As filed with the Securities and Exchange Registration No. 333-01107
Commission on September 10, 1998 Registration No. 811-2513
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
- --------------------------------------------------------------------------------
POST-EFFECTIVE AMENDMENT NO. 11 TO
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
and Amendment To
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
- --------------------------------------------------------------------------------
Variable Annuity Account C of Aetna Life Insurance and Annuity Company
(Exact Name of Registrant)
Aetna Life Insurance and Annuity Company
(Name of Depositor)
151 Farmington Avenue, RE4A, Hartford, Connecticut 06156
(Address of Depositor's Principal Executive Offices) (Zip Code)
Depositor's Telephone Number, including Area Code: (860) 273-4686
Julie E. Rockmore, Counsel
Aetna Life Insurance and Annuity Company
151 Farmington Avenue, RE4A, Hartford, Connecticut 06156
(Name and Address of Agent for Service)
- --------------------------------------------------------------------------------
It is proposed that this filing will become effective:
immediately upon filing pursuant to paragraph (b) of Rule 485
--------
X on October 1, 1998 pursuant to paragraph (b) of Rule 485
--------
<PAGE>
VARIABLE ANNUITY ACCOUNT C
CROSS REFERENCE SHEET
<TABLE>
<CAPTION>
LOCATION - PROSPECTUS DATED
MAY 1, 1998, AND AS AMENDED BY
SUPPLEMENT DATED
FORM N-4 OCTOBER 1, 1998
ITEM NO. PART A (PROSPECTUS)
<S> <C> <C>
1 Cover Page.......................................... Cover Page
2 Definitions......................................... Definitions
3 Synopsis............................................ Prospectus Summary; Fee Table, and as
supplemented
4 Condensed Financial Information..................... Condensed Financial Information;
Appendix VII - Condensed Financial
Information
5 General Description of Registrant,
Depositor, and Portfolio Companies.................. The Company; Variable Annuity Account
C; The Funds, and as supplemented
6 Deductions and Expenses............................. Charges and Fees During the Accumulation
Period
7 General Description of Variable Annuity
Contracts........................................... Purchase; Miscellaneous
8 Annuity Period...................................... Annuity Period
9 Death Benefit....................................... Death Benefit
10 Purchases and Contract Value........................ Purchase; Determining Individual Account
Current Value
11 Redemptions......................................... Contract Rights; Systematic Distribution
Options
12 Taxes............................................... Tax Status
13 Legal Proceedings................................... Miscellaneous - Legal Proceedings and
Legal Matters
14 Table of Contents of the Statement of
Additional Information.............................. Statement of Additional Information - Table
of Contents
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
LOCATION - STATEMENT OF
FORM N-4 PART B (STATEMENT OF ADDITIONAL INFORMATION
ITEM NO. ADDITIONAL INFORMATION) DATED MAY 1, 1998
<S> <C> <C>
15 Cover Page........................................... Cover page
16 Table of Contents.................................... Table of Contents
17 General Information and History...................... General Information and History
18 Services............................................. General Information and History;
Independent Auditors
19 Purchase of Securities Being Offered................. Offering and Purchase of Contracts
20 Underwriters......................................... Offering and Purchase of Contracts
21 Calculation of Performance Data...................... Performance Data; Average Annual Total
Return Quotations
22 Annuity Payments..................................... Annuity Payments
23 Financial Statements................................. Financial Statements
</TABLE>
Part C (Other Information)
--------------------------
Information required to be included in Part C is set forth under the appropriate
item, so numbered, in Part C to this Registration Statement.
<PAGE>
PARTS A AND B
The Prospectus and the Statement of Additional Information are incorporated in
Parts A and B, respectively, of this Post-Effective Amendment No. 11 by
reference to Post-Effective Amendment No. 9 to the Registration Statement on
Form N-4 (File No. 333-01107), as filed electronically on April 7, 1998
(Accession No. 0000950146-98-000564).
Three Supplements to the Prospectus, each dated October 1, 1998, are included in
Part A of this Post-Effective Amendment.
<PAGE>
VARIABLE ANNUITY ACCOUNT C
VARIABLE ANNUITY ACCOUNT B
Aetna Life Insurance and Annuity Company
Supplement Dated October 1, 1998
to May 1, 1998 Prospectus or Contract Prospectus Summary
This supplement describes Series D of Aetna GET Fund ("GET D"), an investment
option which may be available under the Contract described by the Variable
Annuity Account B or C Prospectus or Contract Prospectus Summary, and a
guarantee offered by the Aetna Life Insurance and Annuity Company ("Aetna") in
connection with investments in GET D. GET D may not be available in all
jurisdictions, under all Contracts or in all Plans. See the prospectus for GET
D for a more complete description of the Fund, including charges and expenses.
AETNA GET FUND--SERIES D
GET D seeks to achieve maximum total return without compromising a minimum
targeted rate of return by participating in favorable equity market performance
during the Guaranteed Period which runs from January 16, 1999 through January
15, 2004. GET D shares will be offered for a limited time period, from October
15, 1998 through the close of business on January 15, 1999 ("Offering Period").
Aeltus Investment Management, Inc. is the investment adviser to GET D.
THE GET FUND GUARANTEE
GET D will mature on January 15, 2004 ("Maturity Date"), which will end the
Guaranteed Period for GET D. Aetna guarantees that the value of a GET D
accumulation unit on the Maturity Date will not be less than the value of a GET
D accumulation unit as valued after the close of business on the last day of
the Offering Period. If necessary, Aetna will transfer funds from its General
Account to GET D to offset any shortfall. THIS GUARANTEE DOES NOT APPLY TO
WITHDRAWALS OR TRANSFERS MADE BEFORE THE MATURITY DATE. Such withdrawals or
transfers are made at the actual accumulation unit value on the date of the
transaction.
GET D is only available as an investment option during the accumulation period.
GET D should not be selected if annuity payments or other withdrawals or
transfers from GET D are expected to begin prior to the Maturity Date. Contract
Holders or Participants must transfer any portion of the value of their account
("Account Value") held in GET D to another investment option before an annuity
option is elected.
Prior to the Maturity Date, Aetna will send a notice to each Contract
Holder/Participant with amounts in GET D reminding them that the Maturity Date
is approaching and that another investment option must be elected. If no such
election is made, on the Maturity Date Aetna will transfer the portion of the
Account Value based on GET D to another available series of GET Fund. If no GET
Fund series is available, 50% of the Account Value from GET D will be
transferred to Aetna Variable Fund d/b/a Aetna Growth and Income VP, a growth
and income fund. The remaining 50% of the Account Value from GET D will be
transferred to Aetna Income Shares d/b/a Aetna Bond VP, a bond fund. The
transfers will be made as of the next determined accumulation unit value.
X.GET D-98 October 1998
<PAGE>
The following information supplements the Fee Table contained in the Prospectus
or Contract Prospectus Summary:
SEPARATE ACCOUNT ANNUAL EXPENSES
In addition to any amounts currently listed under the heading "Separate Account
Annual Expenses" in the Prospectus or Contract Prospectus Summary, Aetna will
make a daily deduction of a GET Guarantee Charge, equal on an annual basis to
the percentage shown below, from amounts allocated to the GET D investment
option:
GET Guarantee Charge (deducted daily during the Guaranteed Period)..0.25%
Maximum Total Separate Account Annual Expenses..........................1.75%(1)
(1) The Total Separate Account Expenses applicable to your particular Contract
may be lower. Please refer to the Fee Table section of your Prospectus or
Contract Prospectus Summary.
Aetna GET Fund Series D Annual Expenses
(As a percentage of average net assets)
<TABLE>
<CAPTION>
INVESTMENT OTHER TOTAL FUND
ADVISORY FEE* EXPENSES** ANNUAL EXPENSES
--------------- -------------- ----------------
<S> <C> <C> <C>
Aetna GET Fund Series D 0.60% 0.15% 0.75%
</TABLE>
*0.25% during the Offering Period. Thereafter, a management fee at an annual
rate of 0.60% will apply during the Guaranteed Period.
**"Other Expenses" include an administrative fee on an annual basis of 0.075%
of the average daily net assets of GET D and additional expenses which the
investment adviser has agreed will not exceed on an annual basis 0.075% of the
average daily net assets of GET D.
For more information regarding expenses paid out of assets of the Fund, see the
GET D prospectus.
HYPOTHETICAL ILLUSTRATION (Example)--Aetna GET Fund Series D
THIS EXAMPLE IS PURELY HYPOTHETICAL. IT SHOULD NOT BE CONSIDERED A
REPRESENTATION OF PAST OR FUTURE EXPENSES OR EXPECTED RETURN. ACTUAL EXPENSES
AND/OR RETURN MAY BE MORE OR LESS THAN THOSE SHOWN BELOW.
The following Examples illustrate the expenses that would have been paid
assuming a $1,000 investment in the GET D investment option under the contract
and a 5% return on assets.***
<TABLE>
<CAPTION>
EXAMPLE A EXAMPLE B
- -------------------------------------------------------------- ---------------------------------------------------
If you withdraw your entire Account Value at the end of the If you do not withdraw your Account Value, you
periods shown, you would pay the following expenses, including would pay the following expenses (no deferred sales
any applicable deferred sales charge: charge is reflected):
1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years
<S> <C> <C> <C> <C> <C> <C> <C>
$78 $135 $195 $295 $26 $81 $139 $295
</TABLE>
***The Examples above assume that a mortality and expense risk charge of 1.25%
on an annual basis, an administrative expense charge of 0.25% on an annual
basis, a GET guarantee charge of 0.25% on an annual basis, and an annual
maintenance fee that has been converted to a percentage of assets equal to
0.114%, are assessed. Example A assumes that a deferred sales charge of 5% of
the Account Value at the end of years 1, 3 and 5, and 0% at the end of year
10, is assessed. (The expenses that you would pay under your particular
Contract may be lower. Please refer to the Fee Table section of your
Prospectus or Contract Prospectus Summary.)
X.GET D-98 October 1998
<PAGE>
VARIABLE ANNUITY ACCOUNT C
VARIABLE ANNUITY ACCOUNT B
Aetna Life Insurance and Annuity Company
Supplement Dated October 1, 1998
to May 1, 1998 Prospectus or Contract Prospectus Summary
The following information updates and amends the "Fixed Account" Appendix or
the "Fixed Account" section of the "Contracts Acquired by Exchange" Appendix of
the Prospectus or Contract Prospectus Summary as follows:
If the Company pays the Fixed Account Withdrawal Value in equal payments,
with interest, over a period not to exceed 60 months, then the following
language replaces the paragraph that describes the applicable interest rate
to be credited by the Company:
"During the payment period, the interest rate credited to amounts held in
the Fixed Account will be determined in the manner set forth in the
Contract. In no event will the interest rate be less than the minimum
stated in the Contract."
Information about the Aetna Value Opportunity VP investment option is amended
as follows:
Effective October 1, 1998, the sub-adviser for Aetna Variable Portfolios,
Inc.--Aetna Value Opportunity VP will be Bradley, Foster & Sargent, Inc. Aeltus
Investment Management, Inc. will continue to be the investment adviser to the
Fund.
X.FAVALOP-98 October 1998
<PAGE>
VARIABLE ANNUITY ACCOUNT C
Aetna Life Insurance and Annuity Company
Supplement dated September 10, 1998
to the May 1, 1998 Prospectus or Contract Prospectus Summary
Healthcare Retirement Plus and Voluntary Variable Annuity Contracts for use
with Tax-Deferred
Annuity Plans (Section 403(b)) and Defined Contribution Plans (Section 401(a))
The information in this supplement updates and amends the information contained
in the Prospectus or Contract Prospectus Summary dated May 1, 1998.
In addition to the waivers of the 20% limit on full and partial withdrawals from
the Fixed Plus Account outlined in Appendices II and III to the Prospectus and
in Appendices I and II of the Contract Prospectus Summary, the Company may allow
additional waivers of the limits to Participants of certain Plans. You can
determine what additional waivers, if any, apply to your Plan by referring to
the Contract or certificate.
