This document provides a financial supplement with earnings information for Aetna for the first quarter of 2005. It includes: - Operating earnings of $421.1 million, up 36.4% from the prior year. Health care operating earnings were $404 million, up 40.1% driven by higher premiums and lower medical costs. - Membership increased across medical, dental, pharmacy and group insurance. Medical membership was 14.4 million, up 7.3% from the prior year. - Revenue increased 13.1% to $5.4 billion led by higher premiums in health care and group insurance. Medical costs were $3 billion, up 11.2% but growth was mod

1. A 2005 First Quarter
Financial
Supplement

2. Table of Contents
Financial Highlights 1
Health Care and Group Insurance Statistics 2
Health Care and Group Insurance Enrollment 3
Earnings Summary 4
Historical Earnings Summary 5
Consolidating Statements of Income (Loss) from Continuing Operations by Segment 6
Consolidated Balance Sheets 7
Combining Balance Sheets 8
Condensed Combining Statements of Cash Flows 9
Reconciliations of Certain Reported Amounts to the Most Directly Comparable GAAP Measure 10-12
Definitions 13
This document is supplemental to the Company’s first quarter 2005 earnings press release and should be read in conjunction therewith and in conjunction with the Company's
March 31, 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.

3. Financial Highlights
($ in Millions, except per common share data)
Three Months Ended
Change
Mar. 31, Mar. 31, Mar. 31, 2005 -
2005 2004 (1) Mar. 31, 2004
Operating Earnings (2)
Aetna Inc. $ 421.1 $ 308.8 36.4 %
Aetna Inc. Per Common Share $ 1.38 $ .96 43.8 %
Health Care $ 404.0 $ 288.4 40.1 %
Group Insurance $ 30.7 $ 30.8 (.3) %
Large Case Pensions $ 4.1 $ 6.1 (32.8) %
Operating Earnings - Adjusted (2)
Aetna Inc. $ 337.1 $ 281.8 19.6 %
Aetna Inc. Per Common Share $ 1.10 $ .88 25.0 %
Health Care $ 320.0 $ 261.4 22.4 %
Pretax Operating Margin (2)
Aetna Inc. 12.8 % 10.9 % 1.9 pts.
Aetna Inc. - Adjusted 10.4 % 10.0 % .4 pts.
After-tax Operating Margin (2)
Aetna Inc. 8.2 % 7.0 % 1.2 pts.
Aetna Inc. - Adjusted 6.7 % 6.4 % .3 pts.
Revenue by Segment (2)
Health Care $ 4,691.9 $ 4,135.9 13.4 %
Group Insurance 532.6 472.8 12.6 %
Large Case Pensions 198.0 186.5 6.2 %
Total Revenue $ 5,422.5 $ 4,795.2 13.1 %
Operating Expenses as % of Revenue (2)
Aetna Inc. 19.6 % 20.5 % (.9) pts.
Health Care 21.2 % 22.3 % (1.1) pts.
Group Insurance 11.6 % 11.5 % .1 pts.
Large Case Pensions 2.5 % 2.7 % (.2) pts.
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2005 2004 2004 2004 2004
Membership (Members in Thousands) (3)
Medical 14,375 13,656 13,570 13,439 13,344
Dental 12,791 11,932 11,636 11,428 11,214
Pharmacy 9,006 8,447 8,323 8,148 8,057
Group Insurance 14,040 13,494 13,287 12,594 12,394
(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 10-12.
(3) Refer to page 3 for more details.
Refer to page 13 for definitions of terms used.
