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

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

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

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

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

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

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

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

----

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

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

| Item      1:    | Consolidated      Financial Statements                                                                                                                                               |   |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|            | ·  Consolidated      Balance Sheets as of March 31, 2008 and December 31, 2007                                                                                        | 4      |
|            | ·  Consolidated      Statements of Earnings for the Quarters Ended March 31, 2008 and      2007                                                        | 5      |
|            | ·  Consolidated Statements      of Shareholder’s Equity and      Comprehensive      Income (Loss) for      the Quarters      Ended March 31, 2008 and 2007 | 6      |
|            | ·  Consolidated      Statements of Cash Flows for the Quarters Ended March 31, 2008 and      2007                                                                     | 7      |
|            | ·       Notes      to Consolidated Financial Statements                                                                                                                    | 9      |
|            |                                                                                                                                                                                 |   |
| Item      2:    | Management’s      Discussion and      Analysis of Financial Condition and Results of      Operations (“Management Narrative”)                                      | 24     |
|            |                                                                                                                                                                                 |   |
| Item      3:    | Quantitative      and Qualitative Disclosures About Market Risk*                                                                                                                | 28     |
|            |                                                                                                                                                                                 |   |
| Item      4(T): | Controls      and Procedures                                                                                                                                                    | 28     |
|            |                                                                                                                                                                                 |   |
| PART      II    | OTHER      INFORMATION                                                                                                                                                               |   |
|            |                                                                                                                                                                                 |   |
| Item      1:    | Legal      Proceedings                                                                                                                                                     | 29     |
|            |                                                                                                                                                                                 |   |
| Item      1A:   | Risk      Factors                                                                                                                                                          | 29     |
|            |                                                                                                                                                                                 |   |
| Item      2:    | Unregistered      Sales of Equity Securities and Use of Proceeds                                                                                                                | 29     |
|            |                                                                                                                                                                                 |   |
| Item      3:    | Defaults      Upon Senior Securities                                                                                                                                       | 29     |
|            |                                                                                                                                                                                 |   |
| Item      4:    | Submission      of Matters to a Vote of Security Holders                                                                                                                   | 29     |
|            |                                                                                                                                                                                 |   |
| Item      5:    | Other      Information                                                                                                                                                | 29     |
|            |                                                                                                                                                                                 |   |
| Item      6:    | Exhibits                                                                                                                                                                        | 29     |
|            |
| SIGNATURES      |                                                                                                                                                                                 | 30     |
|            |                                                                                                                                                                                 |   |
|            |                                                                                                                                                                                 |   |