SUBJECT TO COMPLETION OR AMENDMENT
INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. A
REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION. THESE SECURITIES MAY NOT BE SOLD NOR MAY
OFFERS TO BUY BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES
EFFECTIVE. THIS PROSPECTUS SUPPLEMENT SHALL NOT CONSTITUTE AN OFFER TO SELL OR
THE SOLICITATION OF ANY OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE
SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE
UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF
ANY SUCH STATE.
Form No. RH.01107-98-2 September 1998
<PAGE>
VARIABLE ANNUITY ACCOUNT C
PART C - OTHER INFORMATION
Item 24. Financial Statements and Exhibits
<TABLE>
<S> <C> <C> <C>
(a) Financial Statements:
(1) Incorporated by reference in Part A:
Condensed Financial Information
(2) Incorporated by reference in Part B:
Financial Statements of Variable Annuity Account C:
- Statement of Assets and Liabilities as of December 31, 1997
- Statements of Operations and Changes in Net Assets for the years ended
December 31, 1997 and 1996
- Notes to Financial Statements
- Independent Auditors' Report
Financial Statements of the Depositor:
- Independent Auditors' Report
- Consolidated Statements of Income for the years ended December 31, 1997,
1996 and 1995
- Consolidated Balance Sheets as of December 31, 1997 and 1996
- Consolidated Statements of Changes in Shareholder's Equity for the years
ended December 31, 1997, 1996 and 1995
- Consolidated Statements of Cash Flows for the years ended December 31,
1997, 1996 and 1995
- Notes to Consolidated Financial Statements
(b) Exhibits
(1) Resolution of the Board of Directors of Aetna Life Insurance and Annuity Company
establishing Variable Annuity Account C(1)
(2) Not applicable
(3.1) Broker-Dealer Agreement(2)
(3.2) Alternative Form of Wholesaling Agreement and Related Selling Agreement(3)
(4.1) Group Combination Annuity Contract (Nonparticipating) (A001RP95)(4)
(4.2) Group Combination Annuity Certificate (Nonparticipating) (A007RC95)(4)
(4.3) Group Combination Annuity Contract (Nonparticipating) (A020RV95)(4)
(4.4) Group Combination Annuity Certificate (Nonparticipating) (A027RV95)(4)
(4.5) Endorsement for Exchanged Contracts (EINRP95)(4)
(4.6) Endorsement for Exchanged Contracts (EINRV95)(4)
(4.7) Endorsement for 401(a) Plans(4)
(4.8) Endorsement (GET 9/96) to Contracts A001RP95 and A020RV95(5)
(4.9) Endorsement (GET-1 (9/96)) to Contract A001RP95 and A020RV95(6)
(4.10) Endorsement (E1OMNI97) to Contract A001RP95(7)
(4.11) Endorsement (E2OMNI97) to Contract A001RP95(7)
</TABLE>
<PAGE>
<TABLE>
<S> <C>
(4.12) Endorsement (3OMNI97) to Contract A001RP95(7)
(4.13) Endorsement (E1FXPL97) to Contract A001RP95(7)
(4.14) Endorsement (E2FXPL97) to Contracts A001RP95 and A020RV95(7)
(4.15) Endorsement (E3FXPL97) to Contracts A001RP95 and A020RV95(7)
(4.16) Endorsement (EINRP97) to Contract A001RP95(7)
(4.17) Endorsement (E4OMNI97) to Contract A001RP95(7)
(4.18) Endorsement (EINRV97) to Contract A020RV95(7)
(4.19) Endorsement (E1PAY97) to Contracts A001RP95 and A020RV95(7)
(4.20) Endorsement (E2PAY97) to Contracts A001RP95 and A020RV95(7)
(4.21) Endorsement (E1FXPY97) to Contracts A001RP95 and A020RV95(8)
(4.22) Endorsement (E4OMNI98) to Contracts A001RP95 and A020RV95(9)
(4.23) Endorsement (EG403-GIE-98) to Contracts A001RP95 and A020RV95 and
Certificates A007RC95 and A027RV95
(4.24) Endorsement (EG403-GIHC-98) to Contracts A001RP95 and A020RV95 and
Certificates A007RC95 and A027RV95
(5) Variable Annuity Contract Application (300-MOP-96)(10)
(6.1) Certification of Incorporation of Aetna Life Insurance and Annuity Company(11)
(6.2) Amendment of Certificate of Incorporation of Aetna Life Insurance and Annuity
Company(12)
(6.3) By-Laws as amended September 17, 1997 of Aetna Life Insurance and Annuity
Company(13)
(7) Not applicable
(8.1) Fund Participation Agreement by and among Aetna Life Insurance and Annuity
Company and Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income
Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its series,
Aetna Generation Portfolios, Inc., on behalf of each of its series, and Aetna Variable
Portfolios, Inc. on behalf of each of its series and Aeltus Investment Management,
Inc., dated as of May 1, 1998(2)
(8.2) Service Agreement between Aeltus Investment Management, Inc. and Aetna Life
Insurance and Annuity Company in connection with the sale of shares of Aetna
Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced
VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation
Portfolios, Inc. on behalf of each of its series and Aetna Variable Portfolios, Inc., on
behalf of each of its series dated as of May 1, 1998(2)
(8.3) Fund Participation Agreement among Calvert Responsibly Invested Balanced
Portfolio, Calvert Asset Management Company, Inc. and Aetna Life Insurance and
Annuity Company dated December 1, 1997(8)
(8.4) Service Agreement between Calvert Asset Management Company, Inc. and Aetna
Life Insurance and Annuity Company Dated December 1, 1997(8)
(8.5) Fund Participation Agreement between Aetna Life Insurance and Annuity
Company, Variable Insurance Products Fund and Fidelity Distributors Corporation
</TABLE>
<PAGE>
<TABLE>
<S> <C>
dated February 1, 1994 and amended on December 15, 1994, February 1, 1995, May
1, 1995, January 1, 1996 and March 1, 1996(12)
(8.6) Fifth Amendment dated as of May 1, 1997 to the Fund Participation Agreement
between Aetna Life Insurance and Annuity Company, Variable Insurance Products
Fund and Fidelity Distributors Corporation dated February 1, 1994 and amended on
December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996 and March 1,
1996(14)
(8.7) Sixth Amendment dated November 6, 1997 to the Fund Participation Agreement
between Aetna Life Insurance and Annuity Company, Variable Insurance
Products Fund and Fidelity Distributors Corporation dated February 1, 1994 and
amended on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996,
March 1, 1996 and May 1, 1997(15)
(8.8) Seventh Amendment dated as of May 1, 1998 to the Fund Participation Agreement
between Aetna Life Insurance and Annuity Company, Variable Insurance Products
Fund and Fidelity Distributors Corporation dated February 1, 1994 and amended on
December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1,
1996, May 1, 1997 and November 6, 1997(2)
(8.9) Fund Participation Agreement between Aetna Life Insurance and Annuity
Company, Variable Insurance Products Fund II and Fidelity Distributors
Corporation dated February 1, 1994 and amended on December 15, 1994, February
1, 1995, May 1, 1995, January 1, 1996 and March 1,1996(12)
(8.10) Fifth Amendment dated as of May 1, 1997 to the Fund Participation Agreement
between Aetna Life Insurance and Annuity Company, Variable Insurance Products
Fund II and Fidelity Distributors Corporation dated February 1, 1994 and amended
on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996 and March
1, 1996(14)
(8.11) Sixth Amendment dated as of January 20, 1998 to the Fund Participation
Agreement between Aetna Life Insurance and Annuity Company, Variable
Insurance Products Fund II and Fidelity Distributors Corporation dated February 1,
1994 and amended on December 15, 1994, February 1, 1995, May 1, 1995, January
1, 1996, March 1, 1996 and May 1, 1997(16)
(8.12) Seventh Amendment dated as of May 1, 1998 to the Fund Participation Agreement
between Aetna Life Insurance and Annuity Company, Variable Insurance Products
Fund II and Fidelity Distributors Corporation dated February 1, 1994 and amended
on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1,
1996, May 1, 1997 and January 20, 1998(2)
(8.13) Service Agreement between Aetna Life Insurance and Annuity Company and
Fidelity Investments Institutional Operations Company dated as of November 1,
1995(17)
(8.14) Amendment dated January 1, 1997 to Service Agreement between Aetna Life
Insurance and Annuity Company and Fidelity Investments Institutional Operations
Company dated as of November 1, 1995(14)
</TABLE>
<PAGE>
<TABLE>
<S> <C>
(8.15) Fund Participation Agreement among Janus Aspen Series and Aetna Life Insurance
and Annuity Company and Janus Capital Corporation dated December 8, 1997(18)
(8.16) Service Agreement between Janus Capital Corporation and Aetna Life Insurance
and Annuity Company dated December 8, 1997(18)
(8.17) Fund Participation Agreement between Aetna Life Insurance and Annuity Company
and Lexington Management Corporation regarding Natural Resources Trust dated
December 1, 1988 and amended February 11, 1991(3)
(8.18) Fund Participation Agreement between Aetna Life Insurance and Annuity Company
and Oppenheimer Variable Annuity Account Funds and Oppenheimer Funds,
Inc.(19)
(8.19) Service Agreement between Oppenheimer Funds, Inc. and Aetna Life Insurance and
Annuity Company(19)
(9) Opinion and Consent of Counsel
(10) Consent of Independent Auditors
(11) Not applicable
(12) Not applicable
(13) Schedule for Computation of Performance Data(9)
(14) Not applicable
(15.1) Powers of Attorney(20)
(15.2) Authorization for Signatures(3)
</TABLE>
1. Incorporated by reference to Post-Effective Amendment No. 6 to Registration
Statement on Form N-4 (File No. 33-75986), as filed electronically on April
22, 1996 (Accession No. 0000950146-96-000563).
2. Incorporated by reference to Registration Statement on Form N-4 (File No.
333-56297), as filed electronically on June 8, 1998 (Accession No.
0000950146-98-000983).
3. Incorporated by reference to Post-Effective Amendment No. 5 to Registration
Statement on Form N-4 (File No. 33-75986), as filed electronically on April
12, 1996 (Accession No. 0000912057-96-006383).
4. Incorporated by reference to Registration Statement on Form N-4 (File No.
333-01107), as filed electronically on February 21, 1996 (Accession No.
0000950146-96-000241).
5. Incorporated by reference to Post-Effective Amendment No. 6 to Registration
Statement on Form N-4 (File No. 33-91846), as filed electronically on
August 6, 1996 (Accession No. 0000912057-96-016381).
6. Incorporated by reference to Post-Effective Amendment No. 10 to
Registration Statement on Form N-4 (File No. 333-01107), as filed
electronically on July 22, 1998 (Accession No. 0000950146-98-001225).
7. Incorporated by reference to Post-Effective Amendment No. 4 to Registration
Statement on Form N-4 (File No. 333-01107), as filed electronically on
February 26, 1997 (Accession No. 0000950146-97-000241).
<PAGE>
8. Incorporated by reference to Post-Effective Amendment No. 8 to Registration
Statement on Form N-4 (File No. 333-01107), as filed electronically on
February 19, 1998 (Accession No. 0000950146-98-000248).
9. Incorporated by reference to Post-Effective Amendment No. 9 to Registration
Statement on Form N-4 (File No. 333-01107), as filed electronically on
April 7, 1998 (Accession No. 0000950146-98-000564).
10. Incorporated by reference to Post-Effective Amendment No. 13 to
Registration Statement on Form N-4 (File No. 33-91846), as filed
electronically on April 13, 1998 (Accession No. 0000950146-98-000611).
11. Incorporated by reference to Post-Effective Amendment No. 1 to Registration
Statement on Form S-1 (File No. 33-60477), as filed electronically on April
15, 1996 (Accession No. 0000950146-96-000534).
