UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  -------------

                                    FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2006
                               --------------

[  ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _________________ to _________________

                           Commission File No. 0-25280
                                               -------

                      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.)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                               Yes   [X]    No   [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check
one):

Large accelerated filer [  ]  Accelerated filer [  ]  Non-accelerated filer  [X]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

                                               Yes   [ ]   No   [X]

As of May 11, 2006, 2,000,000 shares of the registrant's $1.25 par value Common
Stock were outstanding.

                           REDUCED DISCLOSURE FORMAT:

Registrant meets the conditions set forth in General Instruction H(1)(a) and (b)
of Form 10-Q and is therefore filing this form with the Reduced Disclosure
Format.


                                                                    Page 1 of 28


<PAGE>


                      AXA EQUITABLE LIFE INSURANCE COMPANY
                                    FORM 10-Q
                      FOR THE QUARTER ENDED MARCH 31, 2006

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

                                                                                                         Page

PART I          FINANCIAL INFORMATION

<S>             <C>                                                                                         <C>
Item 1:         Financial Statements

                o Consolidated Balance Sheets as of March 31, 2006 and December 31, 2005...............      4
                o Consolidated Statements of Earnings for the Quarters Ended
                     March 31, 2006 and 2005...........................................................      5
                o Consolidated Statements of Shareholder's Equity and Comprehensive
                     (Loss) Income for the Quarters Ended March 31, 2006 and 2005......................      6
                o Consolidated Statements of Cash Flows for the Quarters Ended
                     March 31, 2006 and 2005...........................................................      7
                o Notes to Consolidated Financial Statements...........................................      8

Item 2:         Management's Discussion and Analysis of Financial Condition and
                    Results of Operations ("Management Narrative").....................................     23

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

</TABLE>

*Omitted pursuant to General Instruction H to Form 10-Q.


                                      -2-
<PAGE>


FORWARD-LOOKING STATEMENTS

Some of the statements made in this report, including statements made in
"Management's Discussion and Analysis of Financial Condition and Results of
Operations", may constitute forward-looking statements. Forward-looking
statements include, among other things, discussions concerning potential
exposure of AXA Equitable Life Insurance Company and its subsidiaries to market
risks, as well as statements expressing management's expectations, beliefs,
estimates, forecasts, projections and assumptions, as indicated by words such as
"believes," "estimates," "intends," "anticipates," "plans," "expects,"
"projects," "should," "probably," "risk," "target," "goals," "objectives," or
similar expressions. AXA Equitable Life Insurance Company claims the protection
afforded by the safe harbor for forward-looking statements contained in Section
21E of the Securities Exchange Act of 1934, and assumes no duty to update any
forward-looking statement. Forward-looking statements are based on management's
expectations and beliefs concerning future developments and their potential
effects and are subject to risks and uncertainties. Forward-looking statements
are not a guarantee of future performance. Actual results could differ
materially from those anticipated by forward-looking statements due to a number
of important factors, including those discussed under "Risk Factors" in Part I,
Item 1A of AXA Equitable Life Insurance Company's Annual Report on Form 10-K
for the year ended December 31, 2005 and elsewhere in this report.


                                      -3-
<PAGE>


PART I  FINANCIAL INFORMATION
        ITEM 1:  FINANCIAL STATEMENTS.

                      AXA EQUITABLE LIFE INSURANCE COMPANY
                           CONSOLIDATED BALANCE SHEETS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                 MARCH 31,          December 31,
                                                                                   2006                 2005
                                                                              -----------------    -----------------
                                                                                         (IN MILLIONS)
<S>                                                                           <C>                  <C>
ASSETS
Investments:
  Fixed maturities available for sale, at estimated fair value..............  $    29,077.7        $    30,034.8
  Mortgage loans on real estate.............................................        3,196.0              3,233.9
  Equity real estate, held for the production of income.....................          657.5                658.2
  Policy loans..............................................................        3,835.6              3,824.2
  Other equity investments..................................................        1,183.7              1,122.1
  Other invested assets.....................................................        1,527.3              1,290.9
                                                                              -----------------    -----------------
      Total investments.....................................................       39,477.8             40,164.1
Cash and cash equivalents...................................................        1,463.7              1,112.1
Cash and securities segregated, at estimated fair value.....................        1,629.8              1,720.8
Broker-dealer related receivables...........................................        3,204.9              2,929.1
Deferred policy acquisition costs...........................................        7,942.0              7,557.3
Goodwill and other intangible assets, net...................................        3,746.0              3,758.8
Amounts due from reinsurers.................................................        2,595.4              2,604.4
Loans to affiliates.........................................................          400.0                400.0
Other assets................................................................        3,728.8              3,723.5
Separate Accounts' assets...................................................       75,239.4             69,997.0
                                                                              -----------------    -----------------

TOTAL ASSETS................................................................  $   139,427.8        $   133,967.1
                                                                              =================    =================

LIABILITIES
Policyholders' account balances.............................................  $    27,093.3        $    27,194.0
Future policy benefits and other policyholders liabilities..................       13,912.2             13,997.8
Broker-dealer related payables..............................................        1,426.0              1,226.9
Customers related payables..................................................        3,142.1              2,924.3
Amounts due to reinsurers...................................................        1,026.7              1,028.3
Short-term and long-term debt...............................................          894.4                855.4
Loans from affiliates.......................................................          325.0                325.0
Income taxes payable........................................................        2,754.4              2,821.9
Other liabilities...........................................................        1,826.7              1,786.6
Separate Accounts' liabilities..............................................       75,239.4             69,997.0
Minority interest in equity of consolidated subsidiaries....................        2,112.6              2,096.4
Minority interest subject to redemption rights..............................          271.2                271.6
                                                                              -----------------    -----------------
      Total liabilities.....................................................      130,024.0            124,525.2
                                                                              -----------------    -----------------

Commitments and contingencies (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..............................................        5,002.9              4,976.3
Retained earnings...........................................................        4,265.9              4,030.8
Accumulated other comprehensive income......................................          132.5                432.3
                                                                              -----------------    -----------------
      Total shareholder's equity............................................        9,403.8              9,441.9
                                                                              -----------------    -----------------

TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY..................................  $   139,427.8        $   133,967.1
                                                                              =================    =================
</TABLE>

                 See Notes to Consolidated Financial Statements.


                                      -4-
<PAGE>


                      AXA EQUITABLE LIFE INSURANCE COMPANY
                       CONSOLIDATED STATEMENTS OF EARNINGS
                     QUARTERS ENDED MARCH 31, 2006 AND 2005
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                    2006                 2005
                                                                              -----------------    -----------------
                                                                                          (IN MILLIONS)
<S>                                                                           <C>                  <C>
REVENUES
Universal life and investment-type product policy fee income................   $       523.6       $       442.3
Premiums....................................................................           202.3               224.8
Net investment income.......................................................           516.0               661.7
Investment gains, net.......................................................            31.8                 4.1
Commissions, fees and other income..........................................           975.2               879.7
                                                                              -----------------    -----------------
      Total revenues........................................................         2,248.9             2,212.6
                                                                              -----------------    -----------------

BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits.....................................................           452.8               469.9
Interest credited to policyholders' account balances........................           273.3               258.5
Compensation and benefits...................................................           474.4               427.6
Commissions.................................................................           333.4               245.0
Distribution plan payments..................................................            71.0                91.4
Amortization of deferred sales commissions..................................            26.4                36.5
Interest expense............................................................            17.9                17.8
Amortization of deferred policy acquisition costs...........................            83.3               184.3
Capitalization of deferred policy acquisition costs.........................          (314.8)             (259.0)
Rent expense................................................................            44.5                42.6
Amortization of other intangible assets.....................................             5.9                 5.9
Other operating costs and expenses..........................................           283.7               219.6
                                                                              -----------------    -----------------
      Total benefits and other deductions...................................         1,751.8             1,740.1
                                                                              -----------------    -----------------

Earnings from continuing operations before income taxes
  and minority interest.....................................................           497.1               472.5
Income taxes ...............................................................          (138.8)             (117.8)
Minority interest in net income of consolidated subsidiaries................          (123.0)              (89.6)
                                                                              -----------------    -----------------
Earnings from continuing operations.........................................           235.3               265.1
Loss from discontinued operations, net of income taxes......................            (0.2)                (.1)
                                                                              -----------------    -----------------
Net Earnings................................................................   $       235.1       $       265.0
                                                                              =================    =================

</TABLE>

                 See Notes to Consolidated Financial Statements.


                                      -5-
<PAGE>


                      AXA EQUITABLE LIFE INSURANCE COMPANY
                 CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY
                         AND COMPREHENSIVE (LOSS) INCOME
                     QUARTERS ENDED MARCH 31, 2006 AND 2005
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                    2006                 2005
                                                                              -----------------    -----------------
                                                                                          (IN MILLIONS)
<S>                                                                           <C>                  <C>
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...........................        4,976.3              4,890.9
Other changes in capital in excess of par value.............................           26.6                 12.0
                                                                              -----------------    -----------------
Capital in excess of par value, end of period...............................        5,002.9              4,902.9
                                                                              -----------------    -----------------

Retained earnings, beginning of year........................................        4,030.8              3,457.0
Net earnings................................................................          235.1                265.0
                                                                              -----------------    -----------------
Retained earnings, end of period............................................        4,265.9              3,722.0
                                                                              -----------------    -----------------

Accumulated other comprehensive income, beginning of year...................          432.3                874.1
Other comprehensive income loss ............................................         (299.8)              (263.0)
                                                                              -----------------    -----------------
Accumulated other comprehensive income, end of period.......................          132.5                611.1
                                                                              -----------------    -----------------

TOTAL SHAREHOLDER'S EQUITY, END OF PERIOD...................................  $     9,403.8        $     9,238.5
                                                                              =================    =================


COMPREHENSIVE (LOSS) INCOME
Net earnings................................................................  $       235.1        $       265.0
                                                                              -----------------    -----------------

Change in unrealized losses net of reclassification adjustments.............         (299.8)              (263.0)
                                                                              -----------------    -----------------
Other comprehensive loss....................................................         (299.8)              (263.0)
                                                                              -----------------    -----------------

COMPREHENSIVE (LOSS) INCOME.................................................  $       (64.7)       $         2.0
                                                                              =================    =================

</TABLE>



                 See Notes to Consolidated Financial Statements.



