Aetna Disagrees With Moody's Rating Actions.

HARTFORD, Conn.--(BUSINESS WIRE)--July 2, 1998--Aetna (NYSE:AET) issued the following response to the Moody's Investors Service's ratings actions announced earlier today:

Aetna notes that Moody's states that Aetna is one of the premier companies providing health care benefits in the United States and one of the highest rated companies among the health insurers and managed care companies they rate. Moody's also states that the addition of NYLCare will increase Aetna U.S. Healthcare's position in three major markets - Houston, Dallas and Washington, D.C., that Aetna will reduce NYLCare's medical loss ratio in line with its own, albeit gradually, and that our integration plans appear conservative.

The ratings actions Moody's has taken today appear to be based on their assessment of the magnitude of the impact of external risk factors on our health business - an assessment with which we disagree.

"We believe that Aetna is well positioned in the marketplace and will continue to be a formidable competitor in all of our businesses," said Richard L. Huber, chairman and chief executive officer of Aetna. "Aetna remains financially strong and continues to have a diversified earnings stream, and we believe these factors bode well for Aetna's future prospects."

Aetna is a leading provider of health, retirement and financial services benefits. Through its three core businesses, Aetna U.S. Healthcare, Aetna Retirement Services and Aetna International, the company provides 35 million people worldwide with quality products, services and information to help them manage best what matters most: their health and financial well-being.

   CONTACT: Aetna
             Patricia R. Seif, 860/273-3658 (Media)
             or
             Robyn S. Walsh, 860/273-6184 (Investor)