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

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

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

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

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

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

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

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

----

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

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

| Item      1:    | Consolidated      Financial Statements                                                                                                     |          |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|            | ·        Consolidated      Balance Sheets, September 30, 2008 and December 31, 2007                                         | 4             |
|            | ·        Consolidated      Statements of Earnings, Three Months and Nine Months Ended September      30, 2008 and 2007      |  5       |
|            | ·        Consolidated      Statements of Shareholder’s Equity, Nine Months Ended September      30, 2008 and 2007     |  6  |
|            | ·        Consolidated      Statements of Cash Flows, Nine Months Ended September      30, 2008 and 2007                     |  7  |
|            | ·        Notes      to Consolidated Financial Statements                                                                    | 9             |
|            |                                                                                                                                       |          |
| Item      2:    | Management’s      Discussion and Analysis of Financial Condition and Results      of Operations (“Management Narrative”) | 28       |
|            |                                                                                                                                       |          |
| Item      3:    | Quantitative      and Qualitative Disclosures About Market Risk*                                                                           | 34            |
|            |                                                                                                                                       |          |
| Item      4(T): | Controls      and Procedures                                                                                                               | 34            |
|            |                                                                                                                                       |          |
|            |                                                                                                                                       |          |
| PART      II    | OTHER      INFORMATION                                                                                                                     |          |
|            |                                                                                                                                       |          |
| Item      1:    | Legal      Proceedings                                                                                                                     | 35            |
|            |                                                                                                                                       |          |
| Item      1A:   | Risk      Factors                                                                                                                          | 35            |
|            |                                                                                                                                       |          |
| Item      2:    | Unregistered      Sales of Equity Securities and Use of Proceeds                                                                           | 35            |
|            |                                                                                                                                       |          |
| Item      3:    | Defaults      Upon Senior Securities                                                                                                       | 35            |
|            |                                                                                                                                       |          |
| Item      4:    | Submission      of Matters to a Vote of Security Holders                                                                                   | 35            |
|            |                                                                                                                                       |          |
| Item      5:    | Other      Information                                                                                                                     | 35            |
|            |                                                                                                                                       |          |
| Item      6:    | Exhibits                                                                                                                                   | 35            |
|            |                                                                                                                                       |          |
| SIGNATURES      |                                                                                                                                       | 36            |
|            |                                                                                                                                       |          |
|            |                                                                                                                                       |          |

----

----

|                                                               |   | September      30, |      |   |              |   |
|--------------------------------------------------------------------|--------|--------------------|-----------|--------|-------------------|--------|
|                                                               |   | 2008               |      |   | December      31, |   |
|                                                               |   | (Unaudited)        |      |   | 2007              |   |
|                                                               |   | (In      Millions) |      |
|                                                               |   |               |      |
| ASSETS                                                             |   |               |      |   |              |   |
| Investments:                                                       |   |               |      |   |              |   |
| Fixed      maturities available for sale, at estimated fair value  |   | $                  | 24,257.9  |   |              | $      | 27,159.5 |   |
| Mortgage      loans on real estate                                 |   |               | 3,704.2   |   |              |   | 3,730.6 |   |
| Equity      real estate, held for the production of income         |   |               | 371.9     |   |              |   | 381.7 |   |
| Policy      loans                                                  |   |               | 3,704.1   |   |              |   | 3,938.8 |   |
| Other      equity investments                                      |   |               | 1,804.2   |   |              |   | 1,820.3 |   |
| Trading      securities                                            |   |               | 561.5     |   |              |   | 573.3 |   |
| Other      invested assets                                         |   |               | 1,022.0   |   |              |   | 1,000.9 |   |
| Total      investments                                             |   |               | 35,425.8  |   |              |   | 38,605.1 |   |
| Cash      and cash equivalents                                     |   |               | 4,057.0   |   |              |   | 1,173.2 |   |
| Cash      and securities segregated, at estimated fair value       |   |               | 2,359.9   |   |              |   | 2,370.0 |   |
| Broker-dealer      related receivables                             |   |               | 1,491.8   |   |              |   | 1,623.5 |   |
| Deferred      policy acquisition costs                             |   |               | 9,020.1   |   |              |   | 9,019.3 |   |
| Goodwill      and other intangible assets, net                     |   |               | 3,711.1   |   |              |   | 3,724.6 |   |
| Amounts      due from reinsurers                                   |   |               | 1,819.6   |   |              |   | 2,890.6 |   |
| Loans      to affiliates                                           |   |               | 525.2     |   |              |   | 638.3 |   |
| Other      assets                                                  |   |               | 3,711.5   |   |              |   | 3,341.8 |   |
| Separate      Accounts’ assets                               |   |               | 81,068.1  |   |              |   | 96,539.6 |   |
| Total      Assets                                                  |   | $                  | 143,190.1 |   |              | $      | 159,926.0 |   |
|                                                               |   |               |      |   |              |   |   |   |
| LIABILITIES                                                        |   |               |      |   |              |   |   |   |
| Policyholders’      account balances                         |   | $                  | 24,656.8  |   |              | $      | 25,168.2 |   |
| Future      policy benefits and other policyholders liabilities    |   |               | 14,483.1  |   |              |   | 14,304.7 |   |
| Broker-dealer      related payables                                |   |               | 712.1     |   |              |   | 595.1 |   |
| Customers      related payables                                    |   |               | 2,575.1   |   |              |   | 2,722.2 |   |
| Amounts      due to reinsurers                                     |   |               | 43.3      |   |              |   | 1,119.5 |   |
| Short-term      and long-term debt                                 |   |               | 961.9     |   |              |   | 982.0 |   |
| Loans      from affiliates                                         |   |               | 325.0     |   |              |   | 325.0 |   |
| Income      taxes payable                                          |   |               | 3,299.1   |   |              |   | 3,398.9 |   |
| Other      liabilities                                             |   |               | 2,208.7   |   |              |   | 1,963.2 |   |
| Separate      Accounts’ liabilities                          |   |               | 81,068.1  |   |              |   | 96,539.6 |   |
| Minority      interest in equity of consolidated subsidiaries      |   |               | 2,502.8   |   |              |   | 2,478.9 |   |
| Minority      interest subject to redemption rights                |   |               | 140.2     |   |              |   | 142.7 |   |
| Total      liabilities                                             |   |               | 132,976.2 |   |              |   | 149,740.0 |   |
|                                                               |   |               |      |   |              |   |   |   |
| Commitments      and contingent liabilities (Note 11)              |   |               |      |   |              |   |   |   |
|                                                               |   |               |      |   |              |   |   |   |
| SHAREHOLDER’S      EQUITY                                    |   |               |      |   |              |   |   |   |
| Common      stock, $1.25 par value, 2.0 million shares authorized, |   |               |      |   |              |   |   |   |
| issued      and outstanding                                        |   |               | 2.5       |   |              |   | 2.5 |   |
| Capital      in excess of par value                                |   |               | 5,300.0   |   |              |   | 5,265.4 |   |
| Retained      earnings                                             |   |               | 6,400.6   |   |              |   | 5,186.0 |   |
| Accumulated      other comprehensive loss                          |   |               | (1,489.2  | )      |              |   | (267.9 | ) |
| Total      shareholder’s equity                              |   |               | 10,213.9  |   |              |   | 10,186.0 |   |
| Total      Liabilities and Shareholder’s Equity              |   | $                  | 143,190.1 |   |              | $      | 159,926.0 |   |