                                      -6-
<PAGE>


                      AXA EQUITABLE LIFE INSURANCE COMPANY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                     QUARTERS ENDED MARCH 31, 2006 AND 2005
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                    2006                 2005
                                                                              -----------------    -----------------
                                                                                          (IN MILLIONS)

<S>                                                                           <C>                  <C>
Net earnings................................................................  $       235.1        $       265.0
  Adjustments to reconcile net earnings to net cash provided
    by (used in) operating activities:
    Interest credited to policyholders' account balances....................          273.3                258.5
    Universal life and investment-type product policy fee income............         (523.6)              (442.2)
    Net change in broker-dealer and customer related receivables/payables...          (65.0)               (12.5)
    Investment gains, net...................................................          (31.8)                (4.1)
    Change in income tax payable............................................          116.2                 58.4
    Change in future policy benefits........................................          (27.2)                27.3
    Change in property and equipment........................................           (7.0)               (15.3)
    Change in deferred policy acquisition costs.............................         (231.5)               (74.7)
    Change in segregated cash and securities, net...........................           91.0               (201.3)
    Minority interest in net income of consolidated subsidiaries............          123.0                 89.6
    Change in fair value of guaranteed minimum income
       benefit reinsurance contracts........................................           38.3                (40.1)
    Amortization of deferred sales commissions..............................           26.4                 36.5
    Amortization of other intangible assets, net............................            5.9                  5.9
    Change in accounts payable and accrued expenses.........................          112.8               (124.2)
    Other, net..............................................................           20.0               (121.7)
                                                                              -----------------    -----------------

Net cash provided by (used in) operating activities.........................          155.9               (294.9)
                                                                              -----------------    -----------------

Cash flows from investing activities:
  Maturities and repayments of fixed maturities and mortgage loans..........          709.5                706.4
  Sales.....................................................................          623.7                497.1
  Purchases.................................................................       (1,099.7)            (1,293.5)
  Change in short-term investments..........................................           (2.1)               (65.5)
  Other, net................................................................          (87.9)                78.0
                                                                              -----------------    -----------------

Net cash  provided by (used in) investing activities........................          143.5                (77.5)
                                                                              -----------------    -----------------
Cash flows from financing activities:
  Policyholders' account balances:
    Deposits................................................................          953.4                929.4
    Withdrawals and transfers to Separate Accounts..........................         (838.4)              (668.6)
  Net increase in short-term financings.....................................           43.3                213.5
  Other, net................................................................         (106.1)               (98.0)
                                                                              -----------------    -----------------
Net cash provided by financing activities...................................           52.2                376.3
                                                                              -----------------    -----------------

Change in cash and cash equivalents.........................................          351.6                  3.9
Cash and cash equivalents, beginning of year................................        1,112.1              1,680.8
                                                                              -----------------    -----------------

Cash and Cash Equivalents, End of Period....................................  $     1,463.7        $     1,684.7
                                                                              =================    =================

Supplemental cash flow information
  Interest Paid.............................................................  $        25.9        $        26.5
                                                                              =================    =================
  Income Taxes Paid.........................................................  $         8.9        $        97.1
                                                                              =================    =================
</TABLE>


                 See Notes to Consolidated Financial Statements.



                                      -7-
<PAGE>


                      AXA EQUITABLE LIFE INSURANCE COMPANY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

1)    BASIS OF PRESENTATION

      The preparation of the accompanying unaudited consolidated financial
      statements in conformity with GAAP requires management to make estimates
      and assumptions (including normal, recurring accruals) that affect the
      reported amounts of assets and liabilities and disclosure of contingent
      assets and liabilities at the date of the financial statements and the
      reported amounts of revenues and expenses during the reporting period.
      Actual results could differ from these estimates. The accompanying
      unaudited interim consolidated financial statements reflect all
      adjustments necessary in the opinion of management to present fairly
      the consolidated financial position of AXA Equitable and its consolidated
      results of operations and cash flows for the periods presented. All
      significant intercompany transactions and balances have been eliminated in
      consolidation. These statements should be read in conjunction with the
      audited consolidated financial statements of AXA Equitable for the year
      ended December 31, 2005. The results of operations for the three months
      ended March 31, 2006 are not necessarily indicative of the results to be
      expected for the full year.

      The terms "first quarter 2006" and "first quarter 2005" refer to the three
      months ended March 31, 2006 and 2005, respectively.

      Certain reclassifications have been made in the amounts presented for
      prior periods to conform those periods to the current presentation.

2)    NEW ACCOUNTING PRONOUNCEMENTS

      On January 1, 2006, the Company adopted SFAS No. 123(R). To effect its
      adoption, the Company elected the "modified prospective method" of
      transition and, therefore, prior-period results were not restated. Prior
      to the adoption of SFAS 123(R), the Company had elected to continue to
      account for stock-based compensation in accordance with APB No. 25, and,
      as a result, the recognition of stock-based compensation expense generally
      was limited to amounts attributed to awards of restricted shares, stock
      appreciation rights and other cash-settled programs. SFAS No. 123(R)
      requires the cost of all share-based payments to employees to be
      recognized in the financial statements based on their fair values,
      resulting in compensation expense for certain types of the Company's
      equity-classified award programs for which no cost previously would have
      been charged to net earnings under APB No. 25, most notably for employee
      options to purchase AXA American Depository Receipts ("ADRs") and AXA
      ordinary shares and for employee stock purchase plans. As a result of
      adopting SFAS No. 123(R) on January 1, 2006, consolidated earnings from
      continuing operations before income taxes and minority interest and
      consolidated net earnings for first quarter 2006 were $6.5 million and
      $4.2 million lower, respectively, than if these plans had continued to be
      accounted for under APB No. 25.

      Under the modified prospective method, the Company applied the
      measurement, recognition, and attribution requirements of SFAS No. 123(R)
      to stock-based compensation awards granted, modified, repurchased or
      cancelled on or after January 1, 2006. In addition, beginning in first
      quarter 2006, costs associated with unvested portions of outstanding
      employee stock option awards at January 1, 2006 that prior to adoption of
      SFAS 123(R) would have been reflected by the Company only in pro forma
      disclosures, are recognized in the consolidated statement of earnings over
      the awards' remaining future service-vesting periods. Liability-classified
      awards outstanding at January 1, 2006, such as performance units and stock
      appreciation rights, were remeasured to fair value and resulted in no
      adjustment to their intrinsic value basis, including the cumulative effect
      of differences between actual and expected forefeitures, primarily due to
      the de minimis time remaining to expected settlement of these awards.

      Effective with its adoption of SFAS No. 123(R), the Company elected the
      "short-cut" transition alternative provided by FSP No. 123(R)-3 for
      approximating the historical pool of windfall tax benefits (tax benefits
      arising from tax deductions in excess of compensation costs recognized
      under GAAP) available at January 1, 2006 that is used in determining the
      tax effects of stock-based compensation in the results of operations and
      cash flow reporting for awards outstanding at adoption of SFAS No. 123(R).
      Additional windfall tax benefits resulted from exercises of stock option
      awards in first quarter 2006.



                                      -8-
<PAGE>


3)    INVESTMENTS

      Investment valuation allowances for mortgage loans and changes thereto
      follow:

<TABLE>
<CAPTION>
                                                                                         THREE MONTHS ENDED
                                                                                             MARCH 31,
                                                                                 -----------------------------------
                                                                                      2006                2005
                                                                                 ---------------     ---------------
                                                                                           (IN MILLIONS)

<S>                                                                               <C>                <C>
      Balances, beginning of year...............................................  $       11.8       $       11.3
      Additions charged to income...............................................            .1                -
      Deductions for writedowns and asset dispositions..........................           (.3)               (.1)
                                                                                  --------------     ---------------
      Balances, End of Period...................................................  $       11.6       $       11.2
                                                                                  ==============     ===============
</TABLE>

      For the first quarters of 2006 and 2005, investment income is shown net of
      investment expenses of $63.6 million and $50.4 million, respectively.

      As of March 31, 2006 and December 31, 2005, fixed maturities classified as
      available for sale had amortized costs of $28,848.9 million and $29,094.9
      million, respectively. Also at March 31, 2006 and December 31, 2005,
      respectively, Other equity investments included the General Account's
      investments in Separate Accounts and other trading securities having
      carrying values of $126.9 million and $120.0 million and costs of $105.5
      million and $103.7 million and other equity securities with carrying
      values of $48.6 million and $47.4 million and costs of $45.3 million and
      $45.7 million.

      In the first quarters of 2006 and 2005, respectively, net unrealized and
      realized holding gains (losses) on trading account equity securities of
      $5.1 million and $(3.3) million were included in Net investment income in
      the consolidated statements of earnings.

      For the first quarters of 2006 and 2005, proceeds received on sales of
      fixed maturities classified as available for sale amounted to $ 597.2
      million and $496.7 million, respectively. Gross gains of $12.3 million and
      $8.9 million and gross losses of $8.7 million and $7.3 million were
      realized on these sales for the first quarters of 2006 and 2005,
      respectively. Unrealized net investment gains related to fixed maturities
      classified as available for sale decreased by $711.1 million during first
      quarter 2006, resulting in a balance of $228.8 million at March 31, 2006.

