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1929
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ent strength of the Aetna companies enable them to survive the 1930s. Aetna manages the crisis by withholding dividend payments to shareholders from late 1932 to early 1934, reducing the workforce through attrition and cutting salaries by 10 percent. Aetna employees survive the Depression in relatively good shape; there were no layoffs, and the companywide pay cut, already less than the national average of 25 percent, was more than offset by a deflationary cycle that increased purchasing power.
Construction begins on the current home office, at 151 Farmington Ave. At the time of its completion in late 1930, the structure is the largest colonial-style building in the world and is the largest office building in Connecticut.
1930
Aetna becomes the first multiple line insurer in America to pay out $1 billion in claims.
Aetna enters the pension business.
1931
The Aetna Life girls’ basketball team appears on national newsreel features.
The company bonds the construction of the Hoover Dam.
1932
Aetna bonds the construction of the National Archives Building in Washington, D.C.
1936
Aetna begins offering group health policies.
1940
Aetna bonds the construction of seven U.S. Navy aircraft carriers — the Essex, the Yorktown, the Intrepid, the Hornet, the Franklin, the Ticonderoga and the Randolph. More than 1,600 Aetna employees would serve in the military during World War II. As it did in World War I, Aetna aids the war effort by throwing its substantial resources behind bond drives, raising millions for the war chest.
1944
Aetna provides insurance coverages for the Manhattan Project, which produced the world's first atomic bomb.
Aetna becomes the first insurer to advertise on television.
1947
Aetna provides group coverages to the United Nations.
1948
Charlie Winters dies, ending 74 years, 8 months of service, an Aetna record.
1949
Aetna bonds the construction of the United Nations headquarters in New York.
1951
The Group department introduces major medical coverages, as a labor shortage coupled with a wage freeze make employee benefits one way employers can attract and retain workers. As American society became more affluent, it insisted upon adequate and accessible medical care. Providing this care in the form of benefits packages became the focus of the Group department during the years after the war, as it developed plans to cover first routine medical expenses and then, in 1951, catastrophic illnesses.
1953
Aetna celebrates its centennial. On a hot June day in 1953, Aetna celebrates its 100th anniversary with a gala attended by more than 8,000 people at the home office. The festivities feature Arthur Fiedler and the Boston Pops Orchestra, Harry James and his big band, Henny Youngman, and a congratulatory note from Vice President Richard M. Nixon. More than 40,000 finger sandwiches and 17,000 bottles of Coca-Cola are served. The birthday cake stands over 12 feet tall and weighs more than 200 pounds.
1954
Aetna orders its first computer, an IBM 650. The company is only the third insurer nationally to use the new "electronic brain."
1955
Aetna launches its first national consumer advertising campaign since 1931.
1956
Aetna hires its first home office minority professional employee to work as a computer programmer.
1957
Morgan Brainard dies after 35 years at the helm. Henry S. Beers becomes Aetna's new CEO. Beers would oversee a companywide overhaul that streamlined operations, updated products and procedures, and modernized both the workforce and the workplace.
1958
Aetna issues its first statement of principles.
1959
Beers makes corporate social responsibility an Aetna business objective. Upon the philanthropic foundations that he laid, his successors were able to construct a company that was not only a progressive force in the community, but in the nation.
1960
Aetna enters the international insurance arena by acquiring a Canadian life insurer, Excelsior Life Insurance Company.
1962
Aetna has over 16,000 employees. Two-thirds are women.
1963
Aetna insures the lives of the first seven American astronauts. An enterprising Houston agent convinced America's original seven astronauts to purchase Aetna policies. He then convinced Aetna to write the policies, the first individual life insurance policies for spacemen. When L. Gordon Cooper capped the pioneering Mercury program with a historic 22-orbit flight, Aetna was there, too.
Henry Beers retires and is replaced by Olcott D. Smith. Smith, the son of a former Aetna general counsel and a lawyer himself, was an Aetna director and had served as vice chairman under Beers since 1962.
The company formally crafts an "Equal Opportunity" policy.
1965
The Aetna Life & Casualty name is used for the first time. In order to increase corporate name recognition, Aetna abandons its traditional individual company identities in 1965 in favor of a single public image — Aetna Life & Casualty.
The company cosponsors a series of National Geographic television specials, including Jacques Cousteau's undersea world and Miss Jane Goodall's chimpanzees.
1966
Aetna pays the first Medicare claim.
Aetna partners with Italy's Assicurazioni Generali to form an international insurance network that would market insurance products in over 70 countries.
1967
Aetna Life and Casualty Inc., a holding company, is formed. Aetna Life Insurance Company announces its intention to restructure its corporate framework into a holding company that would own all the stock of Aetna Life and its affiliated companies, Aetna Casualty and Surety Company and Standard Fire Insurance Company.
Aetna acquires the Participating Annuity Life Insurance Company. Aetna's acquisition of PALIC was in keeping with a strategic plan to grow its financial services.
