AIHC and subsidiaries                                 EXHIBIT 12





           Computation of Ratio of Earnings to Fixed Charges
             and Preferred Stock Dividend Requirements
              For the six months ended June 30, 1994
                      
                      (in millions, except ratio)

                                                           1994
                                                           ----
                                                       
Earnings:
   Income before taxes on income and equity loss          $176.8
   Fixed charges                                            15.2
   Proportionate share of income of 50%-owned persons       (9.7)
   Amortization of capitalized interest                      2.4
                                                           -----
    Total earnings                                        $184.7
                                                          ======
   Fixed Charges:
     Interest expense:
       Consolidated                                       $  8.9
       Proporationate share of 50%-owned persons             3.5
                                                            12.4
                                                            ----
     Amount representative of the interest factor in 
       rents:                                               
      Consolidated                                           2.8
      Proportionate share of 50%-owned persons                 -
                                                            ----
                                                             2.8
                                                            ----
     Fixed charges added to earnings                        15.2
                                                            ----
     Preferred stock dividend requirements                   7.6
                                                            ----
      Total fixed charges                                  $22.8
                                                            ====

   Ratio                                                    8.10
                                                            ====