----

|                                                     |   | Three      Months EndedSeptember      30, |    |   | Nine      Months EndedSeptember      30, |   |
|----------------------------------------------------------|--------|-------------------------------------------|---------|--------|------------------------------------------|--------|
|                                                     |   | 2008                                      |    |   | 2007                                     |   |   | 2008 |   |   | 2007 |   |
|                                                     |   | (In      Millions)                        |    |
|                                                     |   |                                      |    |   |                                     |   |   |   |   |   |   |   |
| REVENUES                                                 |   |                                      |    |   |                                     |   |   |   |   |   |   |   |
| Universal      life and investment-type                  |   |                                      |    |   |                                     |   |   |   |   |   |   |   |
| product      policy fee income                           |   | $                                         | 756.5   |   |                                     | $      | 714.1 |   |   | $ | 2,226.7 |   |   | $ | 2,013.5 |   |
| Premiums                                                 |   |                                      | 190.7   |   |                                     |   | 190.9 |   |   |   | 593.7 |   |   |   | 601.0 |   |
| Net      investment income                               |   |                                      | 1,290.3 |   |                                     |   | 714.2 |   |   |   | 2,956.7 |   |   |   | 1,825.5 |   |
| Investment      (losses) gains, net                      |   |                                      | (213.2  | )      |                                     |   | 2.5 |   |   |   | (252.7 | ) |   |   | 27.1 |   |
| Commissions,      fees and other income                  |   |                                      | 1,363.1 |   |                                     |   | 1,316.8 |   |   |   | 4,066.7 |   |   |   | 3,757.5 |   |
| Total      revenues                                      |   |                                      | 3,387.4 |   |                                     |   | 2,938.5 |   |   |   | 9,591.1 |   |   |   | 8,224.6 |   |
|                                                     |   |                                      |    |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| BENEFITS      AND OTHER DEDUCTIONS                       |   |                                      |    |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders’      benefits                       |   |                                      | 655.3   |   |                                     |   | 516.8 |   |   |   | 1,672.4 |   |   |   | 1,490.0 |   |
| Interest      credited to policyholders’           |   |                                      |    |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| account      balances                                    |   |                                      | 261.0   |   |                                     |   | 288.2 |   |   |   | 789.0 |   |   |   | 809.0 |   |
| Compensation      and benefits                           |   |                                      | 474.8   |   |                                     |   | 588.8 |   |   |   | 1,610.7 |   |   |   | 1,783.5 |   |
| Commissions                                              |   |                                      | 368.6   |   |                                     |   | 429.0 |   |   |   | 1,106.8 |   |   |   | 1,318.2 |   |
| Distribution      plan payments                          |   |                                      | 70.0    |   |                                     |   | 86.3 |   |   |   | 227.9 |   |   |   | 248.8 |   |
| Amortization      of deferred sales commissions          |   |                                      | 19.4    |   |                                     |   | 23.8 |   |   |   | 61.9 |   |   |   | 73.3 |   |
| Interest      expense                                    |   |                                      | 12.3    |   |                                     |   | 18.0 |   |   |   | 43.9 |   |   |   | 56.3 |   |
| Amortization      of deferred policy acquisition costs   |   |                                      | 1,202.1 |   |                                     |   | 259.8 |   |   |   | 1,714.1 |   |   |   | 637.8 |   |
| Capitalization      of deferred policy acquisition costs |   |                                      | (344.4  | )      |                                     |   | (424.0 | ) |   |   | (1,081.6 | ) |   |   | (1,270.1 | ) |
| Rent      expense                                        |   |                                      | 62.2    |   |                                     |   | 60.1 |   |   |   | 182.1 |   |   |   | 163.6 |   |
| Amortization      of other intangible assets             |   |                                      | 5.9     |   |                                     |   | 5.4 |   |   |   | 17.8 |   |   |   | 17.4 |   |
| Other      operating costs and expenses                  |   |                                      | 277.4   |   |                                     |   | 313.9 |   |   |   | 900.9 |   |   |   | 941.4 |   |
| Total      benefits and other deductions                 |   |                                      | 3,064.6 |   |                                     |   | 2,166.1 |   |   |   | 7,245.9 |   |   |   | 6,269.2 |   |
|                                                     |   |                                      |    |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      from continuing operations before          |   |                                      |    |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| income      taxes and minority interest                  |   |                                      | 322.8   |   |                                     |   | 772.4 |   |   |   | 2,345.2 |   |   |   | 1,955.4 |   |
| Income      taxes                                        |   |                                      | (99.1   | )      |                                     |   | (221.3 | ) |   |   | (701.7 | ) |   |   | (548.0 | ) |
| Minority      interest in net income of                  |   |                                      |    |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| consolidated      subsidiaries                           |   |                                      | (127.1  | )      |                                     |   | (194.5 | ) |   |   | (436.6 | ) |   |   | (523.1 | ) |
|                                                     |   |                                      |    |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      from continuing operations                 |   |                                      | 96.6    |   |                                     |   | 356.6 |   |   |   | 1,206.9 |   |   |   | 884.3 |   |
| Earnings      (losses) from discontinued operations,     |   |                                      |    |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| net      of income taxes                                 |   |                                      | -       |   |                                     |   | 2.6 |   |   |   | 1.4 |   |   |   | (6.9 | ) |
| Gains      on disposal of discontinued                   |   |                                      |    |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| operations,      net of income taxes                     |   |                                      | -       |   |                                     |   | 3.2 |   |   |   | 6.3 |   |   |   | 2.8 |   |
|                                                     |   |                                      |    |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Net      Earnings                                        |   | $                                         | 96.6    |   |                                     | $      | 362.4 |   |   | $ | 1,214.6 |   |   | $ | 880.2 |   |

----

|                                                                 |   | 2008               |     |   | 2007   |   |
|----------------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|
|                                                                 |   | (In      Millions) |     |
|                                                                 |   |               |     |
| SHAREHOLDER’S      EQUITY                                      |   |               |     |   |   |   |
|                                                                 |   |               |     |   |   |   |
| Common      stock, at par value, beginning of year and end of period |   | $                  | 2.5      |   |   | $      | 2.5 |   |
|                                                                 |   |               |     |   |   |   |   |   |
| Capital      in excess of par value, beginning of year               |   |               | 5,265.4  |   |   |   | 5,139.6 |   |
| Changes      in capital in excess of par value                       |   |               | 34.6     |   |   |   | 70.3 |   |
| Capital      in excess of par value, end of period                   |   |               | 5,300.0  |   |   |   | 5,209.9 |   |
|                                                                 |   |               |     |   |   |   |   |   |
| Retained      earnings, beginning of year                            |   |               | 5,186.0  |   |   |   | 4,507.6 |   |
| Cumulative      effect adjustment to adopt FIN 48                    |   |               | -        |   |   |   | 44.8 |   |
| Retained      earnings, beginning of year as adjusted                |   |               | 5,186.0  |   |   |   | 4,552.4 |   |
| Net      earnings                                                    |   |               | 1,214.6  |   |   |   | 880.2 |   |
| Shareholder      dividends paid                                      |   |               | -        |   |   |   | (300.0 | ) |
| Retained      earnings, end of period                                |   |               | 6,400.6  |   |   |   | 5,132.6 |   |
|                                                                 |   |               |     |   |   |   |   |   |
| Accumulated      other comprehensive loss, beginning of year         |   |               | (267.9   | )      |   |   | (167.3 | ) |
| Other      comprehensive loss                                        |   |               | (1,221.3 | )      |   |   | (202.4 | ) |
| Accumulated      other comprehensive loss, end of period             |   |               | (1,489.2 | )      |   |   | (369.7 | ) |
|                                                                 |   |               |     |   |   |   |   |   |
| Total      Shareholder’s Equity, End of Period                 |   | $                  | 10,213.9 |   |   | $      | 9,975.3 |   |

