1. A 2005 Third Quarter
Financial
Supplement

2. Financial Highlights 1
Health Care and Group Insurance Statistics 2
Health Care and Group Insurance Enrollment 3
Earnings Summary 4
Consolidating Statements of Income (Loss) from Continuing Operations by Segment 5-6
Consolidated Balance Sheets 7
Combining Balance Sheets 8
Condensed Combining Statements of Cash Flows 9-10
Reconciliations of Certain Reported Amounts to the Most Directly Comparable GAAP Measure 11-13
Definitions 14
This document is supplemental to the Company’s third quarter 2005 earnings press release and should be read in conjunction therewith and in conjunction with the Company's
September 30, 2005 Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission. Please direct questions with respect to this material to David Entrekin,
Vice President - Investor Relations, Aetna Inc., 151 Farmington Avenue, RE2T, Hartford, Connecticut 06156. Telephone: 860-273-7830. Email: entrekind@aetna.com.
Table of Contents

3. Change Change
Sep. 30, Sep. 30, Sep. 30, 2005 - Sep. 30, Sep. 30, Sep. 30, 2005 -
2005 2004 (1) Sep. 30, 2004 2005 2004 (1) Sep. 30, 2004
Operating Earnings (2)
Aetna Inc. 372.3$ 289.5$ 28.6 % 1,156.0$ 880.9$ 31.2 %
Aetna Inc. Per Common Share 1.24$ .92$ 34.8 % 3.82$ 2.78$ 37.4 %
Health Care 351.3$ 268.1$ 31.0 % 1,098.9$ 820.5$ 33.9 %
Group Insurance 32.5$ 30.5$ 6.6 % 94.5$ 88.5$ 6.8 %
Large Case Pensions 9.6$ 7.7$ 24.7 % 21.2$ 21.7$ (2.3) %
Operating Earnings - Adjusted (2)
Aetna Inc. 357.3$ 275.5$ 29.7 %
Aetna Inc. Per Common Share 1.19$ .88$ 35.2 %
Health Care 336.3$ 254.1$ 32.3 %
Pretax Operating Margin (2)
Aetna Inc. 11.0 % 9.7 % 1.3 pts. 11.6 % 10.1 % 1.5 pts.
Aetna Inc. - Adjusted 10.6 % 9.3 % 1.3 pts.
After-tax Operating Margin (2)
Aetna Inc. 7.1 % 6.2 % .9 pts. 7.5 % 6.5 % 1.0 pts.
Aetna Inc. - Adjusted 6.8 % 5.9 % .9 pts.
Revenue by Segment (2)
Health Care 4,984.2$ 4,356.5$ 14.4 % 14,469.2$ 12,720.7$ 13.7 %
Group Insurance 524.7 486.7 7.8 % 1,577.2 1,419.5 11.1 %
Large Case Pensions 183.3 176.7 3.7 % 559.5 544.1 2.8 %
Total Revenue 5,692.2$ 5,019.9$ 13.4 % 16,605.9$ 14,684.3$ 13.1 %
Operating Expenses as % of Revenue (2)
Aetna Inc. 19.2 % 19.7 % (.5) pts. 19.3 % 20.1 % (.8) pts.
Health Care 20.6 % 21.3 % (.7) pts. 20.8 % 21.8 % (1.0) pts.
Group Insurance 11.8 % 11.6 % .2 pts. 11.6 % 11.4 % .2 pts.
Large Case Pensions 2.8 % 2.9 % (.1) pts. 2.4 % 2.8 % (.4) pts.
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
2005 2005 2005 2004 2004
Membership (Members in Thousands) (3)
Medical 14,650 14,435 14,375 13,656 13,570
Dental 13,031 12,976 12,833 11,967 11,670
Pharmacy 9,337 9,117 9,006 8,447 8,323
Group Insurance 13,675 13,662 14,040 13,494 13,287
(1) Prior period results per common share have been adjusted to reflect the March 11, 2005 two-for-one stock split.
(2) In order to provide a comparison that the Company believes provides useful information regarding its underlying performance, all operating earnings exclude an other item and net realized capital gains (losses) from
income from continuing operations. In addition, operating margins exclude interest expense and amortization of other acquired intangibles; furthermore, pretax operating margin also excludes income taxes. Also,
revenue excludes net realized capital gains (losses). Management uses these measures to assess business performance and to make decisions regarding its operations and allocation of resources among its
businesses. The Company also displays certain metrics (e.g., medical cost ratios, operating earnings, operating earnings per common share and operating margins) excluding reserve development to reflect underlying
current period health care costs. For a reconciliation of financial measures calculated under accounting principles generally accepted in the United States of America (GAAP), refer to pages 11-13.
(3) Refer to page 3 for more details.
Refer to page 14 for definitions of terms used.
Three Months Ended Nine Months Ended
Financial Highlights
($ in Millions, except per common share data)
1

