Independent Auditors' Report



The Shareholder and Board of Directors
Aetna Life Insurance and Annuity Company:

Under date of February 6, 1996, we reported on the consolidated balance sheets
of Aetna Life Insurance and Annuity Company and Subsidiaries as of December 31,
1995 and 1994, and the related consolidated statements of income, changes in
shareholder's equity and cash flows for each of the years in the three-year
period ended December 31, 1995, as included herein. In connection with our
audits of the aforementioned consolidated financial statements, we also have
audited the related consolidated financial statement schedules as listed in the
accompanying index. These consolidated financial statement schedules are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these consolidated financial statement schedules based on our audits.

In our opinion, such consolidated financial statement schedules, when considered
in relation to the basic consolidated financial statements as a whole, present
fairly, in all material respects, the information set forth therein.

As discussed in Note 1 to the financial statements, in 1993 the Company changed
its methods of accounting for certain investments in debt and equity securities.




/s/ KPMG Peat Marwick LLP


Hartford, Connecticut
February 6, 1996