      Impaired mortgage loans along with the related investment valuation
      allowances for losses follow:

<TABLE>
<CAPTION>
                                                                                   MARCH 31,         December 31,
                                                                                      2006               2005
                                                                                -----------------  -----------------
                                                                                           (IN MILLIONS)

<S>                                                                              <C>                <C>
      Impaired mortgage loans with investment valuation allowances............   $      77.9        $      78.3
      Impaired mortgage loans without investment valuation allowances.........           0.5                4.5
                                                                                 ----------------   ----------------
      Recorded investment in impaired mortgage loans..........................          78.4               82.8
      Investment valuation allowances.........................................         (11.6)             (11.8)
                                                                                 ----------------   ----------------
      Net Impaired Mortgage Loans.............................................   $      66.8        $      71.0
                                                                                 ================   ================
</TABLE>

      During the first quarters of 2006 and 2005, respectively, AXA Equitable's
      average recorded investment in impaired mortgage loans was $81.2 million
      and $108.1 million. Interest income recognized on these impaired mortgage
      loans totaled $1.1 million and $1.6 million for the first quarters of 2006
      and 2005, respectively.

      Mortgage loans on real estate are placed on nonaccrual status once
      management believes the collection of accrued interest is doubtful. Once
      mortgage loans on real estate are classified as nonaccrual loans, interest
      income is recognized under the cash basis of accounting and the resumption
      of the interest accrual would commence only after all past due interest
      has been collected or the mortgage loan on real estate has been


                                      -9-
<PAGE>


      restructured to where the collection of interest is considered likely. At
      March 31, 2006 and December 31, 2005, respectively, the carrying values of
      mortgage loans on real estate that had been classified as nonaccrual loans
      were $66.8 million and $71.1 million.

4)    CLOSED BLOCK

      The excess of Closed Block liabilities over Closed Block assets (adjusted
      to exclude the impact of related amounts in accumulated other
      comprehensive income) represents the expected maximum future post-tax
      earnings from the Closed Block that would be recognized in income from
      continuing operations over the period the policies and contracts in the
      Closed Block remain in force. As of January 1, 2001, AXA Equitable had
      developed an actuarial calculation of the expected timing of the Closed
      Block earnings.

      If the actual cumulative earnings from the Closed Block are greater than
      the expected cumulative earnings, only the expected earnings will be
      recognized in net income. Actual cumulative earnings in excess of expected
      cumulative earnings at any point in time are recorded as a policyholder
      dividend obligation because they will ultimately be paid to Closed Block
      policyholders as an additional policyholder dividend unless offset by
      future performance that is less favorable than originally expected. If a
      policyholder dividend obligation has been previously established and the
      actual Closed Block earnings in a subsequent period are less than the
      expected earnings for that period, the policyholder dividend obligation
      would be reduced (but not below zero). If, over the period the policies
      and contracts in the Closed Block remain in force, the actual cumulative
      earnings of the Closed Block are less than the expected cumulative
      earnings, only actual earnings would be recognized in income from
      continuing operations. If the Closed Block has insufficient funds to make
      guaranteed policy benefit payments, such payments will be made from assets
      outside the Closed Block.

      Many expenses related to Closed Block operations, including amortization
      of DAC, are charged to operations outside of the Closed Block;
      accordingly, net revenues of the Closed Block do not represent the actual
      profitability of the Closed Block operations. Operating costs and expenses
      outside of the Closed Block are, therefore, disproportionate to the
      business outside of the Closed Block.


                                      -10-
<PAGE>


      Summarized financial information for the Closed Block follows:

<TABLE>
<CAPTION>
                                                                                MARCH 31,           December 31,
                                                                                  2006                  2005
                                                                           --------------------   ------------------
                                                                                        (IN MILLIONS)
<S>                                                                         <C>                   <C>
      CLOSED BLOCK LIABILITIES:
      Future policy benefits, policyholders' account balances and other.... $     8,836.2         $     8,866.1
      Policyholder dividend obligation.....................................           -                    73.7
      Other liabilities....................................................          33.7                  28.6
                                                                            -------------------   ------------------
      Total Closed Block liabilities.......................................       8,869.9               8,968.4
                                                                            -------------------   ------------------
      ASSETS DESIGNATED TO THE CLOSED BLOCK:
      Fixed maturities, available for sale, at estimated fair value
        (amortized cost of $5,833.2 and $5,761.5)..........................       5,827.3               5,908.7
      Mortgage loans on real estate........................................         847.8                 930.3
      Policy loans.........................................................       1,273.6               1,284.4
      Cash and other invested assets.......................................          86.6                  56.2
      Other assets.........................................................         310.9                 304.4
                                                                            -------------------   ------------------
       Total assets designated to the Closed Block.........................       8,346.2               8,484.0
                                                                            -------------------   ------------------
      Excess of Closed Block liabilities over assets designated to
         the Closed Block..................................................         523.7                 484.4

      Amounts included in accumulated other comprehensive income:
         Net unrealized investment gains, net of deferred income tax
           (benefit) expense of $(2.1) and $25.7 and policyholder dividend
           obligation of $ -0- and $73.7...................................          (3.8)                 47.8
                                                                            -------------------   ------------------

      Maximum Future Earnings To Be Recognized From Closed Block
         Assets and Liabilities............................................ $       519.9         $       532.2
                                                                            ===================   ==================
</TABLE>

      Closed Block revenues and expenses follow:

<TABLE>
<CAPTION>
                                                                                         THREE MONTHS ENDED
                                                                                             MARCH 31,
                                                                                 -----------------------------------
                                                                                      2006                2005
                                                                                 ----------------    ---------------
                                                                                           (IN MILLIONS)
<S>                                                                               <C>                <C>
      REVENUES:
      Premiums and other income................................................   $      111.1       $      115.0
      Investment income (net of investment expenses of $.1 and $-0-)...........          131.0              131.9
      Investment gains, net....................................................             .9                8.2
                                                                                  --------------     ---------------
      Total revenues...........................................................          243.0              255.1
                                                                                  --------------     ---------------
      BENEFITS AND OTHER DEDUCTIONS:
      Policyholders' benefits and dividends....................................          220.0              210.4
      Other operating costs and expenses.......................................            4.1                1.0
                                                                                  --------------     ---------------
      Total benefits and other deductions......................................          224.1              211.4
                                                                                  --------------     ---------------
      Net revenues before income taxes.........................................           18.9               43.7
      Income tax expense.......................................................           (6.6)             (15.3)
                                                                                  --------------     ---------------
      Net Revenues.............................................................   $       12.3       $       28.4
                                                                                  ==============     ===============

</TABLE>



                                      -11-
<PAGE>


       Reconciliations of the policyholder dividend obligation follow:

<TABLE>
<CAPTION>


                                                                                          THREE MONTHS ENDED
                                                                                              MARCH 31,
                                                                                  -----------------------------------
                                                                                       2006               2005
                                                                                  ----------------   ----------------
                                                                                            (IN MILLIONS)
<S>                                                                               <C>                 <C>
      Balance at beginning of year..............................................  $      73.7         $     264.3
      Unrealized investment losses .............................................        (73.7)             (161.1)
                                                                                  ----------------    ---------------
      Balance at End of Period..................................................  $       -           $     103.2
                                                                                  ================    ===============
</TABLE>


5)    WIND-UP ANNUITIES

      Summarized financial information for Wind-up Annuities follows:

<TABLE>
<CAPTION>
                                                                                     MARCH 31,        December 31,
                                                                                       2006               2005
                                                                                  ----------------  ------------------
                                                                                             (IN MILLIONS)

<S>                                                                                <C>                <C>
      BALANCE SHEETS
      Fixed maturities, available for sale, at estimated fair value
        (amortized cost of $781.5 and $769.9)...................................   $      792.2      $       823.5
      Equity real estate........................................................          197.6              197.5
      Mortgage loans on real estate.............................................            6.5                6.7
      Other invested assets.....................................................            3.9                3.2
                                                                                   ---------------   -----------------
        Total investments.......................................................        1,000.2            1,030.9
      Cash and cash equivalents.................................................            -                  -
      Other assets..............................................................           12.2               13.6
                                                                                   ---------------   -----------------
      Total Assets..............................................................   $    1,012.4      $     1,044.5
                                                                                   ===============   =================

      Policyholders liabilities.................................................   $      810.7      $       817.2
      Allowance for future losses...............................................           41.3               60.1
      Other liabilities.........................................................          160.4              167.2
                                                                                   ---------------   -----------------
      Total Liabilities.........................................................   $    1,012.4      $     1,044.5
                                                                                   ===============   =================

                                                                                          THREE MONTHS ENDED
                                                                                              MARCH 31,
                                                                                 -------------------------------------
                                                                                       2006                2005
                                                                                 -----------------   -----------------
                                                                                            (IN MILLIONS)

      STATEMENTS OF EARNINGS
      Investment income (net of investment expenses of $4.6 and $4.6)...........  $        17.7       $       16.3
      Investment gains (losses), net............................................            0.4                (.1)
                                                                                  ----------------    ----------------
      Total revenues............................................................           18.1               16.2
                                                                                  ----------------    ----------------

      Benefits and other deductions.............................................           21.1               21.2
      Losses charged to allowance for future losses.............................           (3.0)              (5.0)
                                                                                  ----------------    ----------------
      Pre-tax (losses) from operations..........................................            -                  -
      Pre-tax loss from strengthening/releasing the allowance
         for future losses......................................................            (.3)               (.2)
      Income tax benefit .......................................................             .1                 .1
                                                                                  ----------------    ----------------
      Loss from Wind-up Annuities ..............................................  $         (.2)      $        (.1)
                                                                                  ================    ================
</TABLE>

      AXA Equitable quarterly process for evaluating the allowance for future
      losses applies the current period's results of Wind-up Annuities against
      the allowance, re-estimates future losses and adjusts the allowance, if
      appropriate. These updated assumptions and estimates resulted in a
      strengthening or release of allowance in each of the periods presented
      above.

                                      -12-
<PAGE>


      Management believes the allowance for future losses at March 31, 2006 is
      adequate to provide for all future losses; however, the determination of
      the allowance involves numerous estimates and subjective judgments
      regarding the expected performance of Discontinued Operations Investment
      Assets. There can be no assurance the losses provided for will not differ
      from the losses ultimately realized. To the extent actual results or
      future projections of Wind-up Annuities differ from management's current
      estimates and assumptions underlying the allowance for future losses, the
      difference would be reflected in the consolidated statements of earnings
      in Wind-up Annuities. In particular, to the extent income, sales proceeds
      and holding periods for equity real estate differ from management's
      previous assumptions, periodic adjustments to the allowance are likely to
      result.