4. Change Change
Sep. 30, Sep. 30, Sep. 30, 2005 - Sep. 30, Sep. 30, Sep. 30, 2005 -
2005 2004 Sep. 30, 2004 2005 2004 Sep. 30, 2004
Health Care
Premiums
Health Care Risk (A) 4,291.3$ 3,786.6$ 13.3 % 12,490.5$ 10,992.4$ 13.6 %
Commercial Risk (B) 4,039.3$ 3,545.7$ 13.9 % 11,742.0$ 10,282.9$ 14.2 %
Medicare (C) 252.0$ 240.9$ 4.6 % 748.5$ 709.5$ 5.5 %
Administrative Services Contract Fees 576.1$ 500.6$ 15.1 % 1,702.7$ 1,516.4$ 12.3 %
Health Care Costs
Health Care Risk
Health care costs (GAAP measure) (D) 3,390.4$ 2,994.3$ 13.2 % 9,683.6$ 8,611.2$ 12.5 %
Favorable development of prior-period health care cost estimates 24.0 22.0
Health care costs - Adjusted (E) 3,414.4$ 3,016.3$ 13.2 %
Commercial Risk
Health care costs (GAAP measure) (F) 3,174.9$ 2,786.6$ 13.9 % 9,035.3$ 8,005.0$ 12.9 %
Favorable development of prior-period health care cost estimates 15.0 20.0
Health care costs - Adjusted (G) 3,189.9$ 2,806.6$ 13.7 %
Medicare
Health care costs (GAAP measure) (H) 215.5$ 207.7$ 3.8 % 648.4$ 606.1$ 7.0 %
Favorable development of prior-period health care cost estimates 9.0 2.0
Health care costs - Adjusted (I) 224.5$ 209.7$ 7.1 %
Health Care Medical Cost Ratios
Health Care Risk (GAAP measure) (D)/(A) 79.0 % 79.1 % (.1) pts. 77.5 % 78.3 % (.8) pts.
Health Care Risk - Adjusted (E)/(A) 79.6 % 79.7 % (.1) pts.
Commercial Risk (GAAP measure) (F)/(B) 78.6 % 78.6 % - pts. 76.9 % 77.8 % (.9) pts.
Commercial Risk - Adjusted (G)/(B) 79.0 % 79.2 % (.2) pts.
Medicare (GAAP measure) (H)/(C) 85.5 % 86.2 % (.7) pts. 86.6 % 85.4 % 1.2 pts.
Medicare - Adjusted (I)/(C) 89.1 % 87.0 % 2.1 pts.
Group Insurance
Total Revenue, Excluding Net Realized Capital Gains (Losses) 524.7$ 486.7$ 7.8 % 1,577.2$ 1,419.5$ 11.1 %
Benefit Cost Ratios 95.5 % 93.5 % 2.0 pts. 94.6 % 94.8 % (.2) pts.
Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
Other Health Care Statistics 2005 2005 2005 2004 2004
Health Care Costs Payable 1,864.8$ 1,864.3$ 1,885.0$ 1,927.1$ 1,945.6$
Days Claims Payable 50.6 (1) 52.3 55.7 58.6 59.8
(1) The decline of 1.7 days from June 30, 2005 was primarily due to the delayed effect on this quarter of the favorable reserve development reported in the second quarter and current period reserve development, as well as a reduction in
various provider liabilities. Days claims payable have continued to decline over the periods presented above primarily due to a speed up in claim turnaround times, a principal contributor to favorable prior period reserve development.
Refer to page 14 for definitions of terms used.
Three Months Ended Nine Months Ended
Health Care and Group Insurance Statistics
($ in Millions)
2

5. Products Risk ASC Total Risk ASC Total Risk ASC Total Risk ASC Total
Medical:
Commercial 5,014 9,401 14,415 4,621 8,737 13,358 4,684 8,762 13,446 4,872 9,349 14,221
Medicare (1) 102 20 122 99 - 99 97 - 97 101 - 101
Medicaid - 113 113 - 113 113 - 113 113 - 113 113
Total Medical 5,116 9,534 14,650 4,720 8,850 13,570 4,781 8,875 13,656 4,973 9,462 14,435
Dental (2) 5,038 7,993 13,031 4,674 6,996 11,670 4,708 7,259 11,967 4,986 7,990 12,976
Pharmacy:
Pharmacy Benefit Management Services 8,791 7,896 7,989 8,579
Mail Order (3) 546 427 458 538
Total Pharmacy 9,337 8,323 8,447 9,117
Group Insurance:
Life 10,872 10,723 10,930 10,904
Disability 2,568 2,348 2,341 2,525
Long-Term Care 235 216 223 233
Total Group Insurance 13,675 13,287 13,494 13,662
Consumer-Directed Health Plans(4) 433 214 224 420
Regions
Northeast 1,188 1,370 2,558 1,130 1,296 2,426 1,143 1,298 2,441 1,144 1,367 2,511
Mid-Atlantic 1,106 1,505 2,611 1,022 1,473 2,495 1,043 1,470 2,513 1,088 1,511 2,599
Southeast 878 1,563 2,441 800 1,432 2,232 809 1,433 2,242 858 1,554 2,412
North Central 533 2,174 2,707 457 2,060 2,517 471 2,079 2,550 519 2,124 2,643
Southwest 588 1,552 2,140 562 1,385 1,947 557 1,376 1,933 572 1,548 2,120
West 719 1,311 2,030 666 1,196 1,862 673 1,211 1,884 692 1,300 1,992
Other 104 59 163 83 8 91 85 8 93 100 58 158
Total Medical 5,116 9,534 14,650 4,720 8,850 13,570 4,781 8,875 13,656 4,973 9,462 14,435
Risk/ASC % 34.9% 65.1% 100.0% 34.8% 65.2% 100.0% 35.0% 65.0% 100.0% 34.5% 65.5% 100.0%
(1) Medicare ASC members represent those served through the Company's participation in the Medicare Chronic Care Improvement Program.
(2) At June 30, 2005, the Company began including Aetna Global Benefits dental membership. Prior period dental membership has been revised accordingly.
(3) Represents members who purchased medications through the Company's mail order pharmacy during the quarterly period.
(4) Represents members in consumer-directed health plans included in the Company's Commercial medical membership.
Refer to page 14 for definitions of terms used.
June 30, 2005
Health Care and Group Insurance Enrollment
(Members in Thousands)
September 30, 2005 September 30, 2004 December 31, 2004
3