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | March      31,     |      |   |              |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|-----------|--------|-------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 2008               |      |   | December      31, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | (Unaudited)        |      |   | 2007              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | (In      Millions) |      |
| ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               |      |   |              |   |
| Investments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               |      |   |              |   |
| Fixed      maturities available for sale, at estimated fair value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $                  | 26,515.7  |   |              | $      | 27,159.5 |   |
| Mortgage      loans on real estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               | 3,771.7   |   |              |   | 3,730.6 |   |
| Equity      real estate, held for the production of income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               | 377.9     |   |              |   | 381.7 |   |
| Policy      loans                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               | 3,960.0   |   |              |   | 3,938.8 |   |
| Other      equity      investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               | 1,831.9   |   |              |   | 1,820.3 |   |
| Trading      securities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               | 1,164.0   |   |              |   | 573.3 |   |
| Other      invested assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               | 1,113.1   |   |              |   | 1,000.9 |   |
| Total      investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               | 38,734.3  |   |              |   | 38,605.1 |   |
| Cash      and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               | 2,212.7   |   |              |   | 1,173.2 |   |
| Cash      and securities segregated, at estimated fair value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               | 1,941.4   |   |              |   | 2,370.0 |   |
| Broker-dealer      related receivables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               | 1,337.4   |   |              |   | 1,623.5 |   |
| Deferred      policy acquisition costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               | 8,706.7   |   |              |   | 9,019.3 |   |
| Goodwill      and other intangible assets, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               | 3,718.1   |   |              |   | 3,724.6 |   |
| Amounts      due from reinsurers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               | 2,888.7   |   |              |   | 2,890.6 |   |
| Loans      to affiliates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               | 631.2     |   |              |   | 638.3 |   |
| Other      assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               | 3,597.2   |   |              |   | 3,341.8 |   |
| Separate      Accounts’ assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               | 89,529.7  |   |              |   | 96,539.6 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |      |   |              |   |   |   |
| Total      Assets                                                                                                                |   | $                  | 153,297.4 |   |              | $      | 159,926.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |      |   |              |   |   |   |
| LIABILITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               |      |   |              |   |   |   |
| Policyholders’      account balances                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $                  | 25,221.0  |   |              | $      | 25,168.2 |   |
| Future      policy benefits and other policyholders liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               | 14,406.7  |   |              |   | 14,304.7 |   |
| Broker-dealer      related payables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               | 398.7     |   |              |   | 595.1 |   |
| Customers      related      payables                                                                                             |   |               | 2,666.0   |   |              |   | 2,722.2 |   |
| Amounts      due to reinsurers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               | 1,102.5   |   |              |   | 1,119.5 |   |
| Short-term      and long-term debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               | 1,117.8   |   |              |   | 982.0 |   |
| Loans      from affiliates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               | 325.0     |   |              |   | 325.0 |   |
| Income      taxes payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               | 3,507.1   |   |              |   | 3,398.9 |   |
| Other      liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               | 1,862.3   |   |              |   | 1,963.2 |   |
| Separate      Accounts’ liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               | 89,529.7  |   |              |   | 96,539.6 |   |
| Minority      interest in equity of consolidated subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               | 2,505.8   |   |              |   | 2,478.9 |   |
| Minority      interest subject to redemption rights                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               | 141.0     |   |              |   | 142.7 |   |
| Total      liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               | 142,783.6 |   |              |   | 149,740.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |      |   |              |   |   |   |
| Commitments      and contingent liabilities (Note 11)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |               |      |   |              |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |      |   |              |   |   |   |
| SHAREHOLDER’S      EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               |      |   |              |   |   |   |
| Common      stock, $1.25 par value, 2.0 million shares authorized,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |      |   |              |   |   |   |
| issued      and outstanding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               | 2.5       |   |              |   | 2.5 |   |
| Capital      in excess of par value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               | 5,268.7   |   |              |   | 5,265.4 |   |
| Retained      earnings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               | 5,793.4   |   |              |   | 5,186.0 |   |
| Accumulated      other comprehensive loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               | (550.8    | )      |              |   | (267.9 | ) |
| Total      shareholder’s equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               | 10,513.8  |   |              |   | 10,186.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |      |   |              |   |   |   |
| Total      Liabilities and Shareholder’s Equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $                  | 153,297.4 |   |              | $      | 159,926.0 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2008               |    |   | 2007   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | (In      Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               |    |
| REVENUES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |    |   |   |   |
| Universal      life and investment-type product policy fee income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $                  | 718.7   |   |   | $      | 625.9 |   |
| Premiums                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               | 208.7   |   |   |   | 208.3 |   |
| Net      investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               | 1,202.2 |   |   |   | 637.0 |   |
| Investment      (losses) gains, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               | (13.0   | )      |   |   | 17.9 |   |
| Commissions,      fees and other income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               | 1,676.0 |   |   |   | 1,188.8 |   |
| Total      revenues                                                                                      |   |               | 3,792.6 |   |   |   | 2,677.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               |    |   |   |   |   |   |
| BENEFITS      AND OTHER DEDUCTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               |    |   |   |   |   |   |
| Policyholders’      benefits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               | 552.7   |   |   |   | 506.4 |   |
| Interest      credited to policyholders’ account balances                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               | 266.7   |   |   |   | 260.3 |   |
| Compensation      and benefits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               | 566.6   |   |   |   | 587.1 |   |
| Commissions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |               | 379.2   |   |   |   | 432.5 |   |
| Distribution      plan payments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               | 79.2    |   |   |   | 77.7 |   |
| Amortization      of deferred sales commissions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               | 22.0    |   |   |   | 24.7 |   |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |               | 17.9    |   |   |   | 19.3 |   |
| Amortization      of deferred policy acquisition costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               | 815.4   |   |   |   | 207.7 |   |
| Capitalization      of deferred policy acquisition costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               | (370.4  | )      |   |   | (413.0 | ) |
| Rent      expense                                                                                                                                                                                                                                                                                                                                                                                                              |   |               | 59.3    |   |   |   | 51.1 |   |
| Amortization      of other intangible assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               | 5.9     |   |   |   | 5.9 |   |
| Other      operating costs and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               | 326.8   |   |   |   | 305.8 |   |
| Total      benefits and other deductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               | 2,721.3 |   |   |   | 2,065.5 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               |    |   |   |   |   |   |
| Earnings      from continuing operations before income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               |    |   |   |   |   |   |
| and      minority interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               | 1,071.3 |   |   |   | 612.4 |   |
| Income      taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               | (336.0  | )      |   |   | (171.6 | ) |
| Minority      interest in net income of consolidated subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |               | (135.2  | )      |   |   | (145.1 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               |    |   |   |   |   |   |
| Earnings      from continuing operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |               | 600.1   |   |   |   | 295.7 |   |
| Earnings      from discontinued operations, net of income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |               | 1.0     |   |   |   | 4.3 |   |
| Gains      (losses) on disposal of discontinued operations, net of income      taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               | 6.3     |   |   |   | (.4 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |               |    |   |   |   |   |   |
| Net      Earnings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $                  | 607.4   |   |   | $      | 299.6 |   |