----

|                                                                               |   | 2008               |         |    | 2007   |   |
|------------------------------------------------------------------------------------|--------|--------------------|--------------|---------|--------|--------|
|                                                                               |   | (In      Millions) |         |
|                                                                               |   |               |         |    |   |   |
| Net      earnings                                                                  |   | $                  | 1,214.6      |    |   | $      | 880.2 |   |
| Adjustments      to reconcile net earnings to net cash provided                    |   |               |         |    |   |   |   |   |
| by      operating activities:                                                      |   |               |         |    |   |   |   |   |
| Interest      credited to policyholders’ account balances                    |   |               | 789.0        |    |   |   | 809.0 |   |
| Universal      life and investment-type product policy fee income                  |   |               | (2,226.7     | )       |   |   | (2,013.5 | ) |
| Net      change in broker-dealer and customer related      receivables/payables    |   |               | (487.1       | )       |   |   | (969.2 | ) |
| Net      investment income related to derivative instruments                       |   |               | (1,458.9     | )       |   |   | 179.4 |   |
| Investment      losses (gains), net                                                |   |               | 252.7        |    |   |   | (27.1 | ) |
| Change      in segregated cash and securities, net                                 |   |               | 10.2         |    |   |   | 721.5 |   |
| Change      in deferred policy acquisition costs                                   |   |               | 632.5        |    |   |   | (632.3 | ) |
| Change      in future policy benefits                                              |   |               | 184.1        |    |   |   | 34.8 |   |
| Change      in income taxes payable                                                |   |               | 490.4        |    |   |   | 273.9 |   |
| Minority      interest in net income of consolidated subsidiaries                  |   |               | 436.6        |    |   |   | 523.1 |   |
| Change      in fair value of guaranteed minimum income                             |   |               |         |    |   |   |   |   |
| benefit      reinsurance contracts                                                 |   |               | (388.9       | )       |   |   | 40.6 |   |
| Amortization      of deferred sales commissions                                    |   |               | 61.9         |    |   |   | 73.3 |   |
| Other      depreciation and amortization                                           |   |               | 99.9         |    |   |   | 100.7 |   |
| Amortization      of other intangible assets, net                                  |   |               | 17.8         |    |   |   | 17.3 |   |
| Change      in accounts payable and accrued expenses                               |   |               | 278.8        |    |   |   | 629.4 |   |
| Other,      net                                                                    |   |               | (195.3       | )       |   |   | (94.3 | ) |
|                                                                               |   |               |         |    |   |   |   |   |
| Net      cash (used in) provided by operating activities                           |   |               | (288.4       | )       |   |   | 546.8 |   |
|                                                                               |   |               |         |    |   |   |   |   |
| Cash      flows from investing activities:                                         |   |               |         |    |   |   |   |   |
| Maturities      and repayments of fixed maturities and mortgage loans              |   |               | 1,285.1      |    |   |   | 1,767.3 |   |
| Sales      of investments                                                          |   |               | 617.4        |    |   |   | 1,997.6 |   |
| Sale      of AXA Equitable Life and Annuity                                        |   |               | 60.8         |    |   |   | - |   |
| Purchases      of investments                                                      |   |               | (1,708.6     | )       |   |   | (2,888.0 | ) |
| Cash      settlements related to derivative instruments                            |   |               | 1,659.6      |    |   |   | (279.8 | ) |
| Change      in short-term investments                                              |   |               | 12.6         |    |   |   | 93.1 |   |
| Decrease      in loans to affiliates                                               |   |               | -            |    |   |   | (650.0 | ) |
| Change      in capitalized software, leasehold improvements and      EDP equipment |   |               |  (109.7 | )  |   |   |  (136.2 | )  |
| Other,      net                                                                    |   |               | 74.0         |    |   |   | (45.5 | ) |
|                                                                               |   |               |         |    |   |   |   |   |
| Net      cash provided by (used in) investing activities                           |   |               | 1,891.2      |    |   |   | (141.5 | ) |
|                                                                               |   |               |         |    |   |   |   |   |

----

|                                                     |   | 2008               |     |    | 2007   |   |
|----------------------------------------------------------|--------|--------------------|----------|---------|--------|--------|
|                                                     |   | (In      Millions) |     |
|                                                     |   |               |     |    |   |   |
|                                                     |   |               |     |    |   |   |
| Cash      flows from financing activities:               |   |               |     |    |   |   |
| Policyholders’      account balances:              |   |               |     |    |   |   |
| Deposits                                                 |   | $                  | 3,189.7  |    |   | $      | 3,047.9 |   |
| Withdrawals      and transfers to Separate Accounts      |   |               | (1,887.6 | )       |   |   | (2,953.4 | ) |
| Net      change in short-term financings                 |   |               | 231.6    |    |   |   | (168.1 | ) |
| Proceeds      from loans from affiliates                 |   |               | -        |    |   |   | 400.0 |   |
| Shareholder      dividends paid                          |   |               | -        |    |   |   | (300.0 | ) |
| Other,      net                                          |   |               | (252.7   | )  |   |   | (443.2 | ) |
|                                                     |   |               |     |    |   |   |   |   |
| Net      cash provided by (used in) financing activities |   |               | 1,281.0  |    |   |   | (416.8 | ) |
|                                                     |   |               |     |    |   |   |   |   |
| Change      in cash and cash equivalents                 |   |               | 2,883.8  |    |   |   | (11.5 | ) |
| Cash      and cash equivalents, beginning of year        |   |               | 1,173.2  |    |   |   | 1,122.2 |   |
|                                                     |   |               |     |    |   |   |   |   |
| Cash      and Cash Equivalents, End of Period            |   | $                  | 4,057.0  |    |   | $      | 1,110.7 |   |
|                                                     |   |               |     |    |   |   |   |   |
| Supplemental      cash flow information                  |   |               |     |    |   |   |   |   |
| Interest      Paid                                       |   | $                  | 18.1     |    |   | $      | 38.1 |   |
| Income      Taxes Paid                                   |   | $                  | 214.7    |    |   | $      | 230.7 |   |

----

| 1) | ORGANIZATION      AND BASIS OF PRESENTATION |
|----|---------------------------------------------|

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

----

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

----

|                                                  |   | Nine      Months EndedSeptember      30, |   |
|-------------------------------------------------------|--------|------------------------------------------|--------|
|                                                  |   | 2008                                     |   |   | 2007 |   |
|                                                  |   | (In      Millions)                       |   |
|                                                  |   |                                     |   |   |   |   |   |   |
| Balances,      beginning of year                      |   | $                                        | 1.4    |   |   | $ | 11.3 |   |
| Deductions      for writedowns and asset dispositions |   |                                     | (1.4   | ) |   |   | (9.8 | ) |
| Balances,      End of Period                          |   | $                                        | -      |   |   | $ | 1.5 |   |

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

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

----

|                                                                         |   | September      30,2008 |    |   | December      31,2007 |   |
|------------------------------------------------------------------------------|--------|------------------------|---------|--------|-----------------------|--------|
|                                                                         |   | (In      Millions)     |    |
|                                                                         |   |                   |    |   |                  |   |
| CLOSED      BLOCK LIABILITIES:                                               |   |                   |    |   |                  |   |
| Future      policy benefits, policyholders’ account balances and other |   | $                      | 8,577.9 |   |                  | $      | 8,657.3 |   |
| Other      liabilities                                                       |   |                   | 71.3    |   |                  |   | 115.2 |   |
| Total      Closed Block liabilities                                          |   |                   | 8,649.2 |   |                  |   | 8,772.5 |   |
|                                                                         |   |                   |    |   |                  |   |   |   |
| ASSETS      DESIGNATED TO THE CLOSED BLOCK:                                  |   |                   |    |   |                  |   |   |   |
| Fixed      maturities, available for sale, at estimated fair value           |   |                   |    |   |                  |   |   |   |
| (amortized      cost of $5,581.6 and $5,816.6)                               |   |                   | 5,090.5 |   |                  |   | 5,825.6 |   |
| Mortgage      loans on real estate                                           |   |                   | 1,124.8 |   |                  |   | 1,099.3 |   |
| Policy      loans                                                            |   |                   | 1,183.9 |   |                  |   | 1,197.5 |   |
| Cash      and other invested assets                                          |   |                   | 53.0    |   |                  |   | 4.7 |   |
| Other      assets                                                            |   |                   | 471.2   |   |                  |   | 240.1 |   |
| Total      assets designated to the Closed Block                             |   |                   | 7,923.4 |   |                  |   | 8,367.2 |   |
|                                                                         |   |                   |    |   |                  |   |   |   |
| Excess      of Closed Block liabilities over assets designated to            |   |                   |    |   |                  |   |   |   |
| the      Closed Block                                                        |   |                   | 725.8   |   |                  |   | 405.3 |   |
|                                                                         |   |                   |    |   |                  |   |   |   |
| Amounts      included in accumulated other comprehensive (loss) income:      |   |                   |    |   |                  |   |   |   |
| Net      unrealized investment (losses) gains, net of deferred    income     |   |                   |    |   |                  |   |   |   |
| tax      benefit (expense) of $171.7 and $(3.2)                              |   |                   | (319.0  | )      |                  |   | 5.9 |   |
|                                                                         |   |                   |    |   |                  |   |   |   |
| Maximum      Future Earnings To Be Recognized From Closed Block              |   |                   |    |   |                  |   |   |   |
| Assets      and Liabilities                                                  |   | $                      | 406.8   |   |                  | $      | 411.2 |   |

