Aetna 2003 Annual Report Download - page 12

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10
FINANCIAL HIGHLIGHTS
(Millions, except share data and per common share data) 2003 2002
FOR THE YEAR
Revenue $17,976.4 $19,878.7
Operating Earnings1818.8 383.3
Net Income (Loss)2933.8 (2,522.5)
Pretax Operating Margin37.9% 4.1%
AT YEAR END
Assets $40,950.2 $40,047.5
Shareholders’ Equity 7,924.0 6,980.0
PER COMMON SHARE
Operating Earnings1$ 5.18 $ 2.50
Net Income (Loss)25.91 (16.49)
Shareholders’ Equity 51.95 46.54
Actual Common Shares Outstanding 152,523,670 149,966,082
1 Operating earnings excludes from net income (loss): net realized capital gains of $42 million in 2003 and $22 million in 2002,
favorable prior-period reserve developments of $148 million in 2003 and $67 million in 2002 and other items of $75 million in
2003 (settlement of a national physician class action) and $79 million in 2002 (severance and facilities charges, income tax reserve
release and a discontinued products reserve release). For 2002, operating earnings also exclude income from discontinued operations
of $50 million and the cumulative effect charge of approximately $3 billion discussed in Note 2.
2 For 2002, the net loss includes income from discontinued operations of $50 million and a cumulative effect charge of approximately
$3 billion related to the impairment of goodwill upon adoption of Financial Accounting Standard No. 142, Goodwill and Other
Intangible Assets.
3 Pretax operating margin (GAAP basis) was 8.0% in 2003 and 2.7% in 2002. Amounts excluded from operating earnings
(favorable prior-period reserve developments, other items, amortization of intangibles and interest expense) had approximately offset
each other on a pretax operating margin basis in 2003, while they decreased pretax operating margin in 2002 by 1.4 percentage points
on a GAAP basis.
The foregoing financial information should be read in conjunction with the financial statements and related notes as presented in
Aetna Inc.’s 2003 Annual Report, Financial Report.