<PAGE> 1
EXHIBIT 21.1
SUBSIDIARY LIST
<TABLE>
<CAPTION>
State or
Jurisdiction of
Subsidiary Incorporation Ownership (1)
---------- --------------- -------------
<S> <C> <C>
Aetna Risk Indemnity Company Limited Bermuda 100% Owned by Aetna U.S. Healthcare Inc. (to be renamed
Aetna Inc.) ("New Aetna")
Aetna Life Insurance Company CT 100% Owned by New Aetna
Aetna Health and Life Insurance Company CT 100% Owned by New Aetna
AUSHC Holdings, Inc. CT 100% Owned by New Aetna
Aetna U.S. Healthcare Dental Plan Inc. PA 100% Owned by New Aetna
Aetna U.S. Healthcare Dental Plan Inc. NJ 100% Owned by New Aetna
Aetna U.S. Healthcare Dental Plan Inc. DE 100% Owned by New Aetna
U.S. Health Insurance Company NY 100% Owned by New Aetna
Primary Holdings, Inc. DE 100% Owned by New Aetna
Corporate Health Insurance Company PA 100% Owned by New Aetna
Aetna U.S. Healthcare Inc. NJ 100% Owned by New Aetna
U.S. Healthcare, Inc. NY 100% Owned by New Aetna
Aetna U.S. Healthcare Inc. CT 100% Owned by New Aetna
Aetna U.S. Healthcare Inc. MA 100% Owned by New Aetna
Aetna U.S. Healthcare Inc. (DE) DE 100% Owned by New Aetna
Aetna U.S. Healthcare Inc. NH 100% Owned by New Aetna
U.S. Healthcare Financial Services, Inc. DE 100% Owned by New Aetna
Prudential Health Care Plan, Inc. TX 100% Owned by New Aetna
Prudential Health Care Plan of New York, Inc. NY 100% Owned by New Aetna
Prudential Health Care Plan of Connecticut, Inc. CT 100% Owned by New Aetna
Aetna Health Management, Inc. DE 100% Owned by New Aetna
NYLCare Health Plans, Inc. DE 100% Owned by New Aetna
Aelan Inc. CT 100% Owned by New Aetna
CMBS Holdings, L.L.C. CT 99% Owned by Aetna Life Insurance Company (2)
AHP Holdings, Inc. CT 100% Owned by Aetna Life Insurance Company
CMBS Holdings, Inc. TX 100% Owned by Aetna Life Insurance Company
CMBS Holdings, Inc. - II CT 100% Owned by Aetna Life Insurance Company
Aetna Affordable Housing, Inc. CT 100% Owned by Aetna Life Insurance Company
Ciculation L.L.C. CT 100% Owned by Aetna Life Insurance Company
ALEC Coinvestment Fund I, L.L.C. DE 100% Owned by Aetna Life Insurance Company
MAXXIM Coinvestment Fund IV, LLC DE 100% Owned by Aetna Life Insurance Company
Circon Coinvestment Fund IV, LLC DE 100% Owned by Aetna Life Insurance Company
EBF Group L.L.C. DE 22% Owned by Aetna Life Insurance Company
PHPSNE Parent Corporation DE 55% Owned by AUSHC Holdings, Inc.
Primary Investments, Inc. DE 100% Owned by Primary Holdings, Inc.
Advent Investments, Inc. DE 100% Owned by U.S. Healthcare Financial Services, Inc.
@Credentials Inc. DE 100% Owned by U.S. Healthcare Financial Services, Inc.
United States Physicians Care Systems, Inc. PA 100% Owned by U.S. Healthcare Financial Services, Inc.
United States Home Health Care Systems, Inc. PA 100% Owned by U.S. Healthcare Financial Services, Inc.
U.S. Health Aviation Corp. PA 100% Owned by U.S. Healthcare Financial Services, Inc.
U.S. Healthcare Properties, Inc. PA 100% Owned by U.S. Healthcare Financial Services, Inc.
Aetna U.S. Healthcare Interactive Inc. DE 80% Owned by U.S. Healthcare Financial Services, Inc. (3)
Intelihealth Inc. DE 100% Owned by U.S. Healthcare Financial Services, Inc.
USHC Management Services Corporation DE 100% Owned by U.S. Healthcare Financial Services, Inc.
Integrated Pharmacy Solutions, Inc. FL 100% Owned by U.S. Healthcare Financial Services, Inc.
Bentana Technologies, Inc. CT 100% Owned by U.S. Healthcare Financial Services, Inc.
Aetna U.S. Healthcare Inc. OH 100% Owned by Aetna Health Management, Inc.
Aetna U.S. Healthcare Inc. MD 41% Owned by Aetna Health Management, Inc. (4)
Aetna U.S. Healthcare, Inc. FL 100% Owned by Aetna Health Management, Inc.
Aetna Dental Care of Kentucky, Inc. KY 100% Owned by Aetna Health Management, Inc.
Aetna U.S. Healthcare of California Inc. CA 100% Owned by Aetna Health Management, Inc.
Aetna U.S. Healthcare Inc. LA 100% Owned by Aetna Health Management, Inc.
Aetna U.S. Healthcare, Inc. AZ 100% Owned by Aetna Health Management, Inc.
Med Southwest, Inc. TX 55% Owned by Aetna Health Management, Inc.
