EXHIBIT 99


                               CAUTIONARY STATEMENTS

The statements contained in this Form 10-Q include forward-looking statements 
within the meaning of the Private Securities Litigation Reform Act of 1995 
(the "PSLRA").  When used in this Form 10-Q and in future filings by the 
Company with the Securities and Exchange Commission, in the Company's press 
releases, presentations to securities analysts or investors, and in oral 
statements made by or with the approval of an executive officer of the 
Company, the words or phrases "believes," "anticipates," "intends," "will 
likely result," "estimates," "projects" or similar expressions are intended 
to identify such forward-looking statements.  Any of these forward-looking 
statements involve risks and uncertainties that may cause the Company's 
actual results to differ materially from the results discussed in the 
forward-looking statements.

The following discussion contains certain cautionary statements regarding our 
business that investors and others should consider.  This discussion is 
intended to take advantage of the "safe harbor" provisions of the PSLRA.  In 
making these cautionary statements, we are not undertaking to address or 
update each factor in future filings or communications regarding our business 
or results, and are not undertaking to address how any of these factors may 
have caused results to differ from discussions or information contained in 
previous filings or communications.  In addition, any of the matters 
discussed below may have affected the Company's past, as well as current, 
forward-looking statements about future results.  The Company's actual 
results in the future may differ materially from those expressed in prior 
communications.

HEALTH CARE COSTS.  We use a large portion of our revenue to pay the costs of 
health care services or supplies delivered to our members.  Total health care 
costs we incur are affected by the number of individual services rendered and 
the cost of each service.  Much of our premium revenue is priced before 
services are delivered and the related costs are incurred, usually on a 
prospective annual basis.  Although we try to base the premiums we charge in 
part on our estimate of future health care costs over the fixed premium 
period, competition, and regulations and other circumstances may limit our 
ability to fully base premiums on estimated costs.  In addition, many factors 
may and often do cause actual health care costs to exceed what was estimated 
and reflected in premiums. These factors may include increased use of 
services, increased cost of individual services, catastrophes, epidemics, the 
introduction of new or costly treatments, general inflation, new mandated 
benefits or other regulatory changes, and insured population characteristics. 
In addition, the earnings we report for any particular quarter include 
estimates of covered services incurred by our enrollees during that period 
for claims that have not been received or processed.  Because these are 
estimates, our earnings may be adjusted later to reflect the actual costs.  
Relatively insignificant changes in the medical care ratio, because of the 
narrow margins of our health plan business, can create significant changes in 
our earnings.

Our medical care ratio has generally increased over the past several fiscal 
periods.  We are addressing the medical care ratio by altering benefit 
designs, recontracting with providers, and aggressively increasing both our 
contemporaneous and retrospective claim management activities.  Our inability 
to implement these changes successfully could lead to further increases in 
our medical care ratio.

In addition, our operating results may be affected by the seasonal changes in 
the level of health care use during the calendar year.  Although there are no 
assurances, per member medical costs generally have been higher in the first 
half than in the second half of each year.

INDUSTRY FACTORS. The managed care industry receives significant negative 
publicity.  This publicity has been accompanied by increased legislative 
activity, regulation and review of industry practices.  These factors may 
adversely affect our ability to market our products or services, may require 
us to change our products and services, and may increase the regulatory 
burdens under which we operate, further increasing the costs of doing 
business and adversely affecting profitability.


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COMPETITION.  In many of our geographic or product markets, we compete with a 
number of other entities, some of which may have certain characteristics or 
capabilities that give them a competitive advantage.  We believe the barriers 
to entry in these markets are not substantial, so the addition of new 
competitors can occur relatively easily, and consumers enjoy significant 
flexibility in moving to new managed care providers.  Certain Company 
customers may decide to perform functions or services we  provide for 
themselves, which would decrease our revenues.  Certain Company providers may 
decide to market products and services to our customers in competition with 
us.  In addition, significant merger and acquisition activity has occurred in 
the industry in which we operate as well as in industries that act as 
suppliers to us, such as the hospital, physician, pharmaceutical and medical 
device industries.  To the extent that there is strong competition or that 
competition intensifies in any market, our ability to retain or increase 
customers or providers, or maintain or increase our revenue growth, pricing 
flexibility, control over medical cost trends and our marketing expenses may 
be adversely affected.

