Aetna facts for kids
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Aetna's headquarters in Hartford, Connecticut.
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| Subsidiary | |
| Traded as | NYSE: AET (until 2018) |
| Industry | Managed health care |
| Founded | May 28, 1853 (as Aetna Life Insurance Company) |
| Founder | Eliphalet Adams Bulkeley |
| Headquarters | 151 Farmington Avenue Hartford, Connecticut 06156 |
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Area served
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United States and expatriates |
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Key people
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David Joyner (CEO, CVS Health) Steve Nelson (President of Aetna, former CEO of United Healthcare) Dan Finke (president, Health Care Benefits Segment (HCB), Aetna) |
| Products | Health insurance |
| Revenue | $60.6 billion (2018) |
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Number of employees
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47,950 (2018) |
| Parent | CVS Health (2018–present) |
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Aetna Inc. is a big American company that helps people with their health. It offers different types of health insurance and related services. These include plans for medical care, medicines, dental care, and even help with mental health. Many people get their Aetna plans through their jobs. The company also works with Medicare, which is a government health program.
Since November 28, 2018, Aetna has been part of CVS Health. This means CVS Health owns Aetna.
Aetna has a large network of healthcare providers. It serves millions of people for medical, dental, and pharmacy needs. This network includes many doctors, specialists, and hospitals.
The company's name comes from Mount Etna. This is a famous volcano in Europe. Aetna started in Hartford, Connecticut, as a fire insurance company.
Contents
Aetna's Journey Through Time
Aetna has a long history, starting way back in the 1800s. Over the years, it grew from a small insurance company to a major healthcare provider.
Early Beginnings: The 1800s
- 1819: Thomas Kimberly Brace helped start the Aetna (Fire) Insurance Company in Hartford. He was the company's first President.
- 1820: Brace helped change the company's rules. This allowed Aetna to start offering life insurance. Because of this, he is sometimes called the "father" of American life insurance.
- May 28, 1853: The part of Aetna that handled life insurance became its own company. It was named the Aetna Life Insurance Company. Eliphalet Adams Bulkeley became its first president.
- 1854: Aetna hired its first full-time employee, Thomas O. Enders. He later became the company's president.
- 1857: Aetna moved to new offices in Hartford. During a tough economic time, Eliphalet Bulkeley stopped the company from closing down.
- 1861: Aetna began offering life insurance policies that paid money back to policyholders. Sales of these policies grew during the American Civil War.
- 1864: Aetna's business grew a lot, increasing by 600% since 1861. Its yearly income from premiums went over one million dollars.
- 1867: The company's income continued to rise quickly. Aetna moved to its third main office in Hartford.
- 1872: Thomas O. Enders became president after Eliphalet A. Bulkeley passed away.
- 1879: Morgan G. Bulkeley, Eliphalet Bulkeley's son, became president.
- 1888: Aetna bought its first building to use as its main office. It stayed there for 42 years.
- 1891: Aetna sold its first accident insurance policy.
- 1899: Aetna started offering health insurance policies.
Growing Stronger: The 1900s
- 1902: Aetna created a new department. It offered insurance for employers and workers. This was important as workplace safety became a bigger concern.
- 1903: An Engineering and Inspection Division was formed. Its goal was to make workplaces safer.
- 1904: Aetna introduced its first company logo. It showed the company's main office coming out of a globe.
- 1907: Aetna began offering insurance for cars. This led to the creation of the Aetna Casualty and Surety Company.
- 1908: Julia Kinghorn became Aetna's first female employee in the main office. She worked as a telephone operator.
- 1910: Aetna started using machines to process information. They hired 35 women to help with this work.
- 1911: Aetna launched its first national advertising campaign.
- 1912: Aetna introduced the first car insurance policy that combined several types of coverage.
- 1913: Aetna formed a new company, the Automobile Insurance Company. It also created a Group department to sell group life insurance.
- 1917: Aetna's name changed to Aetna Casualty and Surety Co.
- 1924: Aetna acquired The Standard Fire Insurance Co.
- 1960: Aetna expanded outside the U.S. by buying a Canadian company.
- 1968: Aetna bought a large part of an Australian company. Also, Aetna's stock began trading on the NYSE.
- 1981: Aetna invested in companies in Chile, England, Spain, and other countries.
- 1996: Aetna sold its property and casualty insurance business. The company's name changed to Aetna Inc.
- 1998: Aetna bought NYLCare Health Plans. This added 2.2 million members.
- 1999: Aetna bought Prudential HealthCare. This made Aetna the largest provider of health benefits in the U.S. It had over 21 million members.
The New Millennium: The 2000s and Beyond
- 2000: John Rowe became Aetna's CEO. He made changes to improve the company. Aetna also sold its financial services and international businesses.
- 2000: Aetna publicly apologized for selling life insurance policies on slaves in the 1850s.
- 2001: Roy Clason Jr. was hired to help manage Aetna's public image.
- 2002: Aetna focused on profitable markets. It reduced its customer base from 19 million to 13 million members.
- 2006: John Rowe stepped down as CEO.
- 2007: Aetna acquired Schaller Anderson. This helped Aetna grow its business in Medicaid and children's health programs.
- 2008: Aetna started offering pet health insurance.
- 2009: There were discussions about health care reform in the U.S. Aetna announced it would lay off some employees.
- 2010: Aetna and Continuum Health Partners had a contract disagreement. They later signed a new agreement.
- 2011: Aetna acquired Prodigy Health Group.
- 2012: Aetna introduced a new company logo.
- 2012: Aetna and Inova Health System created a new health insurance company called Innovation Health.
- 2013: Aetna acquired Coventry Health Care for $5.7 billion.
- 2015: Aetna announced plans to acquire Humana for $37 billion.
- 2017: A judge blocked Aetna's merger with Humana. The companies officially ended their merger agreement.
- 2017: Aetna and Banner Health created a new health insurance company, Banner|Aetna.
- 2017: CVS Health announced it would acquire Aetna for $69 billion.
- 2018: On November 28, 2018, CVS Health completed its purchase of Aetna. Aetna's stock was removed from the NYSE.
- 2020: Karen Lynch became CEO of CVS.
- 2021: Karen Lynch announced that Aetna would offer individual health plans through the ACA exchanges starting in 2022.
Aetna and Historical Events
Aetna has been part of some important historical moments.
Life Insurance Policies on Slaves
In 2000, a researcher named Deadria Farmer-Paellmann found something important. She discovered that from about 1853 to 1860, Aetna had sold life insurance policies to slave owners. These policies covered the lives of their slaves.
Aetna looked into this and found evidence that it was true. The company then issued a public apology for its role in this part of history.
Later, a lawsuit was filed against Aetna and other companies. It asked for payments to the descendants of slaves. The lawsuit argued that these companies benefited from slavery. It also said that African Americans still face challenges because of slavery and racism.
The lawsuit was dismissed by the court. Aetna stated that it works to help African Americans today through diversity in the workplace. It also invests in education, health, and community programs. The company believes these actions are more effective than making payments for past policies.
Working with Lawmakers
Like many large companies, Aetna talks with lawmakers and government officials. This is called lobbying. It helps them share their views on laws that might affect their business. Aetna also makes contributions to political campaigns. This is a common practice for many companies in the United States.
See also
In Spanish: Aetna para niños
- Health insurance
- Life insurance
- Managed health care
- Medicare Advantage
- Pet insurance
Images for kids
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Aetna insurance was sold in Maryland in 1924.
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Aetna office building in Omaha, Nebraska
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Aetna building and grounds in Bismarck, North Dakota
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