**FORM      10-Q**

**x      QUARTERLY REPORT      PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF      1934**

**o      TRANSITION REPORT      PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF      1934**

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

| 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 area                code |

| 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 |
|------------------------------------------|------------------------------------|----------------------------------------|

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

**REDUCED      DISCLOSURE FORMAT:**

----

**AXA      EQUITABLE LIFE INSURANCE COMPANY**

**FORM      10-Q**

**FOR      THE QUARTER ENDED MARCH 31, 2007**

**TABLE      OF CONTENTS**

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

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

| Item                1:       | Consolidated                Financial Statements                                                                                                                                                          |   |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                         | ·  Consolidated                Balance Sheets as of March 31, 2007 and December 31, 2006                                                                                                   | 4      |
|                         | ·  Consolidated                  Statements of Earnings for the Quarters Ended March                  31, 2007 and 2006                                                                    | 5      |
|                         | ·  Consolidated                  Statements of Shareholder’s Equity and Comprehensive Income                  (Loss) for the Quarters Ended March 31, 2007 and                  2006 | 6      |
|                         | ·  Consolidated                  Statements of Cash Flows for the Quarters Ended March                  31, 2007 and 2006                                                                  | 7      |
|                         | ·  Notes                to Consolidated Financial Statements                                                                                                                               | 9      |
|                         |                                                                                                                                                                                                      |   |
| Item                2:  | Management’s                  Discussion and Analysis of Financial Condition and Results                  of Operations (“Management Narrative”)                                        | 22     |
|                         |                                                                                                                                                                                                      |   |
| Item                3:       | Quantitative                and Qualitative Disclosures About Market Risk*                                                                                                                                | 26     |
|                         |                                                                                                                                                                                                      |   |
| Item                4:       | Controls                and Procedures                                                                                                                                                                    | 26     |
|                         |                                                                                                                                                                                                      |   |
| PART                II       | OTHER                INFORMATION                                                                                                                                                                          |   |
|                         |                                                                                                                                                                                                      |   |
| Item                1:       | Legal                Proceedings                                                                                                                                                                          | 27     |
|                         |                                                                                                                                                                                                      |   |
| Item                1A:      | Risk                Factors                                                                                                                                                                               | 27     |
|                         |                                                                                                                                                                                                      |   |
| Item                2:       | Unregistered                Sales of Equity Securities and Use of Proceeds                                                                                                                                | 27     |
|                         |                                                                                                                                                                                                      |   |
| Item                3:       | Defaults                Upon Senior Securities                                                                                                                                                            | 27     |
|                         |                                                                                                                                                                                                      |   |
| Item                4:       | Submission                of Matters to a Vote of Security Holders                                                                                                                                        | 27     |
|                         |                                                                                                                                                                                                      |   |
| Item                5:       | Other                Information                                                                                                                                                                          | 27     |
|                         |                                                                                                                                                                                                      |   |
| Item                6:       | Exhibits                                                                                                                                                                                                  | 27     |
|                         |
| SIGNATURES              |                                                                                                                                                                                                      | 28     |
|                         |                                                                                                                                                                                                      |   |

----

**FORWARD-LOOKING      STATEMENTS**

----

**PART      I FINANCIAL INFORMATION**

**Item      1: Financial Statements.**

**AXA      EQUITABLE LIFE INSURANCE COMPANY**

**CONSOLIDATED      BALANCE SHEETS**

|                                                                                                               |   | **March                31,**      |          |                        |   |
|--------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|---------------|-----------------------------|--------|
|                                                                                                               |   | **2007**                          |          | December                31, |   |
|                                                                                                               |   | **(Unaudited)**                   |          | 2006                   |   |
|                                                                                                               |   | **(In                Millions)**  |          |
| **ASSETS**                                                                                                         |   |                                   |          |                        |   |
| Investments:                                                                                                       |   |                                   |          |                        |   |
| Fixed                maturities available for sale, at estimated fair value                                        |   | **$**                                  | **28,499.8**  |                        | $      | 29,031.1 |   |
| Mortgage                loans on real estate                                                                       |   |                                   | **3,245.5**   |                        |   | 3,240.7 |   |
| Equity                real estate, held for the production of income                                               |   |                                   | **558.0**     |                        |   | 569.6 |   |
| Policy                loans                                                                                        |   |                                   | **3,892.0**   |                        |   | 3,898.1 |   |
| Other                equity investments                                                                            |   |                                   | **1,699.9**   |                        |   | 1,562.1 |   |
| Trading                securities                                                                                  |   |                                   | **590.8**     |                        |   | 465.1 |   |
| Other                invested assets                                                                               |   |                                   | **977.8**     |                        |   | 891.6 |   |
| Total                investments                                                                                   |   |                                   | **39,463.8**  |                        |   | 39,658.3 |   |
| Cash                and cash equivalents                                                                           |   |                                   | **1,404.3**   |                        |   | 1,268.0 |   |
| Cash                and securities segregated, at estimated fair value                                             |   |                                   | **1,868.6**   |                        |   | 1,864.0 |   |
| Broker-dealer                related receivables                                                                   |   |                                   | **3,618.2**   |                        |   | 3,481.0 |   |
| Deferred                policy acquisition costs                                                                   |   |                                   | **8,534.1**   |                        |   | 8,316.5 |   |
| Goodwill                and other intangible assets, net                                                           |   |                                   | **3,741.2**   |                        |   | 3,738.6 |   |
| Amounts                due from reinsurers                                                                         |   |                                   | **2,771.0**   |                        |   | 2,689.3 |   |
| Loans                to affiliates                                                                                 |   |                                   | **400.0**     |                        |   | 400.0 |   |
| Other                assets                                                                                        |   |                                   | **3,043.8**   |                        |   | 3,068.8 |   |
| Separate                Accounts’ assets                                                                     |   |                                   | **87,391.4**  |                        |   | 84,801.6 |   |
|                                                                                                               |   |                                   |          |                        |   |   |   |
| **Total                Assets**                                                                                    |   | **$**                                  | **152,236.4** |                        | $      | 149,286.1 |   |
|                                                                                                               |   |                                   |          |                        |   |   |   |
| **LIABILITIES**                                                                                                    |   |                                   |          |                        |   |   |   |
| Policyholders’                account balances                                                               |   | **$**                                  | **25,945.4**  |                        | $      | 26,439.0 |   |
| Future                policy benefits and other policyholders liabilities                                          |   |                                   | **14,169.1**  |                        |   | 14,085.4 |   |
| Broker-dealer                related payables                                                                      |   |                                   | **1,039.6**   |                        |   | 950.3 |   |
| Customers                related payables                                                                          |   |                                   | **4,009.5**   |                        |   | 3,980.7 |   |
| Amounts                due to reinsurers                                                                           |   |                                   | **1,113.9**   |                        |   | 1,070.8 |   |
| Short-term                and long-term debt                                                                       |   |                                   | **951.7**     |                        |   | 783.0 |   |
| Loans                from affiliates                                                                               |   |                                   | **325.0**     |                        |   | 325.0 |   |
| Income                taxes payable                                                                                |   |                                   | **3,040.3**   |                        |   | 2,974.2 |   |
| Other                liabilities                                                                                   |   |                                   | **1,807.5**   |                        |   | 1,815.8 |   |
| Separate                Accounts’ liabilities                                                                |   |                                   | **87,391.4**  |                        |   | 84,801.6 |   |
| Minority                interest in equity of consolidated subsidiaries                                            |   |                                   | **2,422.7**   |                        |   | 2,289.9 |   |
| Minority                interest subject to redemption rights                                                      |   |                                   | **140.5**     |                        |   | 288.0 |   |
| Total                liabilities                                                                                   |   |                                   | **142,356.6** |                        |   | 139,803.7 |   |
|                                                                                                               |   |                                   |          |                        |   |   |   |
| Commitments                and contingent liabilities (Note 10)                                                    |   |                                   |          |                        |   |   |   |
|                                                                                                               |   |                                   |          |                        |   |   |   |
| **SHAREHOLDER’S                EQUITY**                                                                      |   |                                   |          |                        |   |   |   |
| Common                stock, $1.25 par value, 2.0 million shares authorized, issued                and outstanding |   |                                   |  **2.5** |                        |   |  2.5 |   |
| Capital                in excess of par value                                                                      |   |                                   | **5,163.0**   |                        |   | 5,139.6 |   |
| Retained                earnings                                                                                   |   |                                   | **4,852.0**   |                        |   | 4,507.6 |   |
| Accumulated                other comprehensive loss                                                                |   |                                   | **(137.7**    | **)**                       |   | (167.3 | ) |
| Total                shareholder’s equity                                                                    |   |                                   | **9,879.8**   |                        |   | 9,482.4 |   |
|                                                                                                               |   |                                   |          |                        |   |   |   |
| **Total                Liabilities and Shareholder’s Equity**                                                |   | **$**                                  | **152,236.4** |                        | $      | 149,286.1 |   |

