1. Aetna/8
Consolidated Statements of Income
($ in Millions)
Three Months Ended
March 31, March 31,
2006 2005 (1)
Revenue:
Health care premiums $ 4,726.1 $ 4,053.5
Other premiums 502.1 498.5
Fees and other revenue 690.9 579.3
Net investment income 298.0 291.2
Net realized capital gains 17.6 4.4
Total revenue 6,234.7 5,426.9
Benefits and expenses:
Health care costs (2) 3,786.2 3,048.5
Current and future benefits 600.7 615.3
Operating expenses:
Selling expenses 243.5 203.0
General and administrative expenses (3) 953.6 913.2
Total operating expenses 1,197.1 1,116.2
Interest expense 33.5 27.2
Amortization of other acquired intangible assets 19.9 10.7
Total benefits and expenses 5,637.4 4,817.9
Income from continuing operations before income taxes 597.3 609.0
Income taxes 211.7 219.7
Income from continuing operations 385.6 389.3
Income from discontinued operations, net of tax (4) 16.1 -
Net income $ 401.7 $ 389.3
$ 10,453.0 $ 9,124.0
Shareholders' equity
(1) Effective January 1, 2006, the Company adopted FAS 123R applying the modified retrospective approach. Accordingly,
all prior period financial information was adjusted to reflect the Company's stock-based compensation activity.
(2) The three months ended March 31, 2005 include favorable development of prior-period health care cost estimates of
approximately $133 million pretax (approximately $84 million after tax) in the Health Care segment. The three
months ended March 31, 2006 had no significant development.
(3) As a result of the acquisition of Broadspire's disability business in the first quarter of 2006, the Company impaired
approximately $8.3 million (pretax) of previously capitalized software.
(4) Income from discontinued operations of approximately $16 million for the three months ended March 31, 2006 reflects
the Company's receipt in February 2006 of a $50 million refund, including interest, from the completion of certain Internal
Revenue Service audits associated with businesses previously sold by the Company's former parent company. The Company
previously recorded $735 million of this refund. The $50 million refund resulted in an additional $16 million in income from
discontinued operations.

2. Aetna/9
Summary of Results
(in Millions)
Three Months Ended
March 31, March 31,
2006 2005 (1)
Operating earnings, excluding favorable development $ 380.3 $ 302.4
Favorable development of prior-period health care cost estimates - 84.0
Operating earnings 380.3 386.4
Acquisition related software charge (6.2) -
Net realized capital gains 11.5 2.9
Income from continuing operations (GAAP measure) 385.6 389.3
Income from discontinued operations (2) 16.1 -
Net income (GAAP measure) $ 401.7 $ 389.3
Weighted average common shares - basic 567.4 586.6
Weighted average common shares - diluted 593.1 613.0
Summary of Results Per Common Share
Operating earnings, excluding favorable development $ .64 $ .49
Favorable development of prior-period health care cost estimates - .14
Operating earnings .64 .63
Acquisition related software charge (.01) -
Net realized capital gains .02 .01
Income from continuing operations (GAAP measure) .65 .64
Income from discontinued operations (2) .03 -
Net income (GAAP measure) $ .68 $ .64
Shareholders' equity (3) $ 18.44 $ 15.71
(1) Effective January 1, 2006, the Company adopted FAS 123R applying the modified retrospective approach. Accordingly, all prior period
financial information was adjusted to reflect the Company's stock-based compensation activity. Additionally, results per common share
and weighted average common shares have been adjusted to reflect the February 17, 2006 two-for-one stock split.
(2) Income from discontinued operations of approximately $16 million for the three months ended March 31, 2006 reflects the Company's
receipt in February 2006 of a $50 million refund, including interest, from the completion of certain Internal Revenue Service audits
associated with businesses previously sold by the Company's former parent company. The Company previously recorded $735 million
of this refund. The $50 million refund resulted in an additional $16 million in income from discontinued operations.
(3) Actual common shares outstanding were 567.0 million at March 31, 2006 and 580.9 million at March 31, 2005.