AARP CONTRACT.  Under our long-term contract with the American Association of 
Retired Persons ("AARP"), we provide Medicare supplemental, hospital 
indemnity health insurance and other products to AARP members.  As a result 
of the agreement, the number of members we serve, products we offer, and 
services we provide has grown significantly.  Our portion of the AARP's 
insurance program represents approximately $3.5 billion in annual net premium 
revenue from approximately 4 million AARP members.  The success of the AARP 
arrangement will depend, in part, on our ability to service these new 
members, develop additional products and services, price the products and 
services competitively, and respond effectively to federal and state 
regulatory changes.  Additionally, events that adversely affect the AARP 
could have an adverse effect on the success of our arrangement with the AARP.

MEDICARE OPERATIONS.  In the second quarter of 1998, we experienced a 
significant rise in the medical care ratio for our Medicare operations.  The 
increase in medical costs was primarily due to the business growth in new 
markets with higher and more volatile medical cost trends, coupled with lower 
reimbursement rates. In response, we announced in October 1998 our decision 
to withdraw Medicare product offerings from 86 of the 206 counties we 
currently serve.  The decision, effective January 1, 1999, will affect 
approximately 60,000, or 13%, of current Medicare members.  As a consequence 
of this withdrawal, we are precluded from re-entering these counties with 
Medicare product offerings until 5 years after the effective date.  

We will continue to offer Medicare products in strong and economically viable 
markets.  However, our ability to improve the financial results of all of our 
Medicare operations will depend on a number of factors, including future 
premium increases, growth in markets where we have achieved sufficient size 
to operate efficiently, benefit design, provider contracting, and other 
factors.  There can be no assurance that we will be able to successfully 
prevent future losses on our Medicare operations.

REALIGNMENT OF OPERATIONS.  As previously indicated would be necessary, we 
recognized a charge in the second quarter of 1998 to earnings for our 
realignment.  In January 1998, we initiated a significant realignment of our 
operations into six businesses.  As part of the realignment, we are shifting 
resources and activities to more directly support the operations of our 
businesses.  Although we do not expect our realignment efforts to negatively 
affect our product offerings, provider relations, billing and collection 
disciplines, claims processing and payment activities, or other business 
functions, there can be no assurance that such negative effects may not 
occur. Our second quarter charge to earnings for costs associated with the 
realignment was $725 million.  Although we believe such charges are adequate, 
there can be no assurance that the costs associated with our realignment 
efforts will not exceed the charges we have taken for such costs.

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GOVERNMENT PROGRAMS AND REGULATION.  Our business is heavily regulated on a 
federal, state and local level.  The laws and rules governing our business 
and interpretations of those laws and rules are subject to frequent change.  
Broad latitude is given to the agencies administering those regulations.  
Existing or future laws and rules could force us to change how we do 
business, restrict revenue and enrollment growth, increase its health care 
and administrative costs and capital requirements, and increase our liability 
for medical malpractice or other actions.  We must obtain and maintain 
regulatory approvals to market many of our products.  Delays in obtaining or 
failure to obtain or maintain these approvals could adversely affect our 
revenue or the number of our members, or could increase our costs.  A 
significant portion of our revenues relate to federal, state and local 
government health care coverage programs.  These types of programs, such as 
the federal Medicare program and the federal and state Medicaid programs, 
generally are subject to frequent change, including changes that may reduce 
the number of persons enrolled or eligible, reduce the amount of 
reimbursement or payment levels, or may reduce or increase our administrative 
or health care costs under such programs.  Such changes have adversely 
affected our results and willingness to participate in such programs in the 
past and may also do so in the future.

