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

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

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|---------------------------------|
|                                 |  |  |
| 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) |

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|                                                                                                                                                                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                       |  |  |  |  |  |  |
| Large accelerated filer                                                                                                                                                                                                                                     |   |  ̈ |    | Accelerated filer |   |  ̈ |
|                                                                                                                                                                                                                                                                  |   |   |   |
| Non-accelerated filer                                                                                                                                                                                                                                                 |   | x  (Do not check if a smaller reporting company) |    | Smaller reporting company |   |  ̈ |
|                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |
| Emerging growth company                                                                                                                                                                                                                                               |   |  ̈ |   |   |   |   |
|                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act.     ̈ |   |   |

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|               |  |  |  |
|          |   |   |   |
|     |   |   | Page |
|          |   |   |
| PART I   | FINANCIAL INFORMATION |   |
|          |   |   |
| Item 1.  | Consolidated Financial Statements |   |
|          | • | Consolidated Balance Sheets, September 30, 2017 and December 31, 2016 (Unaudited) | 5 |
|          | • | Consolidated Statements of Income (Loss), Three Months and Nine Months Ended September, 30, 2017 and 2016 (Unaudited) | 7 |
|          | • | Consolidated Statements of Comprehensive Income (Loss), Three Months and Nine Months Ended September, 30, 2017 and 2016 (Unaudited) | 8 |
|          | • | Consolidated Statements of Equity, Nine Months Ended September, 30, 2017 and 2016 (Unaudited) | 9 |
|          | • | Consolidated Statements of Cash Flows, Nine Months Ended September, 30, 2017 and 2016 (Unaudited) | 10 |
|          | • | Notes to Consolidated Financial Statements (Unaudited) | 13 |
|          |   | Note 1 - Organization and Basis of Presentation | 13 |
|          |   | Note 2 - Significant Accounting Policies and Other Significant Changes | 14 |
|          |   | Note 3 - Investments | 46 |
|          |   | Note 4 - Closed Block | 67 |
|          |   | Note 5 - Insurance Liabilities | 69 |
|          |   | Note 6 - Fair Value Disclosures | 73 |
|          |   | Note 7 - Share-Based Compensation Programs | 90 |
|          |   | Note 8 - Income Taxes | 92 |
|          |   | Note 9 - Related Party Transactions | 93 |
|          |   | Note 10 - Accumulated Other Comprehensive Income (Loss) | 94 |
|          |   | Note 11 - Commitments and Contingent Liabilities | 95 |
|          |   | Note 12 - Segment Information | 98 |
|          |   | Note 13 - Subsequent Events | 99 |
|          |   |   |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 100 |
|          |   |   |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk | 146 |
|          |   |   |
| Item 4.  | Controls and Procedures | 147 |
|          |   |   |
| PART II  | OTHER INFORMATION |   |
|          |   |   |
| Item 1.  | Legal Proceedings | 148 |
|          |   |   |
| Item 1A. | Risk Factors | 148 |
|          |   |   |
| Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds | 148 |
|          |   |   |
| Item 3.  | Defaults Upon Senior Securities | 148 |
|          |   |   |
| Item 4.  | Mine Safety Disclosures | 149 |
|          |   |   |
| Item 5.  | Other Information | 149 |
|          |   |   |
| Item 6.  | Exhibits | 150 |
|          |   |
| SIGNATURES    | 151 |

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|                                                                                            |
|--------------------------------------------------------------------------------------------|
|                                                                                            |  |  |  |  |  |  |  |
|                                                                                       | September 30, 2017 |   | December 31, 2016 |
|                                                                                       | (in millions) |
| ASSETS                                                                                     |   |   |   |
| Investments:                                                                               |   |
| Fixed maturities available for sale, at fair value (amortized cost of $32,139 and $32,123) | $ | 33,300 |  |   | $ | 32,570 |  |
| Mortgage loans on real estate (net of valuation allowances of $8 and $8)                   | 10,605 |  |   | 9,757 |  |
| Policy loans                                                                               | 3,322 |  |   | 3,361 |  |
| Other equity investments                                                                   | 1,337 |  |   | 1,323 |  |
| Real estate held for production of income                                                  | 391 |  |   | 56 |  |
| Trading securities, at fair value                                                          | 12,053 |  |   | 9,134 |  |
| Other invested assets                                                                      | 2,515 |  |   | 2,226 |  |
| Total investments                                                                          | 63,523 |  |   | 58,427 |  |
| Cash and cash equivalents                                                                  | 4,190 |  |   | 2,950 |  |
| Cash and securities segregated, at fair value                                              | 789 |  |   | 946 |  |
| Broker-dealer related receivables                                                          | 2,206 |  |   | 2,100 |  |
| Deferred policy acquisition costs                                                          | 4,550 |  |   | 4,666 |  |
| Goodwill and other intangible assets, net                                                  | 3,717 |  |   | 3,741 |  |
| Amounts due from reinsurers                                                                | 5,016 |  |   | 4,664 |  |
| Loans to affiliates                                                                        | 703 |  |   | 703 |  |
| Guaranteed minimum income benefit reinsurance contract asset, at fair value                | 10,933 |  |   | 10,309 |  |
| Other assets                                                                               | 4,258 |  |   | 4,260 |  |
| Separate Accounts’ assets                                                            | 119,184 |  |   | 111,403 |  |
| Total Assets                                                                               | $ | 219,069 |  |   | $ | 204,169 |  |
| LIABILITIES                                                                                |   |   |   |
| Policyholders’ account balances                                                      | $ | 42,679 |  |   | $ | 38,825 |  |
| Future policy benefits and other policyholders’ liabilities                          | 29,423 |  |   | 28,859 |  |
| Broker-dealer related payables                                                             | 529 |  |   | 484 |  |
| Securities sold under agreements to repurchase                                             | 1,837 |  |   | 1,996 |  |
| Amounts due to reinsurers                                                                  | 116 |  |   | 125 |  |
| Customers related payables                                                                 | 2,384 |  |   | 2,360 |  |
| Short-term and Long-term debt                                                              | 500 |  |   | 513 |  |
| Current and deferred income taxes                                                          | 3,148 |  |   | 2,714 |  |
| Other liabilities                                                                          | 2,869 |  |   | 2,108 |  |
| Separate Accounts’ liabilities                                                       | 119,184 |  |   | 111,403 |  |
| Total liabilities                                                                          | 202,669 |  |   | 189,387 |  |

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|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |
|                                                                                    | September 30, 2017 |   | December 31, 2016 |
|                                                                                    | (in millions) |
| Commitments and contingent liabilities (Note 11)                                        |   |   |   |
| Redeemable noncontrolling interest                                                      | $ | 441 |  |   | $ | 403 |  |
| EQUITY                                                                                  |   |   |   |
| Common stock, $1.25 par value; 2 million shares authorized, issued and outstanding | 2 |  |   | 2 |  |
| Capital in excess of par value                                                          | 5,361 |  |   | 5,339 |  |
| Retained earnings                                                                       | 7,265 |  |   | 5,941 |  |
| Accumulated other comprehensive income (loss)                                           | 362 |  |   | 1 |  |
| Total AXA Equitable’s equity                                                      | 12,990 |  |   | 11,283 |  |
| Noncontrolling interest                                                                 | 2,969 |  |   | 3,096 |  |
| Total equity                                                                            | 15,959 |  |   | 14,379 |  |
| Total Liabilities, Redeemable Noncontrolling Interest and Equity                        | $ | 219,069 |  |   | $ | 204,169 |  |

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|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                                                                | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                | (in millions) |
| REVENUES                                                            |   |   |   |   |   |   |   |
| Policy charges and fee income                                       | $ | 914 |  |   | $ | 854 |  |   | $ | 2,626 |  |   | $ | 2,468 |  |
| Premiums                                                            | 204 |  |   | 226 |  |   | 645 |  |   | 638 |  |
| Net derivative gains (losses)                                       | (318 | ) |   | (446 | ) |   | 1,376 |  |   | 1,621 |  |
| Net investment income (loss)                                        | 677 |  |   | 595 |  |   | 1,993 |  |   | 1,893 |  |
| Investment gains (losses), net:                                     |   |   |   |   |   |   |   |
| Total other-than-temporary impairment losses                        | — |  |   | (10 | ) |   | (13 | ) |   | (35 | ) |
| Portion of loss recognized in other comprehensive income (loss)     | — |  |   | — |  |   | — |  |   | — |  |
| Net impairment losses recognized                                    | — |  |   | (10 | ) |   | (13 | ) |   | (35 | ) |
| Other investment gains (losses), net                                | (8 | ) |   | 6 |  |   | 4 |  |   | 70 |  |
| Total investment gains (losses), net                                | (8 | ) |   | (4 | ) |   | (9 | ) |   | 35 |  |
| Investment management and service fees                              | 1,003 |  |   | 943 |  |   | 2,974 |  |   | 2,770 |  |
| Other income                                                        | 48 |  |   | 9 |  |   | 68 |  |   | 26 |  |
| Total revenues                                                      | 2,520 |  |   | 2,177 |  |   | 9,673 |  |   | 9,451 |  |
| BENEFITS AND OTHER DEDUCTIONS                                       |   |   |   |   |   |   |   |
| Policyholders’ benefits                                       | 995 |  |   | 616 |  |   | 3,308 |  |   | 2,790 |  |
| Interest credited to policyholders’ account balances          | 350 |  |   | 303 |  |   | 1,008 |  |   | 779 |  |
| Compensation and benefits                                           | 449 |  |   | 430 |  |   | 1,324 |  |   | 1,284 |  |
| Commissions                                                         | 256 |  |   | 271 |  |   | 828 |  |   | 812 |  |
| Distribution related payments                                       | 106 |  |   | 96 |  |   | 305 |  |   | 276 |  |
| Interest expense                                                    | 9 |  |   | 4 |  |   | 20 |  |   | 11 |  |
| Amortization of deferred policy acquisition cost, net               | (33 | ) |   | 55 |  |   | 15 |  |   | 64 |  |
| Other operating costs and expenses                                  | 449 |  |   | 319 |  |   | 992 |  |   | 1,070 |  |
| Total benefits and other deductions                                 | 2,581 |  |   | 2,094 |  |   | 7,800 |  |   | 7,086 |  |
| Income (loss) from continuing operations, before income taxes       | (61 | ) |   | 83 |  |   | 1,873 |  |   | 2,365 |  |
| Income tax (expense) benefit                                        | 127 |  |   | 54 |  |   | (196 | ) |   | (586 | ) |
| Net income (loss)                                                   | 66 |  |   | 137 |  |   | 1,677 |  |   | 1,779 |  |
| Less: net (income) loss attributable to the noncontrolling interest | (122 | ) |   | (126 | ) |   | (353 | ) |   | (334 | ) |
| Net income (loss) attributable to AXA Equitable                     | $ | (56 | ) |   | $ | 11 |  |   | $ | 1,324 |  |   | $ | 1,445 |  |

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|                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                          | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                                                                                                                          | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                                                                          | (in millions) |
| COMPREHENSIVE INCOME (LOSS)                                                                                                   |   |   |   |   |   |   |   |
| Net income (loss)                                                                                                             | $ | 66 |  |   | $ | 137 |  |   | $ | 1,677 |  |   | $ | 1,779 |  |
| Other comprehensive income (loss) net of income taxes:                                                                        |   |   |   |   |   |   |   |
| Foreign currency translation adjustment                                                                                       | 6 |  |   | (1 | ) |   | 20 |  |   | 3 |  |
| Change in unrealized gains (losses), net of reclassification adjustment                                                       | (55 | ) |   | 16 |  |   | 362 |  |   | 1,342 |  |
| Changes in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment | (3 | ) |   | — |  |   | (2 | ) |   | — |  |
| Total other comprehensive income (loss), net of income taxes                                                                  | (52 | ) |   | 15 |  |   | 380 |  |   | 1,345 |  |
| Comprehensive income (loss)                                                                                                   | 14 |  |   | 152 |  |   | 2,057 |  |   | 3,124 |  |
| Less: Comprehensive (income) loss attributable to noncontrolling interest                                                     | (154 | ) |   | (127 | ) |   | (372 | ) |   | (335 | ) |
| Comprehensive income (loss) attributable to AXA Equitable                                                                     | $ | (140 | ) |   | $ | 25 |  |   | $ | 1,685 |  |   | $ | 2,789 |  |

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|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |
|                                                                              | 2017 |   | 2016 |
|                                                                              | (in millions) |
| EQUITY                                                                            |   |   |   |
| AXA Equitable’s Equity:                                                     |   |   |   |
| Common stock, at par value, beginning of year and end of period                   | $ | 2 |  |   | $ | 2 |  |
|                                                                              |   |   |   |
| Capital in excess of par value, beginning of year                                 | 5,339 |  |   | 5,321 |  |
| Deferred tax on dividend of AB Units                                              | — |  |   | — |  |
| Changes in capital in excess of par value                                         | 22 |  |   | (8 | ) |
| Capital in excess of par value, end of period                                     | 5,361 |  |   | 5,313 |  |
|                                                                              |   |   |   |
| Retained earnings, beginning of year                                              | 5,941 |  |   | 8,896 |  |
| Cumulative impact of implementing accounting change                               | — |  |   | (1,933 | ) |
| Retained earnings, beginning of year after accounting change                      | 5,941 |  |   | 6,963 |  |
| Net income (loss)                                                                 | 1,324 |  |   | 1,445 |  |
| Stockholder dividends                                                             | — |  |   | (500 | ) |
| Retained earnings, end of period                                                  | 7,265 |  |   | 7,908 |  |
|                                                                              |   |   |   |
| Accumulated other comprehensive income (loss), beginning of year                  | 1 |  |   | 208 |  |
| Cumulative impact of implementing accounting change                               | — |  |   | (23 | ) |
| Accumulated other comprehensive income, beginning of year after accounting change | 1 |  |   | 185 |  |
| Other comprehensive income (loss)                                                 | 361 |  |   | 1,344 |  |
| Accumulated other comprehensive income (loss), end of period                      | 362 |  |   | 1,529 |  |
| Total AXA Equitable’s equity, end of period                                 | 12,990 |  |   | 14,752 |  |
|                                                                              |   |   |   |
| Noncontrolling interest, beginning of year                                        | 3,096 |  |   | 3,059 |  |
| Repurchase of AB Holding units                                                    | (96 | ) |   | (92 | ) |
| Net income (loss) attributable to noncontrolling interest                         | 311 |  |   | 326 |  |
| Dividends paid to noncontrolling interest                                         | (347 | ) |   | (287 | ) |
| Other comprehensive income (loss) attributable to noncontrolling interest         | 19 |  |   | 1 |  |
| Other changes in noncontrolling interest                                          | (14 | ) |   | 5 |  |
| Noncontrolling interest, end of period                                            | 2,969 |  |   | 3,012 |  |
| Total Equity, End of Period                                                       | $ | 15,959 |  |   | $ | 17,764 |  |

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|                                                                                                    |  |  |  |  |  |  |  |
|                                                                                               | 2017 |   | 2016 |
|                                                                                               | (in millions) |
| Net income (loss)                                                                                  | $ | 1,677 |  |   | $ | 1,779 |  |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |   |   |   |
| Interest credited to policyholders’ account balances                                         | 1,008 |  |   | 779 |  |
| Policy charges and fee income                                                                      | (2,626 | ) |   | (2,468 | ) |
| Net derivative (gains) losses                                                                      | (1,376 | ) |   | (1,621 | ) |
| Investment (gains) losses, net                                                                     | 9 |  |   | (35 | ) |
| Realized and unrealized (gains) losses on trading securities                                       | (188 | ) |   | (117 | ) |
| Amortization of deferred compensation                                                              | 27 |  |   | 7 |  |
| Amortization of deferred sales commission                                                          | 25 |  |   | 32 |  |
| Other depreciation and amortization                                                                | (90 | ) |   | (61 | ) |
| Amortization of deferred cost of reinsurance asset                                                 | 111 |  |   | 115 |  |
| Amortization of other intangibles                                                                  | 23 |  |   | 21 |  |
| Changes in:                                                                                        |   |   |   |
| Net broker-dealer and customer related receivables/payables                                        | (56 | ) |   | 80 |  |
| Reinsurance recoverable                                                                            | (361 | ) |   | (182 | ) |
| Segregated cash and securities, net                                                                | 157 |  |   | 73 |  |
| Deferred policy acquisition costs                                                                  | 15 |  |   | 64 |  |
| Future policy benefits                                                                             | 1,289 |  |   | 935 |  |
| Current and deferred income taxes                                                                  | 639 |  |   | 93 |  |
| Other, net                                                                                         | 711 |  |   | 341 |  |
| Net cash provided by (used in) operating activities                                                | 994 |  |   | (165 | ) |

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|                                                                              |  |  |  |  |  |  |  |
|                                                                         | 2017 |   | 2016 |
|                                                                         | (in millions) |
| Cash flows from investing activities:                                        |   |   |   |
| Proceeds from the sale/maturity/prepayment of:                               |   |   |   |
| Fixed maturities, available for sale                                         | $ | 3,873 |  |   | $ | 5,038 |  |
| Mortgage loans on real estate                                                | 695 |  |   | 595 |  |
| Trading account securities                                                   | 6,565 |  |   | 4,664 |  |
| Other                                                                        | 58 |  |   | 31 |  |
| Payment for the purchase/origination of:                                     |   |   |   |
| Fixed maturities, available for sale                                         | (3,721 | ) |   | (6,991 | ) |
| Mortgage loans on real estate                                                | (1,534 | ) |   | (2,193 | ) |
| Trading account securities                                                   | (9,307 | ) |   | (6,543 | ) |
| Other                                                                        | (207 | ) |   | (177 | ) |
| Cash settlements related to derivative instruments                           | (929 | ) |   | 994 |  |
| Decrease in loans to affiliates                                              | — |  |   | 383 |  |
| Change in short-term investments                                             | (266 | ) |   | 72 |  |
| Investment in capitalized software, leasehold improvements and EDP equipment | (67 | ) |   | (58 | ) |
| Purchase of business, net of cash acquired                                   | (133 | ) |   | (21 | ) |
| Other, net                                                                   | (258 | ) |   | 73 |  |
| Net cash provided by (used in) investing activities                          | (5,231 | ) |   | (4,133 | ) |

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|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |
|                                                                           | 2017 |   | 2016 |
|                                                                           | (in millions) |
| Cash flows from financing activities:                                          |   |   |   |
| Policyholders’ account balances:                                         |   |   |   |
| Deposits                                                                       | $ | 5,871 |  |   | $ | 6,032 |  |
| Withdrawals                                                                    | (2,574 | ) |   | (1,970 | ) |
|        Transfer (to) from Separate Accounts | 1,617 |  |   | 1,618 |  |
| Change in short-term financings                                                | (216 | ) |   | (197 | ) |
| Change in collateralized pledged assets                                        | 724 |  |   | (64 | ) |
| Change in collateralized pledged liabilities                                   | 664 |  |   | 202 |  |
| (Decrease) increase in overdrafts payable                                      | 66 |  |   | (75 | ) |
| Shareholder dividend paid                                                      | — |  |   | (500 | ) |
| Repurchase of AB Holding units                                                 | (134 | ) |   | (129 | ) |
| Redemptions of non-controlling interests of consolidated VIEs, net             | (52 | ) |   | (40 | ) |
| Distribution to noncontrolling interests in consolidated subsidiaries          | (347 | ) |   | (287 | ) |
| Increase (decrease) in Securities sold under agreement to repurchase           | (159 | ) |   | 253 |  |
| (Increase) decrease in securities purchased under agreement to resell          | — |  |   | 79 |  |
| Other, net                                                                     | — |  |   | 7 |  |
| Net cash provided by (used in) financing activities                            | 5,460 |  |   | 4,929 |  |
| Effect of exchange rate changes on cash and cash equivalents                   | 17 |  |   | 7 |  |
| Change in cash and cash equivalents                                            | 1,240 |  |   | 638 |  |
| Cash and cash equivalents, beginning of year                                   | 2,950 |  |   | 3,063 |  |
| Cash and Cash Equivalents, End of Period                                       | $ | 4,190 |  |   | $ | 3,701 |  |

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

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|    |                                                                |
|----|----------------------------------------------------------------|
| 2) | SIGNIFICANT ACCOUNTING POLICIES AND  SIGNIFICANT OTHER CHANGES |

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|                                                                     |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | September 30, 2016 |
|                                                                | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                                | (In millions) |
| Assets:                                                             |   |   |   |   |   |
| Other equity investments                                            | $ | 1,454 |  |   | $ | (93 | ) |   | $ | 1,361 |  |
| Trading securities, at fair value                                   | 8,702 |  |   | 65 |  |   | 8,767 |  |
| Other invested assets                                               | 2,192 |  |   | 39 |  |   | 2,231 |  |
| Total investments                                                   | 60,968 |  |   | 11 |  |   | 60,979 |  |
| DAC                                                                 | 4,516 |  |   | (123 | ) |   | 4,393 |  |
| Amounts due from reinsurers                                         | 4,550 |  |   | 27 |  |   | 4,577 |  |
| Total Assets                                                        | $ | 209,034 |  |   | $ | (85 | ) |   | $ | 208,949 |  |
|                                                                | — |  |   | — |  |   | — |  |
| Liabilities:                                                        |   |   |   |   |   |
| Policyholders' account balance                                      | $ | 36,920 |  |   | $ | (76 | ) |   | $ | 36,844 |  |
| Future policyholders' benefits and other policyholders' liabilities | 26,191 |  |   | 109 |  |   | 26,300 |  |
| Current and deferred taxes                                          | 6,160 |  |   | (46 | ) |   | 6,114 |  |
| Total Liabilities                                                   | 188,005 |  |   | (13 | ) |   | 187,992 |  |
|                                                                | — |  |   | — |  |   | — |  |
|                                                                |   |   |   |   |   |
| Equity:                                                             |   |   |   |   |   |
| Retained Earnings                                                   | 10,954 |  |   | (83 | ) |   | 10,871 |  |
| AXA Equitable Equity                                                | 17,882 |  |   | (83 | ) |   | 17,799 |  |
| Noncontrolling interest                                             | 3,001 |  |   | 11 |  |   | 3,012 |  |
| Equity                                                              | 20,883 |  |   | (72 | ) |   | 20,811 |  |
|                                                                |   |   |   |   |   |
| Total Liabilities and Equity                                        | $ | 209,034 |  |   | $ | (85 | ) |   | $ | 208,949 |  |

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|                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                      | Three Months EndedSeptember 30, 2016 |   | Nine Months EndedSeptember 30, 2016 |
|                                                                      | As Previously Reported |   | Impact of Revisions |   | As Revised |   | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                                      | (In millions) |
| Statements of Income (Loss):                                              |   |   |   |   |   |   |   |   |   |
| Revenues:                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Policy charges and fee income                                             | $ | 978 |  |   | $ | (53 | ) |   | $ | 925 |  |   | $ | 2,794 |  |   | $ | (123 | ) |   | $ | 2,671 |  |
| Premiums                                                                  | 141 |  |   | 85 |  |   | 226 |  |   | 388 |  |   | 250 |  |   | 638 |  |
| Net derivative gains (losses)                                             | (656 | ) |   | (21 | ) |   | (677 | ) |   | 3,184 |  |   | 65 |  |   | 3,249 |  |
| Total revenues                                                            | 2,006 |  |   | 11 |  |   | 2,017 |  |   | 11,090 |  |   | 192 |  |   | 11,282 |  |
| Benefits and other deductions:                                            |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders' benefits                                                   | 640 |  |   | (16 | ) |   | 624 |  |   | 2,920 |  |   | 143 |  |   | 3,063 |  |
| Interest credited to Policyholders' Account Balances                      | 272 |  |   | 31 |  |   | 303 |  |   | 797 |  |   | (18 | ) |   | 779 |  |
| Amortization of deferred policy acquisition costs, net                    | 4 |  |   | 43 |  |   | 47 |  |   | (80 | ) |   | 118 |  |   | 38 |  |
| Total benefits and other deductions                                       | 2,036 |  |   | 58 |  |   | 2,094 |  |   | 7,090 |  |   | 243 |  |   | 7,333 |  |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from operations, before income taxes                        | (30 | ) |   | (47 | ) |   | (77 | ) |   | 4,000 |  |   | (51 | ) |   | 3,949 |  |
| Income tax (expense) benefit                                              | 52 |  |   | 58 |  |   | 110 |  |   | (1,197 | ) |   | 57 |  |   | (1,140 | ) |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                         | 22 |  |   | 11 |  |   | 33 |  |   | 2,803 |  |   | 6 |  |   | 2,809 |  |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Less: net (income) loss attributable to the noncontrolling interest       | (98 | ) |   | (28 | ) |   | (126 | ) |   | (307 | ) |   | (27 | ) |   | (334 | ) |
| Net income (loss) attributable to AXA Equitable                           | $ | (76 | ) |   | $ | (17 | ) |   | $ | (93 | ) |   | $ | 2,496 |  |   | $ | (21 | ) |   | $ | 2,475 |  |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Statements of Comprehensive Income (Loss):                                |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                         | $ | 22 |  |   | $ | 11 |  |   | $ | 33 |  |   | $ | 2,803 |  |   | $ | 6 |  |   | $ | 2,809 |  |
| Change in unrealized gains (losses), net of reclassification adjustment   | (22 | ) |   | 30 |  |   | 8 |  |   | 1,383 |  |   | 20 |  |   | 1,403 |  |
| Other comprehensive income                                                | (23 | ) |   | 30 |  |   | 7 |  |   | 1,386 |  |   | 20 |  |   | 1,406 |  |
| Comprehensive income (loss)                                               | (1 | ) |   | 41 |  |   | 40 |  |   | 4,189 |  |   | 26 |  |   | 4,215 |  |
| Less: Comprehensive (income) loss attributable to noncontrolling interest | $ | (99 | ) |   | $ | (28 | ) |   | $ | (127 | ) |   | $ | (308 | ) |   | $ | (27 | ) |   | $ | (335 | ) |
| Comprehensive income (loss) attributable to AXA Equitable                 | $ | (100 | ) |   | $ | 13 |  |   | $ | (87 | ) |   | $ | 3,881 |  |   | $ | (1 | ) |   | $ | 3,880 |  |

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Table of Contents

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |
| Nine Months EndedSeptember 30, 2016                                                   | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                                                  | (in millions) |
| Statements of Equity:                                                                 |   |   |   |   |   |
| Retained earnings, beginning of year                                                  | $ | 8,958 |  |   | $ | (62 | ) |   | $ | 8,896 |  |
| Net income (loss)                                                                     | 2,496 |  |   | (21 | ) |   | 2,475 |  |
| Retained earnings, end of period                                                      | 10,954 |  |   | (83 | ) |   | 10,871 |  |
| Accumulated other comprehensive income, beginning of year earnings, beginning of year | 228 |  |   | (20 | ) |   | 208 |  |
| Other comprehensive income (loss)                                                     | 1,385 |  |   | 20 |  |   | 1,405 |  |
| Total AXA Equitable’s equity, end of period                                     | 17,882 |  |   | (83 | ) |   | 17,799 |  |
|                                                                                  |   |   |   |   |   |
| Noncontrolling interest, beginning of year                                            | 3,086 |  |   | (27 | ) |   | 3,059 |  |
| Net income (loss) attributable to noncontrolling interest                             | 299 |  |   | 27 |  |   | 326 |  |
| Noncontrolling interest, end of period                                                | 3,001 |  |   | 11 |  |   | 3,012 |  |
| Total Equity, End of Period                                                           | $ | 20,883 |  |   | $ | (72 | ) |   | $ | 20,811 |  |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |
| Nine Months EndedSeptember 30, 2016                        | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                       | (In millions) |
| Statements of Cash flows:                                  |   |   |   |   |   |
| Cash flow from operating activities:                       |   |   |   |   |   |
| Net income (loss)                                          | $ | 2,803 |  |   | $ | 6 |  |   | $ | 2,809 |  |
| Policy charges and fee income                              | (2,794 | ) |   | 123 |  |   | (2,671 | ) |
| Interest credited to policyholders’ account balances | 797 |  |   | (18 | ) |   | 779 |  |
| Net derivative (gains) loss                                | (3,184 | ) |   | (65 | ) |   | (3,249 | ) |
| Deferred Policy Acquisition costs                          | (80 | ) |   | 118 |  |   | 38 |  |
| Changes in:                                                |   |   |   |   |   |
| Future policy benefits                                     | 1,253 |  |   | (45 | ) |   | 1,208 |  |
| Reinsurance recoverable                                    | (120 | ) |   | (62 | ) |   | (182 | ) |
| Current and deferred income taxes                          | 704 |  |   | (57 | ) |   | 647 |  |
| Net cash provided by (used in) operating activities        | $ | (165 | ) |   | $ | — |  |   | $ | (165 | ) |

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Table of Contents

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                 | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                                 | December 31, |   | December 31, |   | December 31, |
|                                                                 | 2016 |   | 2015 |   | 2016 |   | 2015 |   | 2016 |   | 2015 |
|                                                                 | (In millions) |
| Assets:                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Other equity investments                                             | $ | 1,408 |  |   | $ | 1,477 |  |   | $ | (29 | ) |   | $ | (81 | ) |   | $ | 1,379 |  |   | $ | 1,396 |  |
| Trading securities, at fair value                                    | 9,134 |  |   | 6,805 |  |   | — |  |   | 81 |  |   | 9,134 |  |   | 6,886 |  |
| Other invested assets                                                | 2,186 |  |   | 1,788 |  |   | 40 |  |   | — |  |   | 2,226 |  |   | 1,788 |  |
| Total investments                                                    | 58,416 |  |   | 52,527 |  |   | 11 |  |   | — |  |   | 58,427 |  |   | 52,527 |  |
| DAC                                                                  | 4,301 |  |   | 4,469 |  |   | (175 | ) |   | (36 | ) |   | 4,126 |  |   | 4,433 |  |
| Amounts due from reinsurers                                          | 4,635 |  |   | 4,466 |  |   | 29 |  |   | 46 |  |   | 4,664 |  |   | 4,512 |  |
| Guaranteed minimum income benefit   reinsurance asset, at fair value | 10,309 |  |   | 10,570 |  |   | — |  |   | 8 |  |   | 10,309 |  |   | 10,578 |  |
| Other assets                                                         | 4,260 |  |   | 4,634 |  |   | — |  |   | 13 |  |   | 4,260 |  |   | 4,647 |  |
| Total Assets                                                         | $ | 203,764 |  |   | $ | 194,626 |  |   | $ | (135 | ) |   | $ | 31 |  |   | $ | 203,629 |  |   | $ | 194,657 |  |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders' account balance                                       | $ | 38,782 |  |   | $ | 33,033 |  |   | $ | 43 |  |   | $ | (138 | ) |   | $ | 38,825 |  |   | $ | 32,895 |  |
| Future policyholders' benefits and other policyholders' liabilities  | 25,358 |  |   | 24,531 |  |   | 123 |  |   | 332 |  |   | 25,481 |  |   | 24,863 |  |
| Current and deferred taxes                                           | 3,816 |  |   | 4,647 |  |   | (109 | ) |   | (2 | ) |   | 3,707 |  |   | 4,645 |  |
| Other liabilities                                                    | 2,108 |  |   | 2,586 |  |   | — |  |   | (52 | ) |   | 2,108 |  |   | 2,534 |  |
| Total Liabilities                                                    | 186,945 |  |   | 177,018 |  |   | 57 |  |   | 140 |  |   | 187,002 |  |   | 177,158 |  |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Equity:                                                              |   |   |   |   |   |   |   |   |   |   |   |
| Retained Earnings                                                    | 7,983 |  |   | 8,958 |  |   | (203 | ) |   | (62 | ) |   | 7,780 |  |   | 8,896 |  |
| Accumulated other comprehensive income (loss)                        | 7 |  |   | 228 |  |   | — |  |   | (20 | ) |   | 7 |  |   | 208 |  |
| AXA Equitable Equity                                                 | 13,331 |  |   | 14,509 |  |   | (203 | ) |   | (82 | ) |   | 13,128 |  |   | 14,427 |  |
| Noncontrolling interest                                              | 3,085 |  |   | 3,086 |  |   | 11 |  |   | (27 | ) |   | 3,096 |  |   | 3,059 |  |
| Equity                                                               | 16,416 |  |   | 17,595 |  |   | (192 | ) |   | (109 | ) |   | 16,224 |  |   | 17,486 |  |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Total Liabilities and Equity                                         | $ | 203,764 |  |   | $ | 194,626 |  |   | $ | (135 | ) |   | $ | 31 |  |   | $ | 203,629 |  |   | $ | 194,657 |  |

