Aetna Completes Previously Announced Sale Of Property/Casualty Operations To Travellers

HARTFORD, Conn., April 2, 1996 — Aetna (NYSE: AET) said today that it has completed the previously announced sale of its Property/Casualty operations to The Travelers Insurance Group Inc. for total consideration of $4.1 billion.

“The closing of the sale of our Property/Casualty business completes a major phase in Aetna’s transformation from a traditional multiline insurer to a growth company focused on leading edge health care and retirement services, in both the U.S. and selected international markets,” Aetna Chairman Ronald E. Compton said.

As part of the P/C sale agreement, Travelers has assumed eight years of Aetna’s lease at CityPlace in downtown Hartford. Aetna has previously announced that it will take a $190 million after-tax charge for its remaining CityPlace lease obligation in conjunction with the close of the transaction.

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