Aetna, the nation’s third-largest health insurer, is selling its domestic group life and disability businesses for $1.45 billion to Hartford Life and Accident Insurance Co.
Aetna says the cash deal also includes its absence management business and should close next month.
Health insurance is Hartford, Conn.-based Aetna’s main business. The insurer covers more than 22 million people, and its health care segment brought in $1.8 billion in pretax adjusted earnings in the second quarter.
In contrast, the insurer’s group insurance business, which includes life and disability coverage, reported pretax adjusted earnings of $42 million.
Target shoppers want Christmas blitz delayed
NEW YORK >> Target says customers want it to pause the “Christmas creep.” It says it wants to be more in tune with customers’ mindset, so it plans to ease in holiday promotions this year while better recognizing Thanksgiving.
The retailer’s holiday plans also include a new e-gift service, adding kiosks that focus on impulse presents mainly under $15, and launching a wallet feature to its app. It’s also offering more weekend deals since shoppers do more holiday buying then.
Target is spending $7 billion over three years to remodel old stores, open small ones in cities and college towns and offer faster delivery for online orders. It’s also been refreshing its store brands and trying to be more convenient to shoppers. Eight of Target’s new brands will be available for the first time this holiday season.
For November, Target will keep Thanksgiving signs and displays at entrances and its marketing will play up Thanksgiving meal preparation and entertaining for shoppers. “They want us to pause and be really intentional and recognize Thanksgiving,” said Rick Gomez, Target’s chief marketing officer. “What they don’t want us to do is go right into Christmas. So, we are going to respect that.”
As it eases into the later holidays, the company isn’t repeating the “Ten Days of Deals” strategy, which it had for two seasons in a row. Instead, it’s increasing weekend deals starting Nov. 11.
U.S., California OK fix for 38,000 VW diesels
DETROIT >> Federal and state officials said Monday they have approved a fix for 38,000 Volkswagen, Audi and Porsche sport utility vehicles with diesel engines that were cheating on emissions tests.
The approval brings German automaker Volkswagen AG closer to resolving a costly and embarrassing scandal that began two years ago, when the company admitted that more than 550,000 vehicles in the U.S. — and 11 million worldwide — were designed to cheat on emissions tests. The vehicles have software that turns on emissions controls during testing but turns them off in everyday driving.
Volkswagen will contact owners about the fix. Dealers will update the software in all of the vehicles and modify hardware in some of them for free. Owners also will receive compensation of between $7,039 and $16,114.
ON THE MOVE
Radiance Energy Corp. has hired John Yeh as new regional general manager. He will oversee the new office at 1888 Kalakaua Ave. Yeh has previous experience in the energy industry as well as commercial, residential and financing of energy systems.
