08:22 AM EDT, 08/08/2024 (MT Newswires) -- CVS Health ( CVS ) Chief Executive Karen Lynch is taking direct responsibility for the company's Aetna insurance business after the drug store chain missed expectations in the most recent quarter, she said Wednesday in a CNBC interview.

"Our problem...is the Aetna business," Lynch told CNBC. "I'm taking direct ownership and am going to focus on the financial and operational execution of that business."

CVS slashed its full-year guidance Wednesday for the third straight quarter, as insurers have seen costs rise as Medicare Advantage patients return to hospitals for pandemic-postponed procedures, according to the report.

CVS said Wednesday that Aetna President Brian Kane would leave his role and that Lynch would take over management of the business.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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