6)    GMDB, GMIB, AND NO LAPSE GUARANTEE FEATURES

      A) Variable Annuity Contracts - GMDB and GMIB
         ------------------------------------------

      The Company has certain variable annuity contracts with GMDB and GMIB
      features in-force that guarantee one of the following:

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

      o 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);

      o 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

      o Combo: the benefit is the greater of the ratchet benefit or the roll-up
        benefit.

      The following table summarizes the GMDB and GMIB liabilities, before
      reinsurance ceded, reflected in the General Account in future policy
      benefits and other policyholders liabilities:

<TABLE>
<CAPTION>
                                                                  GMDB               GMIB                Total
                                                            -----------------  -----------------   -----------------
                                                                                 (IN MILLIONS)
<S>                                                          <C>                <C>                 <C>
       Balance at December 31, 2004.......................   $        67.6      $       117.6       $      185.2
         Paid guarantee benefits..........................           (10.0)               -                (10.0)
         Other changes in reserve.........................            25.3               17.0               42.3
                                                             ----------------   ----------------    ----------------
       Balance at March 31, 2005..........................   $        82.9      $       134.6       $      217.5
                                                             ================   ================    ================
       Balance at December 31, 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
                                                             ================   ================    ================
</TABLE>

      Related GMDB reinsurance ceded amounts were:


                                      -13-
<PAGE>


                                                                   GMDB
                                                            -------------------
                                                                (IN MILLIONS)

       Balance at December 31, 2004.......................   $        10.3
         Paid guarantee benefits..........................            (2.9)
         Other changes in reserve.........................             9.8
                                                            -------------------
       Balance at March 31, 2005..........................   $        17.2
                                                            ===================

       Balance at December 31, 2005.......................   $        22.7
         Paid guarantee benefits..........................            (2.0)
         Other changes in reserve.........................             2.3
                                                            -------------------
       Balance at March 31, 2006..........................   $        23.0
                                                            ===================

      The GMIB reinsurance contracts are considered derivatives and are reported
      at fair value.

      The March 31, 2006 values for those variable annuity contracts with GMDB
      and GMIB features currently in-force are presented in the following table.
      For contracts with the GMDB feature, the net amount at risk in the event
      of death is the amount by which the GMDB benefits exceed related account
      values. For contracts with the GMIB feature, the net amount at risk in the
      event of annuitization is the amount by which the present value of the
      GMIB benefits exceeds related account values, taking into account the
      relationship between current annuity purchase rates and the GMIB
      guaranteed annuity purchase rates. Since variable annuity contracts with
      GMDB guarantees may also offer GMIB guarantees in the same contract, the
      GMDB and GMIB amounts listed are not mutually exclusive:

<TABLE>
<CAPTION>
                                                   RETURN
                                                     OF
                                                   PREMIUM        RATCHET         ROLL-UP         COMBO           TOTAL
                                                -------------- -------------  --------------  -------------  ---------------
                                                                        (DOLLARS IN MILLIONS)

       GMDB:
       ----
         Account values invested in:
<S>                                             <C>            <C>             <C>            <C>            <C>
            General Account..................   $    11,579    $      242      $      118     $      582     $    12,521
            Separate Accounts................   $    22,760    $    7,366      $    7,970     $   17,573     $    55,669
         Net amount at risk, gross...........   $       415    $      349      $    1,603     $       37     $     2,404

         Net amount at risk, net of amounts
           reinsured.........................   $       414    $      239      $      971     $       37     $     1,661
         Average attained age of
           contractholders...................          49.9          60.7            63.7           60.9            52.9
         Percentage of contractholders
           over age 70.......................          7.8%          22.3%           31.6%          21.1%           11.6%
         Range of contractually specified
            interest rates...................          N/A            N/A            3%-6%          3%-6%
       GMIB:
       ----
         Account values invested in:
            General Account..................          N/A            N/A      $     -        $      811     $       811
            Separate Accounts................          N/A            N/A      $    5,596     $   24,177     $    29,773
         Net amount at risk, gross...........          N/A            N/A      $      305              -     $       305
         Net amount at risk, net of amounts
           reinsured.........................          N/A            N/A      $       76              -     $        76
         Weighted average years remaining
           until annuitization...............          N/A            N/A             2.8            8.7             7.3
         Range of contractually specified
           interest rates....................          N/A            N/A           3%-6%          3%-6%

</TABLE>


                                      -14-
<PAGE>


        B) Separate Account Investments by Investment Category Underlying GMDB
           -------------------------------------------------------------------
           and GMIB Features
           -----------------

        The total account values of variable annuity contracts with GMDB and
        GMIB features include amounts allocated to the guaranteed interest
        option which is part of the General Account and variable investment
        options which invest through Separate Accounts in variable insurance
        trusts. The following table presents the aggregate fair value of assets,
        by major investment category, held by Separate Accounts that support
        variable annuity contracts with GMDB and GMIB benefits and guarantees.
        The investment performance of the assets impacts the related account
        values and, consequently, the net amount of risk associated with the
        GMDB and GMIB benefits and guarantees. Since variable annuity contracts
        with GMDB benefits and guarantees may also offer GMIB benefits and
        guarantees in each contract, the GMDB and GMIB amounts listed are not
        mutually exclusive:

              INVESTMENT IN VARIABLE INSURANCE TRUST MUTUAL FUNDS

<TABLE>
<CAPTION>

                                                                                     MARCH 31,        December 31,
                                                                                       2006               2005
                                                                                  ----------------  ------------------
                                                                                             (IN MILLIONS)
       GMDB:
<S>                                                                                <C>               <C>
          Equity...............................................................    $   38,620        $    35,857
          Fixed income.........................................................         4,315              4,353
          Balanced.............................................................        10,537              9,121
          Other................................................................         2,197              1,813
                                                                                  ----------------  ------------------
          Total................................................................    $   55,669        $    43,133
                                                                                  ================  ==================

       GMIB:
          Equity...............................................................    $   19,428        $    17,540
          Fixed income.........................................................         2,611              2,608
          Balanced.............................................................         7,006              5,849
          Other................................................................           728                680
                                                                                  ----------------  ------------------
          Total................................................................    $   29,773        $    26,677
                                                                                  ================  ==================
</TABLE>

        C) Hedging Programs for GMDB and GMIB Features
           -------------------------------------------

        In 2003, AXA Equitable initiated a program intended to hedge certain
        risks associated with the GMDB feature of the Accumulator(R) series of
        variable annuity products sold beginning in April 2002. In 2004, the
        program was expanded to include hedging for certain risks associated
        with the GMIB feature of the Accumulator(R) series of variable annuity
        products sold beginning in 2004. This program currently utilizes
        exchange-traded futures contracts that are dynamically managed in an
        effort to reduce the economic impact of unfavorable changes in GMDB and
        GMIB exposures attributable to movements in the equity and fixed income
        markets. At March 31, 2006, the total account value and net amount at
        risk of the hedged Accumulator(R) series of variable annuity contracts
        were $32,784 million and $48 million, respectively, with the GMDB
        feature and $16,903 million and zero, respectively, with the GMIB
        feature.

        Although these programs are designed to provide economic protection
        against the impact adverse market conditions may have with respect to
        GMDB and GMIB guarantees, they do not qualify for hedge accounting
        treatment under SFAS No. 133. Gains or losses on the futures contracts
        used in these programs, including current period changes in fair value,
        are recognized in investment income in the period in which they occur,
        and may contribute to earnings volatility.

                                      -15-
<PAGE>


        D)  Variable and Interest-Sensitive Life Insurance Policies - No Lapse
            ------------------------------------------------------------------
            Guarantee
            ---------

        The no lapse guarantee feature contained in variable and
        interest-sensitive life insurance policies keeps them in force in
        situations where the policy value is not sufficient to cover monthly
        charges then due. The no lapse guarantee remains in effect so long as
        the policy meets a contractually specified premium funding test and
        certain other requirements.

        The following table summarizes the no lapse guarantee liabilities
        reflected in the General Account in future policy benefits and other
        policyholders liabilities, and related reinsurance ceded:

<TABLE>
<CAPTION>
                                                                  DIRECT             REINSURANCE
                                                                LIABILITY               CEDED                 NET
                                                          ----------------------- ------------------   ------------------
                                                                                  (IN MILLIONS)
<S>                                                        <C>                    <C>
      Balance at December 31, 2004.......................  $             20.5     $     (6.1)           $       14.4
         Paid guarantee benefits.........................                  -               -                       -
         Other changes in reserves.......................                 4.1           (4.2)                    (.1)
                                                           --------------------   ------------------    -----------------
      Balance at March 31, 2005..........................  $             24.6     $    (10.3)           $       14.3
                                                           ====================   ==================    =================
      Balance at December 31, 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
                                                           ====================   ==================    =================

</TABLE>

7)    EMPLOYEE BENEFIT PLANS

      Components of net periodic pension expense follow:

<TABLE>
<CAPTION>
                                                                                         THREE MONTHS ENDED
                                                                                             MARCH 31,
                                                                                -------------------------------------
                                                                                      2006               2005
                                                                                ----------------- -------------------
                                                                                           (IN MILLIONS)

<S>                                                                             <C>               <C>
      Service cost............................................................  $        9.4      $        8.8
      Interest cost on projected benefit obligation...........................          30.0              30.4
      Expected return on assets...............................................         (45.2)            (42.9)
      Net amortization and deferrals..........................................          18.8              19.0
                                                                                ----------------- -------------------
      Net Periodic Pension Expense............................................  $       13.0      $       15.3
                                                                                ================= ===================

</TABLE>

8)    ACCOUNTING FOR SHARED-BASED COMPENSATION

      AXA and AXA Financial sponsor various share-based compensation plans for
      eligible employees and associates of AXA Financial and its subsidiaries,
      including the Company. AllianceBernstein also sponsors its own unit option
      plans for certain of its employees. Activity in these share-based plans in
      the discussions that follow relates to awards granted to eligible
      employees and associates of AXA Financial and its subsidiaries under each
      of these plans in the aggregate, except where otherwise noted.