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Table of Contents

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                      | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                                      | Year Ended December 31, |   | Year Ended December 31, |   | Year Ended December 31, |
|                                                                      | 2016 |   | 2015 |   | 2014 |   | 2016 |   | 2015 |   | 2014 |   | 2016 |   | 2015 |   | 2014 |
|                                                                      | (In millions) |   |   |
| Statements of Income (Loss):                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Policy charges and fee income                                             | $ | 3,423 |  |   | $ | 3,208 |  |   | $ | 3,115 |  |   | $ | 192 |  |   | $ | 316 |  |   | $ | 248 |  |   | $ | 3,615 |  |   | $ | 3,524 |  |   | $ | 3,363 |  |
| Premiums                                                                  | 880 |  |   | 854 |  |   | 874 |  |   | (26 | ) |   | (26 | ) |   | (27 | ) |   | 854 |  |   | 828 |  |   | 847 |  |
| Net derivative gains (losses)                                             | (1,277 | ) |   | (208 | ) |   | 5,409 |  |   | 43 |  |   | (131 | ) |   | (168 | ) |   | (1,234 | ) |   | (339 | ) |   | 5,241 |  |
| Total revenues                                                            | 9,151 |  |   | 9,833 |  |   | 15,480 |  |   | 209 |  |   | 159 |  |   | 53 |  |   | 9,360 |  |   | 9,992 |  |   | 15,533 |  |
| Benefits and other deductions:                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders' benefits                                                   | 2,913 |  |   | 2,743 |  |   | 3,579 |  |   | 172 |  |   | 123 |  |   | 375 |  |   | 3,085 |  |   | 2,866 |  |   | 3,954 |  |
| Interest credited to Policyholder's Account Balances                      | 981 |  |   | 1,048 |  |   | 1,155 |  |   | 101 |  |   | (72 | ) |   | (118 | ) |   | 1,082 |  |   | 976 |  |   | 1,037 |  |
| Amortization of deferred policy acquisition costs                         | 162 |  |   | (331 | ) |   | (413 | ) |   | 171 |  |   | 13 |  |   | 34 |  |   | 333 |  |   | (318 | ) |   | (379 | ) |
| Other operating costs and expenses                                        | 1,458 |  |   | 1,415 |  |   | 1,692 |  |   | — |  |   | 82 |  |   | (24 | ) |   | 1,458 |  |   | 1,497 |  |   | 1,668 |  |
| Total benefits and other deductions                                       | 8,720 |  |   | 8,183 |  |   | 9,365 |  |   | 444 |  |   | 146 |  |   | 267 |  |   | 9,164 |  |   | 8,329 |  |   | 9,632 |  |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from operations, before income taxes                        | 431 |  |   | 1,650 |  |   | 6,115 |  |   | (235 | ) |   | 13 |  |   | (214 | ) |   | 196 |  |   | 1,663 |  |   | 5,901 |  |
| Income tax (expense) benefit                                              | 113 |  |   | (186 | ) |   | (1,695 | ) |   | 121 |  |   | (2 | ) |   | 75 |  |   | 234 |  |   | (188 | ) |   | (1,620 | ) |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                         | 544 |  |   | 1,464 |  |   | 4,420 |  |   | (114 | ) |   | 11 |  |   | (139 | ) |   | 430 |  |   | 1,475 |  |   | 4,281 |  |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less: net (income) loss attributable to the noncontrolling interest       | (469 | ) |   | (403 | ) |   | (387 | ) |   | (27 | ) |   | — |  |   | — |  |   | (496 | ) |   | (403 | ) |   | (387 | ) |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) attributable to AXA Equitable                           | $ | 75 |  |   | $ | 1,061 |  |   | $ | 4,033 |  |   | $ | (141 | ) |   | $ | 11 |  |   | $ | (139 | ) |   | $ | (66 | ) |   | $ | 1,072 |  |   | $ | 3,894 |  |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Statements of Comprehensive Income (Loss):                                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                         | $ | 544 |  |   | $ | 1,464 |  |   | $ | 4,420 |  |   | $ | (114 | ) |   | $ | 11 |  |   | $ | (139 | ) |   | $ | 430 |  |   | $ | 1,475 |  |   | $ | 4,281 |  |
| Change in unrealized gains (losses), net of reclassification adjustment   | (217 | ) |   | (881 | ) |   | 969 |  |   | 20 |  |   | (20 | ) |   | — |  |   | (197 | ) |   | (901 | ) |   | 969 |  |
| Total other comprehensive income (loss), net of income taxes              | (238 | ) |   | (910 | ) |   | 925 |  |   | 20 |  |   | (20 | ) |   | — |  |   | (218 | ) |   | (930 | ) |   | 925 |  |
| Comprehensive income (loss)                                               | 306 |  |   | 554 |  |   | 5,345 |  |   | (94 | ) |   | (9 | ) |   | (139 | ) |   | 212 |  |   | 545 |  |   | 5,206 |  |
| Less: Comprehensive (income) loss attributable to noncontrolling interest | (452 | ) |   | (388 | ) |   | (358 | ) |   | (27 | ) |   | — |  |   | — |  |   | (479 | ) |   | (388 | ) |   | (358 | ) |
| Comprehensive income (loss) attributable to AXA Equitable                 | $ | (146 | ) |   | $ | 166 |  |   | $ | 4,987 |  |   | $ | (121 | ) |   | $ | (9 | ) |   | $ | (139 | ) |   | $ | (267 | ) |   | $ | 157 |  |   | $ | 4,848 |  |

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Table of Contents

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|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                             | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                             | Year Ended December 31, |   | Year Ended December 31, |   | Year Ended December 31, |
|                                                             | 2016 |   | 2015 |   | 2014 |   | 2016 |   | 2015 |   | 2014 |   | 2016 |   | 2015 |   | 2014 |
|                                                             | (In millions) |
| Statements of Equity:                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital in excess of par value, beginning of year                | $ | 5,321 |  |   | $ | 5,957 |  |   | $ | 5,934 |  |   | $ | — |  |   | $ | — |  |   | $ | (26 | ) |   | $ | 5,321 |  |   | $ | 5,957 |  |   | $ | 5,908 |  |
| Deferred tax on dividend of AB Units                             | — |  |   | (35 | ) |   | (26 | ) |   | — |  |   | — |  |   | 26 |  |   | — |  |   | (35 | ) |   | — |  |
| Capital in excess of par value, end of year                      | 5,339 |  |   | 5,321 |  |   | 5,957 |  |   | — |  |   | — |  |   | — |  |   | 5,339 |  |   | 5,321 |  |   | 5,957 |  |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Retained earnings, beginning of year                             | $ | 8,958 |  |   | $ | 8,809 |  |   | $ | 5,205 |  |   | $ | (62 | ) |   | $ | (73 | ) |   | $ | 18 |  |   | $ | 8,896 |  |   | $ | 8,736 |  |   | $ | 5,223 |  |
| Stockholder dividends                                            | (1,050 | ) |   | (912 | ) |   | (429 | ) |   | — |  |   | — |  |   | 48 |  |   | $ | (1,050 | ) |   | $ | (912 | ) |   | $ | (381 | ) |
| Net income (loss)                                                | 75 |  |   | 1,061 |  |   | 4,033 |  |   | (141 | ) |   | 11 |  |   | (139 | ) |   | (66 | ) |   | 1,072 |  |   | 3,894 |  |
| Retained earnings, end of period                                 | 7,983 |  |   | 8,958 |  |   | 8,809 |  |   | (203 | ) |   | (62 | ) |   | (73 | ) |   | 7,780 |  |   | 8,896 |  |   | 8,736 |  |
| Accumulated other comprehensive income (loss), beginning of year | 228 |  |   | 351 |  |   | (603 | ) |   | (20 | ) |   | — |  |   | — |  |   | 208 |  |   | 351 |  |   | (603 | ) |
| Other comprehensive income (loss)                                | (221 | ) |   | (895 | ) |   | 954 |  |   | 20 |  |   | (20 | ) |   | — |  |   | (201 | ) |   | (915 | ) |   | 954 |  |
| Accumulated other comprehensive income (loss), end of year       | 7 |  |   | 228 |  |   | 351 |  |   | — |  |   | (20 | ) |   | — |  |   | 7 |  |   | 208 |  |   | 351 |  |
| Total AXA Equitable’s equity, end of period                | 13,331 |  |   | 14,509 |  |   | 15,119 |  |   | (203 | ) |   | (82 | ) |   | (73 | ) |   | 13,128 |  |   | 14,427 |  |   | 15,046 |  |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Noncontrolling interest, beginning of year                       | 3,086 |  |   | 2,989 |  |   | 2,903 |  |   | (27 | ) |   | (27 | ) |   | 21 |  |   | 3,059 |  |   | 2,962 |  |   | 2,924 |  |
| Net income (loss) attributable to noncontrolling interest        | 464 |  |   | 403 |  |   | 387 |  |   | 27 |  |   | — |  |   | — |  |   | 491 |  |   | 403 |  |   | 387 |  |
| Dividend of AB Units by AXA Equitable to AXA Financial           | — |  |   | 145 |  |   | 48 |  |   | — |  |   | — |  |   | (48 | ) |   | — |  |   | 145 |  |   | — |  |
| Other changes in noncontrolling interest                         | 104 |  |   | 132 |  |   | 143 |  |   | 11 |  |   | — |  |   | — |  |   | 115 |  |   | 132 |  |   | 143 |  |
| Noncontrolling interest, end of year                             | 3,085 |  |   | 3,086 |  |   | 2,989 |  |   | 11 |  |   | (27 | ) |   | (27 | ) |   | 3,096 |  |   | 3,059 |  |   | 2,962 |  |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Equity, End of Period                                      | $ | 16,416 |  |   | $ | 17,595 |  |   | $ | 18,108 |  |   | $ | (192 | ) |   | $ | (109 | ) |   | $ | (100 | ) |   | $ | 16,224 |  |   | $ | 17,486 |  |   | $ | 18,008 |  |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Statements of Cash flows:                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flow from operating activities:                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                | $ | 544 |  |   | $ | 1,464 |  |   | $ | 4,420 |  |   | $ | (114 | ) |   | $ | 11 |  |   | $ | (139 | ) |   | $ | 430 |  |   | $ | 1,475 |  |   | $ | 4,281 |  |
| Policy charges and fee income                                    | (3,423 | ) |   | (3,208 | ) |   | (3,115 | ) |   | (192 | ) |   | (316 | ) |   | (248 | ) |   | (3,615 | ) |   | (3,524 | ) |   | (3,363 | ) |
| Interest credited to policyholders’ account balances       | 981 |  |   | 1,048 |  |   | 1,155 |  |   | 101 |  |   | (72 | ) |   | (118 | ) |   | 1,082 |  |   | 976 |  |   | 1,037 |  |
| Net derivative (gains) loss                                      | 462 |  |   | 208 |  |   | (5,409 | ) |   | (43 | ) |   | 131 |  |   | 168 |  |   | 419 |  |   | 339 |  |   | (5,241 | ) |
| Amortization of deferred cost of reinsurance asset               | 159 |  |   | 39 |  |   | 302 |  |   | — |  |   | 82 |  |   | (10 | ) |   | 159 |  |   | 121 |  |   | 292 |  |
| Changes in:                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Future policy benefits                                           | 803 |  |   | 878 |  |   | 1,518 |  |   | (32 | ) |   | 162 |  |   | 214 |  |   | 771 |  |   | 1,040 |  |   | 1,732 |  |
| Deferred Policy Acquisition costs                                | 162 |  |   | (331 | ) |   | (413 | ) |   | 171 |  |   | 13 |  |   | 34 |  |   | 333 |  |   | (318 | ) |   | (379 | ) |
| Reinsurance recoverable                                          | (534 | ) |   | (916 | ) |   | (488 | ) |   | 230 |  |   | (13 | ) |   | 174 |  |   | (304 | ) |   | (929 | ) |   | (314 | ) |
| Current and deferred income taxes                                | (771 | ) |   | 258 |  |   | 1,448 |  |   | (121 | ) |   | 2 |  |   | (75 | ) |   | (892 | ) |   | 260 |  |   | 1,373 |  |
| Other                                                            | 31 |  |   | 111 |  |   | (98 | ) |   | — |  |   | (80 | ) |   | 39 |  |   | 31 |  |   | 31 |  |   | (59 | ) |
| Net cash provided by (used in) operating activities              | $ | (461 | ) |   | $ | (244 | ) |   | $ | (639 | ) |   | $ | — |  |   | $ | (80 | ) |   | $ | 39 |  |   | $ | (461 | ) |   | $ | (324 | ) |   | $ | (600 | ) |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                 | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                                 | Year Ended December 31, |   | Year Ended December 31, |   | Year Ended December 31, |
|                                                                 | 2016 |   | 2015 |   | 2014 |   | 2016 |   | 2015 |   | 2014 |   | 2016 |   | 2015 |   | 2014 |
|                                                                 | (In millions) |
| Cash flows from financing activities:                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders' accounts balance deposits                             | $ | 9,342 |  |   | $ | 5,757 |  |   | $ | 6,011 |  |   | $ | 404 |  |   | $ | — |  |   | $ | — |  |   | $ | 9,746 |  |   | $ | 5,757 |  |   | $ | 6,011 |  |
| Policyholders' accounts balance transfer (to) from Separate Accounts | 1,606 |  |   | 1,045 |  |   | 815 |  |   | (404 | ) |   | — |  |   | — |  |   | 1,202 |  |   | 1,045 |  |   | 815 |  |
| (Decrease) increase in overdrafts payable                            | (85 | ) |   | — |  |   | — |  |   | — |  |   | 80 |  |   | (39 | ) |   | (85 | ) |   | 80 |  |   | (39 | ) |
| Net cash provided by (used in) financing activities                  | $ | 5,751 |  |   | $ | 3,034 |  |   | $ | 3,843 |  |   | $ | — |  |   | $ | 80 |  |   | $ | (39 | ) |   | $ | 5,751 |  |   | $ | 3,114 |  |   | $ | 3,804 |  |

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Table of Contents

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                                | June 30 |   | June 30 |   | June 30 |
|                                                                | 2017 |   | 2016 |   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                | (In millions) |
| Assets:                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Other equity investments                                            | $ | 1,477 |  |   | $ | 1,447 |  |   | $ | (21 | ) |   | $ | (100 | ) |   | $ | 1,456 |  |   | $ | 1,347 |  |
| Trading securities, at fair value                                   | — |  |   | 7,843 |  |   | — |  |   | 73 |  |   | — |  |   | 7,916 |  |
| Other invested assets                                               | 2,622 |  |   | 2,811 |  |   | 32 |  |   | 38 |  |   | 2,654 |  |   | 2,849 |  |
| Total investments                                                   | 62,111 |  |   | 60,979 |  |   | 11 |  |   | 11 |  |   | 62,122 |  |   | 60,990 |  |
| DAC                                                                 | 4,141 |  |   | 4,496 |  |   | (135 | ) |   | (126 | ) |   | 4,006 |  |   | 4,370 |  |
| Amounts due from reinsurers                                         | 4,870 |  |   | 4,523 |  |   | 31 |  |   | 49 |  |   | 4,901 |  |   | 4,572 |  |
| Other assets                                                        | — |  |   | 4,501 |  |   | — |  |   | 2 |  |   | — |  |   | 4,503 |  |
| Total Assets                                                        | $ | 214,941 |  |   | $ | 207,042 |  |   | $ | (93 | ) |   | $ | (64 | ) |   | $ | 214,848 |  |   | $ | 206,978 |  |
|                                                                | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Liabilities:                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders' account balance                                      | $ | 41,531 |  |   | $ | 35,661 |  |   | $ | (15 | ) |   | $ | (108 | ) |   | $ | 41,516 |  |   | $ | 35,553 |  |
| Future policyholders' benefits and other policyholders' liabilities | 26,799 |  |   | 26,131 |  |   | 56 |  |   | 160 |  |   | 26,855 |  |   | 26,291 |  |
| Current and deferred taxes                                          | 4,000 |  |   | 6,421 |  |   | (50 | ) |   | (6 | ) |   | 3,950 |  |   | 6,415 |  |
| Total Liabilities                                                   | 196,972 |  |   | 185,800 |  |   | (9 | ) |   | 46 |  |   | 196,963 |  |   | 185,846 |  |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Equity:                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Retained Earnings                                                   | 8,779 |  |   | 11,030 |  |   | (95 | ) |   | (66 | ) |   | 8,684 |  |   | 10,964 |  |
| Accumulated other comprehensive income (loss)                       | 493 |  |   | 1,637 |  |   | — |  |   | (29 | ) |   | 493 |  |   | 1,608 |  |
| AXA Equitable Equity                                                | 14,635 |  |   | 17,987 |  |   | (95 | ) |   | (95 | ) |   | 14,540 |  |   | 17,892 |  |
| Noncontrolling interest                                             | 2,973 |  |   | 3,026 |  |   | 11 |  |   | (15 | ) |   | 2,984 |  |   | 3,011 |  |
| Equity                                                              | 12,608 |  |   | 21,013 |  |   | (84 | ) |   | (110 | ) |   | 12,524 |  |   | 20,903 |  |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Total Liabilities and Equity                                        | $ | 214,941 |  |   | $ | 207,042 |  |   | $ | (93 | ) |   | $ | (64 | ) |   | $ | 214,848 |  |   | $ | 206,978 |  |

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Table of Contents

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|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | Three Months EndedJune 30, 2017 |   | Six Months EndedJune 30, 2017 |
|                                                                | As Previously Reported |   | Impact of Revisions |   | As Revised |   | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                                | (In millions) |
| Statements of Income (Loss):                                        |   |   |   |   |   |   |   |   |   |
| Revenues:                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Policy charges and fee income                                       | $ | 865 |  |   | $ | 59 |  |   | $ | 924 |  |   | $ | 1,761 |  |   | $ | 86 |  |   | $ | 1,847 |  |
| Net derivative gains (losses)                                       | 1,693 |  |   | (38 | ) |   | 1,655 |  |   | 969 |  |   | (30 | ) |   | 939 |  |
| Total revenues                                                      | 4,488 |  |   | 21 |  |   | 4,509 |  |   | 6,477 |  |   | 56 |  |   | 6,533 |  |
| Benefits and other deductions:                                      |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders' benefits                                             | 1,452 |  |   | 30 |  |   | 1,482 |  |   | 2,343 |  |   | 67 |  |   | 2,410 |  |
| Amortization of deferred policy acquisition costs, net              | (82 | ) |   | 4 |  |   | (78 | ) |   | 43 |  |   | 3 |  |   | 46 |  |
| Total benefits and other deductions                                 | 2,691 |  |   | 34 |  |   | 2,725 |  |   | 5,253 |  |   | 70 |  |   | 5,323 |  |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from operations, before income taxes                  | 1,797 |  |   | (13 | ) |   | 1,784 |  |   | 1,224 |  |   | (14 | ) |   | 1,210 |  |
| Income tax (expense) benefit                                        | (338 | ) |   | 4 |  |   | (334 | ) |   | (78 | ) |   | 5 |  |   | (73 | ) |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                   | 1,459 |  |   | (9 | ) |   | 1,450 |  |   | 1,146 |  |   | (9 | ) |   | 1,137 |  |
|                                                                | — |  |   |   |   |   |   |   |   |   |   |   |
| Less: net (income) loss attributable to the noncontrolling interest | (113 | ) |   | — |  |   | (113 | ) |   | (231 | ) |   | — |  |   | (231 | ) |
| Net income (loss) attributable to AXA Equitable                     | $ | 1,346 |  |   | $ | (9 | ) |   | $ | 1,337 |  |   | $ | 915 |  |   | $ | (9 | ) |   | $ | 906 |  |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Statements of Comprehensive Income (Loss):                          |   |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                   | $ | 1,459 |  |   | $ | (9 | ) |   | $ | 1,450 |  |   | $ | 1,146 |  |   | $ | (9 | ) |   | $ | 1,137 |  |
| Comprehensive income (loss)                                         | 1,753 |  |   | (9 | ) |   | 1,744 |  |   | 1,619 |  |   | (9 | ) |   | 1,610 |  |
| Comprehensive income (loss) attributable to AXA Equitable           | $ | 1,660 |  |   | $ | (9 | ) |   | $ | 1,651 |  |   | $ | 1,619 |  |   | $ | (9 | ) |   | $ | 1,610 |  |

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Table of Contents

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|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                      | Three Months EndedJune 30, 2016 |   | Six Months EndedJune 30, 2016 |
|                                                                      | As Previously Reported |   | Impact of Revisions |   | As Revised |   | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                                      | (In millions) |
| Statements of Income (Loss):                                              |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Policy charges and fee income                                             | $ | 915 |  |   | $ | (29 | ) |   | $ | 886 |  |   | $ | 1,816 |  |   | $ | (70 | ) |   | $ | 1,746 |  |
| Premiums                                                                  | 121 |  |   | 82 |  |   | 203 |  |   | 247 |  |   | 165 |  |   | 412 |  |
| Net derivative gains (losses)                                             | 1,562 |  |   | (22 | ) |   | 1,540 |  |   | 3,840 |  |   | 86 |  |   | 3,926 |  |
| Total revenues                                                            | 4,297 |  |   | 31 |  |   | 4,328 |  |   | 9,084 |  |   | 181 |  |   | 9,265 |  |
| Benefits and other deductions:                                            |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders' benefits                                                   | 1,211 |  |   | 35 |  |   | 1,246 |  |   | 2,280 |  |   | 159 |  |   | 2,439 |  |
| Interest credited to Policyholders' Account Balances                      | 274 |  |   | (19 | ) |   | 255 |  |   | 525 |  |   | (49 | ) |   | 476 |  |
| Amortization of deferred policy acquisition costs, net                    | (74 | ) |   | 43 |  |   | (31 | ) |   | (84 | ) |   | 75 |  |   | (9 | ) |
| Total benefits and other deductions                                       | 2,581 |  |   | 59 |  |   | 2,640 |  |   | 5,054 |  |   | 185 |  |   | 5,239 |  |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from operations, before income taxes                        | 1,576 |  |   | (28 | ) |   | 1,548 |  |   | 4,030 |  |   | (4 | ) |   | 4,026 |  |
| Income tax (expense) benefit                                              | (515 | ) |   | 7 |  |   | (508 | ) |   | (1,249 | ) |   | (1 | ) |   | (1,250 | ) |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                         | 1,061 |  |   | (21 | ) |   | 1,040 |  |   | 2,781 |  |   | (5 | ) |   | 2,776 |  |
|                                                                      | — |  |   |   |   |   |   |   |   |   |   |   |
| Less: net (income) loss attributable to the noncontrolling interest       | (92 | ) |   | 1 |  |   | (91 | ) |   | (209 | ) |   | 1 |  |   | (208 | ) |
| Net income (loss) attributable to AXA Equitable                           | $ | 969 |  |   | $ | (20 | ) |   | $ | 949 |  |   | $ | 2,572 |  |   | $ | (4 | ) |   | $ | 2,568 |  |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Statements of Comprehensive Income (Loss):                                |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                         | $ | 1,061 |  |   | $ | (21 | ) |   | $ | 1,040 |  |   | $ | 2,781 |  |   | $ | (5 | ) |   | $ | 2,776 |  |
| Change in unrealized gains (losses), net of reclassification adjustment   | 625 |  |   | (15 | ) |   | 610 |  |   | 1,405 |  |   | (9 | ) |   | 1,396 |  |
| Other comprehensive income                                                | 620 |  |   | (15 | ) |   | 605 |  |   | 1,409 |  |   | (9 | ) |   | 1,400 |  |
| Comprehensive income (loss)                                               | 1,681 |  |   | (36 | ) |   | 1,645 |  |   | 4,190 |  |   | (14 | ) |   | 4,176 |  |
| Less: Comprehensive (income) loss attributable to noncontrolling interest | $ | (89 | ) |   | $ | 1 |  |   | $ | (88 | ) |   | $ | (209 | ) |   | $ | 1 |  |   | $ | (208 | ) |
| Comprehensive income (loss) attributable to AXA Equitable                 | $ | 1,592 |  |   | $ | (35 | ) |   | $ | 1,557 |  |   | $ | 3,981 |  |   | $ | (13 | ) |   | $ | 3,968 |  |

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Table of Contents

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                  | Six Months Ended June 30, |
|                                                                                  | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                                                  | 2017 |   | 2016 |   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                                  | (In millions) |
| Statements of Equity:                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Retained earnings, beginning of year                                                  | $ | 7,983 |  |   | $ | 8,958 |  |   | $ | (86 | ) |   | $ | (62 | ) |   | $ | 7,897 |  |   | $ | 8,896 |  |
| Net income (loss)                                                                     | 915 |  |   | 2,572 |  |   | (9 | ) |   | (4 | ) |   | 906 |  |   | 2,568 |  |
| Retained earnings, end of period                                                      | 8,779 |  |   | 11,030 |  |   | (95 | ) |   | (66 | ) |   | 8,684 |  |   | 10,964 |  |
| Accumulated other comprehensive income, beginning of year earnings, beginning of year | 7 |  |   | 228 |  |   | — |  |   | (20 | ) |   | 7 |  |   | 208 |  |
| Other comprehensive income (loss)                                                     | 486 |  |   | 1,409 |  |   | — |  |   | (9 | ) |   | 486 |  |   | 1,400 |  |
| Accumulated other comprehensive income, end of period                                 | 493 |  |   | 1,637 |  |   | — |  |   | (29 | ) |   | 493 |  |   | 1,608 |  |
| Total AXA Equitable’s equity, end of period                                     | 14,635 |  |   | 17,987 |  |   | (95 | ) |   | (95 | ) |   | 14,540 |  |   | 17,892 |  |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Noncontrolling interest, beginning of year                                            | 3,085 |  |   | 3,086 |  |   | 11 |  |   | (27 | ) |   | 3,096 |  |   | 3,059 |  |
| Net income (loss) attributable to noncontrolling interest                             | 118 |  |   | 203 |  |   | — |  |   | 1 |  |   | 118 |  |   | 204 |  |
| Noncontrolling interest, end of period                                                | — |  |   | 3,026 |  |   | 11 |  |   | (15 | ) |   | 11 |  |   | 3,011 |  |
| Total Equity, End of Period                                                           | $ | 17,617 |  |   | $ | 21,013 |  |   | $ | (84 | ) |   | $ | (110 | ) |   | $ | 17,533 |  |   | $ | 20,903 |  |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       | Six Months Ended June 30, |
|                                                       | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                       | 2017 |   | 2016 |   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                       | (In millions) |
| Statements of Cash flows:                                  |   |   |   |   |   |   |   |   |   |   |   |
| Cash flow from operating activities:                       |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                          | $ | 1,146 |  |   | $ | 2,781 |  |   | $ | (9 | ) |   | $ | (5 | ) |   | $ | 1,137 |  |   | $ | 2,776 |  |
| Policy charges and fee income                              | (1,761 | ) |   | (1,816 | ) |   | (86 | ) |   | 70 |  |   | (1,847 | ) |   | (1,746 | ) |
| Interest credited to policyholders’ account balances | 658 |  |   | 525 |  |   | — |  |   | (49 | ) |   | 658 |  |   | 476 |  |
| Net derivative (gains) loss                                | (969 | ) |   | (3,840 | ) |   | 30 |  |   | (86 | ) |   | (939 | ) |   | (3,926 | ) |
| Deferred Policy Acquisition costs                          | 43 |  |   | (84 | ) |   | 3 |  |   | 75 |  |   | 46 |  |   | (9 | ) |
| Changes in:                                                |   |   |   |   |   |   |   |   |   |   |   |
| Future policy benefits                                     | 1,381 |  |   | 1,168 |  |   | 10 |  |   | 172 |  |   | 1,391 |  |   | 1,340 |  |
| Reinsurance recoverable                                    | (251 | ) |   | (92 | ) |   | 57 |  |   | (178 | ) |   | (194 | ) |   | (270 | ) |
| Current and deferred income taxes                          | (16 | ) |   | 985 |  |   | (5 | ) |   | 1 |  |   | (21 | ) |   | 986 |  |
| Other                                                      | — |  |   | 119 |  |   | — |  |   | (48 | ) |   | — |  |   | 71 |  |
| Net cash provided by (used in) operating activities        | $ | (75 | ) |   | $ | (337 | ) |   | $ | — |  |   | $ | (48 | ) |   | $ | (75 | ) |   | $ | (385 | ) |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |
| (Decrease) increase in overdraft payables                  | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 48 |  |   | $ | — |  |   | $ | 48 |  |
| Net cash provided by (used in) financing activities        | $ | — |  |   | $ | 4,016 |  |   | $ | — |  |   | $ | 48 |  |   | $ | — |  |   | $ | 4,064 |  |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

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|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                                | March 31 |   | March 31 |   | March 31 |
|                                                                | 2017 |   | 2016 |   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                | (In millions) |
| Assets:                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Other equity investments                                            | $ | 1,463 |  |   | $ | 1,398 |  |   | $ | (23 | ) |   | $ | (120 | ) |   | $ | 1,440 |  |   | $ | 1,278 |  |
| Trading securities, at fair value                                   | — |  |   | 7,124 |  |   | — |  |   | 81 |  |   | — |  |   | 7,205 |  |
| Other invested assets                                               | 2,050 |  |   | 2,462 |  |   | 34 |  |   | 39 |  |   | 2,084 |  |   | 2,501 |  |
| Total investments                                                   | 60,406 |  |   | 56,581 |  |   | 11 |  |   | — |  |   | 60,417 |  |   | 56,581 |  |
| DAC                                                                 | 4,068 |  |   | 4,505 |  |   | (88 | ) |   | (59 | ) |   | 3,980 |  |   | 4,446 |  |
| Amounts due from reinsurers                                         | 4,639 |  |   | 4,605 |  |   | 19 |  |   | 48 |  |   | 4,658 |  |   | 4,653 |  |
| Other assets                                                        | — |  |   | 4,516 |  |   | — |  |   | 13 |  |   | — |  |   | 4,529 |  |
| Total Assets                                                        | $ | 209,098 |  |   | $ | 199,983 |  |   | $ | (58 | ) |   | $ | 2 |  |   | $ | 209,040 |  |   | $ | 199,985 |  |
|                                                                | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Liabilities:                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders' account balance                                      | $ | 40,308 |  |   | $ | 33,710 |  |   | $ | (16 | ) |   | $ | (89 | ) |   | $ | 40,292 |  |   | $ | 33,621 |  |
| Future policyholders' benefits and other policyholders' liabilities | 25,496 |  |   | 25,272 |  |   | 45 |  |   | 213 |  |   | 25,541 |  |   | 25,485 |  |
| Current and deferred taxes                                          | 3,523 |  |   | 5,833 |  |   | (34 | ) |   | 14 |  |   | 3,489 |  |   | 5,847 |  |
| Other liabilities                                                   | — |  |   | 2,841 |  |   | — |  |   | (50 | ) |   | — |  |   | 2,791 |  |
| Total Liabilities                                                   | 192,712 |  |   | 179,802 |  |   | (5 | ) |   | 88 |  |   | 192,707 |  |   | 179,890 |  |
|                                                                |   |   | — |  |   | — |  |   |   |   | — |  |   | — |  |
|                                                                |   |   | — |  |   | — |  |   |   |   | — |  |   | — |  |
| Retained Earnings                                                   | 7,411 |  |   | 10,561 |  |   | (64 | ) |   | (45 | ) |   | 7,347 |  |   | 10,516 |  |
| Accumulated other comprehensive income (loss)                       | 179 |  |   | 1,014 |  |   | — |  |   | (14 | ) |   | 179 |  |   | 1,000 |  |
| AXA Equitable Equity                                                | 12,934 |  |   | 16,894 |  |   | (64 | ) |   | (59 | ) |   | 12,870 |  |   | 16,835 |  |
| Noncontrolling interest                                             | 3,035 |  |   | 69 |  |   | 11 |  |   | (27 | ) |   | 3,046 |  |   | 42 |  |
| Equity                                                              | 15,969 |  |   | 19,963 |  |   | (53 | ) |   | (86 | ) |   | 15,916 |  |   | 19,877 |  |
|                                                                |   |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total Liabilities and Equity                                        | $ | 209,098 |  |   | $ | 199,983 |  |   | $ | (58 | ) |   | $ | 2 |  |   | $ | 209,040 |  |   | $ | 199,985 |  |

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Table of Contents

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                        | Three Months EndedMarch 31, 2017 |   | Three Months EndedMarch 31, 2016 |
|                                                                        | As Previously Reported |   | Impact of Revisions |   | As Revised |   | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                                        | (In millions) |
| Statements of Income (Loss):                                                |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                                                   |   |   |   |   |   |   |   |   |   |   |   |
| Policy charges and fee income                                               | $ | 896 |  |   | $ | 29 |  |   | $ | 925 |  |   | $ | 901 |  |   | $ | (41 | ) |   | $ | 860 |  |
| Premiums                                                                    | — |  |   | — |  |   | — |  |   | 126 |  |   | 83 |  |   | 209 |  |
| Net derivative gains (losses)                                               | (724 | ) |   | (9 | ) |   | (733 | ) |   | 2,278 |  |   | 108 |  |   | 2,386 |  |
| Increase (decrease in the fair value of the GMIB reinsurance contract asset | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total revenues                                                              | 1,989 |  |   | 20 |  |   | 2,009 |  |   | 4,927 |  |   | 150 |  |   | 5,077 |  |
| Benefits and other deductions:                                              |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders' benefits                                                     | 891 |  |   | 21 |  |   | 912 |  |   | 1,069 |  |   | 124 |  |   | 1,193 |  |
| Interest credited to Policyholders' Account Balances                        | 337 |  |   | (1 | ) |   | 336 |  |   | 251 |  |   | (30 | ) |   | 221 |  |
| Amortization of deferred policy acquisition costs, net                      | 125 |  |   | (1 | ) |   | 124 |  |   | 131 |  |   | 32 |  |   | 163 |  |
| Total benefits and other deductions                                         | 2,562 |  |   | 19 |  |   | 2,581 |  |   | 2,473 |  |   | 126 |  |   | 2,599 |  |
|                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from operations, before income taxes                          | (573 | ) |   | 1 |  |   | (572 | ) |   | 2,454 |  |   | 24 |  |   | 2,478 |  |
| Income tax (expense) benefit                                                | 260 |  |   | — |  |   | 260 |  |   | (734 | ) |   | (8 | ) |   | (742 | ) |
|                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                           | (313 | ) |   | 1 |  |   | (312 | ) |   | 1,720 |  |   | 16 |  |   | 1,736 |  |
|                                                                        | — |  |   |   |   |   |   |   |   |   |   |   |
| Less: net (income) loss attributable to the noncontrolling interest         | (118 | ) |   | — |  |   | (118 | ) |   | (117 | ) |   | — |  |   | (117 | ) |
| Net income (loss) attributable to AXA Equitable                             | $ | (431 | ) |   | $ | 1 |  |   | $ | (430 | ) |   | $ | 1,603 |  |   | $ | 16 |  |   | $ | 1,619 |  |
|                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Statements of Comprehensive Income (Loss):                                  |   |   |   |   |   |   |   |   |   |
|                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                           | $ | (313 | ) |   | $ | 1 |  |   | $ | (312 | ) |   | $ | 1,720 |  |   | $ | 16 |  |   | $ | 1,736 |  |
| Change in unrealized gains (losses), net of reclassification adjustment     | 144 |  |   | — |  |   | 144 |  |   | 780 |  |   | 6 |  |   | 786 |  |
| Other comprehensive income                                                  | 179 |  |   | — |  |   | 179 |  |   | 789 |  |   | 6 |  |   | 795 |  |
| Comprehensive income (loss)                                                 | (134 | ) |   | 1 |  |   | (133 | ) |   | 2,509 |  |   | 22 |  |   | 2,531 |  |
| Less: Comprehensive (income) loss attributable to noncontrolling interest   | $ | (125 | ) |   | $ | — |  |   | $ | (125 | ) |   | $ | (120 | ) |   | $ | — |  |   | $ | (120 | ) |
| Comprehensive income (loss) attributable to AXA Equitable                   | $ | (259 | ) |   | $ | 1 |  |   | $ | (258 | ) |   | $ | 2,389 |  |   | $ | 22 |  |   | $ | 2,411 |  |

----

Table of Contents

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                  | Three Months Ended March 31, |
|                                                                                  | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                                                  | 2017 |   | 2016 |   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                                  | (In millions) |
| Statements of Equity:                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Retained earnings, beginning of year                                                  | $ | 7,842 |  |   | $ | 8,958 |  |   | $ | (65 | ) |   | $ | (62 | ) |   | $ | 7,777 |  |   | $ | 8,896 |  |
| Net income (loss)                                                                     | (431 | ) |   | 1,603 |  |   | 1 |  |   | 16 |  |   | (430 | ) |   | 1,619 |  |
| Retained earnings, end of period                                                      | 7,411 |  |   | 10,561 |  |   | (64 | ) |   | (46 | ) |   | 7,347 |  |   | 10,515 |  |
| Accumulated other comprehensive income, beginning of year earnings, beginning of year | 7 |  |   | 228 |  |   | — |  |   | (20 | ) |   | 7 |  |   | 208 |  |
| Other comprehensive income (loss)                                                     | 172 |  |   | 786 |  |   | — |  |   | 6 |  |   | 172 |  |   | 792 |  |
| Total AXA Equitable’s equity, end of period                                     | 12,934 |  |   | 16,894 |  |   | (64 | ) |   | (60 | ) |   | 12,870 |  |   | 16,834 |  |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Noncontrolling interest, beginning of year                                            | 3,085 |  |   | 3,086 |  |   | 11 |  |   | (27 | ) |   | 3,096 |  |   | 3,059 |  |
| Net income (loss) attributable to noncontrolling interest                             | 118 |  |   | 117 |  |   | — |  |   | — |  |   | 118 |  |   | 117 |  |
| Noncontrolling interest, end of period                                                | 3,035 |  |   | 3,069 |  |   | 11 |  |   | (27 | ) |   | 3,046 |  |   | 3,042 |  |
| Total Equity, End of Period                                                           | $ | 15,969 |  |   | $ | 19,963 |  |   | $ | (53 | ) |   | $ | (87 | ) |   | $ | 15,916 |  |   | $ | 19,876 |  |

