Aetna profits up despite continued bid row

NEW YORK- Aetna Inc, the US health insurer said yesterday its first quarter profits rose a higher than expected 28% due to strength across its businesses. The Hartford- based insurer said first quarter operating profits excluding one-time items, rose to $184m, from $158.4m, in the first quarter. Aetna's shares have risen 43% in the last two months from an eight year low in late February. The shares were swept up in March by a $70 per share takeover offer from Wellpoint Health Networks and Dutch insurer ING, which Aetna's management rejected. Net profit, including $14.6m in realised investment losses, fell to $169.4m,from $169.6m, in the same quarter a year ago. Revenue rose 39% to $7.89bn, primarily due to the Prudential Healthcare acquisition.