12. Incorporated by reference to Post-Effective Amendment No. 12 to
Registration Statement on Form N-4 (File No. 33-75964), as filed
electronically on February 11, 1997 (Accession No. 0000950146-97-000159).
13. Incorporated by reference to Post-Effective Amendment No. 12 to
Registration Statement on Form N-4 (File No. 33-91846), as filed
electronically on October 30, 1997 (Accession No. 0000950146-97-001589).
14. Incorporated by reference to Post-Effective Amendment No. 30 to
Registration Statement on Form N-4 (File No. 33-34370), as filed
electronically on September 29, 1997 (Accession No. 0000950146-97-001485).
15. Incorporated by reference to Post-Effective Amendment No. 16 to
Registration Statement on Form N-4 (File No. 33-75964), as filed
electronically on February 9, 1998 (Accession No. 0000950146-98-000179).
16. Incorporated by reference to Post-Effective Amendment No. 7 to Registration
Statement on Form S-6 (File No. 33-75248), as filed electronically on
February 24, 1998 (Accession No. 0000950146-98-000267).
17. Incorporated by reference to Post-Effective Amendment No. 3 to Registration
Statement on Form N-4 (File No. 33-88720), as filed electronically on June
28, 1996 (Accession No. 0000928389-96-000136).
18. Incorporated by reference to Post-Effective Amendment No. 10 to
Registration Statement on Form N-4 (File No. 33-75992), as filed
electronically on December 31, 1997 (Accession No. 0000950146-97-001982).
19. Incorporated by reference to Post-Effective Amendment No. 27 to
Registration Statement on Form N-4 (File No. 33-34370), as filed
electronically on April 16, 1997 (Accession No. 0000950146-97-000617).
20. Incorporated by reference to Pre-Effective Amendment No. 1 to Registration
Statement on Form N-4 (File No. 333-56297), as filed electronically on
August 4, 1998 (Accession No. 0000950146-98-001283).
<PAGE>
Item 25. Directors and Officers of the Depositor
<TABLE>
<CAPTION>
Name and Principal
Business Address* Positions and Offices with Depositor
- ------------------- ------------------------------------
<S> <C>
Thomas J. McInerney Director and President
Catherine H. Smith Director, Chief Financial Officer and Senior Vice
President
Shaun P. Mathews Director and Senior Vice President
Deborah Koltenuk Vice President, Treasurer and Corporate Controller
Frederick D. Kelsven Vice President and Chief Compliance Officer
Kirk P. Wickman Vice President, General Counsel and Corporate Secretary
</TABLE>
* The principal business address of all directors and officers listed is 151
Farmington Avenue, Hartford, Connecticut 06156.
Item 26. Persons Controlled by or Under Common Control with the Depositor or
Registrant
Attached is a listing of all persons directly or indirectly controlled by or
under common control with the Registrant. The listing indicates (1) the state or
other sovereign power under the laws of which the entity is organized, (2) the
percentage of voting securities owned or other basis of control by the person,
if any, immediately controlling it (percentages are rounded to the nearest whole
percentage and are based on ownership of voting rights), and (3) its principal
business.
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
OWNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Inc. CT (1) Publicly Held Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Services, Inc. CT (1) (*) Aetna Inc. 100% Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare Inc. PA (1) (*) Aetna Inc. 100% Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Risk Indemnity Bermuda (1) (*) Aetna Inc. 100% Insurance
Company Limited
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Life Insurance Company CT (1) (*) Aetna Services, Inc. 100% Life and Health Insurance and
Related Services
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Retirement Services, CT (1) (*) Aetna Services, Inc. 100% Holding Company
Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna International, Inc. CT (1) (*) Aetna Services, Inc. 100% Holding Company for
International Subsidiaries
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Health and Life CT (1) (*) Aetna Services, Inc. 100% Life and Health Insurance
Insurance Company
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Corporation (*) Fully Consolidated
(2) Partnership (**) One Line Consolidation
(3) Joint Venture (***) Not Consolidated
(4) Trust
(5) Limited Liability Company
+ Percentages are rounded to the nearest whole percent and are based on
ownership of voting rights.
1
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Capital Trust I DE (4) (*) Aetna Services, Inc. 100% Business Trust
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Capital Trust II DE (4) (*) Aetna Services, Inc. 100% Business Trust
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Capital Trust III DE (4) (*) Aetna Services, Inc. 100% Business Trust
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Capital Trust IV DE (4) (*) Aetna Services, Inc. 100% Business Trust
- -----------------------------------------------------------------------------------------------------------------------------------
AUSHC Holdings, Inc. CT (1) (*) Aetna Services, Inc. 100% Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Foundation, Inc. CT (1) (***) Aetna Services, Inc. 100%a Supports Charitable Scientific,
Literary and Educational
Activities
- -----------------------------------------------------------------------------------------------------------------------------------
Imperial Fire & Marine U.K. (1) (***) Aetna Services, Inc. 10% Reinsurance
Re-Insurance Company
Limited
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Business Resources, Inc. CT (1) (*) Aetna Services, Inc. 100% Provides Business Services to
External Clients
- -----------------------------------------------------------------------------------------------------------------------------------
AE Fifteen, Incorporated CT (1) (*) Aetna Services, Inc. 100% Shell Corp. for Interest in
Cogeneration
- -----------------------------------------------------------------------------------------------------------------------------------
Luettgens Limited CT (1) (*) Aetna Services, Inc. 100% Retail Specialty Store
- -----------------------------------------------------------------------------------------------------------------------------------
AE Housing Corp. CT (1) (*) Aetna Services, Inc. 100% Real Estate
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Capital L.L.C. DE (5) (*) Aetna Services, Inc. 95%b Finance - Limited Liability
Company
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Realty Investments I, CT (1) (*) Aetna Services, Inc. 100% Real Estate Investment
Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Properties I CT (2) (***) Aetna Realty 84%c Real Estate Investment
Limited Partnership Investments I, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
PHPSNE Parent DE (1) (*) AUSHC Holdings, Inc. 55% Holding Company
Corporation
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------
a Nonstock Corporation
b Aetna Capital Holdings, Inc. owns 5% of this Limited Liability Company.
c Aetna Realty Investments I, Inc. is a 1% general partner and an 83% limited
partner.
2
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Health Plans of CT (1)(*) PHPSNE Parent 100% Health Care
Southern New England, Inc. Corporation
- -----------------------------------------------------------------------------------------------------------------------------------
CMBS Holdings, Inc. TX (1) (*) Aetna Life Insurance 100% Real Estate Investment and
Company Management
- -----------------------------------------------------------------------------------------------------------------------------------
CMBS Holdings, Inc. - II CT (1) (*) Aetna Life Insurance 100% Real Estate
Company
- -----------------------------------------------------------------------------------------------------------------------------------
CMBS Holdings, L.L.C. CT (5) (*) Aetna Life Insurance 99%d Real Estate
Company
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Real Estate CT (1) (*) Aetna Life Insurance 100% Acquire, Develop and Lease Real
Properties, Inc. Company Estate
- -----------------------------------------------------------------------------------------------------------------------------------
CDI Equity, Inc. DE (1) (*) Aetna Life Insurance 100% General Business Corporation
Company
- -----------------------------------------------------------------------------------------------------------------------------------
CDI Equity L.L.C. DE (5) (*) Aetna Life Insurance 99%e General Business Corporation
Company
- -----------------------------------------------------------------------------------------------------------------------------------
AE Fourteen, Inc. CT (1) (*) Aetna Life Insurance 100% Cogeneration
Company
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Life Assignment CT (1) (*) Aetna Life Insurance 100% Assignment Company for
Company Company Structured Settlements
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna/Area Corporation CT (1) (*) Aetna Life Insurance 100% Real Estate Investment and
Company Management
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Institutional CT (2) (**) Aetna Life Insurance 13%f Real Estate Investment
Investors I Limited Company
Partnership
- -----------------------------------------------------------------------------------------------------------------------------------
Shadow Ridge At Oak Park CA (2) (**) Aetna Life Insurance 80% Real Estate
Condominium Associates Company
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------
d CMBS Holdings, Inc.-II owns 1% of this Limited Liability Company.
e CDI Equity, Inc. owns 1% of this Limited Liability Company.
f Aetna Real Estate Properties, Inc. is a 1% general partner.
3
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BPC Equity, Inc. DE (1) (*) Aetna Life Insurance Company 100% General Business Corporation
- -----------------------------------------------------------------------------------------------------------------------------------
BPC Equity, L.L.C. DE (5) (*) Aetna Life Insurance Company 99%g General Business Corporation
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Affordable Housing, Inc. CT (1) (*) Aetna Life Insurance Company 100% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
AHP Holdings, Inc. CT (1) (*) Aetna Life Insurance Company 100% Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
Bay Area Mall, L.L.C. DE (5) (*) Aetna Life Insurance Company 99%h Real Estate
- -----------------------------------------------------------------------------------------------------------------------------------
Bay Area Mall, Inc. DE (1) (*) Aetna Life Insurance Company 100% Real Estate
- -----------------------------------------------------------------------------------------------------------------------------------
455 Market Street CA (2) (**) Aetna Life Insurance Company 90%i Real Estate
- -----------------------------------------------------------------------------------------------------------------------------------
Koll Center Newport A CA (2) (**) Aetna Life Insurance Company 50%j Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Koll Center Newport Number 8 CA (2) (**) Aetna Life Insurance Company 50%k Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Koll Center Newport Number 9 CA (2) (**) Aetna Life Insurance Company 50%l Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Koll Center Newport Number 10 CA (2) (**) Aetna Life Insurance Company 50%m Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------
g BPC Equity, Inc. owns 1% of this Limited Liability Company.
h Bay Area Mall, Inc. owns 1% of this Limited Liability Company.
i 89% general partner and 1% limited partner.
j Aetna Life Insurance Company is a 49% general partner and a 1% limited
partner.
k Aetna Life Insurance Company is a 49% general partner and a 1% limited
partner.
l Aetna Life Insurance Company is a 49% general partner and a 1% limited
partner.
m Aetna Life Insurance Company is a 49% general partner and a 1% limited
partner.
4
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Koll Center Newport Number 11 CA (2) (**) Aetna Life Insurance Company 50%n Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Koll Center Newport Number 14 CA (3) (**) Aetna Life Insurance Company 60% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Pinnacle McDowell Investors, DE (5) (**) Aetna Life Insurance Company 100% Real Estate Holding Company
L.L.C.
- -----------------------------------------------------------------------------------------------------------------------------------
1111 Pasquinelli Dr. L.L.C. DE (5) (**) Aetna Life Insurance Company 100% Real Estate Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
1400 Busch Parkway, L.L.C. DE (5) (**) Aetna Life Insurance Company 100% Real Estate Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
Hayward Industrial Park CT (2) (**) Aetna Life Insurance Company 99% Real Estate Investment
Associates
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Hamilton Partnership IL (2) (**) Aetna Life Insurance Company 62% Real Estate
- -----------------------------------------------------------------------------------------------------------------------------------
Waterloo Associates Limited NC (2) (**) Aetna Life Insurance Company 99%o Real Estate Investment
Partnership
- -----------------------------------------------------------------------------------------------------------------------------------
Gables At Farmington Associates CT (2) (**) Aetna Life Insurance Company 60% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Country Club Heights at Woburn MA (2) (**) Aetna Life Insurance Company 60% Real Estate Investment
Associates
- -----------------------------------------------------------------------------------------------------------------------------------
Carlyle Club Apartments DE (5) (**) Aetna Life Insurance Company 100% Real Estate Holding Company
Investors, L.L.C.
- -----------------------------------------------------------------------------------------------------------------------------------
Citation Club Investors, L.L.C. DE (5) (**) Aetna Life Insurance Company 100% Real Estate Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
Britcher Aetna-Laguna Hills CA (2) (**) Aetna Life Insurance Company 68% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Harbor Business Park CA (2) (**) Aetna Life Insurance Company 99% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
n Aetna Life Insurance Company is a 49% general partner and a 1% limited
partner.
o Aetna Life Insurance Company is a 99% general partner and Trumbull Three,
Inc. is a 1% limited partner.
