Hartford, Conn.-based Aetna ended the first quarter of fiscal year 2017 with a net loss, compared to the net profit posted by the insurer for the same period last year.
Here are five things to know about the insurer's financial and operating results for the first quarter.
1. Aetna reported its first-quarter total revenue and adjusted revenue at $15.2 billion and $15.5 billion, respectively. Both were $15.7 billion in the first quarter of fiscal year 2016.
2. The insurer attributed the decrease in total revenue and adjusted revenue primarily to lower premiums in its healthcare segment. However, it said this was partially offset by higher premium yields in the insurer's commercial business and membership growth in its government business.
3. Aetna ended the first quarter of fiscal year 2017 with a net loss of $381 million, compared to a net profit of $737 million in the same period of the year prior. The insurer said the net loss was in large part due to costs associated with the termination of a $37 billion merger agreement with Louisville, Ky.-based Humana.
4. Aetna reported adjusted earnings of $939 million for first quarter of fiscal year 2017, compared with $821 million in the same period of fiscal year 2016.
5. Commenting on the insurer's most-recent financial results, Aetna chairman and CEO Mark Bertolini said despite costs associated with the termination of the Humana merger, the insurer had a strong start to 2017. This strong start "has enabled Aetna to absorb continued pressure from our individual commercial products while increasing investment in our growth initiatives and raising our full-year 2017 earnings per share projections," he said.