----

**AXA      EQUITABLE LIFE INSURANCE COMPANY**

**CONSOLIDATED      STATEMENTS OF EARNINGS**

**QUARTERS      ENDED MARCH 31, 2007 AND 2006**

**(UNAUDITED)**

|                                                                                                        |   | **2007**                          |            | 2006  |   |
|-------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|-----------------|------------|--------|
|                                                                                                        |   | **(In                Millions)**  |            |
|                                                                                                        |   |                                   |            |       |   |
| **REVENUES**                                                                                                |   |                                   |            |       |   |
| Universal                life and investment-type product policy fee income                                 |   | **$**                                  | **625.9**       |       | $      | 523.6 |   |
| Premiums                                                                                                    |   |                                   | **208.3**       |       |   | 202.3 |   |
| Net                investment income                                                                        |   |                                   | **636.6**       |       |   | 542.9 |   |
| Investment                gains, net                                                                        |   |                                   | **17.9**        |       |   | 31.8 |   |
| Commissions,                fees and other income                                                           |   |                                   | **1,192.9**     |       |   | 943.9 |   |
| Total                revenues                                                                               |   |                                   | **2,681.6**     |       |   | 2,244.5 |   |
|                                                                                                        |   |                                   |            |       |   |   |   |
| **BENEFITS                AND OTHER DEDUCTIONS**                                                            |   |                                   |            |       |   |   |   |
| Policyholders’                benefits                                                                |   |                                   | **506.4**       |       |   | 452.8 |   |
| Interest                credited to policyholders’ account balances                                   |   |                                   | **260.3**       |       |   | 273.3 |   |
| Compensation                and benefits                                                                    |   |                                   | **587.1**       |       |   | 474.4 |   |
| Commissions                                                                                                 |   |                                   | **432.5**       |       |   | 333.4 |   |
| Distribution                plan payments                                                                   |   |                                   | **77.7**        |       |   | 71.0 |   |
| Amortization                of deferred sales commissions                                                   |   |                                   | **24.7**        |       |   | 26.4 |   |
| Interest                expense                                                                             |   |                                   | **19.3**        |       |   | 17.9 |   |
| Amortization                of deferred policy acquisition costs                                            |   |                                   | **207.7**       |       |   | 83.3 |   |
| Capitalization                of deferred policy acquisition costs                                          |   |                                   | **(413.0**      | **)**      |   | (314.8 | ) |
| Rent                expense                                                                                 |   |                                   | **51.1**        |       |   | 44.5 |   |
| Amortization                of other intangible assets                                                      |   |                                   | **5.9**         |       |   | 5.9 |   |
| Other                operating costs and expenses                                                           |   |                                   | **305.8**       |       |   | 280.7 |   |
| Total                benefits and other deductions                                                          |   |                                   | **2,065.5**     |       |   | 1,748.8 |   |
|                                                                                                        |   |                                   |            |       |   |   |   |
| Earnings                from continuing operations before income taxes and                minority interest |   |                                   |  **616.1** |       |   |  495.7 |   |
| Income                taxes                                                                                 |   |                                   | **(172.8**      | **)**      |   | (138.3 | ) |
| Minority                interest in net income of consolidated subsidiaries                                 |   |                                   | **(145.1**      | **)**      |   | (123.0 | ) |
|                                                                                                        |   |                                   |            |       |   |   |   |
| Earnings                from continuing operations                                                          |   |                                   | **298.2**       |       |   | 234.4 |   |
| Earnings                from discontinued operations, net of income taxes                                   |   |                                   | **1.8**         |       |   | .7 |   |
| Losses                on disposal of discontinued operations, net of income                taxes            |   |                                   | **(.4**         | **)**      |   | - |   |
|                                                                                                        |   |                                   |            |       |   |   |   |
| Net                Earnings                                                                                 |   | **$**                                  | **299.6**       |       | $      | 235.1 |   |