5
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Ensenada De Las Colinas I TX (2) (**) Aetna Life Insurance Company 99%p Real Estate Investment
Associates
- -----------------------------------------------------------------------------------------------------------------------------------
Trevose Hospitality, Inc. CT (1) (**) Aetna Life Insurance Company 100% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Oaks at Valley Ranch I TX (2) (**) Aetna Life Insurance Company 99%q Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Oaks at Valley Ranch II TX (2) (**) Aetna Life Insurance Company 99%r Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
KBC-RED Hill Limited Partnership CA (2) (**) Aetna Life Insurance Company 80% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
KBC-Eastside Limited Partnership AZ (2) (**) Aetna Life Insurance Company 80% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Trumbull One, Inc. CT (1) (*) Aetna Life Insurance Company 100% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Trumbull Two, Inc. CT (1) (*) Aetna Life Insurance Company 100% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Trumbull Three, Inc. CT (1) (*) Aetna Life Insurance Company 100% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Trumbull Four, Inc. CT (1) (*) Aetna Life Insurance Company 100% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Century City North L.L.C. DE (5) (**) Aetna Life Insurance Company 84%s Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Southfield Partners MD (2) (**) Aetna Life Insurance Company 99%t Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
p Aetna Life Insurance Company is a 99% general partner and Trumbull One, Inc.
is a 1% limited partner.
q Aetna Life Insurance Company is a 99% general partner and Trumbull One, Inc.
is a 1% limited partner.
r Aetna Life Insurance Company is a 99% general partner and Trumbull One, Inc.
is a 1% limited partner.
s Aetna Health and Life Insurance Company owns 16% of this Limited Liability
Company.
t Aetna Life Insurance Company is a 99% general partner and Trumbull Four,
Inc. is a 1% limited partner.
6
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Lincoln Rancho Cucamonga CA (2) (**) Aetna Life Insurance Company 60% Real Estate Investment
Associates
- -----------------------------------------------------------------------------------------------------------------------------------
Becknell Properties IL (2) (**) Aetna Life Insurance Company 75% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Village Green of Madison Heights MI (2) (**) Aetna Life Insurance Company 99%u Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Centrum Associates CA (2) (**) Aetna Life Insurance Company 65% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Tri-City Mall Associates AZ (2) (**) Aetna Life Insurance Company 50% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Southwest Financial Associates AZ (2) (**) Aetna Life Insurance Company 60% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
B&H Ventures IV Limited CT (2) (**) Aetna Life Insurance Company 75% Real Estate Investment
Partnership
- -----------------------------------------------------------------------------------------------------------------------------------
Champions Richland Northcourte TX (2) (*) Aetna Life Insurance Company 99%v Real Estate Investment
Partnership
- -----------------------------------------------------------------------------------------------------------------------------------
Chris-Town Village Associates AZ (2) (**) Aetna Life Insurance Company 50% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Arshaw Partners I TX (2) (*) Aetna Life Insurance Company 50% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Arshaw Partners II TX (2) (**) Aetna Life Insurance Company 50% Real Estate Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
Assembly Square Mall LLC DE (5) (**) Aetna Life Insurance Company 99%w Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Spectrum Fashion Center AZ (2) (**) Aetna Life Insurance Company 50% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
u Aetna Life Insurance Company is a 99% general partner and Trumbull Three,
Inc. is a 1% limited partner.
v Aetna Life Insurance Company is a 99% general partner and Trumbull One, Inc.
is a 1% limited partner.
w Aetna Life Insurance Company is a 99% general partner and Bay Area Mall,
Inc., is a 1% general partner.
7
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Canyon Springs Investment TX (2) (**) Aetna Life Insurance Company 100%x Real Estate Holding Company
Partners L.P.
- -----------------------------------------------------------------------------------------------------------------------------------
Chambridgeside Galleria MA (2) (**) Aetna Life Insurance Company 50% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
ADBI Partnership FL (2) (**) Aetna Life Insurance Company 30% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Marriott Inner Harbor Hotel MD (2) (*) Aetna Life Insurance Company 99% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
1501 Fourth Ave. Limited WA (2) (**) Aetna Life Insurance Company 91%y Real Estate Investment
Partnership
- -----------------------------------------------------------------------------------------------------------------------------------
Thace Associates MI (2) (**) Aetna Life Insurance Company 25% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Eastmeadow Distribution Center GA (2) (**) Aetna Life Insurance Company 99%z Real Estate Investment
Limited Partnership
- -----------------------------------------------------------------------------------------------------------------------------------
Eastmeadow Distribution Center GA (2) (**) Aetna Life Insurance Company 99%aa Real Estate Investment
Phase II Limited Partnership
- -----------------------------------------------------------------------------------------------------------------------------------
Azalea Mall, L.L.C. DE (5) (**) Aetna Life Insurance Company 99%bb Real Estate Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
Southeast Second Avenue, Inc. DE (1) (*) Aetna Life Insurance Company 100% Real Estate Investment
- -----------------------------------------------------------------------------------------------------------------------------------
Menlo One, L.L.C. DE (5) (**) Aetna Life Insurance Company 99%cc Real Estate Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
x Aetna Life Insurance Company is a 99% limited partner and Trumbull One, Inc.
is a 1% general partner.
y Aetna Life Insurance Company is a 90% general partner and a 1% limited
partner.
z Aetna Life Insurance Company is a 98% general partner and a 1% limited
partner.
aa Aetna Life Insurance Company is a 98% general partner and a 1% limited
partner.
bb Southeast Second Avenue, Inc. owns 1% of these limited liability companies.
cc Southeast Second Avenue, Inc. owns 1% of these limited liability companies.
8
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Central Trust Center Associates OH (2) (**) Aetna Life Insurance Company 15% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Capitol District Energy Center CT (2) (**) AE Fourteen, Inc. 50% Cogeneration of Electrical Power
Cogeneration Associates
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Insurance Company of CT (1) (*) AHP Holdings, Inc. 100% Insurance
Connecticut
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Retirement Holdings, Inc. CT (1) (*) Aetna Retirement Services, Inc. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Life Insurance and Annuity CT (1) (*) Aetna Retirement Holdings, Inc. 100% Life Insurance, Pensions And
Company Annuities
- ------------------------------------------------------------------------------------------------------------------------------------
Systematized Benefits CT (1) (*) Aetna Retirement Holdings, Inc. 100% Third Party Administrator
Administrators, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Financial Services, Inc. CT (1) (*) Aetna Retirement Holdings, Inc. 100% Broker-Dealer and Investment Advisor
- ------------------------------------------------------------------------------------------------------------------------------------
Aeltus Investment Management, Inc. CT (1) (*) Aetna Retirement Holdings, Inc. 100% Investment Advisor
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Investment Services, Inc. CT (1) (*) Aetna Retirement Holdings, Inc. 100% Distribute Securities Products -
ALIAC and Outside Funds
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Insurance Agency Holdings CT (1) (*) Aetna Retirement Holdings, Inc. 100% Holding Company
Company, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
FNI International, Inc. CA (1) (*) Aetna Retirement Holdings, Inc. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Insurance Company of America CT (1) (*) Aetna Life Insurance and 100% Write/Reinsure Life and Annuity
Annuity Company Business
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna New Series Fund, Inc. MD (1) (**) Aetna Life Insurance and 100% Regulated Investment Company (Mutual
Annuity Company Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Income Shares MA (4) (**) Aetna Life Insurance and 99% Regulated Investment Company (Mutual
Annuity Company Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Variable Encore Fund MA (4) (**) Aetna Life Insurance and 100% Regulated Investment Company (Mutual
Annuity Company Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna GET Fund MA (4) (**) Aetna Life Insurance and 100% Regulated Investment Company
Annuity Company (Mutual Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Variable Portfolios, Inc. MD (1) (**) Aetna Life Insurance and 97%dd Regulated Investment Company
Annuity Company (Mutual Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Variable Fund MA (4) (**) Aetna Life Insurance and 98% Regulated Investment Company
Annuity Company (Mutual Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Generation Portfolios, Inc. MD (1) (**) Aetna Life Insurance and 100% Regulated Investment Company
Annuity Company (Mutual Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Balanced VP, Inc. MD (1) (**) Aetna Life Insurance and 100% Regulated Investment Company
Annuity Company (Mutual Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Series Fund, Inc. MD (1) (**) Aetna Life Insurance and 25% Regulated Investment Company
Annuity Company (Mutual Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio Partners, Inc. MD (1) (**) Aetna Life Insurance and 100% Regulated Investment Company
Annuity Company (Mutual Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Financial Network Investment CA (1) (*) FNI International, Inc. 100% Broker/Dealer
Corporation
- ------------------------------------------------------------------------------------------------------------------------------------
FN Insurance Agency of MA (1) (*) FNI International, Inc. 100% Broker/Dealer
Massachusetts, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
FN Insurance Services, Inc. CA (1) (*) FNI International, Inc. 100% Insurance Agency
- ------------------------------------------------------------------------------------------------------------------------------------
FN Insurance Services of Alabama, AL (1) (*) FNI International, Inc. 100% sale of life and health and
Inc. variable products
- ------------------------------------------------------------------------------------------------------------------------------------
FN Insurance Services of Nevada, NV (1) (*) FNI International, Inc. 100% To engage as an agent, managing
Inc. general agent broker in all
classes of insurance
- ------------------------------------------------------------------------------------------------------------------------------------
Financial Network Investment HA (1)(*) Financial Network Investment 100% Insurance Agency and Insurance
Corporation of Hawaii Corporation Broker
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
dd Aetna Life Insurance Company owns 3% of this fund.
10
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Investment Management Bermuda Aeltus Investment Management, 100% Holding Company
(Bermuda) Holdings Limited (1) (*) Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aeltus Capital, Inc. CT (1) (*) Aeltus Investment Management, 100% Broker-Dealer Related Functions
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
China Dynamic Investment Hong Kong Aetna Investment Management 50% Establish and Manage Collective
Management (Hong Kong) (1) (**) (Bermuda) Holdings Limited Investment Scheme
Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Insurance Agency, Inc. CT (1) (*) Aetna Insurance Agency 100% Insurance agency for the marketing of
Holdings Company, Inc. registered and nonregistered insurance
products
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Insurance Agency of MA (1) (*) Aetna Insurance Agency 100% Insurance agency for the marketing of
Massachusetts, Inc. Holdings Company, Inc. registered and nonregistered insurance
products
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Insurance Agency of AL (1)(*) Aetna Insurance Agency 100% Insurance agency for the marketing of
Alabama, Inc. Holdings Company, Inc. registered and nonregistered insurance
products
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Insurance Agency of Ohio (1) (*) Aetna Insurance Agency 90%ee Insurance agency for the marketing of
Ohio, Inc. Holdings Company, Inc. registered and nonregistered insurance
products
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna International Holdings Hong Kong Aetna International, Inc. 100% Holding Company for Insurance and
(Hong Kong) I Limited (1) (*) Financial Services
- ------------------------------------------------------------------------------------------------------------------------------------
East Asia Aetna Insurance Bermuda Aetna International, Inc. 50% Life Disability and Employee Benefits
Company (Bermuda) Ltd. (1) (**) Ins. in H.K.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna International Fund CT (1) (*) Aetna International, Inc. 100% Investment Management Services
Management Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Holdings (Cayman) Ltd. Cayman Aetna International, Inc. 100% Insurance Company
(1) (**)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
ee Non-voting interest.
11
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Argentina S.A. Argentina Aetna Holdings Cayman Limited 100% Holding Company
(1) (*)
- -----------------------------------------------------------------------------------------------------------------------------------
ALICA Holdings, Inc. CT (1) (*) Aetna International, Inc. 80% Dedicated Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Life Insurance Company CT (1) (*) Aetna International, Inc. 100% Life Insurance
of America
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna International Holdings Hong Kong Aetna International, Inc. 100% Holding Company
(Hong Kong) II Limited (1) (*)
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Internacional y Compania, Mexico Aetna International, Inc. 71%ff Holding Company
S. en N.C. de C.V. (1) (**)
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Internacional De Mexico Mexico Aetna International, Inc. 100% Mexican Holding Company
S.A. De C.V. (1) (**)
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna S.A. Chile (1) (*) Aetna International, Inc. 100% Holding Co.