6. Sep. 30, Sep. 30, Sep. 30, Sep. 30,
2005 2004 (1) 2005 2004 (1)
Summary of Results
Health Care 351.3$ 268.1$ 1,098.9$ 820.5$
Group Insurance 32.5 30.5 94.5 88.5
Large Case Pensions 9.6 7.7 21.2 21.7
Corporate Interest Expense (21.1) (16.8) (58.6) (49.8)
Operating earnings, excluding other item 372.3 289.5 1,156.0 880.9
Reduction of reserve for anticipated future losses on discontinued products - - 43.4 -
Operating earnings, including other item 372.3 289.5 1,199.4 880.9
Net realized capital gains 5.5 12.8 12.1 33.5
Income from continuing operations (GAAP measure) 377.8 302.3 1,211.5 914.4
Income from discontinued operations (2) - 990.0 - 1,030.0
Net income (GAAP measure) 377.8$ 1,292.3$ 1,211.5$ 1,944.4$
Operating earnings - Adjusted 357.3$ 275.5$
Favorable development of prior-period health care cost estimates 15.0 14.0
Operating earnings 372.3$ 289.5$
Health Care operating earnings - Adjusted 336.3$ 254.1$
Favorable development of prior-period health care cost estimates 15.0 14.0
Health Care operating earnings 351.3$ 268.1$
Weighted average common shares - basic 288,724,679 302,301,031 290,884,090 305,477,938
Weighted average common shares - diluted 300,724,634 314,841,794 302,416,466 317,070,400
Summary of Results Per Common Share
Operating earnings - Adjusted 1.19$ .88$
Favorable development of prior-period health care cost estimates .05 .04
Operating earnings, excluding other item 1.24 .92 3.82$ 2.78$
Reduction of reserve for anticipated future losses on discontinued products - - .15 -
Operating earnings, including other item 1.24 .92 3.97 2.78
Net realized capital gains .02 .04 .04 .10
Income from continuing operations (GAAP measure) 1.26 .96 4.01 2.88
Income from discontinued operations - 3.14 - 3.25
Net income (GAAP measure) 1.26$ 4.10$ 4.01$ 6.13$
(1) Prior period weighted average common shares and results per common share have been adjusted to reflect the March 11, 2005 two-for-one stock split.
(2) Income from discontinued operations for the three and nine months ended September 30, 2004 includes approximately $740 million after tax, including interest, related to the Congressional Joint
Committee on Taxation's approval of a tax refund and $250 million related to the completion of certain Internal Revenue Service audits associated with businesses that were sold in the 1990s by the
Company's predecessor (former Aetna). Income from discontinued operations for the nine months ended September 30, 2004 also includes $40 million related to the completion of certain Internal
Revenue Service audits associated with former Aetna.
Refer to page 14 for definitions of terms used.
Earnings Summary
Nine Months Ended
($ in Millions, except per common share data)
Three Months Ended
4

7. Health Group Large Case Corporate
Three Months Ended September 30, 2005 Care Insurance Pensions Interest Consolidated
Revenue:
Premiums 4,291.3$ 438.1$ 56.1$ -$ 4,785.5$
Administrative services contract fees 576.1 7.0 - - 583.1
Net investment income 76.9 78.8 124.2 - 279.9
Other revenue 39.9 .8 3.0 - 43.7
Total revenue, excluding net realized capital gains (1) 4,984.2 524.7 183.3 - 5,692.2
Benefits and expenses:
Health care costs (2) 3,390.4 - - - 3,390.4
Current and future benefits - 418.4 163.4 - 581.8
Operating expenses:
Selling expenses 193.5 20.6 - - 214.1
General and administrative expenses 830.8 41.5 5.1 - 877.4
Total operating expenses 1,024.3 62.1 5.1 - 1,091.5
Interest expense - - - 32.5 32.5
Amortization of other acquired intangible assets 15.9 - - - 15.9
Total benefits and expenses 4,430.6 480.5 168.5 32.5 5,112.1
Operating earnings (loss), excluding income taxes (benefits) 553.6 44.2 14.8 (32.5) 580.1
Income taxes (benefits) 202.3 11.7 5.2 (11.4) 207.8
Operating earnings (loss) 351.3 32.5 9.6 (21.1) 372.3
Net realized capital gains, net of tax 1.2 3.3 1.0 - 5.5
Income (loss) from continuing operations 352.5$ 35.8$ 10.6$ (21.1)$ 377.8$
Three Months Ended September 30, 2004
Revenue:
Premiums 3,786.6$ 415.6$ 47.9$ -$ 4,250.1$
Administrative services contract fees 500.6 6.5 - - 507.1
Net investment income 64.3 63.7 125.9 - 253.9
Other revenue 5.0 .9 2.9 - 8.8
Total revenue, excluding net realized capital gains (1) 4,356.5 486.7 176.7 - 5,019.9
Benefits and expenses:
Health care costs (3) 2,994.3 - - - 2,994.3
Current and future benefits - 388.6 160.0 - 548.6
Operating expenses:
Selling expenses 161.0 17.0 - - 178.0
General and administrative expenses 767.3 39.3 5.1 - 811.7
Total operating expenses 928.3 56.3 5.1 - 989.7
Interest expense - - - 25.9 25.9
Amortization of other acquired intangible assets 9.3 - - - 9.3
Total benefits and expenses 3,931.9 444.9 165.1 25.9 4,567.8
Operating earnings (loss), excluding income taxes (benefits) 424.6 41.8 11.6 (25.9) 452.1
Income taxes (benefits) 156.5 11.3 3.9 (9.1) 162.6
Operating earnings (loss) 268.1 30.5 7.7 (16.8) 289.5
Net realized capital gains, net of tax 7.0 3.6 2.2 - 12.8
Income (loss) from continuing operations 275.1$ 34.1$ 9.9$ (16.8)$ 302.3$
(1) Refer to pages 11-13 for reconciliations of revenue calculated under GAAP for all periods.
(2) Includes favorable development of prior-period health care cost estimates of approximately $24 million pretax (approximately $15 million after tax) in the Health Care Segment.
(3) Includes favorable development of prior-period health care cost estimates of approximately $22 million pretax (approximately $14 million after tax) in the Health Care Segment.
Refer to page 14 for definitions of terms used.
Consolidating Statements of Income (Loss) from Continuing Operations by Segment
($ in Millions)
5

