| AXA Equitable Life      Insurance Company                  |
|------------------------------------------------------------|
| (Exact      name of registrant as specified in itscharter) |

| New      York                        | 13-5570651               |
|--------------------------------------|--------------------------|
| (State      or other jurisdiction of | (I.R.S.      Employer    |
| incorporation      or organization)  | Identification      No.) |

| 1290      Avenue of the Americas, New York, New York | 10104           |
|------------------------------------------------------|-----------------|
| (Address      of principal executive offices)        | (Zip      Code) |

|  (212)      554-1234                                    |
|--------------------------------------------------------------|
| Registrant’s      telephone number, including areacode |

| Not      applicable                                                                           |
|-----------------------------------------------------------------------------------------------|
| (Former      name, former address, and former fiscal year if changed since last      report.) |

|   | Yes | x |   | No | o |
|--------|-----|---|--------|----|---|

| Large      accelerated filer  o                                                              |   |                                        |   |   | Accelerated      filer  o |   |
|--------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|--------|--------|-------------------------------------|--------|
| Non-accelerated      filer  x  (Do      not check if a smaller reporting company.) |   | Smaller      reporting company  o |   |

|   | Yes | o |   | No | x |
|--------|-----|---|--------|----|---|

----

|   |   | Page |
|--------|--------|------|

| PART      I | FINANCIAL      INFORMATION |   |
|-------------|----------------------------|--------|

| Item      1:    | Consolidated      Financial Statements                                                                                                |   |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------|--------|
|            | ·        Consolidated      Balance Sheets, June 30, 2008 and December 31, 2007                                         | 4      |
|            | ·        Consolidated      Statements of Earnings, Three Months and Six Months Ended June 30, 2008      and 2007  | 5      |
|            | ·        Consolidated      Statements of Shareholder’s Equity, Six Months Ended June 30, 2008 and      2007      | 6      |
|            | ·        Consolidated      Statements of Cash Flows, Six Months Ended June 30, 2008 and      2007                      | 7      |
|            | ·        Notes      to Consolidated Financial Statements                                                               | 9      |
|            |                                                                                                                                  |   |
| Item      2:    | Management’s      Discussion and Analysis of Financial Condition and Results of Operations                                      |   |
|            | (“Management      Narrative”)                                                                                             | 27     |
|            |                                                                                                                                  |   |
| Item      3:    | Quantitative      and Qualitative Disclosures About Market Risk*                                                                 | 32     |
|            |                                                                                                                                  |   |
| Item      4(T): | Controls      and Procedures                                                                                                          | 32     |
|            |                                                                                                                                  |   |
|            |                                                                                                                                  |   |
| PART      II    | OTHER      INFORMATION                                                                                                                |   |
|            |                                                                                                                                  |   |
| Item      1:    | Legal      Proceedings                                                                                                                | 33     |
|            |                                                                                                                                  |   |
| Item      1A:   | Risk      Factors                                                                                                                     | 33     |
|            |                                                                                                                                  |   |
| Item      2:    | Unregistered      Sales of Equity Securities and Use of Proceeds                                                                      | 33     |
|            |                                                                                                                                  |   |
| Item      3:    | Defaults      Upon Senior Securities                                                                                                  | 33     |
|            |                                                                                                                                  |   |
| Item      4:    | Submission      of Matters to a Vote of Security Holders                                                                              | 33     |
|            |                                                                                                                                  |   |
| Item      5:    | Other      Information                                                                                                                | 33     |
|            |                                                                                                                                  |   |
| Item      6:    | Exhibits                                                                                                                              | 33     |
|            |                                                                                                                                  |   |
| SIGNATURES      |                                                                                                                                  | 34     |
|            |

----

----

|                                                     |   | June      30,2008(Unaudited) |      |   | December      31,2007 |   |
|--------------------------------------------------------------------|--------|------------------------------|-----------|--------|-----------------------|--------|
|                                                               |   | (In      Millions)           |      |
|                                                               |   |                         |      |
| ASSETS                                                             |   |                         |      |   |                  |   |
| Investments:                                                       |   |                         |      |   |                  |   |
| Fixed      maturities available for sale, at estimated fair value  |   | $                            | 26,007.1  |   |                  | $      | 27,159.5 |   |
| Mortgage      loans on real estate                                 |   |                         | 3,803.1   |   |                  |   | 3,730.6 |   |
| Equity      real estate, held for the production of income         |   |                         | 376.7     |   |                  |   | 381.7 |   |
| Policy      loans                                                  |   |                         | 3,954.4   |   |                  |   | 3,938.8 |   |
| Other      equity investments                                      |   |                         | 1,820.3   |   |                  |   | 1,820.3 |   |
| Trading      securities                                            |   |                         | 605.5     |   |                  |   | 573.3 |   |
| Other      invested assets                                         |   |                         | 971.1     |   |                  |   | 1,000.9 |   |
| Total      investments                                             |   |                         | 37,538.2  |   |                  |   | 38,605.1 |   |
| Cash      and cash equivalents                                     |   |                         | 2,350.6   |   |                  |   | 1,173.2 |   |
| Cash      and securities segregated, at estimated fair value       |   |                         | 1,799.6   |   |                  |   | 2,370.0 |   |
| Broker-dealer      related receivables                             |   |                         | 1,397.9   |   |                  |   | 1,623.5 |   |
| Deferred      policy acquisition costs                             |   |                         | 9,542.6   |   |                  |   | 9,019.3 |   |
| Goodwill      and other intangible assets, net                     |   |                         | 3,712.9   |   |                  |   | 3,724.6 |   |
| Amounts      due from reinsurers                                   |   |                         | 2,923.1   |   |                  |   | 2,890.6 |   |
| Loans      to affiliates                                           |   |                         | 609.4     |   |                  |   | 638.3 |   |
| Other      assets                                                  |   |                         | 3,425.8   |   |                  |   | 3,341.8 |   |
| Separate      Accounts’ assets                               |   |                         | 89,352.7  |   |                  |   | 96,539.6 |   |
| Total      Assets                                                  |   | $                            | 152,652.8 |   |                  | $      | 159,926.0 |   |
|                                                               |   |                         |      |   |                  |   |   |   |
| LIABILITIES                                                        |   |                         |      |   |                  |   |   |   |
| Policyholders’      account balances                         |   | $                            | 25,023.4  |   |                  | $      | 25,168.2 |   |
| Future      policy benefits and other policyholders liabilities    |   |                         | 14,421.2  |   |                  |   | 14,304.7 |   |
| Broker-dealer      related payables                                |   |                         | 307.4     |   |                  |   | 595.1 |   |
| Customers      related payables                                    |   |                         | 2,220.1   |   |                  |   | 2,722.2 |   |
| Amounts      due to reinsurers                                     |   |                         | 1,117.4   |   |                  |   | 1,119.5 |   |
| Short-term      and long-term debt                                 |   |                         | 944.0     |   |                  |   | 982.0 |   |
| Loans      from affiliates                                         |   |                         | 325.0     |   |                  |   | 325.0 |   |
| Income      taxes payable                                          |   |                         | 3,597.2   |   |                  |   | 3,398.9 |   |
| Other      liabilities                                             |   |                         | 1,841.9   |   |                  |   | 1,963.2 |   |
| Separate      Accounts’ liabilities                          |   |                         | 89,352.7  |   |                  |   | 96,539.6 |   |
| Minority      interest in equity of consolidated subsidiaries      |   |                         | 2,545.6   |   |                  |   | 2,478.9 |   |
| Minority      interest subject to redemption rights                |   |                         | 143.0     |   |                  |   | 142.7 |   |
| Total      liabilities                                             |   |                         | 141,838.9 |   |                  |   | 149,740.0 |   |
|                                                               |   |                         |      |   |                  |   |   |   |
| Commitments      and contingent liabilities (Note 11)              |   |                         |      |   |                  |   |   |   |
|                                                               |   |                         |      |   |                  |   |   |   |
| SHAREHOLDER’S      EQUITY                                    |   |                         |      |   |                  |   |   |   |
| Common      stock, $1.25 par value, 2.0 million shares authorized, |   |                         |      |   |                  |   |   |   |
| issued      and outstanding                                        |   |                         | 2.5       |   |                  |   | 2.5 |   |
| Capital      in excess of par value                                |   |                         | 5,285.0   |   |                  |   | 5,265.4 |   |
| Retained      earnings                                             |   |                         | 6,304.0   |   |                  |   | 5,186.0 |   |
| Accumulated      other comprehensive loss                          |   |                         | (777.6    | )      |                  |   | (267.9 | ) |
| Total      shareholder’s equity                              |   |                         | 10,813.9  |   |                  |   | 10,186.0 |   |
| Total      Liabilities and Shareholder’s Equity              |   | $                            | 152,652.8 |   |                  | $      | 159,926.0 |   |

