Aetna to Sell Its Mexican Joint Venture Interests to Partner.

Business/Technology Editors

HARTFORD, Conn.--(BUSINESS WIRE)--Sept. 19, 2000

Aetna International Inc., a subsidiary of Aetna Inc. (NYSE: AET), today announced that it has entered into an agreement to sell its 49 percent interest in its Mexican joint ventures to Grupo Financiero BBVA Bancomer (GFBB), its partner in bancassurance, pension and annuity businesses. GFBB and its affiliates will purchase all of Aetna International's interest in the three joint ventures: AFORE Bancomer, Seguros Bancomer and Pensiones Bancomer, for $693 million. The sale, which is expected to close in the fourth quarter 2000, is subject to Mexican regulatory approval and other customary closing conditions.

The three joint ventures were created in 1996 and 1997 under an alliance between Aetna International and GFBB in the Mexican insurance market. With this transaction, GFBB and its affiliates will own 100 percent of these businesses.

Seguros Bancomer was formed as a general line insurer to target the Mexican bancassurance market. It sells individual auto, homeowners and life insurance and group life and health insurance through the Bancomer bank branch network, as well as through direct marketing. Since its inception it has grown rapidly to become a leading Mexican insurer.

AFORE Bancomer was formed to exploit the opportunities provided by Mexican social security privatization, capitalizing on the experience and resources of Santa Maria, Aetna's Chilean pension company. It is the largest Mexican pension company and has total assets under management of US$3.1 billion as of July 31, 2000.

Pensiones Bancomer was created by Aetna International and GFBB to sell annuities in Mexico where pension privatization has created strong growth opportunities. It has secured a market share of 21 percent, based on assets under management.

Frederick C. Copeland Jr., President of Aetna International, said, "Our partnership with GFBB has been very successful. Together we have created three world-class businesses in Mexico. However, the recent and impending changes in ownership structure of our respective companies make it appropriate to unwind our alliance at this time. The sale of these operations is something we and ING contemplated at the time we agreed to sell our financial services and international businesses to ING, and it does not change the consideration to be received by shareholders of Aetna."

A Fortune 50 company, Aetna provides over 45 million people worldwide with quality products, services and information. Aetna is the nation's leading health and related benefits company with 19.4 million health members, 14.6 million dental members, and 11.5 million group insurance members. Information about Aetna is available at www.aetna.com.