Tue, Jul 29, 2014 9:26 AM EDT 1:07
Aetna continued to do well under Obamacare. The health insurer delivered increased profit in the second quarter. Profits came in at $1.52 a share, up three cents from a year ago. Revenue climbed 26% to $14.5 billion. That's better than the expected $14 billion. Aetna is one of the largest healthcare providers in the country and it offers new insurance plans to individuals on exchanges created by the Affordable Care Act. Last quarter, it spent about 83% of the premiums it collected on patients. Under the new law, all health insurance providers must spend at least 80% of the premiums on medical care or refund the premiums to patients. Chairman Mark Bertolini said he is pleased with the results and is optimistic about the rest of the year. However, he does note that all insurers continue to "experience moderate medical cost trends." TheStreet's Julia Sun reports from New York.