----

**AXA      EQUITABLE LIFE INSURANCE COMPANY**

**CONSOLIDATED      STATEMENTS OF SHAREHOLDER’S EQUITY**

**AND      COMPREHENSIVE INCOME (LOSS)**

**QUARTERS      ENDED MARCH 31, 2007 AND 2006**

**(UNAUDITED)**

|                                                                                                                              |   | **2007**                          |          | 2006  |   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|---------------|------------|--------|
|                                                                                                                              |   | **(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                                                                  |   |                                   | **5,139.6**   |       |   | 4,976.3 |   |
| Changes                in capital in excess of par value                                                                          |   |                                   | **23.4**      |       |   | 26.6 |   |
| Capital                in excess of par value, end of period                                                                      |   |                                   | **5,163.0**   |       |   | 5,002.9 |   |
|                                                                                                                              |   |                                   |          |       |   |   |   |
| Retained                earnings, beginning of year                                                                               |   |                                   | **4,507.6**   |       |   | 4,030.8 |   |
| Cumulative                effect adjustment to adopt FIN 48                                                                  |   |                                   | **44.8**      |       |   | - |   |
| Retained                earnings, beginning of year as adjusted                                                                   |   |                                   | **4,552.4**   |       |   | 4,030.8 |   |
| Net                earnings                                                                                                       |   |                                   | **299.6**     |       |   | 235.1 |   |
| Retained                earnings, end of period                                                                                   |   |                                   | **4,852.0**   |       |   | 4,265.9 |   |
|                                                                                                                              |   |                                   |          |       |   |   |   |
| Accumulated                other comprehensive (loss) income, beginning of year                                                   |   |                                   | **(167.3**    | **)**      |   | 432.3 |   |
| Other                comprehensive income (loss)                                                                                  |   |                                   | **29.6**      |       |   | (299.8 | ) |
| Accumulated                other comprehensive (loss) income, end of period                                                       |   |                                   | **(137.7**    | **)**      |   | 132.5 |   |
|                                                                                                                              |   |                                   |          |       |   |   |   |
| **Total                Shareholder’s Equity, End of Period**                                                                |   | **$**                                  | **9,879.8**   | ** ** | $      | 9,403.8 |   |
|                                                                                                                              |   |                                   |          |       |   |   |   |
|                                                                                                                              |   |                                   |          |       |   |   |   |
| **COMPREHENSIVE                INCOME (LOSS)**                                                                                    |   |                                   |          |       |   |   |   |
| Net                earnings                                                                                                       |   | **$**                                  | **299.6**     |       | $      | 235.1 |   |
|                                                                                                                              |   |                                   |          |       |   |   |   |
| Change                in unrealized gains (losses) net of reclassification                adjustments                             |   |                                   | **20.8**      |       |   | (299.8 | ) |
| Change                in net losses not yet recognized in periodic benefit cost, net ofreclassification                adjustment |   |                                   |  **8.8** |       |   |  - |   |
| Other                comprehensive income (loss)                                                                                  |   |                                   | **29.6**      |       |   | (299.8 | ) |
|                                                                                                                              |   |                                   |          |       |   |   |   |
| **Comprehensive                Income (Loss)**                                                                                    |   | **$**                                  | **329.2**     |       | $      | (64.7 | ) |

----

**AXA      EQUITABLE LIFE INSURANCE COMPANY**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS**

**QUARTERS      ENDED MARCH 31, 2007 AND 2006**

**(UNAUDITED)**

|                                                                                                                        |   |   |  **2007**                   |   |   | 2006     |   |
|-----------------------------------------------------------------------------------------------------------------------------|--------|--------|----------------------------------|--------|--------|----------|--------|
|                                                                                                                        |   |   | **(In                Millions)** |   |
|                                                                                                                        |   |   |                             |   |   |     |   |
| Net                earnings                                                                                                 |   | **$**  | **299.6**                        |   | $      | 235.1    |   |
| Adjustments                to reconcile net earnings to net cash (used in) provided by operating                activities: |   |   |                             |   |   |     |   |
| Interest                credited to policyholders’ account balances                                                   |   |   | **260.3**                        |   |   | 273.3    |   |
| Universal                life and investment-type product policy fee income                                                 |   |   | **(625.9**                       | **)**  |   | (523.6   | )      |
| Net                change in broker-dealer and customer related                receivables/payables                         |   |   | **(176.7**                       | **)**  |   | (65.0    | )      |
| Investment                gains, net                                                                                        |   |   | **(17.9**                        | **)**  |   | (31.8    | )      |
| Change                in income tax payable                                                                                 |   |   | **92.1**                         |   |   | 116.2    |   |
| Change                in future policy benefits                                                                             |   |   | **31.3**                         |   |   | (27.2    | )      |
| Change                in deferred policy acquisition costs                                                                  |   |   | **(205.3**                       | **)**  |   | (231.5   | )      |
| Change                in segregated cash and securities, net                                                                |   |   | **(4.6**                         | **)**  |   | 91.0     |   |
| Minority                interest in net income of consolidated subsidiaries                                                 |   |   | **145.1**                        |   |   | 123.0    |   |
| Change                  in fair value of guaranteed minimum income benefit                  reinsurance contracts           |   |   | **(.7**                          | **)**  |   | 38.3     |   |
| Amortization                of deferred sales commissions                                                                   |   |   | **24.7**                         |   |   | 26.4     |   |
| Other                depreciation and amortization                                                                          |   |   | **37.4**                         |   |   | 35.0     |   |
| Amortization                of other intangible assets, net                                                                 |   |   | **5.9**                          |   |   | 5.9      |   |
| Change                in accounts payable and accrued expenses                                                              |   |   | **176.9**                        |   |   | 112.8    |   |
| Other,                net                                                                                                   |   |   | **(133.1**                       | **)**  |   | 27.0     |   |
|                                                                                                                        |   |   |                             |   |   |     |   |
| Net                cash (used in) provided by operating activities                                                          |   |   | **(90.9**                        | **)**  |   | 204.9    |   |
|                                                                                                                        |   |   |                             |   |   |     |   |
| Cash                flows from investing activities:                                                                        |   |   |                             |   |   |     |   |
| Maturities                and repayments of fixed maturities and mortgage loans                                             |   |   | **494.9**                        |   |   | 709.5    |   |
| Sales                of investments                                                                                         |   |   | **970.2**                        |   |   | 623.7    |   |
| Purchases                of investments                                                                                     |   |   | **(955.7**                       | **)**  |   | (1,099.7 | )      |
| Change                in short-term investments                                                                             |   |   | **7.7**                          |   |   | (2.1     | )      |
| Increase                  in capitalized software, leasehold improvements and                  EDP equipment                |   |   | **(41.0**                        | **)**  |   | (26.8    | )      |
| Other,                net                                                                                                   |   |   | **(99.9**                        | **)**  |   | (110.1   | )      |
|                                                                                                                        |   |   |                             |   |   |     |   |
| Net                cash provided by investing activities                                                                    |   |   | **376.2**                        |   |   | 94.5     |   |
|                                                                                                                        |   |   |                             |   |   |     |   |

