Who Owns Aetna?

Eliphalet Bulkeley founded Aetna Life Insurance Company in 1853 in Hartford, Connecticut. The company was named after Mount Etna, the Sicilian volcano, following a naming convention common among insurance companies of the era. Bulkeley had previously been involved in the New England Mutual Life Insurance Company and saw an opportunity to establish a new life insurance company in Hartford, which was already developing into a center of the American insurance industry.

Aetna expanded steadily through the late 19th century, adding accident insurance in 1891 and health insurance in 1899. The company was among the first insurers to offer health and accident coverage as distinct products. By the early 20th century, Aetna had grown into one of the largest insurance companies in the United States, with operations spanning life, health, accident, and casualty insurance.

The mid-20th century saw Aetna become a major force in employer-sponsored health insurance. As the employer-based health insurance model became dominant in the United States following World War II, Aetna positioned itself as a leading provider of group health benefits. The company expanded its managed care offerings in the 1970s and 1980s, developing health maintenance organization (HMO) and preferred provider organization (PPO) products that became standard in the industry.

Aetna went public on the New York Stock Exchange in 1968. The company underwent significant restructuring in the 1990s and early 2000s, divesting its financial services and international operations to focus on health insurance. In 2000, Aetna sold its financial services and international businesses to ING Group for approximately $7.7 billion, transforming itself into a focused health benefits company.

Under CEO Ron Williams, who led Aetna from 2006 to 2010, the company improved its financial performance significantly and expanded its Medicare and Medicaid businesses. Aetna's revenue grew from approximately $22 billion in 2006 to over $34 billion by 2010. The company continued to grow under subsequent leadership, reaching approximately $60 billion in revenue by 2017.

In December 2017, CVS Health announced its intention to acquire Aetna for approximately $69 billion. The deal was the largest acquisition in healthcare history at the time. CVS Health's stated rationale was to create a new kind of healthcare company that could coordinate insurance coverage, pharmacy benefits, and retail health services to improve care and reduce costs. The acquisition closed in November 2018 after Department of Justice approval, subject to Aetna divesting its Medicare Part D prescription drug plan business.

Under CVS Health ownership, Aetna has continued to operate as a major health insurer while integrating with CVS Pharmacy locations and Caremark pharmacy benefits management. CVS Health has invested in expanding HealthHUB locations, which are enhanced CVS Pharmacy stores offering clinical services, and MinuteClinic walk-in health clinics, creating physical touchpoints that complement Aetna's insurance coverage.