EX-12 2 ex12.htm EXHIBIT 12 Exhibit 12
CIGNA CORPORATION
      
EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
              
(Dollars in millions)
              
   
Six Months Ended
  
   
June 30
  
   
2004
      
2003
  
               
Income from continuing operations before income taxes
 
$
1,061
        
$
201
  
                     
Adjustments:
                    
     Loss from equity investee
    
-
         
2
 
                     
Income from continuing operations before income taxes, as adjusted
  
$
1,061
        
$
203
  
                     
Fixed charges included in income:
                    
                     
     Interest expense
  
$
55
        
$
56
  
     Interest portion of rental expense
    
24
         
27
 
                     
     
79
         
83
 
                     
     Interest credited to contractholders
    
418
         
507
 
                     
   
$
497
        
$
590
  
                     
Income available for fixed charges (including interest
                    
   credited to contractholders)
  
$
1,558
        
$
793
  
                     
Income available for fixed charges (excluding interest
                    
   credited to contractholders)
  
$
1,140
        
$
286
  
                     
RATIO OF EARNINGS TO FIXED CHARGES:
                    
                     
     Including interest credited to contractholders
   
3.1
         
1.3
 
                     
SUPPLEMENTAL RATIO:
                    
                     
     Excluding interest credited to contractholders
   
14.4
         
3.4