1

4. Health Care and Group Insurance Statistics
($ in Millions)
Three Months Ended
Change
Mar. 31, Mar. 31, Mar. 31, 2005 -
2005 2004 Mar. 31, 2004
Health Care
Premiums
Health Care Risk (A) $ 4,053.5 $ 3,557.8 13.9 %
Commercial Risk (B) $ 3,805.8 $ 3,326.2 14.4 %
Medicare (C) $ 247.7 $ 231.6 7.0 %
Administrative Services Contract Fees $ 561.0 $ 505.3 11.0 %
Health Care Costs
Health Care Risk
Health care costs (GAAP measure) (D) $ 3,048.5 $ 2,741.8 11.2 %
Favorable development of prior-period health care cost estimates 133.0 41.0
Health care costs - Adjusted (E) $ 3,181.5 $ 2,782.8 14.3 %
Commercial Risk
Health care costs (GAAP measure) (F) $ 2,837.9 $ 2,546.3 11.5 %
Favorable development of prior-period health care cost estimates 127.0 36.0
Health care costs - Adjusted (G) $ 2,964.9 $ 2,582.3 14.8 %
Medicare
Health care costs (GAAP measure) (H) $ 210.6 $ 195.6 7.7 %
Favorable development of prior-period health care cost estimates 6.0 5.0
Health care costs - Adjusted (I) $ 216.6 $ 200.6 8.0 %
Health Care Medical Cost Ratios
Health Care Risk (GAAP measure) (D)/(A) 75.2 % 77.1 % (1.9) pts.
Health Care Risk - Adjusted (E)/(A) 78.5 % 78.2 % .3 pts.
Commercial Risk (GAAP measure) (F)/(B) 74.6 % 76.6 % (2.0) pts.
Commercial Risk - Adjusted (G)/(B) 77.9 % 77.6 % .3 pts.
Medicare (GAAP measure) (H)/(C) 85.0 % 84.5 % .5 pts.
Medicare - Adjusted (I)/(C) 87.4 % 86.6 % .8 pts.
Group Insurance
Total Revenue, Excluding Net Realized Capital Gains (Losses) $ 532.6 $ 472.8 12.6 %
Benefit Cost Ratios 95.3 % 95.1 % .2 pts.
Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
Other Health Care Statistics 2005 2004 2004 2004 2004
Health Care Costs Payable $ 1,885.0 $ 1,927.1 $ 1,945.6 $ 1,913.6 $ 1,915.0
Days Claims Payable 55.7 (1) 58.6 59.8 60.6 63.6
(1) The decline of 2.9 days from December 31, 2004 was primarily due to an approximate 1.1 day decline associated with the delayed effect on this quarter of the favorable reserve development reported
in the fourth quarter of 2004, a 1.4 day decline due to current period favorable reserve development, including the release of reserves related to the Company's participation in the New York State
Market Stabilization Pool, and a .4 day decline due to a speed up in claim turn around times as well as a reduction in various provider liabilities and the timing of pharmacy payments.
Refer to page 13 for definitions of terms used.
2

5. Health Care and Group Insurance Enrollment
(Members in Thousands)
March 31, 2005 March 31, 2004 December 31, 2004
Products Risk ASC Total Risk ASC Total Risk ASC Total
Medical:
Commercial 4,841 9,321 14,162 4,415 8,721 13,136 4,684 8,762 13,446
Medicare 101 - 101 102 - 102 97 - 97
Medicaid - 112 112 - 106 106 - 113 113
Total Medical 4,942 9,433 14,375 4,517 8,827 13,344 4,781 8,875 13,656
Dental 4,918 7,873 12,791 4,599 6,615 11,214 4,676 7,256 11,932
Pharmacy:
Pharmacy Benefit Management Services 8,505 7,693 7,989
Mail Order (1) 501 364 458
Total Pharmacy 9,006 8,057 8,447
Group Insurance:
Life 11,160 10,045 10,930
Disability 2,653 2,141 2,341
Long-Term Care 227 208 223
Total Group Insurance 14,040 12,394 13,494
®
Aetna HealthFund (2) 361 183 222
Regions
Northeast 1,140 1,373 2,513 1,063 1,293 2,356 1,143 1,298 2,441
Mid-Atlantic 1,070 1,538 2,608 973 1,473 2,446 1,043 1,470 2,513
Southeast 854 1,541 2,395 776 1,423 2,199 809 1,433 2,242
North Central 512 2,126 2,638 416 2,065 2,481 471 2,079 2,550
Southwest 571 1,533 2,104 557 1,368 1,925 557 1,376 1,933
West 693 1,299 1,992 653 1,198 1,851 673 1,211 1,884
Other 102 23 125 79 7 86 85 8 93
Total Medical 4,942 9,433 14,375 4,517 8,827 13,344 4,781 8,875 13,656
Risk/ASC % 34.4% 65.6% 100.0% 33.9% 66.1% 100.0% 35.0% 65.0% 100.0%
(1) Represents members who purchased medications through Aetna's mail order pharmacy during the quarterly period.