- -----------------------------------------------------------------------------------------------------------------------------------
Arcella Limited Hong Kong Aetna International, Inc. 100% Investment & Holding Co.
(1) (*) for Aetna's Asia Pacific
Operations
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Life & Casualty Bermuda Bermuda Aetna International, Inc. 100% Insurance, Guaranteed and
Limited (1) (*) Indemnity Business
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna International Global Luxembourg Aetna International, Inc. 100% Investment Services
Investment Services S.A. (1) (*)
- -----------------------------------------------------------------------------------------------------------------------------------
Inversiones Mercantil Aetna, Venezuela Aetna International, Inc. 50% Insurance Company
C.A. (1) (*)
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Heart Investment Taiwan (1) (*) Aetna International, Inc. 80% Holding Company
Holdings Limited
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Life and Casualty Netherlands Aetna International, Inc. 100% Finance Investment Company
International Finance N.V. Antilles
(1) (*)
- -----------------------------------------------------------------------------------------------------------------------------------
Sul America Aetna Seguros de Brazil Aetna International, Inc. 49% Insurance
Previdencia S.A.
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
ff Aetna International de Mexico, S.A. de C.V. and AE Five, Incorporated own
each 15% of Aetna Internacional y Compania, S. en N.C. de C.V.
12
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Investment Management Australia Aetna International, Inc. 100% Stockbroking
(Australia) Limited (1) (*)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Capital Holdings, Inc. CT (1) (*) Aetna International, Inc. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Securities Investment Taiwan (1) (*) Aetna International, Inc. 80% Securities Investment Advisor
Management (Taiwan) Ltd.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Capital Management U.K. (1) (*) Aetna International, Inc. 100% Promoter of Offshore Mutual Funds or
International Ltd. other Open-Ended Investment Vehicles
- ------------------------------------------------------------------------------------------------------------------------------------
AE Five Incorporated CT (1) (*) Aetna International, Inc. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Salud S.A. Argentina (1) (*) Aetna International, Inc. 100% Managing of Health Services
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Vida S.A. Argentina (1) (*) Aetna International, Inc.. 100% Health and Life Insurance
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Investment Management Hong Kong (1) (*) Aetna International, Inc. 100% Investment Management & Advisory
(F.E.) Nominees Limited Services for Individual Clients and
Investment Funds
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Canada Holdings Limited Canada (1) (*) Aetna International, Inc. 100% Investment Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Investment Management Taiwan (1) (*) Aetna International, Inc. 80% Provide Non-Security Business and
(Taiwan) Limited Investment Advice
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna International (N.Z.) New Zealand (1) (*) Aetna International, Inc. 100% Holding Company
Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Investment Management Hong Kong (1) (*) Aetna International, Inc. 100% Investment Holding Company
(F.E.) Holdings Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Phillippine Phillippine (1) (*) Aetna International, Inc. 100% Holding Company
Ventures, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Life Insurance Inc. Philippines (1) (*) Aetna Philippine 100% Life Insurance
Ventures, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
13
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Healthcare, Inc. Philippines (1) (*) Aetna Life Insurance Inc. 100% Insurance
- ------------------------------------------------------------------------------------------------------------------------------------
Blue Cross (Asia Pacific) Hong Kong (1) (**) Aetna International Holdings 35%gg Underwriter Casualty and
Insurance Ltd. (Hong Kong) I Limited General Insurance in Hong Kong and
Macau
- ------------------------------------------------------------------------------------------------------------------------------------
East Asia Aetna Services Hong Kong (1) (**) East Asia Aetna Insurance 100% Management services to associate
Company Limited Company (Bermuda) Ltd. companies
- ------------------------------------------------------------------------------------------------------------------------------------
The Aetna International Luxembourg (1) (***) Aetna Life Insurance Company 03%hh An Undertaking for the Collective
Umbrella Fund of America Investment in Transferable
Securities
- ------------------------------------------------------------------------------------------------------------------------------------
PT Aetna Life Insurance Indonesia (1) (**) Aetna Life Insurance Company 80% Limited Liability Life Insurance
Indonesia of America Company
- ------------------------------------------------------------------------------------------------------------------------------------
Daya Aetna (Malaysia) Malaysia (1) (*) Aetna International Holdings 82% Holding Company
SDN. BHD. (Hong Kong) II Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Universal Insurance Malaysia (1) (*) Daya Aetna (Malaysia) SDN. BHD. 100% Individual Life, Home Service,
Berhad Group and General Insurance
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Heart Co., Ltd. Taiwan (1) (a) Aetna Heart Investment 100% Trading Company - Marketing of
Holdings Limited Gifts and Souvenirs
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna South Life Agency Taiwan (1) (a) Aetna Heart Investment 100% Administrative Support
Co., Ltd. Holdings Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Huei Hong Securities Co., Taiwan (1) (a) Aetna Heart Investment 20% Securities Trading
Ltd. Holdings Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Heart Publishing Taiwan (1) (a) Aetna Heart Investment 100% Trading Company
Company Ltd. Holdings Limited
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
gg East Asia Aetna Insurance Company (Bermuda) Ltd. Owns 30% of Blue Cross
(Asia Pacific) Insurance Ltd.
hh Percentage controlled by Aetna Services, Inc. includes ownership by the
following: Aetna Services, Inc. 1%, Aetna Life & Casualty Bermuda Limited
4%, Aetna Life Insurance Company of Canada 1% and Aetna Securities
Investment Management (Taiwan) Ltd. 21%.
14
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Seguros Mercantil, C.A. Venezuela (1) (*) Inveriones Mercantil Aetna, 100% Insurance Company
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Seguros Monterrey Mexico (1) (**) AE Five Incorporated 14%ii Insurance and Reinsurance
Aetna, S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Fianzas Monterrey Mexico (1) (**) AE Five Incorporated 14%ii Issuance of Bonds
Aetna, S.A
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna (Netherlands) Netherlands (1) (*) Aetna Life and Casualty 100% Finance Company
Holdings B.V. International Finance N.V.
- ------------------------------------------------------------------------------------------------------------------------------------
Travelguard Limited Hong Kong (1) (*) Blue Cross (Asia Pacific) 100% Insurance Agent
Insurance Ltd.
- ------------------------------------------------------------------------------------------------------------------------------------
Toursafe Limited Hong Kong (1) (*) Blue Cross (Asia Pacific) 100% Insurance Agent
Insurance Ltd.
- ------------------------------------------------------------------------------------------------------------------------------------
Travelsafe Limited Hong Kong (1) (*) Blue Cross (Asia Pacific) 100% Insurance Agent for its
Insurance Ltd. Ultimate Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Multiasistencia, Mexico (1) (**) Seguros Bancomer, S.A. de C.V. 50%jj Administrative Services
S.A. de C.V. in Connection with Insurance Claims
- ------------------------------------------------------------------------------------------------------------------------------------
Meximed, S.A. de C.V. Mexico (1) (**) Seguros Bancomer, S.A. de C.V. 50%jj Services for Insureds for Hospitals
Admissions and Claims Processing
- ------------------------------------------------------------------------------------------------------------------------------------
Seguros Bancomer, Mexico (1) (**) Aetna Internacional Compania S 49% Insurance and Reinsurance Company
S.A. de C.V. en N.C. de C.V.
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
ii Aetna International, Inc. owns 14% of this company, Aetna Internacional de
Mexico, S.A. de C.V. owns 13% of this company and Aetna Internacional
Compania, S en CV de C.V. owns 8% of this company.
jj Seguros Monterrey Aetna, S.A. owns 50% of the Multiasistencia, S.A.
de C.V. and Meximed S.A. de C.V.
15
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pensiones Bancomer Mexico (1) (**) Aetna Internacional Compania S 49% Insurance Company
S.A. de C.V. en N.C. de C.V.
- ------------------------------------------------------------------------------------------------------------------------------------
Administradora de Mexico (1) (**) Aetna Internacional Compania S 49%kk Retirement Funds Management
Fondos Para el Retiro en N.C. de C.V. Company
Bancomer, S.A. de C.V.
- ------------------------------------------------------------------------------------------------------------------------------------
Grupo Vamsa, S.A. de C.V. Mexico (1) (**) Aetna Internacional Compania S 49% Legal Administration and
en N.C. de C.V. Financial Services
- ------------------------------------------------------------------------------------------------------------------------------------
Asesores en Mexico (1) (**) Seguros Bancomer, S.A. de C.V. 33%ll Marketing of Seguros
Promocion Segunomina Products/Payroll Discounts
S.A. de C.V.
- ------------------------------------------------------------------------------------------------------------------------------------
Inverval De Mexico Mexico (1) (*) Aetna Internacional Compania S 100% Holding Company
S.A. de C.V. en N.C. de C.V.
- ------------------------------------------------------------------------------------------------------------------------------------
AE Five Compania S. Mexico (1) (*) Aetna Ninernacional Compania S 100% Limited Limitability
de R.L. de C.V. en N.C. de C.V. Company formed under Mex.
Law for the purpose of
issuing CPOs in Mexico.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Chile Seguros Chile (1) (*) Aetna S.A. 98% Casualty Insurance Company
Generales S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Administradora Chile (1) (*) Aetna S.A. 100% Real Estate Investment
de Fondos de Trust Management Co.
Inversion S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Chile Seguros Chile (1) (*) Aetna S.A. 100% Life Insurance Company
de Vida S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Pensiones S.A. Chile (1) (*) Aetna S.A. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Credito
Hipotecario S.A. Chile (1) (*) Aetna S.A. 100% Mortgage Company
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
kk Administradora de Fondos de Pensiones Santa Maria S.A. owns 16% of
Administradora de Fondos Para el Retiro Bancomer, S.A. de C.V.
ll Seguros Monterrey Aetna, S.A. owns 34% and Pensiones Bancomer, S.A. de C.V.
owns 33% of Agesores en Promocian Segunomina, S.A. de C.V.
16
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna International
Peru S.A. Peru (1) (*) Aetna S.A. 86%mm Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Salud S.A. Chile (1) (*) Aetna S.A. 90% Health Indemnity - Chile
- ------------------------------------------------------------------------------------------------------------------------------------
Administradora Chile (1) (*) Aetna Pensiones S.A. 71% Pension Funds Management Company
de Fondos de Pensiones
Santa Maria S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Santa Maria Chile (1) (*) Administradora de Fondos de 100% Pension Administration
Internacional S.A. Pensiones Santa Maria S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Pensiones Peru (1) (**) Santa Maria Internacional S.A. 66%nn Investment
Peru S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Administradora de Peru (1) (**) Aetna Pensiones Peru S.A. 30%oo Pension Funds Management Company
Fondos de Pensiones
Integra S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Wiese Aetna Compania Peru (1) (*) Aetna International Peru S.A. 34% Insurance and Reinsurance
de Seguros S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Immobilaria Padre Chile (1) (*) Aetna Credito Hipotecario S.A. 99%pp Real Estate Development
Marinano S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Sul America Brazil (1) (*) Sul America Aetna Seguros de 100% Pension
Previdencia Privada Previdencia S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Sul America Servicos Brazil (1) (*) Sul America Aetna Seguros de 100% Health Administrator
Medicos S.A. Previdencia S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Clube Dos Brazil (1) (*) Sul American Aetna Seguros de 100% Life insurance sponsor
Executivos, S.A. Previdencia S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
mm Aetna Chile Seguros De Vida S.A. and Aetna Chile Seguros Generales S.A. have
combined ownership of 14%.
nn Aetna S.A. owns 34% of this company.
oo Aetna Pensiones Peru S.A. owns 30% of this company.
pp Aetna S.A. owns 1% of this company.