1968
The company is listed on the New York Stock Exchange. Aetna appears on the Big Board for the first time on September 24, 1968, four days after the stockholders approve an increase in stock from 26 million to 40 million shares of common stock, and the creation of 10 million shares of preferred stock.
Aetna expands its international business in 1968 by acquiring a majority interest in Producer's and Citizen's Cooperative Assurance Company, a Sydney, Australia-based entity, for a negotiated price of $10 million.
1969
Aetna launches new diversified investment strategy. By diversifying the company's profit base into fields that did not suffer the potentially devastating fluctuations that casualty insurance did, it might be possible to minimize any operating losses the company might incur. As a result, Aetna stated its intention to expand into related insurance fields in both national and international markets.
1971
Aetna Life and Casualty Foundation, a vehicle for corporate giving, is formed. The company continued to be an important source of funding for various humanities and social welfare projects, with an emphasis on Aetna's role in the Hartford community. The company backed one Hartford revitalization attempt after another — the Hartford Civic Center, the Aetna World Cup, the Hartford Whalers.
1972
Smith retires, and is replaced as CEO by John H. Filer, a Smith protégé and Aetna general counsel.
Aetna sponsors the Aetna World Cup, an international tennis challenge. The Aetna World Cup Tennis Tournament, a world-class sporting event that featured top professionals from Australia and the United States competing in a team format, played for two years in Boston when Aetna agreed to sponsor it in the Hartford area. Tournament proceeds were donated to a different charity each year until 1975, when the Cystic Fibrosis Foundation became the official beneficiary. Aetna continued sponsoring the nationally televised event until 1980.
1973
Aetna creates an HMO subsidiary.
1974
The Aetna Girls Club is renamed the Aetna Women's Club.
1975
The Hartford Civic Center, an Aetna realty development project, opens. Aetna joined with the city of Hartford to finance the Civic Center — one of the largest and most unique public-private projects of its kind. The company owned the retail half of the facility, while the city owned the coliseum. The Civic Center was one of the largest redevelopment projects in New England.
The company acquires a minority interest in the Hartford Whalers hockey team. Aetna CFO Donald Conrad was instrumental in bringing professional sports to Hartford in the form of the New England Whalers of the short-lived World Hockey Association. In 1974, numerous local firms acquired a 37.5 percent share in exchange for $1.5 million equity contribution, of which Aetna's interest was 25 percent. By 1984 Aetna had increased its interest in the team to 38 percent. The Whalers became the showpiece when the Civic Center opened in 1975.
1977
Aetna launches an innovative issues-oriented advertising campaign. Defined as an attempt to educate consumers about industry issues, the innovative campaign created a great deal of commotion. Fabulously successful, the campaign was able to greatly increase the company's name recognition in a positive fashion without attempting to sell Aetna products.
1981
Aetna reorganizes along market segments. As part of a company-wide reorganization, Aetna abandons its divisional arrangement in favor of a more market-focused structure. The Personal Financial Security Division is created to meet the needs of individuals; the Commercial Insurance Division is developed to cater to small and large businesses; and the Group Division is renamed the Employee Benefits Division in order to better describe its function.
Aetna acquires a 40 percent interest in two Chilean companies, a pension and a life enterprise. Soon to follow are ventures in England, Spain, Hong Kong, Taiwan, Indonesia and Korea.
1982
Aetna introduces its "Aetna, I'm Glad I Met Ya!" advertising campaign.
The company reenters the managed care industry with the introduction of its first formal HMO, Choice HMO in Chicago.
1984
Filer retires and is replaced by James T. Lynn. The selection of James T. Lynn, a former director of the Office of Management and Budget, to fill the post of chairman initiates a new era at Aetna. Right from the start of his administration he emphasizes return on shareholders' equity as a key performance standard — by setting a quantifiable item as a corporate goal, he implemented a clear sense of direction. He also lays the groundwork for a wide variety of cost-containment programs, ranging from internal corporate reorganizations to eliminating unprofitable lines and markets.
Aetna abandons diversified investment strategy.
Aetna opens new facilities worth $200 million. The expansion strategy encompassed three parts: a new building in Middletown, Conn., that would consolidate the Employee Benefits Division (EBD) into a single site; construction in Hartford that consisted of a training center across from the home office, renovation of several buildings on Capitol Avenue, and the construction of another office building in the downtown area from which Aetna would lease floor space; and the construction of a new building in Fall River, Mass., that would consolidate the company employees in that town.
1985
Aetna joins with Voluntary Hospitals of America to form Partners National Health Plans, an alternative delivery health care joint venture. Aetna, then the nation's largest private health insurer, entered the 50-50 joint venture to begin marketing HMOs, PPOs and other competitively priced products. VHA, with over 400 hospitals in 40 states, was the nation's largest not-for-profit multihospital organization.
1986
Aetna bonds the restoration of the Statue of Liberty.
A U.S. District Court in Brooklyn, N.Y., chooses Aetna to administer claims payments for Agent Orange victims.
1987
Partners National Health Plans total membership tops 1 million.
Aetna sells the industry's first employer group long-term care plan.
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