Aetna 2009 Annual Report Download - page 38

Annual Report – Page 32
Certain information contained in this MD&A is forward-looking within the meaning of the 1995 Act or SEC rules.
This information includes, but is not limited to: the Outlook for 2010 on page 3 and Risk Management and Market-
Sensitive Instruments on page 13. In addition, throughout this MD&A, we use the following words, or variations or
negatives of these words and similar expressions, when we intend to identify forward-looking statements:
 Expects  Intends  Seeks 

Will 

Potential
 Projects  Plans  Estimates 

Should 

Continue
 Anticipates  Believes  May 

Outlook 

View
Forward-looking statements rely on a number of estimates, assumptions and projections concerning future events, and
are subject to a number of significant uncertainties and other factors, many of which are outside our control, that could
cause actual results to differ materially from those statements. You should not put undue reliance on forward-looking
statements. We disclaim any intention or obligation to update or revise forward-looking statements, whether as a result
of new information, future events or otherwise.
Risk Factors
You should carefully consider each of the following risks and all of the other information set forth in this MD&A or
elsewhere in our Annual Report or our Annual Report on Form 10-K. These risks and other factors may affect
forward-looking statements, including those we make in this MD&A or elsewhere, such as in news releases or investor
or analyst calls, meetings or presentations. The risks and uncertainties described below are not the only ones we face.
Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also
adversely affect our business. Any of these risks or uncertainties could cause our actual results to differ materially
from our expectations and the expected results discussed in our forward-looking statements. You should not consider
past results to be an indication of future performance.
If any of the following risks or uncertainties develops into actual events, this could have a material adverse effect on
our business, financial condition or operating results. In that case, the trading price of our common stock could decline
materially.
The continuing public policy debate on health reform and the stressed economic environment, with high U.S.
unemployment, present overarching risks to all aspects of our enterprise.
There can be no assurance that the outcome of that debate or the impact of the economic environment will not
adversely affect our business, financial condition or results of operations. See “Regulatory Environment – General”
beginning on page 22 and “Adverse economic conditions in the U.S. and abroad can significantly and adversely affect
our business and profitability, and we do not expect these conditions to improve in the near future” beginning on page
34.
We are subject to potential changes in public policy that can adversely affect the markets for our products and
our profitability.
It is not possible to predict with certainty or eliminate the impact of fundamental public policy changes that could
adversely affect us. Examples of these changes include policy changes that would fundamentally change the dynamics
of our industry, such as the federal or one or more state governments assuming a larger role in the health care industry
or managed care operations (including increased regulation of health plan premiums and/or increases in those
premiums such as that proposed by President Obama on February 22, 2010) or fundamentally restructuring or reducing
the funding available for Medicare or Medicaid programs. Legislative and regulatory proposals that would
significantly reform the health care system are currently pending in many states and at the federal level, and could be
enacted in 2010. Our business and operating results could be materially adversely affected by such changes even if we
correctly predict their occurrence. For more information on these matters, refer to Regulatory Environment –
Legislative and Regulatory Initiatives beginning on page 26.