      For the quarter ended March 31, 2006, the Company recognized $6.5 million
      of compensation costs under SFAS No. 123(R) for employee stock options,
      including $5.2 million resulting from unvested awards at January 1, 2006.
      A summary of the activity in the AXA, AXA Financial and AllianceBernstein
      option plans follows, including the award made on March 31, 2006 of 3.8
      million nonstatutory stock options to purchase AXA ordinary shares. The
      cost of that award is attributed over the shorter of the employees' 4-year
      service-vesting term or to the date at which retirement eligibility is
      achieved and subsequent service no longer is required for continued
      vesting of the award. Information about options outstanding and
      exercisable at March 31, 2006 also is presented in the table below. The
      number of AXA ADRs authorized to be issued pursuant to option and, as
      further described below, restricted stock grants under the Stock Incentive
      Plan is approximately 124.5 million less the number of shares issued
      pursuant to option grants under The AXA Financial, Inc. 1991 Stock
      Incentive Plan (the predecessor plan to the Stock Incentive Plan).



                                      -16-
<PAGE>


<TABLE>
<CAPTION>
                                                                Options Outstanding
                         ---------------------------------------------------------------------------------------------------
                                                                                                   AllianceBernstein
                               AXA Ordinary Shares                    AXA ADRs                       Holding Units
                         ------------------------------- ---------------------------------- --------------------------------
                                             Weighted                          Weighted                        Weighted
                             Number          Average           Number          Average          Number         Average
                          Outstanding        Exercise       Outstanding        Exercise      Outstanding       Exercise
                         (In Millions)        Price        (In Millions)        Price       (In Millions)        Price
                         --------------- --------------- ------------------ --------------- --------------- ----------------
<S>                                <C>            <C>               <C>      <C>                   <C>       <C>
Options outstanding at
   December 31, 2005...            3.5    (euro)  20.87             38.6     $     24.06           7.5       $    40.45
Options granted(1).....            3.8    (euro)  29.22                -               -             -                -
Options exercised......              -                -             (2.1)    $     19.69          (1.0)      $    38.36
Options forfeited......           (0.3)   (euro)  29.22             (2.6)    $     34.70           (.1)      $    38.53
Options expired........              -                -                -               -             -                -
                         ---------------                  -----------------                 ---------------
Options Outstanding at
   March 31, 2006......            7.0    (euro)   25.21             33.9   $      23.49           6.4       $    40.80
                         =============== ===============  ================= =============== ===============  ===============
Aggregate Intrinsic
   Value(2)............                   (euro)   29.50                    $      388.6                     $    157.2
                                         ===============                    ===============                  ===============
Weighted Average
   Remaining
   Contractual Term
   (in years)..........           9.52                               4.97                          4.87
                         ===============                  =================                  ==============
Options Exercisable at
   March 31, 2006......            0.0                -              25.2   $      23.88           5.3       $    41.27
                         =============== ===============  ================= ===============  ==============  ===============
Aggregate Intrinsic
   Value(2)............                               -                     $      279.3                     $   129.3
                                         ===============                    ===============                  ===============
Weighted Average
   Remaining
   Contractual Term
   (in years)..........              -                               3.86                        4.71
                         ===============                  =================                 ===============

</TABLE>

      (1)   Approximately 2.6 million of the AXA ordinary share options granted
            on March 31, 2006 have a 4-year graded vesting schedule, with
            one-third vesting on each of the second, third and fourth
            anniversaries of the grant date. The remaining approximately 1.2
            million options have a 4-year cliff-vesting term. All of the options
            granted on March 31, 2006 have a 10-year contractual term.

       (2)  Intrinsic value is calculated as the excess of the closing price on
            March 31, 2006 of the respective underlying shares over the strike
            prices of the option awards.

      Cash proceeds received in first quarter 2006 from the exercise of employee
      stock options to purchase AXA ADRs were $42.2 million. The intrinsic value
      related to exercises during first quarter 2006 and 2005 of employee stock
      options to purchase AXA ADRs were $31.4 million and $22.2 million,
      respectively, resulting in amounts currently deductible for tax purposes
      of $10.4 million and $7.2 million for the periods then ended. Under SFAS
      No. 123(R), $6.9 million windfall tax benefits resulted from exercises of
      employee stock options to purchase AXA ADRs during first quarter 2006.

      At December 31, 2005, AXA Financial held 14.6 million AXA ADRs in treasury
      at a weighted average cost of approximately $24.00 per share, of which
      approximately 14.3 million were designated to fund future exercises of
      outstanding employee stock options. These AXA ADRs were obtained primarily
      by exercise of call options that had been purchased by AXA Financial in
      fourth quarter 2004 to mitigate the U.S. dollar price and foreign exchange
      risks associated with funding exercises of employee stock options.
      Remaining outstanding and unexercised at March 31, 2006 are call options
      to purchase 8.7 million AXA ADRs at strike prices ranging from $31.00 to
      $33.00, each having a cap equal to approximately 150% of its strike price,
      at which time the option automatically would be exercised, and all
      expiring on November 23, 2009. During first quarter 2006, AXA Financial
      utilized approximately 1.3 million AXA ADRs from treasury to fund
      exercises of employee stock options. At March 31, 2006, AXA Financial held
      13.4 million AXA ADRs in treasury, of which approximately 13.1 million
      were designated to fund future exercises of outstanding employee stock
      options and the remainder of approximately 0.3 million were available for
      general corporate purpose, including funding other stock-based
      compensation programs. Employee options outstanding at March 31, 2006 to
      purchase AXA ordinary shares first begin to vest in March 2007 and are
      expected to be funded by newly issued AXA ordinary shares.

      Prior to adoption of SFAS No. 123(R), the Company had elected to continue
      accounting for employee stock option awards under APB No. 25 and,
      therefore, no compensation cost for these awards was recognized in the
      consolidated statement of earnings in first quarter 2005. The following
      table illustrates the effect on net income had compensation expense for
      employee stock option awards been measured and recognized by the Company
      under the fair-value-based method of SFAS No. 123. These pro forma
      disclosures are not adjusted from amounts previously reported and,
      therefore, retain the original grant-date fair values of the underlying
      awards, continue to attribute cost over the awards' service-vesting
      periods and do not include estimates of pre-vesting forfeitures.


                                      -17-
<PAGE>


<TABLE>
<CAPTION>
                                                                                    Three Months
                                                                                       Ended
                                                                                   March 31, 2005
                                                                                 ----------------
                                                                                   (In Millions)
<S>                                                                               <C>
      Net earnings as reported................................................    $         276.4
      Less:  Total stock-based employee compensation expense determined
          under fair value method, net of income tax benefit...                             (5.7)
                                                                                 ----------------
      Pro Forma Net Earnings..................................................    $         270.7
                                                                                 ================
</TABLE>

      For the purpose of estimating the fair value of employee stock option
      awards granted on or after January 1, 2006, the Company continues to apply
      the Black-Scholes-Merton formula and the same methodologies for developing
      the input assumptions as previously had been used to prepare the pro forma
      disclosures required by SFAS No. 123. Shown below are the relevant input
      assumptions used by the Company to derive the fair values of options
      awarded in first quarter 2006 and 2005. No grants of options to purchase
      AXA ADRs were made to employees in first quarter 2006; similarly, no
      options on AllianceBernstein Holding Units were granted in first quarter
      2006 and 2005. For employee stock options with graded vesting terms and
      service conditions granted on or after January 1, 2006, the Company
      elected under SFAS No. 123(R) to retain its practice of valuing these as
      singular awards and to change to the graded-vesting method of attribution,
      whereby the cost is recognized separately over the requisite service
      period for each individual third of the options vesting on the second,
      third and fourth anniversaries of the grant date.

<TABLE>
<CAPTION>
                                                    AXA Ordinary Shares            AXA ADRs
                                              --------------------------------- ----------------
      Three months ended March 31,                 2006             2005             2005
                                              --------------- ----------------- ---------------
<S>                                                     <C>             <C>               <C>
       Dividend yield......................             3.15%           3.15%             3.01%

       Expected volatility.................              25%             25%               25%

       Risk-free interest rate.............             3.59%           3.09%             4.27%

       Expected life in years..............             5               5                 5

       Weighted average fair value per
         option at grant date..............    $        6.55    $       5.01      $       5.65

</TABLE>


      As of March 31, 2006, approximately $35.4 million of unrecognized
      compensation cost related to unvested employee stock option awards, net of
      estimated pre-vesting forfeitures, is expected to be recognized by the
      Company over a weighted average period of 2.52 years.

      Under the Stock Incentive Plan, AXA Financial grants restricted AXA ADRs
      to employees of its subsidiaries, including AXA Equitable. AXA ADRs
      authorized to be issued pursuant to restricted stock awards may not exceed
      20% of the aggregate shares authorized under the Stock Incentive Plan.
      Generally, all outstanding restricted AXA ADR grants have a 7-year vesting
      schedule with potential accelerated vesting based on performance. Under
      the Equity Plan, AXA Financial grants non-officer directors restricted AXA
      ADRs and unrestricted AXA ADRs annually. For the quarters ended March 31,
      2006 and 2005, the Company recognized compensation cost of $2.4 million
      under SFAS No. 123(R) and $4.6 million under APB No. 25, respectively, for
      awards outstanding under these plans. Consistent with existing practice of
      the Company prior to adoption of SFAS No. 123(R), grant-date fair value
      continues to be measured by the closing price of the AXA ADR and the
      result generally is attributed over the shorter of the performance period
      or to the date at which retirement eligibility is achieved and subsequent
      service no longer is required for continued vesting of the award.

