BUSINESS BRIEFING / HEALTHCARE
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Health insurer Aetna Inc. cut its full-year earnings forecast for the second time in two months as rising medical costs eroded revenue gains from selling lower-priced policies.
Net income dropped to $346.6 million, or 77 cents a share, from $480.5 million, or 97 cents, a year earlier, the Hartford, Conn., insurer said. Revenue rose 11% to $8.67 billion.
The results, after adjustment for pension costs and a legal settlement, missed analyst estimates by 10 cents a share.
Aetna said it expects 2009 earnings of $2.75 to $2.90 a share, compared with $3.55 to $3.70 given June 2.
Its shares fell 72 cents, or 2.7%, to close Monday at $25.72.
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