8. Health Group Large Case Corporate
Nine Months Ended September 30, 2005 Care Insurance Pensions Interest Consolidated
Revenue:
Premiums 12,490.5$ 1,336.7$ 157.7$ -$ 13,984.9$
Administrative services contract fees 1,702.7 21.7 - - 1,724.4
Net investment income 218.2 216.2 393.3 - 827.7
Other revenue 57.8 2.6 8.5 - 68.9
Total revenue, excluding net realized capital gains (1) 14,469.2 1,577.2 559.5 - 16,605.9
Benefits and expenses:
Health care costs 9,683.6 - - - 9,683.6
Current and future benefits - 1,264.8 513.6 - 1,778.4
Operating expenses:
Selling expenses 562.5 60.5 - - 623.0
General and administrative expenses 2,453.5 122.9 13.3 - 2,589.7
Total operating expenses 3,016.0 183.4 13.3 - 3,212.7
Interest expense - - - 90.2 90.2
Amortization of other acquired intangible assets 38.1 - - - 38.1
Total benefits and expenses 12,737.7 1,448.2 526.9 90.2 14,803.0
Operating earnings (loss), excluding income taxes (benefits) 1,731.5 129.0 32.6 (90.2) 1,802.9
Income taxes (benefits) 632.6 34.5 11.4 (31.6) 646.9
Operating earnings (loss), excluding other item 1,098.9 94.5 21.2 (58.6) 1,156.0
Reduction of reserve for anticipated future losses on discontinued products, net of tax - - 43.4 - 43.4
Operating earnings (loss), including other item 1,098.9 94.5 64.6 (58.6) 1,199.4
Net realized capital gains, net of tax 5.0 6.6 .5 - 12.1
Income (loss) from continuing operations 1,103.9$ 101.1$ 65.1$ (58.6)$ 1,211.5$
Nine Months Ended September 30, 2004
Revenue:
Premiums 10,992.4$ 1,195.8$ 144.8$ -$ 12,333.0$
Administrative services contract fees 1,516.4 20.1 - - 1,536.5
Net investment income 193.9 201.0 390.7 - 785.6
Other revenue 18.0 2.6 8.6 - 29.2
Total revenue, excluding net realized capital gains (1) 12,720.7 1,419.5 544.1 - 14,684.3
Benefits and expenses:
Health care costs 8,611.2 - - - 8,611.2
Current and future benefits - 1,134.1 496.5 - 1,630.6
Operating expenses:
Selling expenses 463.6 47.5 - - 511.1
General and administrative expenses 2,311.8 114.7 15.1 - 2,441.6
Total operating expenses 2,775.4 162.2 15.1 - 2,952.7
Interest expense - - - 76.6 76.6
Amortization of other acquired intangible assets 34.7 - - - 34.7
Total benefits and expenses 11,421.3 1,296.3 511.6 76.6 13,305.8
Operating earnings (loss), excluding income taxes (benefits) 1,299.4 123.2 32.5 (76.6) 1,378.5
Income taxes (benefits) 478.9 34.7 10.8 (26.8) 497.6
Operating earnings (loss) 820.5 88.5 21.7 (49.8) 880.9
Net realized capital gains, net of tax 12.7 13.8 7.0 - 33.5
Income (loss) from continuing operations 833.2$ 102.3$ 28.7$ (49.8)$ 914.4$
(1) Refer to pages 11-13 for reconciliations of revenue calculated under GAAP for all periods.
Refer to page 14 for definitions of terms used.
Consolidating Statements of Income (Loss) from Continuing Operations by Segment (Continued)
($ in Millions)
6

9. Sep. 30, Dec. 31, Sep. 30, Dec. 31,
2005 2004 2005 2004
Assets Liabilities and shareholders' equity
Current assets: Current liabilities:
Cash and cash equivalents 1,032.7$ 1,396.0$ Health care costs payable 1,864.8$ 1,927.1$
Investment securities 13,356.2 14,242.6 Future policy benefits 799.3 837.6
Other investments 58.4 57.7 Unpaid claims 738.9 707.7
Premiums receivable, net 353.7 256.1 Unearned premiums 224.2 121.8
Other receivables, net 469.7 314.0 Policyholders' funds 595.9 672.5
Accrued investment income 186.6 198.6 Collateral payable under securities loan agreements 1,274.7 1,173.8
Collateral received under securities loan agreements 1,274.7 1,173.8 Current portion of long-term debt 449.9 -
Loaned securities 1,248.9 1,150.1 Accrued expenses and other current liabilities 1,765.3 1,570.8
Income taxes receivable 81.6 226.8 Total current liabilities 7,713.0 7,011.3
Deferred income taxes 180.4 196.0
Other current assets 453.0 304.5
Total current assets 18,695.9 19,516.2 Future policy benefits 7,695.5 7,859.5
Unpaid claims 1,126.5 1,081.5
Policyholders' funds 1,507.2 1,453.1
Long-term investments 1,763.6 1,718.1 Long-term debt, less current portion 1,155.7 1,609.7
Mortgage loans 1,493.8 1,348.2 Other long-term liabilities 794.5 1,021.4
Investment real estate 226.4 274.8 Separate Accounts liabilities 13,945.0 13,015.8
Reinsurance recoverables 1,152.0 1,173.0 Total liabilities 33,937.4 33,052.3
Goodwill 4,369.6 3,687.8
Other acquired intangible assets, net 769.6 460.3
Property and equipment, net 251.5 233.6 Shareholders' equity
Deferred income taxes 183.0 300.0 Common stock and additional paid-in capital 2,222.1 3,076.5
Other long-term assets 407.1 405.9 Retained earnings 7,746.5 6,546.4
Separate Accounts assets 13,945.0 13,015.8 Accumulated other comprehensive loss (1) (648.5) (541.5)
Total shareholders' equity 9,320.1 9,081.4
Total assets 43,257.5$ 42,133.7$ Total liabilities and shareholders' equity 43,257.5$ 42,133.7$
(1) Includes net unrealized capital gains related to available for sale securities under FAS No. 115 of $140.9 million and $245.7 million at September 30, 2005 and December 31, 2004, respectively, and a minimum pension
liability adjustment of ($797.7) million at September 30, 2005 and December 31, 2004.
Refer to page 14 for definitions of terms used.
Consolidated Balance Sheets
($ in Millions)
7