(2) Represents members in consumer-directed health plan products included in Aetna's Commercial medical membership.
Refer to page 13 for definitions of terms used.
3

6. Earnings Summary
($ in Millions, except per common share data)
Three Months Ended
Mar. 31, Mar. 31,
2005 2004 (1)
Summary of Results
Health Care $ 404.0 $ 288.4
Group Insurance 30.7 30.8
Large Case Pensions 4.1 6.1
Corporate Interest Expense (17.7) (16.5)
Operating earnings 421.1 308.8
Net realized capital gains 2.9 17.0
Income from continuing operations (GAAP measure) 424.0 325.8
Income from discontinued operations (2) - 40.0
Net income (GAAP measure) $ 424.0 $ 365.8
Operating earnings - Adjusted $ 337.1 $ 281.8
Favorable development of prior-period health care cost estimates 84.0 27.0
Operating earnings $ 421.1 $ 308.8
Health Care operating earnings - Adjusted $ 320.0 $ 261.4
Favorable development of prior-period health care cost estimates 84.0 27.0
Health Care operating earnings $ 404.0 $ 288.4
Weighted average common shares - basic 293,304,437 307,836,718
Weighted average common shares - diluted 306,006,348 320,835,386
Summary of Results Per Common Share
Operating earnings - Adjusted $ 1.10 $ .88
Favorable development of prior-period health care cost estimates .28 .08
Operating earnings 1.38 .96
Net realized capital gains .01 .06
Income from continuing operations (GAAP measure) 1.39 1.02
Income from discontinued operations - .12
Net income (GAAP measure) $ 1.39 $ 1.14
(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 of approximately $40 million for the three months ended March 31, 2004 reflects the completion of certain
Internal Revenue Service audits associated with businesses that were sold in the 1990s by the Company's predecessor (former Aetna).
Refer to page 13 for definitions of terms used.
4

7. Historical Earnings Summary
(Adjusted to reflect the March 11, 2005 two-for-one stock split)
($ in Millions, except per common share data)
Three Months Ended Twelve Months Ended
Mar. 31, 2004 Jun. 30, 2004 Sep. 30, 2004 Dec. 31, 2004 Dec. 31, 2004
Summary of Results
Health Care $ 288.4 $ 264.0 $ 268.1 $ 288.2 $ 1,108.7
Group Insurance 30.8 27.2 30.5 38.0 126.5
Large Case Pensions 6.1 7.9 7.7 9.6 31.3
Corporate Interest Expense (16.5) (16.5) (16.8) (18.2) (68.0)
Operating earnings, excluding other item 308.8 282.6 289.5 317.6 1,198.5
Aetna Foundation contribution - - - (29.3) (29.3)
Operating earnings, including other item 308.8 282.6 289.5 288.3 1,169.2
Net realized capital gains 17.0 3.7 12.8 12.4 45.9
Income from continuing operations (GAAP measure) 325.8 286.3 302.3 300.7 1,215.1
Income from discontinued operations (1) 40.0 - 990.0 - 1,030.0
Net income (GAAP measure) $ 365.8 $ 286.3 $ 1,292.3 $ 300.7 $ 2,245.1
Operating earnings - Adjusted $ 281.8 $ 271.6 $ 275.5 $ 279.6 $ 1,141.5
Favorable development of prior-period health care cost estimates 27.0 18.0 14.0 38.0 57.0
Unfavorable prior-period mortality development - (7.0) - - -
Operating earnings, excluding other item $ 308.8 $ 282.6 $ 289.5 $ 317.6 $ 1,198.5
Health Care operating earnings - Adjusted $ 261.4 $ 246.0 $ 254.1 $ 250.2 $ 1,051.7
Favorable development of prior-period health care cost estimates 27.0 18.0 14.0 38.0 57.0
Health Care operating earnings, excluding other item $ 288.4 $ 264.0 $ 268.1 $ 288.2 $ 1,108.7
Weighted average common shares - basic 307,836,718 306,350,590 302,301,031 294,734,112 302,782,520
