Aetna 2011 Annual Report Download - page 7

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Annual Report- Page 1
2011 Aetna Annual Report, Financial Report to Shareholders
Unless the context otherwise requires, references to the terms we, our, or, us, used throughout this 2011 Annual
Report, Financial Report to Shareholders (the “Annual Report”) refer to Aetna Inc. (a Pennsylvania corporation)
(“Aetna”) and its subsidiaries.
For your reference, we provide the following index to the Annual Report:
Page
2-60
2
6
10
11
12
15
19
25
41
61
62
66
113
116
117
118
119
Description
Management's Discussion and Analysis of Financial Condition and Results of Operations
(“MD&A”) The MD&A provides a review of our operating results for the years 2009 through 2011, as
well as our financial condition at December 31, 2011 and 2010. The MD&A should be read in
conjunction with our consolidated financial statements and notes thereto. The MD&A is comprised of the
following:
Overview - We begin our MD&A with an overview of earnings, cash flows and significant
developments for the last three years and our outlook for 2012.
Health Care - We discuss the factors affecting Health Care revenues and operating earnings in this
section.
Group Insurance - We discuss the factors affecting Group Insurance revenues and operating earnings
in this section.
Large Case Pensions - We discuss the factors affecting Large Case Pensions operating earnings,
including the results of our discontinued products, in this section.
Investments - As an insurer, we have a significant investment portfolio to support our liabilities and
capital. In this section, we discuss our investments and realized capital gains and losses and describe
our evaluation of the risk of our market-sensitive instruments.
Liquidity and Capital Resources - In this section, we discuss our cash flows, financing resources,
contractual obligations and other matters that may affect our liquidity and cash flows.
Critical Accounting Estimates - In this section, we discuss the accounting estimates we consider
critical in preparing our financial statements.
Regulatory Environment - In this section, we discuss the regulatory environment in which we operate.
Forward-Looking Information/Risk Factors - We conclude our MD&A with a discussion of certain
risks and uncertainties that, if developed into actual events, could have a material adverse impact on
our business, cash flows, financial condition and/or operating results.
Selected Financial Data - We provide selected annual financial data for the most recent five years.
Consolidated Financial Statements - We include our consolidated balance sheets at December 31, 2011
and 2010 and the related consolidated statements of income, shareholders' equity and cash flows for each
of the years 2009 through 2011.
Notes to Consolidated Financial Statements
Reports of Management and our Independent Registered Public Accounting Firm - We include a
report on our responsibilities for internal control over financial reporting and financial statements, the
oversight of our Audit Committee and KPMG LLP's opinion on our consolidated financial statements and
internal control over financial reporting.
Quarterly Data (unaudited) - We provide selected quarterly financial data for each of the last eight
quarters.
Corporate Performance Graph - We provide a graph comparing the cumulative total shareholder return
on our common stock to the cumulative total return on certain published indices for the years 2006
through 2011.
Board of Directors, Management and Corporate Secretary
Shareholder Information