Aetna's sale of its property and casualty businesses is a case in point.

Actually, the money came from the $4 billion sale of our property/ casualty business to Travelers, plus the issuance of new shares and debt.

That money helped to pay for Travelers' acquisition of Aetna's property and casualty business.

Last year the company sold its property and casualty business, which had 11,000 employees, to Travelers for $4.1 billion.

It bought Aetna's property and casualty business in 1996.

Much of the money for the purchase came from selling Aetna's property and casualty business.

Still, health maintenance organizations have been profitable, which is more than one can say for Aetna's property and casualty business.

But Cigna's property and casualty businesses are a different story.

The primary use of money from the sale of its property and casualty business that year, it told investors, was the repurchase of shares.

As a result of the deal, Safeco will increase its main property and casualty business by nearly 50 percent.