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 June 30, 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 August 10, 2006, 2,000,000 shares of the registrant's 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 31

<PAGE>


                      AXA EQUITABLE LIFE INSURANCE COMPANY
                                    FORM 10-Q
                       FOR THE QUARTER ENDED JUNE 30, 2006

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                  Page

<S>         <C>                                                                                    <C>

PART I      FINANCIAL INFORMATION

Item 1:     Financial Statements
            o Consolidated Balance Sheets, June 30, 2006 and December 31, 2005..................    4
            o Consolidated Statements of Earnings, Three Months and Six Months Ended
              June 30, 2006 and 2005............................................................    5
            o Consolidated Statements of Shareholder's Equity, Six Months Ended
              June 30, 2006 and 2005............................................................    6
            o Consolidated Statements of Cash Flows, Six Months Ended
              June 30, 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")...................................   25

Item 3:     Quantitative and Qualitative Disclosures About Market Risk*.........................   29

Item 4:     Controls and Procedures.............................................................   29


PART II     OTHER INFORMATION

Item 1:     Legal Proceedings...................................................................   30

Item 1A:    Risk Factors........................................................................   30

Item 2:     Unregistered Sales of Equity Securities and Use of Proceeds.........................   30

Item 3:     Defaults Upon Senior Securities.....................................................   30

Item 4:     Submission of Matters to a Vote of Security Holders.................................   30

Item 5:     Other Information...................................................................   30

Item 6:     Exhibits............................................................................   30

SIGNATURES......................................................................................   31

</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>
                                                                                  JUNE 30,           December 31,
                                                                                   2006                 2005
                                                                              -----------------    -----------------
                                                                                         (IN MILLIONS)
<S>                                                                           <C>                  <C>
ASSETS
Investments:
  Fixed maturities available for sale, at estimated fair value..............  $    28,978.0        $    30,034.8
  Mortgage loans on real estate.............................................        3,106.4              3,233.9
  Equity real estate, held for the production of income.....................          562.3                616.2
  Policy loans..............................................................        3,840.1              3,824.2
  Other equity investments..................................................        1,718.9              1,122.1
  Other invested assets.....................................................          988.5              1,290.9
                                                                              -----------------    -----------------
      Total investments.....................................................       39,194.2             40,122.1
Cash and cash equivalents...................................................        1,367.9              1,112.1
Cash and securities segregated, at estimated fair value.....................        1,861.5              1,720.8
Broker-dealer related receivables...........................................        3,152.5              2,929.1
Deferred policy acquisition costs...........................................        8,166.7              7,557.3
Goodwill and other intangible assets, net...................................        3,786.4              3,758.8
Amounts due from reinsurers.................................................        2,635.1              2,604.4
Loans to affiliates.........................................................          400.0                400.0
Other assets................................................................        3,642.2              3,765.5
Separate Accounts' assets...................................................       74,423.0             69,997.0
                                                                              -----------------    -----------------

TOTAL ASSETS................................................................  $   138,629.5        $   133,967.1
                                                                              =================    =================

LIABILITIES

Policyholders' account balances.............................................  $    27,037.0        $    27,194.0
Future policy benefits and other policyholders liabilities..................       13,963.8             13,997.8
Broker-dealer related payables..............................................        1,313.8              1,226.9
Customers related payables..................................................        3,418.9              2,924.3
Amounts due to reinsurers...................................................        1,035.6              1,028.3
Short-term and long-term debt...............................................          863.0                855.4
Loans from affiliates.......................................................          325.0                325.0
Income taxes payable........................................................        2,769.6              2,821.6
Other liabilities...........................................................        1,830.8              1,786.9
Separate Accounts' liabilities..............................................       74,423.0             69,997.0
Minority interest in equity of consolidated subsidiaries....................        2,140.3              2,096.4
Minority interest subject to redemption rights..............................          274.2                271.6
                                                                              -----------------    -----------------
      Total liabilities.....................................................      129,395.0            124,525.2
                                                                              -----------------    -----------------

Commitments and contingent liabilities (Note 10)

SHAREHOLDER'S EQUITY
Common stock, $1.25 par value, 2.0 million shares authorized,
  issued and outstanding....................................................            2.5                  2.5
Capital in excess of par value..............................................        5,046.0              4,976.3
Retained earnings...........................................................        4,280.2              4,030.8
Accumulated other comprehensive (loss) income...............................          (94.2)               432.3
                                                                              -----------------    -----------------
      Total shareholder's equity............................................        9,234.5              9,441.9
                                                                              -----------------    -----------------

TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY..................................  $   138,629.5        $   133,967.1
                                                                              =================    =================
</TABLE>


                 See Notes to Consolidated Financial Statements.

                                       4
<PAGE>

                      AXA EQUITABLE LIFE INSURANCE COMPANY
                       CONSOLIDATED STATEMENTS OF EARNINGS
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                           THREE MONTHS ENDED                   SIX MONTHS ENDED
                                                                JUNE 30,                            JUNE 30,

                                                    ----------------------------------  ---------------------------------
                                                         2006               2005             2006              2005
                                                    ----------------   ---------------  ---------------   ---------------
                                                                               (IN MILLIONS)

<S>                                                 <C>                <C>              <C>               <C>
REVENUES
Universal life and investment-type
  product policy fee income........................ $      549.6       $      454.1     $    1,073.2      $      896.3
Premiums...........................................        204.2              210.2            406.5             435.0
Net investment income..............................        715.8              630.3          1,258.7           1,287.9
Investment gains, net..............................         13.3               44.6             45.1              48.7
Commissions, fees and other income.................      1,130.8              884.2          2,079.1           1,768.4
                                                    ----------------   ---------------  ---------------   ---------------
      Total revenues...............................      2,613.7            2,223.4          4,862.6           4,436.3
                                                    ----------------   ---------------  ---------------   ---------------

BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits............................        492.1              486.5            944.9             956.4
Interest credited to policyholders'
  account balances.................................        242.5              277.3            515.8             535.8
Compensation and benefits..........................        490.7              424.9            965.1             852.4
Commissions........................................        357.2              296.2            690.6             541.2
Distribution plan payments.........................         72.8               71.3            143.8             162.8
Amortization of deferred sales commissions.........         23.6               34.4             50.0              71.0
Interest expense...................................         18.4               21.0             36.3              38.9
Amortization of deferred policy acquisition costs..        264.7              117.7            348.0             302.0
Capitalization of deferred policy acquisition costs       (338.1)            (296.3)          (652.9)           (555.3)
Rent expense.......................................         51.5               37.5             96.0              80.0
Amortization of other intangible assets............          5.9                6.1             11.8              11.9
Other operating costs and expenses.................        302.4              211.9            586.1             431.5
                                                    ----------------   ---------------  ---------------   ---------------
      Total benefits and other deductions..........      1,983.7            1,688.5          3,735.5           3,428.6
                                                    ----------------   ---------------  ---------------   ---------------

Earnings from continuing operations before
  income taxes and minority interest...............        630.0              534.9          1,127.1           1,007.7
Income taxes.......................................       (172.3)            (150.3)          (311.1)           (268.2)
Minority interest in net income of
  consolidated subsidiaries........................       (140.2)            (106.6)          (263.2)           (196.2)
                                                    ----------------   ---------------  ---------------   ---------------
Earnings from continuing operations................        317.5              278.0            552.8             543.3
(Losses) earnings from discontinued operations, net
  of income taxes..................................         (3.2)                .6             (3.4)               .3
                                                    ----------------   ---------------  ---------------   ---------------

Net Earnings....................................... $      314.3       $      278.6     $      549.4      $      543.6
                                                    ================   ===============  ===============   ===============
</TABLE>



                 See Notes to Consolidated Financial Statements.