17
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Brasilprev Previdencia Brazil (1) (**) Sul America Aetna Seguros de 22% Pension
Privada S.A. Previdencia S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Brasilsaude Companhia Brazil (1) (*) Sul America Aetna Seguros de 51% Insurance
de Segoros Previdencia S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health Management Ontario (1)(*) Aetna Canada Holdings Limited 100% Managed Healthcare
Canada, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Life Insurance Canada (1) (*) Aetna Canada Holdings Limited 100% Life, Accident and
Company of Canada Sickness Insurance
- ------------------------------------------------------------------------------------------------------------------------------------
Equinox Financial Canada (1) (*) Aetna Canada Holdings Limited 92%qq Distributor of Life
Group Inc. Insurance, Financial
and Related Products
- ------------------------------------------------------------------------------------------------------------------------------------
2733854 Canada Ltd. Canada (1) (*) Aetna Canada Holdings Limited 70%rr Marketing of Life Ins.
and Related Products
- ------------------------------------------------------------------------------------------------------------------------------------
AlphaQuest Capital Ontario (1) (***) Aetna Canada Holdings Limited 15% Investment Counselor
Management Limited Portfolio Manager
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Acceptance Ontario (1) (*) Aetna Canada Holdings Limited 100% Provision of Financial
Corporation Limited Assistance to Agents to
Assist in Growth of Business
- ------------------------------------------------------------------------------------------------------------------------------------
First Canadian Health Canada (1) (**) Aetna Health Management 49% Managed Health Services
Management Corporation, Inc. Canada, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Benefits Canada (1) (*) Aetna Life Insurance Company 100% Claims Administration and
Management, Inc. of Canada Actuarial Services
- ------------------------------------------------------------------------------------------------------------------------------------
Landex Properties Ltd. British Columbia Aetna Life Insurance Company 100% Real Estate Acquisitions
(1) (*) of Canada
- ------------------------------------------------------------------------------------------------------------------------------------
Mount-Batten Properties Ontario (1) (*) Aetna Life Insurance Company 100% Acquisition, Development
Limited of Canada and Management of Real Estate
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ----------
qq Aetna Life Insurance Company of Canda owns 8% of this corporation.
rr Equinox Financial Group, Inc. owns 30% of this corporation.
18
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Financial Life Assurance Canada (1) (*) Aetna Life Insurance Company 100% Insurance company
Company of Canada of Canada
- ------------------------------------------------------------------------------------------------------------------------------------
3158047 Canada Limited Canada (1) (*) Aetna Life Insurance Company 100% Acquisition, Development
of Canada and Management of Real Estate
- ------------------------------------------------------------------------------------------------------------------------------------
PVS Preferred Vision Canada (1) (**) Aetna Benefits Management, 20% Provider of Ophthalmic, Service
Services Inc. Inc. for Four Major Shareholders
- ------------------------------------------------------------------------------------------------------------------------------------
Churchill Office Canada (1) (**) Mount-Batten Properties Limited 45% Real Estate Development
Park Limited of Ottawa Site
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health (N.Z.) New Zealand (1) (**) Aetna International (N.Z) 50% Health Insurance Underwriting
Limited Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Life Insurance New Zealand (1) (*) Aetna Health (N.Z.) Limited 100% Group Benefits/Pension Management
(N.Z.) Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Human Affairs Limited New Zealand (1) (*) Aetna Health (N.Z.) Limited 100% Indemnity Health Insurance
(N.Z.)
- ------------------------------------------------------------------------------------------------------------------------------------
First Health New Zealand (1) (*) Aetna Health (N.Z.) Limited 100% Super Annuitization/Long Term Care
(New Zealand Limited)
- ------------------------------------------------------------------------------------------------------------------------------------
Prime Health Limited New Zealand (1) (*) First Health (New Zealand) 50% Buying and Managing Risk for
Limited Publicly Funded Health Services
and Providing Management Services
and Infrastructure To its
Network of Doctors
- ------------------------------------------------------------------------------------------------------------------------------------
Managed Care New New Zealand (1) (*) Human Affairs (NZ) Limited 100% Long Term Care provider
Zealand Limited
- -----------------------------------------------------------------------------------------------------------------------------------
PLJ Holdings Limited Hong Kong (1) (*) Aetna Investment Management 100% Investment Management & Securities
(F.E.) Holdings Limited Trading
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna International Hong Kong (1) (*) Aetna Investment Management 100% Investment & Unit Trust Management
Fund Managers Limited (F.E.) Holdings Limited
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
19
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Investment Management Hong Kong (1) (*) Aetna Investment Management 100% Nominee Services Holding
(F.E.) Limited (F.E.) Holdings Limited Assets of AIM F.E.'s
Customers in Street Name
- -----------------------------------------------------------------------------------------------------------------------------------
Kwang HUA Securities Investment & Taiwan (1) (***) Aetna Investment Management 20% Securities Investment & Trust
Trust Co. Ltd. (F.E.) Holdings Limited
- -----------------------------------------------------------------------------------------------------------------------------------
Kwang HUA Securities Investment Taiwan (1) (***) PLJ Holdings Limited 20% Investment Consulting Company
Consultant Co. Ltd.
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare Financial DE (1) (*) Aetna U.S. Healthcare Inc. (PA) 100% Holding Company
Services, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
Primary Holdings, Inc. DE (1) (*) Aetna U.S. Healthcare Inc. (PA) 100% Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Health Management, Inc. DE (1) (*) Aetna U.S. Healthcare Inc. (PA) 100% HMO Management Company
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare Dental PA (1) (*) Aetna U.S. Healthcare Inc. (PA) 100% Dental
Plan, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare Dental Plan, Inc. NJ (1) (*) Aetna U.S. Healthcare Inc. (PA) 100% Dental
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare Dental Plan, Inc. DE (1) (*) Aetna U.S. Healthcare Inc. (PA) 100% Dental
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Health Insurance Company NY (1) (*) Aetna U.S. Healthcare Inc. (PA) 100% Accident and Health Insurance
Company
- -----------------------------------------------------------------------------------------------------------------------------------
Corporate Health Insurance PA (1) (*) Aetna U.S. Healthcare Inc. (PA) 100% Accident and Health Insurance
Company Company
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Managed Care, Inc. MD (1) (*) Aetna U.S. Healthcare Inc. (PA) 100% Utilization Review
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. NJ (1) (*) Aetna U.S. Healthcare Inc. (PA) 100% HMO
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. NY (1) (*) Aetna U.S. Healthcare Inc. (PA) 100% HMO
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
20
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna U.S. Healthcare, Inc. CT (1) (*) Aetna U.S. Healthcare Inc. (PA) 100% HMO
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. MA (1) (*) Aetna U.S. Healthcare Inc. (PA) 100% HMO
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. (DE) DE (1) (*) Aetna U.S. Healthcare Inc. (PA) 100% HMO
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare of New NH (1) (*) Aetna U.S. Healthcare Inc. (PA) 100% HMO
Hampshire, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
Advent Investments, Inc. DE (1) (*) U.S. Healthcare Financial 100% DE Holding Company
Services, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
Independent Investments, Inc. DE (1) (*) U.S. Healthcare Financial 100% DE Holding Company
Services, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
United States Physicians Care PA (1) (*) U.S. Healthcare Financial 100% Financial Services to
Systems, Inc. Services, Inc. Physicians
- -----------------------------------------------------------------------------------------------------------------------------------
United States Home Health Care PA (1) (*) U.S. Healthcare Financial 100% Inactive - other Medical
Systems, Inc. Services, Inc. Services
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Health Aviation Corp. PA (1) (*) U.S. Healthcare Financial 100% Ownership and Operation of
Services, Inc Airplanes
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare Properties, Inc. PA (1) (*) U.S. Healthcare Financial 100% Holding Company for
Services, Inc. Real Estate
- -----------------------------------------------------------------------------------------------------------------------------------
Inteli-Health, Inc. DE (1) (*) U.S. Healthcare Financial 98% Software Development
Services, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
USHC Management Services DE (1) (*) U.S. Healthcare Financial 100% Management and Financial
Corporation Services, Inc. Services to Network Providers
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare Advantage, Inc. DE (1) (*) Advent Investments, Inc. 100% Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
Wissahickon Payment DE (1) (*) Advent Investments, Inc. 100% Third Party Administrator
Administrators, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
Advent Financial Services, Inc. DE (1) (*) U.S. Healthcare Advantage, Inc. 100% Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
21
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Corporate Health Administrators, PA (1) (*) Advent Financial Services, Inc. 100% Third Party Administrator for
Inc. Self-Insured Plans
- -----------------------------------------------------------------------------------------------------------------------------------
Managed Care Coordinators, Inc. DE (1) (*) Advent Financial Services, Inc. 100% Evaluation and Administration of
Multiple Health Plans
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Phoenix Corporation PA (1) (*) Advent Financial Services, Inc. 100% Shell
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Quality Algorithms, Inc. PA (1) (*) Advent Financial Services, Inc. 100% Services to Analyze the Quality and
Effectiveness of Medical Care
- -----------------------------------------------------------------------------------------------------------------------------------
Workers Comp Advantage, Inc. PA (1) (*) Advent Financial Services, Inc. 100% Case Management and other Medical
Management Services for Employers
on Costs Related to Workers'
Compensation Claims
- -----------------------------------------------------------------------------------------------------------------------------------
Primary Investments, Inc. DE (1) (*) Primary Holdings, Inc. 100% Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
United States Health Care Systems PA (1) (*) Primary Investments, Inc. 100% HMO
of Pennsylvania, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare Inc. VA (1) (*) Primary Investments, Inc. 26%ss HMO
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare, Inc. OH (1) (*) Primary Investments, Inc. 100% HMO
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare of the NC (1) (*) Primary Investments, Inc. 100% HMO
Carolinas, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare of Georgia, GA (1) (*) Primary Investments, Inc. 63% HMO
Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
Advent HMO Corporation ND (1) (*) Primary Investments, Inc. 100% Inactive
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------
ss Aetna Health Management, Inc. owns 74% of Aetna U.S. Healthcare, Inc. (VA).
22
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna U.S. Healthcare of Alabama, AL (1) (*) Primary Investments, Inc. 100% HMO
Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Health Insurance Company CT (1) (*) Primary Investments, Inc. 100% Accident and Health
Insurance Company
- -----------------------------------------------------------------------------------------------------------------------------------
AUSHC Inc. AL (1)(*) Primary Investments, Inc. 100% HMO
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. MI (1) (*) Primary Investments, Inc. 100% HMO
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. OK (1) (*) Primary Investments, Inc. 100% HMO
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare, Inc. MO (1) (*) Primary Investments, Inc. 100% HMO
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare Holdings, DE (1) (*) Primary Investments, Inc. 100% Holding Company
Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare Inc. WA (1) (*) Primary Investments, Inc. 100% HMO
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare of CO (1) (*) Aetna U.S. Healthcare 100% HMO
Colorado, Inc. Holdings, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. OH (1) (*) Aetna Health Management, Inc. 100% HMO
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare Dental Plan CA (1) (*) Aetna Health Management, Inc. 100% Provide Pre-Paid
of California Inc. Dental Services
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. FL (1) (*) Aetna Health Management, Inc. 100% HMO
- -----------------------------------------------------------------------------------------------------------------------------------
Informed Health, Inc. DE (1) (*) Aetna Health Management, Inc. 100% Sponsors Health
Information Service
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
23
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna U.S. Healthcare, Inc. TN (1) (*) Aetna Health Management, Inc. 100% HMO
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare of Georgia, GA (1) (*) Aetna Health Management, Inc. 37%tt HMO
Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Dental Care of New Jersey, NJ (1) (*) Aetna Health Management, Inc. 100% Dental Care
Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
AUSHC Holdings, Inc. DE (1) (*) Aetna Health Management, Inc. 100% Holding Company
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. VA (1) (*) Aetna Health Management, Inc. 74%uu HMO
- -----------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of the NC (1) (*) Aetna Health Management, Inc. 100% HMO
Carolinas, Inc.