10. Health Care Health Care
and Group Large Case and Group Large Case
Insurance Pensions Total Insurance Pensions Total
Assets
Current assets:
Cash and cash equivalents 903.2$ 129.5$ 1,032.7$ 1,300.5$ 95.5$ 1,396.0$
Investment securities 7,768.7 5,587.5 13,356.2 8,259.8 5,982.8 14,242.6
Other investments 29.3 29.1 58.4 1.5 56.2 57.7
Premiums receivable, net 353.7 - 353.7 256.1 - 256.1
Other receivables, net 442.4 27.3 469.7 279.2 34.8 314.0
Accrued investment income 98.3 88.3 186.6 103.5 95.1 198.6
Collateral received under securities loan agreements 680.2 594.5 1,274.7 620.1 553.7 1,173.8
Loaned securities 666.5 582.4 1,248.9 607.6 542.5 1,150.1
Income taxes receivable 78.5 3.1 81.6 228.1 (1.3) 226.8
Deferred income taxes 163.6 16.8 180.4 183.9 12.1 196.0
Other current assets 427.2 25.8 453.0 283.0 21.5 304.5
Total current assets 11,611.6 7,084.3 18,695.9 12,123.3 7,392.9 19,516.2
Long-term investments 1,221.5 542.1 1,763.6 1,238.7 479.4 1,718.1
Mortgage loans 560.4 933.4 1,493.8 491.7 856.5 1,348.2
Investment real estate 99.5 126.9 226.4 137.9 136.9 274.8
Reinsurance recoverables 1,136.0 16.0 1,152.0 1,156.0 17.0 1,173.0
Goodwill 4,369.6 - 4,369.6 3,687.8 - 3,687.8
Other acquired intangible assets, net 769.6 - 769.6 460.3 - 460.3
Property and equipment, net 171.2 80.3 251.5 140.3 93.3 233.6
Deferred income taxes 61.8 121.2 183.0 160.9 139.1 300.0
Other long-term assets 407.1 - 407.1 405.9 - 405.9
Separate Accounts assets 4.2 13,940.8 13,945.0 4.5 13,011.3 13,015.8
Total assets 20,412.5$ 22,845.0$ 43,257.5$ 20,007.3$ 22,126.4$ 42,133.7$
Liabilities and shareholders' equity
Current liabilities:
Health care costs payable 1,864.8$ -$ 1,864.8$ 1,927.1$ -$ 1,927.1$
Future policy benefits 117.8 681.5 799.3 111.5 726.1 837.6
Unpaid claims 738.3 .6 738.9 707.1 .6 707.7
Unearned premiums 217.6 6.6 224.2 115.9 5.9 121.8
Policyholders' funds 411.4 184.5 595.9 383.5 289.0 672.5
Collateral payable under securities loan agreements 680.2 594.5 1,274.7 620.1 553.7 1,173.8
Current portion of long-term debt 449.9 - 449.9 - - -
Accrued expenses and other current liabilities 1,416.7 348.6 1,765.3 1,226.0 344.8 1,570.8
Total current liabilities 5,896.7 1,816.3 7,713.0 5,091.2 1,920.1 7,011.3
Future policy benefits 1,894.4 5,801.1 7,695.5 1,871.2 5,988.3 7,859.5
Unpaid claims 1,126.5 - 1,126.5 1,081.5 - 1,081.5
Policyholders' funds 598.3 908.9 1,507.2 594.0 859.1 1,453.1
Long-term debt, less current portion 1,155.7 - 1,155.7 1,609.7 - 1,609.7
Other long-term liabilities 766.9 27.6 794.5 947.3 74.1 1,021.4
Separate Accounts liabilities 4.2 13,940.8 13,945.0 4.5 13,011.3 13,015.8
Total liabilities 11,442.7 22,494.7 33,937.4 11,199.4 21,852.9 33,052.3
Shareholders' equity
Total shareholders' equity 8,969.8 350.3 9,320.1 8,807.9 273.5 9,081.4
Total liabilities and shareholder's equity 20,412.5$ 22,845.0$ 43,257.5$ 20,007.3$ 22,126.4$ 42,133.7$
Refer to page 14 for definitions of terms used.
Combining Balance Sheets
($ in Millions)
September 30, 2005 December 31, 2004
8

