In 1960 Aetna entered the international market with the purchase of Excelsior Life Insurance Company of Toronto. Income declined in the early 1980s. The number of employees grew from 29 to 2,000. The Corporate Headquarters phone lines are staffed Monday through Friday, 8 a.m. - 6 p.m. Retrenchment and Cutbacks in the Mid-1990s. Streamlining Procedures Under a New President in the 1920s. He was active in the state Republican Party his father had helped to form. In 1922 life insurance in force was $1.3 billion. Year-end 1994 saw net income rise to $467.5 million. As consumers, we often take for granted all the hard work that goes into building a great company. Single log-in. Dividends were not paid between 1932 and 1934, but no Aetna employees were dismissed. Continuing its slide, Aetna posted a net loss of $365 million in 1993, although much of that loss was attributable to charges related to downsizing. Cautious management kept the company solvent. Aetna also was involved in insuring the production of the atom bomb under the Manhattan Project, a uniquely challenging actuarial task because much of the information was classified. Rowe was appointed chairman of Aetna as well in April 2001. UNIVERSITY OF FLORIDA Continuing to shed noncore operations, Aetna sold its U.S. individual life insurance business to Lincoln National Corporation for $1 billion in cash in October 1998. Its total assets increased from $25.6 million in 1879 to $207 million in 1922, while premium income increased more than 20-fold during the same period. Aetna changed many of the restrictive policies that it had implemented in an attempt to contain costs. Aetna Financial Services … In 1997, Aetna bought a leading financial planning company, Financial Network Investment Company and gave $7 million to fund the American Heart Association’s National Women’s Heart Disease and Stroke campaign. Financial Services insurance life insurance Aetna is a health care benefits company. Aetna is the brand name used for products and services provided by one or more of the Aetna group of companies, including Aetna Life Insurance Company and its affiliates (Aetna). Aetna Global Benefits (Asia Pacific) Limited. In the wake of questions from the state insurance commissioner about the booking of these notes as assets, and the negative press elicited by the commissioner's report, Aetna management decided to start requiring full cash payment for premiums. Net income for 1991 was reported at only $505 million, the downturn aggravated by property claims resulting from Hurricane Bob. 151 FARMINGTON AVE., TN41, HARTFORD, CT 06156 Our financial results. The company's filing status is listed as Withdrawn and its File Number is 0882601. Six years later Aetna entered into an international cooperation agreement with Italy's Assicurazioni Generali S.p.A. through which each company provided reciprocal services to the other's clients while abroad. The marine division of the affiliate had expanded swiftly during the war years, but had exercised poor judgment in the selection of risks, especially following World War I, when solicitation of marine business should have been curtailed. 1 in Managed Care,", Smart, Tim, and Richard A. Melcher, "The Floodwaters Rise Around Aetna,", Steinmetz, Greg, "Aetna Revamps, Taking a Charge of $1.28 Billion,", Treaster, Joseph B., "Aetna Agreement with Doctors Envisions Altered Managed Care,", Winslow, Ron, "Aetna to Acquire Prudential Health Unit,", Winslow, Ron, and Leslie Scism, "Aetna Agrees to Acquire U.S. Healthcare,", Winslow, Ron, Leslie Scism, and Elyse Tanouye, "Aetna Hopes for Breath of New Life from Acquisition,", Wojcik, Joanne, "Aetna's Shift to Health Focus Brings Struggles,". He subsequently became governor of Connecticut and then a U.S. senator. Although the company did suffer because it had assumed growing numbers of farm mortgages that defaulted during the Depression, Brainard's careful business practices kept the losses to a minimum. Aetna Financial Services was founded in 1998. In addition, Aetna was forced to lower its 1982 statement of earnings by 39 percent, in response to a ruling by the Securities and Exchange Commission that disallowed Aetna's practice of booking future tax credits as current earnings. The depression of 1857 further threatened the firm's financial stability, but Aetna survived in the face of multiple bank closings. The American Medical Association was also against the deal, arguing that it would give Aetna too much power over physicians and be bad for consumers as well. The company explored the possibilities of