----

|                                                                                    |   | 2008               |     |   | 2007   |   |
|-----------------------------------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|
|                                                                                    |   | (In      Millions) |     |
|                                                                                    |   |               |     |
| SHAREHOLDER’S      EQUITY                                                         |   |               |     |   |   |   |
| Common      stock, at par value, beginning of year and end of period                    |   | $                  | 2.5      |   |   | $      | 2.5 |   |
|                                                                                    |   |               |     |   |   |   |   |   |
| Capital      in excess of par value, beginning of year                             |   |               | 5,265.4  |   |   |   | 5,139.6 |   |
| Changes      in capital in excess of par value                                          |   |               | 3.3      |   |   |   | 23.4 |   |
| Capital      in excess of par value, end of period                            |   |               | 5,268.7  |   |   |   | 5,163.0 |   |
|                                                                                    |   |               |     |   |   |   |   |   |
| Retained      earnings, beginning of year                                     |   |               | 5,186.0  |   |   |   | 4,507.6 |   |
| Cumulative      effect adjustment to adopt FIN 48                                  |   |               | -        |   |   |   | 44.8 |   |
| Retained      earnings, beginning of year as adjusted                              |   |               | 5,186.0  |   |   |   | 4,552.4 |   |
| Net      earnings                                                                       |   |               | 607.4    |   |   |   | 299.6 |   |
| Retained      earnings, end of period                                              |   |               | 5,793.4  |   |   |   | 4,852.0 |   |
|                                                                                    |   |               |     |   |   |   |   |   |
| Accumulated      other comprehensive loss, beginning of year                            |   |               | (267.9   | )      |   |   | (167.3 | ) |
| Other      comprehensive (loss) income                                             |   |               | (282.9   | )      |   |   | 29.6 |   |
| Accumulated      other comprehensive loss, end of period                           |   |               | (550.8   | )      |   |   | (137.7 | ) |
|                                                                                    |   |               |     |   |   |   |   |   |
| Total      Shareholder’s Equity, End of Period                          |   | $                  | 10,513.8 |   |   | $      | 9,879.8 |   |
|                                                                                    |   |               |     |   |   |   |   |   |
|                                                                                    |   |               |     |   |   |   |   |   |
| COMPREHENSIVE      INCOME                                                               |   |               |     |   |   |   |   |   |
| Net      earnings                                              |   | $                  | 607.4    |   |   | $      | 299.6 |   |
|                                                                                    |   |               |     |   |   |   |   |   |
| Change      in unrealized (losses) gains, net of reclassification      adjustments |   |               | (289.0   | )      |   |   | 20.8 |   |
| Changes      in defined benefit plan related items, net of                              |   |               |     |   |   |   |   |   |
| reclassification      adjustment                                                        |   |               | 6.1      |   |   |   | 8.8 |   |
| Other      comprehensive (loss) income                                        |   |               | (282.9   | )      |   |   | 29.6 |   |
|                                                                                    |   |               |     |   |   |   |   |   |
| Comprehensive      Income                                                          |   | $                  | 324.5    |   |   | $      | 329.2 |   |