                                       5
<PAGE>



                      AXA EQUITABLE LIFE INSURANCE COMPANY
                 CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY
                     SIX MONTHS ENDED JUNE 30, 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
Increase in additional paid in capital in excess of par value...............           69.7                 24.5
                                                                              -----------------    -----------------
Capital in excess of par value, end of period...............................        5,046.0              4,915.4
                                                                              -----------------    -----------------

Retained earnings, beginning of year........................................        4,030.8              3,457.0
Net earnings................................................................          549.4                543.6
Shareholder dividends paid..................................................         (300.0)              (250.0)
                                                                              -----------------    -----------------
Retained earnings, end of period............................................        4,280.2              3,750.6
                                                                              -----------------    -----------------

Accumulated other comprehensive income, beginning of year...................          432.3                874.1
Other comprehensive (loss) income...........................................         (526.5)                 7.5
                                                                              -----------------    -----------------
Accumulated other comprehensive (loss) income, end of period................          (94.2)               881.6
                                                                              -----------------    -----------------

TOTAL SHAREHOLDER'S EQUITY, END OF PERIOD...................................  $     9,234.5        $     9,550.1
                                                                              =================    =================
</TABLE>








                 See Notes to Consolidated Financial Statements.


                                       6
<PAGE>


                      AXA EQUITABLE LIFE INSURANCE COMPANY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                     SIX MONTHS ENDED JUNE 30, 2006 AND 2005
                                   (UNAUDITED)

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

<S>                                                                           <C>                  <C>
Net earnings................................................................  $       549.4        $       543.6
  Adjustments to reconcile net earnings to net cash provided
    by (used in) operating activities:
    Interest credited to policyholders' account balances....................          515.8                535.8
    Universal life and investment-type product policy fee income............       (1,073.2)              (896.3)
    Net change in broker-dealer and customer related receivables/payables...          334.3               (651.8)
    Investment gains, net...................................................          (45.1)               (48.7)
    Change in segregated cash and securities, net...........................         (140.7)               259.8
    Change in deferred policy acquisition costs.............................         (304.9)              (253.3)
    Change in future policy benefits........................................          (25.2)                72.5
    Change in property and equipment........................................          (25.3)               (13.2)
    Change in income tax payable............................................          244.2                145.3
    Minority interest in net income of consolidated subsidiaries............          263.2                196.2
    Change in fair value of guaranteed minimum income
       benefit reinsurance contracts........................................          (17.2)               (84.0)
    Amortization of deferred sales commissions..............................           50.0                 71.0
    Amortization of other intangible assets.................................           11.8                 11.9
    Change in accounts payable and accrued expenses.........................          196.0                 83.4
    Other, net..............................................................           39.5               (124.3)
                                                                              -----------------    -----------------

Net cash provided by (used in) operating activities.........................          572.6               (152.1)
                                                                              -----------------    -----------------

Cash flows from investing activities:

  Maturities and repayments of fixed maturities and mortgage loans..........        1,496.2              1,586.5
  Sales of investments ....................................................         1,179.6              1,283.9
  Purchases of investments..................................................       (2,846.7)            (2,808.2)
  Change in short-term investments..........................................           72.4               (371.9)
  Other, net................................................................          (68.5)                51.8
                                                                              -----------------    -----------------

Net cash used in investing activities.......................................         (167.0)              (257.9)
                                                                              -----------------    -----------------

Cash flows from financing activities:
  Policyholders' account balances:
    Deposits................................................................        1,994.5              1,967.6
    Withdrawals and transfers to Separate Accounts..........................       (1,630.0)            (1,322.2)
  Shareholder dividends paid................................................         (300.0)              (250.0)
  Other, net................................................................         (214.3)              (205.2)
                                                                              -----------------    -----------------

Net cash (used in) provided by financing activities.........................         (149.8)               190.2
                                                                              -----------------    -----------------

Change in cash and cash equivalents.........................................          255.8               (219.8)
Cash and cash equivalents, beginning of year................................        1,112.1              1,680.8
                                                                              -----------------    -----------------

Cash and Cash Equivalents, End of Period....................................  $     1,367.9        $     1,461.0
                                                                              =================    =================

Supplemental cash flow information
  Interest Paid.............................................................  $        26.5        $        34.2
                                                                              =================    =================
  Income Taxes Paid.........................................................  $        88.7        $       104.3
                                                                              =================    =================
</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 those estimates. The accompanying
      unaudited interim consolidated financial statements reflect, in the
      opinion of management, all adjustments necessary to state 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 six months
      ended June 30, 2006 are not necessarily indicative of the results to be
      expected for the full year.

      The terms "second quarter 2006" and "second quarter 2005" refer to the
      three months ended June 30, 2006 and 2005, respectively. The terms "first
      half of 2006" and "first half of 2005" refer to the six months ended June
      30, 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)    ACCOUNTING CHANGE AND 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. Under this method, 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
      and various cash-settled programs such as stock appreciation rights. 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 second quarter 2006 were $5.6 million and
      $3.7 million lower, respectively, and consolidated earnings from
      continuing operations before income taxes and minority interest and
      consolidated net earnings for first half of 2006 were $12.0 million and
      $7.9 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, were 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. The remeasurement resulted in no adjustment to their intrinsic
      value basis, including the cumulative effect of differences between actual
      and expected forfeitures, primarily due to the de minimis time remaining
      to expected settlement of these awards.

      Effective with its adoption of SFAS No. 123(R), AXA Financial Group
      elected the "short-cut" transition alternative provided by FSP No.
      123(R)-3 for approximating the historical pool of windfall tax benefits
      available in shareholder's equity at January 1, 2006. This historical pool
      represents the cumulative tax benefits of tax deductions for employee
      share-based payments in excess of compensation costs recognized under

                                       8
<PAGE>

      GAAP, either in the financial statements or in the pro forma disclosures.
      In the event that a shortfall of tax benefits occurs during a reporting
      period (i.e. tax deductions are less than the related cumulative
      compensation expense), the historical pool will be reduced by the amount
      of the shortfall. If the shortfall exceeds the amount of the historical
      pool, there will be a negative impact on the results of operations. In
      second quarter and first half of 2006, additional windfall tax benefits
      resulted from employee exercises of stock option awards.

      On July 13, 2006, the FASB issued FIN No. 48, "Accounting for Uncertainty
      in Income Taxes," to clarify the criteria used to recognize and measure
      the economic benefits associated with tax positions taken or expected to
      be taken in a tax return. Under FIN No. 48, a tax benefit is recognized
      only if it is "more likely than not" to be sustained assuming examination
      by the taxing authority, based on the technical merits of the position.
      Tax positions meeting the recognition criteria are required to be measured
      at the largest amount of tax benefit that is more than 50 percent likely
      of being realized upon ultimate settlement and, accordingly, requires
      consideration of the amounts and probabilities of potential settlement
      outcomes. FIN No. 48 also addresses subsequent derecognition of tax
      positions, changes in the measurement of recognized tax positions, accrual
      and classification of interest and penalties, and accounting in interim
      periods. FIN No. 48 is effective for fiscal years beginning after December
      15, 2006, thereby requiring application of its provisions, including the
      threshold criteria for recognition, to all positions of the Company as at
      January 1, 2007. The cumulative effect of applying FIN No. 48, if any, is
      to be reported as an adjustment to the opening balance of retained
      earnings. In addition, annual disclosures with respect to income taxes
      have been expanded by FIN No. 48 and require inclusion of a tabular
      reconciliation of the total amounts of unrecognized tax benefits at the
      beginning and end of the reporting period. Management currently is
      assessing the potential impacts of adoption of FIN No. 48.

3)    INVESTMENTS

      For second quarter and the first half of 2006 and of 2005, investment
      income is shown net of investment expenses of $76.6 million, $160.7
      million, $59.5 million and $115.7 million, respectively.

      As of June 30, 2006 and December 31, 2005, respectively, fixed maturities
      classified as available for sale had amortized costs of $29,250.1 million
      and $29,094.9 million. Also at June 30, 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 $591.2 million and $402.7 million and costs of $572.6
      million and $386.5 million and other equity securities with carrying
      values of $80.8 million and $47.4 million and costs of $76.6 million and
      $45.7 million.

      In second quarter and the first half of 2006 and of 2005, respectively,
      net unrealized and realized holding gains (losses) on trading account
      equity securities of $(18.4) million, $12.9 million, 8.7 million and $(.3)
      million were included in net investment income in the consolidated
      statements of earnings.