11. Health Care Health Care
and Group Large Case and Group Large Case
Insurance Pensions Total Insurance Pensions Total
Cash flows from operating activities:
Net income 367.2$ 10.6$ 377.8$ 1,282.4$ 9.9$ 1,292.3$
Adjustments to reconcile net income to net cash provided
by (used for) operating activities:
Income from discontinued operations - - - (990.0) - (990.0)
Amortization of other acquired intangible assets 15.9 - 15.9 9.3 - 9.3
Depreciation and other amortization 37.7 - 37.7 33.9 - 33.9
Amortization (accretion) of net investment premium (discount) 7.6 (5.5) 2.1 11.4 - 11.4
Net realized capital gains (7.0) (1.5) (8.5) (16.2) (3.4) (19.6)
Cash flow from operating activities before balance
sheet changes 421.4 3.6 425.0 330.8 6.5 337.3
Changes in assets and liabilities:
Decrease (increase) in accrued investment income 1.7 (2.0) (.3) (.6) 3.0 2.4
(Increase) decrease in premiums due and other receivables (.3) 3.3 3.0 (14.2) .6 (13.6)
Net change in income taxes 67.3 10.9 78.2 34.6 3.5 38.1
Net change in other assets and other liabilities 1.7 (1) (27.0) (25.3) (280.1) (22.2) (302.3)
Net increase (decrease) in health care and insurance liabilities 100.2 (73.1) (2) 27.1 22.0 (76.5) (2) (54.5)
Other, net (6.9) (1.4) (8.3) 1.4 - 1.4
Net cash provided by (used for) operating activities of continuing
operations 585.1 (85.7) 499.4 93.9 (85.1) 8.8
Discontinued operations, net - - - 666.2 - 666.2
Net cash provided by (used for) operating activities 585.1 (85.7) 499.4 760.1 (85.1) 675.0
Cash flows from investing activities:
Proceeds from sales and investment maturities 2,138.5 880.7 3,019.2 1,615.8 927.5 2,543.3
Cost of investments (2,051.6) (727.8) (2,779.4) (1,477.1) (737.8) (2,214.9)
Increase in property, equipment and software (74.6) - (74.6) (60.8) - (60.8)
Cash used for acquisitions, net of cash acquired (390.4) - (390.4) - - -
Net cash (used for) provided by investing activities (378.1) 152.9 (225.2) 77.9 189.7 267.6
Cash flows from financing activities:
Deposits and interest credited for investment contracts - 10.6 10.6 - 12.4 12.4
Withdrawals of investment contracts - (6.9) (6.9) - (98.7) (98.7)
Common shares issued under benefit plans 44.4 - 44.4 72.4 - 72.4
Common shares repurchased (408.5) - (408.5) (715.3) - (715.3)
Other, net 9.7 (9.7) - 3.9 .1 4.0
Net cash used for financing activities (354.4) (6.0) (360.4) (639.0) (86.2) (725.2)
Net (decrease) increase in cash and cash equivalents (147.4) 61.2 (86.2) 199.0 18.4 217.4
Cash and cash equivalents, beginning of period 1,050.6 68.3 1,118.9 1,070.4 79.1 1,149.5
Cash and cash equivalents, end of period 903.2$ 129.5$ 1,032.7$ 1,269.4$ 97.5$ 1,366.9$
(1) Includes voluntary pension plan contributions of approximately $65 million for the three months ended September 30, 2005.
(2) Changes in insurance liabilities are satisfied by sales of related investment assets included in net cash provided by investment activities.
Refer to page 14 for definitions of terms used.
Sep. 30, 2005 Sep. 30, 2004
Condensed Combining Statements of Cash Flows
($ in Millions)
Three Months Ended
9

12. Health Care Health Care
and Group Large Case and Group Large Case
Insurance Pensions Total Insurance Pensions Total
Cash flows from operating activities:
Net income 1,146.4$ 65.1$ 1,211.5$ 1,915.7$ 28.7$ 1,944.4$
Adjustments to reconcile net income to net cash provided
by (used for) operating activities:
Income from discontinued operations - - - (1,030.0) - (1,030.0)
Amortization of other acquired intangible assets 38.1 - 38.1 34.7 - 34.7
Depreciation and other amortization 109.4 - 109.4 105.5 - 105.5
Amortization (accretion) of net investment premium (discount) 25.6 (6.1) 19.5 33.5 .6 34.1
Net realized capital gains (17.8) (.8) (18.6) (40.7) (10.8) (51.5)
Cash flow from operating activities before balance
sheet changes 1,301.7 58.2 1,359.9 1,018.7 18.5 1,037.2
Changes in assets and liabilities:
Decrease in accrued investment income 5.2 6.8 12.0 3.0 8.1 11.1
(Increase) decrease in premiums due and other receivables (113.1) 6.4 (106.7) (6.3) .3 (6.0)
Net change in income taxes 441.0 16.4 457.4 208.5 15.5 224.0
Net change in other assets and other liabilities (385.2) (1) 2.1 (383.1) (685.9) (.5) (686.4)
Net increase (decrease) in health care and insurance liabilities 176.9 (237.3) (2) (60.4) (39.3) (239.4) (2) (278.7)
Other, net (5.5) (26.9) (32.4) (.5) (9.3) (9.8)
Net cash provided by (used for) operating activities of continuing
operations 1,421.0 (174.3) 1,246.7 498.2 (206.8) 291.4
Discontinued operations, net - - - 666.2 - 666.2
Net cash provided by (used for) operating activities 1,421.0 (174.3) 1,246.7 1,164.4 (206.8) 957.6
Cash flows from investing activities:
Proceeds from sales and investment maturities 6,121.0 2,756.0 8,877.0 6,197.5 3,097.5 9,295.0
Cost of investments (5,743.8) (2,551.8) (8,295.6) (6,412.8) (2,566.5) (8,979.3)
Increase in property and equipment (183.1) - (183.1) (134.5) - (134.5)
Cash used for acquisitions, net of cash acquired (1,021.5) - (1,021.5) - - -
Net cash (used for) provided by investing activities (827.4) 204.2 (623.2) (349.8) 531.0 181.2
Cash flows from financing activities:
Deposits and interest credited for investment contracts - 30.6 30.6 - 42.7 42.7
Withdrawals of investment contracts - (30.2) (30.2) - (381.7) (381.7)
Common shares issued under benefit plans 223.5 - 223.5 256.4 - 256.4
Common shares repurchased (1,210.7) - (1,210.7) (1,132.7) - (1,132.7)
Other, net (3.7) 3.7 - 2.8 7.2 10.0
Net cash (used for) provided by financing activities (990.9) 4.1 (986.8) (873.5) (331.8) (1,205.3)
Net (decrease) increase in cash and cash equivalents (397.3) 34.0 (363.3) (58.9) (7.6) (66.5)
Cash and cash equivalents, beginning of period 1,300.5 95.5 1,396.0 1,328.3 105.1 1,433.4
Cash and cash equivalents, end of period 903.2$ 129.5$ 1,032.7$ 1,269.4$ 97.5$ 1,366.9$
(1) Includes voluntary pension plan contributions of approximately $245 million and physician class action settlement payment of approximately $150 million for the nine months ended September 30, 2005.
(2) Includes a reduction of the reserve for anticipated future losses on discontinued products of $67 million for the nine months ended September 30, 2005. Changes in insurance liabilities are satisfied by sales
of related investment assets included in net cash provided by investment activities.
Refer to page 14 for definitions of terms used.
Sep. 30, 2005 Sep. 30, 2004
Condensed Combining Statements of Cash Flows (Continued)
($ in Millions)
Nine Months Ended
10