insurance coverage for air travel, became involved in several large bonding issues, and became a pioneer in the area of driver's education. I have got to surround myself with as able a group of men as I possibly can." Not only did he have to contend with a nationwide depression that began in 1873, but he also was burdened with the disastrous results of a major change in the method of premium payment made toward the end of Bulkeley's presidency. Between 1995 and 2000, however, Aetna shed the bulk of its operations that fell outside of health insurance and related group benefits. To repair the company's finances, Rowe cut about 15,000 jobs and raised insurance premiums by about 16 percent per year to keep ahead of medical inflation. ), c. 33, with its head office in the City of Montreal and offices in Toronto. Principal Competitors: Anthem, Inc.; UnitedHealth Group Incorporated; Blue Cross and Blue Shield Association; Kaiser Foundation Health Plan, Inc.; CIGNA Corporation; Humana Inc.; PacifiCare Health Systems, Inc.; Health Net, Inc. Phone number. HARTFORD, CT 06156, 151 FARMINGTON AVE., REAB Aetna International is part of Aetna, one of the world's largest providers of health care, dental, pharmacy, group life and disability insurance, along with employee benefits. Aetna also opened up two new lines of business during these difficult years: pensions in 1930 and group hospitalization policies in 1936. The first years of Bulkeley's presidency were spent getting the ailing company back on its feet, but in the 1890s Aetna made its first move to diversify, initiating a period of rapid expansion. Moving into the 20th Century: Advancing Through Diversification and Innovation. ING Aetna Financial Services offers retirement products such as 401k, 403b, 457, IRAs as well as individual products such as mutual funds and annuities ING Aetna Financial Services will help you reach your We will help you explore, plan and reach Last event in this company was registered on Wednesday 13th November 2002 - is … However, a new state insurance regulation passed in nearby New York state in 1849, and strengthened in 1853, prohibited the same company from providing both fire and life insurance. Bulkeley had presided over Aetna during the speculative postwar years, and had maintained careful control of the risks the company assumed. Enders resigned in 1879. AETNA FINANCIAL SERVICES, INC. was incorporated on Friday 27th December 1974 so company age is fourty-six years, nine days. Although Morgan Bulkeley had been a director on the Aetna board since his father's death, he had chosen to apprentice as a dry goods merchant rather than rise through his father's firm. Wall Street responded to this turn of events by pushing the company's stock up to $75 per share by early 2004, signaling that Aetna was well on its way to recovery. The appellant Aetna Financial Services Limited (for convenience hereinafter called "Aetna") is a company incorporated under the Canada Business Corporations Act, 1974‑75‑76 (Can. According to Richard Hooker's Aetna Life Insurance Company: Its First Hundred Years, A History, Brainard described his uncle as having "built up an unusually strong organization by the sheer force of his personality." learn how over 7,000 companies got started! In 1981, hoping to lead industrywide price increases, Aetna raised commercial insurance prices, a mistimed move that cost the company as much as 10 percent of its business. The Automobile Insurance Company also had gained new business by assuming risks from other companies. US Federal EIN/TIN number of this company is 06-0858223. Of the members in Aetna's health plans, 36 percent are enrolled in health maintenance organizations (HMOs), 34 percent in preferred provider organizations (PPOs), 17 percent in point-of-service (POS) plans, and 11 percent in traditional indemnity plans. What remained of Aetna--the company's international and financial services units--was acquired by ING for about $7.75 billion. Reserves were increased to cover liabilities and future underwriting losses. Huber oversaw several deals in the late 1990s that further bolstered Aetna's position as a major health insurer. The company's filing status is listed as Inactive - Voluntary and its File Number is 0000012830. SM. Company Number assigned to this company is 833532. Aetna Financial Services, Inc. - CT, DE, FL, GA, IA, KS, LA, MD, MI... AETNA FINANCIAL SERVICES, INC. Business in 13 other states over the next few years new lines of employee group insurance during years! 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