The Company also is subject to various governmental reviews, audits and 
investigations.  Such oversight could result in the loss of licensure or the 
right to participate in certain programs, or the imposition of fines, 
penalties and other sanctions.  In addition, disclosure of any adverse 
investigation or audit results or sanctions could damage our reputation in 
various markets and make it more difficult for us to sell our products and 
services.  The National Association of Insurance Commissioners (the "NAIC") 
is expected to adopt rules which, if implemented by the states, will require 
certain capitalization levels for health care coverage provided by insurance 
companies, HMOs and other risk bearing health care entities.  The 
requirements would take the form of risk-based capital rules.  Currently, 
similar risk-based capital rules apply generally to insurance companies.  
Depending on the nature and extent of the new minimum capitalization 
requirements ultimately implemented, there could be an increase in the 
capital required for certain of our subsidiaries and there may be some 
potential for disparate treatment of competing products. Federal solvency 
regulation of companies providing Medicare-related benefit programs may also 
be applied.

PROVIDER RELATIONS.  One of the significant techniques we use to manage 
health care costs and utilization and monitor the quality of care being 
delivered is contracting with physicians, hospitals and other providers.  
Because our health plans are geographically diverse and most of those health 
plans contract with a large number of providers, we currently believe our 
exposure to provider relations issues is limited.  In any particular market, 
however, providers could refuse to contract, demand higher payments, or take 
other actions that could result in higher health care costs, less desirable 
products for customer and members, or difficulty meeting regulatory or 
accreditation requirements.  In some markets, certain providers, particularly 
hospitals, physician/hospital organizations or multi-specialty physician 
groups, may have significant market positions or near monopolies.  In 
addition, physician or practice management companies, which aggregate 
physician practices for administrative efficiency and marketing leverage, 
continue to expand.  These providers may compete directly with us.  If these 
providers refuse to contract with us, use their market position to negotiate 
favorable contracts, or place us at a competitive disadvantage those 
activities could adversely affect our ability to market products or to be 
profitable in those areas.

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LITIGATION AND INSURANCE.   We may be a party to a variety of legal actions 
that affect any business, such as employment and employment 
discrimination-related suits, employee benefit claims, breach of contract 
actions, tort claims, shareholder suits, including securities fraud, and 
intellectual property related litigation.  In addition, because of the nature 
of our business, we are subject to a variety of legal actions relating to our 
business operations.  These could include: claims relating to the denial of 
health care benefits; medical malpractice actions; provider disputes over 
compensation and termination of provider contracts; disputes related to 
self-funded business, including actions alleging claim administration errors 
and the failure to disclose network rate discounts and other fee and rebate 
arrangements; disputes over copayment calculations; and claims relating to 
customer audits and contract performance. Recent court decisions and 
legislative activity may increase our exposure for any of these types of 
claims.  In some cases, substantial non-economic or punitive damages may be 
sought.  We currently have insurance coverage for some of these potential 
liabilities. Other potential liabilities may not be covered by insurance, 
insurers may dispute coverage, or the amount of insurance may not be enough 
to cover the damages awarded.  In addition, certain types of damages, such as 
punitive damages, may not be covered by insurance and insurance coverage for 
all or certain forms of liability may become unavailable or prohibitively 
expensive in the future.

INFORMATION SYSTEMS.  Our business depends significantly on effective 
information systems, and we have many different information systems for its 
various businesses.  Our information systems require an ongoing commitment of 
resources to maintain and enhance existing systems and develop new systems in 
order to keep pace with continuing changes in information processing 
technology, evolving industry standards, and changing customer preferences.  
In addition, we may from time to time obtain significant portions of our 
systems-related or other services or facilities from independent third 
parties, which may make our operations vulnerable to such third parties' 
failure to perform adequately.  As a result of our acquisition activities, we 
have acquired additional systems and have been taking steps to reduce the 
number of systems and have upgraded and expanded our information systems 
capabilities.  Failure to maintain effective and efficient information 
systems could cause loss of existing customers, difficulty in attracting new 
customers, customer and provider disputes, regulatory problems, increases in 
administrative expenses or other adverse consequences.

