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BUSINESS
November 7, 2012 | By Chad Terhune
Shares of insurance giant WellPoint Inc. and its major rivals fell after President Obama won reelection and his landmark healthcare law cleared a major hurdle to full implementation. WellPoint, the nation's second-largest health insurer, reported a 1% increase in third-quarter profit Wednesday, topping Wall Street expectations. But its shares tumbled $3.23, or 5.3%, to $57.97 in midday trading Wednesday. Other insurers slipped as well. Shares of UnitedHealth Group Inc. and Aetna Inc. both declined by about 4% in midday trading.
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BUSINESS
July 19, 2012 | By Chad Terhune
UnitedHealth Group Inc. reported solid second-quarter results and raised its full-year profit outlook, but shares slipped in midday trading after the company projected a tough rate environment for its Medicare and Medicaid plans. Shares of the nation's largest health insurer dropped $1.78, or 3.2%, to $54.57 in midday trading. In a conference call with analysts and investors, UnitedHealth Chief Executive Stephen Hemsley said he continues to see "more downward than upward pressure" across the healthcare market.
CALIFORNIA | LOCAL
March 8, 1986 | TERRY PRISTIN, Times Staff Writer
Lew Jones had all the trappings of the good life. He kept a 50-foot yacht near his apartment in Marina del Rey, drove five cars, including a Rolls Royce, and had a young wife--his fourth--with a taste for Rolex watches and mink coats. But when he died two years ago at the age of 54 from a bullet in the back of his head, Jones had almost nothing in the bank.
BUSINESS
February 11, 2009 | Associated Press
The American Medical Assn. is joining several state medical associations in suing health insurers Aetna Inc. and Cigna Corp. over a database they say was rigged to underpay doctors on out-of-network claims for more than a decade. But Cigna said doctors' rates were part of the problem. The lawsuits heap more criticism on Ingenix Inc. data that already have cost UnitedHealth Group Inc. of Minnetonka, Minn., $350 million to settle a separate lawsuit involving the AMA.
BUSINESS
December 15, 2004 | From Bloomberg News
Employees at Boeing Co., the second-biggest U.S. defense contractor, have sued the company and health insurer Aetna Inc., saying they denied valid disability insurance claims. The lawsuit, filed in federal court in Seattle, says Aetna emphasized certain evidence in denying insurance claims for disabled employees and dismissed evidence that strengthened those claims. Boeing is named in the suit as a sponsor of Aetna's benefits plan.
BUSINESS
January 16, 2008 | From Times Wire Services
Health insurer Aetna is requiring hospitals to waive patient bills when certain medical errors occur and to apologize to families of patients hurt by the mistakes, the company said. The template for future insurance contracts calls for hospitals to report events such as surgery on the wrong patient or body part to accrediting agencies within 10 days. The goal isn't to punish hospitals, said Aetna's chief medical officer, Troyen Brennan. "It is important to take steps that will increase hospitals' focus on why 'never events' happen, promote shared information and facilitate improved processes that will prevent future events," Brennan said.
BUSINESS
August 17, 2007 | From Reuters
New York Atty. Gen. Andrew Cuomo warned health insurers Aetna Inc. and Cigna Corp. on Thursday that planned programs that rank physicians on quality and cost would be likely to confuse or deceive consumers. In letters to the insurers, Cuomo took issue with the design of Aetna Aexcel and Cigna Care Network programs that would encourage members to use specialists whom the insurers have identified as delivering quality care while containing costs.
BUSINESS
May 11, 1990 | From Associated Press
Aetna Casualty and Surety Co. said today that it will stick with its decision to stop selling car insurance in Pennsylvania despite a written admonition from Gov. Robert P. Casey, who called the giant insurer "arrogant and callous." On Thursday, Casey sent a strongly worded, three-paragraph letter to Aetna's president, David A. Kocher, criticizing the company's decision Wednesday to terminate business with its 200,000 Pennsylvania customers.
BUSINESS
April 28, 1990 | From Times Staff and Wire Service Reports
The Hartford, Conn., insurer said first-quarter net income rose 3% to $180 million, with increases in most of its divisions but sluggish results from its auto and homeowner lines. Revenue advanced 4% to $4.77 billion.
BUSINESS
February 14, 1991 | From Times Staff and Wire Reports
Fourth-quarter net income of the Hartford, Conn.-based firm was $141.9 million, a drop of 5.8% from the 1989 period, which included a $22-million benefit from tax loss carry-forwards. Revenue was $4.6 billion, off 12.3%. For the year, profit was $614.1 million, a 9.2% decline from 1989. Revenue totaled $19 billion, down 3.7%.
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