<PAGE> 1
EXHIBIT 99.1
151 Farmington Avenue
Hartford, Conn. 06156
MEDIA CONTACT:
Joyce A. Oberdorf
860-273-7392
[email protected]
INVESTOR CONTACT:
Robyn S. Walsh
860-273-6184
[email protected]
AETNA DISCUSSING POTENTIAL SALE OF
FINANCIAL SERVICES AND INTERNATIONAL BUSINESSES
HARTFORD, CT, MAY 31, 2000 - Aetna (NYSE: AET) today announced that it has begun
talks that could lead to the sale of all or part of Aetna's financial services
and international businesses to ING Group.
Chairman and CEO William H. Donaldson said, "We have previously said that we
intended to separate Aetna's Global Financial Services business into an
independent publicly traded company, and this still remains a viable option.
However, we also said that we would review and consider other legitimate
opportunities presented to us.
"We are currently working with ING on their new proposal concerning our
financial services and international businesses; however there can be no
assurances that we will execute a definitive agreement to sell these businesses
to ING or what the terms of such an agreement would be. Any such agreement would
be subject to various regulatory and other approvals. Whatever the course we
finally decide to take, our goal is to increase value for our shareholders,
while also appropriately taking into account the concerns of our customers,
employees and other important constituencies," Donaldson said.
With regard to Aetna's health care business, Donaldson said, "We remain
committed to our stated goal of improving Aetna U.S. Healthcare's leadership
position, financial performance and relationships with physicians, hospitals and
patients."
- more -
<PAGE> 2
CAUTIONARY STATEMENT - Certain information in this press release is forward
looking, including statements regarding the separation of Aetna's Global
Financial Services into an independent publicly traded company and the
possibility of a transaction with ING. The statements are subject to significant
uncertainties, many of which are beyond Aetna's control. Important risk factors
could cause actual future results of Aetna's businesses, and the manner and time
frame of accomplishing any transactions to differ materially from those
currently estimated by management. Those risk factors include, but are not
limited to, the ability to complete a definitive transaction on satisfactory
terms, and the ability to obtain regulatory, shareholder, and other approvals
that may be necessary to complete the proposed transactions on a timely basis.
For further discussion of important risk factors that may materially affect the
company's operations and management's estimates, please see the risk factors
contained in Aetna's Securities and Exchange Commission filings, including
Aetna's 1999 Report on Form 10-K and First Quarter 2000 Form 10-Q, which risk
factors are incorporated herein by reference. You also should read those filings
for a discussion of Aetna's results of operations and financial condition.
# # #
