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

The ratings remain under review as AM Best awaits more definitive financial details about the planned separation.

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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.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261105365904/en/

Jaime Quito
Financial Analyst
+1 908 882 2460
jaime.quito@ambest.com

Sally Rosen
Senior Director
+1 908 882 2284
sally.rosen@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source: A.M. Best Rating Services, Inc.

Key Terms

financial strength rating financial

A financial strength rating is an assessment of an organization's overall financial health, indicating how well it can meet its financial commitments. Think of it as a report card that shows whether a company or institution is financially stable and capable of withstanding economic challenges. This rating helps investors gauge the level of risk involved in engaging with or investing in that organization.

long-term issuer credit rating financial

A long-term issuer credit rating is an independent assessment of an organization’s ability to repay its debts over several years, like a report card that summarizes how likely it is to meet loan and bond obligations beyond the short term. Investors use it to judge risk and expected returns: higher ratings usually mean lower borrowing costs and safer bond investments, while lower ratings signal greater default risk, similar to choosing whether to lend money to a careful neighbor or a risky one.

form 10 registration statement regulatory

A Form 10 registration statement is a legal document companies file with the government to register their stock for trading by the public. It provides important information about the company's business, finances, and risks, helping investors make informed decisions about buying or selling its shares. Think of it as a detailed report card that reveals the company's health and prospects before it goes on the stock market.

pro forma financials financial

Financial statements that show a company's results or financial position after making specific adjustments or exclusions to reflect hypothetical or planned events (for example, a merger, an asset sale, restructuring, or removal of one-time charges). These adjustments produce figures that are outside standard accounting presentations (such as GAAP or IFRS) and are used to illustrate what results might look like under the stated assumptions; pro forma figures may be unaudited and depend on the chosen adjustments, so they are not a substitute for audited, standards-based financial statements.