Larger-than-expected losses under Obamacare have another major for-profit insurer announcing that it’s drastically scaling back and pulling out of all but four ACA markets.

Aetna’s CEO Mark Bertolini released a statement announcing the move. “Following a thorough business review and in light of a second-quarter pretax loss of $200 million and total pretax losses of more than $430 million since January 2014 in our individual products, we have decided to reduce our individual public exchange presence in 2017, which will limit our financial exposure moving forward,” said Bertolini late Monday.

Close

Related: Obamacare Going Bust

The announcement comes only months after the insurer expressed optimism about its ongoing involvement in the exchange. There is speculation the withdrawal is a strategic move as the company is in the midst of an ongoing battle with the U.S. Justice Department over a pending merger with Humana.

Bertolini maintains the move is because providing affordable, high-quality health care options to consumers is not possible without a balanced risk pool. Aetna will scale back from 15 markets to four.

“More than 40 payers of various sizes have similarly chosen to stop selling plans in one or more rating areas in the individual public exchanges over the 2015 and 2016 plan years, collectively exiting hundreds of rating areas in more than 30 states. As a strong supporter of public exchanges as a means to meet the needs of the uninsured, we regret having to make this decision,” said Bertolini.

He added the vast majority of payers have experienced continued financial stress within their individual public exchange business due to these forces, which also are reported to have contributed to the failure of 16 out of 23 co-ops. And that Aetna, without some adjustment to the risk adjustment program, has serious concerns about the sustainability of the ACA.

Aetna will remain on the exchange in Delaware, Iowa, Nebraska, and Virginia. Aetna exchange plans will be available in 242 counties, down from 778 this year.

To read about more problems with Obamacare, click here.