      The following table summarizes unvested restricted AXA ADR activity for
      the first quarter 2006. As of March 31, 2006, approximately $2.0 million
      of unrecognized compensation cost related to these unvested awards, net of
      estimated pre-vesting forfeitures, is expected to be recognized over a
      weighted average period of 0.6 years. Restricted AXA ADRs vested in first
      quarter 2006 and 2005 had aggregate vesting-date fair values of
      approximately $9.5 million and $12.7 million, respectively. In first
      quarter 2005, 244,790 restricted AXA ADRs were granted, having an
      aggregate grant-date fair value of $6.6 million.


                                      -18-
<PAGE>


<TABLE>
<CAPTION>
                                                                                  SHARES OF            Weighted
                                                                                  RESTRICTED        Average Grant
                                                                                  STOCK AND              Date
                                                                                     PARS             Fair Value
                                                                                ---------------    -----------------

<S>                                                                                 <C>                 <C>
      Unvested as of December 31, 2005........................................      867,387             $   19.94
      Granted ................................................................       67,873             $   34.96
      Vested .................................................................     (381,836)            $   16.98
      Forfeited ..............................................................           -                     -
                                                                                ----------------
      Unvested as of March 31, 2006 ..........................................      553,424             $   23.82
                                                                                ================   =================
</TABLE>


      On March 31, 2006, under the terms of the AXA Performance Unit Plan 2006,
      the AXA Management Board awarded 722,854 unearned performance units to
      employees of AXA Financial subsidiaries. During each year that the
      performance unit awards are outstanding, a pro-rata portion of the units
      may be earned based on criteria measuring the performance of AXA and AXA
      Financial Group. The extent to which performance targets are met
      determines the number of performance units earned, which may vary between
      0% and 130% of the number of performance units at stake. Performance units
      earned under the 2006 plan cliff-vest on the second anniversary of their
      date of award. When fully-vested, the performance units earned will be
      settled in cash, or in some cases, a combination of cash (70%) and stock
      (30%), the latter equity portion having transfer restrictions for a
      two-year period. For 2006 awards, the price used to value the performance
      units at settlement will be the average opening price of the AXA ordinary
      share for the last 20 trading days of the vesting period converted to U.S.
      dollars using the Euro to U.S. dollar exchange rate on March 28, 2008.

      For the quarters ended March 31, 2006 and 2005, the Company recognized
      compensation cost of $5.0 million under SFAS No. 123(R) and $1.3 million
      under APB No. 25, respectively, for performance units earned to date.
      Substantially similar to existing practice of the Company prior to
      adoption of SFAS No. 123(R), the change in fair value of these awards in
      first quarter 2006 was measured by the closing price of the underlying AXA
      ordinary shares or AXA ADRs and adjustment was made to reflect the impact
      of expected and actual pre-vesting forfeitures. In addition, similar to
      adoption of SFAS No. 123(R) for employee stock option awards, the cost of
      performance units awarded on or after January 1, 2006, such as those
      granted on March 31, 2006, were attributed over the shorter of the
      cliff-vesting period or to the date at which retirement eligibility is
      achieved. The value of performance units earned and reported in Other
      liabilities in the consolidated balance sheets as at March 31, 2006 and
      December 31, 2005 was $17.4 million and $9.1 million, respectively,
      including incremental awards earned under the 2005 and 2004 plans from
      having exceeded the targeted performance criteria established in those
      years by 14.6% and 11.1%, respectively. Approximately 720,691 outstanding
      performance units are at risk to achievement of 2006 performance criteria,
      including approximately 50% of the award granted on March 31, 2006.

      Following completion of the merger of AXA Merger Corp. with and into AXA
      Financial in January 2001, certain employees exchanged fully-vested
      in-the-money AXA ADR options for tandem Stock Appreciation Rights/AXA ADR
      nonstatutory options ("tandem SARs/NSOs") of then-equivalent intrinsic
      value. The Company recorded compensation expense for these fully-vested
      awards of $4.8 million and $6.7 million for the periods ended March 31,
      2006 and 2005, respectively, reflecting the impact in those periods of the
      change in the market price of the AXA ADR on the cash-settlement value of
      the SARs component of the outstanding tandem SARs/NSOs. The value of these
      tandem SARs/NSOs at March 31, 2006 and December 31, 2005 was $29.2 million
      and $57.5 million, respectively. At March 31, 2006, 1.9 million tandem
      SARs/NSOs were outstanding, having weighted average remaining expected and
      contractual terms of 1.47 and 2.94 years, respectively, and for which the
      SARs component had maximum value of $30.9 million. During first quarter
      2006 and 2005, respectively, approximately 2.4 million and 0.1 million of
      these awards were exercised at an aggregate cash-settlement value of $35.2
      million and $0.6 million.

      On March 31, 2006, 59,644 Stock Appreciation Rights with a 4-year cliff
      vesting schedule were granted to certain associates of AXA Financial
      subsidiaries. These Stock Appreciation Rights entitle the holder to a cash
      payment equal to any appreciation in the value of the AXA ordinary share
      over 29.22 Euros as of the date of exercise. Similar to the SARs component
      of the tandem SARs/NSOs, awards remaining unexercised at expiry of their
      10-year contractual term will be automatically exercised on the expiration
      date. The accrued value of Stock Appreciation Rights at March 31, 2006 and
      December 31, 2005 was $2.1 million and $1.9 million, respectively, and
      recorded as liabilities in the consolidated balance sheets. For the
      periods ended March 31, 2006 and 2005, respectively, the Company
      recorded compensation expense for Stock


                                      -19-
<PAGE>


      Appreciation Rights of $0.1 million and $0.1 million, reflecting the
      impact in those periods of the change in the market price of the
      underlying AXA ordinary share or AXA ADR on the value of the outstanding
      Stock Appreciation Rights.

      Under SFAS No. 123(R), the Company recognized compensation expense for
      payroll deductions authorized and applied in first quarter 2006 under the
      terms of the AXA Financial, Inc. Qualified Stock Purchase Plan to purchase
      AXA ADRs of 74,280 at an aggregate discount of $0.3 million, representing
      a discount of 15% from the closing market value of the AXA ADR at the
      purchase dates defined in the annual offering document (generally on or
      about the close of each month). Prior to adoption of SFAS No. 123(R), no
      compensation expense was recorded in connection with this plan, including
      the aggregate discount of $0.3 million for the quarter ended March 31,
      2005. Under the terms of the AXA Financial, Inc. Non-Qualified Stock
      Purchase Plan, total AXA ADRs of 107,556 and 111,937 were purchased during
      first quarters 2006 and 2005, respectively, including those purchased with
      employer match-funding contributions for which the Company recorded
      compensation expense of $0.6 million and $0.3 million for the respective
      periods then ended.

9)    INCOME TAXES

      Income taxes for interim periods have been computed using an estimated
      annual effective tax rate. This rate is revised, if necessary, at the end
      of each successive interim period to reflect the current estimate of the
      annual effective tax rate.

10)   LITIGATION

      There have been no new material legal proceedings and no material
      developments in specific litigations previously reported in the Company's
      Notes to Consolidated Financial Statements for the year ended December 31,
      2005, except as described below:

      In AMERICAN NATIONAL BANK, in March 2006, AXA Equitable's motion for
      reconsideration, filed in January 2006, was denied.

      In DH2, in March 2006, AXA Equitable filed an answer to DH2's Third
      Amended Complaint that alleges claims substantially similar to those
      included in the original amended complaint.

      ALLIANCE LITIGATION
      -------------------

      In the ENRON COMPLAINT, in April 2006, AllianceBernstein moved for summary
      judgment dismissing the Enron Amended Consolidated Complaint as the
      allegations therein pertain to AllianceBernstein. The motion is pending.

      In ERB, in March 2006, the case was voluntarily dismissed with prejudice
      pursuant to a settlement agreement.

      In the MUTUAL FUND MDL, in April 21, 2006, AllianceBernstein and attorneys
      for the plaintiffs in the mutual fund shareholder claims, mutual fund
      derivative claims, and ERISA claims entered into a confidential memorandum
      of understanding containing their agreement to settle these
      claims. The agreement will be documented by a stipulation of settlement
      and will be submitted for court approval at a later date.

      In the WV Securities Commissioners Summary Matter, in April 2006,
      defendants' petition for Writ of Prohibition and Order Suspending
      Proceedings was denied. In May 2006, defendants appealed the court's
      determination.

      Although the outcome of litigation generally cannot be predicted with
      certainty, management believes that, except as otherwise noted in AXA
      Equitable Notes to Consolidated Financial Statements for the year ended
      December 31, 2005, the ultimate resolution of the litigations described
      above involving AXA Equitable and/or its subsidiaries should not have a
      material adverse effect on the consolidated financial position of AXA
      Equitable. Except as previously noted, management cannot make an estimate
      of loss, if any, or predict whether or not any of such other litigations
      described above or in AXA Equitable Notes to Consolidated Financial
      Statements for the year ended December 31, 2005 will have a material
      adverse effect on AXA Equitable consolidated results of operations in any
      particular period.

      In addition to the matters previously reported and those described above,
      AXA Equitable and its subsidiaries are involved in various legal actions
      and proceedings in connection with their businesses. Some of the actions
      and proceedings have been brought on behalf of various alleged classes of
      claimants and certain of these



                                      -20-
<PAGE>


      claimants seek damages of unspecified amounts. While the ultimate outcome
      of such matters cannot be predicted with certainty, in the opinion of
      management no such matter is likely to have a material adverse effect on
      AXA Equitable consolidated financial position or results of operations.
      However, it should be noted that the frequency of large damage awards,
      including large punitive damage awards that bear little or no relation to
      actual economic damages incurred by plaintiffs in some jurisdictions,
      continues to create the potential for an unpredictable judgment in any
      given matter.

11)   BUSINESS SEGMENT INFORMATION

      The following tables reconcile segment revenues and earnings from
      continuing operations before income taxes and minority interest to total
      revenues and earnings as reported on the consolidated statements of
      earnings and segment assets to total assets on the consolidated balance
      sheets, respectively.

