Aetna, Hartford, Conn., will receive a $740 million federal tax refund, which the insurer said it would use to repurchase shares. The refund, approved Thursday by the Congressional Joint Committee on Taxation, relates to losses on businesses that Aetna sold during the 1990s, including a re-insurance unit acquired by Kohlberg Kravis Roberts & Co. The refund will be recorded in the third quarter as income from discontinued operations. It will not affect income from continuing operations. Aetna has 13.3 million medical members. -- by Michael Romano
Aetna awaits $740 million tax refund
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