<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>
Nine Months Ended Years Ended
September 30, December 31,
----------------- ---------------------------------------------------------------------
(Millions) 2000 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Pretax income from
continuing operations $ 870.0 $ 1,224.2 $ 1,408.3 $ 1,511.2 $ 338.7 $ 726.2
Add back fixed charges 336.7 399.5 358.5 321.9 245.1 187.0
Minority interest 14.0 17.5 10.7 14.7 16.4 16.1
------------------------------------------------------------------------------------------------------------------------------------
Income as adjusted $ 1,220.7 $ 1,641.2 $ 1,777.5 $ 1,847.8 $ 600.2 $ 929.3
====================================================================================================================================
Fixed charges:
Interest on indebtedness (1) $ 230.4 $ 279.4 $ 250.9 $ 235.8 $ 168.3 $ 115.9
Portion of rents representative
of interest factor 106.4 120.1 107.6 86.1 76.8 71.1
------------------------------------------------------------------------------------------------------------------------------------
Total fixed charges $ 336.8 $ 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 $ 336.8 $ 451.6 $ 450.7 $ 414.3 $ 286.2 $ 187.0
====================================================================================================================================
Ratio of earnings to fixed
charges 3.62 4.11 4.96 5.74 2.45 4.97
====================================================================================================================================
Ratio of earnings to combined
fixed charges and preferred
stock dividends 3.62 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>
Nine Months Ended Years Ended
September 30, December 31,
----------------- ----------------------------------------------------------
(Millions) 2000 1999 1998 1997 1996
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Pretax income from
continuing operations $ 942.5 $ 1,017.3 $ 1,162.7 $ 1,505.2 $ 335.0
Add back fixed charges 322.0 396.5 354.3 318.1 243.8
Minority interest 16.0 17.2 10.8 15.7 16.4
------------------------------------------------------------------------------------------------------------------------------
Income as adjusted $ 1,280.5 $ 1,431.0 $ 1,527.8 $ 1,839.0 $ 595.2
==============================================================================================================================
Fixed charges:
Interest on indebtedness (2) $ 230.4 $ 279.4 $ 250.9 $ 234.0 $ 168.3
Portion of rents representative
of interest factor 91.7 117.1 103.4 84.1 75.5
------------------------------------------------------------------------------------------------------------------------------
Total fixed charges $ 322.1 $ 396.5 $ 354.3 $ 318.1 $ 243.8
==============================================================================================================================
Preferred stock dividend
requirements - - - - -
------------------------------------------------------------------------------------------------------------------------------
Total combined fixed charges
and preferred stock dividend
requirements $ 322.1 $ 396.5 $ 354.3 $ 318.1 $ 243.8
==============================================================================================================================
Ratio of earnings to fixed
charges 3.98 3.61 4.31 5.78 2.44
==============================================================================================================================
Ratio of earnings to combined
fixed charges and preferred
stock dividends 3.98 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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