----

|                                             |   | Three      Months EndedSeptember      30, |   |   | Nine      Months EndedSeptember      30, |   |
|--------------------------------------------------|--------|-------------------------------------------|--------|--------|------------------------------------------|--------|
|                                             |   | 2008                                      |   |   | 2007                                     |   |   | 2008 |   |   | 2007 |   |
|                                             |   | (In      Millions)                        |   |
|                                             |   |                                      |   |   |                                     |   |   |   |   |   |   |   |
| REVENUES:                                        |   |                                      |   |   |                                     |   |   |   |   |   |   |   |
| Premiums      and other income                   |   | $                                         | 92.1   |   |                                     | $      | 94.8 |   |   | $ | 293.0 |   |   | $ | 304.8 |   |
| Investment      income (net of investment        |   |                                      |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| expenses      of 0.2, $0, $1.0 and      $0)      |   |                                      | 123.3  |   |                                     |   | 127.0 |   |   |   | 373.7 |   |   |   | 378.6 |   |
| Investment      (losses) gains, net              |   |                                      | (41.0  | )      |                                     |   | 3.6 |   |   |   | (45.7 | ) |   |   | 7.5 |   |
| Total      revenues                              |   |                                      | 174.4  |   |                                     |   | 225.4 |   |   |   | 621.0 |   |   |   | 690.9 |   |
|                                             |   |                                      |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| BENEFITS      AND                                |   |                                      |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| OTHER      DEDUCTIONS:                           |   |                                      |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders’      benefits and dividends |   |                                      | 199.6  |   |                                     |   | 190.4 |   |   |   | 612.1 |   |   |   | 618.0 |   |
| Other      operating costs and expenses          |   |                                      | .5     |   |                                     |   | .4 |   |   |   | 2.1 |   |   |   | 1.8 |   |
| Total      benefits and other deductions         |   |                                      | 200.1  |   |                                     |   | 190.8 |   |   |   | 614.2 |   |   |   | 619.8 |   |
| Net      (losses) revenues before                |   |                                      |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| income      taxes                                |   |                                      | (25.7  | )      |                                     |   | 34.6 |   |   |   | 6.8 |   |   |   | 71.1 |   |
| Income      taxes                                |   |                                      | 9.0    |   |                                     |   | (12.1 | ) |   |   | (2.4 | ) |   |   | (24.4 | ) |
| Net      (Losses) Revenues                       |   | $                                         | (16.7  | )      |                                     | $      | 22.5 |   |   | $ | 4.4 |   |   | $ | 46.7 |   |

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

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

----

|                                     |   | Three      Months EndedSeptember      30, |   |   | Nine      Months EndedSeptember      30, |   |
|------------------------------------------|--------|-------------------------------------------|--------|--------|------------------------------------------|--------|
|                                     |   | 2008                                      |   |   | 2007                                     |   |   | 2008 |   |   | 2007 |   |
|                                     |   | (In      Millions)                        |   |
|                                     |   |                                      |   |   |                                     |   |   |   |   |   |   |   |
| Earnings      (Losses) from Discontinued |   |                                      |   |   |                                     |   |   |   |   |   |   |   |
| Operations,      Net of Income Taxes:    |   |                                      |   |   |                                     |   |   |   |   |   |   |   |
| Wind-up      Annuities                   |   | $                                         | -      |   |                                     | $      | .1 |   |   | $ | - |   |   | $ | .5 |   |
| Real      estate held-for-sale           |   |                                      | -      |   |                                     |   | 2.5 |   |   |   | 1.4 |   |   |   | (8.3 | ) |
| Results      of operations - Enterprise  |   |                                      | -      |   |                                     |   | - |   |   |   | - |   |   |   | .9 |   |
| Total                                    |   | $                                         | -      |   |                                     | $      | 2.6 |   |   | $ | 1.4 |   |   | $ | (6.9 | ) |
|                                     |   |                                      |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Gains      on Disposal of Discontinued   |   |                                      |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Operations,      Net of Income Taxes:    |   |                                      |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Real      estate held-for-sale           |   | $                                         | -      |   |                                     | $      | 3.2 |   |   | $ | 6.3 |   |   | $ | 3.2 |   |
| Disposal      of business - Enterprise   |   |                                      | -      |   |                                     |   | - |   |   |   | - |   |   |   | (.4 | ) |
| Total                                    |   | $                                         | -      |   |                                     | $      | 3.2 |   |   | $ | 6.3 |   |   | $ | 2.8 |   |

|                                                               |   | September      30,2008 |   |   | December      31,2007 |   |
|--------------------------------------------------------------------|--------|------------------------|--------|--------|-----------------------|--------|
|                                                               |   | (In      Millions)     |   |
|                                                               |   |                   |   |   |                  |   |
| BALANCE      SHEETS                                                |   |                   |   |   |                  |   |
| Fixed      maturities, available for sale, at estimated fair value |   |                   |   |   |                  |   |
| (amortized      cost of $671.2 and $696.3)                         |   | $                      | 618.5  |   |                  | $      | 705.0 |   |
| Equity      real estate                                            |   |                   | 162.5  |   |                  |   | 165.0 |   |
| Mortgage      loans on real estate                                 |   |                   | 1.4    |   |                  |   | 2.2 |   |
| Other      invested assets                                         |   |                   | 1.5    |   |                  |   | 1.8 |   |
| Total      investments                                             |   |                   | 783.9  |   |                  |   | 874.0 |   |
| Other      assets                                                  |   |                   | 105.4  |   |                  |   | 27.3 |   |
| Total      Assets                                                  |   | $                      | 889.3  |   |                  | $      | 901.3 |   |
|                                                               |   |                   |   |   |                  |   |   |   |
| Policyholders      liabilities                                     |   | $                      | 731.8  |   |                  | $      | 756.1 |   |
| Other      liabilities                                             |   |                   | 157.5  |   |                  |   | 145.2 |   |
| Total      Liabilities                                             |   | $                      | 889.3  |   |                  | $      | 901.3 |   |

----

|                                                    |                     | Three      Months EndedSeptember      30, |   |   | Nine      Months EndedSeptember      30, |   |
|---------------------------------------------------------|--------------------------|-------------------------------------------|--------|--------|------------------------------------------|--------|
|                                                    |                     | 2008                                      |   |   | 2007                                     |   |   | 2008 |   |   | 2007 |   |
|                                                    |  (In      Millions) |
|                                                    |                     |                                      |   |   |                                     |   |   |   |   |   |   |   |
| STATEMENTS      OF EARNINGS                             |                     |                                      |   |   |                                     |   |   |   |   |   |   |   |
| Investment      income (net of investment               |                     |                                      |   |   |                                     |   |   |   |   |   |   |   |
| expenses      of $5.1, $5.0,      $14.4 and      $14.8) |                     | $                                         | 17.3   |   |                                     | $      | 15.0 |   |   | $ | 48.7 |   |   | $ | 47.9 |   |
| Investment      (losses) gains, net                     |                     |                                      | (5.2   | )      |                                     |   | 1.4 |   |   |   | (4.4 | ) |   |   | 5.7 |   |
| Total      revenues                                     |                     |                                      | 12.1   |   |                                     |   | 16.4 |   |   |   | 44.3 |   |   |   | 53.6 |   |
|                                                    |                     |                                      |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Benefits      and other deductions                      |                     |                                      | 19.4   |   |                                     |   | 21.2 |   |   |   | 57.1 |   |   |   | 60.2 |   |
| Losses      charged to the                              |                     |                                      |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| allowance      for future losses                        |                     |                                      | (7.3   | )      |                                     |   | (4.8 | ) |   |   | (12.8 | ) |   |   | (6.6 | ) |
| Pre-tax      earnings from operations                   |                     |                                      | -      |   |                                     |   | - |   |   |   | - |   |   |   | - |   |
| Pre-tax      earnings from releasing the                |                     |                                      |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |
| allowance      for future losses                        |                     |                                      | -      |   |                                     |   | .1 |   |   |   | - |   |   |   | - |   |
| Income      tax benefit                                 |                     |                                      | -      |   |                                     |   | - |   |   |   | - |   |   |   | .5 |   |
| Earnings      from Wind-up Annuities                    |                     | $                                         | -      |   |                                     | $      | .1 |   |   | $ | - |   |   | $ | .5 |   |

