Aetna Reaffirms 2008 Earnings Guidance, Updates 2009 Preliminary Earnings Guidance

HARTFORD, Conn.--(Business Wire)--
Aetna (NYSE: AET) said today that Chairman and CEO Ronald A. Williams will make
a presentation at the J.P. Morgan Healthcare Conference in San Francisco today
during which he intends to reaffirm the company`s full-year 2008 operating
earnings per share guidance of $3.90 to $3.95.1

Aetna also will update its preliminary guidance on certain 2009 performance
metrics, including full-year 2009 operating earnings per share. Aetna currently
projects full-year 2009 operating earnings per share growth to be 12 percent to
14 percent excluding the projected year-over-year increase in pension expense,
consistent with Aetna's prior guidance. Including the projected year-over-year
increase in pension expense of $.54 per share, Aetna projects full-year 2009
operating earnings per share to be slightly lower than 2008. Aetna`s projected
2008 operating earnings per share include approximately $.15 per share of
pension benefit. As a result of the significant decline in equity markets
experienced during 2008, Aetna`s projected 2009 operating earnings per share
include a pension expense of approximately $.39 per share, or a projected
year-over-year increase of $.54 per share. Aetna`s previous guidance provided on
October 29, 2008, included a year-over-year increase in pension expense range of
$.30 to $.40 per share; but since that time, the equity markets and interest
rates have declined, resulting in an additional increase in Aetna`s net pension
obligations as of the December 31, 2008 measurement date.

"Aetna`s business fundamentals remain strong and we enter 2009 with what we
believe will be industry-leading gains in membership despite the weakening
economy," Williams said. "The reduction in expected operating earnings per share
is due to the increase in expected year-over-year increase in pension expense.
Excluding that impact, we expect operating earnings per share to grow by 12 to
14 percent in 2009."

About Aetna

Aetna is one of the nation`s leading diversified health care benefits companies,
serving approximately 37.2 million people with information and resources to help
them make better informed decisions about their health care. Aetna offers a
broad range of traditional and consumer-directed health insurance products and
related services, including medical, pharmacy, dental, behavioral health, group
life and disability plans, and medical management capabilities and health care
management services for Medicaid plans. Our customers include employer groups,
individuals, college students, part-time and hourly workers, health plans,
governmental units, government-sponsored plans, labor groups and expatriates.
For more information, see www.aetna.com.

1 Projected full-year 2008 operating
earnings per share exclude after tax
net realized capital losses of
$232.0 million, the release of
reserves for anticipated future
losses on discontinued products of
$28.5 million, after-tax, and an
allowance against a reinsurance
recoverable from Lehman Re of $27.4
million after tax reported by the
Company in the nine months ended
September 30, 2008. Projected
operating earnings per share also
exclude from net income any net
realized capital gains or losses and
other items occurring after
September 30, 2008. The Company is
not able to project the amount of
future net realized capital gains or
losses or other items and cannot
therefore reconcile projected
operating earnings per share in any
period to projected net income per
share.

CAUTIONARY STATEMENT -- Certain information in this press release is
forward-looking, including Aetna`s current estimates and projections as to
operating earnings per share, 2008 pension benefit, 2009 pension expense and
year-over-year increase in pension expense. Forward-looking information is based
on management's estimates, assumptions and projections, and is subject to
significant uncertainties and other factors, many of which are beyond Aetna's
control. Important risk factors could cause actual future results and other
future events to differ materially from those currently estimated by management,
including adverse economic conditions in the U.S. and abroad which can
significantly and adversely affect Aetna`s business and profitability; continued
volatility and further deterioration of the U.S. and global capital markets,
including fluctuations in interest rates, fixed income and equity prices and the
value of financial assets, along with the general deterioration in the
commercial paper, capital and credit markets, which can adversely impact the
value of Aetna`s investment portfolio, Aetna`s profitability by reducing net
investment income and/or Aetna`s financial position by causing us to realize
additional impairments on our investments; failure to achieve desired rate
increases and/or profitable membership growth due to the slowing economy and/or
significant competition, especially in key geographic markets where membership
is concentrated; adverse pricing or funding actions by federal or state
government payors; and unanticipated increases in medical costs (including
increased medical utilization, increases resulting from unfavorable changes in
contracting or re-contracting with providers, increased pharmacy costs, changes
in membership mix to lower-premium or higher-cost products or membership-adverse
selection; as well as changes in medical cost estimates due to the necessary
extensive judgment that is used in the medical cost estimation process, the
considerable variability inherent in such estimates, and the sensitivity of such
estimates to changes in medical claims payment patterns and changes in medical
cost trends). Other important risk factors include, but are not limited to:
adverse changes in size, product mix or medical cost experience of membership;
adverse changes in federal or state government policies or regulation (including
legislative proposals that would affect our business model and/or limit our
ability to price for the risk we assume and/or reflect reasonable costs or
profits in our pricing and other proposals, such as initiatives to eliminate or
reduce ERISA pre-emption of state laws, that would increase potential litigation
exposure or mandate coverage of certain health benefits); the ability to reduce
administrative expenses while maintaining targeted levels of service and
operating performance; the ability to improve relations with providers while
taking actions to reduce medical costs and/or expand the services we offer; the
ability to successfully integrate our businesses (including acquired businesses)
and implement multiple strategic and operational initiatives simultaneously; our
ability to integrate, simplify, and enhance our existing information technology
systems and platforms to keep pace with changing customer and regulatory needs;
the outcome of various litigation and regulatory matters, including litigation
and ongoing reviews of business practices by various regulatory authorities
(including the current industry-wide investigation by the New York Attorney
General into certain payment practices with respect to out-of-network
providers); reputational issues arising from data security breaches or other
means; and increases in medical costs or Group Insurance claims resulting from
any acts of terrorism, epidemics or other extreme events. For more discussion of
important risk factors that may materially affect Aetna, please see the risk
factors contained in Aetna's 2007 Annual Report on Form 10-K and its Quarterly
Report on Form 10-Q for the quarter ended September 30, 2008, on file with the
Securities and Exchange Commission ("SEC"). You also should read Aetna's 2007
Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarter
ended September 30, 2008, on file with the SEC for a discussion of Aetna's
historical results of operations and financial conditions.

Aetna
Media Contact:
Fred Laberge, 860-273-4788
labergear@aetna.com
or
Investor Contact:
Jeffrey A. Chaffkin, 860-273-7830
chaffkinj@aetna.com

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