Aetna easily topped second-quarter earnings expectations as another drop in benefit expenses and lower taxes helped the nation's third-largest health insurer. The insurer's benefit costs fell 4 percent to $10.67 billion, and income taxes plunged 30 percent to $449 million. Benefit costs also dropped in the first quarter, helped by the insurer's decision to retreat from the Affordable Care Act's health insurance exchanges. Aetna and some other big, national insurers like UnitedHealth Group Inc. backed away from that market after absorbing heavy losses. Health insurance is Aetna's main product, and most of its enrollment comes from commercial coverage sold through employers or directly to individuals.

Source: ABC News August 02, 2018 10:59 UTC