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<PAGE> PAGE 2
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<PAGE> PAGE 4
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SIGNATURE J. SCOTT FOX
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000846799
<NAME> AETNA BALANCED VP,INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,633,187,826
<INVESTMENTS-AT-VALUE> 1,859,478,407
<RECEIVABLES> 29,879,519
<ASSETS-OTHER> 331,283
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,889,689,209
<PAYABLE-FOR-SECURITIES> 29,640,766
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<TOTAL-LIABILITIES> 37,333,706
<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
Independent Auditors'
Report
To the Board of Director
s/Trustees and
Shareholders
Aetna Balanced VP, Inc.,
Aetna Bond VP,
Aetna Growth and Income
VP and Aetna Money
Market VP:
In planning and performing
our audits of
the financial statements of
Aetna Balanced VP,
Inc., Aetna Bond VP, Aetna
Growth and Income
VP and Aetna Money Market VP
(collectively the
"Funds") for the year ended
December 31, 1998,
we considered their internal
control,
including procedures for
safeguarding
securities, in order to
determine our auditing
procedures for the purpose
of expressing our
opinion on the financial
statements and to
comply with the requirements
of Form N-SAR,
not to provide assurance on in
The management of the Funds is
responsible for
establishing and maintaining
internal control.
In fulfilling this
responsibility, estimates
and judgments by management
are required to
assess the expected
benefits and related
costs of controls.
Generally, controls
that are relevant to
an audit pertain
to the entity's
objective of preparing
financial statements for
external purposes
that are fairly
presented in conformity
with generally accepted
accounting
principles. Those
controls include the
safeguarding
Because of inherent
limitations in internal
control, errors or
irregularities may occur
and not be detected.
Also, projection of
any evaluation of
internal control to
future periods is
subject to the risk
that it may become
inadequate because
of changes in
conditions or that the
effectiveness of
the design and
operation may deteriorate.
Our consideration
of internal control would
not necessarily disclose
all matters in
internal control
that might be material
weaknesses under
standards established
by the American
Institute of Certified
Public Accountants.
A material weakness
is a condition in
which the design or
operation of any
specific internal control
component does
not reduce to a
relatively low
level the risk that errors
or irregularities in
amounts that would
be material in
relation to the financial
statements being
audited may occur
imely period by
employees in the
normal course
of performing their
assigned functions.
However, we noted no
matters involving internal
control, including
controls over
safeguarding securities,
that we consider
to be material
weaknesses as
defined above
as of December 31, 1998.
This report is intended
solely for the information
and use of management and the
Securities and Exchange Commission.
Hartford, Connecticut
January 29, 1999