----

|                                                     |                     |  Three      Months Ended June      30, |    | Six      Months EndedJune      30, |       |
|----------------------------------------------------------|--------------------------|--------------------------------------------------|---------|-----------------------------------------|------------|
|                                                     |                     | 2008                                        |    |                                    | 2007  |   |   | 2008  |   |   | 2007  |   |
|                                                     | (In      Millions)  |                                             |
|                                                     |                          |                                             |
| REVENUES                                                 |                     |                                             |    |                                    |       |   |   |   |   |   |   |   |
| Universal      life and investment-type                  |                     |                                             |    |                                    |       |   |   |   |   |   |   |   |
| product      policy fee income                           |                     | $                                                | 751.5   |                                    |       | $ | 673.5 |   |   | $ | 1,470.2 |   |   | $ | 1,299.4 |   |
| Premiums                                                 |                     |                                             | 194.3   |                                    |       |   | 201.8 |   |   |   | 403.0 |   |   |   | 410.1 |   |
| Net      investment income                               |                     |                                             | 464.2   |                                    |       |   | 492.4 |   |   |   | 1,666.4 |   |   |   | 1,129.3 |   |
| Investment      (losses) gains, net                      |                     |                                             | (26.5   | )                                       |       |   | 6.7 |   |   |   | (39.5 | ) |   |   | 24.6 |   |
| Commissions,      fees and other income                  |                     |                                             | 1,027.6 |                                    |       |   | 1,233.8 |   |   |   | 2,703.6 |   |   |   | 2,422.7 |   |
| Total      revenues                                      |                     |                                             | 2,411.1 |                                    |       |   | 2,608.2 |   |   |   | 6,203.7 |   |   |   | 5,286.1 |   |
|                                                     |                     |                                             |    |                                    |       |   |   |   |   |   |   |   |   |   |   |   |
| BENEFITS      AND OTHER DEDUCTIONS                       |                     |                                             |    |                                    |       |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders’      benefits                       |                     |                                             | 464.4   |                                    |       |   | 466.8 |   |   |   | 1,017.1 |   |   |   | 973.2 |   |
| Interest      credited to policyholders’           |                     |                                             |    |                                    |       |   |   |   |   |   |   |   |   |   |   |   |
| account      balances                                    |                     |                                             | 261.3   |                                    |       |   | 260.5 |   |   |   | 528.0 |   |   |   | 520.8 |   |
| Compensation      and benefits                           |                     |                                             | 569.3   |                                    |       |   | 607.6 |   |   |   | 1,135.9 |   |   |   | 1,194.7 |   |
| Commissions                                              |                     |                                             | 359.0   |                                    |       |   | 456.7 |   |   |   | 738.2 |   |   |   | 889.2 |   |
| Distribution      plan payments                          |                     |                                             | 78.7    |                                    |       |   | 84.8 |   |   |   | 157.9 |   |   |   | 162.5 |   |
| Amortization      of deferred sales commissions          |                     |                                             | 20.5    |                                    |       |   | 24.8 |   |   |   | 42.5 |   |   |   | 49.5 |   |
| Interest      expense                                    |                     |                                             | 13.7    |                                    |       |   | 19.0 |   |   |   | 31.6 |   |   |   | 38.3 |   |
| Amortization      of deferred policy acquisition costs   |                     |                                             | (303.4  | )                                       |       |   | 170.3 |   |   |   | 512.0 |   |   |   | 378.0 |   |
| Capitalization      of deferred policy acquisition costs |                     |                                             | (366.8  | )                                       |       |   | (433.1 | ) |   |   | (737.2 | ) |   |   | (846.1 | ) |
| Rent      expense                                        |                     |                                             | 60.6    |                                    |       |   | 52.4 |   |   |   | 119.9 |   |   |   | 103.5 |   |
| Amortization      of other intangible assets             |                     |                                             | 6.0     |                                    |       |   | 6.1 |   |   |   | 11.9 |   |   |   | 12.0 |   |
| Other      operating costs and expenses                  |                     |                                             | 293.6   |                                    |       |   | 323.2 |   |   |   | 623.5 |   |   |   | 627.5 |   |
| Total      benefits and other deductions                 |                     |                                             | 1,456.9 |                                    |       |   | 2,039.1 |   |   |   | 4,181.3 |   |   |   | 4,103.1 |   |
|                                                     |                     |                                             |    |                                    |       |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      from continuing operations before          |                     |                                             |    |                                    |       |   |   |   |   |   |   |   |   |   |   |   |
| income      taxes and minority interest                  |                     |                                             | 954.2   |                                    |       |   | 569.1 |   |   |   | 2,022.4 |   |   |   | 1,183.0 |   |
| Income      taxes                                        |                     |                                             | (266.6  | )                                       |       |   | (155.2 | ) |   |   | (602.6 | ) |   |   | (326.7 | ) |
| Minority      interest in net income of                  |                     |                                             |    |                                    |       |   |   |   |   |   |   |   |   |   |   |   |
| consolidated      subsidiaries                           |                     |                                             | (177.4  | )                                       |       |   | (182.0 | ) |   |   | (309.5 | ) |   |   | (328.6 | ) |
|                                                     |                     |                                             |    |                                    |       |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      from continuing operations                 |                     |                                             | 510.2   |                                    |       |   | 231.9 |   |   |   | 1,110.3 |   |   |   | 527.7 |   |
| Earnings      (losses) from discontinued operations,     |                     |                                             |    |                                    |       |   |   |   |   |   |   |   |   |   |   |   |
| net      of income taxes                                 |                     |                                             | .4      |                                    |       |   | (13.7 | ) |   |   | 1.4 |   |   |   | (9.5 | ) |
| Gains      (losses) on disposal of discontinued          |                     |                                             |    |                                    |       |   |   |   |   |   |   |   |   |   |   |   |
| operations,      net of income taxes                     |                     |                                             | -       |                                    |       |   | - |   |   |   | 6.3 |   |   |   | (.4 | ) |
|                                                     |                     |                                             |    |                                    |       |   |   |   |   |   |   |   |   |   |   |   |
| Net      Earnings                                        |                     | $                                                | 510.6   |                                    |       | $ | 218.2 |   |   | $ | 1,118.0 |   |   | $ | 517.8 |   |

----

|                                                                 |   | 2008               |     |   | 2007   |   |
|----------------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|
|                                                                 |   | (In      Millions) |     |
|                                                                 |   |               |     |
| SHAREHOLDER’S      EQUITY                                      |   |               |     |   |   |   |
|                                                                 |   |               |     |   |   |   |
| Common      stock, at par value, beginning of year and end of period |   | $                  | 2.5      |   |   | $      | 2.5 |   |
|                                                                 |   |               |     |   |   |   |   |   |
| Capital      in excess of par value, beginning of year               |   |               | 5,265.4  |   |   |   | 5,139.6 |   |
| Changes      in capital in excess of par value                       |   |               | 19.6     |   |   |   | 54.8 |   |
| Capital      in excess of par value, end of period                   |   |               | 5,285.0  |   |   |   | 5,194.4 |   |
|                                                                 |   |               |     |   |   |   |   |   |
| Retained      earnings, beginning of year                            |   |               | 5,186.0  |   |   |   | 4,507.6 |   |
| Cumulative      effect adjustment to adopt FIN 48                    |   |               | -        |   |   |   | 44.8 |   |
| Retained      earnings, beginning of year as adjusted                |   |               | 5,186.0  |   |   |   | 4,552.4 |   |
| Net      earnings                                                    |   |               | 1,118.0  |   |   |   | 517.8 |   |
| Shareholder      dividends paid                                      |   |               | -        |   |   |   | (300.0 | ) |
| Retained      earnings, end of period                                |   |               | 6,304.0  |   |   |   | 4,770.2 |   |
|                                                                 |   |               |     |   |   |   |   |   |
| Accumulated      other comprehensive loss, beginning of year         |   |               | (267.9   | )      |   |   | (167.3 | ) |
| Other      comprehensive loss                                        |   |               | (509.7   | )      |   |   | (235.0 | ) |
| Accumulated      other comprehensive loss, end of period             |   |               | (777.6   | )      |   |   | (402.3 | ) |
|                                                                 |   |               |     |   |   |   |   |   |
| Total      Shareholder’s Equity, End of Period                 |   | $                  | 10,813.9 |   |   | $      | 9,564.8 |   |