      For the first half of 2006 and of 2005, proceeds received on sales of
      fixed maturities classified as available for sale amounted to $1,034.2
      million and $1,243.2 million, respectively. Gross gains of $28.9 million
      and $22.7 million and gross losses of $18.8 million and $9.7 million were
      realized on these sales for the first half of 2006 and 2005, respectively.
      Unrealized net investment gains related to fixed maturities classified as
      available for sale decreased by $1,212.0 million during the first half of
      2006, resulting in a net unrealized loss balance of $272.1 million at June
      30, 2006.

      Investment valuation allowances for mortgage loans and changes thereto
      follow:

<TABLE>
<CAPTION>

                                                                                         SIX MONTHS ENDED
                                                                                              JUNE 30,
                                                                                 -----------------------------------
                                                                                      2006                2005
                                                                                 ---------------     ---------------
                                                                                           (IN MILLIONS)
<S>                                                                               <C>                <C>
      Balances, beginning of year...............................................  $       11.8       $       11.3
      Additions charged to income...............................................           0.1                0.6
      Deductions for writedowns and asset dispositions..........................          (0.4)              (0.2)
                                                                                 ---------------    ----------------
      Balances, End of Period...................................................  $       11.5       $       11.7
                                                                                 ===============    ================
</TABLE>

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

                                       9

<PAGE>


<TABLE>
<CAPTION>

                                                                                   JUNE 30,          December 31,
                                                                                     2006                2005
                                                                                ---------------    -----------------
                                                                                           (IN MILLIONS)
<S>                                                                              <C>                <C>
      Impaired mortgage loans with investment valuation allowances............   $      77.8        $      78.3
      Impaired mortgage loans without investment valuation allowances.........           0.7                4.5
                                                                                ---------------    -----------------
      Recorded investment in impaired mortgage loans..........................          78.5               82.8
      Investment valuation allowances.........................................         (11.5)             (11.8)
                                                                                ---------------    -----------------
      Net Impaired Mortgage Loans.............................................   $      67.0        $      71.0
                                                                                ===============    =================
</TABLE>

      During the first half of 2006 and 2005, respectively, AXA Equitable's
      average recorded investment in impaired mortgage loans was $80.8 million
      and $100.7 million. Interest income recognized on these impaired mortgage
      loans totaled $2.2 million and $3.0 million for the first half of 2006 and
      of 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
      restructured to the point that the collection of interest is considered
      likely. At June 30, 2006 and December 31, 2005, respectively, the carrying
      values of mortgage loans on real estate that had been classified as
      nonaccrual loans were $67.0 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 has
      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 is as follows:

<TABLE>
<CAPTION>

                                                                                    JUNE 30,            December 31,
                                                                                      2006                 2005
                                                                                -----------------    -----------------
                                                                                         (IN MILLIONS)
<S>                                                                             <C>                  <C>
      CLOSED BLOCK LIABILITIES:
      Future policy benefits, policyholders' account balances and other......   $     8,805.3        $     8,866.1
      Policyholder dividend obligation.......................................             -                   73.7
      Other liabilities......................................................            24.8                 28.6
                                                                                -----------------    -----------------
      Total Closed Block liabilities.........................................         8,830.1              8,968.4
                                                                                -----------------    -----------------

      ASSETS DESIGNATED TO THE CLOSED BLOCK:
      Fixed maturities, available for sale, at estimated fair value
        (amortized cost of $5,862.0 and $5,761.5)............................         5,762.0              5,908.7
      Mortgage loans on real estate..........................................           824.9                930.3
      Policy loans...........................................................         1,256.9              1,284.4
      Cash and other invested assets.........................................            68.4                 56.2
      Other assets...........................................................           343.6                304.4
                                                                                -----------------    -----------------
      Total assets designated to the Closed Block............................         8,255.8              8,484.0
                                                                                -----------------    -----------------

      Excess of Closed Block liabilities over assets designated to
         the Closed Block....................................................           574.3                484.4

      Amounts included in accumulated other comprehensive income:
         Net unrealized investment (losses) gains, net of deferred income
           tax expense of ($35.0) and $25.7 and policyholder dividend
           obligation of $-0- and $73.7......................................           (65.0)                47.8
                                                                                -----------------    -----------------

      Maximum Future Earnings To Be Recognized From Closed Block

         Assets and Liabilities..............................................   $       509.3        $       532.2
                                                                                =================    =================

      Closed Block revenues and expenses were as follows:

                                                          THREE MONTHS ENDED                  SIX MONTHS ENDED
                                                               JUNE 30,                           JUNE 30,
                                                   ---------------------------------  ---------------------------------
                                                        2006             2005              2006              2005
                                                   ---------------  ----------------  ---------------   ---------------
                                                                              (IN MILLIONS)

      REVENUES:
      Premiums and other income.................   $      108.1     $      115.2      $      219.2      $     230.2
      Investment income (net of investment                126.2            132.8             257.2            264.7
         expenses of $-0-, $-0-, $.1 and $-0-)..
      Investment (losses) gains, net............           (3.0)             3.5              (2.1)            11.7
                                                   ---------------  ----------------  ---------------   ---------------
      Total revenues............................          231.3            251.5             474.3            506.6
                                                   ---------------  ----------------  ---------------   ---------------
      BENEFITS AND
      OTHER DEDUCTIONS:
      Policyholders' benefits and dividends.....          213.7            216.0             436.8            426.4
      Other operating costs and expenses........             .8               .8               1.8              1.8
                                                   ---------------  ----------------  ---------------   ---------------
      Total benefits and other deductions.......          214.5            216.8             438.6            428.2
                                                   ---------------  ----------------  ---------------   ---------------

      Net revenues before income taxes.........            16.8             34.7              35.7             78.4
      Income tax expense.......................            (6.2)           (12.1)            (12.8)           (27.4)
                                                   ---------------  ----------------  ---------------   ---------------
      Net Revenues.............................    $       10.6     $       22.6      $       22.9      $      51.0
                                                   ===============  ================  ===============   ===============

</TABLE>


                                       11

<PAGE>

      Reconciliation of the policyholder dividend obligation is as follows:

<TABLE>
<CAPTION>
                                                                                          SIX MONTHS ENDED
                                                                                              JUNE 30,
                                                                                -------------------------------------
                                                                                        2006                 2005
                                                                                ----------------     ----------------
                                                                                           (IN MILLIONS)
<S>                                                                              <C>                  <C>
      Balances, beginning of year.............................................   $      73.7          $     264.3
      Unrealized investment losses............................................         (73.7)                (8.7)
                                                                                ----------------     ----------------
      Balances, End of Period.................................................   $       -            $     255.6
                                                                                ================     ================
</TABLE>


5)    DISCONTINUED OPERATIONS

      Discontinued operations include certain pension operations principally
      consisting of group non-participating wind-up annuity products ("Wind-up
      Annuities") and equity real estate held-for-sale. In the first half of
      2006, one real estate property with a book value of $34.4 million that
      had been previously reported in equity real estate was reclassified as
      real estate held-for-sale. Prior periods have been restated to reflect
      these properties as discontinued operations. The following table
      reconciles the earnings from discontinued operations, net of income taxes
      to the amounts reflected in the consolidated statements of earnings for
      the second quarter and first half of 2006 and 2005:

<TABLE>
<CAPTION>
                                                             THREE MONTHS ENDED                SIX MONTHS ENDED
                                                                  JUNE 30,                         JUNE 30,
                                                       -------------------------------- --------------------------------
                                                            2006             2005            2006             2005
                                                       ---------------  --------------- ---------------  ---------------
                                                                                (IN MILLIONS)
<S>                                                     <C>              <C>             <C>              <C>
       Wind-up Annuities ............................   $         .2     $          .1   $         -      $       -
       Real estate held-for-sale.....................           (3.4)               .5            (3.4)            .3
                                                       ---------------  --------------- ---------------  ---------------
       (Losses) Earnings from Discontinued Operations,
          Net of Income Taxes........................   $       (3.2)    $          .6   $        (3.4)   $        .3
                                                        ===============  =============== ===============  ===============
</TABLE>