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                    | Three Months Ended March 31, |
|                                                                    | As Previously Reported |   | Impact of Revisions |   | As Revised |
|                                                                    | 2017 |   | 2016 |   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                    | (In millions) |
| Statements of Cash flows:                                               |   |   |   |   |   |   |   |   |   |   |   |
| Cash flow from operating activities:                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                       | $ | (313 | ) |   | $ | 1,720 |  |   | $ | 1 |  |   | $ | 16 |  |   | $ | (312 | ) |   | $ | 1,736 |  |
| Policy charges and fee income                                           | (896 | ) |   | (901 | ) |   | (29 | ) |   | 41 |  |   | (925 | ) |   | (860 | ) |
| Interest credited to policyholders’ account balances              | 337 |  |   | 251 |  |   | (1 | ) |   | (30 | ) |   | 336 |  |   | 221 |  |
| (Increase) decrease in the fair value of the reinsurance contract asset | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Net derivative (gains) loss                                             | 724 |  |   | (2,278 | ) |   | 9 |  |   | (108 | ) |   | 733 |  |   | (2,386 | ) |
| Deferred Policy Acquisition costs                                       | 125 |  |   | (10 | ) |   | — |  |   | 32 |  |   | 125 |  |   | 22 |  |
| Changes in:                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Variable interest entities                                              | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Future policy benefits                                                  | 185 |  |   | 491 |  |   | 20 |  |   | 130 |  |   | 205 |  |   | 621 |  |
| Reinsurance recoverable                                                 | (44 | ) |   | (145 | ) |   | — |  |   | (89 | ) |   | (44 | ) |   | (234 | ) |
| Current and deferred income taxes                                       | (327 | ) |   | 733 |  |   | — |  |   | 8 |  |   | (327 | ) |   | 741 |  |
| Accounts payable and accrued expenses                                   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Other                                                                   | — |  |   | 50 |  |   | — |  |   | 91 |  |   | — |  |   | 141 |  |
| Net cash provided by (used in) operating activities                     | $ | 18 |  |   | $ | 99 |  |   | $ | — |  |   | $ | 91 |  |   | $ | 18 |  |   | $ | 190 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| (Decrease) increase in overdraft payables                               | $ | 50 |  |   | $ | — |  |   | $ | — |  |   | $ | (91 | ) |   | $ | 50 |  |   | $ | (91 | ) |
| Net cash provided by (used in) financing activities                     | $ | 2,306 |  |   | $ | 1,468 |  |   | $ | — |  |   | $ | (91 | ) |   | $ | 2,306 |  |   | $ | 1,377 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |

----

Table of Contents

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                                | September 30, |   | September 30, |   | September 30, |
|                                                                | 2016 |   | 2016 |   | 2016 |
|                                                                | (In millions) |
| Assets:                                                             |   |   |   |   |   |
| DAC                                                                 | 4,393 |  |   | 483 |  |   | 4,876 |  |
| Total Assets                                                        | $ | 208,949 |  |   | $ | 483 |  |   | $ | 209,432 |  |
|                                                                |   |   |   |   |   |
| Liabilities:                                                        |   |   |   |   |   |
| Future policyholders' benefits and other policyholders' liabilities | 26,300 |  |   | 5,169 |  |   | 31,469 |  |
| Current and deferred taxes                                          | 6,114 |  |   | (1,641 | ) |   | 4,473 |  |
| Total Liabilities                                                   | 187,992 |  |   | 3,528 |  |   | 191,520 |  |
|                                                                |   |   |   |   |   |
|                                                                |   |   |   |   |   |
| Equity:                                                             |   |   |   |   |   |
| Retained Earnings                                                   | 10,871 |  |   | (2,961 | ) |   | 7,910 |  |
| Accumulated other comprehensive income (loss)                       | 1,613 |  |   | (84 | ) |   | 1,529 |  |
| AXA Equitable Equity                                                | 17,799 |  |   | (3,045 | ) |   | 14,754 |  |
| Equity                                                              | 20,811 |  |   | (3,045 | ) |   | 17,766 |  |
|                                                                |   |   |   |   |   |
| Total Liabilities and Equity                                        | $ | 208,949 |  |   | $ | 483 |  |   | $ | 209,432 |  |

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Table of Contents

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                    | Three Months EndedSeptember 30, 2016 |   | Nine Months EndedSeptember 30, 2016 |
|                                                                    | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |   | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                                    | (In millions) |
| Statements of Income (Loss):                                            |   |   |   |   |   |   |   |   |   |
| Revenues:                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Policy charges and fee income                                           | $ | 925 |  |   | $ | (71 | ) |   | $ | 854 |  |   | $ | 2,671 |  |   | $ | (203 | ) |   | $ | 2,468 |  |
| Net derivative gains (losses)                                           | (677 | ) |   | 231 |  |   | (446 | ) |   | 3,249 |  |   | 454 |  |   | 1,621 |  |
| Total revenues                                                          | 2,017 |  |   | 160 |  |   | 2,177 |  |   | 11,282 |  |   | (1,831 | ) |   | 9,451 |  |
| Benefits and other deductions:                                          |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders' benefits                                                 | 624 |  |   | (8 | ) |   | 616 |  |   | 3,063 |  |   | (390 | ) |   | 2,790 |  |
| Amortization of deferred policy acquisition costs, net                  | 47 |  |   | 8 |  |   | 55 |  |   | 38 |  |   | 26 |  |   | 64 |  |
| Total benefits and other deductions                                     | 2,094 |  |   | — |  |   | 2,094 |  |   | 7,333 |  |   | (247 | ) |   | 7,086 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from operations, before income taxes                      | (77 | ) |   | 160 |  |   | 83 |  |   | 3,949 |  |   | (1,584 | ) |   | 2,365 |  |
| Income tax (expense) benefit                                            | 110 |  |   | (56 | ) |   | 54 |  |   | (1,140 | ) |   | 554 |  |   | (586 | ) |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                       | 33 |  |   | 104 |  |   | 137 |  |   | 2,809 |  |   | (1,030 | ) |   | 1,779 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) attributable to AXA Equitable                         | $ | (93 | ) |   | $ | 104 |  |   | $ | 11 |  |   | $ | 2,475 |  |   | $ | (1,030 | ) |   | $ | 1,445 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Statements of Comprehensive Income (Loss):                              |   |   |   |   |   |   |   |   |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                       | $ | 33 |  |   | $ | 104 |  |   | $ | 137 |  |   | $ | 2,809 |  |   | $ | (1,030 | ) |   | $ | 1,779 |  |
| Change in unrealized gains (losses), net of reclassification adjustment | 8 |  |   | 8 |  |   | 16 |  |   | 1,403 |  |   | (61 | ) |   | 1,342 |  |
| Other comprehensive income                                              | 7 |  |   | 8 |  |   | 15 |  |   | 1,406 |  |   | (61 | ) |   | 1,345 |  |
| Comprehensive income (loss)                                             | 40 |  |   | 112 |  |   | 152 |  |   | 4,215 |  |   | (1,091 | ) |   | 3,124 |  |
| Comprehensive income (loss) attributable to AXA Equitable               | $ | (87 | ) |   | $ | — |  |   | $ | 25 |  |   | $ | 3,880 |  |   | $ | — |  |   | $ | 2,789 |  |

----

Table of Contents

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |
| Nine Months EndedSeptember 30, 2016                                                   | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                                                  | (In millions) |
| Statements of Equity:                                                                 |   |   |   |   |   |
| Retained earnings, beginning of year                                                  | $ | 8,896 |  |   | $ | (1,933 | ) |   | $ | 6,963 |  |
| Net income (loss)                                                                     | 2,475 |  |   | (1,030 | ) |   | 1,445 |  |
| Retained earnings, end of period                                                      | 10,871 |  |   | (2,963 | ) |   | 7,908 |  |
|                                                                                  |   |   |   |   |   |
| Accumulated other comprehensive income, beginning of year earnings, beginning of year | 208 |  |   | (23 | ) |   | 185 |  |
| Other comprehensive income (loss)                                                     | 1,405 |  |   | (61 | ) |   | 1,344 |  |
| Accumulated other comprehensive income, end of period                                 | 1,613 |  |   | (84 | ) |   | 1,529 |  |
|                                                                                  |   |   |   |   |   |
| Total AXA Equitable’s equity, end of period                                     | 17,799 |  |   | (5,926 | ) |   | 14,752 |  |
|                                                                                  |   |   |   |   | — |  |
| Total Equity, End of Period                                                           | $ | 20,811 |  |   | $ | — |  |   | $ | 17,764 |  |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |
| Nine Months EndedSeptember 30, 2016                 | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                | (In millions) |
| Statements of Cash flows:                           |   |   |   |   |   |
| Cash flow from operating activities:                |   |   |   |   |
| Net income (loss)                                   | $ | 2,809 |  |   | $ | (1,030 | ) |   | $ | 1,779 |  |
| Policy charges and fee income                       | (2,671 | ) |   | 203 |  |   | (2,468 | ) |
| Net derivative (gains) loss                         | (3,249 | ) |   | 1,628 |  |   | (1,621 | ) |
| Changes in:                                         |   |   |   |   |   |
| Future policy benefits                              | 1,208 |  |   | (273 | ) |   | 935 |  |
| Deferred Policy Acquisition costs                   | 38 |  |   | 26 |  |   | 64 |  |
| Current and deferred income taxes                   | 647 |  |   | (554 | ) |   | 93 |  |
| Net cash provided by (used in) operating activities | $ | (165 | ) |   | $ | — |  |   | $ | (165 | ) |
|                                                |   |   |   |   |   |

----

Table of Contents

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                                | December 31, |   | December 31, |   | December 31, |
|                                                                | 2016 |   | 2015 |   | 2016 |   | 2015 |   | 2016 |   | 2015 |
|                                                                | (In millions) |
| Assets:                                                             |   |   |   |   |   |   |   |   |   |   |   |
| DAC                                                                 | 4,126 |  |   | 4,433 |  |   | 540 |  |   | 563 |  |   | 4,666 |  |   | 4,996 |  |
| Total Assets                                                        | $ | 203,629 |  |   | $ | 194,657 |  |   | $ | 540 |  |   | $ | 563 |  |   | $ | 204,169 |  |   | $ | 195,220 |  |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Future policyholders' benefits and other policyholders' liabilities | 25,481 |  |   | 24,863 |  |   | 3,378 |  |   | 3,572 |  |   | 28,859 |  |   | 28,435 |  |
| Current and deferred taxes                                          | 3,707 |  |   | 4,645 |  |   | (993 | ) |   | (1,053 | ) |   | 2,714 |  |   | 3,592 |  |
| Total Liabilities                                                   | 187,002 |  |   | 177,158 |  |   | 2,385 |  |   | 2,519 |  |   | 189,387 |  |   | 179,677 |  |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Equity:                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Retained Earnings                                                   | 7,780 |  |   | 8,896 |  |   | (1,845 | ) |   | (1,933 | ) |   | 5,941 |  |   | 6,963 |  |
| Accumulated other comprehensive income (loss)                       | 7 |  |   | 208 |  |   | (6 | ) |   | (23 | ) |   | 1 |  |   | 185 |  |
| AXA Equitable Equity                                                | 13,128 |  |   | 14,427 |  |   | (1,845 | ) |   | (1,956 | ) |   | 11,283 |  |   | 12,471 |  |
| Equity                                                              | 16,224 |  |   | 17,486 |  |   | (1,845 | ) |   | (1,956 | ) |   | 14,379 |  |   | 15,530 |  |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Total Liabilities and Equity                                        | $ | 203,629 |  |   | $ | 194,657 |  |   | $ | (3,150 | ) |   | $ | 563 |  |   | $ | 204,169 |  |   | $ | 195,220 |  |

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Table of Contents

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|                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                    | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                                    | Year Ended December 31, |   | Year Ended December 31, |   | Year Ended December 31, |
|                                                                    | 2016 |   | 2015 |   | 2014 |   | 2016 |   | 2015 |   | 2014 |   | 2016 |   | 2015 |   | 2014 |
|                                                                    | (In millions) |
| Statements of Income (Loss):                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues:                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Policy charges and fee income                                           | $ | 3,615 |  |   | $ | 3,524 |  |   | $ | 3,363 |  |   | $ | (273 | ) |   | $ | (240 | ) |   | $ | (207 | ) |   | $ | 3,342 |  |   | $ | 3,284 |  |   | $ | 3,156 |  |
| Net derivative gains (losses)                                           | (1,234 | ) |   | (339 | ) |   | 5,241 |  |   | 114 |  |   | (733 | ) |   | (1,823 | ) |   | (1,120 | ) |   | (1,072 | ) |   | 3,418 |  |
| Total revenues                                                          | 9,360 |  |   | 9,992 |  |   | 15,533 |  |   | (159 | ) |   | (973 | ) |   | (2,030 | ) |   | 9,201 |  |   | 9,019 |  |   | 13,503 |  |
| Benefits and other deductions:                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders' benefits                                                 | 3,085 |  |   | 2,866 |  |   | 3,954 |  |   | (339 | ) |   | (411 | ) |   | (247 | ) |   | 2,746 |  |   | 2,455 |  |   | 3,707 |  |
| Amortization of deferred policy acquisition costs                       | 333 |  |   | (318 | ) |   | (379 | ) |   | 35 |  |   | 61 |  |   | 34 |  |   | 368 |  |   | (257 | ) |   | (345 | ) |
| Total benefits and other deductions                                     | 9,164 |  |   | 8,329 |  |   | 9,632 |  |   | (304 | ) |   | (350 | ) |   | (213 | ) |   | 8,860 |  |   | 7,979 |  |   | 9,419 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from operations, before income taxes                      | 196 |  |   | 1,663 |  |   | 5,901 |  |   | 145 |  |   | (623 | ) |   | (1,817 | ) |   | 341 |  |   | 1,040 |  |   | 4,084 |  |
| Income tax (expense) benefit                                            | 234 |  |   | (188 | ) |   | (1,620 | ) |   | (51 | ) |   | 218 |  |   | 636 |  |   | 183 |  |   | 30 |  |   | (984 | ) |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                       | 430 |  |   | 1,475 |  |   | 4,281 |  |   | 94 |  |   | (405 | ) |   | (1,181 | ) |   | 524 |  |   | 1,070 |  |   | 3,100 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) attributable to AXA Equitable                         | $ | (66 | ) |   | $ | 1,072 |  |   | $ | 3,894 |  |   | $ | 94 |  |   | $ | (405 | ) |   | $ | (1,181 | ) |   | $ | 28 |  |   | $ | 667 |  |   | $ | 2,713 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Statements of Comprehensive Income (Loss):                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                       | $ | 430 |  |   | $ | 1,475 |  |   | $ | 4,281 |  |   | $ | 94 |  |   | $ | (405 | ) |   | $ | (1,181 | ) |   | $ | 524 |  |   | $ | 1,070 |  |   | $ | 3,100 |  |
| Change in unrealized gains (losses), net of reclassification adjustment | (197 | ) |   | (901 | ) |   | 969 |  |   | 17 |  |   | 70 |  |   | (78 | ) |   | (180 | ) |   | (831 | ) |   | 891 |  |
| Total other comprehensive income (loss), net of income taxes            | (218 | ) |   | (930 | ) |   | 925 |  |   | 17 |  |   | 70 |  |   | (78 | ) |   | (201 | ) |   | (860 | ) |   | 847 |  |
| Comprehensive income (loss)                                             | 212 |  |   | 545 |  |   | 5,206 |  |   | 111 |  |   | (335 | ) |   | (1,259 | ) |   | 323 |  |   | 210 |  |   | 3,947 |  |
| Comprehensive income (loss) attributable to AXA Equitable               | $ | (267 | ) |   | $ | 157 |  |   | $ | 4,848 |  |   | $ | 111 |  |   | $ | (335 | ) |   | $ | (1,259 | ) |   | $ | (156 | ) |   | $ | (178 | ) |   | $ | 3,589 |  |

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Table of Contents

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|                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                             | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                             | Year Ended December 31, |   | Year Ended December 31, |   | Year Ended December 31, |
|                                                             | 2016 |   | 2015 |   | 2014 |   | 2016 |   | 2015 |   | 2014 |   | 2016 |   | 2015 |   | 2014 |
|                                                             | (In millions) |   |   |
| Statements of Equity:                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Retained earnings, beginning of year                             | $ | 8,896 |  |   | $ | 8,736 |  |   | $ | 5,223 |  |   | $ | (1,933 | ) |   | $ | (1,528 | ) |   | $ | (347 | ) |   | $ | 6,963 |  |   | $ | 7,208 |  |   | $ | 4,876 |  |
| Stockholder dividends                                            | (1,050 | ) |   | (912 | ) |   | (381 | ) |   | — |  |   | — |  |   | — |  |   | (1,050 | ) |   | (912 | ) |   | (381 | ) |
| Net income (loss)                                                | (66 | ) |   | 1,072 |  |   | 3,894 |  |   | 94 |  |   | (405 | ) |   | (1,181 | ) |   | 28 |  |   | 667 |  |   | 2,713 |  |
| Retained earnings, end of period                                 | 7,780 |  |   | 8,896 |  |   | 8,736 |  |   | (1,839 | ) |   | (1,933 | ) |   | (1,528 | ) |   | 5,941 |  |   | 6,963 |  |   | 7,208 |  |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated other comprehensive income (loss), beginning of year | 208 |  |   | 351 |  |   | (603 | ) |   | (23 | ) |   | (93 | ) |   | (15 | ) |   | 185 |  |   | 258 |  |   | (618 | ) |
| Other comprehensive income (loss)                                | (201 | ) |   | (915 | ) |   | 954 |  |   | 17 |  |   | 70 |  |   | (78 | ) |   | (184 | ) |   | (845 | ) |   | 876 |  |
| Accumulated other comprehensive income (loss), end of year       | 7 |  |   | 208 |  |   | 351 |  |   | (6 | ) |   | (23 | ) |   | (93 | ) |   | 1 |  |   | 185 |  |   | 258 |  |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total AXA Equitable’s equity, end of period                | 13,128 |  |   | 14,427 |  |   | 15,046 |  |   | (1,845 | ) |   | (1,956 | ) |   | (1,621 | ) |   | 11,283 |  |   | 12,471 |  |   | 13,425 |  |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Equity, End of Period                                      | $ | 16,224 |  |   | $ | 17,486 |  |   | $ | 18,008 |  |   | $ | (1,845 | ) |   | $ | (1,956 | ) |   | $ | (1,621 | ) |   | $ | 14,379 |  |   | $ | 15,530 |  |   | $ | 16,387 |  |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Statements of Cash flows:                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flow from operating activities:                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                | $ | 430 |  |   | $ | 1,475 |  |   | $ | 4,281 |  |   | $ | 94 |  |   | $ | (405 | ) |   | $ | (1,181 | ) |   | $ | 524 |  |   | $ | 1,070 |  |   | $ | 3,100 |  |
| Policy charges and fee income                                    | (3,615 | ) |   | (3,524 | ) |   | (3,363 | ) |   | 273 |  |   | 240 |  |   | 207 |  |   | (3,342 | ) |   | (3,284 | ) |   | (3,156 | ) |
| Net derivative (gains) loss                                      | 419 |  |   | 339 |  |   | (5,241 | ) |   | (114 | ) |   | 733 |  |   | 1,823 |  |   | 305 |  |   | 1,072 |  |   | (3,418 | ) |
| Changes in:                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Future policy benefits                                           | 771 |  |   | 1,040 |  |   | 1,732 |  |   | (339 | ) |   | (411 | ) |   | (247 | ) |   | 432 |  |   | 629 |  |   | 1,485 |  |
| Deferred Policy Acquisition costs                                | 333 |  |   | (318 | ) |   | (379 | ) |   | 35 |  |   | 61 |  |   | 34 |  |   | 368 |  |   | (257 | ) |   | (345 | ) |
| Current and deferred income taxes                                | (892 | ) |   | 260 |  |   | 1,373 |  |   | 51 |  |   | (218 | ) |   | (636 | ) |   | (841 | ) |   | 42 |  |   | 737 |  |
| Net cash provided by (used in) operating activities              | $ | (461 | ) |   | $ | (324 | ) |   | $ | (600 | ) |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | (461 | ) |   | $ | (324 | ) |   | $ | (600 | ) |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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Table of Contents

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|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                                | June 30, |   | June 30, |   | June 30, |
|                                                                | 2017 |   | 2016 |   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                | (in millions) |
| Assets:                                                             |   |   |   |   |   |   |   |   |   |   |   |
| DAC                                                                 | 4,006 |  |   | 4,370 |  |   | 510 |  |   | 482 |  |   | 4,516 |  |   | 4,852 |  |
| Total Assets                                                        | $ | 214,848 |  |   | $ | 206,978 |  |   | $ | 510 |  |   | $ | 482 |  |   | $ | 215,358 |  |   | $ | 207,460 |  |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Future policyholders' benefits and other policyholders' liabilities | 26,855 |  |   | 26,291 |  |   | 2,701 |  |   | 5,341 |  |   | 29,556 |  |   | 31,632 |  |
| Current and deferred taxes                                          | 3,950 |  |   | 6,415 |  |   | (767 | ) |   | (1,700 | ) |   | 3,183 |  |   | 4,715 |  |
| Total Liabilities                                                   | 196,963 |  |   | 185,846 |  |   | 1,934 |  |   | 3,641 |  |   | 198,897 |  |   | 189,487 |  |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Equity:                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Retained Earnings                                                   | 8,684 |  |   | 10,964 |  |   | (1,383 | ) |   | (3,067 | ) |   | 7,301 |  |   | 7,897 |  |
| Accumulated other comprehensive income (loss)                       | 493 |  |   | 1,608 |  |   | (41 | ) |   | (92 | ) |   | 452 |  |   | 1,516 |  |
| AXA Equitable Equity                                                | 14,540 |  |   | 17,892 |  |   | (1,424 | ) |   | (3,159 | ) |   | 13,116 |  |   | 14,733 |  |
| Equity                                                              | 12,524 |  |   | 20,903 |  |   | (1,424 | ) |   | (3,159 | ) |   | 11,100 |  |   | 17,744 |  |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Total Liabilities and Equity                                        | $ | 214,848 |  |   | $ | 206,978 |  |   | $ | 510 |  |   | $ | 482 |  |   | $ | 215,358 |  |   | $ | 207,460 |  |

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Table of Contents

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|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                    | Three Months EndedJune 30, 2017 |   | Six Months EndedJune 30, 2017 |
|                                                                    | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |   | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                                    | (in millions) |
| Statements of Income (Loss):                                            |   |   |   |   |   |   |   |   |   |
| Revenues:                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Policy charges and fee income                                           | $ | 924 |  |   | $ | (68 | ) |   | $ | 856 |  |   | $ | 1,847 |  |   | $ | (135 | ) |   | $ | 1,712 |  |
| Net derivative gains (losses)                                           | 1,655 |  |   | 342 |  |   | 1,997 |  |   | 939 |  |   | 775 |  |   | 1,714 |  |
| Total revenues                                                          | 4,509 |  |   | 274 |  |   | 4,783 |  |   | 6,533 |  |   | 640 |  |   | 7,173 |  |
| Benefits and other deductions:                                          |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders' benefits                                                 | 1,482 |  |   | (134 | ) |   | 1,348 |  |   | 2,410 |  |   | (65 | ) |   | 2,345 |  |
| Amortization of deferred policy acquisition costs, net                  | (78 | ) |   | 2 |  |   | (76 | ) |   | 46 |  |   | 4 |  |   | 50 |  |
| Total benefits and other deductions                                     | 2,725 |  |   | (132 | ) |   | 2,593 |  |   | 5,323 |  |   | (61 | ) |   | 5,262 |  |
|                                                                    |   |   |   |   |   |   |   |   | — |  |   |   |
| Income (loss) from operations, before income taxes                      | 1,784 |  |   | 406 |  |   | 2,190 |  |   | 1,210 |  |   | 701 |  |   | 1,911 |  |
| Income tax (expense) benefit                                            | (334 | ) |   | (142 | ) |   | (476 | ) |   | (73 | ) |   | (245 | ) |   | (318 | ) |
|                                                                    |   |   | — |  |   |   |   |   |   | — |  |   |   |
| Net income (loss)                                                       | 1,450 |  |   | 264 |  |   | 1,714 |  |   | 1,137 |  |   | 456 |  |   | 1,593 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) attributable to AXA Equitable                         | $ | 1,337 |  |   | $ | 264 |  |   | $ | 1,601 |  |   | $ | 906 |  |   | $ | 456 |  |   | $ | 1,362 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Statements of Comprehensive Income (Loss):                              |   |   |   |   |   |   |   |   |   |   |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                       | $ | 1,450 |  |   | $ | 264 |  |   | $ | 1,714 |  |   | $ | 1,137 |  |   | $ | 456 |  |   | $ | 1,593 |  |
| Change in unrealized gains (losses), net of reclassification adjustment | 314 |  |   | 1 |  |   | 315 |  |   | 458 |  |   | (35 | ) |   | 423 |  |
| Other comprehensive income                                              | 294 |  |   | 1 |  |   | 295 |  |   | 473 |  |   | (35 | ) |   | 438 |  |
| Comprehensive income (loss)                                             | 1,744 |  |   | 265 |  |   | 2,009 |  |   | 1,610 |  |   | 421 |  |   | 2,031 |  |
| Comprehensive income (loss) attributable to AXA Equitable               | $ | 1,651 |  |   | $ | 265 |  |   | $ | 1,916 |  |   | $ | 1,610 |  |   | $ | 421 |  |   | $ | 2,031 |  |

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Table of Contents

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|                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                    | Three Months EndedJune 30, 2016 |   | Six Months EndedJune 30, 2016 |
|                                                                    | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |   | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                                    | (in millions) |
| Statements of Income (Loss):                                            |   |   |   |   |   |   |   |   |   |
| Revenues:                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Policy charges and fee income                                           | $ | 886 |  |   | $ | (67 | ) |   | $ | 819 |  |   | $ | 1,746 |  |   | $ | (132 | ) |   | $ | 1,614 |  |
| Net derivative gains (losses)                                           | 1,540 |  |   | (797 | ) |   | 743 |  |   | 3,926 |  |   | (1,859 | ) |   | 2,067 |  |
| Total revenues                                                          | 4,328 |  |   | (864 | ) |   | 3,464 |  |   | 9,265 |  |   | (1,991 | ) |   | 7,274 |  |
| Benefits and other deductions:                                          |   |   |   |   |   |   |   |   |   |   |   |
| Policyholders' benefits                                                 | 1,246 |  |   | (159 | ) |   | 1,087 |  |   | 2,439 |  |   | (265 | ) |   | 2,174 |  |
| Amortization of deferred policy acquisition costs, net                  | (31 | ) |   | 9 |  |   | (22 | ) |   | (9 | ) |   | 18 |  |   | 9 |  |
| Total benefits and other deductions                                     | 2,640 |  |   | (150 | ) |   | 2,490 |  |   | 5,239 |  |   | (247 | ) |   | 4,992 |  |
|                                                                    |   |   | — |  |   |   |   |   |   | — |  |   |   |
| Income (loss) from operations, before income taxes                      | 1,548 |  |   | (714 | ) |   | 834 |  |   | 4,026 |  |   | (1,744 | ) |   | 2,282 |  |
| Income tax (expense) benefit                                            | (508 | ) |   | 250 |  |   | (258 | ) |   | (1,250 | ) |   | 610 |  |   | (640 | ) |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                       | 1,040 |  |   | (464 | ) |   | 576 |  |   | 2,776 |  |   | (1,134 | ) |   | 1,642 |  |
|                                                                    | — |  |   | — |  |   |   |   |   |   | — |  |   |   |
| Net income (loss) attributable to AXA Equitable                         | $ | 949 |  |   | $ | (464 | ) |   | $ | 485 |  |   | $ | 2,568 |  |   | $ | (1,134 | ) |   | $ | 1,434 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Statements of Comprehensive Income (Loss):                              |   |   |   |   |   |   |   |   |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                       | $ | 1,040 |  |   | $ | (464 | ) |   | $ | 576 |  |   | $ | 2,776 |  |   | $ | (1,134 | ) |   | $ | 1,642 |  |
| Change in unrealized gains (losses), net of reclassification adjustment | 610 |  |   | — |  |   | 610 |  |   | 1,396 |  |   | (69 | ) |   | 1,327 |  |
| Other comprehensive income                                              | 605 |  |   | — |  |   | 605 |  |   | 1,400 |  |   | (69 | ) |   | 1,331 |  |
| Comprehensive income (loss)                                             | 1,645 |  |   | (464 | ) |   | 1,181 |  |   | 4,176 |  |   | (1,203 | ) |   | 2,973 |  |
| Comprehensive income (loss) attributable to AXA Equitable               | $ | 1,557 |  |   | $ | (464 | ) |   | $ | 1,093 |  |   | $ | 3,968 |  |   | $ | (1,203 | ) |   | $ | 2,765 |  |

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Table of Contents

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|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                  | Six Months Ended June 30, |
|                                                                                  | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                                                  | 2017 |   | 2016 |   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                                  | (in millions) |
| Statements of Equity:                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Retained earnings, beginning of year                                                  | $ | 7,897 |  |   | $ | 8,896 |  |   | $ | (1,839 | ) |   | $ | (1,933 | ) |   | $ | 6,058 |  |   | $ | 6,963 |  |
| Net income (loss)                                                                     | 906 |  |   | 2,568 |  |   | 456 |  |   | (1,134 | ) |   | 1,362 |  |   | 1,434 |  |
| Retained earnings, end of period                                                      | 8,684 |  |   | 10,964 |  |   | (1,383 | ) |   | (3,067 | ) |   | 7,301 |  |   | 7,897 |  |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated other comprehensive income, beginning of year earnings, beginning of year | 7 |  |   | 208 |  |   | (6 | ) |   | (23 | ) |   | 1 |  |   | 185 |  |
| Other comprehensive income (loss)                                                     | 486 |  |   | 1,400 |  |   | (35 | ) |   | (69 | ) |   | 451 |  |   | 1,331 |  |
| Accumulated other comprehensive income, end of period                                 | 493 |  |   | 1,608 |  |   | (41 | ) |   | (92 | ) |   | 452 |  |   | 1,516 |  |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Total AXA Equitable’s equity, end of period                                     | 14,540 |  |   | 17,892 |  |   | (1,424 | ) |   | (3,159 | ) |   | 13,116 |  |   | 14,733 |  |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Total Equity, End of Period                                                           | $ | 17,533 |  |   | $ | 20,903 |  |   | $ | (1,424 | ) |   | $ | (3,159 | ) |   | $ | 16,109 |  |   | $ | 17,744 |  |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                | Six Months Ended June 30, |
|                                                | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                | 2017 |   | 2016 |   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                | (in millions) |   |   |   |   |   |   |
| Statements of Cash flows:                           |   |   |   |   |   |   |   |   |   |   |   |
| Cash flow from operating activities:                |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                   | $ | 1,137 |  |   | $ | 2,776 |  |   | $ | 456 |  |   | $ | (1,134 | ) |   | $ | 1,593 |  |   | $ | 1,642 |  |
| Policy charges and fee income                       | (1,847 | ) |   | (1,746 | ) |   | 135 |  |   | 132 |  |   | (1,712 | ) |   | (1,614 | ) |
| Net derivative (gains) loss                         | (939 | ) |   | (3,926 | ) |   | (775 | ) |   | 1,859 |  |   | (1,714 | ) |   | (2,067 | ) |
| Changes in:                                         |   |   |   |   |   |   |   |   |   |   |   |
| Future policy benefits                              | 1,391 |  |   | 1,340 |  |   | (65 | ) |   | (265 | ) |   | 1,326 |  |   | 1,075 |  |
| Deferred Policy Acquisition costs                   | 46 |  |   | (9 | ) |   | 4 |  |   | 18 |  |   | 50 |  |   | 9 |  |
| Current and deferred income taxes                   | (21 | ) |   | 986 |  |   | 245 |  |   | (610 | ) |   | 224 |  |   | 376 |  |
| Net cash provided by (used in) operating activities | $ | (75 | ) |   | $ | (385 | ) |   | $ | — |  |   | $ | — |  |   | $ | (75 | ) |   | $ | (385 | ) |
|                                                |   |   |   |   |   |   |   |   |   |   |   |

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|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                                | March 31, |   | March 31, |   | March 31, |
|                                                                | 2017 |   | 2016 |   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                | (in millions) |
| Assets:                                                             |   |   |   |   |   |   |   |   |   |   |   |
| DAC                                                                 | 3,980 |  |   | 4,446 |  |   | 511 |  |   | 490 |  |   | 4,491 |  |   | 4,936 |  |
| Total Assets                                                        | $ | 209,040 |  |   | $ | 199,985 |  |   | $ | 511 |  |   | $ | 490 |  |   | $ | 209,551 |  |   | $ | 200,475 |  |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Future policyholders' benefits and other policyholders' liabilities | 25,541 |  |   | 25,485 |  |   | 3,108 |  |   | 4,635 |  |   | 28,649 |  |   | 30,120 |  |
| Current and deferred taxes                                          | 3,489 |  |   | 5,847 |  |   | (908 | ) |   | (1,451 | ) |   | 2,581 |  |   | 4,396 |  |
| Total Liabilities                                                   | 192,707 |  |   | 179,890 |  |   | 2,200 |  |   | 3,184 |  |   | 194,907 |  |   | 183,074 |  |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Equity:                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Retained Earnings                                                   | 7,347 |  |   | 10,516 |  |   | (1,647 | ) |   | (2,602 | ) |   | 5,700 |  |   | 7,914 |  |
| Accumulated other comprehensive income (loss)                       | 179 |  |   | 1,000 |  |   | (42 | ) |   | (92 | ) |   | 137 |  |   | 908 |  |
| AXA Equitable Equity                                                | 12,870 |  |   | 16,835 |  |   | (1,689 | ) |   | (2,694 | ) |   | 11,181 |  |   | 14,141 |  |
| Equity                                                              | 15,916 |  |   | 19,877 |  |   | (1,689 | ) |   | (2,694 | ) |   | 14,227 |  |   | 17,183 |  |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Total Liabilities and Equity                                        | $ | 209,040 |  |   | $ | 199,985 |  |   | $ | 511 |  |   | $ | 490 |  |   | $ | 209,551 |  |   | $ | 200,475 |  |