----

|                                                                            |   | 2008               |   |   | 2007   |   |
|---------------------------------------------------------------------------------|--------|--------------------|--------|--------|--------|--------|
|                                                                            |   | (In      Millions) |   |
|                                                                            |   |               |   |
| Net      earnings                                                          |   | $                  | 607.4  |   |   | $      | 299.6 |   |
| Adjustments      to reconcile net earnings to net cash (used in) providedby     |   |               |   |   |   |   |   |   |
| operating      activities:                                                      |   |               |   |   |   |   |   |   |
| Interest      credited to policyholders’ account balances            |   |               | 266.7  |   |   |   | 260.3 |   |
| Universal      life and investment-type product policy fee income               |   |               | (718.7 | )      |   |   | (625.9 | ) |
| Net      change in broker-dealer and customer related      receivables/payables |   |               | (599.0 | )      |   |   | (176.7 | ) |
| Change      in net investment income related to derivatives                     |   |               | (704.2 | )      |   |   | 28.9 |   |
| Investment      losses (gains), net                                             |   |               | 13.0   |   |   |   | (17.9 | ) |
| Change      in deferred policy acquisition costs                           |   |               | 445.0  |   |   |   | (205.3 | ) |
| Change      in future policy benefits                                      |   |               | 58.4   |   |   |   | 31.3 |   |
| Change      in income tax payable                                          |   |               | 252.7  |   |   |   | 92.1 |   |
| Change      in segregated cash and securities, net                         |   |               | 428.6  |   |   |   | 60.3 |   |
| Minority      interest in net income of consolidated subsidiaries               |   |               | 135.2  |   |   |   | 145.1 |   |
| Change      in fair value of guaranteed minimum income                          |   |               |   |   |   |   |   |   |
| benefit      reinsurance contracts                                         |   |               | (406.2 | )      |   |   | (.7 | ) |
| Amortization      of deferred sales commissions                                 |   |               | 22.0   |   |   |   | 24.7 |   |
| Other      depreciation and amortization                                   |   |               | 32.2   |   |   |   | 37.4 |   |
| Amortization      of other intangible assets, net                          |   |               | 5.9    |   |   |   | 5.9 |   |
| (Gains)      losses on disposal of discontinued operations                      |   |               | (6.3   | )      |   |   | .4 |   |
| Other,      net                                                       |   |               | (9.2   | )      |   |   | 14.5 |   |
|                                                                            |   |               |   |   |   |   |   |   |
| Net      cash used in operating activities                                      |   |               | (176.5 | )      |   |   | (26.0 | ) |
|                                                                            |   |               |   |   |   |   |   |   |
| Cash      flows from investing activities:                                      |   |               |   |   |   |   |   |   |
| Maturities      and repayments of fixed maturities and mortgage loans           |   |               | 339.7  |   |   |   | 494.9 |   |
| Sales      of investments                                                       |   |               | 192.0  |   |   |   | 970.2 |   |
| Purchases      of investments                                              |   |               | (385.1 | )      |   |   | (955.7 | ) |
| Change      in short-term investments                                      |   |               | 5.1    |   |   |   | 7.7 |   |
| Change      in capitalized software, leasehold improvements                     |   |               |   |   |   |   |   |   |
| and      EDP equipment                                                |   |               | (37.0  | )      |   |   | (41.0 | ) |
| Other,      net                                                            |   |               | 596.5  |   |   |   | (99.9 | ) |
|                                                                            |   |               |   |   |   |   |   |   |
| Net      cash provided by investing activities                             |   |               | 711.2  |   |   |   | 376.2 |   |
|                                                                            |   |               |   |   |   |   |   |   |