      Summarized financial information for Wind-up Annuities follows:

<TABLE>
<CAPTION>
                                                                                JUNE 30,           December 31,
                                                                                  2006                 2005
                                                                            -----------------    -----------------
                                                                                        (IN MILLIONS)
<S>                                                                          <C>                  <C>
      BALANCE SHEETS
      Fixed maturities, available for sale, at estimated fair value
        (amortized cost of $762.9 and $769.9)..............................  $       760.5        $       823.5
      Equity real estate...................................................          165.2                197.5
      Mortgage loans on real estate........................................            6.2                  6.7
      Other invested assets................................................            3.8                  3.2
                                                                            -----------------    -----------------
        Total investments..................................................          935.7              1,030.9
      Cash and cash equivalents............................................           11.0                  -
      Other assets.........................................................           15.8                 13.6
                                                                            -----------------    -----------------
      Total Assets.........................................................  $       962.5        $     1,044.5
                                                                            =================    =================

      Policyholders liabilities............................................  $       800.5        $       817.2
      Allowance for future losses..........................................           32.5                 60.1
      Other liabilities....................................................          129.5                167.2
                                                                            -----------------    -----------------
      Total Liabilities....................................................  $       962.5        $     1,044.5
                                                                            =================    =================
</TABLE>

                                       12

<PAGE>

<TABLE>
<CAPTION>
                                                       THREE MONTHS ENDED                  SIX MONTHS ENDED
                                                            JUNE 30,                           JUNE 30,
                                                ---------------------------------  ---------------------------------
                                                     2006              2005             2006              2005
                                                ---------------   ---------------  ---------------   ---------------
                                                                           (IN MILLIONS)
<S>                                             <C>               <C>              <C>               <C>
      STATEMENTS OF EARNINGS
      Investment income (net of investment
        expenses of $4.5, $4.9, $9.1
        and $9.5).............................. $       18.4      $      17.5      $       36.1      $       33.8
      Investment gains, (losses) net...........          4.8              (.1)              5.2               (.2)
                                                ---------------   ---------------  ---------------   ---------------
      Total revenues...........................         23.2             17.4              41.3              33.6

      Benefits and other deductions............         18.7             21.5              39.8              42.7
       Earnings credited (losses charged) to
        the allowance for future
        losses.................................          4.5             (4.1)              1.5              (9.1)
                                                ---------------   ---------------  ---------------   ---------------
      Pre-tax results from operations..........          -                -                 -                 -
      Pre-tax earnings from releasing the
        allowance for future losses............           .3               .2               -                 -
      Income tax expense.......................          (.1)             (.1)              -                 -
                                                ---------------   ---------------  ---------------   ---------------
      Income from Wind-up Annuities............ $         .2      $        .1      $        -        $        -
                                                ===============   ===============  ===============   ===============
</TABLE>

      AXA Equitable's 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 release
      of the allowance in each of the periods presented above.

      Management believes the allowance for future losses at June 30, 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 invested assets held by Wind-up
      Annuities. 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 loss
      allowance are likely to result.

6)    GMDB, GMIB, AND NO LAPSE GUARANTEE FEATURES

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

      AXA Equitable 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:

                                       13

<PAGE>

<TABLE>
<CAPTION>

                                                                GMDB                GMIB              TOTAL
                                                           ----------------   -----------------  -----------------
                                                                               (IN MILLIONS)
<S>                                                         <C>                <C>                <C>
      Balance at December 31, 2005.......................   $      115.2       $      173.6       $       288.8
        Paid guarantee benefits..........................          (17.4)              (1.6)              (19.0)
        Other changes in reserve.........................           40.7               (1.3)               39.4
                                                           ----------------   -----------------  -----------------
      Balance at June 30, 2006...........................   $      138.5       $      170.7       $       309.2
                                                           ================   =================  =================

      Balance at December 31, 2004.......................   $       67.6       $      117.6       $       185.2
        Paid guarantee benefits..........................          (20.9)               -                 (20.9)
        Other changes in reserve.........................           46.7               59.2               105.9
                                                           ----------------   -----------------  -----------------
      Balance at June 30, 2005...........................   $       93.4       $      176.8       $       270.2
                                                           ================   =================  =================
</TABLE>

      Related GMDB reinsurance ceded amounts were:

<TABLE>
<CAPTION>
                                                                  GMDB
                                                           --------------------
                                                              (IN MILLIONS)

<S>                                                         <C>     <C>
      Balance at December 31, 2005.......................   $       22.7
        Paid guarantee benefits ceded....................           (5.2)
        Other changes in reserve.........................            6.5
                                                           --------------------
      Balance at June 30, 2006...........................   $       24.0
                                                           ====================

      Balance at December 31, 2004.......................   $       10.3
        Paid guarantee benefits ceded....................           (6.1)
        Other changes in reserve.........................           12.4
                                                           --------------------
      Balance at June 30, 2005...........................   $       16.6
                                                           ====================
</TABLE>

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

      The June 30, 2006 values for those variable annuity contracts in-force on
      such date with GMDB and GMIB features 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:

                                       14

<PAGE>

<TABLE>
<CAPTION>
                                                 RETURN OF
                                                  PREMIUM         RATCHET         ROLL-UP          COMBO           TOTAL
                                               -------------- ----------------  -------------   -------------  --------------
                                                                        (DOLLARS IN MILLIONS)
<S>                                            <C>             <C>              <C>            <C>             <C>
      GMDB:
        Account values invested in:
           General Account..................   $     11,587    $       429      $       316    $      672      $   13,004
           Separate Accounts................   $     22,387    $     7,075      $     7,332    $   18,477      $   55,271
        Net amount at risk, gross...........   $        531    $       443      $     1,791    $      277      $    3,042
        Net amount at risk, net of amounts
           reinsured........................   $        530    $       317      $     1,101    $      277      $    2,225
        Average attained age of
           contractholders...................          49.5           60.8             63.9          61.0            52.5
        Percentage of contractholders
           over age 70.......................           7.5%          22.4%            32.3%         21.1%           11.6%
        Range of contractually specified
           interest rates..................             N/A            N/A             3%-6%         3%-6%            N/A

      GMIB:
        Account values invested in:
           General Account...................           N/A            N/A      $        91    $      908      $      999
           Separate Accounts.................           N/A            N/A      $     5,137    $   25,426      $   30,563
        Net amount at risk, gross............           N/A            N/A      $       307    $      -        $      307
        Net amount at risk, net of amounts
           reinsured.........................           N/A            N/A      $        78    $      -        $       78
        Weighted average years remaining
           until earliest annuitization......           N/A            N/A              2.6           8.6              7.4
        Range of contractually specified
           interest rates....................           N/A            N/A             3%-6%         3%-6%            N/A

</TABLE>

     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:









                                       15

<PAGE>

               INVESTMENT IN VARIABLE INSURANCE TRUST MUTUAL FUNDS

<TABLE>
<CAPTION>

                                                                                    JUNE 30,         December 31,
                                                                                      2006               2005
                                                                                 ----------------  ------------------
                                                                                            (IN MILLIONS)
<S>                                                                               <C>               <C>
      GMDB:
         Equity...............................................................    $   37,713        $    35,857
         Fixed income.........................................................         4,224              4,353
         Balanced.............................................................        11,442              9,121
         Other................................................................         1,892              1,813
                                                                                 ----------------  ------------------
         Total................................................................    $   55,271        $    51,144
                                                                                 ================  ==================

      GMIB:

         Equity...............................................................    $   19,247        $    17,540
         Fixed income.........................................................         2,596              2,608
         Balanced.............................................................         7,854              5,849
         Other................................................................           866                680
                                                                                 ----------------  ------------------
         Total................................................................    $   30,563        $    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 June 30, 2006, the
      total account value and net amount at risk of the hedged Accumulator(R)
      series of variable annuity contracts were $34,193 million and $340
      million, respectively, with the GMDB feature and $18,579 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. Therefore, SFAS No. 133 requires gains or losses on
      the futures contracts used in these programs, including current period
      changes in fair value, to be recognized in investment income in the period
      in which they occur, and may contribute to earnings volatility.