|   | AXA Equitable’s quarterly process      for evaluating the need for an allowance for future losses involves      comparison of the current period’s results of Wind-up Annuities to      previous projections and re-estimation of future expected losses, if      appropriate, to determine whether an adjustment is      required.  Investment and benefit cash flow      projections are updated annually as part of the Company’s annual planning      process. These updated assumptions and      estimates resulted in releases of the allowance in the third quarter and      first nine months of 2007.  If the Company’s      analysis in any given period indicates that an allowance for future losses      is not necessary, any current period Wind-up Annuities’ operating losses      are deferred to the extent that such losses are expected to be offset by      reasonably assured future net investing and operating cash      flows.  Included in Other assets at September 30, 2008 and      December 31, 2007, respectively, were $92.2 million and $18.0 million of      deferred operating losses and unrealized investment losses which      management believes are offset by projections of reasonably assured future      net investing and operating cashflows. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The determination of projected      future cash flows involves numerous estimates and subjective judgments      regarding the expected performance of Discontinued Operations Investment      Assets and the expected run-off of Wind-up Annuities      liabilities.  There can be no assurance the projected future      cash flows will not differ from the cash flows ultimately      realized.  To the extent actual results or future projections of      Wind-up Annuities are lower than  management’s current estimates      and assumptions and result in deferred operating losses not being offset      by reasonably assured future net investing and operating cash flows, the      difference would be reflected in the consolidated statements of earnings      from 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 liability or deferred operating loss asset, as applicable, may      result. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

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

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

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

| ·   | Withdrawal:      the withdrawal is guaranteed up to a maximum amount per year for      life. |
|--------------------|----------------------------------------------------------------------------------------------|

|                               |   | GMDB               |   |   | GMIB   |   |   | Total  |   |
|------------------------------------|--------|--------------------|--------|--------|--------|--------|--------|--------|--------|
|                               |   | (In      Millions) |   |
|                               |   |               |   |
|                               |   |               |   |   |   |   |   |   |   |
| Balance      at January 1, 2008    |   | $                  | 253.0  |   |   | $      | 309.9  |   |   | $ | 562.9 |   |
| Paid      guarantee benefits       |   |               | (61.8  | )      |   |   | (3.7   | )      |   |   | (65.5 | ) |
| Other      changes in reserve      |   |               | 145.6  |   |   |   | 107.0  |   |   |   | 252.6 |   |
| Balance      at September 30, 2008 |   | $                  | 336.8  |   |   | $      | 413.2  |   |   | $ | 750.0 |   |
|                               |   |               |   |   |   |   |   |   |   |   |   |   |
| Balance      at January 1, 2007    |   | $                  | 163.7  |   |   | $      | 228.3  |   |   | $ | 392.0 |   |
| Paid      guarantee benefits       |   |               | (24.8  | )      |   |   | (2.1   | )      |   |   | (26.9 | ) |
| Other      changes in reserve      |   |               | 90.1   |   |   |   | 34.2   |   |   |   | 124.3 |   |
| Balance      at September 30, 2007 |   | $                  | 229.0  |   |   | $      | 260.4  |   |   | $ | 489.4 |   |

|                              | Nine      Months Ended |   |
|-----------------------------------|------------------------|--------|
|                              | September      30,     |   |
|                              | 2008                   |   |   | 2007 |   |
|                              | (In      Millions)     |   |
|                              |                   |   |   |   |   |
| Balance      at beginning of year | $                      | 27.5   |   |   | $ | 23.6 |   |
| Paid      guarantee benefits      |                   | (11.7  | ) |   |   | (7.4 | )  |
| Other      changes in reserve     |                   | 18.2   |   |   |   | 9.8 |   |
| Balance      at End of Period     | $                      | 34.0   |   |   | $ | 26.0 |   |

----

|                                  |   | ReturnOfPremium            |         |   | Ratchet |   |        | Roll-Up |   |   | Combo       |   |   | Total   |         |
|---------------------------------------|--------|----------------------------|--------------|--------|---------|--------|-------------|---------|--------|--------|-------------|--------|--------|---------|--------------|
|                                  |   | (Dollars      In Millions) |         |
|                                  |   |                       |         |   |    |   |        |    |   |   |        |   |   |    |         |   |   |   |   |   |
| GMDB:                                 |   |                       |         |   |    |   |        |    |   |   |        |   |   |    |         |   |   |   |   |   |
| Account      values invested in:      |   |                       |         |   |    |   |        |    |   |   |        |   |   |    |         |   |   |   |   |   |
| General      Account                  |   | $                          |  10,847 |   |    | $      |  326   |    |   | $      |  284   |   |   | $       |  877    |   |   | $ |  12,334 |   |
| Separate      Accounts                |   | $                          |  23,634 |   |    | $      |  6,878 |    |   | $      |  5,409 |   |   | $  |  28,504 |   |   | $  |  64,425 |   |
| Net      amount at risk, gross        |   | $                          | 2,351        |   |    | $      |  1,771 |    |   | $      |  2,651 |   |   | $  |  7,919  |   |   | $  |  14,692 |   |
| Net      amount at risk, net of       |   |                       |         |   |    |   |        |    |   |   |        |   |   |    |         |   |   |   |   |   |
| amounts      reinsured                |   | $                          | 2,351        |   |    | $      | 1,613       |    |   | $      | 1,778       |   |   | $       | 7,919        |   |   | $ | 13,661 |   |
| Average      attained age of          |   |                       |         |   |    |   |        |    |   |   |        |   |   |    |         |   |   |   |   |   |
| contractholders                       |   |                       | 49.4         |   |    |   | 61.8        |    |   |   | 65.8        |   |   |    | 61.9         |   |   |   | 53.1 |   |
| Percentage      of contractholders    |   |                       |         |   |    |   |        |    |   |   |        |   |   |    |         |   |   |   |   |   |
| over      age 70                      |   |                       | 7.5          | %      |    |   | 23.9        | %       |   |   | 38.9        | %      |   |    | 22.0         | % |   |   | 12.5 | % |
| Range      of contractually specified |   |                       |         |   |    |   |        |    |   |   |        |   |   |    |         |   |   |   |   |   |
| interest      rates                   |   |                       | N/A          |   |    |   | N/A         |    |   |   | 3%-      6  | %      |   |    | 3%-      6.5 | % |   |   | 3%-      6.5 | % |
|                                  |   |                       |         |   |    |   |        |    |   |   |        |   |   |    |         |   |   |   |   |   |
| GMIB:                                 |   |                       |         |   |    |   |        |    |   |   |        |   |   |    |         |   |   |   |   |   |
| Account      values invested in:      |   |                       |         |   |    |   |        |    |   |   |        |   |   |    |         |   |   |   |   |   |
| General      Account                  |   |                       | N/A          |   |    |   | N/A         |    |   | $      | 49          |   |   | $       | 1,161        |   |   | $ | 1,210 |   |
| Separate      Accounts                |   |                       | N/A          |   |    |   | N/A         |    |   | $      | 3,298       |   |   | $       | 38,056       |   |   | $ | 41,354 |   |
| Net      amount at risk, gross        |   |                       | N/A          |   |    |   | N/A         |    |   | $      | 818         |   |   | $  | 3            |   |   | $ | 821 |   |
| Net      amount at risk, net of       |   |                       |         |   |    |   |        |    |   |   |        |   |   |    |         |   |   |   |   |   |
| amounts      reinsured                |   |                       | N/A          |   |    |   | N/A         |    |   | $      | 230         |   |   | $  | 3            |   |   | $ | 233 |   |
| Weighted      average years           |   |                       |         |   |    |   |        |    |   |   |        |   |   |    |         |   |   |   |   |   |
| remaining      until annuitization    |   |                       | N/A          |   |    |   | N/A         |    |   |   | 1.6         |   |   |    | 7.8          |   |   |   | 7.2 |   |
| Range      of contractually specified |   |                       |         |   |    |   |        |    |   |   |        |   |   |    |         |   |   |   |   |   |
| interest      rates                   |   |                       | N/A          |   |    |   | N/A         |    |   |   | 3%-      6  | %      |   |    | 3%-      6.5 | % |   |   | 3%-      6.5 | % |