----

**AXA      EQUITABLE LIFE INSURANCE COMPANY**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS**

**QUARTERS      ENDED MARCH 31, 2007 AND 2006**

**(UNAUDITED)**

**CONTINUED**

|                                                                 |   | **2007**                            |         | 2006  |   |
|----------------------------------------------------------------------|--------|------------------------------------------|--------------|------------|--------|
|                                                                 |   | **(In                  Millions)**  |         |
|                                                                 |   |                                     |         |       |   |
| Cash                  flows from financing activities:               |   |                                     |         |       |   |
| Policyholders’                  account balances:              |   |                                     |         |       |   |
| Deposits                                                             |   |                                     | **957.4**    |       |   | 953.4 |   |
| Withdrawals                  and transfers to Separate Accounts      |   |                                     | **(1,119.3** | **)**      |   | (838.4 | ) |
| Net                  change in short-term financings                 |   |                                     | **172.6**    |       |   | 43.3 |   |
| Other,                  net                                          |   |                                     | **(159.7**   | **)**      |   | (106.1 | ) |
|                                                                 |   |                                     |         |       |   |   |   |
| Net                  cash (used in) provided by financing activities |   |                                     | **(149.0**   | **)**      |   | 52.2 |   |
|                                                                 |   |                                     |         |       |   |   |   |
| Change                  in cash and cash equivalents                 |   |                                     | **136.3**    |       |   | 351.6 |   |
| Cash                  and cash equivalents, beginning of year        |   |                                     | **1,268.0**  |       |   | 1,112.1 |   |
|                                                                 |   |                                     |         |       |   |   |   |
| Cash                  and Cash Equivalents, End of Period            |   | **$**                                    | **1,404.3**  |       | $      | 1,463.7 |   |
|                                                                 |   |                                     |         |       |   |   |   |
| Supplemental                  cash flow information                  |   |                                     |         |       |   |   |   |
| Interest                  Paid                                       |   | **$**                                    | **10.6**     |       | $      | 25.9 |   |
| Income                  Taxes Paid                                   |   | **$**                                    | **73.5**     |       | $      | 8.9 |   |

----

**AXA      EQUITABLE LIFE INSURANCE COMPANY**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

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

| **2)  ** | **ACCOUNTING                CHANGES AND NEW ACCOUNTING PRONOUNCEMENTS** |
|--------------------|-------------------------------------------------------------------------|

----

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

|                                                            |   |   |  **Three                Months Ended** |   |
|-----------------------------------------------------------------|--------|--------|---------------------------------------------|--------|
|                                                            |   |   | **March                31,**           |   |
|                                                            |   |   |  **2007**                              |   |   |  2006 |   |
|                                                            |   |   |  **(In                Millions)**      |   |
|                                                            |   |   |                                        |   |   |   |   |
| Balances,                beginning of year                      |   | **$**  | **11.3**                                    |   | $ | 11.8 |   |
| Additions                charged to income                      |   |   | **-**                                       |   |   | .1 |   |
| Deductions                for writedowns and asset dispositions |   |   | **(3.3**                                    | **)**  |   | (.3 | ) |
| Balances,                End of Period                          |   | **$**  | **8.0**                                     |   | $ | 11.6 |   |

|                                                                           |   |   |  **March                31,**     |   |   |  December                31, |   |
|--------------------------------------------------------------------------------|--------|--------|----------------------------------------|--------|--------|-----------------------------------|--------|
|                                                                           |   |   |  **2007**                         |   |   |  2006                        |   |
|                                                                           |   |   |  **(In                Millions)** |   |
|                                                                           |   |   |                                   |   |   |                              |   |
| Impaired                mortgage loans with investment valuation allowances    |   | **$**  | **68.4**                               |   | $      | 76.8                              |   |
| Impaired                mortgage loans without investment valuation allowances |   |   | **5.5**                                |   |   | .1                                |   |
| Recorded                investment in impaired mortgage loans                  |   |   | **73.9**                               |   |   | 76.9                              |   |
| Investment                valuation allowances                                 |   |   | **(8.0**                               | **)**  |   | (11.3                             | )      |
| Net                Impaired Mortgage Loans                                     |   | **$**  | **65.9**                               |   | $      | 65.6                              |   |

