AM Best Reviews Aetna Ratings Amid CVS Split
AM Best placed Aetna and CVS Caremark ratings under review as CVS Health plans to separate into two public companies.
Updated on Nov. 5, 2026 in Healthcare
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AM Best placed the Financial Strength Ratings and Long-Term Issuer Credit Ratings of Aetna Life Insurance Company and CVS Caremark Indemnity Ltd. under review with developing implications. The action follows CVS Health's announcement on November 4, 2026 that it intends to separate into two independent, publicly traded companies.
Why it matters
The rating review reflects uncertainty about how the separation will affect the financial profiles of the companies involved, and AM Best will monitor pro forma financials and debt allocation as CVS management provides more definitive direction. The split would reshape how CVS Health's healthcare and pharmacy businesses are organized.
AM Best's review covers two insurer ratings at A (Excellent) and two issuer credit ratings at "a" (Excellent), spanning 39 listed Aetna Health & Life Group entities. The final ratings outcome remains unresolved until AM Best receives more definitive financial details from CVS Health.
The players
AM Best
AM Best is a credit rating agency specializing in the insurance industry, known for its Financial Strength Ratings of insurers.
CVS Health
CVS Health is a major American healthcare company that operates retail pharmacies, a pharmacy benefit manager and health insurance businesses.
Aetna
Aetna is a health insurance company owned by CVS Health, offering medical and health benefit plans across the United States.
The details
CVS Health announced it intends to split into two independent, publicly traded companies, with the healthcare solutions company comprising Aetna, CVS Caremark, CVS Specialty, Oak Street Health and Signify Health. CVS Pharmacy would consist of approximately 9,000 pharmacies, mail order pharmacy, MinuteClinic and the Health100 technology services business. The separation still requires final approval from the CVS Health Board of Directors, effectiveness of a Form 10 registration statement filed with the SEC, and customary confirmation of tax-free treatment.
Timeline
November 4, 2026: CVS Health announces its intent to separate into two companies.
November 5, 2026: AM Best places Aetna and CVS Caremark ratings under review.
First half of 2028: Expected completion of the CVS Health separation.
Market Landscape
CVS Health's planned separation reverses the vertically integrated model it built after acquiring Aetna in 2018, which combined insurance, pharmacy benefits and retail pharmacies under one roof. The move signals a shift in how large health conglomerates structure their insurance and pharmacy operations.
The split could change how CVS retail pharmacy services and Aetna insurance plans are organized for customers, though no changes to pricing or coverage have been announced. Consumers with CVS Pharmacy prescriptions or Aetna plans should watch for future notices as the separation proceeds.
The takeaway
Large health companies are reconsidering integrated models that combine insurance and pharmacy operations. Readers with Aetna coverage or CVS prescriptions should keep an eye on the separation timeline through 2028.
What happens next
The CVS Health separation is expected to be completed in the first half of 2028, pending board approval, SEC registration effectiveness and tax confirmation.
Further reading
For more on the industry, see Healthcare coverage across the United States.
Source note: This article includes information reported by Ambest.
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