EX-12 2 ex-12.htm EXHIBIT 12 Unassociated Document

CIGNA CORPORATION
      
EXHIBIT 12
  
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
  
(Dollars in millions)
              
   
Three Months Ended
  
   
March 31
  
 
  
2004
  
 
  
2003
  
               
Income from continuing operations before income taxes
 
$
319
        
$
281
  
                     
Adjustments:
                    
Loss from equity investee
    
-
         
1
 
                     
Income from continuing operations before income taxes, as adjusted
  
$
319
        
$
282
  
                     
Fixed charges included in income:
                    
                     
Interest expense
  
$
27
        
$
28
  
Interest portion of rental expense
    
12
         
13
 
                     
     
39
         
41
 
                     
Interest credited to contractholders
    
213
         
256
 
                     
   
$
252
        
$
297
  
                     
Income available for fixed charges (including interest
                    
credited to contractholders)
  
$
571
        
$
579
  
                     
Income available for fixed charges (excluding interest
                    
credited to contractholders)
  
$
358
        
$
323
  
                     
RATIO OF EARNINGS TO FIXED CHARGES:
                    
                     
Including interest credited to contractholders
   
2.3
         
1.9
 
                     
SUPPLEMENTAL RATIO:
                    
                     
Excluding interest credited to contractholders
   
9.2
         
7.9