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Aetna Health Holdings history
Aetna Health Holdings company history timeline
In 1989 the decline continued at the rate of 5 percent from the previous year, with commercial property-casualty insurance lines affected by two natural disasters, Hurricane Hugo and the San Francisco Bay area earthquake.
By 1990 Aetna Life & Casualty had spent more than $400 million to establish its own HMO, a profitable venture that helped buoy net income for that year to $614 million, against a slight drop in overall earnings.
Net income for 1991 was reported at only $505 million, the downturn aggravated by property claims resulting from Hurricane Bob.
Despite a slowly improving national economy, the continuing deterioration of the company's mortgage loan portfolio would force Aetna to engage in further streamlining efforts, and in June 1992 the company laid off 10 percent of its workforce.
In an effort to retain customers lured away from insurance by mutual fund offerings, Aetna Life & Casualty began offering five mutual funds on the retail marketplace in September 1992.
By April 1994 the company announced further layoffs, cutting staff by 4,000 jobs.
In 1996, under Compton and newly appointed Chairman of Strategy and Finance Richard L. Huber, Aetna began to shed both its corporate malaise and its tradition-bound methods of operation.
1996: Aetna sells its property-casualty operations to Travelers Group for $4.1 billion; company pays $8.9 billion for HMO provider United States Healthcare, Inc., which is renamed Aetna United States Healthcare Inc.; parent company Aetna Life & Casualty is renamed Aetna Inc.
1999: Aetna acquires the healthcare business of the Prudential Insurance Company of America.
Rowe was appointed chairman of Aetna as well in April 2001.
In May 2003 the company broke ranks with its industry rivals and agreed to settle a massive class-action lawsuit that had been brought against the nation's major managed-care insurers.
For 2003, although revenues fell to $17.98 billion from $19.88 billion, Aetna netted $933.8 million.
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Aetna Health Holdings competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Unitedheath Group | 1977 | $1.4B | 1,800 | 138 |
| Cigna | 1982 | $41.6B | 73,800 | 675 |
| Empire BlueCross BlueShield | 1934 | $39.0M | 7,500 | - |
| DentaQuest | 2001 | $550.0M | 1,000 | 6 |
| United HealthCare Insurance Company | 1972 | $6.0B | 30,000 | 10 |
| Humana | 1961 | $77.2B | 48,700 | 10,364 |
| AmeriHealth Caritas | 1983 | $6.5B | 4,869 | 112 |
| HealthSmart | 1983 | $270.0M | 3,000 | 1 |
| Tufts Health Plan | 1979 | $2.3B | 2,400 | - |
| Davis Vision | 1964 | $100.0M | 3,000 | - |
Aetna Health Holdings history FAQs
Zippia gives an in-depth look into the details of Aetna Health Holdings, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Aetna Health Holdings. The employee data is based on information from people who have self-reported their past or current employments at Aetna Health Holdings. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Aetna Health Holdings. The data presented on this page does not represent the view of Aetna Health Holdings and its employees or that of Zippia.
Aetna Health Holdings may also be known as or be related to Aetna Health Holdings LLC, Aetna Health Inc and Aetna Health Holdings.