- ----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. AZ (1) (*) Aetna Health Management, Inc. 100% HMO
- ----------------------------------------------------------------------------------------------------------------------------------
Aetna Dental Care of Texas, Inc. TX (1)(*) Aetna Health Management, Inc. 100% HMO offering single health
service plan - dental
- ----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare of IL (1) (*) Aetna Health Management, Inc. 100% HMO
Illinois, Inc.
- ----------------------------------------------------------------------------------------------------------------------------------
Aetna Dental Care of Kentucky, KY (1) (*) Aetna Health Management, Inc. 100% Dental Plan Organization
Inc.
- ----------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of Central and PA (1) (*) Aetna Health Management, Inc. 100% HMO
Eastern Pennsylvania, Inc.
- ----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. TX (1) (*) Aetna Health Management, Inc. 100% HMO
- ----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. LA (1) (*) Aetna Health Management, Inc. 100% HMO
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ---------
tt Primary Investments, Inc. owns 63% of Aetna U.S. Healthcare of Georgia, Inc.
uu Primary Investments, Inc. owns 26% of Aetna U.S. Healthcare, Inc. (VA)
24
<PAGE>
June 30, 1998 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNERSHIP PRINCIPAL BUSINESS
0WNER PERCENTAGE+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MED Southwest, Inc. TX (1) (*) Aetna Health Management, Inc. 55% Holding Company
- ----------------------------------------------------------------------------------------------------------------------------------
Freedom Choice, Inc. PA (1)(*) Aetna Health Plans of Central 100% Third Party Administrator
and Eastern Pennsylvania, Inc.
- ----------------------------------------------------------------------------------------------------------------------------------
Aetna Government Health Plans, CA (1) (*) Aetna Health Management, Inc. 100% Sponsors Champus Business
Inc.
- ----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare of CA (1) (*) Aetna Health Management, Inc. 100% HMO
California, Inc.
- ----------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of New York, NY (1) (*) AUSHC Holdings, Inc. 100% HMO
Inc.
- ----------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of New Jersey, NJ (1) (*) AUSHC Holdings, Inc. 100% HMO
Inc.
- ----------------------------------------------------------------------------------------------------------------------------------
Southwest Physicians Life TX (1) (*) MED Southwest, Inc. 100% Life and Health Insurer
Insurance Company
- ----------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare of North TX (1) (*) MED Southwest, Inc. 100% HMO
Texas Inc.
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Item 27. Number of Contract Owners
As of July 31, 1998, there were 612,538 individuals holding interests in
variable annuity contracts funded through Variable Annuity Account C.
Item 28. Indemnification
Section 21 of Public Act No. 97-246 of the Connecticut General Assembly (the
"Act") provides that a corporation may provide indemnification of or advance
expenses to a director, officer, employee or agent only as permitted by Sections
33-770 to 33-778, inclusive, of the Connecticut General Statutes, as amended by
Sections 12 to 20, inclusive, of this Act. Reference is hereby made to Section
33-771(e) of the Connecticut General Statutes ("CGS") regarding indemnification
of directors and Section 33-776(d) of CGS regarding indemnification of officers,
employees and agents of Connecticut corporations. These statutes provide in
general that Connecticut corporations incorporated prior to January 1, 1997
shall, except to the extent that their certificate of incorporation expressly
provides otherwise, indemnify their directors, officers, employees and agents
against "liability" (defined as the obligation to pay a judgment, settlement,
penalty, fine, including an excise tax assessed with respect to an employee
benefit plan, or reasonable expenses incurred with respect to a proceeding) when
(1) a determination is made pursuant to Section 33-775 that the party seeking
indemnification has met the standard of conduct set forth in Section 33-771 or
(2) a court has determined that indemnification is appropriate pursuant to
Section 33-774. Under Section 33-775, the determination of and the authorization
for indemnification are made (a) by the disinterested directors, as defined in
Section 33-770(3); (b) by special counsel; (c) by the shareholders; or (d) in
the case of indemnification of an officer, agent or employee of the corporation,
by the general counsel of the corporation or such other officer(s) as the board
of directors may specify. Also, Section 33-772 provides that a corporation shall
indemnify an individual who was wholly successful on the merits or otherwise
against reasonable expenses incurred by him in connection with a proceeding to
which he was a party because he was a director, officer, employee or agent of
the corporation. In the case of a proceeding by or in the right of the
corporation or with respect to conduct for which the director, officer, agent or
employee was adjudged liable on the basis that he received a financial benefit
to which he was not entitled, indemnification is limited to reasonable expenses
incurred in connection with the proceeding against the corporation to which the
individual was named a party.
The statute does specifically authorize a corporation to procure indemnification
insurance on behalf of an individual who was a director, officer, employer or
agent of the corporation. Consistent with the statute, Aetna Inc. has procured
insurance from Lloyd's of London and several major United States excess insurers
for its directors and officers and the directors and officers of its
subsidiaries, including the Depositor.
Item 29. Principal Underwriter
(a) In addition to serving as the principal underwriter and depositor for
the Registrant, Aetna Life Insurance and Annuity Company (Aetna) also
acts as the principal underwriter, only, for Aetna Variable Encore
Fund, Aetna Variable Fund, Aetna Generation Portfolios, Inc., Aetna
Income Shares, Aetna Balanced VP, Inc. (formerly Aetna Investment
Advisers Fund, Inc.), Aetna GET Fund, and Aetna Variable Portfolios,
Inc. and as the principal underwriter and investment adviser for
Portfolio Partners, Inc. (all management investment companies
registered under the Investment Company Act of 1940 (1940 Act)).
Additionally, Aetna acts as the principal underwriter and depositor for
Variable Life Account B of Aetna, Variable Annuity Account B of Aetna
and Variable Annuity Account G of Aetna (separate accounts of Aetna
registered as unit investment trusts under the 1940 Act). Aetna is also
the principal underwriter for Variable Annuity Account I of Aetna
Insurance Company of America (AICA) (a separate account of AICA
registered as a unit investment trust under the 1940 Act).
(b) See Item 25 regarding the Depositor.
<PAGE>
(c) Compensation as of December 31, 1997:
<TABLE>
<CAPTION>
(1) (2) (3) (4) (5)
<S> <C> <C> <C> <C>
Net Underwriting Compensation on
Name of Discounts and Redemption or Brokerage
Principal Underwriter Commissions Annuitization Commissions Compensation*
Aetna Life $1,987,454 $124,603,039
Insurance and
Annuity Company
</TABLE>
* Compensation shown in column 5 includes deductions for mortality and
expense risk guarantees and contract charges assessed to cover costs
incurred in the sales and administration of the contracts issued under
Variable Annuity Account C.
Item 30. Location of Accounts and Records
All accounts, books and other documents required to be maintained by
Section 31(a) of the 1940 Act and the rules under it relating to the securities
described in and issued under this Registration Statement are located at the
home office of the Depositor as follows:
Aetna Life Insurance and Annuity Company
151 Farmington Avenue
Hartford, Connecticut 06156
Item 31. Management Services
Not applicable
Item 32. Undertakings
Registrant hereby undertakes:
(a) to file a post-effective amendment to this registration statement on
Form N-4 as frequently as is necessary to ensure that the audited
financial statements in the registration statement are never more than
sixteen months old for as long as payments under the variable annuity
contracts may be accepted;
(b) to include as part of any application to purchase a contract offered by
a prospectus which is part of this registration statement on Form N-4,
a space that an applicant can check to request a Statement of
Additional Information; and
<PAGE>
(c) to deliver any Statement of Additional Information and any financial
statements required to be made available under this Form N-4 promptly
upon written or oral request.
(d) The Company hereby represents that it is relying upon and complies with
the provisions of Paragraphs (1) through (4) of the SEC Staff's
No-Action Letter dated November 22, 1988 with respect to language
concerning withdrawal restrictions applicable to plans established
pursuant to Section 403(b) of the Internal Revenue Code. See American
Counsel of Life Insurance; SEC No-Action Letter, [1989 Transfer Binder]
Fed. SEC. L. Rep. (CCH) P. 78,904 at 78,523 (November 22, 1988).
(e) Insofar as indemnification for liability arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or
otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against
public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or paid
by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question of whether
such indemnification by it is against public policy as expressed in the
Act and will be governed by the final adjudication of such issue.
(f) Aetna Life Insurance and Annuity Company represents that the fees and
charges deducted under the contracts covered by this registration
statement, in the aggregate, are reasonable in relation to the services
rendered, the expenses expected to be incurred, and the risks assumed
by the insurance company.
<PAGE>
SIGNATURES
As required by the Securities Act of 1933, and the Investment Company Act
of 1940, the Registrant, Variable Annuity Account C of Aetna Life Insurance and
Annuity Company, certifies that it meets the requirements of Securities Act Rule
485(b) for effectiveness of this Post-Effective Amendment to its Registration
Statement on Form N-4 (File No. 333-01107) and has duly caused this
Post-Effective Amendment to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Hartford, State of Connecticut, on the
10th day of September, 1998.
VARIABLE ANNUITY ACCOUNT C OF AETNA
LIFE INSURANCE AND ANNUITY COMPANY
(Registrant)
By: AETNA LIFE INSURANCE AND ANNUITY COMPANY
(Depositor)
By: Thomas J. McInerney*
----------------------------------------
Thomas J. McInerney
President
As required by the Securities Act of 1933, this Post-Effective Amendment
No. 11 to the Registration Statement has been signed by the following persons in
the capacities and on the dates indicated.
