AM Best Places Credit Ratings of CVS Health Corporation’s Aetna Inc. Subsidiaries Under Review with Developing Implications

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Aetna Life Insurance Company (Hartford, CT) and the other members of Aetna Health & Life Group, which are operating entities of Aetna Inc. (Aetna) and wholly owned subsidiaries of its ultimate parent, CVS Health Corporation (CVS Health) [NYSE: CVS]. (Please see below for a detailed listing of companies.)

Concurrently, AM Best has placed under review with developing implications the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of CVS Caremark Indemnity Ltd. (Bermuda).

These Credit Rating (rating) actions follow CVS Health’s public announcement on Nov. 4, 2026, that it intends to separate into two independent, publicly traded companies: CVS Health and CVS Pharmacy. The healthcare solutions company, referred to in the interim as CVS Health, will comprise Aetna, CVS Caremark (a pharmacy benefit manager), CVS Specialty (a specialty pharmacy), Oak Street Health and Signify Health. CVS Pharmacy, a national retail pharmacy and community health care company, will consist of approximately 9,000 CVS pharmacies, mail order pharmacy, MinuteClinic (including virtual care) and the Health100 technology services business. The separation is expected to be completed in the first half of 2028, subject to customary conditions, including, among others, final approval by the CVS Health Board of Directors, effectiveness of a Form 10 registration statement filed with the U.S. Securities and Exchange Commission, and the receipt of customary confirmation about the tax-free treatment of the separation to CVS Health and its shareholders.

The ratings will remain under review with developing implications as the separation process progresses and AM Best receives more definitive direction from the management of CVS Health on the pro forma financials, debt allocation and other financial metrics.

The FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) have been placed under review with developing implications for the following members of Aetna Health & Life Group:

• Aetna Life Insurance Company
• Aetna Health and Life Insurance Company
• Aetna Life & Casualty (Bermuda) Ltd.
• Aetna Health Inc. (a Connecticut corporation)
• Aetna Health Inc. (a Florida corporation)
• Aetna Health Inc. (a Georgia corporation)
• Aetna Health Inc. (a Louisiana corporation)
• Aetna Health Inc. (a New Jersey corporation)
• Aetna Health Inc. (a New York corporation)
• Aetna Health Inc. (a Maine corporation)
• Aetna Health Inc. (a Pennsylvania corporation)
• Aetna Health Inc. (a Texas corporation)
• Aetna Health Insurance Company
• Aetna Better Health of Florida, Inc.
• Aetna Health of California Inc.
• Aetna Health of Iowa, Inc.
• Aetna Health of Utah, Inc.
• Aetna Dental of California Inc.
• Aetna Dental Inc. (a New Jersey corporation)
• Aetna Dental Inc. (a Texas corporation)
• American Continental Insurance Company
• Accendo Insurance Company
• Continental Life Insurance Company of Brentwood, Tennessee
• Coventry Health and Life Insurance Company
• Aetna Better Health of Michigan, Inc.
• Aetna Better Health of Missouri, LLC
• Coventry Health Care of Illinois, Inc.
• Coventry Health Care of Kansas, Inc.
• Coventry Health Care of Missouri, Inc.
• Coventry Health Care of Nebraska, Inc.
• Coventry Health Care of Virginia, Inc.
• Coventry Health Care of West Virginia, Inc.
• First Health Life & Health Insurance Company
• SilverScript Insurance Company

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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