----

| Investment      in Variable Insurance Trust Mutual Funds |   |
|----------------------------------------------------------|--------|
|                                                     |   |   |   |
|                                                     |   | September      30, |   | December      31, |   |
|                                                     |   | 2008 |   | 2007 |   |
|                                                     |   | (In      Millions) |   |
|                                                     |   |   |   |
| GMDB:                                                    |   |   |   |   |   |   |
| Equity                                                   |   | $ | 38,356 |   |   | $ | 48,587 |   |
| Fixed      income                                        |   |   | 4,028 |   |   |   | 4,392 |   |
| Balanced                                                 |   |   | 19,660 |   |   |   | 20,546 |   |
| Other                                                    |   |   | 2,381 |   |   |   | 2,151 |   |
| Total                                                    |   | $ | 64,425 |   |   | $ | 75,676 |   |
|                                                     |   |   |   |   |   |   |   |   |
| GMIB:                                                    |   |   |   |   |   |   |   |   |
| Equity                                                   |   | $ | 23,346 |   |   | $ | 27,831 |   |
| Fixed      income                                        |   |   | 2,360 |   |   |   | 2,687 |   |
| Balanced                                                 |   |   | 14,408 |   |   |   | 14,816 |   |
| Other                                                    |   |   | 1,240 |   |   |   | 1,018 |   |
| Total                                                    |   | $ | 41,354 |   |   | $ | 46,352 |   |

----

|                               |   | Direct             |   |   | Reinsurance |   |   |   |   |
|------------------------------------|--------|--------------------|--------|--------|-------------|--------|--------|--------|--------|
|                               |   | Liability          |   |   | Ceded       |   |   | Net    |   |
|                               |   | (In      Millions) |   |
|                               |   |               |   |   |        |   |   |   |   |
| Balance      at January 1, 2008    |   | $                  | 135.0  |   |        | $      | (107.6 | )      |   | $ | 27.4 |   |
| Other      changes in reserves     |   |               | 63.0   |   |        |   | (43.0  | )      |   |   | 20.0 |   |
| Balance      at September 30, 2008 |   | $                  | 198.0  |   |        | $      | (150.6 | )      |   | $ | 47.4 |   |
|                               |   |               |   |   |        |   |   |   |   |   |   |   |
| Balance      at January 1, 2007    |   | $                  | 66.8   |   |        | $      | (47.9  | )      |   | $ | 18.9 |   |
| Other      changes in reserves     |   |               | 57.3   |   |        |   | (50.5  | )      |   |   | 6.8 |   |
| Balance      at September 30, 2007 |   | $                  | 124.1  |   |        | $      | (98.4  | )      |   | $ | 25.7 |   |

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

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

----

|                                     |   |               |     |   |         |   |     |         |   |   |    |   |
|------------------------------------------|--------|--------------------|----------|--------|--------------|--------|----------|--------------|--------|--------|---------|--------|
|                                     |   | Level      1       |     |   | Level      2 |   |     | Level      3 |   |   | Total   |   |
|                                     |   | (In      Millions) |     |
| Assets                                   |   |               |     |   |         |   |     |         |   |   |    |   |
| Investments:                             |   |               |     |   |         |   |     |         |   |   |    |   |
| Fixed      maturities available for sale |   | $                  | 172.3    |   |         | $      | 22,132.7 |         |   | $      | 1,952.9 |   |   | $ | 24,257.9 |   |
| Other      equity investments            |   |               | 94.5     |   |         |   | -        |         |   |   | 1.9     |   |   |   | 96.4 |   |
| Trading      securities                  |   |               | 561.4    |   |         |   | -        |         |   |   | .1      |   |   |   | 561.5 |   |
| Other      invested assets               |   |               | -        |   |         |   | 243.3    |         |   |   | 196.5   |   |   |   | 439.8 |   |
| Loans      to affiliates                 |   |               | -        |   |         |   | 525.2    |         |   |   | -       |   |   |   | 525.2 |   |
| Cash      equivalents                    |   |               | 3,553.2  |   |         |   | -        |         |   |   | -       |   |   |   | 3,553.2 |   |
| Segregated      securities               |   |               | 2,359.9  |   |         |   | -        |         |   |   | -       |   |   |   | 2,359.9 |   |
| GMIB      reinsurance contracts          |   |               | -        |   |         |   | -        |         |   |   | 513.6   |   |   |   | 513.6 |   |
| Separate      Accounts’ assets     |   |               | 79,539.4 |   |         |   | 1,501.1  |         |   |   | 27.6    |   |   |   | 81,068.1 |   |
| Total      Assets                        |   | $                  | 86,280.7 |   |         | $      | 24,402.3 |         |   | $      | 2,692.6 |   |   | $ | 113,375.6 |   |
|                                     |   |               |     |   |         |   |     |         |   |   |    |   |   |   |   |   |
|                                     |   |               |     |   |         |   |     |         |   |   |    |   |   |   |   |   |
| Liabilities                              |   |               |     |   |         |   |     |         |   |   |    |   |   |   |   |   |
| GWBL      features’ liability      |   | $                  | -        |   |         | $      | -        |         |   | $      | 46.9    |   |   | $ | 46.9 |   |
| Total      Liabilities                   |   | $                  | -        |   |         | $      | -        |         |   | $      | 46.9    |   |   | $ | 46.9 |   |

----

|   | The table below presents a      reconciliation for all Level 3 assets and liabilities for third quarter      and the first nine months of2008: |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

| Level      3 Instruments     |
|------------------------------|
| Fair      Value Measurements |
| (In      Millions)           |