3. Aetna/10
Segment Information (1)
($ in Millions)
Three Months Ended
March 31, March 31,
2006 2005 (2)
Health Care:
Total revenue $ 5,495.9 $ 4,693.9
Selling expenses $ 221.4 $ 183.9
General and administrative expenses 899.0 863.9
Total operating expenses $ 1,120.4 $ 1,047.8
Operating earnings, excluding favorable development $ 360.6 $ 286.5
Favorable development of prior-period health care cost estimates - 84.0
Operating earnings 360.6 370.5
Net realized capital gains 3.7 1.3
Net income (GAAP measure) $ 364.3 $ 371.8
Group Insurance:
Total revenue $ 535.2 $ 534.7
Selling expenses $ 22.1 $ 19.1
General and administrative expenses 41.9 44.4
Operating expenses, excluding other item 64.0 63.5
Acquisition related software charge 8.3 -
Total operating expenses (GAAP measure) $ 72.3 $ 63.5
Operating earnings $ 32.2 $ 29.5
Acquisition related software charge (6.2) -
Net realized capital gains 2.2 1.4
Net income (GAAP measure) $ 28.2 $ 30.9
Large Case Pensions:
Total revenue $ 203.6 $ 198.3
Operating earnings $ 9.3 $ 4.1
Net realized capital gains 5.6 .2
Net income (GAAP measure) $ 14.9 $ 4.3
Corporate Interest:
Interest expense, net of tax $ 21.8 $ 17.7
Total Company:
Total revenue $ 6,234.7 $ 5,426.9
Selling expenses $ 243.5 $ 203.0
General and administrative expenses 945.3 913.2
Operating expenses, excluding other item 1,188.8 1,116.2
Acquisition related software charge 8.3 -
Total operating expenses (GAAP measure) $ 1,197.1 $ 1,116.2
(1) Revenue and operating expense information is presented before income taxes. Operating earnings information is presented
net of income taxes.
(2) Effective January 1, 2006, the Company adopted FAS 123R applying the modified retrospective approach. Accordingly,
all prior period financial information was adjusted to reflect the Company's stock-based compensation activity.

4. Aetna/11
Enrollment
(Members in Thousands)
March 31, March 31, December 31,
2006 2005 2005
Medical Membership:
Commercial 15,176 14,162 14,521
Medicare (1) 132 101 120
Medicaid 110 112 114
Total Medical Membership 15,418 14,375 14,755
Dental Membership 13,331 12,833 13,098
Pharmacy Membership: (2)
Pharmacy Benefit Management Services 9,557 8,505 8,885
Mail Order 594 501 560
Total Pharmacy Membership 10,151 9,006 9,445
Medicare PDP (stand-alone) 278 - -
Medicare Advantage PDP 107 - -
Consumer-Directed Health Plans (3) 614 404 453
Group Insurance Membership (4) 13,089 14,040 13,618
Health Care Medical Cost Ratios (5)
($ in Millions)
Three Months Ended
March 31, March 31,
2006 2005
Health Care Premiums:
Health Care Risk (A) $ 4,726.1 $ 4,053.5
Commercial Risk (B) $ 4,296.5 $ 3,805.8
Medicare (C) $ 429.6 $ 247.7
Health Care Costs:
Health Care Risk
Health care costs (D) (GAAP measure) $ 3,786.2 $ 3,048.5
Favorable development of prior-period health care cost estimates - 133.0
Health care costs - Adjusted (E) $ 3,786.2 $ 3,181.5
Commercial Risk
Health care costs (F) (GAAP measure) $ 3,411.2 $ 2,837.9
Favorable development of prior-period health care cost estimates - 127.0
Health care costs - Adjusted (G) $ 3,411.2 $ 2,964.9
Medicare
Health care costs (H) (GAAP measure) $ 375.0 $ 210.6
Favorable development of prior-period health care cost estimates - 6.0
Health care costs - Adjusted (I) $ 375.0 $ 216.6
Health Care Medical Cost Ratios:
Health Care Risk (D)/(A) (GAAP measure) 80.1% 75.2%
Health Care Risk - Adjusted (E)/(A) 80.1% 78.5%
Commercial Risk (F)/(B) (GAAP measure) 79.4% 74.6%
Commercial Risk - Adjusted (G)/(B) 79.4% 77.9%
Medicare (H)/(C) (GAAP measure) 87.3% 85.0%
Medicare - Adjusted (I)/(C) 87.3% 87.4%
(1) Includes 15 thousand and 19 thousand Medicare ASC members at March 31, 2006 and December 31, 2005, respectively, that represent those
members served through the Company's participation in the Medicare Health Support Program.
