Health insurer Aetna Inc. will stop selling individual Obamacareplans next year in 11 of the 15 states where it had beenparticipating in the program, joining other major insurers thathave pulled out of the government-run markets in the face ofmounting losses.

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Related: Aetna and Anthem respond to DOJsuit

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Aetna will exit markets including North Carolina, Pennsylvaniaand Florida, and keep selling plans on state exchanges only inIowa, Delaware, Nebraska and Virginia, according to a statementMonday evening. In most areas it’s exiting, Aetna will offerindividual coverage outside of the program’s exchanges.

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The decision is the latest blow to President Barack Obama’ssignature domestic policy accomplishment. While the Affordable CareAct, known as Obamacare, has brought coverage to millions, the newmarkets have proven volatile for some of the largest for-profitinsurers. Aetna said earlier this year that it expected to lose$300 million on the plans. UnitedHealth Group Inc. and Humana Inc.,which Aetna has agreed to buy for $37 billion, are also pulling outafter posting hundreds of millions of dollars of losses.

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Related: Humana reduces exchange sales

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Aetna’s about-face on the ACA comes less than a month after theU.S. Justice Department sued to block the company’s plan topurchase Humana. The DOJ said the combination would harmcompetition for private Medicare plans and for ACA health plans.Aetna has said its revised stance on the ACA wasn’t prompted by thesuit.

‘Financial stress’

Next year will be Obamacare’s fourth of providing coverage inthe new markets. Aetna’s decision doesn’t affect people covered bythe company this year, but when they look for coverage next year,they’ll need to pick a new insurer. The decision, which affectsabout 80 percent of Aetna’s customers in individual ACA exchangeplans, raises the prospect that some consumers will only have oneinsurer to choose from when they buy 2017 coverage.

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Related: UnitedHealth posts major profits despite ACAproblems

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“The vast majority of payers have experienced continuedfinancial stress within their individual public exchange business,”Aetna Chief Executive Officer Mark Bertolini said in the statement.“Providing affordable, high-quality health care options toconsumers is not possible without a balanced risk pool.”

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Peter Costa, an analyst at Wells Fargo & Co., said theretreat is a smart financial move that could help avoid furtherlosses.

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“The exits are larger than we believe most expected, but we seethis as a positive,” Costa, who rates the stock outperform, said ina note to investors. “We see the exits as the most predictablyeffective way to bring the book to break-even.”

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Ana Gupte, an analyst at Leerink Partners, estimated thatAetna’s exits will boost next year’s earnings by about $200million.

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Aetna’s shares gained less than 1 percent to $120 at 8:48 a.m.in New York, before the markets opened. Through Monday, they hadrisen 10 percent, topping the 7.2 percent gain in the Standard& Poor’s 500 Index.

State exits

Here’s a full list of the states Aetna is exiting:

ArizonaKentuckyPennsylvania
FloridaMissouriSouth Carolina
GeorgiaNorth CarolinaTexas
IllinoisOhio

Kevin Counihan, who oversees the ACA marketplaces at the federalCenters for Medicare and Medicaid Services, said in a statementthat the Obamacare markets remain strong.

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“Aetna’s decision to alter its marketplace participation doesnot change the fundamental fact that the Health InsuranceMarketplace will continue to bring quality coverage to millions ofAmericans next year,” Counihan said.

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Aetna covered about 838,000 people through the Obamacareexchange in its 15 states as of June 30, and on Aug. 2 said itwas re-evaluating its approach to the market. Atthe time, the company said it was scrapping plans to expand intonew states for 2017.

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“We’ve got to be able to cover the costs associated withproviding the care,” Aetna CEO Bertolini said in an interview atthe time.

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The ACA relies on privately run insurers to offer health plansthat individuals can buy, often with government subsidies. About11.1 million people were signed up for Obamacare plans at the endof March.

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Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.

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