|                            |   | Fixed         |    |   | Other       |   |   |     |   |   |        |   |   |     |   |   |     |      |
|---------------------------------|--------|---------------|---------|--------|-------------|--------|--------|----------|--------|--------|-------------|--------|--------|----------|--------|--------|----------|-----------|
|                            |   | Maturities    |    |   | Equity      |   |   | Other    |   |   | GMIB        |   |   | Separate |   |   | GWBL     |      |
|                            |   | Available     |    |   | Investments |   |   | Invested |   |   | Reinsurance |   |   | Accounts |   |   | Features |      |
|                            |   | For      Sale |    |   |        | (1)    |   |     | Assets |   |        | Asset  |   |     | Assets |   |     | Liability |   |
|                            |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |
| Discrete      third quarter:    |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |
| Balance,      July 1, 2008      |   | $             | 2,212.6 |   |        | $      | 1.7    |     |   | $      | 175.9       |   |   | $        | 310.1  |   |     | $         | 26.3 |   |   | $ | - |   |
| Total      gains (losses),      |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| realized      and unrealized,   |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| included      in:               |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| Earnings      as:               |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| Net      investment income      |   |          | .8      |   |        |   | -      |     |   |   | 2.9         |   |   |     | -      |   |     |      | - |   |   |   | - |   |
| Investment      (losses)        |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| gains,  net           |   |          | (28.5   | )      |        |   | -      |     |   |   | -           |   |   |     | -      |   |     |      | (2.4 | ) |   |   | 41.9 |   |
| Commissions,      fees and      |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| other      income               |   |          | -       |   |        |   | -      |     |   |   | -           |   |   |     | 189.8  |   |     |      | - |   |   |   | - |   |
| Subtotal                        |   |          | (27.7   | )      |        |   | -      |     |   |   | 2.9         |   |   |     | 189.8  |   |     |      | (2.4 | ) |   |   | 41.9 |   |
| Other      comprehensive        |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| income                          |   |          | (218.4  | )      |        |   | .4     |     |   |   | -           |   |   |     | -      |   |     |      | - |   |   |   | - |   |
| Purchases/issuances      and    |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| sales/settlements,      net     |   |          | (12.0   | )      |        |   | (.1    | )        |   |   | 17.7        |   |   |     | 13.7   |   |     |      | (2.5 | ) |   |   | 5.0 |   |
| Transfers      into/out of      |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| Level      3                    |   |          | (1.6    | )      |        |   | -      |     |   |   | -           |   |   |     | -      |   |     |      | 6.2 |   |   |   | - |   |
| Balance,      Sept. 30, 2008    |   | $             | 1,952.9 |   |        | $      | 2.0    |     |   | $      | 196.5       |   |   | $        | 513.6  |   |     | $         | 27.6 |   |   | $ | 46.9 |   |
|                            |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| First      Nine Months of 2008: |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| Balance,      Dec. 31, 2007     |   | $             | 2,503.4 |   |        | $      | 3.0    |     |   | $      | 160.9       |   |   | $        | 124.7  |   |     | $         | 40.8 |   |   | $ | - |   |
| Impact      of adopting         |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| SFAS      No. 157, included     |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| in      earnings                |   |          | -       |   |        |   | -      |     |   |   | -           |   |   |     | 210.6  |   |     |      | - |   |   |   | - |   |
| Balance,      Jan. 1, 2008      |   |          | 2,503.4 |   |        |   | 3.0    |     |   |   | 160.9       |   |   |     | 335.3  |   |     |      | 40.8 |   |   |   | - |   |
| Total      gains (losses),      |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| realized      and unrealized,   |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| included      in:               |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| Earnings      as:               |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| Net      investment income      |   |          | 2.4     |   |        |   | -      |     |   |   | 8.7         |   |   |     | -      |   |     |      | - |   |   |   | - |   |
| Investment      (losses)        |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| gains,      net                 |   |          | (73.7   | )      |        |   | (1.1   | )        |   |   | -           |   |   |     | -      |   |     |      | (7.1 | ) |   |   | 41.9 |   |
| Commissions,      fees and      |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| other      income               |   |          | -       |   |        |   | -      |     |   |   | -           |   |   |     | 135.0  |   |     |      | - |   |   |   | - |   |
| Subtotal                        |   |          | (71.3   | )      |        |   | (1.1   | )        |   |   | 8.7         |   |   |     | 135.0  |   |     |      | (7.1 | ) |   |   | 41.9 |   |
| Other      comprehensive        |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| income                          |   |          | (551.7  | )      |        |   | .3     |     |   |   | -           |   |   |     | -      |   |     |      | - |   |   |   | - |   |
| Purchases/issuances      and    |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| sales/settlements,      net     |   |          | (23.0   | )      |        |   | (.2    | )        |   |   | 26.9        |   |   |     | 43.3   |   |     |      | (12.3 | ) |   |   | 5.0 |   |
| Transfers      into/out of      |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |
| Level      3                    |   |          | 95.5    |   |        |   | -      |     |   |   | -           |   |   |     | -      |   |     |      | 6.2 |   |   |   | - |   |
| Balance,      Sept. 30, 2008    |   | $             | 1,952.9 |   |        | $      | 2.0    |     |   | $      | 196.5       |   |   | $        | 513.6  |   |     | $         | 27.6 |   |   | $ | 46.9 |   |
|                            |   |          |    |   |        |   |   |     |   |   |        |   |   |     |   |   |     |      |   |   |   |   |   |   |

----

|                                  |               | Earnings   |   |   |
|---------------------------------------|--------------------|------------|--------|--------|
|                                  |               |       |   |   | Investment |   |   | Commissions |   | Other |
|                                  |               | Net        |   |   | Gains |   |   | Fees      and |   | Compre- |
|                                  |               | Investment |   |   | (Losses), |   |   | Other |   | hensive |
|                                  |               | Income     |   |   | Net |   |   | Income |   | Income |
|                                  | (In      Millions) |
| Level      3 Instruments:             |               |       |   |   |   |   |   |   |   |   |   |   |
| Third      Quarter 2008               |               |       |   |   |   |   |   |   |   |   |   |   |
| Still      Held at Sept. 30, 2008:    |               |       |   |   |   |   |   |   |   |   |   |   |
| Change      in unrealized gains       |               |       |   |   |   |   |   |   |   |   |   |   |
| or      losses                        |               |       |   |   |   |   |   |   |   |   |   |   |
| Fixed      maturities                 |               |       |   |   |   |   |   |   |   |   |   |   |
| available      for sale               |               | $          | -      |   |   | $ | - |   |   | $ | - |   |   | $ | (221.0 | ) |
| Other      equity investments         |               |       | -      |   |   |   | - |   |   |   | - |   |   |   | .4 |   |
| Other      invested assets            |               |       | 20.6   |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Cash      equivalents                 |               |       | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Segregated      securities            |               |       | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| GMIB      reinsurance contracts       |               |       | -      |   |   |   | - |   |   |   | 189.8 |   |   |   | - |   |
| Separate      Accounts’ assets  |               |       | -      |   |   |   | (2.4 | ) |   |   | - |   |   |   | - |   |
| GWBL      features’ liabilities |               |       | -      |   |   |   | 41.9 |   |   |   | - |   |   |   | - |   |
| Total                                 |               | $          | 20.6   |   |   | $ | 39.5 |   |   | $ | 189.8 |   |   | $ | (220.6 | ) |
|                                  |               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First      Nine Months of 2008        |               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Still      Held at Sept. 30, 2008:    |               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Change      in unrealized gains       |               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| or      losses                        |               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed      maturities                 |               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| available      for sale               |               | $          | -      |   |   | $ | - |   |   | $ | - |   |   | $ | (552.2 | ) |
| Other      equity investments         |               |       | -      |   |   |   | - |   |   |   | - |   |   |   | .4 |   |
| Other      invested assets            |               |       | 35.5   |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Cash      equivalents                 |               |       | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Segregated      securities            |               |       | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| GMIB      reinsurance contracts       |               |       | -      |   |   |   | - |   |   |   | 135.0 |   |   |   | - |   |
| Separate      Accounts’ assets  |               |       | -      |   |   |   | (6.9 | ) |   |   | - |   |   |   | - |   |
| GWBL      features’ liability   |               |       | -      |   |   |   | 41.9 |   |   |   | - |   |   |   | - |   |
| Total                                 |               | $          | 35.5   |   |   | $ | 35.0 |   |   | $ | 135.0 |   |   | $ | (551.8 | ) |

