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Aetna Reports Higher 1st Quarter Net Income

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NU Online News Service, April 24, 2003, 3:25 p.m. EDT – Aetna Inc., Hartford, is reporting $330 million in net income for the first quarter on $4.5 billion in revenue, compared with a $2.8 billion net loss on $5.3 billion in revenue for the first quarter of 2002.

The results for the first quarter of 2002 included a $3 billion writedown of the stated value of past acquisitions.

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Aetna ended the quarter providing or managing major medical coverage for 13 million people, down from 13.6 million people a year earlier.

Average commercial insurance premium revenue per fully insured major medical member fell 8.1%, to $706. But Aetna says its ratio of commercial claims to commercial revenue fell to 77% for the latest quarter, down from 85.7% for the first quarter of 2002.