Weighted average common shares - diluted 320,835,386 319,939,126 314,841,794 307,845,388 313,923,512
Summary of Results Per Common Share
Operating earnings - Adjusted $ .88 $ .85 $ .88 $ .91 $ 3.64
Favorable development of prior-period health care cost estimates .08 .06 .04 .12 .18
Unfavorable prior-period mortality development - (.02) - - -
Operating earnings, excluding other item .96 .89 .92 1.03 3.82
Aetna Foundation contribution - - - (.09) (.10)
Operating earnings, including other item .96 .89 .92 .94 3.72
Net realized capital gains .06 .01 .04 .04 .15
Income from continuing operations (GAAP measure) 1.02 .90 .96 .98 3.87
Income from discontinued operations .12 - 3.14 - 3.28
Net income (GAAP measure) $ 1.14 $ .90 $ 4.10 $ .98 $ 7.15
(1) Income from discontinued operations for the three months ended March 31, 2004 includes $40 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 three 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 former Aetna.
Refer to page 13 for definitions of terms used. 5

8. Consolidating Statements of Income (Loss) from Continuing Operations by Segment
($ in Millions)
Health Group Large Case Corporate
Three Months Ended March 31, 2005 Care Insurance Pensions Interest Consolidated
Revenue:
Premiums $ 4,053.5 $ 449.8 $ 48.7 $ - $ 4,552.0
Administrative services contract fees 561.0 7.9 - - 568.9
Net investment income 70.6 73.9 146.7 - 291.2
Other income 6.8 1.0 2.6 - 10.4
Total revenue, excluding net realized capital gains (1) 4,691.9 532.6 198.0 - 5,422.5
Benefits and expenses:
Health care costs (2) 3,048.5 - - - 3,048.5
Current and future benefits - 428.5 186.8 - 615.3
Operating expenses:
Selling expenses 183.9 19.1 - - 203.0
General and administrative expenses 812.3 42.6 4.9 - 859.8
Total operating expenses 996.2 61.7 4.9 - 1,062.8
Interest expense - - - 27.2 27.2
Amortization of other acquired intangible assets 10.7 - - - 10.7
Total benefits and expenses 4,055.4 490.2 191.7 27.2 4,764.5
Operating earnings (loss), excluding income taxes (benefits) 636.5 42.4 6.3 (27.2) 658.0
Income taxes (benefits) 232.5 11.7 2.2 (9.5) 236.9
Operating earnings (loss) 404.0 30.7 4.1 (17.7) 421.1
Net realized capital gains, net of tax 1.3 1.4 .2 - 2.9
Income (loss) from continuing operations $ 405.3 $ 32.1 $ 4.3 $ (17.7) $ 424.0
Three Months Ended March 31, 2004
Revenue:
Premiums $ 3,557.8 $ 393.7 $ 49.0 $ - $ 4,000.5
Administrative services contract fees 505.3 6.9 - - 512.2
Net investment income 65.7 71.3 134.5 - 271.5
Other income 7.1 .9 3.0 - 11.0
Total revenue, excluding net realized capital gains (1) 4,135.9 472.8 186.5 - 4,795.2
Benefits and expenses:
Health care costs (3) 2,741.8 - - - 2,741.8
Current and future benefits - 374.6 172.4 - 547.0
Operating expenses:
Selling expenses 148.8 14.8 - - 163.6
General and administrative expenses 775.4 39.7 5.0 - 820.1
Total operating expenses 924.2 54.5 5.0 - 983.7
Interest expense - - - 25.5 25.5
Amortization of other acquired intangible assets 12.7 - - - 12.7
Total benefits and expenses 3,678.7 429.1 177.4 25.5 4,310.7
Operating earnings (loss), excluding income taxes (benefits) 457.2 43.7 9.1 (25.5) 484.5
Income taxes (benefits) 168.8 12.9 3.0 (9.0) 175.7
Operating earnings (loss) 288.4 30.8 6.1 (16.5) 308.8
Net realized capital gains, net of tax 7.1 7.9 2.0 - 17.0
Income (loss) from continuing operations $ 295.5 $ 38.7 $ 8.1 $ (16.5) $ 325.8
(1) Refer to pages 10-12 for reconciliations of revenue calculated under GAAP for all periods.
