EX-12 4 cigjun03ex12.htm EXHIBIT 12 EXHIBIT 12
Exhibit 12

CIGNA CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)

Six Months Ended
June 30,
2003             2002      
 
Income from continuing operations before income taxes     $ 205   $ 657  
 
Adjustments:  
   Loss from equity investee    2    1  
 
Income from continuing operations before income taxes, as adjusted   $ 207   $ 658  
 
Fixed charges included in income:  
 
   Interest expense   $ 56   $ 61  
   Interest portion of rental expense    27    29  
 
     83    90  
 
   Interest credited to contractholders    507    528  
 
    $ 590   $ 618  
Income available for fixed charges (including interest  
   credited to contractholders)   $ 797   $ 1,276  
Income available for fixed charges (excluding interest  
   credited to contractholders)   $ 290   $ 748  
 
RATIO OF EARNINGS TO FIXED CHARGES:  
 
   Including interest credited to contractholders    1.4    2.1  
 
SUPPLEMENTAL RATIO:  
 
   Excluding interest credited to contractholders    3.5    8.3