<TABLE>
<CAPTION>
Signature Title Date
- --------- ----- ----
<S> <C> <C> <C>
Thomas J. McInerney* Director and President )
- ------------------------- (principal executive officer)
Thomas J. McInerney )
)
Catherine H. Smith* Director and Chief Financial Officer ) September
- -------------------------
Catherine H. Smith ) 10, 1998
)
Shaun P. Mathews* Director )
- -------------------------
Shaun P. Mathews )
)
Deborah Koltenuk* Vice President, Treasurer and Corporate Controller )
- -------------------------
Deborah Koltenuk )
</TABLE>
Julie E. Rockmore
By: -----------------------------------------------
Julie E. Rockmore
*Attorney-in-Fact
<PAGE>
VARIABLE ANNUITY ACCOUNT C
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
- ----------- ------- ----
<S> <C> <C>
99-B.1 Resolution of the Board of Directors of Aetna Life Insurance and Annuity Company *
establishing Variable Annuity Account C
99-B.3.1 Broker-Dealer Agreement *
99-B.3.2 Alternative Form of Wholesaling Agreement and Related Selling Agreement *
99-B.4.1 Group Combination Annuity Contract (Nonparticipating) (A001RP95) *
99-B.4.2 Group Combination Annuity Certificate (Nonparticipating) (A007RC95) *
99-B.4.3 Group Combination Annuity Contract (Nonparticipating) (A020RV95) *
99-B.4.4 Group Combination Annuity Certificate (Nonparticipating) (A027RV95) *
99-B.4.5 Endorsement for Exchanged Contracts (EINRP95) *
99-B.4.6 Endorsement for Exchanged Contracts (EINRV95) *
99-B.4.7 Endorsement for 401(a) Plans *
99-B.4.8 Endorsement (GET 9/96) to Contracts A001RP95 and *
A020RV95
99-B.4.9 Endorsement (GET-1 (9/96)) to Contracts A001RP95 and A020RV95 *
99-B.4.10 Endorsement (E1OMNI97) to Contract A001RP95 *
</TABLE>
*Incorporated by reference
<PAGE>
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
- ----------- ------- ----
<S> <C> <C>
99-B.4.11 Endorsement (E2OMNI97) to Contract A001RP95 *
99-B.4.12 Endorsement (3OMNI97) to Contract A001RP95 *
99-B.4.13 Endorsement (E1FXPL97) to Contract A001RP95 *
99-B.4.14 Endorsement (E2FXPL97) to Contracts A001RP95 and A020RV95 *
99-B.4.15 Endorsement (E3FXPL97) to Contract A001RP95 *
99-B.4.16 Endorsement (EINRP97) to Contract A001RP95 *
99-B.4.17 Endorsement (E4OMNI97) to Contract A001RP95 *
99-B.4.18 Endorsement (EINRV97) to Contract A020RV95 *
99-B.4.19 Endorsement (E1PAY97) to Contracts A001RP95 and *
A020RV95
99-B.4.20 Endorsement (E2PAY97) to Contracts A001RP95 and *
A020RV95
99-B.4.21 Endorsement (E1FXPY97) to Contracts A001RP95 and A020RV95 *
99-B.4.22 Endorsement (E4OMNI98) to Contracts A001RP95 and A020RV95 *
99-B.4.23 Endorsement (EG403-GIE-98) to Contracts A001RP95 and A020RV95 and Certificates
A007RC95 and A027RV95
------------
99-B.4.24 Endorsement (EG403-GIHC-98) to Contracts A001RP95 and A020RV95 and Certificates
A007RC95 and A027RV95
------------
99-B.5 Variable Annuity Contract Application (300-MOP-96) *
99-B.6.1 Certification of Incorporation of Aetna Life Insurance and Annuity Company *
</TABLE>
*Incorporated by reference
<PAGE>
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
- ----------- ------- ----
<S> <C> <C>
99-B.6.2 Amendment of Certificate of Incorporation of Aetna Life Insurance and Annuity *
Company
99-B.6.3 By-Laws as amended September 17, 1997 of Aetna Life Insurance and Annuity Company *
99-B.8.1 Fund Participation Agreement by and among Aetna Life Insurance and Annuity Company *
and Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna
Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna
Generation Portfolios, Inc., on behalf of each of its series, and Aetna Variable
Portfolios, Inc. on behalf of each of its series and Aeltus Investment Management,
Inc., dated as of May 1, 1998
99-B.8.2 Service Agreement between Aeltus Investment Management, Inc. and Aetna Life *
Insurance and Annuity Company in connection with the sale of shares of Aetna
Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP,
Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation Portfolios,
Inc. on behalf of each of its series and Aetna Variable Portfolios, Inc., on
behalf of each of its series dated as of May 1, 1998
99-B.8.3 Fund Participation Agreement among Calvert Responsibly Invested Balanced *
Portfolio, Calvert Asset Management Company, Inc. and Aetna Life Insurance and
Annuity Company dated December 1, 1997
99-B.8.4 Service Agreement between Calvert Asset Management Company, Inc. and Aetna Life *
Insurance and Annuity Company Dated December 1, 1997
99-B.8.5 Fund Participation Agreement between Aetna Life Insurance and Annuity Company, *
Variable Insurance Products Fund and Fidelity Distributors Corporation dated
February 1, 1994 and amended on December 15, 1994, February 1, 1995,
May 1, 1995, January 1, 1996 and March 1, 1996
</TABLE>
*Incorporated by reference
<PAGE>
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
- ----------- ------- ----
<S> <C> <C>
99-B.8.6 Fifth Amendment dated as of May 1, 1997 to the Fund Participation Agreement *
between Aetna Life Insurance and Annuity Company, Variable Insurance Products
Fund and Fidelity Distributors Corporation dated February 1, 1994 and amended on
December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996 and March 1,
1996
99-B.8.7 Sixth Amendment dated November 6, 1997 to the Fund Participation Agreement *
between Aetna Life Insurance and Annuity Company, Variable Insurance Products
Fund and Fidelity Distributors Corporation dated February 1, 1994 and amended on
December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1, 1996
and May 1, 1997
99-B.8.8 Seventh Amendment dated as of May 1, 1998 to the Fund Participation Agreement *
between Aetna Life Insurance and Annuity Company, Variable Insurance Products
Fund and Fidelity Distributors Corporation dated February 1, 1994 and amended on
December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1, 1996,
May 1, 1997 and November 6, 1997
99-B.8.9 Fund Participation Agreement between Aetna Life Insurance and Annuity Company, *
Variable Insurance Products Fund II and Fidelity Distributors Corporation dated
February 1, 1994 and amended on December 15, 1994, February 1,
1995, May 1, 1995, January 1, 1996 and March 1,1996
99-B.8.10 Fifth Amendment dated as of May 1, 1997 to the Fund Participation Agreement *
between Aetna Life Insurance and Annuity Company, Variable Insurance Products
Fund II and Fidelity Distributors Corporation dated February 1, 1994 and amended
on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996 and March 1,
1996
99-B.8.11 Sixth Amendment dated as of January 20, 1998 to the Fund Participation Agreement *
between Aetna Life Insurance and Annuity Company, Variable Insurance Products
Fund II and Fidelity Distributors Corporation dated February 1, 1994 and amended
on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1,
1996 and May 1, 1997
</TABLE>
*Incorporated by reference
<PAGE>
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
- ----------- ------- ----
<S> <C> <C>
99-B.8.12 Seventh Amendment dated as of May 1, 1998 to the Fund Participation Agreement *
between Aetna Life Insurance and Annuity Company, Variable Insurance Products
Fund II and Fidelity Distributors Corporation dated February 1, 1994 and amended
on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1,
1996, May 1, 1997 and January 20, 1998
99-B.8.13 Service Agreement between Aetna Life Insurance and Annuity Company and Fidelity *
Investments Institutional Operations Company dated as of November 1, 1995
99-B.8.14 Amendment dated January 1, 1997 to Service Agreement between Aetna Life Insurance *
and Annuity Company and Fidelity Investments Institutional Operations Company
dated as of November 1, 1995
99-B.8.15 Fund Participation Agreement among Janus Aspen Series and Aetna Life Insurance *
and Annuity Company and Janus Capital Corporation dated December 8, 1997
99-B.8.16 Service Agreement between Janus Capital Corporation and Aetna Life Insurance and *
Annuity Company dated December 8, 1997
99-B.8.17 Fund Participation Agreement between Aetna Life Insurance and Annuity Company and *
Lexington Management Corporation regarding Natural Resources Trust dated December
1, 1988 and amended February 11, 1991
99-B.8.18 Fund Participation Agreement between Aetna Life Insurance and Annuity Company *
and Oppenheimer Variable Annuity Account Funds and Oppenheimer Funds, Inc.
99-B.8.19 Service Agreement between Oppenheimer Funds, Inc. and Aetna Life Insurance and *
Annuity Company
99-B.9 Opinion and Consent of Counsel
------------
99-B.10 Consent of Independent Auditors
------------
</TABLE>
*Incorporated by reference
<PAGE>
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
- ----------- ------- ----
<S> <C> <C>
99-B.13 Schedule for Computation of Performance Data *
99-B.15.1 Powers of Attorney *
99-B.15.2 Authorization for Signatures *
</TABLE>
*Incorporated by reference
Aetna Life Insurance and Annuity Company
ENDORSEMENT
The Contract and Certificate are hereby endorsed by adding the following
provision:
Notwithstanding the Change of Contract provision of this Contract, Aetna
will at all times add interest daily at an effective annual rate of no less
than 3% to all amounts held in the Fixed Account (referred to in some
Contracts as the "General Account") and the Fixed Plus Account (if
available under this Contract). Aetna may add interest daily at any higher
rate. This paragraph does not in any way reduce any other minimum interest
guarantee set forth in this Contract.
Aetna will make available to the Contract Holder the rate currently being
credited to such amounts.
Endorsed and made a part of the Contract and Certificate effective on the later
of the date of receipt of any required state approval or the Effective Date of
the Contract.
/s/ Thomas J. McInerney
President
Aetna Life Insurance and Annuity Company
Aetna Life Insurance and Annuity Company
ENDORSEMENT
The Contract and Certificate are hereby endorsed as follows:
1. For Contracts with the Fixed Account, the Fixed Account Minimum Guaranteed
Interest Rate provision is restated as follows:
Aetna will add interest daily to all amounts held in the Fixed
Account. For each calendar year, Aetna will set a minimum
guaranteed annual interest rate which will apply to all amounts
held in the Fixed Account during the calendar year. This rate will
never be less than an annual rate of 3%. This one year minimum
guaranteed interest rate will be established prior to each
calendar year and will be made available to the Contract Holder in
advance of the calendar year. Aetna, in its discretion, may credit
interest at a rate greater than this one year rate. Aetna will
make available to the Contract Holder the rate currently being
credited to amounts held in the Fixed Account.
2. For Contracts with the Fixed Plus Account, the Fixed Plus Account Minimum
Interest Rate provision is restated as follows:
Aetna will add interest daily to amounts held in the Fixed Plus
Account. For each calendar year, Aetna will set a minimum
guaranteed annual interest rate which will apply to all amounts
held in the Fixed Plus Account during the calendar year. This rate
will never be less than an annual rate of 3%. This one year
minimum guaranteed interest rate will be established prior to each
calendar year and will be made available to the Contract Holder in
advance of the calendar year. Aetna, in its discretion, may credit
interest at a rate greater than this one year rate. Aetna will
make available to the Contract Holder the rate currently being
credited to amounts held in the Fixed Plus Account.
3. For Contracts with the Fixed Account, under the Payment of Surrender
Value provision, the paragraph describing the interest rate to be
credited during the payment period is amended and restated as follows:
During the payment period, interest will be credited to the
remaining Fixed Account balance at a single fixed rate that will
not be more than two percentage points below the rate being
credited to the Fixed Account as of the date of surrender. In no
event will the credited interest rate be less than 3%.
Endorsed and made a part of the Contract and Certificate effective on the
Effective Date of the Contract.
/s/ Thomas J. McInerney
President
Aetna Life Insurance and Annuity Company
[AETNA LETTERHEAD] 151 Farmington Avenue
[AETNA LOGO] Hartford, CT 06156
Julie E. Rockmore
Counsel
Law Division, RE4A
September 10, 1998 Investments & Financial Services
(860) 273-4686
Fax: (860) 273-8340
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Re: Aetna Life Insurance and Annuity Company and its Variable
Annuity Account C
Post-Effective Amendment No. 11 to Registration Statement on
Form N-4
Prospectus Title: Aetna Plus - Retirement Plus and Voluntary
Tax-Deferred Annuity Plans
File Nos.: 333-01107 and 811-2513
Dear Sir or Madam:
The undersigned serves as counsel to Aetna Life Insurance and Annuity Company, a
Connecticut life insurance company (the "Company"). It is my understanding that
the Company, as depositor, has registered an indefinite amount of securities
(the "Securities") under the Securities Act of 1933 (the "Securities Act") as
provided in Rule 24f-2 under the Investment Company Act of 1940 (the "Investment
Company Act").
In connection with this opinion, I or those for whom I have supervisory
responsibility, have reviewed the N-4 Registration Statement, as amended to the
date hereof, and this Post-Effective Amendment No. 11. I have also examined
originals or copies, certified or otherwise identified to my satisfaction, of
such documents, trust records and other instruments I have deemed necessary or
appropriate for the purpose of rendering this opinion. For purposes of such
examination, I have assumed the genuineness of all signatures on original
documents and the conformity to the original of all copies.
I am admitted to practice law in Connecticut, and do not purport to be an expert
on the laws of any other state. My opinion herein as to any other law is based
upon a limited inquiry thereof which I have deemed appropriate under the
circumstances.
<PAGE>
Based upon the foregoing, and, assuming the Securities are sold in accordance
with the provisions of the prospectus, I am of the opinion that the Securities
being registered will be legally issued and will represent binding obligations
of the Company.
I consent to the filing of this opinion as an exhibit to the Registration
Statement.
Sincerely,
/s/ Julie E. Rockmore
Julie E. Rockmore
Consent of Independent Auditors
The Board of Directors of Aetna Life Insurance and Annuity Company and
Contractholders of Aetna Variable Annuity Account C:
We consent to the incorporation by reference in this Post-Effective Amendment
No. 11 to Registration Statement (File No. 333-01107) on Form N-4 our reports
dated February 3, 1998 and February 27, 1998.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Hartford, Connecticut
September 10, 1998