----

|                                                                            |   | 2008               |     |   | 2007   |   |
|---------------------------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|
|                                                                            |   | (In      Millions) |     |
|                                                                            |   |               |     |   |   |   |
| Net      earnings                                                               |   | $                  | 1,118.0  |   |   | $      | 517.8 |   |
| Adjustments      to reconcile net earnings to net cash provided                 |   |               |     |   |   |   |   |   |
| by      operating activities:                                                   |   |               |     |   |   |   |   |   |
| Interest      credited to policyholders’ account balances                 |   |               | 528.0    |   |   |   | 520.8 |   |
| Universal      life and investment-type product policy fee income               |   |               | (1,470.2 | )      |   |   | (1,299.4 | ) |
| Net      change in broker-dealer and customer related      receivables/payables |   |               | (713.8   | )      |   |   | (420.6 | ) |
| Change      in net investment income related to derivatives                     |   |               | (561.8   | )      |   |   | 234.4 |   |
| Investment      losses (gains), net                                             |   |               | 39.5     |   |   |   | (24.6 | ) |
| Change      in segregated cash and securities, net                              |   |               | 570.4    |   |   |   | 394.0 |   |
| Change      in deferred policy acquisition costs                                |   |               | (225.1   | )      |   |   | (468.1 | ) |
| Change      in future policy benefits                                           |   |               | 55.3     |   |   |   | 5.6 |   |
| Change      in income taxes payable                                             |   |               | 453.4    |   |   |   | 76.1 |   |
| Minority      interest in net income of consolidated subsidiaries               |   |               | 309.5    |   |   |   | 328.6 |   |
| Change      in fair value of guaranteed minimum income                          |   |               |     |   |   |   |   |   |
| benefit      reinsurance contracts                                              |   |               | (185.4   | )      |   |   | 48.0 |   |
| Amortization      of deferred sales commissions                                 |   |               | 42.5     |   |   |   | 49.5 |   |
| Other      depreciation and amortization                                        |   |               | 66.6     |   |   |   | 71.1 |   |
| Amortization      of other intangible assets, net                               |   |               | 11.9     |   |   |   | 12.0 |   |
| Change      in accounts payable and accrued expenses                            |   |               | 125.7    |   |   |   | 496.7 |   |
| Other,      net                                                                 |   |               | (156.5   | )      |   |   | (140.6 | ) |
|                                                                            |   |               |     |   |   |   |   |   |
| Net      cash provided by operating activities                                  |   |               | 8.0      |   |   |   | 401.3 |   |
|                                                                            |   |               |     |   |   |   |   |   |
| Cash      flows from investing activities:                                      |   |               |     |   |   |   |   |   |
| Maturities      and repayments of fixed maturities and mortgage loans           |   |               | 785.6    |   |   |   | 1,232.4 |   |
| Sales      of investments                                                       |   |               | 524.9    |   |   |   | 1,403.3 |   |
| Purchases      of investments                                                   |   |               | (1,120.4 | )      |   |   | (2,087.9 | ) |
| Change      in short-term investments                                           |   |               | 6.9      |   |   |   | 7.4 |   |
| Decrease      in loans to affiliates                                            |   |               | -        |   |   |   | 400.0 |   |
| Change      in capitalized software, leasehold improvements                     |   |               |     |   |   |   |   |   |
| and      EDP equipment                                                          |   |               | (75.1    | )      |   |   | (87.2 | ) |
| Other,      net                                                                 |   |               | 583.9    |   |   |   | (267.2 | ) |
|                                                                            |   |               |     |   |   |   |   |   |
| Net      cash provided by investing activities                                  |   |               | 705.8    |   |   |   | 600.8 |   |
|                                                                            |   |               |     |   |   |   |   |   |

----

|                                                     |   | 2008               |     |    | 2007   |   |
|----------------------------------------------------------|--------|--------------------|----------|---------|--------|--------|
|                                                     |   | (In      Millions) |     |
|                                                     |   |               |     |    |   |   |   |   |
|                                                     |   |               |     |    |   |   |   |   |
| Cash      flows from financing activities:               |   |               |     |    |   |   |   |   |
| Policyholders’      account balances:              |   |               |     |    |   |   |   |   |
| Deposits                                                 |   | $                  | 2,044.7  |    |   | $      | 2,028.5 |   |
| Withdrawals      and transfers to Separate Accounts      |   |               | (1,297.0 | )  |   |   | (2,063.5 | )  |
| Net      change in short-term financings                 |   |               | (38.3    | )  |   |   | (15.2 | )  |
| Shareholder      dividends paid                          |   |               | -        |    |   |   | (300.0 | )  |
| Other,      net                                          |   |               | (245.8   | )  |   |   | (262.2 | )  |
|                                                     |   |               |     |    |   |   |   |   |
| Net      cash provided by (used in) financing activities |   |               | 463.6    |    |   |   | (612.4 | ) |
|                                                     |   |               |     |    |   |   |   |   |
| Change      in cash and cash equivalents                 |   |               | 1,177.4  |    |   |   | 389.7 |   |
| Cash      and cash equivalents, beginning of year        |   |               | 1,173.2  |    |   |   | 1,122.2 |   |
|                                                     |   |               |     |    |   |   |   |   |
| Cash      and Cash Equivalents, End of Period            |   | $                  | 2,350.6  |    |   | $      | 1,511.9 |   |
|                                                     |   |               |     |    |   |   |   |   |
| Supplemental      cash flow information                  |   |               |     |    |   |   |   |   |
| Interest      Paid                                       |   | $                  | 14.4     |    |   | $      | 28.7 |   |
| Income      Taxes Paid                                   |   | $                  | 177.0    |    |   | $      | 217.6 |   |

----

| 1) | BASIS      OF PRESENTATION |
|----|----------------------------|

| 2)   | ACCOUNTING      CHANGES AND NEW ACCOUNTINGPRONOUNCEMENT |
|----------------|---------------------------------------------------------|

----

| 3)   | INVESTMENTS |
|----------------|-------------|

----

|                                                  |   |   Six      Months Ended  June      30, |   |
|-------------------------------------------------------|--------|------------------------------------------------------------|--------|
|                                                  |   |  2008                                                 |   | 2007 |   |
|                                                  |   |   (In      Millions)                             |   |
|                                                  |   |                                                       |   |   |   |   |   |   |
| Balances,      beginning of year                      |   | $                                                          | 1.4    |   |   | $ | 11.3 |   |
| Deductions      for writedowns and asset dispositions |   |                                                       | (.1    | )  |   |   | (3.3 | )  |
| Balances,      End of Period                          |   | $                                                          | 1.3    |   |   | $ | 8.0 |   |

|                                                                 |               | June      30, 2008 |   |   | December      31, 2007 |   |
|----------------------------------------------------------------------|--------------------|-------------------------|--------|--------|------------------------|--------|
|                                                                 | (In      Millions) |                    |
|                                                                 |               |                    |
| Impaired      mortgage loans with investment valuation allowances    |               | $                       | 11.2   |   |                   | $      | 11.4 |   |
| Impaired      mortgage loans without investment valuation allowances |               |                    | 1.1    |   |                   |   | - |   |
| Recorded      investment in impaired mortgage loans                  |               |                    | 12.3   |   |                   |   | 11.4 |   |
| Investment      valuation allowances                                 |               |                    | (1.3   | )      |                   |   | (1.4 | ) |
| Net      Impaired Mortgage Loans                                     |               | $                       | 11.0   |   |                   | $      | 10.0 |   |