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|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                    | Three Months EndedMarch 31, 2017 |   | Three Months EndedMarch 31, 2016 |
|                                                                    | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |   | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                                    | (in millions) |
| Statements of Income (Loss):                                            |   |   |   |   |   |   |   |   |   |
| Revenues:                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Policy charges and fee income                                           | $ | 925 |  |   | $ | (67 | ) |   | $ | 858 |  |   | $ | 860 |  |   | $ | (65 | ) |   | $ | 795 |  |
| Net derivative gains (losses)                                           | (733 | ) |   | 433 |  |   | (300 | ) |   | 2,386 |  |   | (1,062 | ) |   | 1,324 |  |
| Total revenues                                                          | 2,009 |  |   | 366 |  |   | 2,375 |  |   | 5,077 |  |   | (1,127 | ) |   | 3,950 |  |
| Benefits and other deductions:                                          |   |   |   |   | — |  |   |   |   |   |   | — |  |
| Policyholders' benefits                                                 | 912 |  |   | 69 |  |   | 981 |  |   | 1,193 |  |   | (106 | ) |   | 1,087 |  |
| Amortization of deferred policy acquisition costs, net                  | 124 |  |   | 2 |  |   | 126 |  |   | 163 |  |   | 9 |  |   | 172 |  |
| Total benefits and other deductions                                     | 2,581 |  |   | 71 |  |   | 2,652 |  |   | 2,599 |  |   | (97 | ) |   | 2,502 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from operations, before income taxes                      | (572 | ) |   | 295 |  |   | (277 | ) |   | 2,478 |  |   | (1,030 | ) |   | 1,448 |  |
| Income tax (expense) benefit                                            | 260 |  |   | (103 | ) |   | 157 |  |   | (742 | ) |   | 361 |  |   | (381 | ) |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                       | (312 | ) |   | 192 |  |   | (120 | ) |   | 1,736 |  |   | (669 | ) |   | 1,067 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) attributable to AXA Equitable                         | $ | (430 | ) |   | $ | 192 |  |   | $ | (238 | ) |   | $ | 1,619 |  |   | $ | (669 | ) |   | $ | 950 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Statements of Comprehensive Income (Loss):                              |   |   |   |   |   |   |   |   |   |   |   |
|                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                       | $ | (312 | ) |   | $ | 192 |  |   | $ | (120 | ) |   | $ | 1,736 |  |   | $ | (669 | ) |   | $ | 1,067 |  |
| Change in unrealized gains (losses), net of reclassification adjustment | 144 |  |   | (36 | ) |   | 108 |  |   | 786 |  |   | (69 | ) |   | 717 |  |
| Other comprehensive income                                              | 179 |  |   | (36 | ) |   | 143 |  |   | 795 |  |   | (69 | ) |   | 726 |  |
| Comprehensive income (loss)                                             | (133 | ) |   | 156 |  |   | 23 |  |   | 2,531 |  |   | (738 | ) |   | 1,793 |  |
| Comprehensive income (loss) attributable to AXA Equitable               | $ | (258 | ) |   | $ | 156 |  |   | $ | (102 | ) |   | $ | 2,411 |  |   | $ | (738 | ) |   | $ | 1,673 |  |

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|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                  | Three Months Ended March 31, |
|                                                                                  | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                                                  | 2017 |   | 2016 |   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                                  | (in millions) |
| Statements of Equity:                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Retained earnings, beginning of year                                                  | $ | 7,777 |  |   | $ | 8,896 |  |   | $ | (1,839 | ) |   | $ | (1,933 | ) |   | $ | 5,938 |  |   | $ | 6,963 |  |
| Net income (loss)                                                                     | (430 | ) |   | 1,619 |  |   | 192 |  |   | (669 | ) |   | (238 | ) |   | 950 |  |
| Retained earnings, end of period                                                      | 7,347 |  |   | 10,515 |  |   | (1,647 | ) |   | (2,602 | ) |   | 5,700 |  |   | 7,913 |  |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated other comprehensive income, beginning of year earnings, beginning of year | 7 |  |   | 208 |  |   | (6 | ) |   | (23 | ) |   | 1 |  |   | 185 |  |
| Other comprehensive income (loss)                                                     | 172 |  |   | 792 |  |   | (36 | ) |   | (69 | ) |   | 136 |  |   | 723 |  |
| Accumulated other comprehensive income, end of period                                 | 179 |  |   | 1,000 |  |   | (42 | ) |   | (92 | ) |   | 137 |  |   | 908 |  |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Total AXA Equitable’s equity, end of period                                     | 12,870 |  |   | 16,834 |  |   | (1,689 | ) |   | (2,694 | ) |   | 11,181 |  |   | 14,140 |  |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Total Equity, End of Period                                                           | $ | 15,916 |  |   | $ | 19,876 |  |   | $ | (1,689 | ) |   | $ | (2,694 | ) |   | $ | 14,227 |  |   | $ | 17,183 |  |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                | Three Months Ended March 31, |
|                                                | As Previously Reported and Adjusted Herein |   | Impact of Accounting Change |   | As Revised |
|                                                | 2017 |   | 2016 |   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                | (in millions) |   |   |   |   |   |   |
| Statements of Cash flows:                           |   |   |   |   |   |   |   |   |   |   |   |
| Cash flow from operating activities:                |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                   | $ | (312 | ) |   | $ | 1,736 |  |   | $ | 192 |  |   | $ | (669 | ) |   | $ | (120 | ) |   | $ | 1,067 |  |
| Policy charges and fee income                       | (925 | ) |   | (860 | ) |   | 67 |  |   | 65 |  |   | (858 | ) |   | (795 | ) |
| Net derivative (gains) loss                         | 733 |  |   | (2,386 | ) |   | (433 | ) |   | 1,062 |  |   | 300 |  |   | (1,324 | ) |
| Changes in:                                         |   |   |   |   |   |   |   |   |   |   |   |
| Future policy benefits                              | 205 |  |   | 621 |  |   | 69 |  |   | (106 | ) |   | 274 |  |   | 515 |  |
| Deferred Policy Acquisition costs                   | 125 |  |   | 22 |  |   | 2 |  |   | 9 |  |   | 127 |  |   | 31 |  |
| Current and deferred income taxes                   | (327 | ) |   | 741 |  |   | 103 |  |   | (361 | ) |   | (224 | ) |   | 380 |  |
| Net cash provided by (used in) operating activities | $ | 18 |  |   | $ | 190 |  |   | $ | — |  |   | $ | — |  |   | $ | 18 |  |   | $ | 190 |  |

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

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | AmortizedCost |   | Gross UnrealizedGains |   | Gross UnrealizedLosses |   | FairValue |   | OTTIin AOCI (3) |
|                                 | (in millions) |
| September 30, 2017:             |   |   |   |   |   |   |   |   |   |
| Fixed Maturity Securities:           |   |   |   |   |   |   |   |   |   |
| Public corporate                     | $ | 12,429 |  |   | $ | 748 |  |   | $ | 39 |  |   | $ | 13,138 |  |   | $ | — |  |
| Private corporate                    | 7,069 |  |   | 256 |  |   | 34 |  |   | 7,291 |  |   | — |  |
| U.S. Treasury, government and agency | 10,842 |  |   | 473 |  |   | 379 |  |   | 10,936 |  |   | — |  |
| States and political subdivisions    | 414 |  |   | 67 |  |   | — |  |   | 481 |  |   | — |  |
| Foreign governments                  | 369 |  |   | 29 |  |   | 5 |  |   | 393 |  |   | — |  |
| Commercial mortgage-backed           | 280 |  |   | 8 |  |   | 26 |  |   | 262 |  |   | 1 |  |
| Residential mortgage-backed(1)       | 249 |  |   | 16 |  |   | — |  |   | 265 |  |   | — |  |
| Asset-backed(2)                      | 30 |  |   | 1 |  |   | 1 |  |   | 30 |  |   | 2 |  |
| Redeemable preferred stock           | 457 |  |   | 48 |  |   | 1 |  |   | 504 |  |   | — |  |
| Total Fixed Maturities               | 32,139 |  |   | 1,646 |  |   | 485 |  |   | 33,300 |  |   | 3 |  |
| Equity securities                    | 135 |  |   | — |  |   | — |  |   | 135 |  |   | — |  |
| Total at September 30, 2017     | $ | 32,274 |  |   | $ | 1,646 |  |   | $ | 485 |  |   | $ | 33,435 |  |   | $ | 3 |  |
| December 31, 2016:              |   |   |   |   |   |   |   |   |   |
| Fixed Maturity Securities:           |   |   |   |   |   |   |   |   |   |
| Public corporate                     | $ | 12,418 |  |   | $ | 675 |  |   | $ | 81 |  |   | $ | 13,012 |  |   | $ | — |  |
| Private corporate                    | 6,880 |  |   | 215 |  |   | 55 |  |   | 7,040 |  |   | — |  |
| U.S. Treasury, government and agency | 10,739 |  |   | 221 |  |   | 624 |  |   | 10,336 |  |   | — |  |
| States and political subdivisions    | 432 |  |   | 63 |  |   | 2 |  |   | 493 |  |   | — |  |
| Foreign governments                  | 375 |  |   | 29 |  |   | 14 |  |   | 390 |  |   | — |  |
| Commercial mortgage-backed           | 415 |  |   | 28 |  |   | 72 |  |   | 371 |  |   | 7 |  |
| Residential mortgage-backed(1)       | 294 |  |   | 20 |  |   | — |  |   | 314 |  |   | — |  |
| Asset-backed(2)                      | 51 |  |   | 10 |  |   | 1 |  |   | 60 |  |   | 3 |  |
| Redeemable preferred stock           | 519 |  |   | 45 |  |   | 10 |  |   | 554 |  |   | — |  |
| Total Fixed Maturities               | 32,123 |  |   | 1,306 |  |   | 859 |  |   | 32,570 |  |   | 10 |  |
| Equity securities                    | 113 |  |   | — |  |   | — |  |   | 113 |  |   | — |  |
| Total at December 31, 2016      | $ | 32,236 |  |   | $ | 1,306 |  |   | $ | 859 |  |   | $ | 32,683 |  |   | $ | 10 |  |

|     |                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------|
| (1) | Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. |

|     |                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------|
| (2) | Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. |

|     |                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Amounts represent OTTI losses in AOCI, which were not included in Net income (loss) in accordance with current accounting guidance. |

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|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |
|                                   | AmortizedCost |   | Fair Value |
|                                   | (in millions) |
| Due in one year or less                | $ | 1,701 |  |   | $ | 1,723 |  |
| Due in years two through five          | 7,349 |  |   | 7,686 |  |
| Due in years six through ten           | 9,256 |  |   | 9,530 |  |
| Due after ten years                    | 12,817 |  |   | 13,300 |  |
| Subtotal                               | 31,123 |  |   | 32,239 |  |
| Commercial mortgage-backed securities  | 280 |  |   | 262 |  |
| Residential mortgage-backed securities | 249 |  |   | 265 |  |
| Asset-backed securities                | 30 |  |   | 30 |  |
| Redeemable preferred stock             | 457 |  |   | 504 |  |
| Total                                  | $ | 32,139 |  |   | $ | 33,300 |  |

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                      | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                                      | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                      | (in millions) |
| Proceeds from sales                       | $ | 1,287 |  |   | $ | 1,080 |  |   | $ | 1,822 |  |   | $ | 2,866 |  |
| Gross gains on sales                      | $ | 5 |  |   | $ | 9 |  |   | $ | 34 |  |   | $ | 94 |  |
| Gross losses on sales                     | $ | (2 | ) |   | $ | (1 | ) |   | $ | (29 | ) |   | $ | (47 | ) |
| Total OTTI                                | $ | — |  |   | $ | (10 | ) |   | $ | (13 | ) |   | $ | (35 | ) |
| Non-credit losses recognized in OCI       | — |  |   | — |  |   | — |  |   | — |  |
| Credit losses recognized in income (loss) | $ | — |  |   | $ | (10 | ) |   | $ | (13 | ) |   | $ | (35 | ) |

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|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                   | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                                                                                   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                                   | (in millions) |
| Balances, beginning of period                                                          | $ | (115 | ) |   | $ | (166 | ) |   | $ | (190 | ) |   | $ | (198 | ) |
| Previously recognized impairments on securities that matured, paid, prepaid or sold    | 32 |  |   | 8 |  |   | 120 |  |   | 65 |  |
| Recognized impairments on securities impaired to fair value this period(1)             | — |  |   | — |  |   | — |  |   | (17 | ) |
| Impairments recognized this period on securities not previously impaired               | — |  |   | (8 | ) |   | (13 | ) |   | (16 | ) |
| Additional impairments this period on securities previously impaired                   | — |  |   | (2 | ) |   | — |  |   | (2 | ) |
| Increases due to passage of time on previously recorded credit losses                  | — |  |   | — |  |   | — |  |   | — |  |
| Accretion of previously recognized impairments due to increases in expected cash flows | — |  |   | — |  |   | — |  |   | — |  |
| Balances at September 30,                                                              | $ | (83 | ) |   | $ | (168 | ) |   | $ | (83 | ) |   | $ | (168 | ) |

|     |                                                                                                                                                                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Represents circumstances where the Company determined in the current period that it intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost. |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |
|                          | September 30, 2017 |   | December 31, 2016 |
|                          | (in millions) |
| AFS Securities:               |   |   |   |
| Fixed maturities:             |   |   |   |
| With OTTI loss                | $ | — |  |   | $ | 19 |  |
| All other                     | 1,161 |  |   | 428 |  |
| Equity securities             | — |  |   | — |  |
| Net Unrealized Gains (Losses) | $ | 1,161 |  |   | $ | 447 |  |

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|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                    | NetUnrealizedGains(Losses) onInvestments |   | DAC |   | Policyholders’Liabilities |   | DeferredIncomeTax Asset(Liability) |   | AOCI Gain(Loss) Relatedto NetUnrealizedInvestmentGains (Losses) |
|                                                    | (in millions) |
| Balance, July 1, 2017                              | $ | (6 | ) |   | $ | 2 |  |   | $ | 1 |  |   | $ | 1 |  |   | $ | (2 | ) |
| Net investment gains (losses) arising during the period | (5 | ) |   | — |  |   | — |  |   | — |  |   | (5 | ) |
| Reclassification adjustment:                            |   |   |   |   |   |   |   |   |   |
| Included in Net income (loss)                           | 11 |  |   | — |  |   | — |  |   | — |  |   | 11 |  |
| Excluded from Net income (loss)                         | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Impact of net unrealized investment gains (losses) on:  |   |   |   |   |   |   |   |   |   |
| DAC                                                     | — |  |   | (1 | ) |   | — |  |   | — |  |   | (1 | ) |
| Deferred income taxes                                   | — |  |   | — |  |   | — |  |   | (1 | ) |   | (1 | ) |
| Policyholders’ liabilities                        | — |  |   | — |  |   | (1 | ) |   | — |  |   | (1 | ) |
| Balance, September 30, 2017                        | $ | — |  |   | $ | 1 |  |   | $ | — |  |   | $ | — |  |   | $ | 1 |  |
| Balance, July 1, 2016                              | $ | 15 |  |   | $ | — |  |   | $ | — |  |   | $ | (6 | ) |   | $ | 9 |  |
| Net investment gains (losses) arising during the period | 2 |  |   | — |  |   | — |  |   | — |  |   | 2 |  |
| Reclassification adjustment:                            |   |   |   |   |   |   |   |   |   |
| Included in Net income (loss)                           | 1 |  |   | — |  |   | — |  |   | — |  |   | 1 |  |
| Excluded from Net income (loss)                         | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Impact of net unrealized investment gains (losses) on:  |   |   |   |   |   |   |   |   |   |
| DAC                                                     | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Deferred income taxes                                   | — |  |   | — |  |   | — |  |   | (1 | ) |   | (1 | ) |
| Policyholders’ liabilities                        | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Balance, September 30, 2016                        | $ | 18 |  |   | $ | — |  |   | $ | — |  |   | $ | (7 | ) |   | $ | 11 |  |

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|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                    | NetUnrealizedGains(Losses) onInvestments |   | DAC |   | Policyholders’Liabilities |   | DeferredIncomeTax Asset(Liability) |   | AOCI Gain(Loss) Relatedto NetUnrealizedInvestmentGains (Losses) |
|                                                    | (in millions) |
| Balance, January 1, 2017                           | $ | 19 |  |   | $ | (1 | ) |   | $ | (10 | ) |   | $ | (3 | ) |   | $ | 5 |  |
| Net investment gains (losses) arising during the period | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Reclassification adjustment for OTTI losses:            |   |   |   |   |   |   |   |   |   |
| Included in Net income (loss)                           | (19 | ) |   | — |  |   | — |  |   | — |  |   | (19 | ) |
| Excluded from Net income (loss)                         | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Impact of net unrealized investment gains (losses) on:  |   |   |   |   |   |   |   |   |   |
| DAC                                                     | — |  |   | 2 |  |   | — |  |   | — |  |   | 2 |  |
| Deferred income taxes                                   | — |  |   | — |  |   | — |  |   | 3 |  |   | 3 |  |
| Policyholders’ liabilities                        | — |  |   | — |  |   | 10 |  |   | — |  |   | 10 |  |
| Balance, September 30, 2017                        | $ | — |  |   | $ | 1 |  |   | $ | — |  |   | $ | — |  |   | $ | 1 |  |
| Balance, January 1, 2016                           | $ | 16 |  |   | $ | — |  |   | $ | (4 | ) |   | $ | (5 | ) |   | $ | 7 |  |
| Net investment gains (losses) arising during the period | (5 | ) |   | — |  |   | — |  |   | — |  |   | (5 | ) |
| Reclassification adjustment for OTTI losses:            |   |   |   |   |   |   |   |   |   |
| Included in Net income (loss)                           | 7 |  |   | — |  |   | — |  |   | — |  |   | 7 |  |
| Excluded from Net income (loss)                         | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Impact of net unrealized investment gains (losses) on:  |   |   |   |   |   |   |   |   |   |
| DAC                                                     | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Deferred income taxes                                   | — |  |   | — |  |   | — |  |   | (2 | ) |   | (2 | ) |
| Policyholders’ liabilities                        | — |  |   | — |  |   | 4 |  |   | — |  |   | 4 |  |
| Balance, September 30, 2016                        | $ | 18 |  |   | $ | — |  |   | $ | — |  |   | $ | (7 | ) |   | $ | 11 |  |

----

Table of Contents

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                    | NetUnrealizedGains(Losses) onInvestments |   | DAC |   | Policyholders’Liabilities |   | DeferredIncomeTax Asset(Liability) |   | AOCI Gain(Loss) Relatedto NetUnrealizedInvestmentGains (Losses) |
|                                                    | (In Millions) |
| Balance, July 1, 2017                              | $ | 1,145 |  |   | $ | (172 | ) |   | $ | (208 | ) |   | $ | (267 | ) |   | $ | 498 |  |
| Net investment gains (losses) arising during the period | 18 |  |   | — |  |   | — |  |   | — |  |   | 18 |  |
| Reclassification adjustment:                            |   |   |   |   |   |   |   |   |   |
| Included in Net income (loss)                           | (2 | ) |   | — |  |   | — |  |   | — |  |   | (2 | ) |
| Excluded from Net income (loss)(1)                      | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Impact of net unrealized investment gains (losses) on:  |   |   |   |   |   |   |   |   |   |
| DAC                                                     | — |  |   | 6 |  |   | — |  |   | (11 | ) |   | (5 | ) |
| Deferred income taxes                                   | — |  |   | — |  |   | — |  |   | 22 |  |   | 22 |  |
| Policyholders’ liabilities                        | — |  |   | — |  |   | (24 | ) |   | (11 | ) |   | (35 | ) |
| Balance, September 30, 2017                        | $ | 1,161 |  |   | $ | (166 | ) |   | $ | (232 | ) |   | $ | (267 | ) |   | $ | 496 |  |
| Balance, July 1, 2016                              | $ | 3,079 |  |   | $ | (266 | ) |   | $ | (471 | ) |   | $ | (821 | ) |   | $ | 1,521 |  |
| Net investment gains (losses) arising during the period | (17 | ) |   | — |  |   | — |  |   | — |  |   | (17 | ) |
| Reclassification adjustment:                            |   |   |   |   |   |   |   |   |   |
| Included in Net income (loss)                           | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Excluded from Net income (loss)(1)                      | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Impact of net unrealized investment gains (losses) on:  |   |   |   |   |   |   |   |   |   |
| DAC                                                     | — |  |   | 79 |  |   | — |  |   | — |  |   | 79 |  |
| Deferred income taxes                                   | — |  |   | — |  |   | — |  |   | (21 | ) |   | (21 | ) |
| Policyholders’ liabilities                        | — |  |   | — |  |   | 5 |  |   | (1 | ) |   | 4 |  |
| Balance, September 30, 2016                        | $ | 3,062 |  |   | $ | (187 | ) |   | $ | (466 | ) |   | $ | (843 | ) |   | $ | 1,566 |  |

----

Table of Contents

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                    | NetUnrealizedGains(Losses) onInvestments |   | DAC |   | Policyholders’Liabilities |   | DeferredIncomeTax Asset(Liability) |   | AOCI Gain(Loss) Relatedto NetUnrealizedInvestmentGains (Losses) |
|                                                    | (in millions) |
| Balance, January 1, 2017                                | $ | 428 |  |   | $ | (87 | ) |   | $ | (189 | ) |   | $ | (53 | ) |   | $ | 99 |  |
| Net investment gains (losses) arising during the period | 705 |  |   | — |  |   | — |  |   | — |  |   | 705 |  |
| Reclassification adjustment for OTTI losses:            |   |   |   |   |   |   |   |   |   |
| Included in Net income (loss)                           | 28 |  |   | — |  |   | — |  |   | — |  |   | 28 |  |
| Excluded from Net income (loss)(1)                      | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Impact of net unrealized investment gains (losses) on:  |   |   |   |   |   |   |   |   |   |
| DAC                                                     | — |  |   | (79 | ) |   | — |  |   | — |  |   | (79 | ) |
| Deferred income taxes                                   | — |  |   | — |  |   | — |  |   | (214 | ) |   | (214 | ) |
| Policyholders’ liabilities                        | — |  |   | — |  |   | (43 | ) |   | — |  |   | (43 | ) |
| Balance, September 30, 2017                        | $ | 1,161 |  |   | $ | (166 | ) |   | $ | (232 | ) |   | $ | (267 | ) |   | $ | 496 |  |
| Balance, January 1, 2016                                | $ | 674 |  |   | $ | (131 | ) |   | $ | (230 | ) |   | $ | (110 | ) |   | $ | 203 |  |
| Net investment gains (losses) arising during the period | 2,417 |  |   | — |  |   | — |  |   | — |  |   | 2,417 |  |
| Reclassification adjustment for OTTI losses:            |   |   |   |   |   |   |   |   |   |
| Included in Net income (loss)                           | (29 | ) |   | — |  |   | — |  |   | — |  |   | (29 | ) |
| Excluded from Net income (loss)(1)                      | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Impact of net unrealized investment gains (losses) on:  |   |   |   |   |   |   |   |   |   |
| DAC                                                     | — |  |   | (56 | ) |   | — |  |   | 8 |  |   | (48 | ) |
| Deferred income taxes                                   | — |  |   | — |  |   | — |  |   | (755 | ) |   | (755 | ) |
| Policyholders’ liabilities                        | — |  |   | — |  |   | (236 | ) |   | 14 |  |   | (222 | ) |
| Balance, September 30, 2016                        | $ | 3,062 |  |   | $ | (187 | ) |   | $ | (466 | ) |   | $ | (843 | ) |   | $ | 1,566 |  |

|     |                                                                                                                                                                                  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Represents “transfers out” related to the portion of OTTI losses during the period that were not recognized in income (loss) for securities with no prior OTTI loss. |

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Table of Contents

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Less Than 12 Months |   | 12 Months or Longer |   | Total |
|                                 | FairValue |   | GrossUnrealizedLosses |   | FairValue |   | GrossUnrealizedLosses |   | FairValue |   | GrossUnrealizedLosses |
|                                 | (in millions) |
| September 30, 2017:             |   |   |   |   |   |   |   |   |   |   |   |
| Fixed Maturity Securities:           |   |   |   |   |   |   |   |   |   |   |   |
| Public corporate                     | $ | 1,207 |  |   | $ | 15 |  |   | $ | 752 |  |   | $ | 24 |  |   | $ | 1,959 |  |   | $ | 39 |  |
| Private corporate                    | 739 |  |   | 11 |  |   | 467 |  |   | 23 |  |   | 1,206 |  |   | 34 |  |
| U.S. Treasury, government and agency | 1,354 |  |   | 53 |  |   | 3,048 |  |   | 326 |  |   | 4,402 |  |   | 379 |  |
| States and political subdivisions    | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Foreign governments                  | 13 |  |   | — |  |   | 59 |  |   | 5 |  |   | 72 |  |   | 5 |  |
| Commercial mortgage-backed           | 49 |  |   | 4 |  |   | 137 |  |   | 22 |  |   | 186 |  |   | 26 |  |
| Residential mortgage-backed          | 7 |  |   | — |  |   | 13 |  |   | — |  |   | 20 |  |   | — |  |
| Asset-backed                         | 1 |  |   | — |  |   | 9 |  |   | 1 |  |   | 10 |  |   | 1 |  |
| Redeemable preferred stock           | 50 |  |   | — |  |   | 12 |  |   | 1 |  |   | 62 |  |   | 1 |  |
| Total                                | $ | 3,420 |  |   | $ | 83 |  |  | $ | 4,497 |  |  | $ | 402 |  |  | $ | 7,917 |  |  | $ | 485 |  |
| December 31, 2016:              |   |   |   |   |   |   |   |   |   |   |   |
| Fixed Maturity Securities:           |   |   |   |   |   |   |   |   |   |   |   |
| Public corporate                     | $ | 2,455 |  |   | $ | 75 |  |   | $ | 113 |  |   | $ | 6 |  |   | $ | 2,568 |  |   | $ | 81 |  |
| Private corporate                    | 1,483 |  |   | 38 |  |   | 277 |  |   | 17 |  |   | 1,760 |  |   | 55 |  |
| U.S. Treasury, government and agency | 5,356 |  |   | 624 |  |   | — |  |   | — |  |   | 5,356 |  |   | 624 |  |
| States and political subdivisions    | — |  |   | — |  |   | 18 |  |   | 2 |  |   | 18 |  |   | 2 |  |
| Foreign governments                  | 73 |  |   | 3 |  |   | 49 |  |   | 11 |  |   | 122 |  |   | 14 |  |
| Commercial mortgage-backed           | 66 |  |   | 5 |  |   | 171 |  |   | 67 |  |   | 237 |  |   | 72 |  |
| Residential mortgage-backed          | 47 |  |   | — |  |   | 4 |  |   | — |  |   | 51 |  |   | — |  |
| Asset-backed                         | 4 |  |   | — |  |   | 8 |  |   | 1 |  |   | 12 |  |   | 1 |  |
| Redeemable preferred stock           | 218 |  |   | 9 |  |   | 12 |  |   | 1 |  |   | 230 |  |   | 10 |  |
| Total                                | $ | 9,702 |  |   | $ | 754 |  |   | $ | 652 |  |   | $ | 105 |  |   | $ | 10,354 |  |   | $ | 859 |  |

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Table of Contents

|                                                                                                        |
|--------------------------------------------------------------------------------------------------------|
|                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                   | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                                                                                                   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                                                   | (in millions) |
| Net investment gains (losses) recognized during the period on securities held at the end of the period | $ | 45 |  |   | $ | 7 |  |   | $ | 153 |  |   | $ | 126 |  |
| Net investment gains (losses) recognized on securities sold during the period                          | 10 |  |   | 1 |  |   | 35 |  |   | (9 | ) |
| Unrealized and realized gains (losses) on trading securities arising during the period                 | 55 |  |   | 8 |  |   | 188 |  |   | 117 |  |
| Interest and dividend income from trading securities                                                   | 54 |  |   | 34 |  |   | 143 |  |   | 82 |  |
| Net investment income (loss) from trading securities                                                   | $ | 109 |  |   | $ | 42 |  |   | $ | 331 |  |   | $ | 199 |  |

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Table of Contents

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |
|                                                | 2017 |   | 2016 |
| Allowance for credit losses:                        | (in millions) |
| Beginning balance, January 1,                  | $ | 8 |  |   | $ | 6 |  |
| Charge-offs                                         | — |  |   | — |  |
| Recoveries                                          | — |  |   | (2 | ) |
| Provision                                           | — |  |   | 4 |  |
| Ending balance, September 30,                       | $ | 8 |  |   | $ | 8 |  |
|                                                |   |   |   |
| September 30, Individually Evaluated for Impairment | $ | 8 |  |   | $ | 8 |  |

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                              | Debt Service Coverage Ratio |   |   |
| Loan-to-Value Ratio:(2)           | Greater than 2.0x |   | 1.8x to 2.0x |   | 1.5x to 1.8x |   | 1.2x to 1.5x |   | 1.0x to 1.2x |   | Less than 1.0x |   | Total MortgageLoans |
|                              | (in millions) |
| Commercial Mortgage Loans(1)      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 0% - 50%                          | $ | 741 |  |   | $ | — |  |   | $ | 313 |  |   | $ | 74 |  |   | $ | — |  |   | $ | — |  |   | $ | 1,128 |  |
| 50% - 70%                         | 4,094 |  |   | 555 |  |   | 1,048 |  |   | 416 |  |   | 146 |  |   | — |  |   | 6,259 |  |
| 70% - 90%                         | 170 |  |   | — |  |   | 196 |  |   | 254 |  |   | 50 |  |   | — |  |   | 670 |  |
| 90% plus                          | — |  |   | — |  |   | 27 |  |   | — |  |   | — |  |   | — |  |   | 27 |  |
| Total Commercial Mortgage Loans   | $ | 5,005 |  |   | $ | 555 |  |   | $ | 1,584 |  |   | $ | 744 |  |   | $ | 196 |  |   | $ | — |  |   | $ | 8,084 |  |
| Agricultural Mortgage Loans(1)    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 0% - 50%                          | $ | 270 |  |   | $ | 141 |  |   | $ | 297 |  |   | $ | 504 |  |   | $ | 300 |  |   | $ | 33 |  |   | $ | 1,545 |  |
| 50% - 70%                         | 118 |  |   | 56 |  |   | 213 |  |   | 334 |  |   | 210 |  |   | 49 |  |   | 980 |  |
| 70% - 90%                         | — |  |   | — |  |   | — |  |   | 4 |  |   | — |  |   | — |  |   | 4 |  |
| 90% plus                          | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total Agricultural Mortgage Loans | $ | 388 |  |   | $ | 197 |  |   | $ | 510 |  |   | $ | 842 |  |   | $ | 510 |  |   | $ | 82 |  |   | $ | 2,529 |  |
| Total Mortgage Loans(1)           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 0% - 50%                          | $ | 1,011 |  |   | $ | 141 |  |   | $ | 610 |  |   | $ | 578 |  |   | $ | 300 |  |   | $ | 33 |  |   | $ | 2,673 |  |
| 50% - 70%                         | 4,212 |  |   | 611 |  |   | 1,261 |  |   | 750 |  |   | 356 |  |   | 49 |  |   | 7,239 |  |
| 70% - 90%                         | 170 |  |   | — |  |   | 196 |  |   | 258 |  |   | 50 |  |   | — |  |   | 674 |  |
| 90% plus                          | — |  |   | — |  |   | 27 |  |   | — |  |   | — |  |   | — |  |   | 27 |  |
| Total Mortgage Loans              | $ | 5,393 |  |   | $ | 752 |  |   | $ | 2,094 |  |   | $ | 1,586 |  |   | $ | 706 |  |   | $ | 82 |  |   | $ | 10,613 |  |

|     |                                                                                                                                                                      |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The debt service coverage ratio is calculated using the most recently reported net operating income results from property operations divided by annual debt service. |

|     |                                                                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually. |

----

Table of Contents

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                              | Debt Service Coverage Ratio |   |   |
| Loan-to-Value Ratio:(2)           | Greater than 2.0x |   | 1.8x to 2.0x |   | 1.5x to 1.8x |   | 1.2x to1.5x |   | 1.0x to 1.2x |   | Less than  1.0x |   | Total Mortgage Loans |
|                              | (in millions) |
| Commercial Mortgage Loans(1)      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 0% - 50%                          | $ | 738 |  |   | $ | 95 |  |   | $ | 59 |  |   | $ | 56 |  |   | $ | — |  |   | $ | — |  |   | $ | 948 |  |
| 50% - 70%                         | 3,217 |  |   | 430 |  |   | 673 |  |   | 1,100 |  |   | 76 |  |   | — |  |   | 5,496 |  |
| 70% - 90%                         | 282 |  |   | 65 |  |   | 229 |  |   | 127 |  |   | 28 |  |   | 46 |  |   | 777 |  |
| 90% plus                          | — |  |   | — |  |   | 28 |  |   | 15 |  |   | — |  |   | — |  |   | 43 |  |
| Total Commercial Mortgage Loans   | $ | 4,237 |  |   | $ | 590 |  |   | $ | 989 |  |   | $ | 1,298 |  |   | $ | 104 |  |   | $ | 46 |  |   | $ | 7,264 |  |
| Agricultural Mortgage Loans(1)    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 0% - 50%                          | $ | 254 |  |   | $ | 138 |  |   | $ | 296 |  |   | $ | 468 |  |   | $ | 286 |  |   | $ | 49 |  |   | $ | 1,491 |  |
| 50% - 70%                         | 141 |  |   | 57 |  |   | 209 |  |   | 333 |  |   | 219 |  |   | 45 |  |   | 1,004 |  |
| 70% - 90%                         | — |  |   | — |  |   | 2 |  |   | 4 |  |   | — |  |   | — |  |   | 6 |  |
| 90% plus                          | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total Agricultural Mortgage Loans | $ | 395 |  |   | $ | 195 |  |   | $ | 507 |  |   | $ | 805 |  |   | $ | 505 |  |   | $ | 94 |  |   | $ | 2,501 |  |
| Total Mortgage Loans(1)           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 0% - 50%                          | $ | 992 |  |   | $ | 233 |  |   | $ | 355 |  |   | $ | 524 |  |   | $ | 286 |  |   | $ | 49 |  |   | $ | 2,439 |  |
| 50% - 70%                         | 3,358 |  |   | 487 |  |   | 882 |  |   | 1,433 |  |   | 295 |  |   | 45 |  |   | 6,500 |  |
| 70% - 90%                         | 282 |  |   | 65 |  |   | 231 |  |   | 131 |  |   | 28 |  |   | 46 |  |   | 783 |  |
| 90% plus                          | — |  |   | — |  |   | 28 |  |   | 15 |  |   | — |  |   | — |  |   | 43 |  |
| Total Mortgage Loans              | $ | 4,632 |  |   | $ | 785 |  |   | $ | 1,496 |  |   | $ | 2,103 |  |   | $ | 609 |  |   | $ | 140 |  |   | $ | 9,765 |  |

|     |                                                                                                                                                                      |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The debt service coverage ratio is calculated using the most recently reported net operating income results from property operations divided by annual debt service. |

|     |                                                                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The loan-to-value ratio is derived from current loan balance divided by the fair market value of the property. The fair market value of the underlying commercial properties is updated annually. |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                 | 30-59    Days     |   | 60-89    Days     |   | 90    Days    or > |   | Total     |   | Current     |   | TotalFinancingReceivables |   | RecordedInvestment 90 Days or > andAccruing |
|                 |   |   |   |   |   |   | (in millions) |   |   |   |   |
| September 30, 2017   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial           | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 8,084 |  |   | $ | 8,084 |  |   | $ | — |  |
| Agricultural         | 3 |  |   | 15 |  |   | 27 |  |   | 45 |  |   | 2,484 |  |   | 2,529 |  |   | 27 |  |
| Total Mortgage Loans | $ | 3 |  |   | $ | 15 |  |   | $ | 27 |  |   | $ | 45 |  |   | $ | 10,568 |  |   | $ | 10,613 |  |   | $ | 27 |  |
| December 31, 2016    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial           | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 7,264 |  |   | $ | 7,264 |  |   | $ | — |  |
| Agricultural         | 9 |  |   | 2 |  |   | 6 |  |   | 17 |  |   | 2,484 |  |   | 2,501 |  |   | 6 |  |
| Total Mortgage Loans | $ | 9 |  |   | $ | 2 |  |   | $ | 6 |  |   | $ | 17 |  |   | $ | 9,748 |  |   | $ | 9,765 |  |   | $ | 6 |  |