(2) Includes favorable development of prior-period health care cost estimates of approximately $133 million pretax (approximately $84 million after tax) in the Health Care Segment.
This includes approximately $54 million pretax (approximately $34 million after tax) related to the release of reserves associated with the New York Market Stabilization Pool.
(3) Includes favorable development of prior-period health care cost estimates of approximately $41 million pretax (approximately $27 million after tax) in the Health Care Segment.
Refer to page 13 for definitions of terms used.
6

9. Consolidated Balance Sheets
($ in Millions)
Mar. 31, Dec. 31, Mar. 31, Dec. 31,
2005 2004 2005 2004
Assets Liabilities and shareholders' equity
Current assets: Current liabilities:
Cash and cash equivalents $ 930.0 $ 1,396.0 Health care costs payable $ 1,885.0 $ 1,927.1
Investment securities 13,950.2 14,242.6 Future policy benefits 833.6 837.6
Other investments 57.3 57.7 Unpaid claims 736.7 707.7
Premiums receivable, net 305.8 256.1 Unearned premiums 141.2 121.8
Other receivables, net 456.1 314.0 Policyholders' funds 640.8 672.5
Accrued investment income 193.5 198.6 Collateral payable under securities loan agreements 1,126.6 1,173.8
Collateral received under securities loan agreements 1,126.6 1,173.8 Current portion of long-term debt 449.7 -
Loaned securities 1,103.6 1,150.1 Accrued expenses and other current liabilities 1,561.3 1,570.8
Income taxes receivable 155.1 226.8 Total current liabilities 7,374.9 7,011.3
Deferred income taxes 209.5 196.0
Other current assets 399.6 304.5
Total current assets 18,887.3 19,516.2 Future policy benefits 7,839.9 7,859.5
Unpaid claims 1,098.7 1,081.5
Policyholders' funds 1,442.2 1,453.1
Long-term investments 1,736.5 1,718.1 Long-term debt, less current portion 1,151.7 1,609.7
Mortgage loans 1,436.8 1,348.2 Other long-term liabilities 854.7 1,021.4
Investment real estate 269.7 274.8 Separate Accounts liabilities 13,246.5 13,015.8
Reinsurance recoverables 1,165.1 1,173.0 Total liabilities 33,008.6 33,052.3
Goodwill 3,810.6 3,687.8
Other acquired intangible assets, net 532.3 460.3
Property and equipment, net 233.7 233.6 Shareholders' equity
Deferred income taxes 312.6 300.0 Common stock and additional paid-in capital 2,721.3 3,076.5
Other long-term assets 416.6 405.9 Retained earnings 6,970.4 6,546.4
Separate Accounts assets 13,246.5 13,015.8 Accumulated other comprehensive loss (1) (652.6) (541.5)
Total shareholders' equity 9,039.1 9,081.4
Total assets $ 42,047.7 $ 42,133.7 Total liabilities and shareholders' equity $ 42,047.7 $ 42,133.7
(1) Includes net unrealized capital gains related to available for sale securities under FAS No. 115 of $134.9 million and $245.7 million at March 31, 2005 and December 31, 2004, respectively, and a minimum
pension liability adjustment of ($797.7) million at March 31, 2005 and December 31, 2004.
Refer to page 13 for definitions of terms used.
