<PAGE>   1
                                                                      EXHIBIT 12


                           HARTFORD LIFE, INC. AND SUBSIDIARIES

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


<TABLE>
<CAPTION>
(In millions)                                                       1998         1997         1996         1995         1994
---------------------------------------------------------------------------------------------------------------------------------

<S>                                                               <C>          <C>          <C>          <C>             <C>
   EARNINGS                                                       $  585       $  480       $    31      $  226       $  223
ADD:
FIXED CHARGES
   Interest expense                                                   58           58            55          35           29
   Interest factor attributable to rentals                            10            9             9           8            8
---------------------------------------------------------------------------------------------------------------------------------
   TOTAL FIXED CHARGES                                                68           67            64          43           37
---------------------------------------------------------------------------------------------------------------------------------
EARNINGS, AS DEFINED                                              $  653       $  547       $    95      $  269       $  260
---------------------------------------------------------------------------------------------------------------------------------
FIXED CHARGES
   Fixed charges above                                            $   68       $   67       $    64      $   43       $   37
   Dividends on subsidiary preferred stock                            --           --            --          --           --
---------------------------------------------------------------------------------------------------------------------------------
TOTAL FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS           $   68       $   67       $    64      $   43       $   37
---------------------------------------------------------------------------------------------------------------------------------
RATIOS
   Earnings, as defined, to total fixed charges (1)                  9.6          8.2          1.5          6.3          7.0
---------------------------------------------------------------------------------------------------------------------------------
   Earnings, as defined, to total fixed charges and preferred
     dividend requirements                                           9.6          8.2          1.5          6.3          7.0
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

(1)   The 1996 earnings to total fixed charges ratio, excluding charges of $348,
      before-tax, primarily related to the recognition of losses in the
      Company's guaranteed investment contract business, was 6.9.