----

Table of Contents

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                | RecordedInvestment |   | UnpaidPrincipalBalance |   | RelatedAllowance |   | AverageRecordedInvestment(1) |   | InterestIncomeRecognized |
|                                | (in millions) |
| September 30, 2017:            |   |   |   |   |   |   |   |   |   |
| With no related allowance recorded: |   |   |   |   |   |   |   |   |   |
| Commercial mortgage loans - other   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Agricultural mortgage loans         | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total                               | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| With related allowance recorded:    |   |   |   |   |   |   |   |   |   |
| Commercial mortgage loans - other   | $ | 27 |  |   | $ | 27 |  |   | $ | (8 | ) |   | $ | 27 |  |   | $ | 1 |  |
| Agricultural mortgage loans         | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total                               | $ | 27 |  |   | $ | 27 |  |   | $ | (8 | ) |   | $ | 27 |  |   | $ | 1 |  |
| December 31, 2016:             |   |   |   |   |   |   |   |   |   |
| With no related allowance recorded: |   |   |   |   |   |   |   |   |   |
| Commercial mortgage loans - other   | $ | 15 |  |   | $ | 15 |  |   | $ | — |  |   | $ | 22 |  |   | $ | — |  |
| Agricultural mortgage loans         | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total                               | $ | 15 |  |   | $ | 15 |  |   | $ | — |  |   | $ | 22 |  |   | $ | — |  |
| With related allowance recorded:    |   |   |   |   |   |   |   |   |   |
| Commercial mortgage loans - other   | $ | 27 |  |   | $ | 27 |  |   | $ | (8 | ) |   | $ | 48 |  |   | $ | 2 |  |
| Agricultural mortgage loans         | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Total                               | $ | 27 |  |   | $ | 27 |  |   | $ | (8 | ) |   | $ | 48 |  |   | $ | 2 |  |

|     |                                                               |
|-----|---------------------------------------------------------------|
| (1) | Represents a four-quarter average of recorded amortized cost. |

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|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        | At September 30, 2017 |   | Gains (Losses)Reported In Net Income (Loss) Nine Months Ended September 30, 2017 |
|                                        |   |   | Fair Value |   |
|                                        | NotionalAmount |   | AssetDerivatives |   | LiabilityDerivatives |   |
|                                        | (in millions) |
| Freestanding derivatives:                   |   |   |   |   |   |   |   |
| Equity contracts:(1)                        |   |   |   |   |   |   |   |
| Futures                                     | $ | 3,858 |  |   | $ | 1 |  |   | $ | 1 |  |   | $ | (512 | ) |
| Swaps                                       | 4,289 |  |   | — |  |   | 162 |  |   | (596 | ) |
| Options                                     | 16,294 |  |   | 2,760 |  |   | 1,243 |  |   | 831 |  |
| Interest rate contracts:(1)                 |   |   |   |   |   |   |   |
| Floors                                      | — |  |   | — |  |   | — |  |   | — |  |
| Swaps                                       | 19,889 |  |   | 272 |  |   | 243 |  |   | 523 |  |
| Futures                                     | 9,133 |  |   | — |  |   | — |  |   | 28 |  |
| Credit contracts:(1)                        |   |   |   |   |   |   |   |
| Credit default swaps                        | 3,156 |  |   | 35 |  |   | 5 |  |   | 16 |  |
| Other freestanding contracts:(1)            |   |   |   |   |   |   |   |
| Foreign currency contracts                  | 1,262 |  |   | 17 |  |   | 9 |  |   | (40 | ) |
| Margin                                      | — |  |   | 46 |  |   | — |  |   | — |  |
| Collateral                                  | — |  |   | 16 |  |   | 1,442 |  |   | — |  |
| Embedded derivatives:                       |   |   |   |   |   |   |   |
| GMIB reinsurance contracts(4)               | — |  |   | 10,933 |  |   | — |  |   | 537 |  |
| GMxB derivative features liability(2,4)     | — |  |   | — |  |   | 4,375 |  |   | 1,151 |  |
| SCS, SIO, MSO and IUL indexed features(3,4) | — |  |   | — |  |   | 1,437 |  |   | (562 | ) |
|                                        |   |   |   |   |   |   |   |
| Total                                       | $ | 57,881 |  |   | $ | 14,080 |  |   | $ | 8,917 |  |   | $ | 1,376 |  |

|     |                                                                       |
|-----|-----------------------------------------------------------------------|
| (1) | Reported in Other invested assets in the consolidated balance sheets. |

|     |                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------|
| (2) | Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. |

|     |                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in the Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets. |

|     |                                                                                            |
|-----|--------------------------------------------------------------------------------------------|
| (4) | Reported in Net derivative gains (losses) in the consolidated statements of income (loss). |

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|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        | At December 31, 2016 |   | Gains (Losses)Reported In NetEarnings (Loss)September 30, 2016 |
|                                        |   |   | Fair Value |   |
|                                        | NotionalAmount |   | AssetDerivatives |   | LiabilityDerivatives |   |
|                                        | (in millions) |
| Freestanding derivatives:                   |   |   |   |   |   |   |   |
| Equity contracts:(1)                        |   |   |   |   |   |   |   |
| Futures                                     | $ | 5,086 |  |   | $ | 1 |  |   | $ | 1 |  |   | $ | (581 | ) |
| Swaps                                       | 3,529 |  |   | 13 |  |   | 67 |  |   | (193 | ) |
| Options                                     | 11,465 |  |   | 2,114 |  |   | 1,154 |  |   | 435 |  |
| Interest rate contracts:(1)                 |   |   |   |   |   |   |   |
| Floors                                      | 1,500 |  |   | 11 |  |   | — |  |   | 4 |  |
| Swaps                                       | 18,933 |  |   | 246 |  |   | 1,163 |  |   | 1,460 |  |
| Futures                                     | 6,926 |  |   | — |  |   | — |  |   | (23 | ) |
| Swaptions                                   | — |  |   | — |  |   | — |  |   | — |  |
| Credit contracts:(1)                        |   |   |   |   |   |   |   |
| Credit default swaps                        | 2,757 |  |   | 20 |  |   | 15 |  |   | 9 |  |
| Other freestanding contracts:(1)            |   |   |   |   |   |   |   |
| Foreign currency contracts                  | 730 |  |   | 52 |  |   | 6 |  |   | (13 | ) |
| Margin                                      | — |  |   | 113 |  |   | 6 |  |   | — |  |
| Collateral                                  | — |  |   | 713 |  |   | 748 |  |   | — |  |
| Embedded derivatives:                       |   |   |   |   |   |   |   |
| GMIB reinsurance contracts(4)               | — |  |   | 10,309 |  |   | — |  |   | 2,576 |  |
| GMxB derivative features liability(2,4)     | — |  |   | — |  |   | 5,289 |  |   | (1,712 | ) |
| SCS, SIO, MSO and IUL indexed features(3,4) | — |  |   | — |  |   | 875 |  |   | (341 | ) |
|                                        |   |   |   |   |   |   |   |
| Total                                       | $ | 50,926 |  |   | $ | 13,592 |  |   | $ | 9,324 |  |   | $ | 1,621 |  |

|     |                                                                       |
|-----|-----------------------------------------------------------------------|
| (1) | Reported in Other invested assets in the consolidated balance sheets. |

|     |                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------|
| (2) | Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. |

|     |                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in the Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets. |

|     |                                                                                            |
|-----|--------------------------------------------------------------------------------------------|
| (4) | Reported in Net derivative gains (losses) in the consolidated statements of income (loss). |

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|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                                       | GrossAmountsRecognized |   | GrossAmountsOffset in theBalance Sheets |   | Net AmountsPresented in theBalance Sheets |
|                                                       | (in millions) |
| ASSETS(1)                                                  |   |   |   |   |   |
| Description                                                |   |   |   |   |   |
| Derivatives:                                               |   |   |   |   |   |
| Equity contracts                                           | $ | 2,761 |  |   | $ | 1,406 |  |   | $ | 1,355 |  |
| Interest rate contracts                                    | 272 |  |   | 243 |  |   | 29 |  |
| Credit contracts                                           | 35 |  |   | 5 |  |   | 30 |  |
| Currency                                                   | 17 |  |   | 9 |  |   | 8 |  |
| Margin                                                     | 46 |  |   | — |  |   | 46 |  |
| Collateral                                                 | 16 |  |   | 1,442 |  |   | (1,426 | ) |
| Total Derivatives, subject to an ISDA Master Agreement     | 3,147 |  |   | 3,105 |  |   | 42 |  |
| Total Derivatives, not subject to an ISDA Master Agreement | — |  |   | — |  |   | — |  |
| Total Derivatives                                          | 3,147 |  |   | 3,105 |  |   | 42 |  |
| Other financial instruments                                | 2,473 |  |   | — |  |   | 2,473 |  |
| Other invested assets                                      | $ | 5,620 |  |   | $ | 3,105 |  |   | $ | 2,515 |  |
| Securities purchased under agreement to resell             | $ | — |  |   | $ | — |  |   | $ | — |  |
| LIABILITIES(2)                                             |   |   |   |   |   |
| Description                                                |   |   |   |   |   |
| Derivatives:                                               |   |   |   |   |   |
| Equity contracts                                           | $ | 1,406 |  |   | $ | 1,406 |  |   | $ | — |  |
| Interest rate contracts                                    | 243 |  |   | 243 |  |   | — |  |
| Credit contracts                                           | 5 |  |   | 5 |  |   | — |  |
| Currency                                                   | 9 |  |   | 9 |  |   | — |  |
| Margin                                                     | — |  |   | — |  |   | — |  |
| Collateral                                                 | 1,442 |  |   | 1,442 |  |   | — |  |
| Total Derivatives, subject to an ISDA Master Agreement     | 3,105 |  |   | 3,105 |  |   | — |  |
| Total Derivatives, not subject to an ISDA Master Agreement | — |  |   | — |  |   | — |  |
| Total Derivatives                                          | 3,105 |  |   | 3,105 |  |   | — |  |
| Other financial liabilities                                | 2,869 |  |   | — |  |   | 2,869 |  |
| Other liabilities                                          | $ | 5,974 |  |   | $ | 3,105 |  |   | $ | 2,869 |  |
| Securities sold under agreement to repurchase(3)           | $ | 1,830 |  |   | $ | — |  |   | $ | 1,830 |  |

|     |                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------|
| (1) | Excludes $1.8 million of derivative assets of consolidated VIEs and VOEs in the Investment Management segment. |

|     |                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------|
| (2) | Excludes $2.8 million of derivative liabilities of consolidated VIEs and VOEs in the Investment Management segment. |

|     |                                                                                      |
|-----|--------------------------------------------------------------------------------------|
| (3) | Excludes expense of $7 million in securities sold under agreement to repurchase. |

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|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             | Fair Value of Assets |   | Collateral (Received)/Held |   |   |
|                                             | FinancialInstruments |   | Cash |   | NetAmounts |
|                                             | (in millions) |
| ASSETS:(1)                                       |   |   |   |   |   |   |
| Total derivatives                                | $ | 1,423 |  |   | $ | — |  |   | $ | (1,381 | ) |   | $ | 42 |  |
| Other financial instruments                      | 2,473 |  |   | — |  |   | — |  |   | 2,473 |  |
| Other invested assets                            | $ | 3,896 |  |   | $ | — |  |   | $ | (1,381 | ) |   | $ | 2,515 |  |
| Securities purchased under agreement to resell   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| LIABILITIES:(2)                                  |   |   |   |   |   |   |  |
| Securities sold under agreement to repurchase(3) | $ | 1,830 |  |   | $ | (1,894 | ) |   | $ | — |  |   | $ | (64 | ) |

|     |                                                                                        |
|-----|----------------------------------------------------------------------------------------|
| (1) | Excludes Investment Management segment’s derivative assets of consolidated VIEs. |

|     |                                                                                             |
|-----|---------------------------------------------------------------------------------------------|
| (2) | Excludes Investment Management segment’s derivative liabilities of consolidated VIEs. |

|     |                                                                                      |
|-----|--------------------------------------------------------------------------------------|
| (3) | Excludes expense of $7 million in securities sold under agreement to repurchase. |

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             | At September 30, 2017 |
|                                             | Remaining Contractual Maturity of the Agreements |
|                                             | Overnight andContinuous |   | Up to 30days |   | 30–90days |   | Greater Than90 days |   | Total |
|                                             | (in millions) |
| Securities sold under agreement to repurchase(1) |   |   |   |   |   |   |   |   |   |
| U.S. Treasury and agency securities              | $ | — |  |   | $ | 1,830 |  |   | $ | — |  |   | $ | — |  |   | $ | 1,830 |  |
| Total                                            | $ | — |  |   | $ | 1,830 |  |   | $ | — |  |   | $ | — |  |   | $ | 1,830 |  |
| Securities purchased under agreement to resell   |   |   |   |   |   |   |   |   |   |
| Corporate securities                             | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Total                                            | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |

|     |                                                                                              |
|-----|----------------------------------------------------------------------------------------------|
| (1) | Excludes expense accrual of $7 million in securities sold under agreement to repurchase. |

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|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                                       | GrossAmountsRecognized |   | GrossAmountsOffset in theBalance Sheets |   | Net AmountsPresented in theBalance Sheets |
|                                                       | (in millions) |
| ASSETS(1)                                                  |   |   |   |   |   |
| Description                                                |   |   |   |   |   |
| Derivatives:                                               |   |   |   |   |   |
| Equity contracts                                           | $ | 2,129 |  |   | $ | 1,220 |  |   | $ | 909 |  |
| Interest rate contracts                                    | 253 |  |   | 1,163 |  |   | (910 | ) |
| Credit contracts                                           | 20 |  |   | 15 |  |   | 5 |  |
| Currency                                                   | 52 |  |   | 6 |  |   | 46 |  |
| Margin                                                     | 113 |  |   | 6 |  |   | 107 |  |
| Collateral                                                 | 713 |  |   | 748 |  |   | (35 | ) |
| Total Derivatives, subject to an ISDA Master Agreement     | 3,280 |  |   | 3,158 |  |   | 122 |  |
| Total Derivatives, not subject to an ISDA Master Agreement | 4 |  |   | — |  |   | 4 |  |
| Total Derivatives                                          | 3,284 |  |   | 3,158 |  |   | 126 |  |
| Other financial instruments                                | 2,100 |  |   | — |  |   | 2,100 |  |
| Other invested assets                                      | $ | 5,384 |  |   | $ | 3,158 |  |   | $ | 2,226 |  |
| Securities purchased under agreement to resell             | $ | — |  |   | $ | — |  |   | $ | — |  |
| LIABILITIES(2)                                             |   |   |   |   |   |
| Description                                                |   |   |   |   |   |
| Derivatives:                                               |   |   |   |   |   |
| Equity contracts                                           | $ | 1,220 |  |   | $ | 1,220 |  |   | $ | — |  |
| Interest rate contracts                                    | 1,163 |  |   | 1,163 |  |   | — |  |
| Credit contracts                                           | 15 |  |   | 15 |  |   | — |  |
| Currency                                                   | 6 |  |   | 6 |  |   | — |  |
| Margin                                                     | 6 |  |   | 6 |  |   | — |  |
| Collateral                                                 | 748 |  |   | 748 |  |   | — |  |
| Total Derivatives, subject to an ISDA Master Agreement     | 3,158 |  |   | 3,158 |  |   | — |  |
| Total Derivatives, not subject to an ISDA Master Agreement | — |  |   | — |  |   | — |  |
| Total Derivatives                                          | 3,158 |  |   | 3,158 |  |   | — |  |
| Other financial liabilities                                | 2,108 |  |   | — |  |   | 2,108 |  |
| Other liabilities                                          | $ | 5,266 |  |   | $ | 3,158 |  |   | $ | 2,108 |  |
| Securities sold under agreement to repurchase(3)           | $ | 1,992 |  |   | $ | — |  |   | $ | 1,992 |  |

|     |                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------|
| (1) | Excludes $1.8 million of derivative assets of consolidated VIEs and VOEs in the Investment Management segment. |

|     |                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------|
| (2) | Excludes $2.1 million of derivative liabilities of consolidated VIEs and VOEs in the Investment Management segment. |

|     |                                                                                      |
|-----|--------------------------------------------------------------------------------------|
| (3) | Excludes expense of $4 million in securities sold under agreement to repurchase. |

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|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             | Net Amounts Presented in the Balance Sheets |   | Collateral (Received)/Held |   |   |
|                                             | FinancialInstruments |   | Cash |   | NetAmounts |
|                                             | (in millions) |
| ASSETS:(1)                                       |   |   |   |   |   |   |   |
| Total Derivatives                                | $ | 54 |  |   | $ | — |  |   | $ | 71 |  |   | $ | 125 |  |
| Other financial instruments                      | 2,067 |  |   | — |  |   | — |  |   | 2,067 |  |
| Other invested assets                            | $ | 2,121 |  |   | $ | — |  |   | $ | 71 |  |   | $ | 2,192 |  |
| Securities purchased under agreement to resell   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| LIABILITIES(2)                                   |   |   |   |   |   |   |   |
| Securities sold under agreement to repurchase(3) | $ | 1,992 |  |   | $ | (1,986 | ) |   | $ | (2 | ) |   | $ | 4 |  |

|     |                                                                                        |
|-----|----------------------------------------------------------------------------------------|
| (1) | Excludes Investment Management segment’s derivative assets of consolidated VIEs. |

|     |                                                                                             |
|-----|---------------------------------------------------------------------------------------------|
| (2) | Excludes Investment Management segment’s derivative liabilities of consolidated VIEs. |

|     |                                                                                      |
|-----|--------------------------------------------------------------------------------------|
| (3) | Excludes expense of $4 million in securities sold under agreement to repurchase. |

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             | At December 31, 2016 |
|                                             | Remaining Contractual Maturity of the Agreements |
|                                             | Overnight andContinuous |   | Up to 30days |   | 30–90days |   | Greater Than90 days |   | Total |
|                                             | (in millions) |
| Securities sold under agreement to repurchase(1) |   |   |   |   |   |   |   |   |   |
| U.S. Treasury and agency securities              | $ | — |  |   | $ | 1,992 |  |   | $ | — |  |   | $ | — |  |   | $ | 1,992 |  |
| Total                                            | $ | — |  |   | $ | 1,992 |  |   | $ | — |  |   | $ | — |  |   | $ | 1,992 |  |

|     |                                                                                      |
|-----|--------------------------------------------------------------------------------------|
| (1) | Excludes expense of $4 million in securities sold under agreement to repurchase. |

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

|                                                                                                           |
|-----------------------------------------------------------------------------------------------------------|
|                                                                                                           |  |  |  |  |  |  |  |
|                                                                                                      | September 30, 2017 |   | December 31, 2016 |
|                                                                                                      | (in millions) |
| CLOSED BLOCK LIABILITIES:                                                                                 |   |   |   |
| Future policy benefits, policyholders’ account balances and other                                   | $ | 7,016 |  |   | $ | 7,179 |  |
| Policyholder dividend obligation                                                                          | 43 |  |   | 52 |  |
| Other liabilities                                                                                         | 301 |  |   | 43 |  |
| Total Closed Block liabilities                                                                            | 7,360 |  |   | 7,274 |  |
| ASSETS DESIGNATED TO THE CLOSED BLOCK:                                                                    |   |   |   |
| Fixed maturities, available for sale, at fair value (amortized cost of $3,951 and $3,884)                 | 4,126 |  |   | 4,025 |  |
| Mortgage loans on real estate                                                                             | 1,804 |  |   | 1,623 |  |
| Policy loans                                                                                              | 795 |  |   | 839 |  |
| Cash and other invested assets                                                                            | 316 |  |   | 444 |  |
| Other assets                                                                                              | 173 |  |   | 181 |  |
| Total assets designated to the Closed Block                                                               | 7,214 |  |   | 7,112 |  |
| Excess of Closed Block liabilities over assets designated to the Closed Block                             | 146 |  |   | 162 |  |
| Amounts included in accumulated other comprehensive income (loss):                                        |   |   |   |
| Net unrealized investment gains (losses), net of policyholder dividend obligation of $(43) and $(52) | 142 |  |   | 100 |  |
| Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities                    | $ | 288 |  |   | $ | 262 |  |

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|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                                        | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                        | (in millions) |
| REVENUES:                                   |   |   |   |   |   |   |   |
| Premiums and other income                   | $ | 52 |  |   | $ | 55 |  |   | $ | 167 |  |   | $ | 177 |  |
| Net investment income (loss)                | 82 |  |   | 96 |  |   | 244 |  |   | 270 |  |
| Net investment gains (losses)               | (2 | ) |   | — |  |   | (18 | ) |   | 1 |  |
| Total revenues                              | 132 |  |   | 151 |  |   | 393 |  |   | 448 |  |
| BENEFITS AND OTHER DEDUCTIONS:              |   |   |   |   |   |   |   |
| Policyholders’ benefits and dividends | 132 |  |   | 131 |  |   | 416 |  |   | 404 |  |
| Other operating costs and expenses          | 1 |  |   | 1 |  |   | 2 |  |   | 3 |  |
| Total benefits and other deductions         | 133 |  |   | 132 |  |   | 418 |  |   | 407 |  |
| Net revenues (loss) before income taxes     | (1 | ) |   | 19 |  |   | (25 | ) |   | 41 |  |
| Income tax (expense) benefit                | 1 |  |   | (7 | ) |   | 9 |  |   | (15 | ) |
| Net Revenues (Losses)                       | $ | — |  |   | $ | 12 |  |   | $ | (16 | ) |   | $ | 26 |  |

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |
|                                             | Nine Months Ended September 30, |
|                                             | 2017 |   | 2016 |
|                                             | (in millions) |
| Balances, beginning of year                      | $ | 52 |  |   | $ | 81 |  |
| Unrealized investment gains (losses), net of DAC | (9 | ) |   | 135 |  |
| Balances, End of Period                          | $ | 43 |  |   | $ | 216 |  |

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|    |                       |
|----|-----------------------|
| 5) | INSURANCE LIABILITIES |

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

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

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

|         |                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------|
| • | Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit, which may include either 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, 2017    | $ | 3,165 |  |   | $ | 3,872 |  |   | $ | 7,037 |  |
| Paid guarantee benefits            | (272 | ) |   | (102 | ) |   | (374 | ) |
| Other changes in reserve           | 1,083 |  |   | 847 |  |   | 1,930 |  |
| Balance at September 30, 2017 | $ | 3,976 |  |   | $ | 4,617 |  |   | $ | 8,593 |  |
| Balance at January 1, 2016    | $ | 2,991 |  |   | $ | 3,889 |  |   | $ | 6,880 |  |
| Paid guarantee benefits            | (280 | ) |   | (249 | ) |   | (529 | ) |
| Other changes in reserve           | 478 |  |   | 903 |  |   | 1,381 |  |
| Balance at September 30, 2016 | $ | 3,189 |  |   | $ | 4,543 |  |   | $ | 7,732 |  |

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |
|                       | Nine Months Ended September 30, |
|                       | 2017 |   | 2016 |
|                       | (in millions) |
| Balance, beginning of year | $ | 1,558 |  |   | $ | 1,430 |  |
| Paid guarantee benefits    | (132 | ) |   | (137 | ) |
| Other changes in reserve   | 555 |  |   | 253 |  |
| Balance, End of Period     | $ | 1,981 |  |   | $ | 1,546 |  |

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|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |
|                                    | September 30, 2017 |   | December 31, 2016 |
|                                    | (In Millions) |
|                                    |   |   |   |
| GMIBNLG (1)                             | $ | 4,289 |  |   | $ | 5,125 |  |
| SCS,MSO, IUL features (2)          | 1,437 |  |   | 875 |  |
| GWBL/GMWB(1)                            | 85 |  |   | 114 |  |
| GIB(1)                                  | (6 | ) |   | 30 |  |
| GMAB(1)                                 | 8 |  |   | 20 |  |
| Total Embedded derivatives liability(1) | $ | 5,813 |  |   | $ | 6,164 |  |
|                                    |   |   |   |
| GMIB reinsurance contract asset (3)     | $ | 10,933 |  |   | $ | 10,309 |  |

|     |                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------|
| (1) | Reported in Future policyholders' benefits and other policyholders' liabilities in the Consolidated Balance Sheets. |

|     |                                                                                 |
|-----|---------------------------------------------------------------------------------|
| (2) | Reported in Policyholders' account balances in the Consolidated Balance Sheets. |

|     |                                                                                 |
|-----|---------------------------------------------------------------------------------|
| (3) | Reported in GMIB reinsurance contract asset in the Consolidated Balance Sheets. |

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 | Return ofPremium |   | Ratchet |   | Roll-Up |   | Combo |   | Total |
|                                                 | (Dollars in millions) |
| GMDB:                                                |   |   |   |   |   |   |   |   |   |
| Account values invested in:                          |   |   |   |   |   |   |   |   |   |
| General Account                                      | $ | 13,860 |  |   | $ | 112 |  |   | $ | 67 |  |   | $ | 207 |  |   | $ | 14,246 |  |
| Separate Accounts                                    | $ | 44,277 |  |   | $ | 9,375 |  |   | $ | 3,479 |  |   | $ | 35,272 |  |   | $ | 92,403 |  |
| Net amount at risk, gross                            | $ | 180 |  |   | $ | 64 |  |   | $ | 2,059 |  |   | $ | 15,775 |  |   | $ | 18,078 |  |
| Net amount at risk, net of amounts reinsured         | $ | 180 |  |   | $ | 44 |  |   | $ | 1,403 |  |   | $ | 6,556 |  |   | $ | 8,183 |  |
| Average attained age of contractholders              | 51.4 |  |   | 66.2 |  |   | 72.8 |  |   | 68.1 |  |   | 55.3 |  |
| Percentage of contractholders over age 70            | 9.6 | % |   | 39.4 | % |   | 62.4 | % |   | 45.6 | % |   | 18.0 | % |
| 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 |  |   | $ | 24 |  |   | $ | 303 |  |   | $ | 327 |  |
| Separate Accounts                                    | N/A |  |   | N/A |  |   | $ | 20,382 |  |   | $ | 40,687 |  |   | $ | 61,069 |  |
| Net amount at risk, gross                            | N/A |  |   | N/A |  |   | $ | 982 |  |   | $ | 6,655 |  |   | $ | 7,637 |  |
| Net amount at risk, net of amounts reinsured         | N/A |  |   | N/A |  |   | $ | 297 |  |   | $ | 1,649 |  |   | $ | 1,946 |  |
| Weighted average years remaining until annuitization | N/A |  |   | N/A |  |   | 1.7 |  |   | 0.9 |  |   | 1.0 |  |
| Range of contractually specified interest rates      | N/A |  |   | N/A |  |   | 3%-6% |  |   | 3%-6.5% |  |   | 3%-6.5% |  |

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|              |
|--------------|
|              |  |  |  |  |  |  |  |
|         | September 30, 2017 |   | December 31, 2016 |
|         | (in millions) |
| GMDB:        |   |   |   |
| Equity       | $ | 75,751 |  |   | $ | 69,625 |  |
| Fixed income | 2,288 |  |   | 2,483 |  |
| Balanced     | 14,056 |  |   | 14,434 |  |
| Other        | 308 |  |   | 348 |  |
| Total        | $ | 92,403 |  |   | $ | 86,890 |  |
| GMIB:        |   |   |   |
| Equity       | $ | 49,177 |  |   | $ | 45,931 |  |
| Fixed income | 1,602 |  |   | 1,671 |  |
| Balanced     | 10,148 |  |   | 10,097 |  |
| Other        | 142 |  |   | 149 |  |
| Total        | $ | 61,069 |  |   | $ | 57,848 |  |

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|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |  |  |  |
|                               | DirectLiability |   | ReinsuranceCeded |   | Net     |
|                               | (in millions) |
| Balance at January 1, 2017    | $ | 1,208 |  |   | $ | (619 | ) |   | $ | 589 |  |
| Paid Guaranteed Benefits           | — |  |   | — |  |   | — |  |
| Other changes in reserves          | 216 |  |   | (70 | ) |   | 146 |  |
| Balance at September 30, 2017 | $ | 1,424 |  |   | $ | (689 | ) |   | $ | 735 |  |
| Balance at January 1, 2016    | $ | 1,155 |  |   | $ | (519 | ) |   | $ | 636 |  |
| Other changes in reserves          | (29 | ) |   | (82 | ) |   | (111 | ) |
| Balance at September 30, 2016 | $ | 1,126 |  |   | $ | (601 | ) |   | $ | 525 |  |

----

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|    |                        |
|----|------------------------|
| 6) | FAIR VALUE DISCLOSURES |

|              |                                                                                                                                                                                                                                              |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Level 1 | Unadjusted 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. |

----

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|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                    | Level 1 |   | Level 2 |   | Level 3 |   | Total |
|                                                    | (in millions) |
| Assets:                                                 |   |   |   |   |   |   |   |
| Investments:                                            |   |   |   |   |   |   |   |
| Fixed maturities, available-for-sale:                   |   |   |   |   |   |   |   |
| Public Corporate                                        | $ | — |  |   | $ | 13,052 |  |   | $ | 87 |  |   | $ | 13,139 |  |
| Private Corporate                                       | — |  |   | 6,231 |  |   | 1,059 |  |   | 7,290 |  |
| U.S. Treasury, government and agency                    | — |  |   | 10,936 |  |   | — |  |   | 10,936 |  |
| States and political subdivisions                       | — |  |   | 440 |  |   | 41 |  |   | 481 |  |
| Foreign governments                                     | — |  |   | 393 |  |   | — |  |   | 393 |  |
| Commercial mortgage-backed                              | — |  |   | 14 |  |   | 248 |  |   | 262 |  |
| Residential mortgage-backed(1)                          | — |  |   | 265 |  |   | — |  |   | 265 |  |
| Asset-backed(2)                                         | — |  |   | 22 |  |   | 8 |  |   | 30 |  |
| Redeemable preferred stock                              | 180 |  |   | 323 |  |   | 1 |  |   | 504 |  |
| Subtotal                                                | 180 |  |   | 31,676 |  |   | 1,444 |  |   | 33,300 |  |
| Other equity investments                                | 4 |  |   | — |  |   | 1 |  |   | 5 |  |
| Trading securities                                      | 481 |  |   | 11,572 |  |   | — |  |   | 12,053 |  |
| Other invested assets:                                  |   |   |   |   |   |   |   |
| Short-term investments                                  | — |  |   | 770 |  |   | — |  |   | 770 |  |
| Assets of consolidated VIEs/VOEs                        | 670 |  |   | 130 |  |   | 2 |  |   | 802 |  |
| Swaps                                                   | — |  |   | (125 | ) |   | — |  |   | (125 | ) |
| Credit Default Swaps                                    | — |  |   | 30 |  |   | — |  |   | 30 |  |
| Options                                                 | — |  |   | 1,517 |  |   | — |  |   | 1,517 |  |
| Subtotal                                                | 670 |  |   | 2,322 |  |   | 2 |  |   | 2,994 |  |
| Cash equivalents                                        | 3,271 |  |   | — |  |   | — |  |   | 3,271 |  |
| Segregated securities                                   | — |  |   | 789 |  |   | — |  |   | 789 |  |
| GMIB reinsurance contract asset                         | — |  |   | — |  |   | 10,933 |  |   | 10,933 |  |
| Separate Accounts’ assets                         | 115,810 |  |   | 2,918 |  |   | 337 |  |   | 119,065 |  |
| Total Assets                                            | $ | 120,416 |  |   | $ | 49,277 |  |   | $ | 12,717 |  |   | $ | 182,410 |  |
| Liabilities                                             |   |   |   |   |   |   |   |
| GMxB derivative features’ liability               | $ | — |  |   | $ | — |  |   | $ | 4,375 |  |   | $ | 4,375 |  |
| SCS, SIO, MSO and IUL indexed features’ liability | — |  |   | 1,437 |  |   | — |  |   | 1,437 |  |
| Liabilities of consolidated VIEs/VOEs                   | 584 |  |   | 3 |  |   | — |  |   | 587 |  |
| Contingent payment arrangements                         | — |  |   | — |  |   | 12 |  |   | 12 |  |
| Total Liabilities                                       | $ | 584 |  |   | $ | 1,440 |  |   | $ | 4,387 |  |   | $ | 6,411 |  |

|     |                                                                                         |
|-----|-----------------------------------------------------------------------------------------|
| (1) | Includes publicly-traded agency pass-through securities and collateralized obligations. |

|     |                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------|
| (2) | Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. |