7

10. Combining Balance Sheets
($ in Millions)
March 31, 2005 December 31, 2004
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 $ 852.4 $ 77.6 $ 930.0 $ 1,300.5 $ 95.5 $ 1,396.0
Investment securities 8,140.3 5,809.9 13,950.2 8,259.8 5,982.8 14,242.6
Other investments .7 56.6 57.3 1.5 56.2 57.7
Premiums receivable, net 305.8 - 305.8 256.1 - 256.1
Other receivables, net 372.9 83.2 456.1 279.2 34.8 314.0
Accrued investment income 100.1 93.4 193.5 103.5 95.1 198.6
Collateral received under securities loan agreements 535.9 590.7 1,126.6 620.1 553.7 1,173.8
Loaned securities 525.0 578.6 1,103.6 607.6 542.5 1,150.1
Income taxes receivable 165.7 (10.6) 155.1 228.1 (1.3) 226.8
Deferred income taxes 186.9 22.6 209.5 183.9 12.1 196.0
Other current assets 376.1 23.5 399.6 283.0 21.5 304.5
Total current assets 11,561.8 7,325.5 18,887.3 12,123.3 7,392.9 19,516.2
Long-term investments 1,245.6 490.9 1,736.5 1,238.7 479.4 1,718.1
Mortgage loans 543.1 893.7 1,436.8 491.7 856.5 1,348.2
Investment real estate 132.5 137.2 269.7 137.9 136.9 274.8
Reinsurance recoverables 1,148.7 16.4 1,165.1 1,156.0 17.0 1,173.0
Goodwill 3,810.6 - 3,810.6 3,687.8 - 3,687.8
Other acquired intangible assets, net 532.3 - 532.3 460.3 - 460.3
Property and equipment, net 144.9 88.8 233.7 140.3 93.3 233.6
Deferred income taxes 145.1 167.5 312.6 160.9 139.1 300.0
Other long-term assets 416.6 - 416.6 405.9 - 405.9
Separate Accounts assets 4.3 13,242.2 13,246.5 4.5 13,011.3 13,015.8
Total assets $ 19,685.5 $ 22,362.2 $ 42,047.7 $ 20,007.3 $ 22,126.4 $ 42,133.7
Liabilities and shareholders' equity
Current liabilities:
Health care costs payable $ 1,885.0 $ - $ 1,885.0 $ 1,927.1 $ - $ 1,927.1
Future policy benefits 114.7 718.9 833.6 111.5 726.1 837.6
Unpaid claims 736.2 .5 736.7 707.1 .6 707.7
Unearned premiums 132.6 8.6 141.2 115.9 5.9 121.8
Policyholders' funds 403.4 237.4 640.8 383.5 289.0 672.5
Collateral payable under securities loan agreements 535.9 590.7 1,126.6 620.1 553.7 1,173.8
Current portion of long-term debt 449.7 - 449.7 - - -
Accrued expenses and other current liabilities 1,159.5 401.8 1,561.3 1,226.0 344.8 1,570.8
Total current liabilities 5,417.0 1,957.9 7,374.9 5,091.2 1,920.1 7,011.3
Future policy benefits 1,875.7 5,964.2 7,839.9 1,871.2 5,988.3 7,859.5
Unpaid claims 1,098.7 - 1,098.7 1,081.5 - 1,081.5
Policyholders' funds 587.7 854.5 1,442.2 594.0 859.1 1,453.1
Long-term debt, less current portion 1,151.7 - 1,151.7 1,609.7 - 1,609.7
Other long-term liabilities 775.8 78.9 854.7 947.3 74.1 1,021.4
Separate Accounts liabilities 4.3 13,242.2 13,246.5 4.5 13,011.3 13,015.8
Total liabilities 10,910.9 22,097.7 33,008.6 11,199.4 21,852.9 33,052.3
Shareholders' equity
Total shareholders' equity 8,774.6 264.5 9,039.1 8,807.9 273.5 9,081.4
Total liabilities and shareholder's equity $ 19,685.5 $ 22,362.2 $ 42,047.7 $ 20,007.3 $ 22,126.4 $ 42,133.7
Refer to page 13 for definitions of terms used.
