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Aetna Life Casualty Co

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BUSINESS
January 29, 1994 | From Times Staff and Wire Reports
Aetna Will Cut 4,000 Jobs: Despite steadily improving profit, Aetna Life & Casualty Co. said it will eliminate nearly 10% of its work force and take a $1.025-billion charge, mainly to offset losses from its pension businesses. Aetna said it will eliminate about 4,000 of its 42,000 jobs, stop selling guaranteed investment contracts and single-premium annuities and add $574 million to workers' compensation reserves.
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BUSINESS
May 11, 2001 | MEERA SOMASUNDARAM, REUTERS
Aetna Inc., the largest U.S. health insurer, on Thursday reported a first-quarter operating loss of $36.6 million as higher-than-expected medical costs continued to plague the company. Aetna said the loss amounted to 26 cents a share and compared with a year-earlier profit of $86.2 million, or 61 cents. Revenue declined 5% to $6.43 billion, with revenue from health-care premiums down 7% to $5.07 billion.
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SPORTS
April 11, 1992 | From Staff and Wire Reports
Arthur Ashe will stand for re-election as a director of Aetna Life & Casualty Co., even though the company does not sell new policies to people who test positive for the AIDS virus. Ashe, a former tennis champion, announced this week that he has AIDS.
BUSINESS
January 16, 2001 | JAMES PELTZ and MICHAEL HILTZIK, Times Staff Writers
Jim: Buy Mike: Buy Vans (VANS) Jim: Mike, do the names Tony Hawk, Andy MacDonald and Bucky Lasek mean anything to you? Mike: Let's see . . . those are the actual names of Moe, Larry and Curly, right? Jim: I'm not laughing. Mike: OK, since Tony Hawk's name is emblazoned on all the kids' sweatshirts in my house, I'll venture a wild guess that they're skateboarding stars.
BUSINESS
December 1, 1995 | Times Staff and Wire Reports
Aetna May Buy FHP or PacifiCare, Analysts Say: Aetna Life & Casualty Co. is expected to use the $4 billion it receives from the sale of its property and casualty unit to buy a health maintenance organization. Aetna, the largest publicly traded U.S. life insurer, might buy any of two California-based HMOs--FHP International Corp. or PacifiCare Health Systems Inc.--or Humana Inc. with the proceeds from the sale to Travelers Group Inc., analysts said.
BUSINESS
February 1, 1994 | From Times Staff and Wire Reports
Aetna Plan Draws Mixed Reviews: Aetna Life & Casualty Co.'s $1-billion restructuring plan was applauded by stock investors but criticized by rating agencies. Aetna's stock closed up $3.50 at $63.375 a share on the New York Stock Exchange after some analysts recommended a buy. But Duff & Phelps downgraded the insurer's senior debt rating to AA-minus from AA amid concerns that the restructuring charges will weaken Aetna's earnings. A.M. Best Co.
BUSINESS
April 27, 1996 | Times Staff and Wire Reports
Aetna Earnings Rise 20% in 1st Quarter: The largest publicly traded U.S. life and health insurer said stronger profit in its growing health insurance business pushed earnings to $124.1 million, or $1.07 a share, from $103.0 million, or 91 cents, a year earlier. Improved health insurance profit is vital for Aetna Life & Casualty Co., which sold its property and casualty insurance unit April 2 in order to acquire US Healthcare Inc. later this year.
BUSINESS
February 8, 1996 | From Times Wire Services
Mattel Inc. said Wednesday its fourth-quarter profit rose 25% on higher holiday sales of its Barbie dolls, Hot Wheels cars and Fisher-Price and Disney licensed toys. The world's largest toy maker also said its directors declared a 5-for-4 split of its common stock and increased its share-buyback program, authorizing the repurchase of an average of 7 million shares a year. Net income rose to $112.0 million, or 50 cents a share, from profit from operations of $89.
BUSINESS
December 1, 1995 | Times Staff and Wire Reports
Aetna May Buy FHP or PacifiCare, Analysts Say: Aetna Life & Casualty Co. is expected to use the $4 billion it receives from the sale of its property and casualty unit to buy a health maintenance organization. Aetna, the largest publicly traded U.S. life insurer, might buy any of two California-based HMOs--FHP International Corp. or PacifiCare Health Systems Inc.--or Humana Inc. with the proceeds from the sale to Travelers Group Inc., analysts said.
BUSINESS
December 1, 1995 | From Times Staff and Wire Reports
Aetna Life & Casualty Co. is expected to use the $4 billion it receives from the sale of its property and casualty unit to buy a health maintenance organization--and two Orange County companies appear to be among the top candidates. Aetna, the largest publicly traded U.S. life insurer, could launch a bid to acquire FHP International Corp. of Fountain Valley or PacifiCare Health Systems Inc. of Cypress with the proceeds of the unit sale to Travelers Group Inc., analysts said.
BUSINESS
November 30, 1995 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
In a deal that could mark the start of a consolidation wave like the one that has swept the banking industry this year, Travelers Group Inc. on Wednesday agreed to buy Aetna Life & Casualty Co.'s property-casualty insurance business for $4 billion in cash. Analysts said Aetna was throwing in the towel on a line of business that it could not run profitably and that Travelers--headed by champion cost-cutter Sanford I.
BUSINESS
November 14, 1995 | From Reuters
Aetna Life & Casualty is auctioning off its property-casualty unit and is soliciting bids from several firms, sources close to the company said Monday. The big multiline insurer has decided that it could probably get a better return by selling off its commercial and personal lines insurance segment than by continuing to struggle with high exposure and low performance from real estate holdings.
BUSINESS
August 22, 1995 | From Associated Press
A group of hospital anesthesiologists sued Aetna Life & Casualty Insurance Co. on Monday, alleging that the company threatened to get them fired unless they agreed to give up final say on patient care. The federal court lawsuit says that when the doctors attempted to negotiate changes in their agreements with Aetna's health maintenance organization, Aetna threatened to stop doing business with the hospitals where the anesthesiologists worked, thus putting their jobs in jeopardy.
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