Aetna’s Profit More Than Doubles
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Aetna Inc., the second-biggest U.S. health insurer, said quarterly earnings more than doubled after it jettisoned customers who were too costly. Aetna shares rose 4.5% to a three-year high.
Net income rose to $249.5 million, or $1.56 a share, in the fourth quarter, from $98.2 million, or 63 cents, a year earlier, the Hartford, Conn.-based company said. Revenue declined 3% to $4.57 billion.
Aetna said it would add customers this year for the first time since 1999 after Chief Executive John Rowe trimmed more than 6 million unprofitable members.
Shares of Aetna rose $3.20 to $74.80 on the New York Stock Exchange.
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