13. Sep. 30, Sep. 30, Sep. 30, Sep. 30,
2005 2004 2005 2004
Reconciliation to Income from continuing operations before income taxes
Operating earnings before income taxes, excluding interest expense, amortization of
other acquired intangible assets, other item and favorable development (A) 604.5$ 465.3$
Favorable development of prior-period health care cost estimates 24.0 22.0
Operating earnings before income taxes, excluding interest expense, amortization
of other acquired intangible assets and other item (B) 628.5 487.3 1,931.2$ 1,489.8$
Interest expense (32.5) (25.9) (90.2) (76.6)
Amortization of other acquired intangible assets (15.9) (9.3) (38.1) (34.7)
Reduction of reserve for anticipated future losses on discontinued products - - 66.7 -
Net realized capital gains 8.5 19.6 18.6 51.5
Income from continuing operations before income taxes (GAAP measure) (C) 588.6$ 471.7$ 1,888.2$ 1,430.0$
Reconciliation to Income from continuing operations
Operating earnings, excluding interest expense, amortization of other acquired
intangible assets, other item and favorable development (D) 388.7$ 298.4$
Favorable development of prior-period health care cost estimates, net of tax 15.0 14.0
Operating earnings, excluding interest expense, amortization of other acquired
intangible assets and other item (E) 403.7 312.4 1,239.4$ 953.3$
Interest expense, net of tax (21.1) (16.8) (58.6) (49.8)
Amortization of other acquired intangible assets, net of tax (10.3) (6.1) (24.8) (22.6)
Reduction of reserve for anticipated future losses on discontinued products, net of tax - - 43.4 -
Net realized capital gains, net of tax 5.5 12.8 12.1 33.5
Income from continuing operations (GAAP measure) (F) 377.8$ 302.3$ 1,211.5$ 914.4$
Reconciliation of Revenue
Revenue, excluding net realized capital gains (G) 5,692.2$ 5,019.9$ 16,605.9$ 14,684.3$
Net realized capital gains 8.5 19.6 18.6 51.5
Total revenue (GAAP measure) (H) 5,700.7$ 5,039.5$ 16,624.5$ 14,735.8$
Operating margin
Pretax operating margin (B)/(G) 11.0 % 9.7 % 11.6 % 10.1 %
Pretax operating margin - Adjusted (A)/(G) 10.6 % 9.3 %
Pretax operating margin (GAAP measure) (C)/(H) 10.3 % 9.4 % 11.4 % 9.7 %
After-tax operating margin (E)/(G) 7.1 % 6.2 % 7.5 % 6.5 %
After-tax operating margin - Adjusted (D)/(G) 6.8 % 5.9 %
After-tax operating margin (GAAP measure) (F)/(H) 6.6 % 6.0 % 7.3 % 6.2 %
Refer to page 14 for definitions of terms used.
Nine Months EndedThree Months Ended
Reconciliations of Certain Reported Amounts to the Most Directly Comparable GAAP Measure
($ in Millions, except per common share data)
11