----

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

----

|                                                                                                                                                                                                                               |   | **March                31,**      |                         | December                31,  |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|------------------------------|-----------------------------------|--------|
|                                                                                                                                                                                                                               |   | **2007**                               |                         | 2006                         |   |
|                                                                                                                                                                                                                               |   | **(In                Millions)**  |                         |
|                                                                                                                                                                                                                               |   |                                   |                         |                              |   |
|                                                                                                                                                                                                                               |   |                                   |                         |                              |   |
| CLOSED                BLOCK LIABILITIES:                                                                                                                                                                                           |   |                                   |                         |                              |   |
| Future                policy benefits, policyholders’ account balances and other                                                                                                                                             |   | **$**                                  | **8,728.3**                  |                              | $      | 8,759.5 |   |
| Policyholder                dividend obligation                                                                                                                                                                                    |   |                                   | **11.0**                     |                              |   | 3.2 |   |
| Other                liabilities                                                                                                                                                                                                   |   |                                   | **31.7**                     |                              |   | 29.1 |   |
| Total                Closed Block liabilities                                                                                                                                                                                      |   |                                   | **8,771.0**                  |                              |   | 8,791.8 |   |
|                                                                                                                                                                                                                               |   |                                   |                         |                              |   |   |   |
| ASSETS                DESIGNATED TO THE CLOSED BLOCK:                                                                                                                                                                              |   |                                   |                         |                              |   |   |   |
| Fixed                  maturities, available for sale, at estimated fair value (amortized                  cost of $5,997.2 and $5,967.6)                                                                                          |   |                                   | **6,056.3**                  |                              |   | 6,019.4 |   |
| Mortgage                loans on real estate                                                                                                                                                                                       |   |                                   | **780.8**                    |                              |   | 809.4 |   |
| Policy                loans                                                                                                                                                                                                        |   |                                   | **1,226.1**                  |                              |   | 1,233.1 |   |
| Cash                and other invested assets                                                                                                                                                                                      |   |                                   | **0.9**                      |                              |   | 6.8 |   |
| Other                assets                                                                                                                                                                                                        |   |                                   | **281.4**                    |                              |   | 286.2 |   |
| Total                assets designated to the Closed Block                                                                                                                                                                         |   |                                   | **8,345.5**                  |                              |   | 8,354.9 |   |
|                                                                                                                                                                                                                               |   |                                   |                         |                              |   |   |   |
|                                                                                                                                                                                                                               |   |                                   |                         |                              |   |   |   |
| Excess                  of Closed Block liabilities over assets designated to the                  Closed Block                                                                                                                    |   |                                   | **425.5**                    |                              |   | 436.9 |   |
|                                                                                                                                                                                                                               |   |                                   |                         |                              |   |   |   |
| Amounts                included in accumulated other comprehensive income:                                                                                                                                                         |   |                                   |                         |                              |   |   |   |
| Net                unrealized investment gains, net of deferred income tax (benefit)                expense                of $16.8 and $17.0 and policyholder dividend obligation of $11.0                and                $3.2 |   |                                   |                **31.3** |                              |   | 31.6 |   |
|                                                                                                                                                                                                                               |   |                                   |                         |                              |   |   |   |
| Maximum                Future Earnings To Be Recognized From Closed Block                                                                                                                                                          |   |                                   |                         |                              |   |   |   |
| Assets                and Liabilities                                                                                                                                                                                              |   | **$**                                  | **456.8**                    |                              | $      | 468.5 |   |

|                                                                            |   | **Three                  Months Ended**  |      |
|---------------------------------------------------------------------------------|--------|------------------------------------------|-----------|
|                                                                            |   | **March                  31,**      |      |
|                                                                            |   | **2007**                            |      | 2006  |   |
|                                                                            |   | **(In                  Millions)**  |      |
|                                                                            |   |                                     |      |   |   |
| REVENUES:                                                                       |   |                                     |      |   |   |
| Premiums                  and other income                                      |   | **$**                                    | **105.7** |   | $ | 111.1 |   |
| Investment                  income (net of investment expenses of zero and $.1) |   |                                     | **127.2** |   |   | 131.0 |   |
| Investment                  gains, net                                          |   |                                     | **.9**    |   |   | .9 |   |
| Total                  revenues                                                 |   |                                     | **233.8** |   |   | 243.0 |   |
|                                                                            |   |                                     |      |   |   |   |   |
| BENEFITS                  AND OTHER DEDUCTIONS:                                 |   |                                     |      |   |   |   |   |
| Policyholders’                  benefits and dividends                    |   |                                     | **212.2** |   |   | 220.0 |   |
| Other                  operating costs and expenses                             |   |                                     | **3.9**   |   |   | 4.1 |   |
| Total                  benefits and other deductions                            |   |                                     | **216.1** |   |   | 224.1 |   |
|                                                                            |   |                                     |      |   |   |   |   |
| Net                  revenues before income taxes                               |   |                                     | **17.7**  |   |   | 18.9 |   |
| Income                  taxes                                                   |   |                                     | **(6.0**  | **)** |   | (6.6 | ) |
| Net                  Revenues                                                   |   | **$**                                    | **11.7**  |   | $ | 12.3 |   |

----

|                                                |   | **Three                Months Ended**  |     |
|-----------------------------------------------------|--------|---------------------------------------------|----------|
|                                                |   | **March                31,**           |     |
|                                                |   | **2007**                               |     | 2006  |   |
|                                                |   | **(In                Millions)**       |     |
|                                                |   |                                        |     |    |   |
| Balance                at beginning of year         |   | **$**                                       | **3.2**  |   | $ | 73.7 |   |
| Unrealized                investment gains (losses) |   |                                        | **7.8**  |   |   | (73.7 | ) |
| Balance                at End of Period             |   | **$**                                       | **11.0** |   | $ | - |   |

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

|                                                                                                             |   |   |  **Three                Months Ended** |   |
|------------------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------|--------|
|                                                                                                             |   |   |  **March                31,**          |   |
|                                                                                                             |   |   |  **2007**                              |   |   |  2006 |   |
|                                                                                                             |   |   |  **(In                Millions)**      |   |
|                                                                                                             |   |   |                                        |   |   |   |   |
|                                                                                                             |   |   |                                        |   |   |   |   |
| **Earnings                from Discontinued Operations,****Net                of Income Taxes:**            |   |   |                                        |   |   |   |   |
| Wind-up                Annuities                                                                                 |   | **$**  | **1.0**                                     |   | $ | (.2 | ) |
| Real                estate held-for-sale                                                                         |   |   | **.3**                                      |   |   | - |   |
| Disposal                of business - Enterprise                                                                 |   |   | **.5**                                      |   |   | .9 |   |
| Total                                                                                                            |   | **$**  | **1.8**                                     |   | $ | .7 |   |
|                                                                                                             |   |   |                                        |   |   |   |   |
| **(Losses)                Gains on Disposal of Discontinued Operations,****Net                of Income Taxes:** |   |   |                                        |   |   |   |   |
| Disposal                of business - Enterprise                                                                 |   | **$**  | **(.4**                                     | **)**  | $ | - |   |
| Total                                                                                                            |   | **$**  | **(.4**                                     | **)**  | $ | - |   |

