Aetna And Allstate Benefits Form Strategic Alliance To Offer Financial Protection Plans To Aetna Clients And Members

HARTFORD, Conn. and NORTHBROOK, Ill., May 10, 2011 —  Aetna (NYSE: ΑET) and The Allstate Corporation (NYSE: ALL) today announced a strategic alliance that will provide Aetna clients and members with greater access to financial protection plans. Through this agreement, Aetna expects to offer Allstate Benefits’ voluntary Critical Illness Plans and Accident Plans starting in the third quarter of the year. Allstate Benefits plans can help cover out-of-pocket health care expenses that members may face as the result of a serious injury or a major illness. In addition, individuals who could lose income from missing work and may need additional financial support have the flexibility to use their benefits to pay for everyday expenses, such as rent or mortgage payments, daycare or utility bills.
 
“We are excited to work with Allstate Benefits to offer products that provide our members and their loved ones with financial protection,” said Frank McCauley, senior vice president and head of Aetna’s Local Employers and Consumers business. “Allstate Benefits is a leader in providing voluntary solutions that help individuals during a critical time of need  such as an accident, a disabling injury, illness or death. In addition, this agreement will enhance our ability to offer our clients and their employees benefits beyond traditional health insurance plans.”

“This is the first time Allstate Benefits will collaborate with another company to expand our presence in the workplace as one of America’s largest providers of voluntary employee benefits,” said Matthew Winter, President and Chief Executive Officer of Allstate Financial. “Our strategic alliance with Aetna is a great opportunity for us to work with one of the nation’s leading health care benefits companies. We look forward to introducing financial protection plans to Aetna clients and their employees.”

Initial Product Options*
The Aetna-Allstate alliance will start with two products that will be available for most employers’ enrollment period in the fall:

• A Critical Illness Plan that pays benefits directly to members diagnosed with a major illness, including heart attack, stroke and cancer.
  
• An Accident Plan that pays benefits directly to members for death, dismemberment or injury caused by a covered accident on or off the job.

These plans offer several positive features for both employers and members.

“For employers, voluntary plans broaden their benefits offering and provide employees with important financial protection benefits without incurring additional direct costs,” said James Reid, head of Aetna Voluntary Plans. “Voluntary plans also offer the power of choice, allowing members to customize their benefits package to meet their unique needs.”

"We are truly enthusiastic about working with Aetna, as it serves more than 33 million unique members and has historically strong customer and broker relationships," said David A. Bird, President of Allstate Benefits. "This new relationship aligns well with Allstate Benefits’ strengths – our products, services and expertise in the voluntary benefits market."

More information on Aetna Voluntary Plans can be found at www.AetnaVoluntary.com. More information about Allstate Benefits can be found at www.allstateatwork.com.

*The initial product offerings will be underwritten and serviced by American Heritage Life Insurance Company, a subsidiary of Allstate. Offerings contain limitations and exclusions.

About Aetna
Aetna is one of the nation’s leading diversified health care benefits companies, serving approximately 33.8 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities and health care management services for Medicaid plans. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans, governmental units, government-sponsored plans, labor groups and expatriates. For more information, see www.aetna.com. To learn more about Aetna's innovative online tools, visit www.aetnatools.com.

About Allstate 
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer known for its “You’re In Good Hands With Allstate®” slogan. Now celebrating its 80th anniversary as an insurer, Allstate is reinventing protection and retirement to help nearly 16 million households insure what they have today and better prepare for tomorrow. Consumers access Allstate insurance products (auto, home, life and retirement) and services through Allstate agencies, independent agencies, and Allstate exclusive financial representatives in the U.S. and Canada, as well as via www.allstate.com and 1-800 Allstate®.