Insurer Aetna unloads group life, disability for $1.45B - WRCBtv.com | Chattanooga News, Weather & Sports

Insurer Aetna unloads group life, disability for $1.45B

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By The Associated Press

Aetna, the nation's third-largest health insurer, is selling its domestic group life and disability businesses for $1.45 billion to Hartford Life and Accident Insurance Co.

Aetna says the cash deal also includes its absence management business and should close next month.

Health insurance is Hartford, Connecticut-based Aetna's main business. The insurer covers more than 22 million people, and its health care segment brought in $1.8 billion in pretax adjusted earnings in the second quarter.

In contrast, the insurer's group insurance business, which includes life and disability coverage, reported pretax, adjusted earnings of $42 million.

Aetna Inc. will report third-quarter results on Oct. 31. It said this deal will be immaterial to 2017 earnings per share due to the timing but will be slightly dilutive for next year.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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