NU Online News Service, Feb. 21, 11:36 a.m. – Aetna Inc., Hartford, is reporting a $188 million net loss for the fourth quarter of 2001 on $6 billion in revenue, compared with a $406 million net loss on $6.6 billion in revenue for the fourth quarter of 2000.
Net results for the latest quarter inclue $78 million in change-in-control costs and $125 million in restructuring costs. Excluding those charges and other charges, the operating loss was $85 million, compared with an operating loss of $49 million for the fourth quarter of 2000, Aetna says.
The managed care company provided or administered major medical coverage for 17 million people at the end of 2001, down from 19 million a year earlier.
Average commercial insurance premium revenue per insured commercial plan member increased 3%, to $549.
The company’s health insurance unit is reporting a $98 million operating loss for the fourth quarter on $4.9 billion in revenue, compared with $3.3 million in net income on $5.4 billion in revenue for the fourth quarter of 2000.
The group insurance unit generated $36 million in operating income on $230 million in revenue, compared with $47 million in operating income on $428 million in revenue. Disability insurance claims were up, but the number of claims submitted by Aetna’s 125,000 long-term care insurance policyholders were down, Aetna says.