|                                                                           |   | **March                31,**  |      | December                31,  |   |
|--------------------------------------------------------------------------------|--------|------------------------------------|-----------|-----------------------------------|--------|
|                                                                           |   | **2007**                      |      | 2006                         |   |
|                                                                           |   | **(In                Millions)**   |      |
|                                                                           |   |                               |      |                              |   |
| BALANCE                SHEETS                                                  |   |                               |      |                         |   |
| Fixed                  maturities, available for sale, at estimated fair value |   | **$**                              | **773.8** |                              | $      | 764.8 |   |
| Equity                real estate                                              |   |                               | **165.3** |                              |   | 169.5 |   |
| Mortgage                loans on real estate                                   |   |                               | **2.7**   |                              |   | 2.9 |   |
| Other                invested assets                                           |   |                               | **2.5**   |                              |   | 2.6 |   |
| Total                investments                                               |   |                               | **944.3** |                              |   | 939.8 |   |
| Cash                and cash equivalents                                       |   |                               | **-**     |                              |   | .1 |   |
| Other                assets                                                    |   |                               | **6.8**   |                              |   | 13.7 |   |
| Total                Assets                                                    |   | **$**                              | **951.1** |                              | $      | 953.6 |   |
|                                                                           |   |                               |      |                              |   |   |   |
| Policyholders                liabilities                                       |   | **$**                              | **778.7** |                              | $      | 788.2 |   |
| Allowance                for future losses                                     |   |                               | **.8**    |                              |   | 1.0 |   |
| Other                liabilities                                               |   |                               | **171.6** |                              |   | 164.4 |   |
| Total                Liabilities                                               |   | **$**                              | **951.1** |                              | $      | 953.6 |   |

----

|                                                                                                       |   | **Three                Months Ended**  |          |
|------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|---------------|
|                                                                                                       |   | **March                31,**           |          |
|                                                                                                       |   | **2007**                               |          | 2006  |   |
|                                                                                                       |   | **(In                Millions)**       |          |
|                                                                                                       |   |                                        |          |   |   |
| STATEMENTS                OF EARNINGS                                                                      |   |                                        |          |    |   |
| Investment                income (net of investment expenses of $5.0 and $4.6)                             |   | **$**                                       | **16.4**      |   | $ | 17.7 |   |
| Investment                gains, net                                                                       |   |                                        | **1.5**       |   |   | 0.4 |   |
| Total                revenues                                                                              |   |                                        | **17.9**      |   |   | 18.1 |   |
|                                                                                                       |   |                                        |          |   |   |   |   |
| Benefits                and other deductions                                                               |   |                                        | **18.7**      |   |   | 21.1 |   |
| Losses                charged to allowance for future losses                                               |   |                                        | **(.8**       | **)** |   | (3.0 | ) |
| Pre-tax                earnings (loss) from operations                                                     |   |                                        | -             |   |   | - |   |
| Earnings                (loss) from strengthening/releasing the allowance for                future losses |   |                                        | ** 1.1** |   |   |  (.3 | )  |
| Income                tax (expense) benefit                                                                |   |                                        | **(.1**       | **)** |   | .1 |   |
| Earnings                (Loss) from Wind-up Annuities                                                      |   | **$**                                       | **1.0**       |   | $ | (.2 | ) |

| **6)  ** | **GMDB,                GMIB, AND NO LAPSE GUARANTEE                FEATURES** |
|--------------------|-------------------------------------------------------------------------------|

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

| ·   | 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. |
|--------------------|----------------------------------------------------------------------------------------------------------------|

|                                      |   |                                   |      |                 |   |            |   |
|-------------------------------------------|--------|----------------------------------------|-----------|----------------------|--------|-----------------|--------|
|                                      |   | **GMDB **                    |      | **GMIB **  |   | **Total**  |   |
|                                      |   | **(In                Millions)**  |      |
|                                      |   |                                   |      |                 |   |            |   |
|                                      |   |                                   |      |            |   |       |   |
| Balance                at January 1, 2006 |   | **$**                                  | **163.7** |                 | **$**  | **228.3**       |   | **$** | **392.0** |   |
| Paid                guarantee benefits    |   |                                   | **(7.0**  | **)**                |   | **(.2**         | **)**  |   | **(7.2** | **)** |
| Other                changes in reserve   |   |                                   | **55.6**  |                 |   | **9.4**         |   |   | **65.0** |   |
| Balance                at March 31, 2007  |   | **$**                                  | **212.3** |                 | **$**  | **237.5**       |   | **$** | **449.8** |   |
|                                      |   |                                   |      |                 |   |            |   |   |   |   |
|                                      |   |                                   |      |                 |   |            |   |   |   |   |
| Balance                at January 1, 2005 |   | $                                      | 115.2     |                 | $      | 173.6           |   | $ | 288.8 |   |
| Paid                guarantee benefits    |   |                                   | (7.9      | )                    |   | (2.4            | )      |   | (10.3 | ) |
| Other                changes in reserve   |   |                                   | 11.5      |                 |   | (13.6           | )      |   | (2.1 | ) |
| Balance                at March 31, 2006  |   | $                                      | 118.8     |                 | $      | 157.6           |   | $ | 276.4 |   |
|                                      |   |                                   |      |                 |   |            |   |   |   |   |

|                                          |   | **Three                Months Ended**    |     |                 |
|-----------------------------------------------|--------|---------------------------------------------------------|----------|----------------------|
|                                          |   | **March                31,**             |     |                 |
|                                          |   | **2007**                                           |     |  **2006**  |   |   |
|                                          |   | **(In                Millions)**                   |     |                 |
|                                          |   |                                                    |     |            |   |   |
| Balance                at beginning of period |   | **$**                                                   | **23.6** |                 | $ | 22.7 |   |   |
| Paid                guarantee benefits        |   |                                                    | **(2.6** | **)**                |   | (2.0 | ) |   |
| Other                changes in reserve       |   |                                                    | **10.8** |                 |   | 2.3 |   |   |
| Balance                at End of Period       |   | **$**                                                   | **31.8** |                 | $ | 23.0 |   |   |