      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 when 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>                <C>
      Balance at December 31, 2005.......................   $       34.8       $      (20.4)      $        14.4
        Other changes in reserve.........................           13.1              (12.0)                1.1
                                                           ----------------   -----------------  -----------------
      Balance at June 30, 2006...........................   $       47.9       $      (32.4)      $        15.5
                                                           ================   =================  =================

      Balance at December 31, 2004.......................   $       20.5       $       (6.1)      $        14.4
        Other changes in reserve.........................            6.2               (6.7)                (.5)
                                                           ----------------   -----------------  -----------------
      Balance at June 30, 2005...........................   $       26.7       $      (12.8)      $        13.9
                                                           ================   =================  =================

</TABLE>

                                       16

<PAGE>

7)    EMPLOYEE BENEFIT PLANS

      Components of net periodic pension expense for the qualified plans follow:

<TABLE>
<CAPTION>
                                                              THREE MONTHS ENDED               SIX MONTHS ENDED
                                                                   JUNE 30,                        JUNE 30,
                                                          ------------------------------- -------------------------------
                                                              2006            2005            2006            2005
                                                          --------------- --------------- --------------- ---------------
                                                                                (IN MILLIONS)
<S>                                                       <C>              <C>             <C>             <C>
       Service cost...................................    $        9.5     $        8.9    $       19.0    $       17.7
       Interest cost on projected benefit obligation..            30.6             30.4            61.1            60.8
       Expected return on assets......................           (46.3)           (42.8)          (92.5)          (85.7)
       Net amortization and deferrals.................            20.4             18.9            40.7            37.9
                                                          --------------- --------------- --------------- ---------------
       Net Periodic Pension Expense...................    $       14.2     $       15.4    $       28.3    $       30.7
                                                          =============== =============== =============== ===============

</TABLE>

8)    ACCOUNTING FOR SHARE-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 second quarter and the first half of 2006, the Company recognized $5.6
      million and $12.0 million, respectively, of compensation costs under SFAS
      No. 123(R) for employee stock options, including $3.8 million and $9.0
      million, respectively 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 June 30, 2006 also is presented in the table below. The
      number of AXA ADRs authorized to be issued pursuant to option grants and,
      as further described below, restricted stock grants under the Stock
      Incentive Plan was 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).




                                       17
<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              -                 -              -  (3)  $        65.02
Options exercised......           -              -                (4.7)      $      19.83          (1.2)    $        38.55
Options forfeited......           (.2)   (euro) 23.70             (2.8)      $      34.22           (.1)    $        38.54
Options expired........           -                                -                 -              -
                         --------------                   ----------------                 ---------------
Options Outstanding at                                                                                                -
   June 30, 2006.......           7.1    (euro) 25.23             31.1       $      23.75           6.2     $        40.86
                         ==============  ===============  ================  ============== ===============  =================
Aggregate Intrinsic
   Value (2)...........                  (euro) 16.5                         $     255.3                    $       126.5
                                         ===============                    ==============                  =================
Weighted Average
   Remaining
   Contractual Term
   (in years)..........           9.28                            4.70                              4.64
                         ==============                   =================                ===============
Options Exercisable at
   June 30, 2006.......           -                              24.5        $      24.12           5.2     $        41.30
                         ==============                   ================= =============  ===============  =================
Aggregate Intrinsic
   Value (2)...........                          -                           $     194.1                    $       103.9
                                          ==============                    =============                   =================
Weighted Average
   Remaining
   Contractual Term
   (in years)..........           -                               3.80                              4.49
                         ===============                  =================               ===============
</TABLE>
       (1) Approximately 2.6 million of the 3.8 million 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,  presented in millions,  is calculated as the
           excess of the closing market price on June 30, 2006 of the respective
           underlying shares over the strike prices of the option awards.

       (3) AllianceBernstein grants totaled 9,712 units in first half of 2006.

      Cash proceeds received from employee exercises of options to purchase AXA
      ADRs in second quarter and the first half of 2006 were $50.8 million and
      $93.0 million, respectively. The intrinsic value related to employee
      exercises of options to purchase AXA ADRs during second quarter and the
      first half of 2006 and of 2005 were $40.5 million, $71.9 million, $10.2
      million and $32.4 million, respectively, resulting in amounts currently
      deductible for tax purposes of $13.9 million, $24.3 million, $3.4 million
      and $10.7 million, respectively, for the periods then ended. Under SFAS
      No. 123(R), $11.4 million and $18.3 windfall tax benefits resulted from
      employee stock option exercises during second quarter and the first half
      of 2006, respectively.

      At December 31, 2005, AXA Financial held 14.6 million AXA ADRs in treasury
      at a weighted average cost of approximately $24.00 per ADR, 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 June 30, 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. These call
      options expire on November 23, 2009. During the first half of 2006, AXA
      Financial utilized approximately 2.9 million AXA ADRs from treasury to
      fund exercises of employee stock options. At June 30, 2006, AXA Financial
      held 11.8 million AXA ADRs in treasury, of which

                                       18
<PAGE>

      approximately 11.5 million units were designated to fund future exercises
      of outstanding employee stock options and the remainder of approximately
      0.3 million were available for general corporate purposes, including
      funding other stock-based compensation programs. Employee options
      outstanding at June 30, 2006 to purchase AXA ordinary shares begin to
      become exercisable in March 2007 and their future exercises 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 second quarter and the first half of
      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.

<TABLE>
<CAPTION>
                                                                                  Three Months         Six Months
                                                                                     Ended               Ended
                                                                                 June 30, 2005       June 30, 2005
                                                                                 ---------------    -----------------
                                                                                            (In Millions)
<S>                                                                            <C>                 <C>
       Net earnings as reported............................................    $       278.6       $       543.6
       Less:  Total stock-based employee compensation expense
           determined under fair value method, net of income tax benefit...             (6.7)              (12.4)
                                                                              ------------------   ------------------
       Pro Forma Net Earnings..............................................    $       271.9       $       531.2
                                                                              ==================   ==================
</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 to derive the fair values of options awarded in the first
      half of 2006 and of 2005, respectively. No grants of options to purchase
      AXA ADRs were made to employees in the first half of 2006. 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 one-third
      of the options vesting on the second, third and fourth anniversaries of
      the grant date.

<TABLE>
<CAPTION>

                                                                                                   Alliance Bernstein
                                                   AXA Ordinary Shares            AXA ADRs            Holding Units
                                            ----------------------------------- -------------   -----------------------
      Six months ended June 30,                 2006                2005            2005            2006        2005
                                            --------------    ----------------- --------------  ------------ ----------
<S>                                                   <C>               <C>               <C>      <C>        <C>
      Dividend yield......................           3.48%             3.15%             3.01%         6.0%      6.20%

      Expected volatility.................             28%               25%               25%        31.0%      31.0%

      Risk-free interest rate.............           3.77%             3.09%             4.27%        4.90%      3.70%

      Expected life in years..............            5.0               5.0               5.0          6.5        3.0

      Weighted average fair value per
         option at grant date.............   $       7.45     $        5.01          $   5.65      $ 12.35    $  7.04

</TABLE>

      As of June 30, 2006, approximately $31.6 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 2.3 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 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.

                                       19

<PAGE>

      Under the Equity Plan, AXA Financial grants non-officer directors
      restricted AXA ADRs and unrestricted AXA ADRs annually. Similarly,
      AllianceBernstein awards restricted Holding Units to independent directors
      of its General Partner. In addition, under its Century Club Plan, awards
      of restricted Holding Units that vest ratably over three years are made to
      eligible AllianceBernstein employees whose primary responsibilities are to
      assist in the distribution of company-sponsored mutual funds. For second
      quarter and first half of 2006 and of 2005, the Company recognized
      compensation cost of $1.6 million and $4.2 million, respectively, under
      SFAS No. 123(R) and $1.7 million and $6.6 million, respectively, under APB
      No. 25 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 shares
      awarded and the result generally is attributed over the shorter of the
      performance period, the requisite service 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 half of 2006. In addition, at June 30, 2006, approximately
      62,280 restricted AllianceBernstein Holding Units outstanding under the
      Century Club Plan remain unvested. As of June 30, 2006, approximately $4.0
      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 1.6 years. Restricted AXA
      ADRs vested in the first half of 2006 and 2005 had aggregate vesting-date
      fair values of approximately $13.5 million and $19.2 million,
      respectively. In the first half of 2005, 244,790 restricted AXA ADRs were
      granted, having an aggregate grant-date fair value of $6.6 million.

