Aetna AET, 0.49% appear third-quarter 2018 net assets [(1) ] of $1.0 billion, or $3.03 per share. Adapted balance [(2)] for third-quarter 2018 were $977 million, or $2.96 per share. Aetna’s achievement for the nine months concluded September 30, 2018 resulted in net assets of $3.4 billion, or $10.37 per share, and adapted balance of $3.2 billion, or $9.58 per share, for the nine months concluded September 30, 2018.
“Aetna’s solid third division achievement builds on the absolute drive from the aboriginal bisected of 2018,” said Mark T. Bertolini, Aetna administrator and CEO. “Our accumulated with CVS Bloom will drive the aing appearance of Aetna’s advance and advance our befalling to advice transform the bloom affliction system.”
“Our banking achievement demonstrates a connected focus on carrying solid operating after-effects as we adapt to aing our awaiting transaction with CVS Health,” said Shawn M. Guertin, Aetna controlling carnality admiral and CFO. “With our all-encompassing affiliation planning action now set to about-face to an accomplishing phase, I am assured the accumulated aggregation is able-bodied positioned to activate the aing date of our journey.”
(In millions, except per allotment data)
Aetna presents both GAAP and non-GAAP banking measures in this columnist absolution to accommodate investors with added information. Accredit to footnotes [(1)] through [(5)] for definitions of non-GAAP banking measures and pages 9 through 11 for reconciliations of the best anon commensurable GAAP banking measures to non-GAAP banking measures.
Absolute Aggregation After-effects
Bloom Affliction Articulation After-effects
Health Care, which provides a abounding ambit of insured and self-insured medical, pharmacy, dental and behavioral bloom articles and services, reported:
Accustomed the awaiting transaction with CVS Health, Aetna is not hosting a appointment alarm in affiliation with its third-quarter 2018 balance absolution and does not apprehend to do so for approaching quarters. Amuse absolute any questions apropos this columnist absolution to Aetna Investor Relations or Aetna Communications.
About Aetna Aetna is one of the nation’s arch adapted bloom affliction allowances companies, confined an estimated 39.0 actor bodies with advice and assets to advice them accomplish bigger a decisions about their bloom care. Aetna offers a ample ambit of traditional, autonomous and consumer-directed bloom allowance articles and accompanying services, including medical, pharmacy, dental and behavioral bloom plans, and medical administration capabilities, Medicaid bloom affliction administration services, workers’ advantage authoritative casework and bloom advice technology articles and services. Aetna’s barter accommodate employer groups, individuals, academy students, part-time and alternate workers, bloom plans, bloom affliction providers, authoritative units, government-sponsored plans, activity groups and expatriates. For added information, see www.aetna.com and apprentice about how Aetna is allowance to body a convalescent world. @AetnaNews
At September 30, 2018
At December 31, 2017
For the Nine Months Concluded September 30,
(Millions, except per accustomed allotment data)
Three Months Concluded September 30, 2018
Three Months Concluded September 30, 2017
Per Accustomed Allotment
Per Accustomed Allotment
September 30, 2018
September 30, 2017
Corporate/ Added [(7)]
Corporate/ Added [(7)]
Nine Months Concluded September 30, 2018
Nine Months Concluded September 30, 2017
Per Accustomed Allotment
Per Accustomed Allotment
September 30, 2018
September 30, 2017
Corporate/ Added [( 7)]
Corporate/ Added [(7)]
Three Months Concluded September 30,
[(1)] Net assets refers to net assets attributable to Aetna appear in Aetna’s Circumscribed Statements of Assets in accordance with U.S. about accustomed accounting attempt (“GAAP”). Assets afore assets taxes refers to assets afore assets taxes attributable to Aetna in accordance with GAAP. Unless contrarily indicated, all references in this columnist absolution to net income, net assets per allotment and assets afore assets taxes exclude amounts attributable to non-controlling interests.
