<PAGE> 1
Exhibit 12
AETNA INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
<TABLE>
<CAPTION>
Six Months Ended Years Ended
June 30, December 31,
-------------------- -----------------------------------------------------
(Millions) 2000 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Pretax income from
continuing operations $ 598.8 $1,224.2 $1,408.3 $ 1,511.2 $ 338.7 $ 726.2
Add back fixed charges 226.8 399.5 358.5 321.9 245.1 187.0
Minority interest 12.7 17.5 10.7 14.7 16.4 16.1
------------------------------------------------------------------------------------------------------------------------
Income as adjusted $ 838.3 $1,641.2 $1,777.5 $ 1,847.8 $ 600.2 $ 929.3
========================================================================================================================
Fixed charges:
Interest on indebtedness (1) $ 150.7 $ 279.4 $ 250.9 $ 235.8 $ 168.3 $ 115.9
Portion of rents representative
of interest factor 76.1 120.1 107.6 86.1 76.8 71.1
------------------------------------------------------------------------------------------------------------------------
Total fixed charges $ 226.8 $ 399.5 $ 358.5 $ 321.9 $ 245.1 $ 187.0
========================================================================================================================
Preferred stock dividend
requirements - 52.1 92.2 92.4 41.1 -
------------------------------------------------------------------------------------------------------------------------
Total combined fixed charges
and preferred stock dividend
requirements $ 226.8 $ 451.6 $ 450.7 $ 414.3 $ 286.2 $ 187.0
========================================================================================================================
Ratio of earnings to fixed
charges 3.70 4.11 4.96 5.74 2.45 4.97
========================================================================================================================
Ratio of earnings to combined
fixed charges and preferred
stock dividends 3.70 3.63 3.94 4.46 2.10 4.97
========================================================================================================================
</TABLE>
(1) Includes the dividends paid to preferred shareholders of a subsidiary.
(Refer to Note 13 of Notes to Consolidated Financial Statements in the
Company's Exhibit 13 of the 1999 Form 10-K.)
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<PAGE> 2
Exhibit 12 (Continued)
AETNA SERVICES, INC. (1)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
<TABLE>
<CAPTION>
Six Months Ended Years Ended
June 30, December 31,
--------------------- -----------------------------------------------------
(Millions) 2000 1999 1998 1997 1996
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Pretax income from
continuing operations $ 671.7 $1,017.3 $ 1,162.7 $ 1,505.2 $ 335.0
Add back fixed charges 216.9 396.5 354.3 318.1 243.8
Minority interest 12.3 17.2 10.8 15.7 16.4
-------------------------------------------------------------------------------------------------------------------
Income as adjusted $ 900.9 $1,431.0 $ 1,527.8 $ 1,839.0 $ 595.2
===================================================================================================================
Fixed charges:
Interest on indebtedness (2) $ 150.7 $ 279.4 $ 250.9 $ 234.0 $ 168.3
Portion of rents representative
of interest factor 66.2 117.1 103.4 84.1 75.5
-------------------------------------------------------------------------------------------------------------------
Total fixed charges $ 216.9 $ 396.5 $ 354.3 $ 318.1 $ 243.8
===================================================================================================================
Preferred stock dividend
requirements - - - - -
----------------------------------------------------------------------------------------------------------------------
Total combined fixed charges
and preferred stock dividend
requirements $ 216.9 $ 396.5 $ 354.3 $ 318.1 $ 243.8
===================================================================================================================
Ratio of earnings to fixed
charges 4.15 3.61 4.31 5.78 2.44
===================================================================================================================
Ratio of earnings to combined
fixed charges and preferred
stock dividends 4.15 3.61 4.31 5.78 2.44
===================================================================================================================
</TABLE>
(1) Aetna Inc. has fully and unconditionally guaranteed the payment of all
principal, premium, if any, and interest on all outstanding debt
securities of Aetna Services, Inc. (Refer to Note 12 of Notes to
Consolidated Financial Statements in the Company's Exhibit 13 of the 1999
Form 10-K.)
(2) Includes the dividends paid to preferred shareholders of a subsidiary.
(Refer to Note 13 of Notes to Consolidated Financial Statements in the
Company's Exhibit 13 of the 1999 Form 10-K.)
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