Various attempts have been made to explain the: pronounced seasonal and universal time (UT) variations of geomagnetic indices. As one of such attempts, we analyze the hourly-averaged auroral electroject indices obtained during the past 20 years. The AU and AL indices maximize during summer and equinoctial months, respectively. By normalizing the contribution of the solar conductivity enhancement to the AU index, or to the eastward electrojet, it is found that the AU also follows the same semiannual variation pattern of the AL index, suggesting that the electric field is the main modulator of the semiannual magnetic variation. The fact that the variation pattern of the yearly-mean AU index follows the mirror image of the AL index provides another indication that the electric field is the main modulator of magnetic disturbance. The pronounced UT variations of the auroral electrojet indices are also noted. To determine the magnetic activity dependence, the probability of recording a given activity level of AU and AL during each UT is examined. The UT variation of the AL index, thus obtained, shows a maximum at around 1200-1800 UT and a minimum around 0000-0800 UT particularly during winter. It is closely associated with the rotation of the geomagnetic pole around the rotational axis, which results in the change of the solar-originated ionospheric conductivity distribution over the polar region. On the other hand the UT variation is prominent during disturbed periods, indicating that the latitudinal mismatch between the AE stations and the auroral electrojet belt is responsible for it. Although not as prominent as the AL index, the probability distribution of the AU also shows two UT peaks. We confirm that the Dst index shows more prominent seasonal variation than the AE indices. However, the UT variation of the Dst index is only noticeable during the main phase of a magnetic storm. It is a combined result of the uneven distribution of the Dst stations and frequent developments of the partial ring current and substorm wedge current preferentially during the main phase.