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|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                    | Level 1 |   | Level 2 |   | Level 3 |   | Total |
|                                                    | (in millions) |
| Assets:                                                 |   |   |   |   |   |   |   |
| Investments:                                            |   |   |   |   |   |   |   |
| Fixed maturities, available-for-sale:                   |   |   |   |   |   |   |   |
| Public Corporate                                        | $ | — |  |   | $ | 12,984 |  |   | $ | 28 |  |   | $ | 13,012 |  |
| Private Corporate                                       | — |  |   | 6,223 |  |   | 817 |  |   | 7,040 |  |
| U.S. Treasury, government and agency                    | — |  |   | 10,336 |  |   | — |  |   | 10,336 |  |
| States and political subdivisions                       | — |  |   | 451 |  |   | 42 |  |   | 493 |  |
| Foreign governments                                     | — |  |   | 390 |  |   | — |  |   | 390 |  |
| Commercial mortgage-backed                              | — |  |   | 22 |  |   | 349 |  |   | 371 |  |
| Residential mortgage-backed(1)                          | — |  |   | 314 |  |   | — |  |   | 314 |  |
| Asset-backed(2)                                         | — |  |   | 36 |  |   | 24 |  |   | 60 |  |
| Redeemable preferred stock                              | 218 |  |   | 335 |  |   | 1 |  |   | 554 |  |
| Subtotal                                                | 218 |  |   | 31,091 |  |   | 1,261 |  |   | 32,570 |  |
| Other equity investments                                | 3 |  |   | — |  |   | 5 |  |   | 8 |  |
| Trading securities                                      | 478 |  |   | 8,656 |  |   | — |  |   | 9,134 |  |
| Other invested assets:                                  |   |   |   |   |   |   |   |
| Short-term investments                                  | — |  |   | 574 |  |   | — |  |   | 574 |  |
| Assets of consolidated VIEs                             | 342 |  |   | 205 |  |   | 6 |  |   | 553 |  |
| Swaps                                                   | — |  |   | (925 | ) |   | — |  |   | (925 | ) |
| Credit Default Swaps                                    | — |  |   | 5 |  |   | — |  |   | 5 |  |
| Options                                                 | — |  |   | 960 |  |   | — |  |   | 960 |  |
| Floors                                                  | — |  |   | 11 |  |   | — |  |   | 11 |  |
| Subtotal                                                | 342 |  |   | 830 |  |   | 6 |  |   | 1,178 |  |
| Cash equivalents                                        | 1,529 |  |   | — |  |   | — |  |   | 1,529 |  |
| Segregated securities                                   | — |  |   | 946 |  |   | — |  |   | 946 |  |
| GMIB reinsurance contract asset                         | — |  |   | — |  |   | 10,309 |  |   | 10,309 |  |
| Separate Accounts’ assets                         | 108,085 |  |   | 2,818 |  |   | 313 |  |   | 111,216 |  |
| Total Assets                                            | $ | 110,655 |  |   | $ | 44,341 |  |   | $ | 11,894 |  |   | $ | 166,890 |  |
| Liabilities:                                            |   |   |   |   |   |   |   |
| GMxB derivative features’ liability               | $ | — |  |   | $ | — |  |   | $ | 5,289 |  |   | $ | 5,289 |  |
| SCS, SIO, MSO and IUL indexed features’ liability | — |  |   | 875 |  |   | — |  |   | 875 |  |
| Liabilities of consolidated VIEs/VOEs                   | 248 |  |   | 2 |  |   | — |  |   | 250 |  |
| Foreign currency contracts                              | — |  |   | — |  |   | — |  |   | — |  |
| Contingent payment arrangements                         | — |  |   | — |  |   | 18 |  |   | 18 |  |
| Total Liabilities                                       | $ | 248 |  |   | $ | 877 |  |   | $ | 5,307 |  |   | $ | 6,432 |  |

|     |                                                                                         |
|-----|-----------------------------------------------------------------------------------------|
| (1) | Includes publicly-traded agency pass-through securities and collateralized obligations. |

|     |                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------|
| (2) | Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. |

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|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        | Corporate |   | State andPoliticalSub-divisions |   | ForeignGovts |   | CommercialMortgage-backed |   |   | Asset-backed |
|                                                        | (in millions) |
| Balance, July 1, 2017                                       | $ | 1,068 |  |   | $ | 42 |  |   | $ | — |  |   | $ | 290 |  |   |   | $ | 12 |  |
| Total gains (losses), realized and unrealized, included in: |   |   |   |   |   |   |   |   |   |   |
| Income (loss) as:                                           |   |   |   |   |   |   |   |   |   |   |
| Net investment income (loss)                                | 2 |  |   | — |  |   | — |  |   | — |  |   |   | — |  |
| Investment gains (losses), net                              | — |  |   | — |  |   | — |  |   | (9 | ) |   |   | — |  |
| Subtotal                                                    | 2 |  |   | — |  |   | — |  |   | (9 | ) |   |   | — |  |
| Other comprehensive income (loss)                           | 6 |  |   | — |  |   | — |  |   | 8 |  |   |   | (3 | ) |
| Purchases                                                   | 196 |  |   | — |  |   | — |  |   | — |  |   |   | — |  |
| Sales                                                       | (119 | ) |   | (1 | ) |   | — |  |   | (40 | ) |   |   | (1 | ) |
| Settlements                                                 | — |  |   | — |  |   | — |  |   | — |  |   |   | — |  |
| Transfers into Level 3(1)                                   | — |  |   | — |  |   | — |  |   | — |  |   |   | — |  |
| Transfers out of Level 3(1)                                 | (7 | ) |   | — |  |   | — |  |   | (1 | ) |   |   | — |  |
| Balance, September 30, 2017                                 | $ | 1,146 |  |   | $ | 41 |  |   | $ | — |  |   | $ | 248 |  |   |   | $ | 8 |  |
| Balance, July 1, 2016                                       | $ | 495 |  |   | $ | 45 |  |   | $ | — |  |   | $ | 402 |  |   |   | $ | 26 |  |
| Total gains (losses), realized and unrealized, included in: |   |   |   |   |   |   |   |   |   |   |
| Income (loss) as:                                           |   |   |   |   |   |   |   |   |   |   |
| Net investment income (loss)                                | — |  |   | — |  |   | — |  |   | 1 |  |   |   | — |  |
| Investment gains (losses), net                              | 1 |  |   | — |  |   | — |  |   | (12 | ) |   |   | — |  |
| Subtotal                                                    | 1 |  |   | — |  |   | — |  |   | (11 | ) |   |   | — |  |
| Other comprehensive income (loss)                           | (2 | ) |   | — |  |   | — |  |   | 10 |  |   |   | (1 | ) |
| Purchases                                                   | 256 |  |   | — |  |   | — |  |   | — |  |   |   | — |  |
| Sales                                                       | (21 | ) |   | (1 | ) |   | — |  |   | (21 | ) |   |   | — |  |
| Transfers into Level 3(1)                                   | 11 |  |   | — |  |   | — |  |   | — |  |   |   | — |  |
| Transfers out of Level 3(1)                                 | (1 | ) |   | — |  |   | — |  |   | (6 | ) |   |   | — |  |
| Balance, September 30, 2016                                 | $ | 739 |  |   | $ | 44 |  |   | $ | — |  |   | $ | 374 |  |   |   | $ | 25 |  |

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|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        | Corporate |   | State andPoliticalSub-divisions |   | ForeignGovts |   | CommercialMortgage-backed |   |   | Asset-backed |
|                                                        | (in millions) |
| Balance, January 1, 2017                                    | $ | 845 |  |   | $ | 42 |  |   | $ | — |  |   | $ | 349 |  |   |   | $ | 24 |  |
| Total gains (losses), realized and unrealized, included in: |   |   |   |   |   |   |   |   |   |   |
| Income (loss) as:                                           |   |   |   |   |   |   |   |   |   |   |
| Net investment income (loss)                                | 6 |  |   | — |  |   | — |  |   | 1 |  |   |   | — |  |
| Investment gains (losses), net                              | — |  |   | — |  |   | — |  |   | (29 | ) |   |   | 15 |  |
| Subtotal                                                    | 6 |  |   | — |  |   | — |  |   | (28 | ) |   |   | 15 |  |
| Other comprehensive income (loss)                           | — |  |   | — |  |   | — |  |   | 27 |  |   |   | (10 | ) |
| Purchases                                                   | 518 |  |   | — |  |   | — |  |   | — |  |   |   | — |  |
| Sales                                                       | (224 | ) |   | (1 | ) |   | — |  |   | (99 | ) |   |   | (20 | ) |
| Settlements                                                 | — |  |   | — |  |   | — |  |   | — |  |   |   | — |  |
| Transfers into Level 3(1)                                   | 6 |  |   | — |  |   | — |  |   | — |  |   |   | — |  |
| Transfers out of Level 3(1)                                 | (5 | ) |   | — |  |   | — |  |   | (1 | ) |   |   | (1 | ) |
| Balance, September 30, 2017                                 | $ | 1,146 |  |   | $ | 41 |  |   | $ | — |  |   | $ | 248 |  |   |   | $ | 8 |  |
| Balance, January 1, 2016                                    | $ | 420 |  |   | $ | 45 |  |   | $ | 1 |  |   | $ | 503 |  |   |   | $ | 40 |  |
| Total gains (losses), realized and unrealized, included in: |   |   |   |   |   |   |   |   |   |   |
| Income (loss) as:                                           |   |   |   |   |   |   |   |   |   |   |
| Net investment income (loss)                                | (1 | ) |   | — |  |   | — |  |   | 1 |  |   |   | — |  |
| Investment gains (losses), net                              | 1 |  |   | — |  |   | — |  |   | (36 | ) |   |   | — |  |
| Subtotal                                                    | — |  |   | — |  |   | — |  |   | (35 | ) |   |   | — |  |
| Other comprehensive income (loss)                           | 8 |  |   | — |  |   | — |  |   | (1 | ) |   |   | 1 |  |
| Purchases                                                   | 399 |  |   | — |  |   | — |  |   | — |  |   |   | — |  |
| Sales                                                       | (89 | ) |   | (1 | ) |   | — |  |   | (81 | ) |   |   | (7 | ) |
| Transfers into Level 3(1)                                   | 29 |  |   | — |  |   | — |  |   | — |  |   |   | — |  |
| Transfers out of Level 3(1)                                 | (28 | ) |   | — |  |   | (1 | ) |   | (12 | ) |   |   | (9 | ) |
| Balance, September 30, 2016                                 | $ | 739 |  |   | $ | 44 |  |   | $ | — |  |   | $ | 374 |  |   |   | $ | 25 |  |

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|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        | RedeemablePreferredStock |   | OtherEquityInvestments(2) |   | GMIBReinsuranceAsset |   | SeparateAccountsAssets |   | GMxB derivative features liability |   | ContingentPaymentArrangement |
|                                                        | (in millions) |   |   |
| Balance, July 1, 2017                                       | $ | 1 |  |   | $ | 8 |  |   | $ | 11,290 |  |   | $ | 333 |  |   | $ | (4,606 | ) |   | $ | 17 |  |
| Total gains (losses), realized and unrealized, included in: |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) as:                                           |   |   |   |   |   |   |   |   |   |   |   |
| Net investment income (loss)                                | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Investment gains (losses), net                              | — |  |   | (4 | ) |   | — |  |   | 4 |  |   | — |  |   | — |  |
| Net derivative gains (losses)                               | — |  |   | — |  |   | (368 | ) |   | — |  |   | 208 |  |   | — |  |
| Subtotal                                                    | — |  |   | (4 | ) |   | (368 | ) |   | 4 |  |   | 208 |  |   | — |  |
| Other comprehensive income (loss)                           | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Purchases(3)                                                | — |  |   | — |  |   | 55 |  |   | 1 |  |   | 23 |  |   | — |  |
| Sales(4)                                               | — |  |   | (1 | ) |   | (44 | ) |   | — |  |   | — |  |   | — |  |
| Settlements(5)                                              | — |  |   | — |  |   | — |  |   | (1 | ) |   | — |  |   | (5 | ) |
| Activity related to consolidated VIEs                       | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Transfers into Level 3(1)                                   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Transfers out of Level 3(1)                                 | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Balance, September 30, 2017                                 | $ | 1 |  |   | $ | 3 |  |   | $ | 10,933 |  |   | $ | 337 |  |   | $ | (4,375 | ) |   | $ | 12 |  |
| Balance, July 1, 2016                                       | $ | — |  |   | $ | 18 |  |   | $ | 13,311 |  |   | $ | 307 |  |   | $ | (7,286 | ) |   | $ | 31 |  |
| Total gains (losses), realized and unrealized, included in: |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) as:                                           |   |   |   |   |   |   |   |   |   |   |   |
| Net investment income (loss)                                | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Investment gains (losses), net                              | — |  |   | — |  |   | — |  |   | 7 |  |   | — |  |   | — |  |
| Net derivative gains (losses)                               | — |  |   | — |  |   | (79 | ) |   | — |  |   | 187 |  |   | — |  |
| Subtotal                                                    | — |  |   | — |  |   | (79 | ) |   | 7 |  |   | 187 |  |   | — |  |
| Other comprehensive income (loss)                           | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Purchases(3)                                                | — |  |   | — |  |   | 57 |  |   | 3 |  |   | 1 |  |   | 11 |  |
| Sales(4)                                               | — |  |   | — |  |   | (176 | ) |   | — |  |   | — |  |   | — |  |
| Settlements(5)                                              | — |  |   | — |  |   | — |  |   | (1 | ) |   | — |  |   | (24 | ) |
| Activity related to consolidated VIEs                       | — |  |   | 15 |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Transfers into Level 3(1)                                   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Transfers out of Level 3(1)                                 | — |  |   | (24 | ) |   | — |  |   | (1 | ) |   | — |  |   | — |  |
| Balance, September 30, 2016                                 | $ | — |  |   | $ | 9 |  |   | $ | 13,113 |  |   | $ | 315 |  |   | $ | (7,098 | ) |   | $ | 18 |  |

----

Table of Contents

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                        | RedeemablePreferredStock |   | OtherEquityInvestments(2) |   | GMIBReinsuranceAsset |   | SeparateAccountsAssets |   | GMxB derivative features liability |   | ContingentPaymentArrangement |
|                                                        | (in millions) |   |   |
| Balance, January 1, 2017                                    | $ | 1 |  |   | $ | 11 |  |   | $ | 10,309 |  |   | $ | 313 |  |   | $ | (5,289 | ) |   | $ | 18 |  |
| Total gains (losses), realized and unrealized, included in: |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) as:                                           |   |   |   |   |   |   |   |   |   |   |   |
| Net investment income (loss)                                | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Investment gains (losses), net                              | — |  |   | (4 | ) |   | — |  |   | 22 |  |   | — |  |   | — |  |
| Net derivative gains (losses)                               | — |  |   | — |  |   | 537 |  |   | — |  |   | 1,151 |  |   | — |  |
| Subtotal                                                    | — |  |   | (4 | ) |   | 537 |  |   | 22 |  |   | 1,151 |  |   | — |  |
| Other comprehensive income (loss)                           | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Purchases(3)                                                | — |  |   | 5 |  |   | 166 |  |   | 7 |  |   | (237 | ) |   | — |  |
| Sales(4)                                               | — |  |   | (3 | ) |   | (79 | ) |   | (2 | ) |   | — |  |   | — |  |
| Settlements(5)                                              | — |  |   | — |  |   | — |  |   | (4 | ) |   | — |  |   | (6 | ) |
| Activity related to consolidated VIEs                       | — |  |   | (7 | ) |   | — |  |   | — |  |   | — |  |   | — |  |
| Transfers into Level 3(1)                                   | — |  |   | 1 |  |   | — |  |   | 1 |  |   | — |  |   | — |  |
| Transfers out of Level 3(1)                                 | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Balance, September 30, 2017                                 | $ | 1 |  |   | $ | 3 |  |   | $ | 10,933 |  |   | $ | 337 |  |   | $ | (4,375 | ) |   | $ | 12 |  |
| Balance, January 1, 2016                                    | $ | — |  |   | $ | 17 |  |   | $ | 10,578 |  |   | $ | 313 |  |   | $ | (5,150 | ) |   | $ | 31 |  |
| Total gains (losses), realized and unrealized, included in: |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) as:                                           |   |   |   |   |   |   |   |   |   |   |   |
| Net investment income (loss)                                | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Investment gains (losses), net                              | — |  |   | (1 | ) |   | — |  |   | 19 |  |   | — |  |   | — |  |
| Net derivative gains (losses)                               | — |  |   | — |  |   | 2,576 |  |   | — |  |   | (1,712 | ) |   | — |  |
| Subtotal                                                    | — |  |   | (1 | ) |   | 2,576 |  |   | 19 |  |   | (1,712 | ) |   | — |  |
| Other comprehensive income (loss)                           | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Purchases(3)                                                | — |  |   | — |  |   | 166 |  |   | 12 |  |   | (236 | ) |   | 11 |  |
| Sales(4)                                               | — |  |   | — |  |   | (207 | ) |   | — |  |   | — |  |   | — |  |
| Settlements(5)                                              | — |  |   | — |  |   | — |  |   | (6 | ) |   | — |  |   | (24 | ) |
| Activity related to consolidated VIEs                       | — |  |   | 17 |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Transfers into Level 3(1)                                   | — |  |   | — |  |   | — |  |   | 1 |  |   | — |  |   | — |  |
| Transfers out of Level 3(1)                                 | — |  |   | (24 | ) |   | — |  |   | (24 | ) |   | — |  |   | — |  |
| Balance, September 30, 2016                                 | $ | — |  |   | $ | 9 |  |   | $ | 13,113 |  |   | $ | 315 |  |   | $ | (7,098 | ) |   | $ | 18 |  |

|     |                                                                                                |
|-----|------------------------------------------------------------------------------------------------|
| (1) | Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. |

|     |                                                                                   |
|-----|-----------------------------------------------------------------------------------|
| (2) | Includes Level 3 amounts for Trading securities and consolidated VIE investments. |

|     |                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------|
| (3) | For the GMIB reinsurance contract asset and GWBL and other features reserves, represents premiums. |

|     |                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | For the GMIB reinsurance contract asset, represents recoveries from reinsurers and for GWBL and other features reserves represents benefits paid. |

|     |                                                                         |
|-----|-------------------------------------------------------------------------|
| (5) | For contingent payment arrangements, it represents change in estimates. |

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Table of Contents

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |
|                                  | Income (Loss) |   |
|                                  | InvestmentGains(Losses),Net |   | Net Derivative Gains (losses) |   | OCI         |
|                                  | (in millions) |
| Level 3 Instruments                   |   |   |   |   |   |
| Third Quarter 2017                    |   |   |   |   |   |
| Held at September 30, 2017:           |   |   |   |   |   |
| Change in unrealized gains (losses):  |   |   |   |   |   |
| Fixed maturities, available-for-sale: |   |   |   |   |   |
| Corporate                             | $ | — |  |   | $ | — |  |   | $ | 4 |  |
| Commercial mortgage-backed            | — |  |   | — |  |   | 9 |  |
| Asset-backed                          | — |  |   | — |  |   | (2 | ) |
| Subtotal                              | $ | — |  |   | $ | — |  |   | $ | 11 |  |
| GMIB reinsurance contracts            | — |  |   | (368 | ) |   | — |  |
| Separate Accounts’ assets(1)    | 4 |  |   | — |  |   | — |  |
| GMxB derivative features' liability   | — |  |   | 208 |  |   | — |  |
| Total                                 | $ | 4 |  |   | $ | (160 | ) |   | $ | 11 |  |
| Level 3 Instruments                   |   |   |   |   |   |
| Third Quarter 2016                    |   |   |   |   |   |
| Held at September 30, 2016:           |   |   |   |   |   |
| Change in unrealized gains (losses):  |   |   |   |   |   |
| Fixed maturities, available-for-sale: |   |   |   |   |   |
| Commercial mortgage-backed            | — |  |   | — |  |   | 10 |  |
| Asset-backed                          | — |  |   | — |  |   | (1 | ) |
| Subtotal                              | $ | — |  |   | $ | — |  |   | $ | 9 |  |
| GMIB reinsurance contracts            | — |  |   | (79 | ) |   | — |  |
| Separate Accounts’ assets(1)    | 6 |  |   | — |  |   | — |  |
| GMxB derivative features' liability   | — |  |   | 187 |  |   | — |  |
| Total                                 | $ | 6 |  |   | $ | 108 |  |   | $ | 9 |  |

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Table of Contents

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |
|                                  | Income (Loss) |   |   |
|                                  | NetInvestmentIncome(Loss) |   | InvestmentGains(Losses),Net |   | OCI         |   |
|                                  |   |
| Level 3 Instruments                   |   |   |   |   |   |   |
| First Nine Months of 2017             |   |   |   |   |   |   |
| Held at September 30, 2017:      |   |   |   |   |   |   |
| Change in unrealized gains (losses):  |   |   |   |   |   |   |
| Fixed maturities, available-for-sale: |   |   |   |   |   |   |
| Commercial mortgage-backed            | — |  |   | — |  |   | 26 |  |   |
| Asset-backed                          | — |  |   | — |  |   | (9 | ) |   |
| Subtotal                              | $ | — |  |   | $ | — |  |   | $ | 17 |  |   |
| GMIB reinsurance contracts            | — |  |   | 537 |  |   | — |  |   |
| Separate Accounts’ assets(1)    | 22 |  |   | — |  |   | — |  |   |
| GMxB derivative features' liability   | — |  |   | 1,151 |  |   | — |  |   |
| Total                                 | $ | 22 |  |   | $ | 1,688 |  |   | $ | 17 |  |   |
| Level 3 Instruments                   |   |   |   |   |   |   |
| First Nine Months of 2016             |   |   |   |   |   |   |
| Held at September 30, 2016:      |   |   |   |   |   |   |
| Change in unrealized gains (losses):  |   |   |   |   |   |   |
| Fixed maturities, available-for-sale: |   |   |   |   |   |   |
| Corporate                             | $ | — |  |   | $ | — |  |   | $ | 9 |  |   |
| State and political subdivisions      | — |  |   | — |  |   | 1 |  |   |
| Commercial mortgage-backed            | — |  |   | — |  |   | (6 | ) |   |
| Asset-backed                          | — |  |   | — |  |   | 1 |  |   |
| Subtotal                              | $ | — |  |   | $ | — |  |   | $ | 5 |  |   |
| GMIB reinsurance contracts            | — |  |   | 2,576 |  |   | — |  |   |
| Separate Accounts’ assets(1)    | 19 |  |   | — |  |   | — |  |   |
| GMxB derivative features' liability   | — |  |   | (1,712 | ) |   | — |  |   |
| Total                                 | $ | 19 |  |   | $ | 864 |  |   | $ | 5 |  |   |

|     |                                                                          |
|-----|--------------------------------------------------------------------------|
| (1) | There is an investment expense that offsets this investment gain (loss). |

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Table of Contents

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |
|                                  | FairValue |   | ValuationTechnique |   | SignificantUnobservable Input |   | Range | Weighted Average |
|                                  | (in millions) |   |
| Assets:                               |   |   |   |   |   |   |   |   |
| Investments:                          |   |   |   |   |   |   |   |   |
| Fixed maturities, available-for-sale: |   |   |   |   |   |   |   |   |
| Corporate                             | $ | 41 |  |   | Matrix pricing model |   | Spread over the industry-specific benchmark yield curve |   | 100 bps - 565 bps | 173 bps |
|                                  | 779 |  |   | Market comparable companies |   | EBITDA multiplesDiscount rateCash flow multiples |   | 5.1x- 27.3x7.2%-17.0%9.0x- 17.7x | 12.2x11.2%13.1x |
| Separate Accounts’ assets       | 318 |  |   | Third party appraisal |   | Capitalization rate |   | 4.6% |   |
|                                  |   |   |   |   | Exit capitalization rate |   | 5.7% |   |
|                                  |   |   |   |   | Discount rate |   | 6.6% |   |
|                                  | 1 |  |   | Discounted cash flow |   | Spread over U.S. Treasury curve |   | 243 bps |   |
|                                  |   |   |   |   | Discount factor |   | 4.0% |   |
| GMIB reinsurance contract asset       | 10,933 |  |   | Discounted cash flow |   | Lapse Rates |   | 1.0%- 6.3% |   |
|                                  |   |   |   |   | Withdrawal Rates |   | 0.0% - 8.0% |   |
|                                  |   |   |   |   | GMIB Utilization Rates |   | 0.0% - 16.0% |   |
|                                  |   |   |   |   | Non-performance risk |   | 5 bps - 10 bps |   |
|                                  |   |   |   |   | Volatility rates - Equity |   | 10.0% - 30.0% |   |
| Liabilities:                          |   |   |   |   |   |   |   |   |
| GMIBNLG                               | 4,289 |  |   | Discounted cash flow |   | Non-performance riskLapse RatesWithdrawal RatesAnnuitizationNLG Forfeiture RatesLong-term equity Volatility |   | 1.0%0.8% - 26.2%0.0% - 12.4%0.0% - 16.0%0.55% - 2.1%20.0% |   |
| GWBL/GMWB                             | 85 |  |   | Discounted cash flow |   | Lapse RatesWithdrawal RatesUtilization RatesVolatility rates - Equity |   | 0.9% - 5.7%0.0% - 7.0%100% after delay 10.0% - 30.0% |   |
| GIB                                   | (6 | ) |   | Discounted cash flow |   | Lapse RatesWithdrawal RatesUtilization RatesVolatility rates - Equity |   | 0.9% - 5.7%0.0% - 8.0%0.0% - 16.0% 10.0% - 30.0% |   |
| GMAB                                  | 8 |  |   | Discounted cash flow |   | Lapse RatesVolatility rates - Equity |   | 0.5% - 11.0%10.0% - 30.0% |   |

----

Table of Contents

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |
|                                  | FairValue |   | ValuationTechnique |   | SignificantUnobservable Input |   | Range | Weighted Average |
|                                  | (in millions) |   |
| Assets:                               |   |   |   |   |   |   |   |   |
| Investments:                          |   |   |   |   |   |   |   |   |
| Fixed maturities, available-for-sale: |   |   |   |   |   |   |   |   |
| Corporate                             | $ | 55 |  |   | Matrix pricing model |   | Spread over the industry-specific benchmark yield curve |   | 0 bps - 565 bps | 143 bps |
|                                  | 636 |  |   | Market comparable companies |   | EBITDA multiplesDiscount RateCash flow Multiples |   | 4.3x-25.6x7.0% - 17.8%14.0x - 16.5x | 11.7x11.4%15.6x |
| Asset-backed                          | 2 |  |   | Matrix pricing model |   | Spread over U.S. Treasury curve |   | 25 bps - 687 bps |   |
| Separate Accounts’ assets       | 295 |  |   | Third party appraisal |   | Capitalization rate |   | 4.8% |   |
|                                  |   |   |   |   | Exit capitalization rate |   | 5.7% |   |
|                                  |   |   |   |   | Discount rate |   | 6.6% |   |
|                                  | 3 |  |   | Discounted cash flow |   | Spread over U.S. Treasury curve |   | 273 bps - 512 bps | 283 bps |
|                                  |   |   |   |   | Discount factor |   | 1.1% - 7.0% | 4.3% |
| GMIB reinsurance contract asset       | 10,309 |  |   | Discounted Cash flow |   | Lapse Rates |   | 1.5% - 5.7% |   |
|                                  |   |   |   |   | Withdrawal Rates |   | 0.0% - 8.0% |   |
|                                  |   |   |   |   | GMIB Utilization Rates |   | 0.0% - 16.0% |   |
|                                  |   |   |   |   | Non-performance risk |   | 5 bps - 17 bps |   |
|                                  |   |   |   |   | Volatility rates - Equity |   | 11.0%- 38.0% |   |
| Liabilities:                          |   |   |   |   |   |   |   |   |
| GMIBNLG                               | 5,125 |  |   | Discounted cash flow |   | Non-performance riskLapse RatesWithdrawal RatesAnnuitizationNLG Forfeiture RatesLong-term equity Volatility |   | 1.1%1.2% - 26.2%0.0% - 8.0%0.0% - 16.0%0.55% - 2.1%20.0% |   |
| GWBL/GMWB                             | 114 |  |   | Discounted cash flow |   | Lapse RatesWithdrawal RatesUtilization RatesVolatility rates - Equity |   | 1.0% - 5.7%0.0% - 7.0%100% after delay9.0% - 35.0% |   |
| GIB                                   | 30 |  |   | Discounted cash flow |   | Lapse RatesWithdrawal RatesUtilization RatesVolatility rates - Equity |   | 1.0% - 5.7%0.0% - 8.0%100% after delay9.0% - 35.0% |   |
| GMAB                                  | 20 |  |   | Discounted cash flow |   | Lapse RatesVolatility rates - Equity |   | 1.0% - 11.0%9.0% - 35.0% |   |

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Table of Contents

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                   | Carrying Value |   | Fair Value |
|                                                   |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
|                                                   | (in millions) |
| September 30, 2017:                               |   |   |   |   |   |   |   |   |
| Mortgage loans on real estate                          | $ | 10,605 |  |   | $ | — |  |   | $ | — |  |   | $ | 10,686 |  |   | $ | 10,686 |  |
| Loans to affiliates                                    | 703 |  |   | — |  |   | 772 |  |   | — |  |   | 772 |  |
| Policyholders’ liabilities: Investment contracts | 2,122 |  |   | — |  |   | — |  |   | 2,236 |  |   | 2,236 |  |
| Funding Agreements                                     | 2,715 |  |   | — |  |   | 2,727 |  |   | — |  |   | 2,727 |  |
| Policy loans                                           | 3,322 |  |   | — |  |   | — |  |   | 4,220 |  |   | 4,220 |  |
| Short-term debt                                        | 500 |  |   | — |  |   | 500 |  |   | — |  |   | 500 |  |
| Separate Account Liabilities                           | 7,083 |  |   | — |  |   | — |  |   | 7,083 |  |   | 7,083 |  |
| December 31, 2016:                                |   |   |   |   |   |   |   |   |   |
| Mortgage loans on real estate                          | $ | 9,757 |  |   | $ | — |  |   | $ | — |  |   | $ | 9,608 |  |   | $ | 9,608 |  |
| Loans to affiliates                                    | 703 |  |   | — |  |   | 775 |  |   | — |  |   | 775 |  |
| Policyholders’ liabilities: Investment contracts | 2,226 |  |   | — |  |   | — |  |   | 2,337 |  |   | 2,337 |  |
| Funding Agreements                                     | 2,255 |  |   | — |  |   | 2,202 |  |   | — |  |   | 2,202 |  |
| Policy loans                                           | 3,361 |  |   | — |  |   | — |  |   | 4,257 |  |   | 4,257 |  |
| Short-term debt                                        | 513 |  |   | — |  |   | 513 |  |   | — |  |   | 513 |  |
| Separate Account Liabilities                           | 6,194 |  |   | — |  |   | — |  |   | 6,194 |  |   | 6,194 |  |

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Table of Contents

|    |                                   |
|----|-----------------------------------|
| 7) | SHARE-BASED COMPENSATION PROGRAMS |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                        | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                        | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                        | (in thousands) |
| Performance Shares          | $ | 2,630 |  |   | $ | 2,953 |  |   | $ | 15,588 |  |   | $ | 14,774 |  |
| Stock Options               | 350 |  |   | 110 |  |   | 1,088 |  |   | 825 |  |
| AB Stock Options            | — |  |   | 200 |  |   | — |  |   | 200 |  |
| AB Restricted Units         | 5,600 |  |   | 1,200 |  |   | 26,900 |  |   | 6,400 |  |
| Other compensation plans(1) | 1,518 |  |   | 154 |  |   | 1,546 |  |   | (759 | ) |
| Total Compensation Expenses | $ | 10,098 |  |   | $ | 4,617 |  |   | $ | 45,122 |  |   | $ | 21,440 |  |

|     |                                                                                             |
|-----|---------------------------------------------------------------------------------------------|
| (1) | Other compensation plans include Restricted Stock, Stock Appreciation Rights and AXA Miles. |

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|    |              |
|----|--------------|
| 8) | INCOME TAXES |

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|    |                            |
|----|----------------------------|
| 9) | RELATED PARTY TRANSACTIONS |

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|     |                                               |
|-----|-----------------------------------------------|
| 10) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |
|                                                                                        | September 30, |
|                                                                                        | 2017 |   | 2016 |
|                                                                                        | (in millions) |
| Unrealized gains (losses) on investments                                                    | $ | 400 |  |   | $ | 1,560 |  |
| Foreign currency translation adjustments                                                    | (57 | ) |   | (56 | ) |
| Defined benefit pension plans                                                               | (48 | ) |   | (43 | ) |
| Total accumulated other comprehensive income (loss)                                         | 295 |  |   | 1,461 |  |
| Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interest | 67 |  |   | 68 |  |
| Accumulated other comprehensive income (loss) attributable to AXA Equitable                 | $ | 362 |  |   | $ | 1,529 |  |

|                                                                                                                                   |
|-----------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                              | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                                                                                                                              | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                                                                              | (in millions) |
| Foreign currency translation adjustments:                                                                                         |   |   |   |   |   |   |   |
| Foreign currency translation gains (losses) arising during the period                                                             | $ | 6 |  |   | $ | (1 | ) |   | $ | 20 |  |   | $ | 3 |  |
| (Gains) losses reclassified into net income (loss) during the period                                                              | — |  |   | — |  |   | — |  |   | — |  |
| Foreign currency translation adjustment                                                                                           | 6 |  |   | (1 | ) |   | 20 |  |   | 3 |  |
| Net unrealized gains (losses) on investments:                                                                                     |   |   |   |   |   |   |   |
| Net unrealized gains (losses) arising during the period                                                                           | 6 |  |   | (10 | ) |   | 458 |  |   | 1,568 |  |
| (Gains) losses reclassified into net income (loss) during the period(1)                                                           | 8 |  |   | 1 |  |   | 6 |  |   | (14 | ) |
| Net unrealized gains (losses) on investments                                                                                      | 14 |  |   | (9 | ) |   | 464 |  |   | 1,554 |  |
| Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other                             | (69 | ) |   | 25 |  |   | (102 | ) |   | (212 | ) |
| Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(2),  $7, $234, and $20 | (55 | ) |   | 16 |  |   | 362 |  |   | 1,342 |  |
| Change in defined benefit plans:                                                                                                  |   |   |   |   |   |   |   |
| Less: reclassification adjustments to net income (loss) for:                                                                      |   |   |   |   |   |   |   |
| Net gain (loss) arising during the period                                                                                         | (3 | ) |   | — |  |   | (2 | ) |   | — |  |
| Change in defined benefit plans (net of deferred income tax expense (benefit) of $0, $0, $1 and $0.                               | (3 | ) |   | — |  |   | (2 | ) |   | — |  |
| Total other comprehensive income (loss), net of income taxes                                                                      | (52 | ) |   | 15 |  |   | 380 |  |   | 1,345 |  |
| Less: Other comprehensive (income) loss attributable to noncontrolling interest                                                   | (32 | ) |   | (1 | ) |   | (19 | ) |   | (1 | ) |
| Other comprehensive income (loss) attributable to AXA Equitable                                                                   | $ | (84 | ) |   | $ | 14 |  |   | $ | 361 |  |   | $ | 1,344 |  |

|     |                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | See “Reclassification adjustments” in Note 3. Reclassification amounts presented net of income tax expense (benefit) of $4 million, $3 million, $1 million and $(8) million, for the third quarter and first nine months of 2017 and 2016, respectively. |

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|     |                                        |
|-----|----------------------------------------|
| 11) | COMMITMENTS AND CONTINGENT LIABILITIES |

