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Aetna Reports Second-Quarter 2013 Results

Stocks in this article: AET

Aetna (NYSE: AET) announced second-quarter 2013 operating earnings (1) of $549.0 million, or $1.52 per share, a per share increase of 16 percent over the second quarter of 2012. Net income (2) for the second quarter of 2013 was $536.0 million, or $1.49 per share, and includes a $.16 per share gain on the reduction of the reserve for anticipated future losses on discontinued products and a $.09 per share benefit related to the settlement of a reinsurance recoverable. The positive impact on net income of these items was offset by $.23 per share of transaction and integration-related costs and $.05 per share of net realized capital losses.

Second-Quarter Financial Results at a Glance
(Millions, except per share results)     2013     2012     Change
Operating revenue (3) $ 11,559.4 $ 8,827.3 31 %
Total revenue 11,537.4 8,835.9 31 %
Operating earnings (1) 549.0 452.0 21 %
Net income (2) 536.0 457.6 17 %
Per share results:
Operating earnings (1) $ 1.52 $ 1.31 16 %
Net income (2) 1.49 1.32 13 %
Weighted average common shares - diluted       360.1       346.2      

“The second quarter marked a significant milestone for Aetna with the completion of our Coventry Health Care acquisition,” said Mark T. Bertolini, Aetna chairman, CEO and president. "Aetna's strong quarterly results demonstrate the power of our diversified portfolio, and enable us to raise our operating earnings guidance again to $5.80 to $5.90 per share. At its midpoint, our revised guidance would represent growth of 14 percent in operating earnings per share in 2013, and 17 percent compound annual growth since 2010.

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