14. Sep. 30, Sep. 30, Sep. 30, Sep. 30,
2005 2004 2005 2004
Aetna Inc.
Reconciliation of Operating Expenses
Total operating expenses (GAAP measure) (A) 1,091.5$ 989.7$ 3,212.7$ 2,952.7$
Reconciliation of Revenue
Revenue, excluding net realized capital gains (B) 5,692.2$ 5,019.9$ 16,605.9$ 14,684.3$
Net realized capital gains 8.5 19.6 18.6 51.5
Total revenue (GAAP measure) (C) 5,700.7$ 5,039.5$ 16,624.5$ 14,735.8$
Operating expenses as a % of revenue
Operating expenses as a % of revenue (A)/(B) 19.2 % 19.7 % 19.3 % 20.1 %
Total operating expenses as a % of total revenue (GAAP measure) (A)/(C) 19.1 % 19.6 % 19.3 % 20.0 %
Health Care
Reconciliation of Operating Expenses
Total operating expenses (GAAP measure) (D) 1,024.3$ 928.3$ 3,016.0$ 2,775.4$
Reconciliation of Revenue
Revenue, excluding net realized capital gains (E) 4,984.2$ 4,356.5$ 14,469.2$ 12,720.7$
Net realized capital gains 1.9 10.7 7.7 19.4
Total revenue (GAAP measure) (F) 4,986.1$ 4,367.2$ 14,476.9$ 12,740.1$
Operating expenses as a % of revenue
Operating expenses as a % of revenue (D)/(E) 20.6 % 21.3 % 20.8 % 21.8 %
Total operating expenses as a % of total revenue (GAAP measure) (D)/(F) 20.5 % 21.3 % 20.8 % 21.8 %
Refer to page 14 for definitions of terms used.
Nine Months Ended
Reconciliations of Certain Reported Amounts to the Most Directly Comparable GAAP Measure (Continued)
($ in Millions)
Three Months Ended
12

15. Sep. 30, Sep. 30, Sep. 30, Sep. 30,
2005 2004 2005 2004
Group Insurance
Total operating expenses (GAAP measure) (A) 62.1$ 56.3$ 183.4$ 162.2$
Reconciliation of Revenue
Revenue, excluding net realized capital gains (B) 524.7$ 486.7$ 1,577.2$ 1,419.5$
Net realized capital gains 5.1 5.5 10.1 21.3
Total revenue (GAAP measure) (C) 529.8$ 492.2$ 1,587.3$ 1,440.8$
Operating expenses as a % of revenue
Operating expenses as a % of revenue (A)/(B) 11.8 % 11.6 % 11.6 % 11.4 %
Total operating expenses as a % of total revenue (GAAP measure) (A)/(C) 11.7 % 11.4 % 11.6 % 11.3 %
Large Case Pensions
Total operating expenses (GAAP measure) (D) 5.1$ 5.1$ 13.3$ 15.1$
Reconciliation of Revenue
Revenue, excluding net realized capital gains (E) 183.3$ 176.7$ 559.5$ 544.1$
Net realized capital gains 1.5 3.4 .8 10.8
Total revenue (GAAP measure) (F) 184.8$ 180.1$ 560.3$ 554.9$
Operating expenses as a % of revenue
Operating expenses as a % of revenue (D)/(E) 2.8 % 2.9 % 2.4 % 2.8 %
Total operating expenses as a % of total revenue (GAAP measure) (D)/(F) 2.8 % 2.8 % 2.4 % 2.7 %
Refer to page 14 for definitions of terms used.
Nine Months Ended
Reconciliations of Certain Reported Amounts to the Most Directly Comparable GAAP Measure (Continued)
($ in Millions)
Three Months Ended
13

16. Adjusted noted on a financial statistic indicates that the statistic excludes favorable development of prior-period health care cost estimates.
Administrative Services Contracts ("ASC") include all medical, dental and disability products offered on an employer-funded basis. Under employer-funded plans, the plan sponsor, not the Company,
assumes all or a majority of health care cost, utilization or other risk.
After-tax Operating Margins are calculated by dividing after-tax operating earnings, excluding interest expense, amortization of other acquired intangible assets and other items by revenue, excluding net
realized gains (losses).
Benefit Cost Ratios are calculated by dividing group insurance current and future benefits by group insurance premiums.
Commercial includes HMO, POS, PPO and Indemnity products.
Commercial Risk includes all medical and dental risk products except Medicare and Medicaid.
Days Claims Payable is calculated by dividing the health care costs payable at each quarter end by the health care costs per day in each respective quarter. Health care costs per day is derived by dividing
health care costs by the number of days in the quarter.
Development of Prior-Period Health Care Cost Estimates reflects management's estimate of the extent by which reported health care costs in the current period are affected by changes in estimates for
health care costs payable during the period which relate to prior periods.
Health Care Medical Cost Ratios are calculated by dividing health care costs by health care premiums.
Health Care Risk includes all medical and dental risk products.
Operating Earnings exclude net realized capital gains (losses) and other items from income from continuing operations.
Operating Expenses as a % of Revenue are calculated by dividing operating expenses, excluding other items by revenue, excluding net realized capital gains (losses).
Pretax Operating Margins are calculated by dividing pretax operating earnings, excluding interest expense, amortization of other acquired intangible assets and other items by revenue, excluding net
realized gains (losses).
Risk includes all medical and dental products for which the Company assumes all or a majority of health care cost, utilization or other risk.
Selling Expenses are comprised of broker commissions, the variable component of our internal sales force compensation and premium taxes.
Health Case Costs Payable consist principally of unpaid fee-for-service claims, capitation costs and other amounts due to health care providers pursuant to risk-sharing arrangements.
Future Policy Benefits consist primarily of reserves for limited payment pension and annuity contracts in the Large Case Pension business and long-duration group paid-up life and long-term care
insurance contracts in the Group Insurance business.
Unpaid Claims consist primarily of reserves associated with certain short-duration group disability and term life insurance contracts in the Group Insurance business.
Policyholders' Funds consist primarily of reserves for pension and annuity investment contracts in the Large Case Pension business and customer funds associated with group life and health contracts
in the Health Care and Group Insurance business.
Separate Accounts are primarily assets and liabilities representing funds maintained for the Large Case Pension business to meet specific obligations of contract holders who bear the investment risk.
Definitions
Balance Sheet Terms
14