Prudential Health Care Plan of California, Inc. CA 100% Owned by Aetna Health Management, Inc.
</TABLE>
Page 1
<PAGE> 2
<TABLE>
<CAPTION>
State or
Jurisdiction of
Subsidiary Incorporation Ownership (1)
---------- --------------- -------------
<S> <C> <C>
Prudential Dental Maintenance Organization, Inc. TX 100% Owned by Aetna Health Management, Inc.
Aetna U.S. Healthcare of Georgia, Inc. GA 37% Owned by Aetna Health Management, Inc. (5)
Aetna U.S. Healthcare Dental Plan of
California Inc. CA 100% Owned by Aetna Health Management, Inc.
Aetna U.S. Healthcare of Illinois Inc. IL 100% Owned by Aetna Health Management, Inc.
Aetna U.S. Healthcare Inc. TX 100% Owned by Aetna Health Management, Inc.
Aetna U.S. Healthcare Inc. TN 100% Owned by Aetna Health Management, Inc.
Aetna U.S. Healthcare Dental Plan Inc. TX 100% Owned by Aetna Health Management, Inc.
VivaHealth Incorporated CA 100% Owned by Aetna Health Management, Inc.
Aetna U.S. Healthcare Interactive Inc. DE 20% Owned by Aetna Health Management, Inc. (3)
Lonestar Holding Co. DE 100% Owned by NYLCare Health Plans, Inc.
Aetna U.S. Healthcare Inc. MD 44% Owned by NYLCare Health Plans, Inc. (4)
NYLCare Dental Plans of the Southwest, Inc. TX 100% Owned by NYLCare Health Plans, Inc.
Aetna U.S. Healthcare Inc. ME 100% Owned by NYLCare Health Plans, Inc.
The Ethix Corporation DE 100% Owned by NYLCare Health Plans, Inc.
NYLCare Health Plans of New York, Inc. NY 100% Owned by NYLCare Health Plans, Inc.
NYLCare Health Plans of New Jersey, Inc. NJ 100% Owned by NYLCare Health Plans, Inc.
NYLCare Health Plans of Connecticut, Inc. CT 100% Owned by NYLCare Health Plans, Inc.
New York Life and Health Insurance Company DE 100% Owned by NYLCare Health Plans, Inc.
NYLCare of Texas, Inc. TX 100% Owned by NYLCare Health Plans, Inc.
NYLCare of New England, Inc. DE 100% Owned by NYLCare Health Plans, Inc.
Aetna Health Plans of Southern
New England, Inc. CT 100% Owned by PHPSNE Parent Corporation
U.S. Healthcare, Inc. MO 100% Owned by Primary Investments, Inc.
United States Health Care Systems of
Pennsylvania, Inc. PA 100% Owned by Primary Investments, Inc.
Aetna U.S. Healthcare Inc. MD 15% Owned by Primary Investments, Inc. (4)
Aetna U.S. Healthcare of the Carolinas Inc. NC 100% Owned by Primary Investments, Inc.
Aetna U.S. Healthcare of Georgia, Inc. GA 63% Owned by Primary Investments, Inc. (5)
U.S. Health Insurance Company CT 100% Owned by Primary Investments, Inc.
Aetna U.S. Healthcare Holdings, Inc. DE 100% Owned by Primary Investments, Inc.
Aetna U.S. Healthcare Inc. WA 100% Owned by Primary Investments, Inc.
Aetna U.S. Healthcare, Inc. MI 100% Owned by Primary Investments, Inc.
Aetna U.S. Healthcare, Inc. OK 100% Owned by Primary Investments, Inc.
Prudential Health Care Plan of Georgia, Inc. GA 100% Owned by Primary Investments, Inc.
Aetna Insurance Company of Connecticut CT 100% Owned by AHP Holdings, Inc.
Aetna U.S. Healthcare of North Texas Inc. TX 100% Owned by Med Southwest, Inc.
Lone Star Health Plan, Inc. TX 90% Owned by Lonestar Holding Co. (6)
ETHIX Northwest, Inc. WA 100% Owned by The Ethix Corporation
Aetna U.S. Healthcare, Inc. CO 100% Owned by Aetna U.S. Healthcare Holdings, Inc.
Aetna U.S. Healthcare of Washington Inc. WA 100% Owned by Ethix Northwest, Inc.
Aetna Life & Casualty (Bermuda) Limited Bermuda 100% Owned by Aelan Inc.
</TABLE>
-----------------------------
(1) Percentages are rounded to the nearest whole percent and are based on
ownership of voting rights.
(2) CMBS Holdings, Inc. - II owns 1% of CMBS Holdings, L.L.C.
(3) U.S. Healthcare Financial Services, Inc. owns 80% and Aetna Health
Management, Inc. owns 20% of Aetna U.S. Healthcare Interactive Inc.
(4) NYLCare Health Plans, Inc. owns 44%, Aetna Health Management, Inc. owns
41% and Primary Investments, Inc. owns 15% of Aetna U.S. Healthcare Inc.
(5) Primary Investments, Inc. owns 63% and Aetna Health Management, Inc. owns
37% of Aetna U.S. Healthcare of Georgia, Inc.
(6) NYLCare Health Plans, Inc. owns 10% of this company.
Page 2