<TABLE>
<CAPTION>
                                                                                                       WEIGHTED
                                                                                   SHARES OF        AVERAGE GRANT
                                                                                  RESTRICTED             DATE
                                                                                    STOCK             FAIR VALUE
                                                                                ---------------    -----------------
<S>                                                                                  <C>            <C>
      Unvested as of December 31, 2005........................................       867,387        $        19.94
      Granted ................................................................        78,865        $        35.16
      Vested .................................................................       381,836        $        16.98
      Forfeited ..............................................................        50,381                  -
                                                                                ----------------
      Unvested as of June 30, 2006 ...........................................       514,035        $        23.91
                                                                                ================
</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 second quarter and the first half of 2006 and of 2005, the Company
      recognized compensation cost of $3.4 million and $8.6 million,
      respectively, under SFAS No. 123(R) and $2.2 million and $3.5 million,
      respectively, under APB No. 25 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 half of 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 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 at June 30, 2006 and
      December 31, 2005 was $22.7 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.

                                       20

<PAGE>

      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
      non-statutory options ("tandem SARs/NSOs") of then-equivalent intrinsic
      value. The Company recorded compensation (income)/expense for these
      fully-vested awards of $(4.5) million, $0.3 million, $(7.5) million and
      $0.7 million for second quarter and the first half of 2006 and of 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 June 30, 2006 and December 31, 2005 was $21.5 million and
      $57.5 million, respectively. At June 30, 2006, 1.8 million tandem
      SARs/NSOs were outstanding, having weighted average remaining expected and
      contractual terms of 1.3 and 2.7 years, respectively, and for which the
      SARs component had maximum value of $28.8 million. During second quarter
      and the first half of 2006 and of 2005, respectively, approximately 0.1
      million, 2.5 million, 0.0 million and 0.1 million of these awards were
      exercised at an aggregate cash-settlement value of $2.0 million $37.2
      million, $0.2 million and $0.8 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. At June 30, 2006, 0.2 million Stock Appreciation Rights were
      outstanding, having weighted average remaining contractual term of 6.3
      years. The accrued value of Stock Appreciation Rights at June 30, 2006 and
      December 31, 2005 was $1.7 million and $1.0 million, respectively, and
      recorded as liabilities in the consolidated balance sheets. For second
      quarter and the first half of 2006, the Company recorded compensation
      expense for Stock Appreciation Rights of $0.5 million and $0.7 million,
      respectively, under SFAS No. 123(R), reflecting the impact in those
      periods of the changes in their fair values as determined by applying the
      Black Scholes-Merton formula and assumptions used to price employee stock
      option awards. For second quarter and first half of 2005, the Company
      recorded compensation expense of $0.1 million and $0.1 million,
      respectively, under APB No. 25 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 second quarter and the first
      half of 2006 under the terms of the AXA Financial, Inc. Qualified Stock
      Purchase Plan to purchase AXA ADRs of 39,360 and 113,640, respectively, at
      an aggregate discount of $0.3 million and $0.7 million, respectively,
      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 the last trading day 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 $0.2 million and $0.4 million
      for second quarter and the first half of 2005, respectively. Under the
      terms of the AXA Financial, Inc. Non-Qualified Stock Purchase Plan, total
      AXA ADRs of 201,427 and 205,422 were purchased during the first half of
      2006 and of 2005, respectively, including those purchased with employer
      matching contributions for which the Company recorded compensation expense
      of $0.3 million, $0.9 million, $0.3 million and $0.6 million in second
      quarter and the first half of 2006 and of 2005, respectively.

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 July 2006, the
      parties reached an agreement in principle to settle the AMERICAN NATIONAL
      BANK action and the DH2 action.


                                       21

<PAGE>


      In HIRT, in July 2006, the district court ruled that (a) the cash balance
      provisions of the Equitable Plan do not violate the age discrimination
      provisions of ERISA, (b) the notice of plan changes provided to
      participants in 1990 was not adequate and (c) the notice of plan changes
      provided to participants in 1992 satisfied the ERISA notice requirements.
      The court requested additional briefings on the issue of remedies.

      In WIGGENHORN, in June 2006, AXA Equitable's motion to dismiss the amended
      complaint was granted. In June 2006, the plaintiff filed a notice of
      appeal.

      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 July 2006, the court granted plaintiffs' amended motion for class
      certification.

      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. The derivative claims
      brought on behalf of AllianceBernstein Holding remain pending. Plaintiff
      seeks an unspecified amount of damages.

      In the WV SECURITIES COMMISSIONERS SUMMARY ORDER 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.

      In AUCOIN, in May 2006, the District Court denied plaintiffs' motion for
      leave to file their amended complaint. In July 2006, plaintiffs filed a
      notice of appeal.

      Although the outcome of litigation generally cannot be predicted with
      certainty, management believes that, except as otherwise noted in AXA
      Equitable's 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's Notes to Consolidated Financial
      Statements for the year ended December 31, 2005 will have a material
      adverse effect on AXA Equitable's 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 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's 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)   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.

                                       22
<PAGE>

<TABLE>
<CAPTION>

                                                        THREE MONTHS ENDED                  SIX MONTHS ENDED
                                                             JUNE 30,                           JUNE 30,
                                                 ---------------------------------  ----------------------------------
                                                      2006              2005             2006              2005
                                                 ---------------   ---------------  ---------------   ----------------
                                                                            (IN MILLIONS)
<S>                                              <C>               <C>              <C>               <C>
       SEGMENT REVENUES:
       Insurance...............................  $    1,690.9      $   1,466.1      $    3,033.2      $   2,949.5
       Investment Services (1).................         945.1            778.4           1,873.9          1,529.0
       Consolidation/elimination...............         (22.3)           (21.1)            (44.5)           (42.2)
                                                 ---------------   ---------------  ---------------   ----------------
       Total Revenues..........................  $    2,613.7      $   2,223.4      $    4,862.6      $   4,436.3
                                                 ===============   ===============  ===============   ================

             (1) Net of interest expense incurred on securities borrowed.

       SEGMENT EARNINGS FROM CONTINUING
          OPERATIONS BEFORE INCOME
          TAXES AND MINORITY INTEREST:
       Insurance...............................  $      360.7      $     319.2      $      591.1      $     618.9
       Investment Services.....................         269.3            215.7             536.0            388.8
       Consolidation/elimination...............           -                -                 -                -
                                                 ---------------   ---------------  ---------------   ----------------
       Total Earnings from Continuing
          Operations before Income
          Taxes and Minority Interest..........  $      630.0      $     534.9      $    1,127.1      $   1,007.7
                                                 ===============   ===============  ===============   ================
</TABLE>

<TABLE>
<CAPTION>

                                                                                   JUNE 30,          December 31,
                                                                                     2006                2005
                                                                                ---------------    -----------------
                                                                                           (IN MILLIONS)
<S>                                                                           <C>                 <C>
       SEGMENT ASSETS:
       Insurance...........................................................   $   122,819.7       $   118,803.7
       Investment Services.................................................        15,810.6            15,161.4
       Consolidation/elimination...........................................             (.8)                2.0
                                                                             ------------------   ------------------
       Total Assets........................................................   $   138,629.5       $   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 June 30, 2006
      and December 31, 2005, respectively, the Company's beneficial ownership in
      AllianceBernstein was approximately 45.9% and 46.3% and, together with the
      ownership of the other AXA Financial Group companies, the consolidated
      economic interest in AllianceBernstein were approximately 60.6% and 61.1%.

