CVS taps former UnitedHealth executive to run Aetna insurance unit
) insurance head, to run its Aetna business, where rising medical costs in the third quarter caused the company to preannounce an earnings miss last month.
Nelson's appointment is a positive move and"lends a lot of credibility and this is what Joyner needed to do," said James Harlow, senior vice president of Novare Capital Management, which owns more than 94,000 CVS Health (NYSE: CVS, which also owns a pharmacy benefit manager and one of the largest U.S. retail pharmacy chains, said Nelson would begin immediately. Lynch had been running the business after Brian Kane left in August.
The company's medical benefit ratio, or the percentage of premiums spent on healthcare for its members, rose to 95.2% from 85.7% from the year-ago quarter, in line with its announcement last month.
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