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|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       | Outstanding balance at end of period |   | Maturity of Outstanding balance |   | Issued during the period |   | Repaid during the period |
| September 30, 2017:                                   | (in millions) |
| Short-term FHLBNY funding agreements                       | $ | 500 |  |   | less than one month |   | $ | 4,500 |  |   | $ | 4,500 |  |
| Long-term FHLBNY funding agreements                        | 548 |  |   | less than 4 years |   | 174 |  |   | — |  |
|                                                       | 923 |  |   | Less than 5 years |   | 303 |  |   | — |  |
|                                                       | 744 |  |   | greater than five years |   | — |  |   | — |  |
| Total long-term funding agreements                         | 2,215 |  |   |   |   | 477 |  |   | — |  |
| Total FHLBNY funding agreements at September 30, 2017 | $ | 2,715 |  |   |   |   | $ | 4,977 |  |   | $ | 4,500 |  |
| December 31, 2016:                                         |   |   |   |   |   |   |   |
| Short-term FHLBNY funding agreements                       | $ | 500 |  |   | less than one month |   | $ | 6,000 |  |   | $ | 6,000 |  |
| Long-term FHLBNY funding agreements                        | 58 |  |   | less than 4 years |   | 58 |  |   | — |  |
|                                                       | 862 |  |   | Less than 5 years |   | 862 |  |   | — |  |
|                                                       | 818 |  |   | greater than five years |   | 818 |  |   | — |  |
| Total long-term funding agreements                         | 1,738 |  |   |   |   | 1,738 |  |   | — |  |
| Total FHLBNY funding agreements at December 31, 2016       | $ | 2,238 |  |   |   |   | $ | 7,738 |  |   | $ | 6,000 |  |

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

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                      | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                      | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                      | (in millions) |
| Segment revenues:         |   |   |   |   |   |   |   |
| Insurance(1)              | $ | 1,713 |  |   | $ | 1,434 |  |   | $ | 7,309 |  |   | $ | 7,227 |  |
| Investment Management(2)  | 814 |  |   | 750 |  |   | 2,383 |  |   | 2,243 |  |
| Consolidation/elimination | (7 | ) |   | (7 | ) |   | (19 | ) |   | (19 | ) |
| Total Revenues            | $ | 2,520 |  |   | $ | 2,177 |  |   | $ | 9,673 |  |   | $ | 9,451 |  |

|     |                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Includes investment expenses charged by AB of approximately $18 million, $42 million, $14 million and $39 million for the third quarter and first nine months of 2017 and 2016, respectively, for services provided to the Insurance segment. |

|     |                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Intersegment investment advisory and other fees of approximately $29 million, $65 million, $21 million and $58 million for the third quarter and first nine months of 2017 and 2016, respectively, are included in total revenues of the Investment Management segment. |

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                   | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                                                                   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                   | (in millions) |
| Segment income (loss) from continuing operations, before income taxes: |   |   |   |   |   |   |   |
| Insurance                                                              | $ | (229 | ) |   | $ | (99 | ) |   | $ | 1,385 |  |   | $ | 1,875 |  |
| Investment Management                                                  | 168 |  |   | 183 |  |   | 488 |  |   | 490 |  |
| Consolidation/elimination                                              | — |  |   | (1 | ) |   | — |  |   | — |  |
| Total Income (Loss) from Continuing Operations, before income taxes    | $ | (61 | ) |   | $ | 83 |  |   | $ | 1,873 |  |   | $ | 2,365 |  |

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |
|                      | September 30, 2017 |   | December 31, 2016 |
|                      | (in millions) |
| Segment assets:           |   |   |   |
| Insurance                 | $ | 205,176 |  |   | $ | 191,033 |  |
| Investment Management(1)  | 13,893 |  |   | 13,139 |  |
| Consolidation/elimination | — |  |   | (3 | ) |
| Total Assets              | $ | 219,069 |  |   | $ | 204,169 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | In accordance with SEC regulations, the assets of the Investment Management segment include securities with a fair value of $723 million and $893 million which have been segregated in a special reserve bank custody account at September 30, 2017 and December 31, 2016, respectively, for the exclusive benefit of securities broker-dealer or brokerage customers under the Exchange Act. They also include cash held in several special bank accounts for the exclusive benefit of customers.  As of September 30, 2017 and December 31, 2016, $62 million and $53 million, respectively, of cash were segregated in these bank accounts. |

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|     |                   |
|-----|-------------------|
| 13) | SUBSEQUENT EVENTS |

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|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Variable annuity hedging programs. We use a dynamic hedging program (within this strategy, we reevaluate our economic exposure at least daily and rebalance our hedge positions accordingly) supplemented by static hedges (derivative positions intended to be held to maturity with less frequent rebalancing) to mitigate certain risks associated with the GMxB features that are embedded in our liabilities for our variable annuity products. These programs utilize various derivative instruments that are managed in an effort to reduce the economic impact of unfavorable changes in GMxB features’ exposures attributable to movements in the equity markets and interest rates. Although these programs are designed to provide a measure of economic protection against the impact of adverse market conditions, they do not qualify for hedge accounting treatment. Accordingly, changes in value of the derivatives will be recognized in the period in which they occur with offsetting changes in reserves partially recognized in the current period. We use freestanding derivatives to hedge the market risks inherent in these GMxB features. Our derivative positions, which protect economic value and statutory capital, are more sensitive to changes in market conditions than the variable annuity product liabilities as valued under U.S. GAAP. This is a large source of volatility in net income. Our intention to protect our capital against stress scenarios in addition to our dynamic hedge program is expected to increase the size of our derivative positions, resulting in an increase in net income volatility. These differences are most pronounced for variable annuity products in our Insurance segment. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | GMIB reinsurance contracts. Historically, GMIB reinsurance contracts were used to cede to non-affiliated reinsurers a portion of our exposure to variable annuity products that offer a GMIB feature. We account for the GMIB reinsurance contracts as derivatives and report them at fair value. Gross reserves for GMIB reserves are calculated on the basis of assumptions related to projected benefits and related contract charges over the lives of the contracts. Therefore, our gross reserves will not immediately reflect the offsetting impact on future claims exposure resulting from the same capital market or interest rate fluctuations that cause gains or losses on the fair value of the GMIB reinsurance contracts. Because changes in the fair value of the GMIB reinsurance contracts are recorded in the period in which they occur and a majority of the changes in gross reserves for GMIB are recognized over time, net income will be more volatile. |

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|         |                               |
|---------|-------------------------------|
| • | Insurance Revenue Recognition |

|         |                                              |
|---------|----------------------------------------------|
| • | Insurance Reserves and Policyholder Benefits |

|         |     |
|---------|-----|
| • | DAC |

|         |                                      |
|---------|--------------------------------------|
| • | Goodwill and Other Intangible Assets |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | Investment Management Revenue Recognition and Related Expenses |

|         |                                             |
|---------|---------------------------------------------|
| • | Share-based and Other Compensation Programs |

|         |               |
|---------|---------------|
| • | Pension Plans |

|         |                                                             |
|---------|-------------------------------------------------------------|
| • | Investments – Impairments and Fair Value Measurements |

|         |              |
|---------|--------------|
| • | Income Taxes |

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|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                                                                | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                | (in millions) |
| Policy charges and fee income                                       | $ | 914 |  |   | $ | 854 |  |   | $ | 2,626 |  |   | $ | 2,468 |  |
| Premiums                                                            | 204 |  |   | 226 |  |   | 645 |  |   | 638 |  |
| Net derivative gains (losses)                                       | (318 | ) |   | (446 | ) |   | 1,376 |  |   | 1,621 |  |
| Net investment income (loss)                                        | 677 |  |   | 595 |  |   | 1,993 |  |   | 1,893 |  |
| Investment gains (losses), net:                                     |   |   |   |   |   |   |   |
| Total other-than-temporary impairment losses                        | — |  |   | (10 | ) |   | (13 | ) |   | (35 | ) |
| Portion of loss recognized in other comprehensive income            | — |  |   | — |  |   | — |  |   | — |  |
| Net impairment losses recognized                                    | — |  |   | (10 | ) |   | (13 | ) |   | (35 | ) |
| Other investment gains (losses), net                                | (8 | ) |   | 6 |  |   | 4 |  |   | 70 |  |
| Total investment gains (losses), net                                | (8 | ) |   | (4 | ) |   | (9 | ) |   | 35 |  |
| Investment management and service fees                              | 1,003 |  |   | 943 |  |   | 2,974 |  |   | 2,770 |  |
| Other income                                                        | 48 |  |   | 9 |  |   | 68 |  |   | 26 |  |
| Total revenues                                                      | 2,520 |  |   | 2,177 |  |   | 9,673 |  |   | 9,451 |  |
| Policyholders’ benefits                                       | 995 |  |   | 616 |  |   | 3,308 |  |   | 2,790 |  |
| Interest credited to policyholders’ account balances          | 350 |  |   | 303 |  |   | 1,008 |  |   | 779 |  |
| Compensation and benefits                                           | 449 |  |   | 430 |  |   | 1,324 |  |   | 1,284 |  |
| Commissions                                                         | 256 |  |   | 271 |  |   | 828 |  |   | 812 |  |
| Distribution related payments                                       | 106 |  |   | 96 |  |   | 305 |  |   | 276 |  |
| Interest expense                                                    | 9 |  |   | 4 |  |   | 20 |  |   | 11 |  |
| Amortization of deferred policy acquisition costs, net              | (33 | ) |   | 55 |  |   | 15 |  |   | 64 |  |
| Other operating costs and expenses                                  | 449 |  |   | 319 |  |   | 992 |  |   | 1,070 |  |
| Total benefits and other deductions                                 | 2,581 |  |   | 2,094 |  |   | 7,800 |  |   | 7,086 |  |
| Income (loss) from continuing operations before income taxes        | (61 | ) |   | 83 |  |   | 1,873 |  |   | 2,365 |  |
| Income tax (expense) benefit                                        | 127 |  |   | 54 |  |   | (196 | ) |   | (586 | ) |
| Net income (loss)                                                   | 66 |  |   | 137 |  |   | 1,677 |  |   | 1,779 |  |
| Less: net (income) loss attributable to the noncontrolling interest | (122 | ) |   | (126 | ) |   | (353 | ) |   | (334 | ) |
| Net Income (Loss) Attributable to AXA Equitable                     | $ | (56 | ) |   | $ | 11 |  |   | $ | 1,324 |  |   | $ | 1,445 |  |
|                                                                |   |   |   |   |  |  |   |  |  |

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|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                    | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                                                                    | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                                    | (in millions) |
| Policy charges and fee income                                           | $ | 914 |  |   | $ | 854 |  |   | $ | 2,626 |  |   | $ | 2,468 |  |
| Premiums                                                                | 204 |  |   | 226 |  |   | 645 |  |   | 638 |  |
| Net derivative gains (losses)                                           | (313 | ) |   | (438 | ) |   | 1,396 |  |   | 1,638 |  |
| Net investment income (loss)                                            | 627 |  |   | 546 |  |   | 1,842 |  |   | 1,725 |  |
| Investment gains (losses), net:                                         |   |   |   |   |   |   |   |
| Total other-than-temporary impairment losses                            | — |  |   | (10 | ) |   | (13 | ) |   | (35 | ) |
| Portion of losses recognized in other comprehensive income              | — |  |   | — |  |   | — |  |   | — |  |
| Net impairment losses recognized                                        | — |  |   | (10 | ) |   | (13 | ) |   | (35 | ) |
| Other investment gains (losses), net                                    | (8 | ) |   | 7 |  |   | 4 |  |   | 71 |  |
| Total investment gains (losses), net                                    | (8 | ) |   | (3 | ) |   | (9 | ) |   | 36 |  |
| Investment management and service fees                                  | 245 |  |   | 240 |  |   | 745 |  |   | 696 |  |
| Other income                                                            | 44 |  |   | 9 |  |   | 64 |  |   | 26 |  |
| Increase (decrease) in the fair value of the reinsurance contract asset | — |  |   | — |  |   | — |  |   | — |  |
| Total revenues                                                          | 1,713 |  |   | 1,434 |  |   | 7,309 |  |   | 7,227 |  |
|                                                                    |   |   |   |   |   |   |   |
| Policyholders’ benefits                                           | 995 |  |   | 616 |  |   | 3,308 |  |   | 2,790 |  |
| Interest credited to policyholders’ account balances              | 350 |  |   | 303 |  |   | 1,008 |  |   | 779 |  |
| Compensation and benefits                                               | 111 |  |   | 106 |  |   | 344 |  |   | 338 |  |
| Commissions                                                             | 256 |  |   | 271 |  |   | 828 |  |   | 812 |  |
| Amortization of deferred policy acquisition costs, net                  | (33 | ) |   | 55 |  |   | 15 |  |   | 64 |  |
| Interest expense                                                        | 7 |  |   | 3 |  |   | 11 |  |   | 9 |  |
| Other operating costs and expenses                                      | 256 |  |   | 179 |  |   | 410 |  |   | 560 |  |
| Total benefits and other deductions                                     | 1,942 |  |   | 1,533 |  |   | 5,924 |  |   | 5,352 |  |
| Income (Loss) from Continuing Operations, before Income Taxes           | $ | (229 | ) |   | $ | (99 | ) |   | $ | 1,385 |  |   | $ | 1,875 |  |

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|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                        | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                        | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                        | (in millions) |
| Retail:                     |   |   |   |   |   |   |   |
| Annuities                   |   |   |   |   |   |   |   |
| First year                  | $ | 779 |  |   | $ | 902 |  |   | $ | 2,665 |  |   | $ | 2,704 |  |
| Renewal                     | 440 |  |   | 459 |  |   | 1,503 |  |   | 1,647 |  |
|                        | 1,219 |  |   | 1,361 |  |   | 4,168 |  |   | 4,351 |  |
| Life(1)                     |   |   |   |   |   |   |   |
| First year                  | 49 |  |   | 49 |  |   | 109 |  |   | 113 |  |
| Renewal                     | 434 |  |   | 417 |  |   | 1,247 |  |   | 1,242 |  |
|                        | 483 |  |   | 466 |  |   | 1,356 |  |   | 1,355 |  |
| Other(2)               |   |   |   |   |   |   |   |
| Renewal                     | 55 |  |   | 62 |  |   | 171 |  |   | 169 |  |
|                        | 55 |  |   | 62 |  |   | 171 |  |   | 169 |  |
| Total retail                | 1,757 |  |   | 1,889 |  |   | 5,695 |  |   | 5,875 |  |
| Wholesale:                  |   |   |   |   |   |   |   |
| Annuities                   |   |   |   |   |   |   |   |
| First year                  | 939 |  |   | 1,219 |  |   | 3,418 |  |   | 3,393 |  |
| Renewal                     | 106 |  |   | 66 |  |   | 235 |  |   | 217 |  |
|                        | 1,045 |  |   | 1,285 |  |   | 3,653 |  |   | 3,610 |  |
| Life(1)                     |   |   |   |   |   |   |   |
| First year                  | 7 |  |   | 7 |  |   | 20 |  |   | 18 |  |
| Renewal                     | 185 |  |   | 177 |  |   | 529 |  |   | 523 |  |
|                        | 192 |  |   | 184 |  |   | 549 |  |   | 541 |  |
| Total wholesale             | 1,237 |  |   | 1,469 |  |   | 4,202 |  |   | 4,151 |  |
| Total Premiums and Deposits | $ | 2,994 |  |   | $ | 3,358 |  |   | $ | 9,897 |  |   | $ | 10,026 |  |

|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (1) | Includes variable, interest-sensitive and traditional life products. |

|     |                                                    |
|-----|----------------------------------------------------|
| (2) | Includes reinsurance assumed and health insurance. |

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|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Three Months Ended             September 30, |   | Nine Months Ended September 30, |   | Nine Months Ended September 30, |
|                                 | 2017 |   | 2016 |   | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                 | (Dollars in millions) |
| Annuities                            | $ | 2,258 |  |   | $ | 1,919 |  |   | $ | 6,527 |  |   | $ | 5,943 |  |   | 6.7 | % |   | 6.5 | % |
| Variable and interest-sensitive life | 212 |  |   | 188 |  |   | 572 |  |   | 528 |  |   | 3.5 | % |   | 3.5 | % |
| Traditional life                     | 39 |  |   | 46 |  |   | 126 |  |   | 149 |  |   | 2.2 | % |   | 2.7 | % |
| Total                                | $ | 2,509 |  |   | $ | 2,153 |  |   | $ | 7,225 |  |   | $ | 6,620 |  |   |   |   |   |

|     |                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Surrender rates are based on the average surrenderable future policy benefits and/or policyholders’ account balances for the related policies and contracts in force during each year. |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                              | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                                              | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                              | (in millions) |
| Revenues:                                         |   |   |   |   |   |   |   |
| Investment advisory and services fees             | $ | 544 |  |   | $ | 490 |  |   | $ | 1,573 |  |   | $ | 1,418 |  |
| Bernstein research services                       | 109 |  |   | 110 |  |   | 331 |  |   | 352 |  |
| Distribution revenues                             | 106 |  |   | 98 |  |   | 303 |  |   | 288 |  |
| Other revenues                                    | 28 |  |   | 26 |  |   | 87 |  |   | 74 |  |
| Investment management and service fees            | 787 |  |   | 724 |  |   | 2,294 |  |   | 2,132 |  |
| Net investment income (loss)                      | 27 |  |   | 27 |  |   | 89 |  |   | 112 |  |
| Investment gains (losses), net                    | — |  |   | (1 | ) |   | — |  |   | (1 | ) |
| Total revenues                                    | 814 |  |   | 750 |  |   | 2,383 |  |   | 2,243 |  |
| Expenses:                                         |   |   |   |   |   |   |   |
| Compensation and benefits                         | 338 |  |   | 324 |  |   | 980 |  |   | 947 |  |
| Distribution related payments                     | 106 |  |   | 96 |  |   | 305 |  |   | 276 |  |
| Interest expense                                  | 2 |  |   | 1 |  |   | 9 |  |   | 2 |  |
| Other operating costs and expenses                | 200 |  |   | 146 |  |   | 601 |  |   | 528 |  |
| Total expenses                                    | 646 |  |   | 567 |  |   | 1,895 |  |   | 1,753 |  |
| Income (loss) from operations before income taxes | $ | 168 |  |   | $ | 183 |  |   | $ | 488 |  |   | $ | 490 |  |

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|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 |   |   |   |   | At or For the |
|                                                 | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                                                 | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                 | (in millions) |
| FEES                                                 |   |   |   |   |   |   |   |
| Third party                                          | $ | 523 |  |   | $ | 473 |  |   | $ | 1,513 |  |   | $ | 1,363 |  |
| General Account and other                            | 14 |  |   | 12 |  |   | 39 |  |   | 35 |  |
| AXA Financial Insurance Segment Separate Accounts    | 7 |  |   | 7 |  |   | 21 |  |   | 20 |  |
| Total Fees                                           | $ | 544 |  |   | $ | 492 |  |   | $ | 1,573 |  |   | $ | 1,418 |  |
| ASSETS UNDER MANAGEMENT                              |   |   |   |   |   |   |   |
| Assets by Manager                                    |   |   |   |   |   |   |   |
| AB                                                   |   |   |   |   |   |   |   |
| Third party(1)                                       |   |   |   |   | $ | 446,293 |  |   | $ | 402,454 |  |
| General Account and other(2)                         |   |   |   |   | 55,946 |  |   | 56,161 |  |
| AXA Financial Insurance Segment Separate Accounts(3) |   |   |   |   | 32,700 |  |   | 31,585 |  |
| Total AB                                             |   |   |   |   | 534,939 |  |   | 490,200 |  |
| Insurance Segment                                    |   |   |   |   |   |   |   |
| General Account and other(4)                         |   |   |   |   | 22,167 |  |   | 21,138 |  |
| AXA Financial Insurance Segment Separate Accounts    |   |   |   |   | 86,484 |  |   | 80,941 |  |
| Total Insurance Segment                              |   |   |   |   | 108,651 |  |   | 102,079 |  |
| Total by Account:                                    |   |   |   |   |   |   |   |
| Third party                                          |   |   |   |   | 446,293 |  |   | 402,454 |  |
| General Account and other                            |   |   |   |   | 78,113 |  |   | 77,299 |  |
| AXA Financial Insurance Segment Separate Accounts    |   |   |   |   | 119,184 |  |   | 112,526 |  |
| Total Assets Under Management                        |   |   |   |   | $ | 643,590 |  |   | $ | 592,279 |  |

|     |                                                                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Includes $45.7 billion and $46.5 billion of assets managed on behalf of AXA affiliates at September 30, 2017 and 2016, respectively. Third party AUM includes 100% of the estimated fair value of real estate owned by joint ventures in which third party clients own an interest.  |

|     |                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Includes all General Account and other invested assets of the Company managed by AB as well as General Account investments of other members of the AXA Financial Insurance Segment.  |

|     |                                                                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Includes $1.9 billion and $1.8 billion of MONY America Separate Account assets and $32.7 billion and $31.6 billion of AXA Equitable Separate Accounts managed by AB at September 30, 2017 and 2016, respectively.  |

|     |                                                                                                                                                                                                                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Includes invested assets of the Company not managed by AB, principally cash and short-term investments and policy loans, totaling approximately $18.0 billion and $ 21.1 billion at September 30, 2017 and 2016, respectively, as well as mortgages and equity real estate totaling $11.0 billion and $ 8.8 billion at September 30, 2017 and 2016, respectively.  |

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|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                  | Investment Service |
|                                  | EquityActivelyManaged |   | EquityPassivelyManaged(1) |   | FixedIncomeActivelyManaged-Taxable |   | FixedIncomeActivelyManaged-Tax-Exempt |   | FixedIncomePassivelyManaged(1) |   | Other(2) |   | Total |
|                                  | (In billions) |
| Balance as of July 1, 2017       | $ | 124.5 |  |   | $ | 50.1 |  |   | $ | 236.6 |  |   | $ | 39.2 |  |   | $ | 9.9 |  |   | $ | 56.3 |  |   | $ | 516.6 |  |
| Long-term flows:                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales/new accounts                    | 5.8 |  |   | 0.7 |  |   | 10.4 |  |   | 1.6 |  |   | 0.1 |  |   | 1.4 |  |   | 20.0 |  |
| Redemptions/terminations              | (4.7 | ) |   | (0.2 | ) |   | (6.5 | ) |   | (1.7 | ) |   | (0.1 | ) |   | (0.7 | ) |   | (13.9 | ) |
| Cash flow/unreinvested dividends      | (0.2 | ) |   | (0.8 | ) |   | (0.2 | ) |   | — |  |   | (0.1 | ) |   | (0.3 | ) |   | (1.6 | ) |
| Net long-term (outflows) inflows      | 0.9 |  |   | (0.3 | ) |   | 3.7 |  |   | (0.1 | ) |   | (0.1 | ) |   | 0.4 |  |   | 4.5 |  |
| Acquisition                           | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Market appreciation (depreciation)    | 6.3 |  |   | 2.5 |  |   | 2.7 |  |   | 0.3 |  |   | 0.1 |  |   | 1.9 |  |   | 13.8 |  |
| Net change                            | 7.2 |  |   | 2.2 |  |   | 6.4 |  |   | 0.2 |  |   | — |  |   | 2.3 |  |   | 18.3 |  |
| Balance as of September 30, 2017 | $ | 131.7 |  |   | $ | 52.3 |  |   | $ | 243.0 |  |   | $ | 39.4 |  |   | $ | 9.9 |  |   | $ | 58.6 |  |   | $ | 534.9 |  |
| Balance as of December 31, 2016  | $ | 111.9 |  |   | $ | 48.1 |  |   | $ | 220.9 |  |   | $ | 36.9 |  |   | $ | 11.1 |  |   | $ | 51.3 |  |   | $ | 480.2 |  |
| Long-term flows:                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales/new accounts                    | 15.9 |  |   | 1.1 |  |   | 32.2 |  |   | 5.7 |  |   | 0.1 |  |   | 4.4 |  |   | 59.4 |  |
| Redemptions/terminations              | (13.8 | ) |   | (1.3 | ) |   | (22.8 | ) |   | (4.7 | ) |   | (1.7 | ) |   | (2.4 | ) |   | (46.7 | ) |
| Cash flow/unreinvested dividends      | (1.3 | ) |   | (2.6 | ) |   | 0.5 |  |   | — |  |   | (0.1 | ) |   | (0.2 | ) |   | (3.7 | ) |
| Net long-term (outflows) inflows      | 0.8 |  |   | (2.8 | ) |   | 9.9 |  |   | 1.0 |  |   | (1.7 | ) |   | 1.8 |  |   | 9.0 |  |
| Acquisition                           | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| AUM adjustment (3)                    | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Market appreciation (depreciation)    | 19.0 |  |   | 7.0 |  |   | 12.2 |  |   | 1.5 |  |   | 0.5 |  |   | 5.5 |  |   | 45.7 |  |
| Net change                            | 19.8 |  |   | 4.2 |  |   | 22.1 |  |   | 2.5 |  |   | (1.2 | ) |   | 7.3 |  |   | 54.7 |  |
| Balance as of September 30, 2017 | $ | 131.7 |  |   | $ | 52.3 |  |   | $ | 243.0 |  |   | $ | 39.4 |  |   | $ | 9.9 |  |   | $ | 58.6 |  |   | $ | 534.9 |  |

|     |                                             |
|-----|---------------------------------------------|
| (1) | Includes index and enhanced index services. |

|     |                                                                                   |
|-----|-----------------------------------------------------------------------------------|
| (2) | Includes multi-asset solutions and services, and certain alternative investments. |

|     |                                                                                                                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Excludes Institutional assets for which we provide administrative services but not investment management services and Retail funds seed capital for which we do not charge an investment management fee from AUM. |

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|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             | Three Months Ended             September 30, |   |   |   |   |   | Nine Months Ended September 30, |   |   |   |   |
|                                             | 2017 |   | 2016 |   | Change$ |   | Change    % |   | 2017 |   | 2016 |   | Change$ |   | Change    % |
|                                             | (In billions) |   |   |   |   |   | (In billions) |   |   |   |   |
| Distribution Channel:                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Institutions                                     | $ | 257.1 |  |   | $ | 250.0 |  |   | $ | 7.1 |  |   | 2.8 |  % |   | $ | 250.1 |  |   | $ | 244.3 |  |   | $ | 5.8 |  |   | 2.4 |  % |
| Retail                                           | 181.7 |  |   | 161.5 |  |   | 20.2 |  |   | 12.5 |  % |   | 173.4 |  |   | 157.1 |  |   | 16.3 |  |   | 10.4 |  % |
| Private Wealth Management                        | 87.8 |  |   | 80.5 |  |   | 7.3 |  |   | 9.1 |  % |   | 85.3 |  |   | 78.5 |  |   | 6.8 |  |   | 8.7 |  % |
| Total                                            | $ | 526.6 |  |   | $ | 492.0 |  |   | $ | 34.6 |  |   | 7.0 |  % |   | $ | 508.8 |  |   | $ | 479.9 |  |   | $ | 28.9 |  |   | 6.0 |  % |
| Investment Service:                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity Actively Managed                          | $ | 128.0 |  |   | $ | 110.8 |  |   | $ | 17.2 |  |   | 15.5 |  % |   | $ | 121.9 |  |   | $ | 109.1 |  |   | $ | 12.8 |  |   | 11.7 |  % |
| Equity Passively Managed(1)                      | 51.1 |  |   | 47.9 |  |   | 3.2 |  |   | 6.7 |  % |   | 49.9 |  |   | 46.2 |  |   | 3.7 |  |   | 8.0 |  % |
| Fixed Income Actively Managed – Taxable    | 240.7 |  |   | 230.1 |  |   | 10.6 |  |   | 4.6 |  % |   | 233.4 |  |   | 221.0 |  |   | 12.4 |  |   | 5.6 |  % |
| Fixed Income Actively Managed – Tax-exempt | 39.6 |  |   | 37.7 |  |   | 1.9 |  |   | 5.0 |  % |   | 38.5 |  |   | 35.9 |  |   | 2.6 |  |   | 7.2 |  % |
| Fixed Income Passively Managed(1)                | 9.9 |  |   | 11.6 |  |   | (1.7 | ) |   | (14.7 | )% |   | 10.4 |  |   | 10.9 |  |   | (0.5 | ) |   | (4.6 | )% |
| Other(2)                                    | 57.3 |  |   | 53.9 |  |   | 3.4 |  |   | 6.3 |  % |   | 54.7 |  |   | 56.8 |  |   | (2.1 | ) |   | (3.7 | )% |
| Total                                            | $ | 526.6 |  |   | $ | 492.0 |  |   | $ | 34.6 |  |   | 7.0 |  % |   | $ | 508.8 |  |   | $ | 479.9 |  |   | $ | 28.9 |  |   | 6.0 |  % |

|     |                                             |
|-----|---------------------------------------------|
| (1) | Includes index and enhanced index services. |

|     |                                                                                   |
|-----|-----------------------------------------------------------------------------------|
| (2) | Includes multi-asset solutions and services, and certain alternative investments. |

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|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |
|                                                | GAIA |   | Other(1) |   | Balance Sheet Total |
|                                                | (in millions) |
| Balance Sheet Captions:                             |   |   |   |   |   |
| Fixed maturities, available for sale, at fair value | $ | 32,827 |  |   | $ | 473 |  |   | $ | 33,300 |  |
| Mortgage loans on real estate                       | 10,605 |  |   | — |  |   | 10,605 |  |
| Policy Loans                                        | 3,322 |  |   | — |  |   | 3,322 |  |
| Real Estate held for production of income           | 375 |  |   | 16 |  |   | 391 |  |
| Other equity investments                            | 1,248 |  |   | 89 |  |   | 1,337 |  |
| Other invested assets                               | — |  |   | 2,515 |  |   | 2,515 |  |
| Sub-total investments                               | 48,377 |  |   | 3,093 |  |   | 51,470 |  |
| Trading Securities                                  | 11,396 |  |   | 657 |  |   | 12,053 |  |
| Total investments                                   | 59,773 |  |   | 3,750 |  |   | 63,523 |  |
| Cash and cash equivalents                           | 3,092 |  |   | 1,098 |  |   | 4,190 |  |
| Repurchase and funding agreements(2)                | (4,045 | ) |   | — |  |   | (4,045 | ) |
| Total                                               | $ | 58,820 |  |   | $ | 4,848 |  |   | $ | 63,668 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Assets listed in the “Other” category principally consist of our loans to affiliates and other miscellaneous assets or liabilities related to GAIA that are reclassified from various balance sheet lines held in portfolios other than the General Account and which are not managed as part of GAIA, including: (i) related accrued income or expense, (ii) certain reclassifications and intercompany adjustments, (iii) certain trading securities that are associated with hedging programs for variable annuity products with guarantee features, (iv) assets and income of AB and (v) for fixed maturities, the reversal of net unrealized gains (losses). The “Other” category is deducted in arriving at GAIA. |

|     |                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Includes Securities purchased under agreements to resell, Securities sold under agreements to repurchase and Federal Home Loan Bank funding agreements which are reported in policyholders’ account balances. |

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|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                      | Three Months Ended September 30, |   |
|                                      | 2017 |   | 2016 |   |
|                                      | Yield     |   | Amount     |   | Yield     |   | Amount     |   |
|                                      | (Dollars in millions) |   |
| Fixed Maturities:                         |   |   |   |   |   |   |   |   |
| Investment grade                          |   |   |   |   |   |   |   |   |
| Income (loss)                             | 4.28 |  % |   | $ | 339 |  |   | 4.21 |  % |   | $ | 353 |  |   |
| Ending assets                             |   |   | 31,302 |  |   |   |   | 33,206 |  |   |
| Below investment grade                    |   |   |   |   |   |   |   |   |
| Income                                    | 8.42 |  % |   | 32 |  |   | 6.12 |  % |   | 24 |  |   |
| Ending assets                             |   |   | 1,525 |  |   |   |   | 1,642 |  |   |
| Mortgages:                                |   |   |   |   |   |   |   |   |
| Income (loss)                             | 4.31 |  % |   | 113 |  |   | 4.97 |  % |   | 106 |  |   |
| Ending assets                             |   |   | 10,605 |  |   |   |   | 8,710 |  |   |
| Other Equity Investments:                 |   |   |   |   |   |   |   |   |
| Income (loss)                             | 13.53 |  % |   | 41 |  |   | 6.81 |  % |   | 22 |  |   |
| Ending assets                             |   |   | 1,248 |  |   |   |   | 1,290 |  |   |
| Policy Loans:                             |   |   |   |   |   |   |   |   |
| Income                                    | 6.09 |  % |   | 51 |  |   | 6.05 |  % |   | 53 |  |   |
| Ending assets                             |   |   | 3,322 |  |   |   |   | 3,475 |  |   |
| Cash and Short-term Investments:          |   |   |   |   |   |   |   |   |
| Income                                    | 0.33 |  % |   | 3 |  |   | 0.28 |  % |   | 3 |  |   |
| Ending assets                             |   |   | 3,092 |  |   |   |   | 2,911 |  |   |
| Real Estate Held for Production of Income |   |   |   |   |   |   |   |   |
| Interest expense and other                | 0.18 |  % |   | 1 |  |   | — |  % |   | — |  |   |
| Ending liabilities                        |   |   | 375 |  |   |   |   | 45 |  |   |
| Repurchase and Funding agreements:        |   |   |   |   |   |   |   |   |
| Interest expense and other                |   |   | (20 | ) |   |   |   | (17 | ) |   |
| Ending assets (liabilities)               |   |   | (4,045 | ) |   |   |   | (2,622 | ) |   |
| Total Invested Assets:                    |   |   |   |   |   |   |   |   |
| Income                                    | 4.70 |  % |   | 560 |  |   | 4.66 |  % |   | 544 |  |   |
| Ending assets                             |   |   | 47,424 |  |   |   |   | 48,657 |  |   |
| Trading Securities:                       |   |   |   |   |   |   |   |   |
| Income                                    | 3.16 |  % |   | 86 |  |   | 1.09 |  % |   | 22 |  |   |
| Ending assets                             |   |   | 11,396 |  |   |   |   | 8,401 |  |   |
| Total:                                    |   |   |   |   |   |   |   |   |
| Investment Income                         | 4.42 |  % |   | 646 |  |   | 4.15 |  % |   | 566 |  |   |
| Less: investment fees                     | (0.12 | )% |   | (17 | ) |   | (0.12 | )% |   | (17 | ) |   |
| Investment Income, Net                    | 4.30 |  % |   | $ | 629 |  |   | 4.03 |  % |   | $ | 549 |  |   |
| Ending Net Assets                         |   |   | $ | 58,820 |  |   |   |   | $ | 57,058 |  |   |