----

|                                                                                             |   | **Return**                                 |   |         |   |         |   |         |   |         |   |
|--------------------------------------------------------------------------------------------------|--------|--------------------------------------------|--------|--------------|--------|--------------|--------|--------------|--------|--------------|--------|
|                                                                                             |   | **Of**                                     |   |         |   |         |   |         |   |         |   |
|                                                                                             |   | **Premium**                                |   | **Ratchet**  |   | **Roll-Up**  |   | **Combo**    |   | **Total**    |   |
|                                                                                             |   | **(Dollars                  In Millions)** |   |
|                                                                                             |   |                                  |   |    |   |    |   |    |   |    |   |
| GMDB:                                                                                            |   |                                  |   |    |   |    |   |    |   |    |   |
| Account                  values invested in:                                                     |   |                                  |   |    |   |    |   |    |   |    |   |
| General                  Account                                                                 |   | $                                          | 11,129 |         | $      | 379          |   | $            | 300    |         | $      | 679 |   | $ | 12,487 |   |
| Separate                  Accounts                                                               |   | $                                          | 26,427 |         | $      | 7,962        |   | $            | 7,517  |         | $      | 24,975 |   | $ | 66,881 |   |
| Net                  amount at risk, gross                                                       |   | $                                          | 286    |         | $      | 222          |   | $            | 1,445  |         | $      | 83 |   | $ | 2,036 |   |
| Net                    amount at risk, net of amounts reinsured                                  |   | $                                          | 285    |         | $      | 158          |   | $            | 881    |         | $      | 83 |   | $ | 1,407 |   |
| Average                    attained age of contractholders                                       |   |                                       | 49.5   |         |   | 61.1         |   |         | 64.4   |         |   | 61.3 |   |   | 52.6 |   |
| Percentage                    of contractholders over                    age 70                  |   |                                       | 7.6%   |         |   | 22.7%        |   |         | 34.2%  |         |   | 21.3% |   |   | 11.9% |   |
| Range                    of contractually specified  interest                    rates |   |                                       | N/A    |         |   | N/A          |   |         | 3%-6%  |         |   | 3%-6% |   |   | 3%-6% |   |
|                                                                                             |   |                                       |   |         |   |         |   |         |   |         |   |   |   |   |   |   |
| GMIB:                                                                                            |   |                                       |   |         |   |         |   |         |   |         |   |   |   |   |   |   |
| Account                  values invested in:                                                     |   |                                       |   |         |   |         |   |         |   |         |   |   |   |   |   |   |
| General                  Account                                                                 |   |                                       | N/A    |         |   | N/A          |   | $            | 76     |         | $      | 894 |   | $ | 970 |   |
| Separate                  Accounts                                                               |   |                                       | N/A    |         |   | N/A          |   | $            | 5,089  |         | $      | 34,033 |   | $ | 39,122 |   |
| Net                  amount at risk, gross                                                       |   |                                       | N/A    |         |   | N/A          |   | $            | 275    |         |   | - |   | $ | 275 |   |
| Net                    amount at risk, net of amounts reinsured                                  |   |                                       | N/A    |         |   | N/A          |   | $            | 71     |         |   | - |   | $ | 71 |   |
| Weighted                    average years remaining until                    annuitization       |   |                                       | N/A    |         |   | N/A          |   |         | 2.3    |         |   | 8.3 |   |   | 7.4 |   |
| Range                    of contractually specified interest                    rates            |   |                                       | N/A    |         |   | N/A          |   |         | 3%-6%  |         |   | 3%-6% |   |   | 3%-6% |   |

----

**Investment      in Variable Insurance Trust Mutual      Funds**

|                        |   |                                   |       |                              |   |
|-----------------------------|--------|----------------------------------------|------------|-----------------------------------|--------|
|                        |   | **March                31,**      |       | December                31,  |   |
|                        |   | **2007**                               |       | 2006                         |   |
|                        |   | **(In                Millions)**  |       |
|                        |   |                                   |       |                              |   |
| GMDB:                       |   |                                   |       |                         |   |
| Equity                      |   | **$**                                  | **43,916** |                              | $      | 42,885 |   |
| Fixed                income |   |                                   | **4,523**  |                              |   | 4,438 |   |
| Balanced                    |   |                                   | **16,211** |                              |   | 14,863 |   |
| Other                       |   |                                   | **2,231**  |                              |   | 2,121 |   |
| Total                       |   | **$**                                  | **66,881** |                              | $      | 64,307 |   |
|                        |   |                                   |       |                              |   |   |   |
| GMIB:                       |   |                                   |       |                              |   |   |   |
| Equity                      |   | **$**                                  | **23,818** |                              | $      | 22,828 |   |
| Fixed                income |   |                                   | **2,784**  |                              |   | 2,727 |   |
| Balanced                    |   |                                   | **11,452** |                              |   | 10,439 |   |
| Other                       |   |                                   | **1,068**  |                              |   | 990 |   |
| Total                       |   | **$**                                  | **39,122** |                              | $      | 36,984 |   |

----

|                                      |   | **Direct**                        |     | **Reinsurance**  |   |          |   |
|-------------------------------------------|--------|----------------------------------------|----------|-----------------------|--------|---------------|--------|
|                                      |   | **Liability**                          |     | **Ceded**        |   | **Net**  |   |
|                                      |   | **(In                Millions)**  |     |
|                                      |   |                                   |     |             |   |     |   |
| Balance                at January 1, 2006 |   | **$**                                  | **66.8** |                  | **$**  | **(47.9**     | **)**  | **$** | **18.9** |   |
| Paid                guarantee benefits    |   |                                   | **-**    |                  |   | **-**         |   |   | **-** |   |
| Other                changes in reserves  |   |                                   | **8.2**  |                  |   | **(7.0**      | **)**  |   | **1.2** |   |
| Balance                at March 31, 2007  |   | **$**                                  | **75.0** |                  | **$**  | **(54.9**     | **)**  | **$** | **20.1** |   |
|                                      |   |                                   |     |                  |   |          |   |   |   |   |
| Balance                at January 1, 2005 |   | $                                      | 34.8     |                  | $      | (20.4         | )      | $ | 14.4 |   |
| Paid                guarantee benefits    |   |                                   | -        |                  |   | -             |   |   | - |   |
| Other                changes in reserves  |   |                                   | 6.0      |                  |   | (5.2          | )      |   | 0.8 |   |
| Balance                at March 31, 2006  |   | $                                      | 40.8     |                  | $      | (25.6         | )      | $ | 15.2 |   |

| **7)  ** | **EMPLOYEE                BENEFIT PLANS** |
|--------------------|-------------------------------------------|

|                                                         |   | **Three                Months Ended**    |      |
|--------------------------------------------------------------|--------|---------------------------------------------------------|-----------|
|                                                         |   | **March                31,**                            |      |
|                                                         |   | **2007**                                           |      | 2006   |   |
|                                                         |   | **(In                Millions)**         |      |
|                                                         |   |                                                    |      |   |   |
|                                                         |   |                                                    |      |    |   |
| Service                cost                                  |   | **$**                                                   | **9.5**   |   | $ | 9.4 |   |
| Interest                cost on projected benefit obligation |   |                                                    | **31.9**  |   |   | 30.0 |   |
| Expected                return on assets                     |   |                                                    | **(47.9** | **)** |   | (45.2 | ) |
| Net                amortization and deferrals                |   |                                                    | **13.5**  |   |   | 18.8 |   |
| Net                Periodic Pension Expense                  |   | **$**                                                   | **7.0**   |   | $ | 13.0 |   |