[(2)] Non-GAAP banking measures such as adapted earnings, adapted balance per share, pre-tax adapted earnings, adapted operating expenses, adapted revenue, adapted bulk acclimation and adapted pre-tax allowance exclude from the accordant GAAP metrics, as applicable:
Although the afar items may recur, administration believes the non-GAAP banking measures Aetna discloses, including those declared above, accommodate a added advantageous allegory of Aetna’s basal business achievement from aeon to period. The arch controlling administrator assesses circumscribed Aetna after-effects based on adapted balance and assesses business articulation after-effects based on pre-tax adapted balance because assets taxes are recorded in Aetna’s Corporate/Other class and are not allocated to Aetna’s business operations. Non-GAAP banking measures Aetna discloses, including those declared above, should not be advised a acting for, or aloft to, banking measures bent or affected in accordance with GAAP.
For the periods covered in this columnist release, the afterward items are afar from the non-GAAP banking measures declared above, as applicable, because Aetna believes they neither chronicle to the accustomed advance of Aetna’s business nor reflect Aetna’s basal business performance:
For a adaptation of banking measures affected beneath GAAP to these items, accredit to the tables on pages 9 through 11 of this columnist release.
[(3)] Adapted acquirement excludes net able basic assets and losses, accretion accompanying to the Accumulation Allowance auction and absorption assets on the accretion of Aetna’s arch addendum issued in June 2016 as acclaimed in [(2)] above. Accredit to the tables on pages 9 through 11 of this columnist absolution for a adaptation of absolute acquirement affected beneath GAAP to adapted revenue.
[(4)] The adapted bulk acclimation excludes net able basic assets and losses and added items, if any, that are afar from adapted acquirement or adapted operating expenses, as acclaimed in [(2)] above. For a adaptation of the commensurable GAAP admeasurement to this metric for the periods covered by this columnist release, accredit to folio 11 of this columnist release.
[(5)] In acclimation to accommodate advantageous advice apropos Aetna’s advantage on a base commensurable to others in the industry, after absorption to costs decisions, assets taxes or acquittal of added acquired abstract assets (each of which may alter for affidavit not anon accompanying to the achievement of the basal business), Aetna’s adapted pre-tax allowance is based on adapted balance excluding absorption bulk and assets taxes. Administration additionally uses adapted pre-tax allowance to appraise Aetna’s performance, including achievement against competitors.
[(6)] Canicule claims payable is affected by adding the bloom affliction costs payable at anniversary division end by the boilerplate bloom affliction costs per day in anniversary corresponding quarter. The absolute debt to assets acclimation is affected by adding absolute abiding debt and concise debt (“Total Debt”) by the sum of Absolute Debt and absolute Aetna shareholders’ equity.
[(7)] Aetna’s Corporate/Other class is not a business segment. It is added to Aetna’s business articulation to accommodate articulation advertisement to Aetna’s circumscribed results. The Corporate/Other class consists of:
As declared in [(2)] above, the pre-tax adapted balance of the Corporate/Other class exclude added items, if any, that neither chronicle to the accustomed advance of Aetna’s business nor reflect Aetna’s basal business performance.
[(8)] Absorption bulk included in the adaptation to adapted balance afore assets taxes, excluding absorption bulk and the adaptation to adapted balance excluding absorption expense, net of tax, for the nine months concluded September 30, 2017 excludes costs associated with the appellation accommodation acclaim acceding accomplished in affiliation with the Humana Transaction and the abrogating bulk of backpack on transaction-related debt incurred in affiliation with the Humana Transaction. These costs are included aural transaction and integration-related costs. Accredit to [(2)] aloft for added discussion.
Cautionary Statement Apropos Forward-Looking Statements
This columnist absolution contains advanced statements aural the acceptation of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Barter Act of 1934, as amended. You can about analyze advanced statements by the use of advanced analogue such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “evaluate,” “expect,” “explore,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “view,” or “will,” or the abrogating thereof or added variations after or commensurable terminology. These advanced statements are alone predictions and absorb accepted and alien risks and uncertainties, abounding of which are aloft Aetna’s control.
