21, 2010, MarketWatch
  53. ^ "Insurer Aetna announces big dividend payment, reports 30 percent jump in 4th-quarter profit". Courant.com. 2011-02-04. Retrieved 2011-02-12. 
  54. ^ "Aetna To Demolish Middletown Complex, Redevelop Property - Hartford Courant". Courant.com. 2006-07-29. Retrieved 2011-02-12. 
  55. ^ "$116 Million Punitive Award Against Aetna". The New York Times. January 21, 1999. Retrieved May 2, 2010. 
  56. ^ "AETNA: To Pay $116M for 'Malice, Oppression, and Fraud'". California Healthline. 1999-01-21. Retrieved 2011-02-12. 
  57. ^ "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®". AlacraStore.com. 2001-04-26. Retrieved 2011-02-12. 
  58. ^ George, John (December 11, 2000). "Brokerage Concepts .9M jury award upheld on appeal". 
  59. ^ "State health plans hit with .4M in penalties". September 5, 2001. 
  60. ^ "Slow-Pay Case Prompts Texas to Fine Aetna $1.15 Million. - Knight Ridder/Tribune Business News | HighBeam Research - FREE trial". Highbeam.com. 2001-11-02. Retrieved 2011-02-12. 
  61. ^ Lankarge, Vicki. "New York fines Aetna and UnitedHealthcare". Claims-advocacy.org. Retrieved 2011-02-12. 
  62. ^ "Access". Medscape. Retrieved 2011-02-12. 
  63. ^ "Aetna, Dentists Settle Class-Action Lawsuit". Los Angeles Times. August 20, 2003. Retrieved May 2, 2010. 
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  65. ^ businessinsurance.com
  66. ^ "Aetna targeted in suit for losing data". UPI.com. Retrieved 2011-02-12. 
  67. ^ Name * (2009-11-04). "Arizona Fines Aetna for Multiple Violations". Insurancejournal.com. Retrieved 2011-02-12. 
  68. ^ "Aetna Pays $750,000 Fine To New York Insurance Department - Hartford Courant". Courant.com. 2010-02-04. Retrieved 2011-02-12. 
  69. ^ Groark, Virginia (May 5, 2002). "Slave Policies". The New York Times. Retrieved May 2, 2010. 
  70. ^ "Ethics Newsline® » News » Aetna Apologizes For Pre-Civil-War Policies Issued On Lives Of Slaves". Globalethics.org. 2000-03-13. Retrieved 2011-02-12. 
  71. ^ Cox, James (January 26, 2004). "Judge rejects lawsuit seeking reparations". USA Today. Retrieved May 2, 2010. 
  72. ^ Olson, Walter (October 31, 2008). "So long, slavery reparations". Los Angeles Times. Retrieved May 2, 2010. 
  73. ^ "Aetna Statement Regarding Slavery Reparations Lawsuit", Aetna press release, March 27, 2002
  74. ^ "Slavery Reparations Issue", Remarks Delivered by Aetna Chairman John Rowe at the Aetna Shareholders Meeting, April 26, 2002
  75. ^ "Aetna boycott is misguided", The Hartford Courant, November 23, 2006
  76. ^ "Questions and Answers Regarding Slavery Reparations and Aetna’s Support of Diversity", Aetna press release
  77. ^ "Judge's Order In re African-American Slave Descendants Litigation", District Judge Charles Ronald Norgle, July 6, 2005
  78. ^ "Decision on Appeal In re African-American Slave Descendants Litigation", December 13, 2006

External links[edit]