Aetna 3Q profit jumps 53 percent

Associated Press:

Aetna insures 29,085 Oregonians outside of the Portland area by renting the Providence Preffered Provider network. It is working to establish a foothold in the overall health insurance market. It also is the third-party administrator for self-funded plans like that at Oregon Health and Science University.

NEW YORK (AP) -- Health insurer Aetna Inc. said Wednesday its third-quarter net income jumped 53 percent on lower benefits and expenses.

The Hartford, Conn. company said a series of cost management moves and lower use of health care services gave profit a boost during the quarter. The medical benefit ratio, which measures the percentage of premiums spent on medical costs, fell to 81.8 percent from 85.6 percent...

Aetna is the third largest commercial health insurer based on enrollment, trailing WellPoint and UnitedHealth...

Competitors UnitedHealth Group Inc., Cigna Corp. and Humana Inc. have already reported better-than-expected third-quarter earnings and raised their 2010 profit expectations.

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