| 4)   | CLOSED      BLOCK |
|----------------|-------------------|

----

|                                                                                         |   | June      30,2008        |    |   | December      31,2007 |   |
|----------------------------------------------------------------------------------------------|--------|--------------------------|---------|--------|-----------------------|--------|
|                                                                                         |   |  (In      Millions) |    |
|                                                                                         |   |                     |    |   |                  |   |
| CLOSED      BLOCK LIABILITIES:                                                               |   |                     |    |   |                  |   |
| Future      policy benefits, policyholders’ account balances and other                 |   | $                        | 8,597.2 |   |                  | $      | 8,657.3 |   |
| Other      liabilities                                                                       |   |                     | 88.7    |   |                  |   | 115.2 |   |
| Total      Closed Block liabilities                                                          |   |                     | 8,685.9 |   |                  |   | 8,772.5 |   |
|                                                                                         |   |                     |    |   |                  |   |   |   |
| ASSETS      DESIGNATED TO THE CLOSED BLOCK:                                                  |   |                     |    |   |                  |   |   |   |
| Fixed      maturities, available for sale, at estimated fair value                           |   |                     |    |   |                  |   |   |   |
| (amortized      cost of $5,692.1 and $5,816.6)                                               |   |                     | 5,481.2 |   |                  |   | 5,825.6 |   |
| Mortgage      loans on real estate                                                           |   |                     | 1,142.9 |   |                  |   | 1,099.3 |   |
| Policy      loans                                                                            |   |                     | 1,193.7 |   |                  |   | 1,197.5 |   |
| Cash      and other invested assets                                                          |   |                     | 5.7     |   |                  |   | 4.7 |   |
| Other      assets                                                                            |   |                     | 335.3   |   |                  |   | 240.1 |   |
| Total      assets designated to the Closed Block                                             |   |                     | 8,158.8 |   |                  |   | 8,367.2 |   |
|                                                                                         |   |                     |    |   |                  |   |   |   |
| Excess      of Closed Block liabilities over assets designated to      the Closed      Block |   |                     | 527.1   |   |                  |   | 405.3 |   |
|                                                                                         |   |                     |    |   |                  |   |   |   |
| Amounts      included in accumulated other comprehensive income:                             |   |                     |    |   |                  |   |   |   |
| Net      unrealized investment (losses) gains, net of deferred    income                     |   |                     |    |   |                  |   |   |   |
| tax      benefit (expense) of $73.8 and $(3.2)                                               |   |                     | (137.0  | )      |                  |   | 5.9 |   |
|                                                                                         |   |                     |    |   |                  |   |   |   |
| Maximum      Future Earnings To Be Recognized From Closed Block                              |   |                     |    |   |                  |   |   |   |
| Assets      and Liabilities                                                                  |   | $                        | 390.1   |   |                  | $      | 411.2 |   |

----

|                                             |   | Three      Months Ended |   | Six      Months Ended |   |
|--------------------------------------------------|--------|-------------------------|--------|-----------------------|--------|
|                                             |   | June      30,           |   | June      30,         |   |
|                                             |   | 2008                    |   |                  | 2007   |   | 2008 |   |   | 2007 |   |
|                                             |   | (In      Millions)      |   |
|                                             |   |                    |   |                  |   |
| REVENUES:                                        |   |                    |   |                  |   |   |   |   |   |   |   |   |
| Premiums      and other income                   |   | $                       | 99.0   |                  |   | $ | 104.3 |   |   | $ | 200.9 |   |   | $ | 210.0 |   |
| Investment      income (net of investment        |   |                    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |
| expenses      of $.3, $0, $.8 and $0)            |   |                    | 124.4  |                  |   |   | 124.4 |   |   |   | 250.3 |   |   |   | 251.6 |   |
| Investment      (losses) gains, net              |   |                    | (4.0   | )                     |   |   | 3.0 |   |   |   | (4.7 | ) |   |   | 3.9 |   |
| Total      revenues                              |   |                    | 219.4  |                  |   |   | 231.7 |   |   |   | 446.5 |   |   |   | 465.5 |   |
|                                             |   |                    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |
| BENEFITS      AND                                |   |                    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER      DEDUCTIONS:                           |   |                    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders’      benefits and dividends |   |                    | 203.5  |                  |   |   | 212.3 |   |   |   | 412.5 |   |   |   | 427.6 |   |
| Other      operating costs and expenses          |   |                    | .7     |                  |   |   | .6 |   |   |   | 1.5 |   |   |   | 1.4 |   |
| Total      benefits and other deductions         |   |                    | 204.2  |                  |   |   | 212.9 |   |   |   | 414.0 |   |   |   | 429.0 |   |
|                                             |   |                    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      revenues before income taxes            |   |                    | 15.2   |                  |   |   | 18.8 |   |   |   | 32.5 |   |   |   | 36.5 |   |
| Income      taxes                                |   |                    | (5.3   | )                     |   |   | (6.4 | ) |   |   | (11.4 | ) |   |   | (12.3 | ) |
| Net      Revenues                                |   | $                       | 9.9    |                  |   | $ | 12.4 |   |   | $ | 21.1 |   |   | $ | 24.2 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |               | Six      Months Ended June      30, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|-------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |               | 2008                                |   |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (In      Millions) |                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |               |                                |   |   |   |   |
| Balances,      beginning of      year                                                                                      |               | $                                   | -      |   |   | $ | 3.2 |   |
| Unrealized      investment      losses                                                                                     |               |                                | -      |   |   |   | (3.2 | ) |
| Balances,      End of      Period                                                                                          |               | $                                   | -      |   |   | $ | - |   |

| 5)   | DISCONTINUED      OPERATIONS |
|----------------|------------------------------|

----

|                                            |   | Three      Months EndedJune 30, |   |   | Six      Months EndedJune 30, |   |
|-------------------------------------------------|--------|---------------------------------|--------|--------|-------------------------------|--------|
|                                            |   | 2008                       |   |   | 2007                     |   |   | 2008 |   |   | 2007  |   |
|                                            |   | (In      Millions)         |   |
|                                            |   |                            |   |   |                          |   |   |   |   |   |   |   |
| Earnings      (Losses) from Discontinued        |   |                            |   |   |                          |   |   |   |   |   |   |   |
| Operations,      Net of Income Taxes:           |   |                            |   |   |                          |   |   |   |   |   |   |   |
| Wind-up      Annuities                          |   | $                               | -      |   |                          | $      | (.5 | ) |   | $ | - |   |   | $ | .4 |   |
| Real      estate held-for-sale                  |   |                            | .4     |   |                          |   | (13.5 | ) |   |   | 1.4 |   |   |   | (10.8 | ) |
| Results      of operations - Enterprise         |   |                            | -      |   |                          |   | .3 |   |   |   | - |   |   |   | .9 |   |
| Total                                           |   | $                               | .4     |   |                          | $      | (13.7 | ) |   | $ | 1.4 |   |   | $ | (9.5 | ) |
|                                            |   |                            |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Gains      (Losses) on Disposal of Discontinued |   |                            |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Operations,      Net of Income Taxes:           |   |                            |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |
| Real      estate held-for-sale                  |   | $                               | -      |   |                          | $      | - |   |   | $ | 6.3 |   |   | $ | - |   |
| Disposal      of business - Enterprise          |   |                            | -      |   |                          |   | - |   |   |   | - |   |   |   | (.4 | ) |
| Total                                           |   | $                               | -      |   |                          | $      | - |   |   | $ | 6.3 |   |   | $ | (.4 | ) |

|                                                               |   | June      30,2008  |   |   | December      31,2007  |   |
|--------------------------------------------------------------------|--------|-------------------------|--------|--------|-----------------------------|--------|
|                                                               |   | (In Millions)      |   |
| BALANCE      SHEETS                                                |   |                    |   |   |                        |   |
| Fixed      maturities, available for sale, at estimated fair value |   |                    |   |   |                        |   |
| (amortized      cost of $686.2 and $696.3)                         |   | $                       | 678.7  |   |                        | $      | 705.0 |   |
| Equity      real estate                                            |   |                    | 163.8  |   |                        |   | 165.0 |   |
| Mortgage      loans on real estate                                 |   |                    | 1.6    |   |                        |   | 2.2 |   |
| Other      invested assets                                         |   |                    | .8     |   |                        |   | 1.8 |   |
| Total      investments                                             |   |                    | 844.9  |   |                        |   | 874.0 |   |
| Other      assets                                                  |   |                    | 44.0   |   |                        |   | 27.3 |   |
| Total      Assets                                                  |   | $                       | 888.9  |   |                        | $      | 901.3 |   |
|                                                               |   |                    |   |   |                        |   |   |   |
| Policyholders      liabilities                                     |   | $                       | 739.2  |   |                        | $      | 756.1 |   |
| Other      liabilities                                             |   |                    | 149.7  |   |                        |   | 145.2 |   |
| Total      Liabilities                                             |   | $                       | 888.9  |   |                        | $      | 901.3 |   |