----

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

|                                    |   |                                      |       |   |                                     |   |       |   |   |   |       |   |
|-----------------------------------------|--------|-------------------------------------------|------------|--------|------------------------------------------|--------|------------|--------|--------|--------|------------|--------|
|                                    |   | Three      Months EndedSeptember      30, |       |   | Nine      Months EndedSeptember      30, |   |
|                                    |   |                                      | 2008  |   |                                     |   | 2007  |   |   |   | 2008  |   |   |   | 2007  |   |
|                                    |   | (In      Millions)                        |       |
|                                    |   |                                      |       |   |                                     |   |       |   |   |   |       |   |   |   |   |   |
| Service      cost                       |   | $                                         | 11.3       |   |                                     | $      | 10.4       |   |   | $      | 31.2       |   |   | $ | 29.4 |   |
| Interest      cost on projected benefit |   |                                      |       |   |                                     |   |       |   |   |   |       |   |   |   |   |   |
| obligation                              |   |                                      | 33.7       |   |                                     |   | 32.7       |   |   |   | 100.6      |   |   |   | 96.6 |   |
| Expected      return on assets          |   |                                      | (48.3      | )      |                                     |   | (47.7      | )      |   |   | (146.2     | )      |   |   | (143.4 | ) |
| Net      amortization and deferrals     |   |                                      | 13.8       |   |                                     |   | 16.3       |   |   |   | 32.4       |   |   |   | 43.3 |   |
| Net      Periodic Pension Expense       |   | $                                         | 10.5       |   |                                     | $      | 11.7       |   |   | $      | 18.0       |   |   | $ | 25.9 |   |

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

----

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

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

----

----

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

|                           |   | Three      Months Ended September      30, |    |   | Nine      Months Ended September      30, |   |
|--------------------------------|--------|--------------------------------------------|---------|--------|-------------------------------------------|--------|
|                           |   | 2008                                       |    |   | 2007                                      |   |   | 2008 |   |   | 2007 |   |
|                           |   | (In      Millions)                         |    |
|                           |   |                                       |    |   |                                      |   |   |   |   |   |   |   |
| Segment      revenues:         |   |                                       |    |   |                                      |   |   |   |   |   |   |   |
| Insurance                      |   | $                                          | 2,561.7 |   |                                      | $      | 1,801.4 |   |   | $ | 6,698.9 |   |   | $ | 4,909.6 |   |
| Investment      Management (1) |   |                                       | 847.8   |   |                                      |   | 1,161.4 |   |   |   | 2,956.9 |   |   |   | 3,386.8 |   |
| Consolidation/elimination      |   |                                       | (22.1   | )      |                                      |   | (24.3 | ) |   |   | (64.7 | ) |   |   | (71.8 | ) |
| Total      Revenues            |   | $                                          | 3,387.4 |   |                                      | $      | 2,938.5 |   |   | $ | 9,591.1 |   |   | $ | 8,224.6 |   |
|                           |   |                                       |    |   |                                      |   |   |   |   |   |   |   |   |   |   |   |

| (1)  Net      of interest expense incurred on securities borrowed |   |
|-----------------------------------------------------------------------------|--------|

| Segment      earnings from continuing                           |   |   |   |   |   |   |   |   |   |   |    |   |
|-----------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---------|--------|
| operations      before income taxes      and minority interest: |   |   |   |   |   |   |   |   |   |   |    |   |
| Insurance                                                       |   | $      | 73.7   |   |   | $      | 384.5  |   |   | $      | 1,488.2 |   |   | $ | 912.8 |   |
| Investment      Management                                      |   |   | 251.6  |   |   |   | 388.2  |   |   |   | 860.0   |   |   |   | 1,043.1 |   |
| Consolidation/elimination                                       |   |   | (2.5   | )      |   |   | (.3    | )      |   |   | (3.0    | )      |   |   | (.5 | ) |
| Total      Earnings from Continuing                             |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |
| Operations      before Income                                   |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |
| Taxes      and Minority Interest                                |   | $      | 322.8  |   |   | $      | 772.4  |   |   | $      | 2,345.2 |   |   | $ | 1,955.4 |   |
|                                                            |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |

|                       |   |                   |      |   |                  |   |
|----------------------------|--------|------------------------|-----------|--------|-----------------------|--------|
|                       |   | September      30,2008 |      |   | December      31,2007 |   |
|                       |   | (In      Millions)     |      |
|                       |   |                   |      |   |                  |   |
| Segment      assets:       |   |                   |      |   |                  |   |
| Insurance                  |   | $                      | 129,799.5 |   |                  | $      | 144,962.2 |   |
| Investment      Management |   |                   | 13,408.9  |   |                  |   | 14,962.7 |   |
| Consolidation/elimination  |   |                   | (18.3     | )      |                  |   | 1.1 |   |
| Total      Assets          |   | $                      | 143,190.1 |   |                  | $      | 159,926.0 |   |
|                       |   |                   |      |   |                  |   |   |   |

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

----

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

|                                             |   | Three      Months Ended |   |   | Nine      Months Ended |   |
|--------------------------------------------------|--------|-------------------------|--------|--------|------------------------|--------|
|                                             |   | September      30,      |   |   | September      30,     |   |
|                                             |   | 2008                    |   |   | 2007                   |   |   | 2008 |   |   | 2007 |   |
|                                             |   | (In      Millions)      |   |
|                                             |   |                    |   |
| Net      earnings                                |   | $                       | 96.6   |   |                   | $      | 362.4 |   |   | $ | 1,214.6 |   |   | $ | 880.2 |   |
|                                             |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Change      in unrealized (losses) gains, net of |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| reclassification      adjustment                 |   |                    | (717.4 | )      |                   |   | 22.1 |   |   |   | (1,239.1 | ) |   |   | (230.5 | ) |
| Changes      in defined benefit plan             |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| related      items, net of                       |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| reclassification      adjustment                 |   |                    | 5.8    |   |                   |   | 10.4 |   |   |   | 17.8 |   |   |   | 28.1 |   |
|                                             |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Other      comprehensive loss                    |   |                    | (711.6 | )      |                   |   | 32.5 |   |   |   | (1,221.3 | ) |   |   | (202.4 | ) |
|                                             |   |                    |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive      (Loss) Income                 |   | $                       | (615.0 | )      |                   | $      | 394.9 |   |   | $ | (6.7 | ) |   | $ | 677.8 |   |

----

----

----

----

----

|                                           | September      30, |   |
|------------------------------------------------|--------------------|--------|
|                                           | 2008               |   | 2007 |   |
|                                           | (In      Millions) |
|                                           |               |   |   |   |   |   |
| Third-party                |               | $      | 535,653 |   |   | $ | 744,006 |   |
| General      Account and other            |               |   | 48,817 |   |   |   | 50,214 |   |
| Separate      Accounts                         |               |   | 81,133 |   |   |   | 97,544 |   |
| Total      Assets Under Management   |               | $      | 665,603 |   |   | $ | 891,764 |   |

----

----

----

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

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

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

|   | There have been no material changes to the      risk factors described in Part I, Item 1A, “Risk Factors,” of the 2007      Form 10-K except as noted below.There      can be no assurance that the recent actions by the Federal government to      stabilize the U.S. financial system will be effective.The      world-wide equity and credit markets have been experiencing volatility and      disruption for over a year, which has recently approached virtually      unprecedented levels.  The Federal government, Federal Reserve      and other governmental regulatory bodies have taken and are considering      further actions to stabilize the U.S. financial system.  There      can be no assurance, however, as to the actual impact that these actions      will have on the financial markets, including the extreme levels of      volatility and limited credit availability currently being      experienced.  The failure of these actions to help stabilize the      financial markets and a continuation or worsening of current financial      market conditions could adversely affect our ability to access capital,      business, financial condition and results of      operations. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

| Date:  | November      10, 2008 |   | AXA      EQUITABLE LIFE INSURANCE COMPANY |
|--------|------------------------|--------|-------------------------------------------|
|   |                   |   |                                      |

|   |                   |   | By:    | /s/      Richard S.Dziadzio |                              |
|--------|------------------------|--------|--------|-----------------------------|-----------------------------------|
|   |                   |   |   | Name:                       | Richard      S. Dziadzio          |   |
|   |                   |   |   | Title:                      | Executive      Vice President and |   |
|   |                   |   |   |                        | Chief      Financial Officer      |   |
|   |                   |   |   |                        |
|   |                   |   |   |                        |
| Date:  | November      10, 2008 |   |   | /s/      Alvin H.  Fenichel |
|   |                   |   |   | Name:                       | Alvin      H. Fenichel            |
|   |                   |   |   | Title:                      | Senior      Vice President and    |
|   |                   |   |   |                        | Chief      Accounting Officer     |