Aetna 2010 Annual Report Download

(Millions, except per common share data)
FOR THE YEAR 2010 2009 CHANGE
Revenue $34,246.0 $34,764.1 (1.5)%
Operating Earnings(1) 1,555.4 1,237.9 25.6%
Net Income 1,766.8 1,276.5 38.4%
Operating Expense Ratio(2) 19.3% 18.2% 6.0%
After-tax Net Income Margin 5.2% 3.7% 40.5%
AT YEAR END
Assets 37,739.4 38,550.4 (2.1)%
Shareholders' Equity 9,890.8 9,503.8 4.1%
Market Capitalization 11,727.3 13,656.0 (14.1)%
Common Shares Outstanding 384.4 430.8 (10.8)%
PER COMMON SHARE
Operating Earnings(1) $3.68 $2.75 33.8%
Net Income 4.18 2.84 47.2%
(1) Operating earnings and operating earnings per share excludes from net income: net realized capital gains of $184 million ($228 million pretax) in
2010 and $55 million ($55 million pretax) in 2009; severance and facilities charges of $31 million ($47 million pretax) in 2010 and $61 million ($94
million pretax) in 2009; litigation-related insurance proceeds of $102 million ($156 million pretax) in 2010 and $25 million ($38 million pretax) in 2009;
transaction-related costs of $43 million ($66 million pretax) in 2010; and a $20 million ($30 million pretax) settlement with Express Scripts, Inc. and one
of its subsidiaries (collectively, "ESI") related to certain litigation in 2009.
(2) The operating expense ratio (GAAP basis) was 19.0% and 18.4% in 2010 and 2009, respectively. The operating expense ratio excludes pretax net
realized capital gains from total revenue in both years and the pretax ESI settlement from total revenue in 2009 as discussed in (1) above. The
operating expense ratio also excludes transaction-related costs in 2010; and severance and facility charges and litigation-related insurance proceeds
from both years as discussed in (1) above, each on a pretax basis.
The foregoing financial information should be read in conjunction with the financial statements and related notes as presented in the 2010 Aetna Annual
Report, Financial Report to Shareholders.
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