Statements in this columnist absolution that are forward-looking, including Aetna’s projections as to the appulse of Aetna’s accumulated with CVS Health, affiliation planning and accomplishing and Aetna’s accession for the aing date of its journey, are based on management’s estimates, assumptions and projections, and are accountable to cogent uncertainties and added factors, abounding of which are aloft Aetna’s control. Important accident factors could account absolute approaching after-effects and added approaching contest to alter materially from those currently estimated by management, including, but not bound to: the timing to able the CVS Bloom Transaction; the timing to able the auction of all Aetna’s standalone Medicare Part D decree biologic affairs (the “Divestiture”); the accident that the Centers for Medicare & Medicaid Casework (“CMS”) and/or accession regulator may not accept the CVS Bloom Transaction and/or the Divestiture or acquiesce it to proceed; the accident that a authoritative approval that may be appropriate for the CVS Bloom Transaction and/or the Divestiture, including by CMS, is delayed or is acquired accountable to altitude that are not anticipated; the accident that a action to the closing of the CVS Bloom Transaction and/or the Divestiture may not be satisfied; the aberration of and absorption of administration of both CVS Bloom and Aetna on transaction-related issues; the adeptness to accomplish the synergies and bulk conception from the CVS Bloom Transaction advised by management; CVS Health’s adeptness to promptly and finer accommodate Aetna’s businesses; hasty increases in medical costs (including added acuteness or medical appliance as a aftereffect of flu or otherwise; changes in associates mix to academy bulk or lower-premium articles or associates adverse selection; medical bulk increases consistent from abortive changes in application or re-contracting with providers (including as a aftereffect of provider alliance and/or integration); and/or added pharmacy costs); the advantage of Aetna’s Medicaid products; changes in medical bulk estimates due to the all-important all-encompassing acumen that is acclimated in the medical bulk admiration process, the ample airheadedness inherent in such estimates, and the acuteness of such estimates to changes in medical claims acquittal patterns and changes in medical bulk trends; and changes in Aetna’s approaching banknote requirements, basic requirements, after-effects of operations, banking action and/or banknote flows. As currently enacted, bloom affliction ameliorate will abide to decidedly appulse Aetna’s business operations and banking results, including Aetna’s appraisement and medical account ratios, and assertive apparatus of the legislation will abide to be phased in until 2022. Aetna will be appropriate to address cogent assets and admission cogent costs during 2018 to apparatus bloom affliction reform. Cogent genitalia of the legislation abide to advance through the promulgation of controlling orders, regulations and guidance, including the accumulating and acquittal of amounts beneath the ACA’s accident acclimation program. In addition, awaiting efforts in the U.S. Congress to repeal, amend, alter or bind allotment for assorted aspects of bloom affliction ameliorate and awaiting action arduous aspects of the law and its accomplishing abide to actualize added ambiguity about the ultimate appulse of bloom affliction reform. As a result, abounding of the impacts of bloom affliction ameliorate are unknown. Added important accident factors include: adverse changes in federal or accompaniment government policies, legislation or regulations (including legislative, authoritative or authoritative measures that would affect Aetna’s business model, repeal, bind allotment for or alter assorted aspects of bloom affliction reform, absolute Aetna’s adeptness to bulk for the accident it assumes and/or reflect reasonable costs or profits in its pricing, such as allowable minimum medical account ratios, or annihilate or abate ERISA pre-emption of accompaniment laws (increasing Aetna’s abeyant action exposure)); the accomplishing of bloom affliction ameliorate legislation, accumulating of ACA fees, assessments and taxes through added premiums; adverse legislative, authoritative and/or authoritative changes to or interpretations of absolute bloom affliction ameliorate legislation and/or regulations (including those apropos to minimum medical accident acclimation (“MLR”) rebates); the timing and bulk of and acquittal methods for acceptable assessments for Penn Treaty Network America Allowance Aggregation and added bankrupt payors beneath accompaniment acceding armamentarium laws; adverse and beneath advancing bread-and-er altitude in the U.S. and away (including hasty levels of, or increases in the bulk of, unemployment); reputational or banking issues arising from Aetna’s amusing media activities, abstracts aegis breaches, added cybersecurity risks or added causes; adverse program, pricing, allotment or analysis accomplishments by federal or accompaniment government payors, including as a aftereffect of changes to or abbreviation or aishment of the Centers for Medicare & Medicaid Services’ (“CMS”) brilliant appraisement account payments; Aetna’s adeptness to advance and/or enhance its CMS brilliant ratings; Aetna’s adeptness to alter Aetna’s sources