8

11. Condensed Combining Statements of Cash Flows
($ in Millions)
Three Months Ended
Mar. 31, 2005 Mar. 31, 2004
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 $ 419.7 $ 4.3 $ 424.0 $ 357.7 $ 8.1 $ 365.8
Adjustments to reconcile net income to net cash provided
by (used for) operating activities:
Income from discontinued operations - - - (40.0) - (40.0)
Amortization of other acquired intangible assets 10.7 - 10.7 12.7 - 12.7
Depreciation and other amortization 34.4 - 34.4 35.1 - 35.1
Amortization (accretion) of net investment premium (discount) 10.6 (.3) 10.3 11.7 .1 11.8
Net realized capital gains (4.1) (.3) (4.4) (23.0) (3.1) (26.1)
Cash flow from operating activities before balance
sheet changes 471.3 3.7 475.0 354.2 5.1 359.3
Changes in assets and liabilities:
Decrease (increase) in accrued investment income 3.4 1.7 5.1 (1.6) 1.7 .1
(Increase) decrease in premiums due and other receivables (81.7) .9 (80.8) (28.2) (.5) (28.7)
Net change in income taxes 217.0 (3.9) 213.1 200.7 4.8 205.5
Net change in other assets and other liabilities (455.9) (1) 19.7 (436.2) (452.4) 13.9 (438.5)
Net increase (decrease) in health care and insurance liabilities 42.7 (40.1) (2) 2.6 32.2 (58.7) (2) (26.5)
Other, net (11.0) (23.3) (34.3) (5.5) (6.3) (11.8)
Net cash provided by (used for) operating activities 185.8 (41.3) 144.5 99.4 (40.0) 59.4
Cash flows from investing activities:
Proceeds from sales and investment maturities 1,873.3 722.5 2,595.8 2,347.6 1,009.6 3,357.2
Cost of investments (1,810.9) (694.4) (2,505.3) (2,862.2) (876.0) (3,738.2)
Increase in property, equipment and software (47.1) - (47.1) (34.2) - (34.2)
Cash used for acquisition, net of cash acquired (241.7) - (241.7) - - -
Net cash (used for) provided by investing activities (226.4) 28.1 (2) (198.3) (548.8) 133.6 (2) (415.2)
Cash flows from financing activities:
Withdrawals of investment contracts, net - (2.7) (2.7) - (156.2) (156.2)
Common shares issued under benefit plans 118.7 - 118.7 140.4 - 140.4
Common shares repurchased (528.2) - (528.2) (363.8) - (363.8)
Other, net 2.0 (2.0) - 3.7 6.3 10.0
Net cash used for financing activities (407.5) (4.7) (412.2) (219.7) (149.9) (369.6)
Net decrease in cash and cash equivalents (448.1) (17.9) (466.0) (669.1) (56.3) (725.4)
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 $ 852.4 $ 77.6 $ 930.0 $ 659.2 $ 48.8 $ 708.0
(1) Includes voluntary pension plan contributions of approximately $180 million and physician class action settlement payment of approximately $150 million for the three months ended March 31, 2005.
(2) Changes in insurance liabilities are satisfied by sales of related investment assets.
Refer to page 13 for definitions of terms used.
