In Brief: Aetna Cites Medical Costs for Earnings Hit

November 02, 2000, 2:00 a.m. EST 1 Min Read

Bloomberg News

HARTFORD, Conn. - Aetna Inc., the biggest U.S. health insurer, said its third-quarter earnings fell 14% and blamed higher medical costs.

Profits from operations fell to $158.1 million, or $1.10 a share, from $184 million, or $1.21, in the year-earlier period. Revenue rose 15%, to $8.1 billion.

Aetna said it expects to complete the $7.7 billion sale of its financial services and international units to the Dutch company ING Group NV in December and to take a charge of $200 million to $250 million in the fourth quarter related to the sale.

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