|                                                                              |   | Three      Months EndedJune      30, |   |   |  Six      Months EndedJune      30, |   |
|-----------------------------------------------------------------------------------|--------|--------------------------------------|--------|--------|------------------------------------------|--------|
|                                                                              |   |  2008                           |   |   |  2007                          |   |   |  2008 |   |   |  2007 |   |
|                                                                              |   | (In      Millions)                   |   |
|                                                                              |   |                                 |   |   |                                     |   |   |   |   |   |   |   |
| STATEMENTS      OF EARNINGS                                                       |   |                                 |   |   |                                     |   |   |   |   |   |   |   |
|  Investment      income (net of investment      expenses of $4.7,      $4.8, |   |                                 |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
|  $9.3 and      $9.8)                                                         |   | $                                    | 15.5   |   |                                     | $      | 16.5 |   |   | $ | 31.4 |   |   | $ | 32.9 |   |
| Investment      gains, net                                                        |   |                                 | -      |   |                                     |   | 2.8 |   |   |   | .8 |   |   |   | 4.3 |   |
| Total      revenues                                                               |   |                                 | 15.5   |   |                                     |   | 19.3 |   |   |   | 32.2 |   |   |   | 37.2 |   |
|                                                                              |   |                                 |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Benefits      and other deductions                                                |   |                                 | 18.4   |   |                                     |   | 20.4 |   |   |   | 37.7 |   |   |   | 39.1 |   |
| Losses      charged to the                                                        |   |                                 |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| allowance      for future losses                                                  |   |                                 | (2.9   | )      |                                     |   | (1.1 | ) |   |   | (5.5 | ) |   |   | (1.9 | ) |
| Pre-tax      results from operations                                              |   |                                 | -      |   |                                     |   | - |   |   |   | - |   |   |   | - |   |
| Pre-tax      losses from strengthening the                                        |   |                                 |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| allowance      for future losses                                                  |   |                                 | -      |   |                                     |   | (1.1 | ) |   |   | - |   |   |   | (.1 | ) |
| Income      tax benefit                                                           |   |                                 | -      |   |                                     |   | .6 |   |   |   | - |   |   |   | .5 |   |
| Losses      from Wind-up Annuities                                                |   | $                                    | -      |   |                                     | $      | (.5 | ) |   | $ | - |   |   | $ | .4 |   |

----

----

| 6)   | GMDB,      GMIB, AND NO LAPSE GUARANTEEFEATURES |
|----------------|-------------------------------------------------|

| ·   | Return      of Premium: the benefit is the greater of current account value or      premiums paid (adjusted forwithdrawals); |
|--------------------|------------------------------------------------------------------------------------------------------------------------------|

| ·   | Ratchet:      the benefit is the greatest of current account value, premiums paid      (adjusted for withdrawals), or the highest account value on any      anniversary up to contractually specified ages (adjusted for      withdrawals); |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Roll-Up:      the benefit is the greater of current account value or premiums paid      (adjusted for withdrawals) accumulated at contractually specified interest      rates up to specified ages; or |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Combo:      the benefit is the greater of the ratchet benefit or the roll-up benefit      which may include a five year or an annual  reset. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                     |   | GMDB               |   |   | GMIB   |   |   | Total  |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |   |   |   |   |   |   |   |
| Balance      at January 1,      2008                                                               |   | $                  | 253.0  |   |   | $      | 309.9  |   |   | $ | 562.9 |   |
| Paid      guarantee      benefits                                                                            |   |               | (16.1  | )      |   |   | (1.8   | )      |   |   | (17.9 | ) |
| Other      changes in      reserve                                                                           |   |               | 76.3   |   |   |   | 39.7   |   |   |   | 116.0 |   |
| Balance      at June 30,      2008                                                                 |   | $                  | 313.2  |   |   | $      | 347.8  |   |   | $ | 661.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |   |   |   |   |   |   |   |   |   |   |
| Balance      at January 1,      2007                                                               |   | $                  | 163.7  |   |   | $      | 228.3  |   |   | $ | 392.0 |   |
| Paid      guarantee      benefits                                                                            |   |               | (13.2  | )      |   |   | (1.7   | )      |   |   | (14.9 | ) |
| Other      changes in      reserve                                                                           |   |               | 60.1   |   |   |   | 6.1    |   |   |   | 66.2 |   |
| Balance      at June 30,      2007                                                                 |   | $                  | 210.6  |   |   | $      | 232.7  |   |   | $ | 443.3 |   |

|                                                                                                                                                                                                                                                                                                                                                                                   |               |  Six      Months Ended |   |   |   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|-----------------------------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                   |               |  June      30,         |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                   |               | 2008                        |   |   | 2007   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                   | (In      Millions) |                        |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                   |               |                        |   |   |   |   |   |   |   |
| Balance      at beginning of      year                                                         |               | $                           | 27.5   |   |   | $      | 23.6 |   |   |   |   |
| Paid      guarantee      benefits                                                                        |               |                        | (4.4   | )      |   |   | (4.8 | ) |   |   |   |
| Other      changes in      reserve                                                                       |               |                        | 8.7    |   |   |   | 7.3 |   |   |   |   |
| Balance      at End of      Period                                                             |               | $                           | 31.8   |   |   | $      | 26.1 |   |   |   |   |

----

|                                  |   | Return                     |   |   |    |   |   |    |   |   |       |   |   |   |                      |
|---------------------------------------|--------|----------------------------|--------|--------|---------|--------|--------|---------|--------|--------|------------|--------|--------|--------|---------------------------|
|                                  |   | Of                         |   |   |    |   |   |    |   |   |       |   |   |   |                      |
|                                  |   | Premium                    |   |   | Ratchet |   |   | Roll-Up |   |   | Combo      |   |   | Total  |                      |
|                                  |   | (Dollars      In Millions) |   |
|                                  |   |                       |   |   |    |   |   |    |   |   |       |   |   |   |                      |
| GMDB:                                 |   |                       |   |   |    |   |   |    |   |   |       |   |   |   |                      |
| Account      values invested in:      |   |                       |   |   |    |   |   |    |   |   |       |   |   |   |                      |
| General      Account                  |   | $                          | 10,652 |   |    | $      | 337    |    |   | $      | 288        |   |   | $      | 824                       |   |   | $ | 12,101 |   |
| Separate      Accounts                |   | $                          | 26,225 |   |    | $      | 7,696  |    |   | $      | 6,194      |   |   | $      | 30,615                    |   |   | $ | 70,730 |   |
| Net      amount at risk, gross        |   | $                          | 842    |   |    | $      | 967    |    |   | $      | 2,028      |   |   | $      | 4,092                     |   |   | $ | 7,929 |   |
| Net      amount at risk, net of       |   |                       |   |   |    |   |   |    |   |   |       |   |   |   |                      |   |   |   |   |   |
| amounts      reinsured                |   | $                          | 842    |   |    | $      | 858    |    |   | $      | 1,292      |   |   | $      | 4,092                     |   |   | $  |  7,084 |   |
| Average      attained age of          |   |                       |   |   |    |   |   |    |   |   |       |   |   |   |                      |   |   |   |   |   |
| contractholders                       |   |                       | 49.3   |   |    |   | 61.7   |    |   |   | 65.6       |   |   |   | 61.8                      |   |   |   |  52.9 |   |
| Percentage      of contractholders    |   |                       |   |   |    |   |   |    |   |   |       |   |   |   |                      |   |   |   |   |   |
| over      age 70                      |   |                       | 7.4    | %      |    |   | 23.7   | %       |   |   | 38.3       | %      |   |   | 21.8                      | % |   |   |  12.3 | %  |
| Range      of contractually specified |   |                       |   |   |    |   |   |    |   |   |       |   |   |   |                      |   |   |   |   |   |
| interest      rates                   |   |                       | N/A    |   |    |   | N/A    |    |   |   | 3%-      6 | %      |   |   | 3%-      6.5              | % |   |   |  3%-6.5 | %  |
|                                  |   |                       |   |   |    |   |   |    |   |   |       |   |   |   |                      |   |   |   |   |   |
| GMIB:                                 |   |                       |   |   |    |   |   |    |   |   |       |   |   |   |                      |   |   |   |   |   |
| Account      values invested in:      |   |                       |   |   |    |   |   |    |   |   |       |   |   |   |                      |   |   |   |   |   |
| General      Account                  |   |                       | N/A    |   |    |   | N/A    |    |   | $      | 51         |   |   | $      | 1,110                     |   |   | $  |        1,161 |   |
| Separate      Accounts                |   |                       | N/A    |   |    |   | N/A    |    |   | $      | 3,827      |   |   | $      | 41,062                    |   |   | $  |  44,889 |   |
| Net      amount at risk, gross        |   |                       | N/A    |   |    |   | N/A    |    |   | $      | 570        |   |   | $      |          - |   |   | $  |  570 |   |
| Net      amount at risk, net of       |   |                       |   |   |    |   |   |    |   |   |       |   |   |   |                      |   |   |   |   |   |
| amounts      reinsured                |   |                       | N/A    |   |    |   | N/A    |    |   | $      | 155        |   |   | $      | -                         |   |   | $  |  155 |   |
| Weighted      average years           |   |                       |   |   |    |   |   |    |   |   |       |   |   |   |                      |   |   |   |   |   |
| remaining      until annuitization    |   |                       | N/A    |   |    |   | N/A    |    |   |   | 1.7        |   |   |   | 7.9                       |   |   |   |  7.2 |   |
| Range      of contractually specified |   |                       |   |   |    |   |   |    |   |   |       |   |   |   |                      |   |   |   |   |   |
| interest      rates                   |   |                       | N/A    |   |    |   | N/A    |    |   |   | 3%-      6 | %      |   |   | 3%-      6.5              | % |   |   |  3%-6.5 | %  |

