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                                                            Exhibit 12
AETNA INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS 
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

<TABLE>

<CAPTION>

                                   Nine Months Ended                   Years Ended December 31,            
                                                        ___________________________________________________
(Millions)                         September 30, 1996   1995        1994       1993        1992     1991
                                   __________________   ____        ____       ____        ____     ____

<S>                                <C>                  <C>         <C>        <C>         <C>      <C>

Pretax income (loss) from
 continuing operations...........  $  487.6             $ 726.2     $ 627.5    $(1,014.7)  $ 145.5  $ (97.9)

Add back fixed charges...........     163.3               187.0       170.8        154.7     171.5    200.5
Minority interest................      11.0                16.1        11.4          7.0       8.6      5.9
                                   ________             _______     _______     ________   _______  _______

   Income (loss) as adjusted.....  $  661.9             $ 929.3       809.7    $  (853.0)  $ 325.6  $ 108.5
                                   ________             _______     _______    _________   _______  _______
                                   ________             _______     _______    _________   _______  _______

Fixed charges:
  Interest on indebtedness.......  $  111.1(1)          $ 115.9(1)  $  98.6(1) $    77.4   $  81.4  $ 110.9
  Portion of rents representative
   of interest factor............      52.2                71.1        72.2         77.3      90.1     89.6
                                   ________             _______     _______    _________   _______  _______

   Total fixed charges...........  $  163.3             $ 187.0     $ 170.8    $   154.7   $ 171.5  $ 200.5
                                   ________             _______     _______    _________   _______  _______
                                   ________             _______     _______    _________   _______  _______

Preferred stock dividend
 requirements....................      17.6                   -           -            -         -        -
                                   ________             _______     _______    _________   _______  _______

Total combined fixed charges
 and preferred stock dividend
 requirements....................  $  180.9             $ 187.0     $ 170.8    $   154.7   $ 171.5  $ 200.5
                                   ________             _______     _______    _________   _______  _______
                                   ________             _______     _______    _________   _______  _______

Ratio of earnings to fixed
 charges.........................      4.05                4.97        4.74        (5.51)     1.90      .54
                                   ________             _______     _______    _________   _______  _______
                                   ________             _______     _______    _________   _______  _______

Ratio of earnings to combined
 fixed charges and preferred
 stock dividends.................      3.66                4.97        4.74        (5.51)     1.90      .54
                                   ________             _______     _______    _________   _______  _______
                                   ________             _______     _______    _________   _______  _______

<FN>

(1) Includes the dividends paid to preferred shareholders of a subsidiary.
    (See Note 11 of Notes to Financial Statements in Aetna Services' 1995 
    Annual Report.)

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CONFIDENTIAL DRAFT