<TABLE>
<CAPTION>
                                                                                       THREE MONTHS ENDED
                                                                                           MARCH 31,
                                                                             ---------------------------------------
                                                                                   2006                 2005
                                                                             ------------------   ------------------
                                                                                         (IN MILLIONS)
      SEGMENT REVENUES:
<S>                                                                           <C>                 <C>
      Insurance............................................................   $     1,342.3       $     1,483.0
      Investment Services(1)...............................................           928.8               750.6
      Consolidation/elimination............................................           (22.2)              (21.1)
                                                                              -----------------   ------------------
      Total Revenues.......................................................   $     2,248.9       $     2,212.5
                                                                              =================   ==================
<FN>

      (1) Net of interest expense incurred on securities borrowed.
</FN>

      SEGMENT EARNINGS FROM CONTINUING OPERATIONS BEFORE
         INCOME TAXES AND MINORITY INTEREST:
      Insurance............................................................   $       230.4       $       299.4
      Investment Services..................................................           266.7               173.1
      Consolidation/elimination............................................             -                   -
                                                                              -----------------   ------------------
      Total Earnings from Continuing Operations before
          Income Taxes and Minority Interest...............................   $       497.1       $       472.5
                                                                              =================   ==================


                                                                                  MARCH 31,         December 31,
                                                                                     2006               2005
                                                                                ---------------   ------------------
                                                                                           (IN MILLIONS)
      SEGMENT ASSETS:
      Insurance............................................................   $   123,611.5       $   118,803.7
      Investment Services..................................................        15,816.3            15,161.4
      Consolidation/elimination............................................             -                   2.0
                                                                              -----------------   ------------------
      Total Assets.........................................................   $   139,427.8       $   133,967.1
                                                                              =================   ==================
</TABLE>

      In first quarter 2006, AllianceBernstein issued units to its employees
      under long-term incentive plans. As a result of this transaction, the
      Company recorded a non-cash $29.1 million realized gain. At March 31, 2006
      and December 31, 2005, the Company's beneficial ownership in
      AllianceBernstein was approximately 45.9% and 46.3%.


                                      -21-
<PAGE>


12)   RELATED PARTY TRANSACTIONS

      AXA Equitable reimburses AXA Financial for expenses relating to the Excess
      Retirement Plan, Supplemental Executive Retirement Plan and certain other
      employee benefit plans that provide participants with medical, life
      insurance, and deferred compensation benefits. Such reimbursement was
      based on the cost to AXA Financial of the benefits provided which totaled
      $15.1 million and $14.7 million, respectively, for the first quarters 2006
      and 2005.

      AXA Equitable paid $185.8 million and $159.5 million, respectively, of
      commissions and fees to AXA Distribution and its subsidiaries for sales of
      insurance products for the first quarters 2006 and 2005. AXA Equitable
      charged AXA Distribution's subsidiaries $78.8 million and $73.1 million,
      respectively, for their applicable share of operating expenses for the
      first quarters 2006 and 2005, pursuant to the Agreements for Services.


                                      -22-
<PAGE>


ITEM 2.

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

Management's discussion and analysis is omitted pursuant to General Instruction
H of Form 10-Q. The management narrative for the Company that follows should be
read in conjunction with the Consolidated Financial Statements and the related
Notes to Consolidated Financial Statements included elsewhere herein, with the
information provided under "Forward-looking Statements" and "Risk Factors"
included elsewhere herein and with the management narrative found in the
Management's Discussion and Analysis ("MD&A") section included in the Company's
Annual Report on Form 10-K for the year ended December 31, 2005 ("2005 Form
10-K").

CONSOLIDATED RESULTS OF OPERATIONS

FIRST QUARTER 2006 COMPARED TO FIRST QUARTER 2005

Net earnings for the Company totaled $235.1 million for first quarter 2006,
$29.9 million lower than the $265.0 million reported for first quarter 2005, as
the Insurance segment's net earnings decrease of $62.8 million was partially
offset by a $33.0 million increase for the Investment Services segment. Earnings
from continuing operations before income taxes and minority interest were $497.1
million for first quarter 2006, an increase of $24.6 million from the year
earlier quarter. The Insurance segment's pre-tax earnings decrease of $68.9
million was more than offset by the $93.5 million increase in the Investment
Services segment's earnings. The first quarter 2006 decrease in pre-tax earnings
to $230.4 million in the Insurance segment was primarily due to lower investment
and other income partially offset by lower DAC and VOBA amortization in first
quarter 2006. The Investment Services segment's first quarter 2006 pre-tax
earnings were $266.7 million, $93.5 million higher than in first quarter 2005,
principally due to higher earnings at AllianceBernstein. In first quarter 2006,
the Company adopted the provisions of SFAS No. 123(R) and recognized $6.5
million ($4.2 million after-tax) in compensation cost for employee stock
options.

In 2003, AXA Equitable initiated a program intended to hedge certain risks
associated with the GMDB feature of the Accumulator(R) series of variable
annuity products sold beginning in April 2002. In 2004, the program was expanded
to include hedging for certain risks associated with the GMIB feature of the
Accumulator(R) series of variable annuity products sold beginning in 2004. This
program currently utilizes exchange-traded futures contracts that are
dynamically managed in an effort to reduce the economic impact of unfavorable
changes in GMDB and GMIB exposures attributable to movements in the equity and
fixed income markets.

Although these programs are designed to provide economic protection against the
impact adverse market conditions may have with respect to GMDB and GMIB
guarantees, they do not qualify for hedge accounting treatment under SFAS No.
133. Gains or losses on the futures contracts used in these programs, including
current period changes in fair value, are recognized in investment income in the
period in which they occur, and may contribute to earnings volatility. Unlike
the futures hedge contracts and the GMIB reinsurance contracts, GMDB/GMIB
reserve liabilities are not reported on a fair value basis. Instead, reserves
for GMDB/GMIB obligations are calculated on the basis of actuarial assumptions
related to projected benefits and related contract charges over the lives of the
contracts; they do not reflect the immediate impact of equity and interest rate
market fluctuations. In periods of rising equity and interest rate markets, the
fair value of the futures and GMIB reinsurance contracts will decline while the
GMDB/GMIB reserves will not reflect corresponding changes, resulting in a
decline in pre-tax earnings. Conversely, in periods of equity and interest rate
market declines, the fair value of the futures and GMIB reinsurance contracts
will increase while the GMDB/GMIB reserves will not reflect corresponding
changes, resulting in an increase in pre-tax earnings. Consequently, pre-tax
earnings from continuing operations in any particular period do not fully
reflect the economics of the GMDB/GMIB features and related futures hedge and
reinsurance risk management programs.

Revenues. In first quarter 2006, total revenues increased $36.3 million to $2.25
billion. The Investment Services segment's $178.2 million increase in revenues
to $928.8 million in first quarter 2006 was partially offset by a decrease of
$140.8 million to $1.34 billion for the Insurance segment.

Policy fee income was $523.6 million, $81.3 million higher than first quarter
2005 primarily due to higher average Separate Account balances resulting from
positive net cash flows and market appreciation.

Net investment income decreased $145.7 million to $516.0 million. The $148.9
million decrease for the Insurance segment was primarily due to the $126.6
million decrease in fair value in first quarter 2006 of derivative instruments
related to hedging programs implemented to mitigate certain risks associated
with the GMDB/GMIB features of certain contracts as compared to $30.4 million
increase in fair value in first quarter 2005.

Investment gains totaled $31.8 million in first quarter 2006, as compared to
$4.1 million in first quarter 2005, as the $4.9 million decrease for the
Insurance segment was more than offset by a $32.6 million gain in the Investment
Services segment principally resulting from the increase in AllianceBernstein
equity due to the issuance of units to its employees under long-term
incentive plans in first quarter 2006. The Insurance segment's decrease in the
2006 quarter primarily resulted from lower gains from sales of fixed maturity
securities ($4.9 million in first quarter 2006 as compared to $9.1 million in
first quarter 2005) and higher writedowns on General Account fixed maturities,
$6.0 million in first quarter 2006 as compared to $1.2 million in first quarter
2005.

Commissions, fees and other income increased $95.5 million to $975.2 million in
first quarter 2006 with the $142.4 increase in the Investment Services segment
being partially offset by a $45.8 million decrease in the Insurance segment. The
Investment Management segment increase was principally due to the $109.3 million
and $43.3 million increases in investment advisory and services fees and other
revenues, net at AllianceBernstein in first quarter 2006 as compared to first
quarter 2005. The 21.1% increase of $109.3 million to $626.7 million in
investment advisory and services fees was primarily due to a 12.1% increase in
average assets under management ("AUM") resulting from market appreciation and
net asset inflows and higher performance fees.


                                      -23-
<PAGE>


Other revenues, net at AllianceBernstein increased $43.3 million reflecting
mark-to-market gains of $31.9 million on investments related to deferred
compensation plan obligations and other investments, a $4.1 million gain on the
exchange of a NYSE membership seat and $3.5 million in contingent payments
earned in first quarter 2006 related to the Federated cash management
transaction in 2005. The Insurance segment decrease of $45.8 million to $115.8
million in first quarter 2006 was due to the change in the fair value of the
GMIB reinsurance contracts that was partially offset by higher gross investment
management fees received from EQAT and VIP Trust due to a higher asset base. As
required by SFAS No. 133, the GMIB reinsurance contracts are considered
derivatives and are reported at fair value. In first quarter 2006, the fair
value of these contracts decreased $38.3 million as compared to a $40.1 million
increase in fair value during first quarter 2005.

Benefits and Other Deductions. In first quarter 2006, total benefits and other
deductions increased $11.7 million to $1.75 billion as an increase of $84.7
million in the Investment Services segment was partially offset by a $71.9
million decrease in the Insurance segment.