| **8)  ** | **SHARE-BASED                COMPENSATION PROGRAMS** |
|--------------------|------------------------------------------------------|

| **9)  ** | **INCOME                TAXES** |
|--------------------|---------------------------------|

----

| **10)  ** | **LITIGATION** |
|---------------------|----------------|

----

| **11)  ** | **BUSINESS                SEGMENT INFORMATION** |
|---------------------|-------------------------------------------------|

|                                                                                                                         |   | **Three                Months Ended**  |        |
|------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|-------------|
|                                                                                                                         |   | **March                31,**           |        |
|                                                                                                                         |   | **2007**                               |        | 2006  |   |
|                                                                                                                         |   | **(In                Millions)**       |        |
|                                                                                                                         |   |                                   |        |    |   |
| **Segment                revenues:**                                                                                         |   |                                   |        |    |   |
| Insurance                                                                                                                    |   | **$**                                       | **1,648.5** |   | $ | 1,337.9 |   |
| Investment                Management (1)                                                                                     |   |                                        | **1,056.3** |   |   | 928.8 |   |
| Consolidation/elimination                                                                                                    |   |                                        | **(23.2**   | **)** |   | (22.2 | ) |
| Total                Revenues                                                                                                |   | **$**                                       | **2,681.6** |   | $ | 2,244.5 |   |
|                                                                                                                         |   |                                        |        |   |   |   |   |
| (1)                Net of interest expense incurred on securities borrowed                                                   |   |                                        |        |   |   |   |   |
|                                                                                                                         |   |                                        |        |   |   |   |   |
| **Segment                earnings from continuing operations before **income                taxes and minority interest:**** |   |                                        |        |   |   |   |   |
| Insurance                                                                                                                    |   | **$**                                       | **323.8**   |   | $ | 229.0 |   |
| Investment                Management                                                                                         |   |                                        | **292.3**   |   |   | 266.7 |   |
| Consolidation/elimination                                                                                                    |   |                                        | **-**       |   |   | - |   |
|                                                                                                                         |   |                                        |        |   |   |   |   |
|                                                                                                                         |   |                                        |        |   |   |   |   |
| Total                  Earnings from Continuing Operations before Income                  Taxes and Minority Interest        |   | **$**                                       | **616.1**   |   | $ | 495.7 |   |

|                                   |   | **March                  31,**      |          | December                  31,  |   |
|----------------------------------------|--------|------------------------------------------|---------------|-------------------------------------|--------|
|                                   |   | **2007**                            |          | 2006                           |   |
|                                   |   | **(In                  Millions)**  |          |
| **Segment                  assets:**   |   |                                |          |                           |   |
| Insurance                              |   | **$**                                    | **135,686.4** |                                | $      | 133,047.0 |   |
| Investment                  Management |   |                                     | **16,557.9**  |                                |   | 16,239.4 |   |
| Consolidation/elimination              |   |                                     | **(7.9**      | **)**                               |   | (.3 | ) |
| Total                  Assets          |   | **$**                                    | **152,236.4** |                                | $      | 149,286.1 |   |

** **

----

| **12)  ** | **RELATED                PARTY TRANSACTIONS** |
|---------------------|-----------------------------------------------|

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**Item      2.**

**MANAGEMENT’S      DISCUSSION AND ANALYSIS OF FINANCIAL**

**CONDITION      AND RESULTS OF OPERATIONS**

**CONSOLIDATED      RESULTS OF OPERATIONS**

**First      Quarter 2007 Compared to First Quarter 2006**

** **

*Revenues*

----

*Benefits      and Other Deductions*

----

*Premiums      and Deposits*

*Surrenders      and Withdrawals.*

*Assets      Under Management. *

**Assets      Under Management**

**(In      Millions)**

|                                                                                                          |   |   | **March                31,**  |   |
|---------------------------------------------------------------------------------------------------------------|--------|--------|------------------------------------|--------|
|                                                                                                          |   |   | **2007**                      |   |   |  2006 |   |
|                                                                                                          |   |   |                               |   |   |   |   |
| Third                party                                                                                    |   | **$**  | **677,109**                        |   | $ | 552,516 |   |
| AXA                  Equitable General Account, AXA Financial Group and                  its other affiliates |   |   | **54,678**                         |   |   | 54,794 |   |
| Insurance                Group Separate Accounts                                                              |   |   | **91,265**                         |   |   | 79,419 |   |
| Total                Assets Under Management                                                                  |   | **$**  | **823,052**                        |   | $ | 686,729 |   |

----

**LIQUIDITY      AND CAPITAL RESOURCES**

*AXA      Equitable*

*AllianceBernstein*

----

| **Item              3.** | **QUANTITATIVE                AND QUALITATIVE DISCLOSURES ABOUT MARKET                RISK** |
|--------------------------|----------------------------------------------------------------------------------------------|

| **Item              4.** | **CONTROLS                AND PROCEDURES** |
|--------------------------|--------------------------------------------|

----

**PART      II**
**OTHER      INFORMATION**

| **Item                1**  |   | **Legal                  Proceedings** |
|---------------------------------|--------|----------------------------------------|

| **Item                1A.**  |   | **Risk                  Factors** |
|-----------------------------------|--------|-----------------------------------|

| **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 |
|                             |   |                                                                           |   |   |
|                             |   |                                                                           |   |   |

----

**SIGNATURES**

| Date:  | May                  11, 2007  |   | AXA                  EQUITABLE LIFE INSURANCE COMPANY  |
|-------------|-------------------------------------|--------|-------------------------------------------------------------|
|        |                                |   |                                                        |
|        |                                |   |                                                        |
|        |                                |   |                                                        |   |
|        |                                |   | By                                                          | */s/                  Richard S. Dziadzio* |
|        |                                |   |                                                        | Name: | Richard                  S. Dziadzio |
|        |                                |   |                                                        | Title: | Executive                  Vice President and |
|        |                                |   |                                                        |   | Chief                  Financial Officer |
|        |                                |   |                                                        |   |
| Date:       | May                  11, 2007       |   |                                                        | */s/                  Alvin H. Fenichel* |
|        |                                |   |                                                        | Name: | Alvin                  H. Fenichel |
|        |                                |   |                                                        | Title: | Senior                  Vice President and Controller |

----