----

| Investment      in Variable Insurance Trust Mutual Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | June      30, |   | December      31, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 2008 |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
| GMDB:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |
| Equity                                                                                                 |   | $ | 43,407 |   |   | $ | 48,587 |   |
| Fixed      income                                                                                      |   |   | 4,302 |   |   |   | 4,392 |   |
| Balanced                                                                                               |   |   | 20,834 |   |   |   | 20,546 |   |
| Other                                                                                                  |   |   | 2,187 |   |   |   | 2,151 |   |
| Total                                                                                                  |   | $ | 70,730 |   |   | $ | 75,676 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| GMIB:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |
| Equity                                                                                                 |   | $ | 26,023 |   |   | $ | 27,831 |   |
| Fixed      income                                                                                      |   |   | 2,519 |   |   |   | 2,687 |   |
| Balanced                                                                                               |   |   | 15,239 |   |   |   | 14,816 |   |
| Other                                                                                                  |   |   | 1,108 |   |   |   | 1,018 |   |
| Total                                                                                                  |   | $ | 44,889 |   |   | $ | 46,352 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Direct             |   |   | Reinsurance |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|-------------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Liability          |   |   | Ceded       |   |   | Net    |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |   |   |        |   |   |   |   |
| Balance      at January 1,      2008                                                               |   | $                  | 135.0  |   |        | $      | (107.6 | )      |   | $ | 27.4 |   |
| Other      changes in      reserves                                                                               |   |               | 44.0   |   |        |   | (38.0  | )      |   |   | 6.0 |   |
| Balance      at June 30,      2008                                                                 |   | $                  | 179.0  |   |        | $      | (145.6 | )      |   | $ | 33.4 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |   |   |        |   |   |   |   |   |   |   |
| Balance      at January 1,      2007                                                               |   | $                  | 66.8   |   |        | $      | (47.9  | )      |   | $ | 18.9 |   |
| Other      changes in      reserves                                                                               |   |               | 23.7   |   |        |   | (20.5  | )      |   |   | 3.2 |   |
| Balance      at June 30,      2007                                                                 |   | $                  | 90.5   |   |        | $      | (68.4  | )      |   | $ | 22.1 |   |

|  | 7)   | FAIR      VALUE DISCLOSURES |
|--|----------------|-----------------------------|

|   | Level      1 | Quoted      prices for identical instruments in active markets.  Level 1      fair values generally are supported by market transactions that occur with      sufficient frequency and volume to provide pricing information on an      ongoing basis.                                                                        |
|--------|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Level      2 | Observable      inputs other than Level 1 prices, such as quoted prices for similar      instruments, quoted prices in markets that are not active, and inputs to      model-derived valuations that are directly observable or can be      corroborated by observable market data.                                                     |
|   | Level      3 | Unobservable      inputs supported by little or no market activity and often requiring      significant management judgment or estimation, such as an entity’s own      assumptions about the cash flows or other significant components of value      that market participants would use in pricing the asset or      liability. |

|                                                                                                                                                                                                                                                                                                                    |   | Level      1       |     |   | Level      2 |   |     | Level      3 |   |   | Total   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|--------------|--------|----------|--------------|--------|--------|---------|--------|
|                                                                                                                                                                                                                                                                                                                    |   | (In      Millions) |     |
| Assets                                                                                                                                                                                                                                                                                                                  |   |               |     |   |         |   |     |         |   |   |    |   |
| Investments:                                                                                                                                                                                                                                                                                                            |   |               |     |   |         |   |     |         |   |   |    |   |
| Fixed      maturities available for sale                                                                                                                                                                                                                                                                                |   | $                  | 223.6    |   |         | $      | 23,570.9 |         |   | $      | 2,212.6 |   |   | $ | 26,007.1 |   |
| Other      equity investments                                                                                                                                                                                                                                                                                           |   |               | 95.0     |   |         |   | -        |         |   |   | 1.6     |   |   |   | 96.6 |   |
| Trading      securities                                                                               |   |               | 605.4    |   |         |   | -        |         |   |   | .1      |   |   |   | 605.5 |   |
| Other      invested      assets                                                                       |   |               | -        |   |         |   | 162.1    |         |   |   | 175.9   |   |   |   | 338.0 |   |
| Loans      to      affiliates                                                          |   |               | -        |   |         |   | 609.4    |         |   |   | -       |   |   |   | 609.4 |   |
| Cash      equivalents                                                                  |   |               | 1,881.1  |   |         |   | -        |         |   |   | -       |   |   |   | 1,881.1 |   |
| Segregated      securities                                                             |   |               | 1,799.6  |   |         |   | -        |         |   |   | -       |   |   |   | 1,799.6 |   |
| GMIB      reinsurance contracts                                                                                                                                                                                                                                                                                         |   |               | -        |   |         |   | -        |         |   |   | 310.1   |   |   |   | 310.1 |   |
| Separate      Accounts’      assets                                              |   |               | 87,779.2 |   |         |   | 1,547.2  |         |   |   | 26.3    |   |   |   | 89,352.7 |   |
| Total      Assets                                                                                                    |   | $                  | 92,383.9 |   |         | $      | 25,889.6 |         |   | $      | 2,726.6 |   |   | $ | 121,000.1 |   |

----

|   | The      table below presents a reconciliation for all Level 3 assets for second      quarter and the first half of2008: |
|--------|-------------------------------------------------------------------------------------------------------------------------------|