----

|                                                                                                                  | 2008               |    | 2007   |   |
|-----------------------------------------------------------------------------------------------------------------------|--------------------|---------|--------|--------|
|                                                                                                                  | (In      Millions) |    |
|                                                                                                                  |               |    |
| Cash      flows from financing activities:                                                                            |               |    |   |   |
| Policyholders’      account balances:                                                                           |               |    |   |   |
| Deposits                                                                                                              | $                  | 1,097.6 |   | $      | 957.4 |   |
| Withdrawals      and transfers to Separate Accounts                                                    |               | (622.3  | )      |   | (1,119.3 | ) |
| Net      change in short-term financings                                                                         |               | 139.5   |   |   | 172.6 |   |
| Other,      net                  |               | (110.0  | )      |   | (159.7 | ) |
|                                                                                                                  |               |    |   |   |   |   |
| Net      cash provided by (used in) financing activities                                                         |               | 504.8   |   |   | (149.0 | ) |
|                                                                                                                  |               |    |   |   |   |   |
| Change      in cash and cash equivalents                                                               |               | 1,039.5 |   |   | 201.2 |   |
| Cash      and cash equivalents, beginning of year                                                           |               | 1,173.2 |   |   | 1,122.2 |   |
|                                                                                                                  |               |    |   |   |   |   |
| Cash      and Cash Equivalents, End of Period                                                                    | $                  | 2,212.7 |   | $      | 1,323.4 |   |
|                                                                                                                  |               |    |   |   |   |   |
| Supplemental      cash flow information                                                                               |               |    |   |   |   |   |
| Interest      Paid                                                            | $                  | 9.4     |   | $      | 10.6 |   |
| Income      Taxes Paid                                                                                      | $                  | 63.8    |   | $      | 73.5 |   |

----

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

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

----

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

----

|                                                              | Three      Months Ended |   |
|-------------------------------------------------------------------|-------------------------|--------|
|                                                              | March      31,          |   |
|                                                              | 2008                    |   | 2007 |   |
|                                                              | (In      Millions)      |   |
|                                                              |                    |   |
| Balances,      beginning of year                        |                    | $      | 1.4 |   |   | $ | 11.3 |   |
| Additions      charged to income                        |                    |   | — |   |   |   | — |   |
| Deductions      for writedowns and asset dispositions   |                    |   | — |   |   |   | (3.3 | ) |
| Balances,      End of Period                       |                    | $      | 1.4 |   |   | $ | 8.0 |   |

|                                                                 |   |                |   |   |                   |   |    |   |
|----------------------------------------------------------------------|--------|---------------------|--------|--------|------------------------|--------|---------|--------|
|                                                                 |   | March      31, 2008 |   |   | December      31, 2007 |   |
|                                                                 |   | (In      Millions)  |   |
| Impaired      mortgage loans with investment valuation allowances    |   | $                   | 11.3   |   |                   | $      | 11.4    |   |
| Impaired      mortgage loans without investment valuation allowances |   |                | 1.9    |   |                   |   | — |   |
| Recorded      investment in impaired mortgage loans             |   |                | 13.2   |   |                   |   | 11.4    |   |
| Investment      valuation allowances                  |   |                | (1.4   | )      |                   |   | (1.4    | )      |
| Net      Impaired Mortgage Loans                                |   | $                   | 11.8   |   |                   | $      | 10.0    |   |