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12. Reconciliations of Certain Reported Amounts to the Most Directly Comparable GAAP Measure
($ in Millions, except per common share data)
Three Months Ended
Mar. 31, Mar. 31,
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 and favorable development (A) $ 562.9 $ 481.7
Favorable development of prior-period health care cost estimates 133.0 41.0
Operating earnings before income taxes, excluding interest expense and amortization
of other acquired intangible assets (B) 695.9 522.7
Interest expense (27.2) (25.5)
Amortization of other acquired intangible assets (10.7) (12.7)
Net realized capital gains 4.4 26.1
Income from continuing operations before income taxes (GAAP measure) (C) $ 662.4 $ 510.6
Reconciliation to Income from continuing operations
Operating earnings, excluding interest expense, amortization of other acquired
intangible assets and favorable development (D) $ 361.8 $ 306.6
Favorable development of prior-period health care cost estimates, net of tax 84.0 27.0
Operating earnings, excluding interest expense and amortization of other acquired
intangible assets (E) 445.8 333.6
Interest expense, net of tax (17.7) (16.5)
Amortization of other acquired intangible assets, net of tax (7.0) (8.3)
Net realized capital gains, net of tax 2.9 17.0
Income from continuing operations (GAAP measure) (F) $ 424.0 $ 325.8
Reconciliation of Revenue
Revenue, excluding net realized capital gains (G) $ 5,422.5 $ 4,795.2
Net realized capital gains 4.4 26.1
Total revenue (GAAP measure) (H) $ 5,426.9 $ 4,821.3
Operating margin
Pretax operating margin (B)/(G) 12.8 % 10.9 %
Pretax operating margin - Adjusted (A)/(G) 10.4 % 10.0 %
Pretax operating margin (GAAP measure) (C)/(H) 12.2 % 10.6 %
After-tax operating margin (E)/(G) 8.2 % 7.0 %
After-tax operating margin - Adjusted (D)/(G) 6.7 % 6.4 %
After-tax operating margin (GAAP measure) (F)/(H) 7.8 % 6.8 %
Refer to page 13 for definitions of terms used.
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13. Reconciliations of Certain Reported Amounts to the Most Directly Comparable GAAP Measure (Continued)
($ in Millions)
Three Months Ended
Mar. 31, Mar. 31,
2005 2004
Aetna Inc.
Total operating expenses (GAAP measure) (A) $ 1,062.8 $ 983.7
Reconciliation of Revenue
Revenue, excluding net realized capital gains (B) $ 5,422.5 $ 4,795.2
Net realized capital gains 4.4 26.1
Total revenue (GAAP measure) (C) $ 5,426.9 $ 4,821.3
Operating expenses as a % of revenue
Operating expenses as a % of revenue (A)/(B) 19.6 % 20.5 %
Total operating expenses as a % of total revenue (GAAP measure) (A)/(C) 19.6 % 20.4 %
Health Care
Total operating expenses (GAAP measure) (D) $ 996.2 $ 924.2
Reconciliation of Revenue
Revenue, excluding net realized capital gains (E) $ 4,691.9 $ 4,135.9
Net realized capital gains 2.0 10.9
Total revenue (GAAP measure) (F) $ 4,693.9 $ 4,146.8
Operating expenses as a % of revenue
Operating expenses as a % of revenue (D)/(E) 21.2 % 22.3 %
Total operating expenses as a % of total revenue (GAAP measure) (D)/(F) 21.2 % 22.3 %
Refer to page 13 for definitions of terms used.
11

14. Reconciliations of Certain Reported Amounts to the Most Directly Comparable GAAP Measure (Continued)
($ in Millions)
Three Months Ended
Mar. 31, Mar. 31,
2005 2004
Group Insurance
Total operating expenses (GAAP measure) (A) $ 61.7 $ 54.5
Reconciliation of Revenue
Revenue, excluding net realized capital gains (B) $ 532.6 $ 472.8
Net realized capital gains 2.1 12.1
Total revenue (GAAP measure) (C) $ 534.7 $ 484.9
Operating expenses as a % of revenue
Operating expenses as a % of revenue (A)/(B) 11.6 % 11.5 %
Total operating expenses as a % of total revenue (GAAP measure) (A)/(C) 11.5 % 11.2 %
Large Case Pensions
Total operating expenses (GAAP measure) (D) $ 4.9 $ 5.0
Reconciliation of Revenue
Revenue, excluding net realized capital gains (E) $ 198.0 $ 186.5
Net realized capital gains .3 3.1
Total revenue (GAAP measure) (F) $ 198.3 $ 189.6
Operating expenses as a % of revenue
Operating expenses as a % of revenue (D)/(E) 2.5 % 2.7 %
Total operating expenses as a % of total revenue (GAAP measure) (D)/(F) 2.5 % 2.6 %
Refer to page 13 for definitions of terms used.
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15. Definitions
Adjusted noted on a financial statistic indicates that the statistic excludes favorable development of prior-period health care cost estimates.
Administrative Services Contracts (quot;ASCquot;) 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.
Balance Sheet Terms
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.
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