----

|                          |   | Fixed         |    |   | Other       |   |   |     |   |   |        |   |   |     |   |
|-------------------------------|--------|---------------|---------|--------|-------------|--------|--------|----------|--------|--------|-------------|--------|--------|----------|--------|
|                          |   | Maturities    |    |   | Equity      |   |   | Other    |   |   | GMIB        |   |   | Separate |   |
|                          |   | Available     |    |   | Investments |   |   | Invested |   |   | Reinsurance |   |   | Accounts |   |
|                          |   | For      Sale |    |   |  (1)   |        |   | Assets   |   |   | Asset       |   |   | Assets   |   |
|                          |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |
| Discrete      second quarter: |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |
| Balance,      April 1, 2008   |   | $             | 2,169.9 |   |        | $      | 2.3    |     |   | $      | 291.2       |   |   | $        | 530.9  |   |   | $ | 27.3 |   |
| Total      gains (losses),    |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| realized      and unrealized, |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| included      in:             |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| Earnings      as:             |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| Net      investment income    |   |          | .9      |   |        |   | (.4    | )        |   |   | (124.4      | )      |   |     | -      |   |   |   | - |   |
| Investment      gains         |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| (losses),      net       |   |          | (29.7   | )      |        |   | -      |     |   |   | -           |   |   |     | -      |   |   |   | .6 |   |
| Commissions,      fees and    |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| other      income             |   |          | -       |   |        |   | -      |     |   |   | -           |   |   |     | (235.3 | ) |   |   | - |   |
| Subtotal                      |   |          | (28.8   | )      |        |   | (.4    | )        |   |   | (124.4      | )      |   |     | (235.3 | ) |   |   | .6 |   |
| Other      comprehensive      |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| income                        |   |          | 14.7    |   |        |   | -      |     |   |   | -           |   |   |     | -      |   |   |   | - |   |
| Purchases/issuances      and  |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| sales/settlements,      net   |   |          | 11.9    |   |        |   | (.2    | )        |   |   | 9.1         |   |   |     | 14.5   |   |   |   | (1.6 | ) |
| Transfers      into/out of    |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| Level      3                  |   |          | 44.9    |   |        |   | -      |     |   |   | -           |   |   |     | -      |   |   |   | - |   |
| Balance,      June 30, 2008   |   | $             | 2,212.6 |   |        | $      | 1.7    |     |   | $      | 175.9       |   |   | $        | 310.1  |   |   | $ | 26.3 |   |
|                          |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| First      half of 2008:      |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| Balance,      Dec. 31, 2007   |   | $             | 2,503.4 |   |        | $      | 3.0    |     |   | $      | 160.9       |   |   | $        | 124.7  |   |   | $ | 40.8 |   |
| Impact      of adopting       |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| SFAS      No. 157, included   |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| in      earnings              |   |          | -       |   |        |   | -      |     |   |   | -           |   |   |     | 210.6  |   |   |   |  - |   |
| Balance,      Jan. 1, 2008    |   |          | 2,503.4 |   |        |   | 3.0    |     |   |   | 160.9       |   |   |     | 335.3  |   |   |   | 40.8 |   |
| Total      gains (losses),    |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| realized      and unrealized, |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| included      in:             |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| Earnings      as:             |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| Net      investment income    |   |          | 1.6     |   |        |   | -      |     |   |   | 5.9         |   |   |     | -      |   |   |   | - |   |
| Investment      gains         |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| (losses),      net            |   |          | (45.2   | )      |        |   | (1.1   | )        |   |   | -           |   |   |     | -      |   |   |   | (4.8 | ) |
| Commissions,      fees and    |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| other      income             |   |          | -       |   |        |   | -      |     |   |   | -           |   |   |     | (54.8  | ) |   |   | - |   |
| Subtotal                      |   |          | (43.6   | )      |        |   | (1.1   | )        |   |   | 5.9         |   |   |     | (54.8  | ) |   |   | (4.8 | ) |
| Other      comprehensive      |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| income                        |   |          | (332.9  | )      |        |   | -      |     |   |   | -           |   |   |     | -      |   |   |   | - |   |
| Purchases/issuances      and  |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| sales/settlements,      net   |   |          | (8.5    | )      |        |   | (.2    | )        |   |   | 9.1         |   |   |     | 29.6   |   |   |   | (9.7 | ) |
| Transfers      into/out of    |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |
| Level      3                  |   |          | 94.2    |   |        |   | -      |     |   |   | -           |   |   |     | -      |   |   |   | - |   |
| Balance,      June 30, 2008   |   | $             | 2,212.6 |   |        | $      | 1.7    |     |   | $      | 175.9       |   |   | $        | 310.1  |   |   | $ | 26.3 |   |

----

|                                                                                                                                                                                                                                                                                                              |               | Earnings   |   |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|------------|--------|---------|
|                                                                                                                                                                                                                                                                                                              |               |       |   |    | Investment |   |   | Commissions, |   | Other |
|                                                                                                                                                                                                                                                                                                              |               | Net        |   |    | Gains |   |   | Fees      and |   | Compre- |
|                                                                                                                                                                                                                                                                                                              |               | Investment |   |    | (Losses), |   |   | Other |   | hensive |
|                                                                                                                                                                                                                                                                                                              |               | Income     |   |    | Net |   |   | Income |   | Income |
|                                                                                                                                                                                                                                                                                                              | (In      Millions) |
| Level      3 Instruments:                                                                                                                                                                                                                                                                                         |               |       |   |    |   |   |   |   |   |   |   |   |
| Second      Quarter 2008                                                                                                                                                                                                                                                                                          |               |       |   |    |   |   |   |   |   |   |   |   |
| Still      Held at June 30, 2008:                                                                                                                                                                                                                                                                                 |               |       |   |    |   |   |   |   |   |   |   |   |
| Change      in unrealized gains                                                                                                                                                                                                                                                                                   |               |       |   |    |   |   |   |   |   |   |   |   |
| or      losses                                                                                                                                                                                                                                                                                                    |               |       |   |    |   |   |   |   |   |   |   |   |
| Fixed      maturities                                                                                                                                                                                                                                                                                             |               |       |   |    |   |   |   |   |   |   |   |   |
| available      for sale                                                                                                                                                                                                                                                                                           |               | $          | -      |    |   | $ | - |   |   | $ | - |   |   | $ | 14.0 |   |
| Other      equity investments                                                                                                                                                                                                                                                                                     |               |       | -      |    |   |   | - |   |   |   | - |   |   |   | - |   |
| Other      invested assets                                                                                                                                                                                                                                                                                        |               |       | (115.3 | )  |   |   | - |   |   |   | - |   |   |   | - |   |
| Cash      equivalents                                                                                                                                                                                                                                                                                             |               |       | -      |    |   |   | - |   |   |   | - |   |   |   | - |   |
| Segregated      securities                                                                                                                                                                                                                                                                                        |               |       | -      |    |   |   | - |   |   |   | - |   |   |   | - |   |
| GMIB      reinsurance contracts                                                                                                                                                                                                                                                                                   |               |       | -      |    |   |   | - |   |   |   | (235.3 | ) |   |   | - |   |
| Separate      Accounts’      assets                                             |               |       | -      |    |   |   | .6 |   |   |   | - |   |   |   | - |   |
| Total                                                                                                                                                                                                                                                                                                             |               | $          | (115.3 | )  |   | $ | .6 |   |   | $ | (235.3 | ) |   | $ | 14.0 |   |
|                                                                                                                                                                                                                                                                                                              |               |       |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| First      Half of 2008                                                                                                                                                                                                                                                                                           |               |       |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Still      Held at June 30, 2008:                                                                                                                                                                                                                                                                                 |               |       |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Change      in unrealized gains                                                                                                                                                                                                                                                                                   |               |       |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| or      losses                                                                                                                                                                                                                                                                                                    |               |       |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed      maturities                                                                                                                                                                                                                                                                                             |               |       |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| available      for sale                                                                                                                                                                                                                                                                                           |               | $          | -      |    |   | $ | - |   |   | $ | - |   |   | $ | (332.5 | ) |
| Other      equity investments                                                                                                                                                                                                                                                                                     |               |       | -      |    |   |   | - |   |   |   | - |   |   |   | - |   |
| Other      invested assets                                                                                                                                                                                                                                                                                        |               |       | 15.0   |    |   |   | - |   |   |   | - |   |   |   | - |   |
| Cash      equivalents                                                                                                                                                                                                                                                                                             |               |       | -      |    |   |   | - |   |   |   | - |   |   |   | - |   |
| Segregated      securities                                                                                                                                                                                                                                                                                        |               |       | -      |    |   |   | - |   |   |   | - |   |   |   | - |   |
| GMIB      reinsurance contracts                                                                                                                                                                                                                                                                                   |               |       | -      |    |   |   | - |   |   |   | (54.8 | ) |   |   | - |   |
| Separate      Accounts’      assets                                             |               |       | -      |    |   |   | (4.1 | ) |   |   | - |   |   |   | - |   |
| Total                                                                                                                                                                                                                                                                                                             |               | $          | 15.0   |    |   | $ | (4.1 | ) |   | $ | (54.8 | ) |   | $ | (332.5 | ) |

----

|  | 8)   | EMPLOYEE      BENEFIT PLANS |
|--|----------------|-----------------------------|

|                                    |   | Three      Months Ended        |   |   |  Six      Months Ended |   |
|-----------------------------------------|--------|--------------------------------|--------|--------|-----------------------------|--------|
|                                    |   | June      30,                  |   |   |        June      30,   |   |
|                                    |   |        2008               |   |   |        2007            |   |   |  2008 |   |   | 2007 |   |
|                                    |   |        (In      Millions) |   |
|                                    |   |                           |   |   |                        |   |   |   |   |   |   |   |
| Service      cost                       |   | $                              | 10.0   |   |                        | $      | 9.5 |   |   | $ | 20.0 |   |   | $ | 19.0 |   |
| Interest      cost on projected benefit |   |                           |   |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| obligation                              |   |                           | 33.4   |   |                        |   | 31.9 |   |   |   | 66.9 |   |   |   | 63.9 |   |
| Expected      return on assets          |   |                           | (49.0  | )      |                        |   | (47.9 | ) |   |   | (97.9 | ) |   |   | (95.7 | ) |
| Net      amortization and deferrals     |   |                           | 9.1    |   |                        |   | 13.5 |   |   |   | 18.6 |   |   |   | 27.0 |   |
| Net      Periodic Pension Expense       |   | $                              | 3.5    |   |                        | $      | 7.0 |   |   | $ | 7.6 |   |   | $ | 14.2 |   |