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
      $4.2 million, $19.3 million, $12.3 million and $27.0 million,
      respectively, for the second quarter and first half of 2006 and of 2005.

      AXA Equitable paid $207.7 million, $393.5 million, $190.3 million and
      $349.8 million, respectively, of commissions and fees to AXA Distribution
      and its subsidiaries for sales of insurance products for the second
      quarter and first half of 2006 and of 2005. AXA Equitable charged AXA
      Distribution's subsidiaries $91.4 million, $170.2 million, $85.0 million
      and $158.1 million, respectively, for their applicable share of operating
      expenses for the second quarter and first half of 2006 and of 2005,
      pursuant to the Agreements for Services.

                                       23

<PAGE>

13)   COMPREHENSIVE INCOME

      The components of comprehensive income are as follows:

<TABLE>
<CAPTION>
                                                       THREE MONTHS ENDED                  SIX MONTHS ENDED
                                                            JUNE 30,                           JUNE 30,
                                                ---------------------------------  ---------------------------------
                                                     2006              2005             2006              2005
                                                ---------------   ---------------  ---------------   ---------------
                                                                           (IN MILLIONS)
<S>                                             <C>               <C>              <C>               <C>
      Net earnings............................  $      314.3      $     278.6      $      549.4      $      543.6
                                                ---------------   ---------------  ---------------   ---------------

      Change in unrealized (losses) gains,
        net of reclassification adjustment....        (226.7)           270.5            (526.5)              7.5
                                                ---------------   ---------------  ---------------   ---------------

      Other comprehensive (loss) income.......        (226.7)           270.5            (526.5)              7.5
                                                ---------------   ---------------  ---------------   ---------------

      Comprehensive Income....................  $       87.6      $     549.1      $       22.9      $      551.1
                                                ===============   ===============  ===============   ===============
</TABLE>































                                       24

<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, the related
Notes to Consolidated Financial Statements included elsewhere herein, with the
information provided under "Forward-looking Statements" included elsewhere
herein and with the management narrative found in the Management's Discussion
and Analysis ("MD&A") and the "Risk Factors" sections 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

SIX MONTHS ENDED JUNE 30, 2006 COMPARED TO SIX MONTHS ENDED JUNE 30, 2005

Net earnings for the Company were $549.4 million for first half of 2006, $5.8
million higher than the $543.6 million reported for the first half of 2005, as
the Insurance segment's net earnings decrease of $39.5 million was more than
offset by a $45.2 million increase for the Investment Services segment. As a
result of the reclassification of one real estate property to the held for sale
category in second quarter 2006, such property and its related income are now
reported as discontinued operations in all periods presented. Post-tax (losses)
earnings from held for sale real estate were $(3.4) million and $0.3 million for
the first half of 2006 and 2005, respectively. Earnings from continuing
operations were $552.8 million for the first half of 2006, an increase of $9.5
million over the first half of 2005.

Earnings from continuing operations before income taxes and minority interest
were $1.13 billion for the first half of 2006, an increase of $119.4 million
from the year earlier period. The Insurance segment's pre-tax earnings decrease
of $27.8 million was more than offset by the $147.2 million increase in the
Investment Services segment's pre-tax earnings. The first half of 2006 decrease
in pre-tax earnings to $591.1 million in the Insurance segment was primarily due
to lower investment results and lower premiums partially offset by higher DAC
capitalization that more than offset higher DAC amortization by $51.6 million
and lower compensation and benefit expense in first half of 2006. The Investment
Services segment's pre-tax earnings for the first half of 2006 were $536.0
million, $147.2 million higher than in the first half of 2005, principally due
to higher earnings at AllianceBernstein. The Investment Management segment's
earnings included $13.2 million and $12.5 million in gains in the 2006 and 2005
periods, respectively, related to AllianceBernstein's second quarter 2005
transfer of its cash management business to Federated. On January 1, 2006, the
Company adopted the provisions of SFAS No. 123(R) and recognized $12.0 million
($7.9 million after-tax) in compensation cost for employee stock options for
first half of 2006.

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.

                                       25

<PAGE>

Revenues. In the first six months of 2006, revenues increased $426.3 million to
$4.86 billion. The Investment Services segment's $344.9 million increase in
revenues to $1.87 billion in the first half of 2006 resulted principally from
higher investment advisory and services fees and higher institutional research
service revenues at AllianceBernstein while an increase of $83.7 million to
$3.03 billion was reported for the Insurance segment as higher policy fee income
more than offset lower investment results and lower premiums.

Premiums decreased by $28.5 million to $406.5 million for the first six months
of 2006. Policy fee income was $1.07 billion, $176.9 million higher than first
half of 2005. The policy fee income increase was primarily due to higher average
Separate Account balances resulting from positive net cash flows and market
appreciation.

Net investment income decreased $29.2 million to $1.26 billion in the first six
months of 2006 as the $46.4 million decrease for the Insurance segment was
partially offset by a $17.1 million increase in the Investment Services segment.
The Insurance segment decrease was primarily due to the $44.3 million decrease
in fair value in the first half of 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 $10.0 million increase in
fair value in the first half of 2005, offset by a $25.5 million increase in
income from other equity investments. The increase for the Investment Services
segment was related to changes in the market value of AllianceBernstein's
trading account securities.

Investment gains, net totaled $45.1 million in the first half of 2006, as
compared to $48.7 million in the first half of 2005, as the $26.3 million
decline for the Insurance segment was offset by $22.7 million higher gains in
the Investment Services segment. The higher gains for the Investment Services
segment in the 2006 period were primarily due to gains 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 period primarily resulted from lower
gains from sales of fixed maturity securities ($10.8 million in the first half
of 2006 as compared to $38.6 million in first half of 2005) and higher
writedowns on General Account fixed maturities, $16.2 million in first half of
2006 as compared to $13.6 million in the first half of 2005.

Commissions, fees and other income increased $310.7 million to $2.08 billion in
the first half of 2006 with the $305.1 increase in the Investment Services
segment and an $8.0 million increase in the Insurance segment. The Investment
Services segment increase was principally due to the $270.7 million and $24.0
million increases in investment advisory and services fees and institutional
research services fees at AllianceBernstein in the first six months of 2006 as
compared to the comparable 2005 period. The increase of $270.7 million to $1.32
billion in investment advisory and services fees was primarily due to an
increase in average assets under management ("AUM") resulting from net asset
inflows and market appreciation experienced in the six-month period and from
$17.6 million higher performance fees. Institutional research services revenues
at AllianceBernstein increased $23.9 million as a $46.1 million increase due to
an increase in U.S. and Pan-European market share, partly offset by lower
pricing, was offset by a $22.1 million lower brokerage transaction charges. The
Insurance segment increase of $8.0 million to $340.0 million in the first half
of 2006 was due to higher gross investment management fees received from EQAT
and VIP Trust due to a higher asset base that was partially offset by the change
in the fair value of the GMIB reinsurance contracts. As required by SFAS No.
133, the GMIB reinsurance contracts are considered derivatives and are reported
at fair value. In the first six months of 2006, the fair value of these
contracts increased $17.2 million as compared to $84.0 million during the first
half of 2005 due to market fluctuations.

Benefits and Other Deductions. In the first half of 2006, total benefits and
other deductions increased $306.9 million to $3.74 billion with increases of
$197.7 million and $111.5 million in the Investment Services and the Insurance
segments, respectively.

Policyholders' benefits were $944.9 million in the first six months of 2006, an
$11.5 million decrease from the first six months of 2005 that principally
resulted from higher GMDB/GMIB benefits and reserves due to the growth in
business and higher benefits and reserves in the life reinsurance assumed
product line partially offset by lower individual life death claims.

Total compensation and benefits increased $112.7 million to $965.1 million in
the first six months of 2006 as an increase of $150.4 million for the Investment
Services segment was offset by a $37.9 million decrease for the Insurance
segment. The increase at AllianceBernstein in the first half of 2006 reflected
the $60.9 million increase in incentive compensation primarily due to higher
earnings, the $52.9 million increase in commission expense due to higher sales
volume across all distribution channels and Institutional Research Services and
the $36.6 million increase in base compensation, fringe benefits and other
employment costs due to increased headcounts, annual merit salary increases and
higher fringe benefits reflecting the increased compensation levels at
AllianceBernstein.