(2) Includes 278 thousand Medicare PDP (stand-alone) and 107 thousand Medicare Advantage PDP members at March 31, 2006. Mail Order represents
members who purchased medications through the Company's mail order pharmacy during the quarterly period.
(3) Represents members in consumer-directed health plans included in the Company's Commercial medical membership.
(4) Excludes approximately 2.4 million disability members acquired from Broadspire on March 31, 2006.
(5) Health Care Risk includes all medical and dental risk products. Commercial Risk includes all medical and dental risk products except Medicare and
Medicaid. Risk includes all medical and dental products for which the Company assumes all or a majority of health care cost, utilization or other risk.

5. Aetna/12
Operating Margins
($ in Millions)
Three Months Ended
March 31, March 31,
2006 2005 (1)
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) $ 641.4 $ 509.5
Favorable development of prior-period health care cost estimates - 133.0
Operating earnings before income taxes, excluding interest expense and amortization of other
acquired intangible assets (B) 641.4 642.5
Interest expense (33.5) (27.2)
Amortization of other acquired intangible assets (19.9) (10.7)
Acquisition related software charge (8.3) -
Net realized capital gains 17.6 4.4
Income from continuing operations before income taxes (C) (GAAP measure) $ 597.3 $ 609.0
Reconciliation to Income from continuing operations:
Operating earnings, excluding interest expense, amortization of other acquired intangible
assets and favorable development (D) $ 415.0 $ 327.1
Favorable development of prior-period health care cost estimates, net of tax - 84.0
Operating earnings, excluding interest expense and amortization of other acquired intangible
assets (E) 415.0 411.1
Interest expense, net of tax (21.8) (17.7)
Amortization of other acquired intangible assets, net of tax (12.9) (7.0)
Acquisition related software charge, net of tax (6.2) -
Net realized capital gains, net of tax 11.5 2.9
Income from continuing operations (F) (GAAP measure) $ 385.6 $ 389.3
Reconciliation of Revenue:
Revenue, excluding net realized capital gains (G) $ 6,217.1 $ 5,422.5
Net realized capital gains 17.6 4.4
Total revenue (H) (GAAP measure) $ 6,234.7 $ 5,426.9
Operating Margins:
Pretax operating margin (B)/(G) 10.3% 11.8%
Pretax operating margin - Adjusted (A)/(G) 10.3% 9.4%
Pretax operating margin (C)/(H) (GAAP measure) 9.6% 11.2%
After-tax operating margin (E)/(G) 6.7% 7.6%
After-tax operating margin - Adjusted (D)/(G) 6.7% 6.0%
After-tax operating margin (F)/(H) (GAAP measure) 6.2% 7.2%
Operating Expenses
($ in Millions)
Reconciliation of Operating Expenses:
Operating expenses, excluding other item (I) $ 1,188.8 $ 1,116.2
Acquisition related software charge 8.3 -
Total operating expenses (J) (GAAP measure) $ 1,197.1 $ 1,116.2
Operating Expenses Percentages:
Operating expenses as a % of revenue (I)/(G) 19.1% 20.6%
Total operating expenses as a % of total revenue (J)/(H) (GAAP measure) 19.2% 20.6%
(1) Effective January 1, 2006, the Company adopted FAS 123R applying the modified retrospective approach. Accordingly,
all prior period financial information was adjusted to reflect the Company's stock-based compensation activity.