Total compensation and benefits increased $46.8 million to $474.4 million in
first quarter 2006 as an increase of $84.9 million for the Investment Services
segment was offset by a $38.3 million decrease for the Insurance segment. The
increase in first quarter 2006 reflected the $42.3 million increase in incentive
compensation primarily due to higher earnings, the $25.8 million increase in
commission expense due to higher sales volume across all distribution channels
and Institutional Research Services and the $17.2 million increase in base
compensation, fringe benefits and other employment costs due to increased
headcounts, annual merit increases and higher fringe benefits reflecting the
increased compensation levels at AllianceBernstein. The $38.3 million decrease
for the Financial Advisory/Insurance segment was primarily due to the $45.4
million decrease in other benefits due to the announced curtailment of the age
and/or service credits toward the cost sharing rules for retiree health coverage
for active participants effective December 31, 2006.

For first quarter 2006, commissions in the Insurance segment totaled $333.4
million, an increase of $88.4 million when compared to $245.0 million from first
quarter 2005 principally due to higher sales of annuity products.

There was a $20.4 million decrease in distribution plan payments by
AllianceBernstein due to lower amortization of deferred sales commissions as a
result of lower back-end load shares and lower distribution plan payments.

DAC amortization decreased to $83.3 million in first quarter 2006, down $101.0
million as compared to first quarter 2005. This decrease in amortization was
principally related to reactivity to decreases in first quarter 2006 in the fair
value of the derivative instruments related to the GMDB/GMIB hedging programs,
the decrease in fair value of the GMIB reinsurance asset and the unlocking
impact from recognition of higher expected future margins driven by higher fees
related to variable insurance and annuity contracts. These decreases were
partially offset by higher current margins on products that are DAC reactive.
Both years also reflect DAC unlocking associated with higher estimated future
margins due to expectations of life mortality improvement based on emerging
experience, which resulted in a deceleration of DAC amortization. However, the
deceleration of DAC amortization resulting from these revised mortality
projections was lower in 2006 than in 2005.

DAC capitalization increased $55.8 million to $314.8 million, as compared to the
$259.0 million reported in first quarter 2005, primarily due to higher sales of
annuity products.

There was a $64.1 million increase in other operating costs and expenses to
$283.7 million in first quarter 2006. The $43.3 million increase in the
Insurance segment was principally due to higher sub-advisory fees at EQAT and
VIP Trust due to higher average asset balances and increases in advertising,
software, consulting and distribution expense allowance costs. The Investment
Services segment increase of $22.2 million primarily resulted from increases in
legal, market data service and data processing expenses at AllianceBernstein in
first quarter 2006.

Premiums and Deposits. Total premiums and deposits for insurance and annuity
products for first quarter 2006 were $4.04 billion, a $665.4 million increase
from the 2005 quarter with $640.7 million higher first year premiums and
deposits in first quarter 2006 than the prior year's comparable period. The
$14.8 million decrease in first year premiums and deposits for the life products
principally due to lower sales of COLI variable life products in the retail
channel was more than offset by the $654.9 million increase in the annuity
lines' first year premiums and deposits. This increase was primarily due to
higher sales of variable annuity products, $504.5 million in the wholesale
distribution channel and $170.4 million the retail channel.


                                      -24-
<PAGE>


Surrenders and Withdrawals. Surrenders and withdrawals increased from $1.57
billion in first quarter 2005 to $2.00 billion for first quarter 2006 with an
increase of $437.5 million reported for the individual annuities product line,
partially offset by a decline of $11.7 million in variable and
interest-sensitive surrenders and withdrawals. The annualized annuities
surrender rate increased to 9.0 % in first quarter 2006 from 8.0% in first
quarter 2005. Conversely, the individual life surrender rates decreased to 3.8%
from 4.1% for the same respective periods. The surrender and withdrawal rates
described above continue to fall within the range of expected experience.

Assets Under Management.  Breakdowns of assets under management follow:

                             ASSETS UNDER MANAGEMENT
                                  (IN MILLIONS)

<TABLE>
<CAPTION>
                                                                                             MARCH 31,
                                                                                 -----------------------------------
                                                                                       2006              2005
                                                                                 ----------------- -----------------
<S>                                                                               <C>              <C>
Third party.....................................................................  $    552,516     $    471,157
AXA Equitable General Account, AXA Financial Group
   and its other affiliates.....................................................        54,794           54,590
Insurance Group Separate Accounts ..............................................        79,419           64,977
                                                                                  ---------------- -----------------
Total Assets Under Management...................................................  $    686,729     $    590,724
                                                                                  ================ =================
</TABLE>

Third party assets under management at March 31, 2006 increased $96.0 billion
primarily due to increases at AllianceBernstein. General Account, AXA Equitable
and its other affiliates' assets under management increased $204.0 million from
first quarter 2005. The $14.44 billion increase in Insurance Group Separate
Account assets under management resulted from market appreciation and net new
deposits.

AllianceBernstein assets under management at the end of first quarter 2006
totaled $617.6 billion as compared to $533.9 billion at March 31, 2005 as market
appreciation of $78.3 billion and net inflows across all distribution channels
totaling $33.8 billion were offset by $28.4 billion in dispositions, including
the approximately $18.3 billion of client AUM that were transferred to Federated
during second quarter 2005. Non-US clients accounted for 32.0% of the March 31,
2006 total.

LIQUIDITY AND CAPITAL RESOURCES

AXA Equitable. At March 31, 2006, AXA Equitable had no short-term debt or
commercial paper outstanding.

AllianceBernstein. For the three months ended March 31, 2006 and 2005,
respectively, cash flows included inflows of $39.9 million and $16.7 million due
to the additional investment by AllianceBernstein Holding with proceeds from the
exercise of options to acquire AllianceBernstein Holdings units offset by
outflows of $16.1 million related to purchases of AllianceBernstein Holdings
units totaling $16.1 million and $6.4 million to fund deferred compensation
plans. Cash flows in first quarter 2006 also included $47.2 million from the
issuance of AllianceBernstein Holding units in exchange for cash awards under a
compensation plan and $38.1 million from the issuance of commercial paper.
Capital expenditures at AllianceBernstein were $20.9 million in first quarter
2006 compared to $23.7 million in first quarter 2005 while purchases of
investments totaled $32.9 million in the 2006 quarter as compared to $1.4
million in the year earlier quarter. Available cash flow for cash distributions
from AllianceBernstein totaled $290.8 million and $231.0 million for first
quarter 2006 and 2005, respectively.

At March 31, 2006, AllianceBernstein had $7.5 million of short-term debt and
$39.0 million under its commercial paper program outstanding; no amount was
outstanding under its revolving credit facility at March 31, 2006. In February
2006, AllianceBernstein entered into an $800.0 million five-year revolving
credit facility with a group of commercial banks and other lenders, replacing an
$800.0 million five-year revolving credit facility that was due to expire in
September 2007. Both of these revolving credit facilities have substantially the
same terms. In March 2006, SCB LLC entered into four separate uncommitted line
of credit facility agreements with various banks, each for $100.0 million. At
March 31, 2006, no amounts were outstanding under these credit facilities. In
May 2006, AllianceBernstein increased the credit available under its commercial
paper program from $425.0 million to $800.0 million, reducing the amount
available under its revolving credit facility to zero.

On May 2, 2006, AllianceBernstein purchased the remaining 50% interest in its
Hong Kong joint venture for $24.3 million.

                                      -25-
<PAGE>


ITEM 3.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Omitted pursuant to General Instruction H to Form 10-Q.

ITEM 4.       CONTROLS AND PROCEDURES

An evaluation was performed under the supervision and with the participation of
management, including the Chief Executive Officer and the Chief Financial
Officer, of the effectiveness of the design and operation of the Company's
disclosure controls and procedures as of March 31, 2006. Based on that
evaluation, management, including the Chief Executive Officer and Chief
Financial Officer, concluded that the Company's disclosure controls and
procedures are effective. There has been no change in the Company's internal
control over financial reporting that occurred during the period covered by this
report that has materially affected, or is reasonably likely to materially
affect, the Company's internal control over financial reporting.


                                      -26-
<PAGE>


PART II       OTHER INFORMATION

ITEM 1        LEGAL PROCEEDINGS

See Note 10 of Notes to Consolidated Financial Statements contained herein.
Except as disclosed in Note 10 of Notes to Consolidated Financial Statements,
there have been no new material legal proceedings and no material developments
in legal proceedings previously reported in the 2005 Form 10-K.

ITEM 1A.       RISK FACTORS

There have been no material changes to the risk factors described in Part I,
Item 1A "Risk Factors" included in the 2005 Form 10-K.

ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

               None

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

               None

ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

               None

ITEM 5.    OTHER INFORMATION

               None

ITEM 6.    EXHIBITS

             Number                Description and Method of Filing

           ----------- ---------------------------------------------------------

              31.1     Certification of the Registrant's Chief Executive Officer
                       pursuant to Section 302 of the Sarbanes-Oxley Act of 2002


              31.2     Certification of the Registrant's Chief Financial Officer
                       pursuant to Section 302 of the Sarbanes-Oxley Act of 2002


              32.1     Certification of the Registrant's Chief Executive Officer
                       pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

              32.2     Certification of the Registrant's Chief Financial Officer
                       pursuant to Section 906 of the Sarbanes-Oxley Act of 2002


                                      -27-
<PAGE>


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, AXA
Equitable Life Insurance Company has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

Date:    May 12, 2006         AXA EQUITABLE LIFE INSURANCE COMPANY



                              By:      /s/ Stanley B. Tulin
                                       -----------------------------------------
                                       Name:    Stanley B. Tulin
                                       Title:   Vice Chairman of the Board and
                                                Chief Financial Officer

Date:    May 12, 2006                  /s/ Richard S. Dziadzio
                                       -----------------------------------------
                                       Name:    Richard S. Dziadzio
                                       Title:   Executive Vice President and
                                                Deputy Chief Financial Officer

Date:    May 12, 2006                  /s/ Alvin H. Fenichel
                                       -----------------------------------------
                                       Name:    Alvin H. Fenichel
                                       Title:   Senior Vice President and
                                                Controller

                                      -28-