Segment Results and Use of Non-GAAP Measures in this Document The following discussion of operating results is presented

based on our reportable segments in accordance with the accounting guidance for segment reporting and consistent with our segment disclosure included in Note 19 of Notes to Consolidated Financial Statements beginning on page 95. Our operations are conducted in three business segments: Health Care, Group Insurance and Large Case Pensions. Our Corporate Financing segment is not a business segment; it is added to our business segments to reconcile our consolidated results. The Corporate Financing segment includes interest expense on our outstanding debt and the financing components of our pension and other postretirement benefit plans (“OPEB”) expense (the service cost and prior service cost components of this expense are allocated to our business segments). Our discussion of our operating results is based on operating earnings, which is the measure reported to our Chief Executive Officer for purposes of assessing financial performance and making operating decisions, such as allocating resources to each segment. Operating earnings exclude net realized capital gains or losses as well as other items, if any, from net income reported in accordance with GAAP. We believe excluding realized capital gains or losses from net income to arrive at operating earnings provides more meaningful information about our underlying business performance. Net realized capital gains and losses arise from various types of transactions, primarily in the course of managing a portfolio of assets that support the payment of liabilities; however, these transactions do not directly relate to the underwriting or servicing of products for our customers and are not directly related to the core performance of our business operations. We also may exclude other items that do not relate to the ordinary course of our business from net income to arrive at operating earnings. In each segment discussion in this MD&A, we provide a table that reconciles operating earnings to net income. Each table details the net realized capital gains or losses and any other items excluded from net income, and the footnotes to each table describe the nature of each other item and why we believe it is appropriate to exclude that item from net income. HEALTH CARE Health Care consists of medical, pharmacy benefits management, dental, behavioral health and vision plans offered on both an Insured basis and an ASC basis. Medical products include point-of-service (“POS”), preferred provider organization (“PPO”), health maintenance organization (“HMO”) and indemnity benefit plans. Medical products also include health savings accounts and Aetna HealthFund®, consumer-directed health plans that combine traditional POS or PPO and/or dental coverage, subject to a deductible, with an accumulating benefit account. We also offer Medicare and Medicaid products and services, as well as specialty products, such as medical management and data analytics services, medical stop loss insurance and products that provide access to our provider networks in select markets. We separately track premiums and health care costs for Medicare and Medicaid products; all other medical, dental and other Health Care products are referred to as Commercial. Operating Summary
(Millions) Premiums: Commercial Medicare Medicaid Total premiums Fees and other revenue Net investment income Net realized capital gains (losses) Total revenue Health care costs Operating expenses: Selling expenses General and administrative expenses Total operating expenses Amortization of other acquired intangible assets Total benefits and expenses Income before income taxes Income taxes Net income 2010 $ 20,632.2 5,896.1 1,082.3 27,610.6 3,413.3 418.8 161.3 31,604.0 22,719.6 1,148.4 4,884.8 6,033.2 88.3 28,841.1 2,762.9 954.2 $ 1,808.7 $ 2009 21,581.6 5,735.8 926.4 28,243.8 3,418.0 392.5 19.0 32,073.3 24,061.2 1,158.7 4,602.9 5,761.6 90.3 29,913.1 2,160.2 744.9 1,415.3 $ 2008 20,096.2 4,816.1 595.0 25,507.3 3,202.6 341.3 (276.2) 28,775.0 20,785.5 1,055.2 4,424.3 5,479.5 101.3 26,366.3 2,408.7 875.1 1,533.6

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Annual Report - Page 6

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