| 9)   | SHARE-BASED      COMPENSATION PROGRAMS |
|----------------|----------------------------------------|

----

| 10)   | INCOME      TAXES |
|-----------------|-------------------|

| 11)   | LITIGATION |
|-----------------|------------|

----

| 12)   | SEGMENT      INFORMATION |
|-----------------|--------------------------|

|                           |   | Three      Months Ended  |    |  Six      Months Ended |   |
|--------------------------------|--------|--------------------------|---------|-----------------------------|--------|
|                           |   | June      30,            |    |        June      30,   |   |
|                           |   | 2008                     |    |        2007            |   |        2008 |   |        2007 |
|                           |   |  (In      Millions) |
|                           |   |                     |    |                        |   |   |   |   |   |   |   |   |
| Segment      revenues:         |   |                     |    |                        |   |   |   |   |   |   |   |   |
| Insurance                      |   | $                        | 1,358.6 |                        |   | $ | 1,463.4 |   |   | $ | 4,137.2 |   |   | $ | 3,108.2 |   |
| Investment      Management (1) |   |                     | 1,073.7 |                        |   |   | 1,169.1 |   |   |   | 2,109.1 |   |   |   | 2,225.4 |   |
| Consolidation/elimination      |   |                     | (21.2   | )                           |   |   | (24.3 | ) |   |   | (42.6 | ) |   |   | (47.5 | ) |
| Total      Revenues            |   | $                        | 2,411.1 |                        |   | $ | 2,608.2 |   |   | $ | 6,203.7 |   |   | $ | 5,286.1 |   |

| Segment      earnings from continuing |   |   |   |   |   |   |   |   |   |   |    |   |
|---------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---------|--------|
| operations      before income         |   |   |   |   |   |   |   |   |   |   |    |   |
| taxes      and minority interest:     |   |   |   |   |   |   |   |   |   |   |    |   |
| Insurance                             |   | $      | 616.9  |   |   | $      | 208.2  |   |   | $      | 1,414.5 |   |   | $ | 528.3 |   |
| Investment      Management            |   |   | 337.3  |   |   |   | 361.1  |   |   |   | 608.4   |   |   |   | 654.9 |   |
| Consolidation/elimination             |   |   | -      |   |   |   | (.2    | )      |   |   | (.5     | )      |   |   | (.2 | ) |
| Total      Earnings from Continuing   |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |
| Operations      before Income         |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |
| Taxes      and Minority Interest      |   | $      | 954.2  |   |   | $      | 569.1  |   |   | $      | 2,022.4 |   |   | $ | 1,183.0 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |  June      30,      |      |   |  December      31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|-----------|--------|-------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |  2008               |      |   |  2007              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |  (In      Millions) |      |
| Segment      assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                     |      |   |                    |   |
| Insurance                                                                                                     |   | $                        | 139,965.0 |   |                    | $      | 144,962.2 |   |
| Investment      Management                                                                                    |   |                     | 12,692.5  |   |                    |   | 14,962.7 |   |
| Consolidation/elimination                                                                                     |   |                     | (4.7      | )      |                    |   | 1.1 |   |
| Total      Assets                                                                                             |   | $                        | 152,652.8 |   |                    | $      | 159,926.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                     |      |   |                    |   |   |   |

----

| 13)   | RELATED      PARTY TRANSACTIONS |
|-----------------|---------------------------------|

| 14)   | COMPREHENSIVE      INCOME (LOSS) |
|-----------------|----------------------------------|

|                                     |   | Three      Months Ended |   |   | Six      Months Ended |   |
|------------------------------------------|--------|-------------------------|--------|--------|-----------------------|--------|
|                                     |   | June      30,           |   |   | June      30,         |   |
|                                     |   | 2008                    |   |   | 2007                  |   |   | 2008 |   |   | 2007 |   |
|                                     |   | (In      Millions)      |   |
|                                     |   |                    |   |
| Net      earnings                        |   | $                       | 510.6  |   |                  | $      | 218.2 |   |   | $ | 1,118.0 |   |   | $ | 517.8 |   |
|                                     |   |                    |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Change      in unrealized losses, net of |   |                    |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| reclassification      adjustment         |   |                    | (232.7 | )      |                  |   | (273.4 | ) |   |   | (521.7 | ) |   |   | (252.6 | ) |
| Changes      in defined benefit plan     |   |                    |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| related      items, net of               |   |                    |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| reclassification      adjustment         |   |                    | 5.9    |   |                  |   | 8.8 |   |   |   | 12.0 |   |   |   | 17.6 |   |
|                                     |   |                    |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Other      comprehensive loss            |   |                    | (226.8 | )      |                  |   | (264.6 | ) |   |   | (509.7 | ) |   |   | (235.0 | ) |
|                                     |   |                    |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive      Income (Loss)         |   | $                       | 283.8  |   |                  | $      | (46.4 | ) |   | $ | 608.3 |   |   | $ | 282.8 |   |

| 15)   | SUBSEQUENT      EVENT – SALE OF AXA LIFE |
|-----------------|------------------------------------------------|

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | June      30,      |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2008               |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (In      Millions) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |               |   |   |   |   |   |
| Third-party                                                                                                              |               | $      | 657,322 |   |   | $ | 724,404 |   |
| General      Account and      other                                                                                      |               |   | 49,583 |   |   |   | 50,507 |   |
| Separate      Accounts                                                                                                   |               |   | 89,427 |   |   |   | 93,465 |   |
| Total      Assets Under      Management                                                                                  |               | $      | 796,332 |   |   | $ | 868,376 |   |

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| PART II  | OTHER INFORMATION  |
|---------------|-------------------------|

| Item      1. | Legal      Proceedings                                                                                                                                                                                                                                                                                                                           |
|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |                                                                                                                                                                                                                                                                                                                                             |
|         | See      Note 11 of Notes to Consolidated Financial Statements contained      herein.  Except as disclosed in Note 11 of Notes to Consolidated      Financial Statements, there have been no new material legal proceedings      and no new material developments in legal proceedings previously reported      in the 2007 Form 10-K. |

| Item      1A. | Risk      Factors                                                                                                                                   |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                                                                |
|          | There      have been no material changes to the risk factors described in Part I,      Item 1A, “Risk Factors,” of the 2007 Form  10-K. |

| Item      2. | Unregistered      Sales of Equity Securities and Use of Proceeds |
|--------------|------------------------------------------------------------------|
|         |                                                             |
|         | None                                                             |
|         |                                                             |
| Item      3. | Defaults      Upon Senior Securities                             |
|         |                                                             |
|         | None                                                             |
|         |                                                             |
| Item      4. | Submission      of Matters to a Vote of Security Holders         |
|         |                                                             |
|         | None                                                             |
|         |                                                             |
| Item      5. | Other      Information                                           |
|         |                                                             |
|         | None                                                             |
|         |                                                             |
| Item      6. | Exhibits                                                         |

|   | Number     |   | Description      and Method of Filing                                                                                                     |
|--------|------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|
|   |  31.1 |   |  Certification      of the Registrant’s Chief Executive Officer pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002 |
|   |       |   |                                                                                                                                      |
|   | 31.2       |   | Certification      of the Registrant’s Chief Financial Officer pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002       |
|   |       |   |                                                                                                                                      |
|   | 32.1  |   | Certification      of the Registrant’s Chief Executive Officer pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002       |
|   |       |   |                                                                                                                                      |
|   | 32.2       |   | Certification      of the Registrant’s Chief Financial Officer pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002       |
|   |       |   |                                                                                                                                      |

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| Date:  | August      11, 2008 |   | AXA      EQUITABLE LIFE INSURANCE COMPANY |
|--------|----------------------|--------|-------------------------------------------|
|   |                 |   |                                      |

|   |                 |   | By:    | /s/ Richard S.      Dziadzio |                              |
|--------|----------------------|--------|--------|------------------------------|-----------------------------------|
|   |                 |   |   | Name:                        | Richard      S. Dziadzio          |   |
|   |                 |   |   | Title:                       | Executive      Vice President and |   |
|   |                 |   |   |                         | Chief      Financial Officer      |   |
|   |                 |   |   |                         |
|   |                 |   |   |                         |
| Date:  | August      11, 2008 |   |   | /s/ Alvin H.      Fenichel   |
|   |                 |   |   | Name:                        | Alvin      H. Fenichel            |
|   |                 |   |   | Title:                       | Senior      Vice President and    |
|   |                 |   |   |                         | Chief      Accounting Officer     |

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