Aetna Inc. said Friday that its board increased the insurance company's quarterly cash dividend to 20 cents per share.

That's a 14 percent increase over the previous dividend of 17.5 cents per share.

The Hartford, Conn.-based company said the dividend will be paid on Jan. 25 to shareholders of record as of Jan. 10.

Aetna CEO Mark Bertolini said the dividend increase is in keeping with Aetna's goal of boosting returns for its shareholders.

Aetna shares rose 55 cents to $43.29 in afternoon trading.