of acquirement and balance (including by developing and accretion Aetna’s chump bloom and casework businesses and accretion Aetna’s adopted operations), transform Aetna’s business model, advance new articles and optimize Aetna’s business platforms; the success of Aetna’s chump bloom and casework initiatives; adverse changes in size, artefact or geographic mix or medical bulk acquaintance of membership; managing controlling assumption and key aptitude retention, application and development; abortion to accomplish and/or delays in accomplishing adapted bulk increases and/or assisting associates advance due to authoritative analysis or added authoritative restrictions, an ambiguous abridgement and/or cogent competition, abnormally in key geographic areas area associates is concentrated, including acknowledged protests of business awarded to Aetna; abortion to abundantly apparatus bloom affliction ameliorate and/or aition or backup of or changes in bloom affliction reform; the aftereffect of assorted action and authoritative matters, including audits, challenges to Aetna’s minimum MLR abatement alignment and/or reports, bookish acreage action and action concerning, and advancing reviews by assorted authoritative authorities of, assertive of Aetna’s acquittal practices with account to out-of-network providers and/or added providers; Aetna’s adeptness to integrate, simplify, and enhance Aetna’s absolute products, processes and advice technology systems and platforms to accumulate clip with alteration chump and authoritative needs; Aetna’s adeptness to auspiciously accommodate Aetna’s businesses (including businesses Aetna may admission in the future), abstracted bald businesses and apparatus assorted cardinal and operational initiatives simultaneously; Aetna’s adeptness to administer bloom affliction and added account costs; Aetna’s adeptness to abate authoritative costs while advancement targeted levels of account and operating performance; abortion by a account provider to accommodated its obligations to Aetna; Aetna’s adeptness to advance and advance relationships (including collective ventures or added collaborative risk-sharing agreements) with providers while demography accomplishments to abate medical costs and/or aggrandize the casework Aetna offers; Aetna’s adeptness to authenticate that Aetna’s articles and processes advance to admission to affection affordable affliction by Aetna’s members; Aetna’s adeptness to advance its relationships with third-party brokers, consultants and agents who advertise its products; increases in medical costs consistent from any epidemics, acts of agitation or added acute events; a decline in Aetna’s banking ratings; and adverse impacts from any abortion to accession the U.S. Federal government’s debt beam or any abiding U.S. Federal government shut down. For added altercation of important accident factors that may materially affect Aetna, amuse see the accident factors independent in Aetna’s 2017 Anniversary Report on Form 10-K (“Aetna’s Anniversary Report”), on book with the Securities and Barter Agency (the “SEC”). You additionally should apprehend Aetna’s Anniversary Report and Aetna’s Annual Report on Form 10-Q for the division concluded June 30, 2018, anniversary on book with the SEC, and Aetna’s Annual Report on Form 10-Q for the division concluded September30, 2018, back filed with the SEC, for a altercation of Aetna’s actual after-effects of operations and banking condition.
No assurances can be accustomed that any of the contest advancing by the advanced statements will arise or occur, or if any of them do occur, what appulse they will accept on the after-effects of operations, banking action or banknote flows of Aetna. You are cautioned not to abode disproportionate assurance on Aetna’s advanced statements. These advanced statements are and will be based on management’s then-current angle and assumptions apropos approaching contest and operating performance, and are applicative alone as of the dates of such statements. Aetna does not accept any assignment to amend or alter advanced statements, whether as a aftereffect of new information, approaching contest or otherwise, as of any approaching date.
Medicare Decree Biologic Plan (standalone)
Absolute Bloom Affliction
Absolute Bloom Affliction
Nine Months Concluded September 30,
[(a)] Abrogating amounts appear for incurred bloom affliction costs accompanying to above-mentioned years aftereffect from claims actuality acclimatized for beneath than originally estimated. [(b)] Absolute incurred bloom affliction costs during the nine months concluded September 30, 2018 in the table aloft exclude $6 actor accompanying to a exceptional absence assets for the 2018 advantage year accompanying to Aetna’s Medicaid products. Absolute incurred bloom affliction costs during the nine months concluded September 30, 2017 in the table aloft exclude $77 actor primarily accompanying to a exceptional absence assets for the 2017 advantage year accompanying to Aetna’s alone Commercial products. Absolute incurred bloom affliction costs for the nine months concluded September 30, 2018 and 2017 in the table aloft additionally exclude $36 actor and $37 million, respectively, of account costs recorded in Aetna’s Bloom Affliction articulation that are included in Aetna’s contributed claims liability.
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