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|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       | Nine Months Ended September 30, |   | Year Ended December 31, 2016 |
|                                       | 2017 |   | 2016 |   |
|                                       | Yield     |   | Amount     |   | Yield     |   | Amount     |   |
|                                       | (Dollars in millions) |
| Fixed Maturities:                          |   |   |   |   |   |   |   |   |   |
| Investment grade                           |   |   |   |   |   |   |   |   |   |
| Income (loss)                              | 4.10 |  % |   | $ | 973 |  |   | 4.09 |  % |   | $ | 991 |  |   | $ | 1,379 |  |
| Ending assets                              |   |   | 31,302 |  |   |   |   | 34,848 |  |   | 31,479 |  |
| Below investment grade                     |   |   |   |   |   |   |   |   |   |
| Income                                     | 7.49 |  % |   | 87 |  |   | 6.68 |  % |   | 78 |  |   | 109 |  |
| Ending assets                              |   |   | 1,525 |  |   |   |   | 1,642 |  |   | 1,590 |  |
| Mortgages:                                 |   |   |   |   |   |   |   |   |   |
| Income (loss)                              | 4.44 |  % |   | 340 |  |   | 5.98 |  % |   | 360 |  |   | 462 |  |
| Ending assets                              |   |   | 10,605 |  |   |   |   | 8,710 |  |   | 9,712 |  |
| Other Equity Investments:                  |   |   |   |   |   |   |   |   |   |
| Income (loss)                              | 12.47 |  % |   | 120 |  |   | 4.10 |  % |   | 40 |  |   | 62 |  |
| Ending assets                              |   |   | 1,248 |  |   |   |   | 1,290 |  |   | 1,281 |  |
| Policy Loans:                              |   |   |   |   |   |   |   |   |   |
| Income                                     | 5.99 |  % |   | 153 |  |   | 6.00 |  % |   | 156 |  |   | 210 |  |
| Ending assets                              |   |   | 3,322 |  |   |   |   | 3,475 |  |   | 3,465 |  |
| Cash and Short-term Investments:           |   |   |   |   |   |   |   |   |   |
| Income                                     | 0.36 |  % |   | 7 |  |   | 0.29 |  % |   | 9 |  |   | 11 |  |
| Ending assets                              |   |   | 3,092 |  |   |   |   | 2,911 |  |   | 2,088 |  |
| Real Estate Held for Production of Income: |   |   |   |   |   |   |   |   |   |
| Interest expense and other                 | 0.53 |  % |   | 2 |  |   | — |  % |   | — |  |   | 2 |  |
| Ending assets (liabilities)                |   |   | 375 |  |   |   |   | 45 |  |   | 45 |  |
| Repurchase and Funding agreements:         |   |   |   |   |   |   |   |   |   |
| Interest expense and other                 |   |   | (52 | ) |   |   |   | (15 | ) |   | (27 | ) |
| Ending (liabilities)                       |   |   | (4,045 | ) |   |   |   | (2,622 | ) |   | (3,730 | ) |
| Total Invested Assets:                     |   |   |   |   |   |   |   |   |   |
| Income                                     | 4.60 |  % |   | 1,630 |  |   | 4.68 |  % |   | 1,619 |  |   | 2,208 |  |
| Ending assets                              |   |   | 47,424 |  |   |   |   | 50,299 |  |   | 45,930 |  |
| Trading Securities:                        |   |   |   |   |   |   |   |   |   |
| Income                                     | 3.33 |  % |   | 251 |  |   | 3.03 |  % |   | 164 |  |   | 49 |  |
| Ending assets                              |   |   | 11,396 |  |   |   |   | 8,401 |  |   | 8,629 |  |
| Total:                                     |   |   |   |   |   |   |   |   |   |
| Investment Income                          | 4.38 |  % |   | 1,881 |  |   | 4.39 |  % |   | 1,783 |  |   | 2,257 |  |
| Less: investment fees                      | (0.11 | )% |   | (49 | ) |   | (0.11 | )% |   | (46 | ) |   | (60 | ) |
| Investment Income, Net                     | 4.27 |  % |   | $ | 1,832 |  |   | 4.28 |  % |   | $ | 1,737 |  |   | $ | 2,197 |  |
| Ending Net Assets                          |   |   | $ | 58,820 |  |   |   |   | $ | 58,700 |  |   | $ | 54,559 |  |

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|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           | Amortized  Cost |   | GrossUnrealized  Gains |   | GrossUnrealized  Losses |   | Fair Value   |
|                           | (in millions) |
| At September 30, 2017:    |   |   |   |   |   |   |   |
| Corporate Securities:          |   |   |   |   |   |   |   |
| Finance                        | $ | 5,167 |  |   | $ | 206 |  |   | $ | 8 |  |   | $ | 5,365 |  |
| Manufacturing                  | 5,634 |  |   | 276 |  |   | 19 |  |   | 5,891 |  |
| Utilities                      | 3,196 |  |   | 205 |  |   | 11 |  |   | 3,390 |  |
| Services                       | 2,918 |  |   | 128 |  |   | 15 |  |   | 3,031 |  |
| Energy                         | 1,478 |  |   | 97 |  |   | 11 |  |   | 1,564 |  |
| Retail and wholesale           | 1,010 |  |   | 35 |  |   | 7 |  |   | 1,038 |  |
| Transportation                 | 661 |  |   | 47 |  |   | 2 |  |   | 706 |  |
| Other                          | 137 |  |   | 10 |  |   | — |  |   | 147 |  |
| Total corporate securities     | 20,201 |  |   | 1,004 |  |   | 73 |  |   | 21,132 |  |
| U.S. government and agency     | 10,827 |  |   | 473 |  |   | 379 |  |   | 10,921 |  |
| Commercial mortgage-backed     | 280 |  |   | 8 |  |   | 26 |  |   | 262 |  |
| Residential mortgage-backed(2) | 249 |  |   | 16 |  |   | — |  |   | 265 |  |
| Preferred stock                | 457 |  |   | 48 |  |   | 1 |  |   | 504 |  |
| State & municipal     | 414 |  |   | 67 |  |   | — |  |   | 481 |  |
| Foreign governments            | 369 |  |   | 29 |  |   | 5 |  |   | 393 |  |
| Asset-backed securities        | 30 |  |   | 1 |  |   | 1 |  |   | 30 |  |
| Total                          | $ | 32,827 |  |   | $ | 1,646 |  |   | $ | 485 |  |   | $ | 33,988 |  |
| At December 31, 2016      |   |   |   |   |   |   |   |
| Corporate Securities:          |   |   |   |   |   |   |   |
| Finance                        | $ | 4,764 |  |   | $ | 150 |  |   | $ | 20 |  |   | $ | 4,894 |  |
| Manufacturing                  | 5,525 |  |   | 249 |  |   | 40 |  |   | 5,734 |  |
| Utilities                      | 3,395 |  |   | 201 |  |   | 24 |  |   | 3,572 |  |
| Services                       | 3,095 |  |   | 133 |  |   | 22 |  |   | 3,206 |  |
| Energy                         | 1,383 |  |   | 70 |  |   | 15 |  |   | 1,438 |  |
| Retail and wholesale           | 1,017 |  |   | 34 |  |   | 9 |  |   | 1,042 |  |
| Transportation                 | 748 |  |   | 50 |  |   | 6 |  |   | 792 |  |
| Other                          | 74 |  |   | 3 |  |   | — |  |   | 77 |  |
| Total corporate securities     | 20,001 |  |   | 890 |  |   | 136 |  |   | 20,755 |  |
| U.S. government and agency     | 10,724 |  |   | 221 |  |   | 624 |  |   | 10,321 |  |
| Commercial mortgage-backed     | 415 |  |   | 28 |  |   | 72 |  |   | 371 |  |
| Residential mortgage-backed(2) | 294 |  |   | 20 |  |   | — |  |   | 314 |  |
| Preferred stock                | 519 |  |   | 45 |  |   | 10 |  |   | 554 |  |
| State & municipal     | 432 |  |   | 63 |  |   | 2 |  |   | 493 |  |
| Foreign governments            | 375 |  |   | 29 |  |   | 14 |  |   | 390 |  |
| Asset-backed securities        | 51 |  |   | 10 |  |   | 1 |  |   | 60 |  |
| Total                          | $ | 32,811 |  |   | $ | 1,306 |  |   | $ | 859 |  |   | $ | 33,258 |  |

|     |                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings. |

|     |                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------|
| (2) | Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. |

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Table of Contents

|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | NAIC Designation(1) | Rating Agency  Equivalent |   | Amortized   Costs |   | Gross Unrealized Gains |   | Gross Unrealized Losses |   | Fair Value |
|   |
|   |   |   |   | (in millions) |
|   | At September 30, 2017: |   |   |   |   |   |   |   |   |   |
|   | 1 | Aaa, Aa, A |   | $ | 17,981 |  |   | $ | 921 |  |   | $ | 411 |  |   | $ | 18,491 |  |
|   | 2 | Baa |   | 6,135 |  |   | 427 |  |   | 12 |  |   | 6,550 |  |
|   |   | Investment grade |   | 24,116 |  |   | 1,348 |  |   | 423 |  |   | 25,041 |  |
|   |   |   |   |   |   |   |   |   |   |  |  |
|   | 3 | Ba |   | 293 |  |   | 6 |  |   | 2 |  |   | 297 |  |
|   | 4 | B |   | 129 |  |   | 1 |  |   | 2 |  |   | 128 |  |
|   | 5 | C and lower |   | 2 |  |   | — |  |   | — |  |   | 2 |  |
|   | 6 | In or near default |   | 13 |  |   | — |  |   | 4 |  |   | 9 |  |
|   |   | Below investment grade |   | 437 |  |   | 7 |  |   | 8 |  |   | 436 |  |
|   | Total Public Fixed Maturities |   | $ | 24,553 |  |   | $ | 1,355 |  |   | $ | 431 |  |   | $ | 25,477 |  |
|   |   |   |   |   |   |   |   |   |   |   |
|   | At December 31, 2016 |   |   |   |   |   |   |   |   |   |
|   | 1 | Aaa, Aa, A |   | $ | 17,819 |  |   | $ | 653 |  |   | $ | 696 |  |   | $ | 17,776 |  |
|   | 2 | Baa |   | 6,303 |  |   | 367 |  |   | 41 |  |   | 6,629 |  |
|   |   | Investment grade |   | 24,122 |  |   | 1,020 |  |   | 737 |  |   | 24,405 |  |
|   | 3 | Ba |   | 345 |  |   | 6 |  |   | — |  |   | 351 |  |
|   | 4 | B |   | 132 |  |   | 1 |  |   | 1 |  |   | 132 |  |
|   | 5 | C and lower |   | — |  |   | — |  |   | — |  |   | — |  |
|   | 6 | In or near default |   | 15 |  |   | 1 |  |   | 1 |  |   | 15 |  |
|   |   | Below investment grade |   | 492 |  |   | 8 |  |   | 2 |  |   | 498 |  |
|   | Total Public Fixed Maturities |   | $ | 24,614 |  |   | $ | 1,028 |  |   | $ | 739 |  |   | $ | 24,903 |  |

|     |                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | At September 30, 2017 and 2016, no securities had been categorized based on expected NAIC Designation pending receipt of SVO ratings. |

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|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| NAIC Designation(1)            |  Rating Agency Equivalent |   | Amortized Cost |   | Gross Unrealized Gains |   | Gross Unrealized Losses |   |  Fair Value |
|                           |   |   | (in millions) |
| At September 30, 2017:    |   |   |   |   |   |   |   |   |   |
| 1                              | Aaa, Aa, A |   | $ | 4,066 |  |   | $ | 140 |  |   | $ | 24 |  |   | $ | 4,182 |  |
| 2                              | Baa |   | 3,489 |  |   | 144 |  |   | 10 |  |   | 3,623 |  |
|                           | Investment grade |   | 7,555 |  |   | 284 |  |   | 34 |  |   | 7,805 |  |
| 3                              | Ba |   | 392 |  |   | 3 |  |   | 5 |  |   | 390 |  |
| 4                              | B |   | 307 |  |   | 2 |  |   | 13 |  |   | 296 |  |
| 5                              | C and lower |   | 15 |  |   | — |  |   | 2 |  |   | 13 |  |
| 6                              | In or near default |   | 5 |  |   | 2 |  |   | — |  |   | 7 |  |
|                           | Below investment grade |   | 719 |  |   | 7 |  |   | 20 |  |   | 706 |  |
| Total Private Fixed Maturities |   | $ | 8,274 |  |   | $ | 291 |  |   | $ | 54 |  |   | $ | 8,511 |  |
|                           |   |   |   |   |   |   |   |   |   |
| At December 31, 2016:     |   |   |   |   |   |   |   |   |   |
| 1                              | Aaa, Aa, A |   | $ | 3,913 |  |   | $ | 149 |  |   | $ | 54 |  |   | $ | 4,008 |  |
| 2                              | Baa |   | 3,623 |  |   | 123 |  |   | 23 |  |   | 3,723 |  |
|                           | Investment grade |   | 7,536 |  |   | 272 |  |   | 77 |  |   | 7,731 |  |
| 3                              | Ba |   | 491 |  |   | 3 |  |   | 14 |  |   | 480 |  |
| 4                              | B |   | 128 |  |   | 1 |  |   | 9 |  |   | 120 |  |
| 5                              | C and lower |   | 28 |  |   | 1 |  |   | 12 |  |   | 17 |  |
| 6                              | In or near default |   | 14 |  |   | 1 |  |   | 8 |  |   | 7 |  |
|                           | Below investment grade |   | 661 |  |   | 6 |  |   | 43 |  |   | 624 |  |
| Total Private Fixed Maturities |   |   | $ | 8,197 |  |   | $ | 278 |  |   | $ | 120 |  |   | $ | 8,355 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Includes, as of September 30, 2017 and December 31, 2016, respectively, 9 securities with amortized cost of $145 million  (fair value, $145 million) and 12 securities with amortized cost of $190 million (fair value, $180 million) that have been categorized based on expected NAIC designation pending receipt of SVO ratings. |

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Table of Contents

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| NAIC Designation(1)              | Rating Agency  Equivalent |   | Amortized Cost |   | Gross Unrealized Gains |   | Gross Unrealized Losses |   | Fair Value |
|                             |   |   | (in millions) |
| At September 30, 2017:      |   |   |   |   |   |   |   |   |   |
| 1                                | Aaa, Aa, A |   | $ | 10,058 |  |   | $ | 470 |  |   | $ | 34 |  |   | $ | 10,494 |  |
| 2                                | Baa |   | 9,056 |  |   | 520 |  |   | 21 |  |   | 9,555 |  |
|                             | Investment grade |   | 19,114 |  |   | 990 |  |   | 55 |  |   | 20,049 |  |
|                             |   |   |   |   |   |   |   |   |  |  |
| 3                                | Ba |   | 677 |  |   | 9 |  |   | 7 |  |   | 679 |  |
| 4                                | B |   | 397 |  |   | 3 |  |   | 11 |  |   | 389 |  |
| 5                                | C and lower |   | 12 |  |   | — |  |   | — |  |   | 12 |  |
| 6                                | In or near default |   | 1 |  |   | 2 |  |   | — |  |   | 3 |  |
|                             | Below investment grade |   | 1,087 |  |   | 14 |  |   | 18 |  |   | 1,083 |  |
| Total Corporate Fixed Maturities |   | $ | 20,201 |  |   | $ | 1,004 |  |   | $ | 73 |  |   | $ | 21,132 |  |
|                             |   |   |   |   |   |   |   |   |   |
| At December 31, 2016:       |   |   |   |   |   |   |   |   |   |
| 1                                | Aaa, Aa, A |   | $ | 9,593 |  |   | $ | 432 |  |   | $ | 70 |  |   | $ | 9,955 |  |
| 2                                | Baa |   | 9,353 |  |   | 444 |  |   | 50 |  |   | 9,747 |  |
|                             | Investment grade |   | 18,946 |  |   | 876 |  |   | 120 |  |   | 19,702 |  |
| 3                                | Ba |   | 828 |  |   | 9 |  |   | 14 |  |   | 823 |  |
| 4                                | B |   | 214 |  |   | 2 |  |   | 1 |  |   | 215 |  |
| 5                                | C and lower |   | 13 |  |   | 1 |  |   | 1 |  |   | 13 |  |
| 6                                | In or near default |   | — |  |   | 2 |  |   | — |  |   | 2 |  |
|                             | Below investment grade |   | 1,055 |  |   | 14 |  |   | 16 |  |   | 1,053 |  |
| Total Corporate Fixed Maturities |   | $ | 20,001 |  |   | $ | 890 |  |   | $ | 136 |  |   | $ | 20,755 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Includes, as of September 30, 2017 and December 31, 2016, respectively, 9 securities with amortized cost of $145 million (fair value, $145 million) and 12 securities with amortized cost of $190 million (fair value, $180 million) that have been categorized based on expected NAIC designation pending receipt of SVO ratings. |

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|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                 | Moody’s Agency Rating |   | Total |   | Total at December 31, 2016 |
| Vintage              | Aaa |   | Aa |   | A |   | Baa |   | Ba  andBelow |   |
|                 | (in millions) |
| At amortized cost:   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2004 and Prior Years | $ | 9 |  |   | $ | 1 |  |   | $ | 1 |  |   | $ | 5 |  |   | $ | 19 |  |   | $ | 35 |  |   | $ | 49 |  |
| 2005                 | 2 |  |   | 4 |  |   | 5 |  |   | 10 |  |   | 78 |  |   | 99 |  |   | 136 |  |
| 2006                 | — |  |   | — |  |   | 30 |  |   | 5 |  |   | 70 |  |   | 105 |  |   | 158 |  |
| 2007                 | — |  |   | — |  |   | — |  |   | — |  |   | 41 |  |   | 41 |  |   | 72 |  |
| Total CMBS           | $ | 11 |  |   | $ | 5 |  |   | $ | 36 |  |   | $ | 20 |  |   | $ | 208 |  |   | $ | 280 |  |   | $ | 415 |  |
| At fair value:       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2004 and Prior Years | $ | 9 |  |   | $ | 1 |  |   | $ | 1 |  |   | $ | 5 |  |   | $ | 18 |  |   | $ | 34 |  |   | $ | 48 |  |
| 2005                 | 2 |  |   | 4 |  |   | 5 |  |   | 10 |  |   | 75 |  |   | 96 |  |   | 135 |  |
| 2006                 | — |  |   | — |  |   | 30 |  |   | 4 |  |   | 58 |  |   | 92 |  |   | 122 |  |
| 2007                 | — |  |   | — |  |   | — |  |   | — |  |   | 39 |  |   | 39 |  |   | 65 |  |
| Total CMBS           | $ | 11 |  |   | $ | 5 |  |   | $ | 36 |  |   | $ | 19 |  |   | $ | 190 |  |   | $ | 261 |  |   | $ | 370 |  |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |
|                        | September 30, 2017 |   | December 31, 2016 |
|                        | (in millions)     |
| Commercial mortgage loans   | $ | 8,084 |  |   | $ | 7,264 |  |
| Agricultural mortgage loans | 2,529 |  |   | 2,501 |  |
| Total Mortgage Loans        | $ | 10,613 |  |   | $ | 9,765 |  |

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|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                 | September 30, 2017 |   | December 31, 2016 |
|                 | Amortized  Cost |   | % of Total |   | Amortized  Cost |   | % of Total |
|                 | (Dollars in millions) |
| By Region:           |   |   |   |   |   |   |   |
| U.S. Regions:        |   |   |   |   |   |   |   |
| Pacific              | $ | 3,208 |  |   | 30.2 | % |   | $ | 2,760 |  |   | 28.3 | % |
| Middle Atlantic      | 2,888 |  |   | 27.2 |  |   | 2,671 |  |   | 27.4 |  |
| East North Central   | 1,002 |  |   | 9.4 |  |   | 818 |  |   | 8.4 |  |
| South Atlantic       | 939 |  |   | 8.9 |  |   | 1,069 |  |   | 10.9 |  |
| West North Central   | 742 |  |   | 7.0 |  |   | 713 |  |   | 7.3 |  |
| Mountain             | 706 |  |   | 6.7 |  |   | 725 |  |   | 7.4 |  |
| West South Central   | 478 |  |   | 4.5 |  |   | 448 |  |   | 4.6 |  |
| New England          | 461 |  |   | 4.3 |  |   | 371 |  |   | 3.8 |  |
| East South Central   | 189 |  |   | 1.8 |  |   | 190 |  |   | 1.9 |  |
| Total Mortgage Loans | $ | 10,613 |  |   | 100.0 | % |   | $ | 9,765 |  |   | 100.0 | % |
| By Property Type:    |   |   |   |   |   |   |   |
| Office               | $ | 3,490 |  |   | 32.9 | % |   | $ | 3,249 |  |   | 33.3 | % |
| Multi-family loans   | 2,833 |  |   | 26.7 |  |   | 2,439 |  |   | 25.0 |  |
| Agricultural         | 2,529 |  |   | 23.8 |  |   | 2,501 |  |   | 25.6 |  |
| Retail stores        | 648 |  |   | 6.1 |  |   | 585 |  |   | 6.0 |  |
| Hospitality          | 418 |  |   | 4.0 |  |   | 416 |  |   | 4.3 |  |
| Industrial buildings | 407 |  |   | 3.8 |  |   | 453 |  |   | 4.6 |  |
| Other                | 288 |  |   | 2.7 |  |   | 122 |  |   | 1.2 |  |
| Total Mortgage Loans | $ | 10,613 |  |   | 100.0 | % |   | $ | 9,765 |  |   | 100.0 | % |

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Table of Contents

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             | Debt Service Coverage Ratio(1) |   |   |
| Loan-to-Value Ratio                              | Greaterthan  2.0x |   | 1.8x  to2.0x |   | 1.5x  to1.8x |   | 1.2x  to1.5x |   | 1.0x  to1.2x |   | Lessthan1.0x |   | TotalMortgageLoans |
|                                             | (in millions) |
| 0% - 50%                                         | $ | 1,011 |  |   | $ | 141 |  |   | $ | 610 |  |   | $ | 578 |  |   | $ | 300 |  |   | $ | 33 |  |   | $ | 2,673 |  |
| 50% - 70%                                        | 4,212 |  |   | 611 |  |   | 1,261 |  |   | 750 |  |   | 356 |  |   | 49 |  |   | 7,239 |  |
| 70% - 90%                                        | 170 |  |   | — |  |   | 196 |  |   | 258 |  |   | 50 |  |   | — |  |   | 674 |  |
| 90% plus                                         | — |  |   | — |  |   | 27 |  |   | — |  |   | — |  |   | — |  |   | 27 |  |
| Total Commercial and Agricultural Mortgage Loans | $ | 5,393 |  |   | $ | 752 |  |   | $ | 2,094 |  |   | $ | 1,586 |  |   | $ | 706 |  |   | $ | 82 |  |   | $ | 10,613 |  |

|     |                                                                                              |
|-----|----------------------------------------------------------------------------------------------|
| (1) | The debt service coverage ratio is calculated using actual results from property operations. |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |
|                 | September 30, 2017 |
| Year of Origination  | Amortized Cost |   | % of Total |
|                 | (Dollars in millions) |
| 2017                 | $ | 1,603 |  |   | 15.1 | % |
| 2016                 | 3,270 |  |   | 30.8 | % |
| 2015                 | 1,522 |  |   | 14.3 | % |
| 2014                 | 1,194 |  |   | 11.3 | % |
| 2013                 | 1,484 |  |   | 14.0 | % |
| 2012 and prior       | 1,540 |  |   | 14.5 | % |
| Total Mortgage Loans | $ | 10,613 |  |   | 100.0 | % |

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Table of Contents

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |
|                                  | 2017 |   | 2016 |
| Allowance for credit losses:          | (in millions) |
| Beginning Balance, January 1,    | $ | 8 |  |   | $ | 6 |  |
| Charge-offs                           | — |  |   | — |  |
| Recoveries                            | — |  |   | (2 | ) |
| Provision                             | — |  |   | 4 |  |
| Ending Balance, September 30,         | $ | 8 |  |   | $ | 8 |  |
| Ending Balance, September 30,:        |   |   |   |
| Individually Evaluated for Impairment | $ | 8 |  |   | $ | 8 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | September 30, 2017 |   | December 31, 2016 |
|                                     | (in millions) |
| Common stock                             | $ | 135 |  |   | $ | 113 |  |
| Joint ventures and limited partnerships: |   |   |   |
| Private equity                           | 820 |  |   | 823 |  |
| Hedge funds                              | 195 |  |   | 221 |  |
| Real estate related                      | 150 |  |   | 158 |  |
| Total Other Equity Investments           | $ | 1,300 |  |   | $ | 1,315 |  |

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Table of Contents

|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| • |     the net duration of our General Account economic liability and assets; |

|         |                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------|
| • |     expected income from fees on Separate Account AUM against declines in equity markets; |

|         |                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------|
| • |     the economic impact of lower interest-rates on expected variable annuity product sales; |

|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • |     the equity exposure of General Account assets; and |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • |     the credit exposure of General Account assets. |

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Table of Contents

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        | At or For the Nine Months Ended September 30, 2017 |
|                                        |   |   | Fair Value |   | Gains (Losses)Reported in NetIncome (Loss) |
|                                        | NotionalAmount   |   | AssetDerivatives   |   | LiabilityDerivatives   |   |
|                                        | (in millions) |
| Freestanding derivatives                    |   |   |   |   |   |   |   |
| Equity contracts:(1)                        |   |   |   |   |   |   |   |
| Futures                                     | $ | 3,769 |  |   | $ | — |  |   | $ | — |  |   | $ | (501 | ) |
| Swaps                                       | 4,225 |  |   | — |  |   | 162 |  |   | (591 | ) |
| Options                                     | 16,294 |  |   | 2,760 |  |   | 1,243 |  |   | 831 |  |
| Interest rate contracts:(1)                 |   |   |   |   |   |   |   |
| Swaps                                       | 19,856 |  |   | 271 |  |   | 242 |  |   | 523 |  |
| Futures                                     | 9,133 |  |   | — |  |   | — |  |   | 28 |  |
| Credit contracts:(1)                        |   |   |   |   |   |   |   |
| Credit default swaps                        | 3,118 |  |   | 35 |  |   | 4 |  |   | 17 |  |
| Other freestanding contracts:(1)            |   |   |   |   |   |   |   |
| Foreign currency contracts                  | 1,122 |  |   | 14 |  |   | 6 |  |   | (39 | ) |
| Margin                                      | — |  |   | 42 |  |   | — |  |   | — |  |
| Collateral                                  | — |  |   | 13 |  |   | 1,442 |  |   | — |  |
| Embedded derivatives:                       |   |   |   |   |   |   |   |
| GMIB reinsurance contracts(4)               | — |  |   | 10,933 |  |   | — |  |   | 537 |  |
| GMxB derivative features liability(2,4)     | — |  |   | — |  |   | 4,375 |  |   | 1,151 |  |
| SCS, SIO, MSO and IUL indexed features(3,4) | — |  |   | — |  |   | 1,437 |  |   | (562 | ) |
| Total                                       | $ | 57,517 |  |   | $ | 14,068 |  |   | $ | 8,911 |  |   | $ | 1,394 |  |

|     |                                                                       |
|-----|-----------------------------------------------------------------------|
| (1) | Reported in Other invested assets in the consolidated balance sheets. |

|     |                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------|
| (2) | Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. |

|     |                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in the Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets. |

|     |                                                                                            |
|-----|--------------------------------------------------------------------------------------------|
| (4) | Reported in Net derivative gains (losses) in the consolidated statements of income (loss). |

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|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        | At December 31, 2016 |   | Gains (Losses)Reported In NetEarnings (Loss)September 30, 2016 |
|                                        |   |   | Fair Value |   |
|                                        | NotionalAmount   |   | AssetDerivatives   |   | LiabilityDerivatives   |   |
|                                        | (in millions) |
| Freestanding derivatives                    |   |   |   |   |   |   |   |
| Equity contracts:(1)                        |   |   |   |   |   |   |   |
| Futures                                     | $ | 4,983 |  |   | $ | — |  |   | $ | — |  |   | $ | (578 | ) |
| Swaps                                       | 3,439 |  |   | 13 |  |   | 66 |  |   | (185 | ) |
| Options                                     | 11,465 |  |   | 2,114 |  |   | 1,154 |  |   | 435 |  |
| Interest rate contracts:(1)                 |   |   |   |   |   |   |   |
| Floors                                      | 1,500 |  |   | 11 |  |   | — |  |   | 4 |  |
| Swaps                                       | 18,892 |  |   | 245 |  |   | 1,162 |  |   | 1,462 |  |
| Futures                                     | 6,926 |  |   | — |  |   | — |  |   | (23 | ) |
| Credit contracts:(1)                        |   |   |   |   |   |   |   |
| Credit default swaps                        | 2,712 |  |   | 19 |  |   | 14 |  |   | 10 |  |
| Other freestanding contracts:(1)            |   |   |   |   |   |   |   |
| Foreign currency contracts                  | 549 |  |   | 48 |  |   | 1 |  |   | (10 | ) |
| Margin                                      | — |  |   | 107 |  |   | 6 |  |   | — |  |
| Collateral                                  | — |  |   | 712 |  |   | 748 |  |   | — |  |
| Embedded derivatives:                       |   |   |   |   |   |   |   |
| GMIB reinsurance contracts(4)               | — |  |   | 10,309 |  |   | — |  |   | 2,543 |  |
| GMxB derivative features liability(2,4)     | — |  |   | — |  |   | 164 |  |   | (117 | ) |
| SCS, SIO, MSO and IUL indexed features(3,4) | — |  |   | — |  |   | 887 |  |   | (441 | ) |
| Total                                       | $ | 50,466 |  |   | $ | 13,578 |  |   | $ | 4,202 |  |   | $ | 3,100 |  |

|     |                                                                       |
|-----|-----------------------------------------------------------------------|
| (1) | Reported in Other invested assets in the consolidated balance sheets. |

|     |                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------|
| (2) | Reported in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets. |

|     |                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | SCS and SIO indexed features are reported in Policyholders’ account balances; MSO and IUL indexed features are reported in the Future policyholders’ benefits and other policyholders’ liabilities in the consolidated balance sheets. |

|     |                                                                                            |
|-----|--------------------------------------------------------------------------------------------|
| (4) | Reported in Net derivative gains (losses) in the consolidated statements of income (loss). |

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|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                     | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                     | (in millions) |
| Fixed maturities         | $ | (12 | ) |   | $ | (3 | ) |   | $ | (13 | ) |   | $ | 21 |  |
| Other equity investments | — |  |   | (1 | ) |   | 3 |  |   | (3 | ) |
| Other                    | — |  |   | (1 | ) |   | 1 |  |   | (2 | ) |
| Total                    | $ | (12 | ) |   | $ | (5 | ) |   | $ | (9 | ) |   | $ | 16 |  |

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                                                         | 2017 |   | 2016 |   | 2017 |   | 2016 |  |
|                                                         | (in millions) |
| Gross realized investment gains:                             |   |   |   |   |   |   |   |
| Gross gains on sales and maturities                          | $ | 2 |  |   | $ | 10 |  |   | $ | 48 |  |   | $ | 122 |  |
| Other                                                        | — |  |   | — |  |   | — |  |   | — |  |
| Total gross realized investment gains                        | 2 |  |   | 10 |  |   | 48 |  |   | 122 |  |
| Gross realized investment losses:                            |   |   |   |   |   |   |   |
| Other-than-temporary impairments recognized in income (loss) | — |  |   | (10 | ) |   | (13 | ) |   | (35 | ) |
| Gross losses on sales and maturities                         | (14 | ) |   | (3 | ) |   | (48 | ) |   | (66 | ) |
| Total gross realized investment losses                       | (14 | ) |   | (13 | ) |   | (61 | ) |   | (101 | ) |
| Total                                                        | $ | (12 | ) |   | $ | (3 | ) |   | $ | (13 | ) |   | $ | 21 |  |

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|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                              | Three Months Ended             September 30, |   | Nine Months Ended September 30, |
|                              | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                              | (in millions) |
| Fixed Maturities:                 |   |   |   |   |   |   |   |
| Public fixed maturities           | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | (17 | ) |
| Private fixed maturities          | — |  |   | (10 | ) |   | (13 | ) |   | (18 | ) |
| Total fixed maturities securities | — |  |   | (10 | ) |   | (13 | ) |   | (35 | ) |
| Equity securities                 | — |  |   | — |  |   | — |  |   | — |  |
| Total                             | $ | — |  |   | $ | (10 | ) |   | $ | (13 | ) |   | $ | (35 | ) |

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|                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------|
|                                                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                               | September 30, 2017 |   | December 31, 2016 |
|                                                                                                               | Amount |   | % of Total |   | Amount |   | % of Total |
|                                                                                                               | (Dollars in millions) |
| Not subject to discretionary withdrawal provisions                                                                 | $ | 2,998 |  |   | 13.0 | % |   | $ | 2,773 |  |   | 12.4 | % |
| Subject to discretionary withdrawal, with adjustment:                                                              |   |   |   |   |   |   |   |
| With market value adjustment                                                                                       | 31 |  |   | 0.1 | % |   | 29 |  |   | 0.1 | % |
| At contract value, less surrender charge of 5% or more                                                             | 955 |  |   | 4.2 | % |   | 1,174 |  |   | 5.2 | % |
| Subtotal                                                                                                           | 986 |  |   | 4.3 | % |   | 1,203 |  |   | 5.3 | % |
| Subject to discretionary withdrawal at contract value with no surrender charge or surrender charge of less than 5% | 19,043 |  |   | 82.7 | % |   | 18,427 |  |   | 82.3 | % |
| Total Annuity Reserves And Deposit Liabilities                                                                     | $ | 23,027 |  |   | 100.0 | % |   | $ | 22,403 |  |   | 100.0 | % |

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

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|        |
|--------|
|        |  |  |  |
|   |   |   |   |
|   | Number |   | Description and Method of Filing |
|   |   |   |   |
|   | 18.1 |   | Preferability Letter from PricewaterhouseCoopers, LLP for Accounting Principle Changes |
|   |   |   |   |
|   | 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 |

|     |
|-----|
|     |  |  |
| 101 |   | XBRL Instant Document (IN ACCORDANCE WITH THE TEMPORARY HARDSHIP EXEMPTION PROVIDED BY RULE 201 OF REGULATION S-T, THE DATE BY WHICH THE INTERACTIVE DATA FILE IS REQUIRED TO BE SUBMITTED HAS BEEN EXTENDED BY SIX BUSINESS DAYS). |

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|                              |
|------------------------------|
|                              |  |  |  |  |
| Date: November 20, 2017 | AXA EQUITABLE LIFE INSURANCE COMPANY |
|                         |   |   |
|                         |   | By: | /s/ Anders Malmstrom |
|                         |   |   | Name: | Anders Malmstrom |
|                         |   |   | Title: | Senior Executive Director |
|                         |   |   |   | and Chief Financial Officer |
|                         |   |   |   |
| Date: November 20, 2017 |   |   | /s/ Andrea Nitzan |
|                         |   |   | Name: | Andrea Nitzan |
|                         |   |   | Title: | Executive Director |
|                         |   |   |   | Chief Accounting Officer and Controller |