                                       26

<PAGE>


The $37.9 million decrease for the 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, partially offset
by higher employee stock compensation expense due to the effects of implementing
SFAS No. 123(R) in 2006.

For the first half of 2006, commissions in the Insurance segment totaled $690.6
million, an increase of $149.4 million when compared to $541.2 million from
first half of 2005 principally due to higher sales of annuity products.

There was a $19.0 million decrease in distribution plan payments by
AllianceBernstein to $143.8 million in the first half of 2006 due to the
disposition of cash management services.

DAC amortization increased to $348.0 million in the first six months of 2006,
$46.0 million higher than in the corresponding 2005 period. This increase in
amortization was principally related to higher current margins on products that
are DAC reactive and lower favorable DAC unlocking in 2006 compared to 2005. The
increase was partially offset by reactivity to decreases in the first half of
2006 in the fair value of the derivative instruments related to the GMDB/GMIB
hedging programs and the lower increase in fair value of the GMIB reinsurance
asset. In 2006, the unlocking impact from recognition of higher expected future
margins driven by higher fees related to variable insurance and annuity
contracts in the 2006 period also offset the increase. In 2005, DAC unlocking
related to higher estimated future margins due to revised expectations regarding
lapses on certain variable annuity contracts based upon completion of a
comprehensive lapse study. 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 $97.6 million to $652.9 million, as compared to the
$555.3 million reported in the first half of 2005, primarily due to higher sales
of annuity products.

Rent expense in the first half of 2006 increased $16.0 million to $96.0 million
due to the $16.7 million increase in the Investment Management segment
reflecting the expansion of private client offices in the U.S., as well as new
office space in London, Hong Kong and Shanghai for AllianceBernstein operations.

There was a $154.6 million increase in other operating costs and expenses to
$586.1 million in the first half of 2006. The $87.8 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 additional increases in
administrative service fees, distribution expense allowance costs and
miscellaneous general expenses. The Investment Services segment increase of
$69.3 million to $291.6 million primarily resulted from increases in other
promotion and servicing expenses, legal costs, market data services and data
processing expenses at AllianceBernstein in the first half of 2006.

Premiums and Deposits. Total premiums and deposits for insurance and annuity
products for the first half of 2006 were $8.54 billion, a $1.66 billion increase
from the 2005 period with $1.56 billion higher first year premiums and deposits
in first half of 2006 than the prior year's comparable period. The $118.7
million increase in first year premiums and deposits for the life products was
principally due to higher sales of variable and interest-sensitive life products
on both the retail and wholesale distribution channels partially offset by lower
sales of COLI variable life products in the retail channel. The $1.44 billion
increase in the annuity products' first year premiums and deposits was due to
higher sales of variable annuity products, up $1.07 billion in the wholesale
distribution channel and $519.2 million the retail channel. First year sales of
fixed annuity product declined $146.2 million with lower sales in both
distribution channels. In July 2006, AXA Equitable launched its Accumulator(R)
'06 variable annuity products with additional features, including a guaranteed
withdrawal benefit for life. Accumulator(R) '06 variable annuity products are
currently available for new sales in place of the prior Accumulator products in
most states and will be available in the remaining jurisdictions as applicable
regulatory approvals are received. The prior Accumulator products accounted for
74.4% and 67.7% of total annuity premiums and deposits for the Insurance segment
in the first half of 2006 and 2005, respectively.

Surrenders and Withdrawals. Surrenders and withdrawals increased from $3.28
billion in the first half of 2005 to $3.95 billion for the first six months of
2006 with increases of $673.0 million and $16.8 million reported for the
individual annuities and traditional life product lines, partially offset by a
decline of $23.4 million in variable and interest-sensitive surrenders and
withdrawals. The annualized annuities surrender rate increased to 8.8% in the
first half of 2006 from 8.4% in the first half of 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.

                                       27

<PAGE>


Assets Under Management.  Breakdowns of assets under management follow:

<TABLE>
<CAPTION>
                             ASSETS UNDER MANAGEMENT
                                  (IN MILLIONS)

                                                                                              JUNE 30,
                                                                                 -----------------------------------
                                                                                       2006              2005
                                                                                 ----------------- -----------------
<S>                                                                               <C>              <C>
Third party.....................................................................  $    561,455     $    452,186
AXA Equitable General Account, AXA Financial Group
   and its other affiliates.....................................................        53,969           54,796
Insurance Group Separate Accounts ..............................................        78,259           67,919
                                                                                 ----------------- -----------------
Total Assets Under Management...................................................  $    693,683     $    574,901
                                                                                 ================= =================

</TABLE>

Third party assets under management at June 30, 2006 increased $109.26 billion
from the June 30, 2005 total primarily due to increases at AllianceBernstein.
General Account, AXA Equitable and its other affiliates' assets under management
decreased $827 million from the total reported for June 30, 2005 primarily due
to market depreciation on the fixed maturity portfolio. The $10.34 billion
increase in Insurance Group Separate Account assets under management resulted
from market appreciation and net new deposits.

AllianceBernstein assets under management at June 30, 2006 totaled $625.2
billion as compared to $516.0 billion at June 30, 2005 as market appreciation of
$58.8 billion and inflows across all distribution channels totaling $104.7
billion were offset by $54.7 billion in dispositions and outflows, including the
approximately $12.1 billion reduction in client AUM during the second half of
2005 related to AllianceBernstein's three dispositions in that year. Non-US
clients accounted for 33.2% of the June 30, 2006 total.

LIQUIDITY AND CAPITAL RESOURCES

AXA Equitable. In the second quarters of 2006 and 2005, respectively, AXA
Equitable paid cash dividends of $300.0 million and $250.0 million.

At June 30, 2006, AXA Equitable had no short-term debt outstanding.

AllianceBernstein. For the six months ended June 30, 2006 and 2005,
respectively, cash flows included inflows of $45.6 million and $27.5 million
representing the additional investment by AllianceBernstein Holding with
proceeds from the exercise of options to acquire AllianceBernstein Holdings
units offset by outflows related to purchases of AllianceBernstein Holdings
units totaling $18.4 million and $6.9 million to fund deferred compensation
plans. Cash flows in the first half of 2006 were also impacted by the issuance
of AllianceBernstein Holding units in exchange for earnings-based awards
totaling $47.2 million made under an AllianceBernstein compensation plan and the
issuance of $5.4 million of commercial paper. Capital expenditures at
AllianceBernstein were $49.6 million in the first six months of 2006 compared to
$46.7 million in the comparable 2005 period while purchases of investments
totaled $42.0 million in the first half of 2006 as compared to $6.7 million in
the year earlier period. Available cash flow for cash distributions from
AllianceBernstein totaled $749.9 million and $243.5 million for the first six
months of 2006 and 2005, respectively, while distributions paid were $517.2
million and $393.1 million for the same respective periods.

At June 30, 2006, AllianceBernstein had $8.0 million of short-term debt and $7.0
million under its commercial paper program outstanding; no amount was
outstanding under its revolving credit facility at June 30, 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 a
$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
June 30, 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 at a cost of $16.1 million net of cash acquired.

                                       28

<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 defined in Rule 13a-15(e) of the
Securities Exchange Act of 1934, as amended) as of June 30, 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.























                                       29

<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 new 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," of 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

<TABLE>
<CAPTION>
ITEM 6.  EXHIBITS

<S>       <C>        <C>
          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

</TABLE>








                                       30

<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: August 11, 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: August 11, 2006              /s/ Richard Dziadzio
                                   ---------------------------------------------
                                   Name:    Richard Dziadzio
                                   Title:   Executive Vice President and Deputy
                                            Chief Financial Officer

Date: August 11, 2006              /s/ Alvin H. Fenichel
                                   ---------------------------------------------
                                   Name:    Alvin H. Fenichel
                                   Title:   Senior Vice President and Controller















                                       31