Aetna (AET) Reaffirms FY12, FY13 Op. Earnings Outlook

On November 14, 2012, Aetna Inc. (NYSE: AET) expects to participate in presentations and meetings with investors and analysts, including a presentation by Joseph M. Zubretsky, Senior Executive Vice President and Chief Financial Officer of Aetna, at the Credit Suisse 2012 Healthcare Conference (the "Conference") in Phoenix, Arizona. During the presentation and these meetings, Aetna intends to disclose that, based on actual results and performance in October of 2012:

* We continue to (a) project full-year 2012 operating earnings per share of approximately $5.10 and (b) project full-year 2013 operating earnings per share will be higher than our current 2012 guidance;

* With respect to medical cost trend, we remain confident in our full-year 2012 Commercial medical cost trend projection of 6.5% ± 0.5%, our pricing and forecasting assumptions, and the adequacy of our reserves; and

* We continue to project year-end 2012 medical membership of 18.2 million.

Operating earnings, operating earnings per share, projected operating earnings and projected operating earnings per share exclude from net income net realized capital gains of $50.7 million ($77.6 million pretax), $23.0 million ($35.4 million pretax) related to the loss on early extinguishment of long-term debt, and $12.5 million ($13.8 million pretax) of transaction-related costs related to the proposed Coventry acquisition, each reported by Aetna for the nine months ended September 30, 2012. Projected operating earnings and projected operating earnings per share also exclude from net income any future net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of our business nor reflect our underlying business performance. Aetna is not able to project the amount of future net realized capital gains or losses or any such other items (other than projected transaction-related costs related to the proposed Coventry acquisition), and therefore cannot reconcile projected operating earnings per share to projected net income per share in any period. Although the excluded items may recur, management believes that operating earnings per share provide a more useful comparison of Aetna's underlying business performance from period to period. Net realized capital gains and losses arise from various types of transactions, primarily in the course of managing a portfolio of assets that support the payment of liabilities. However, these transactions do not directly relate to the underwriting or servicing of products for customers and are not directly related to the core performance of Aetna's business operations. In addition, management uses operating earnings to assess business performance and to make decisions regarding Aetna's operations and allocation of resources among Aetna's businesses. Operating earnings is also the measure reported to the Chief Executive Officer for these purposes. Projected operating earnings per share for the full year 2012 reflect a range of approximately 344 million to 347 million weighted average diluted shares.

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