THE YEAR 2000.  We are in the process of modifying our computer systems to 
accommodate the Year 2000.  We currently expect to complete this modification 
enough in advance of the Year 2000 to avoid adverse impacts on our 
operations. We are expensing the costs incurred to make these modifications.  
Our operations could be adversely affected if we were unable to complete our 
Year 2000 modifications in a timely manner or if other companies with which 
we do business fail to complete their Year 2000 modifications in a timely 
manner.

ADMINISTRATIVE AND MANAGEMENT.  Efficient and cost-effective administration 
of our operations is essential to our profitability and competitive 
positioning. While we attempt to effectively manage such expenses, 
staff-related and other administrative expenses may rise from time to time 
due to business or product start-ups or expansions, growth or changes in 
business, acquisitions, regulatory requirements or other reasons.  These 
expense increases are not clearly predictable and may adversely affect 
results. We believe we currently have an experienced, capable management and 
technical staff.  The market for management and technical personnel, 
including information systems professionals, in the health care industry is 
very competitive.  Loss of certain managers or a number of such managers or 
technical staff could adversely affect our ability to administer and manage 
our business.

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MARKETING.  We market our products and services through both employed sales 
people and independent sales agents.  Although we have many sales employees 
and agents, the departure of certain key sales employees or agents or a large 
subset of such individuals could impair our ability to retain existing 
customers and members.  In addition, certain of our customers or potential 
customers consider rating, accreditation or certification of the Company by 
various private or governmental bodies or rating agencies necessary or 
important.  Certain of our health plans or other business units may not have 
obtained or maintained, or may not desire or be able to obtain or maintain, 
such rating accreditation or certification, which could adversely affect our 
ability to obtain or retain business with these customers.

ACQUISITIONS AND DISPOSITIONS.  The Company has made several large 
acquisitions in recent years and has an active ongoing acquisition and 
disposition program under which it may engage in transactions involving the 
acquisition or disposition of assets, products or businesses, some or all of 
which may be material. These acquisitions may entail certain risks and 
uncertainties and may affect ongoing business operations because of unknown 
liabilities, unforeseen administrative needs or increased efforts to 
integrate the acquired operations. Failure to identify liabilities, 
anticipate additional administrative needs or effectively integrate acquired 
operations could result in reduced revenues, increased administrative and 
other costs, or customer confusion or dissatisfaction.

DATA AND PROPRIETARY INFORMATION.  Many of the products that are part of our 
knowledge and information-related business depend significantly on the 
integrity of the data on which they are based.  If the information contained 
in our databases were found or perceived to be inaccurate, or if such 
information were generally perceived to be unreliable, commercial acceptance 
of our database-related products would be adversely and materially affected.  
Furthermore, the use by our knowledge and information-related business of 
patient data is regulated at federal, state, and local levels.  These laws 
and rules are changed frequently by legislation or administrative 
interpretation.  These restrictions could adversely affect revenues from 
these products and, more generally, affect our business, financial condition 
and results of operations.

The success of our knowledge and information-related business also depends 
significantly on our ability to maintain proprietary rights to our products.  
We rely on our agreements with customers, confidentiality agreements with 
employees, and our trade secrets, copyrights and patents to protect our 
proprietary rights.  We cannot assure that these legal protections and 
precautions will prevent misappropriation of our proprietary information.  In 
addition, substantial litigation regarding intellectual property rights 
exists in the software industry, and we expect software products to be 
increasingly subject to third-party infringement claims as the number of 
products and competitors in this industry segment grows.  Such litigation 
could have an adverse affect on the ability of our knowledge and 
information-related business to market and sell its products and on our 
business, financial condition and results of operations.

STOCK MARKET.  The market prices of the securities of the Company and certain 
of the publicly-held companies in the industry in which we operate have shown 
volatility and sensitivity in response to many factors, including general 
market trends, public communications regarding managed care, legislative or 
regulatory actions health care cost trends, pricing trends, competition, 
earnings or membership reports of particular industry participants, and 
acquisition activity.  We cannot assure the level or stability of our share 
price at any time, or the impact of the foregoing or any other factors may 
have on our share price.


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