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

----

|                                                                           |   | March      31, 2008 |    |   | December      31, 2007 |   |
|--------------------------------------------------------------------------------|--------|---------------------|---------|--------|------------------------|--------|
|                                                                           |   | (In      Millions)  |    |
|                                                                           |   |                |    |   |                   |   |
| CLOSED      BLOCK LIABILITIES:                                                 |   |                |    |   |                   |   |
| Future      policy benefits, policyholders’ account balances and other   |   | $                   | 8,625.0 |   |                   | $      | 8,657.3 |   |
| Policyholder      dividend obligation                                          |   |                | -       |   |                   |   | - |   |
| Other      liabilities                                               |   |                | 144.2   |   |                   |   | 115.2 |   |
| Total      Closed Block liabilities                                       |   |                | 8,769.2 |   |                   |   | 8,772.5 |   |
|                                                                           |   |                |    |   |                   |   |   |   |
| ASSETS      DESIGNATED TO THE CLOSED BLOCK:                                    |   |                |    |   |                   |   |   |   |
| Fixed      maturities, available for sale, at estimated fair value             |   |                |    |   |                   |   |   |   |
| (amortized      cost of $5,779.5 and $5,816.6)                            |   |                | 5,691.0 |   |                   |   | 5,825.6 |   |
| Mortgage      loans on real estate                                   |   |                | 1,098.3 |   |                   |   | 1,099.3 |   |
| Policy      loans                                                         |   |                | 1,202.5 |   |                   |   | 1,197.5 |   |
| Cash      and other invested assets                                       |   |                | 4.6     |   |                   |   | 4.7 |   |
| Other      assets                                                         |   |                | 317.3   |   |                   |   | 240.1 |   |
| Total      assets designated to the Closed Block                          |   |                | 8,313.7 |   |                   |   | 8,367.2 |   |
|                                                                           |   |                |    |   |                   |   |   |   |
| Excess      of Closed Block liabilities over assets designated to              |   |                |    |   |                   |   |   |   |
| the      Closed Block                                                |   |                | 455.5   |   |                   |   | 405.3 |   |
|                                                                           |   |                |    |   |                   |   |   |   |
| Amounts      included in accumulated other comprehensive income:               |   |                |    |   |                   |   |   |   |
| Net      unrealized investment (losses) gains, net of deferred income      tax |   |                |    |   |                   |   |   |   |
| benefit      (expense) of $ 29.9 and $(3.2) and policyholder                   |   |                |    |   |                   |   |   |   |
| dividend      obligation of $(3.1) and $0                            |   |                | (55.5   | )      |                   |   | 5.9 |   |
|                                                                           |   |                |    |   |                   |   |   |   |
| Maximum      Future Earnings To Be Recognized From Closed Block                |   |                |    |   |                   |   |   |   |
| Assets      and Liabilities                                     |   | $                   | 400.0   |   |                   | $      | 411.2 |   |

|   | Three      Months Ended |
|--------|-------------------------|
|   | March      31,          |
|   | 2008                    |   | 2007 |
|   | (In      Millions)      |

| REVENUES:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Premiums      and other      income                                                                                              |   | $      | 101.9  |   |   | $      | 105.7 |   |
| Investment      income (net of investment expenses of $.5 and $0)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   | 125.9  |   |   |   | 127.2 |   |
| Investment      (losses) gains,      net                                                                                         |   |   | (.7    | )      |   |   | .9 |   |
| Total      revenues                                                                                                              |   |   | 227.1  |   |   |   | 233.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| BENEFITS      AND OTHER DEDUCTIONS:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |
| Policyholders’      benefits and dividends                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 206.0  |   |   |   | 212.2 |   |
| Other      operating costs and expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | 3.8    |   |   |   | 3.9 |   |
| Total      benefits and other deductions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 209.8  |   |   |   | 216.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| Net      revenues before income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   | 17.3   |   |   |   | 17.7 |   |
| Income      taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   | (6.1   | )      |   |   | (6.0 | ) |
| Net      Revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $      | 11.2   |   |   | $      | 11.7 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Three      Months Ended |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | March      31,          |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 2008                    |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (In      Millions)      |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                    |   |   |   |   |   |
| Balance      at beginning of      year                                                                                                   |                    | $      | — |   |   | $ | 3.2 |   |
| Applicable      to Net      revenues                                                                                                     |                    |   | 3.1 |   |   |   | — |   |
| Unrealized      investment (losses)      gains                                                                                           |                    |   | (3.1 | ) |   |   | 15.1 |   |
| Balance      at End of      Period                                                                                                       |                    | $      | — |   |   | $ | 18.3 |   |

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | Three      Months Ended |    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | March      31,          |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 2008                    |    |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | (In      Millions)      |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                    |    |
| Earnings      (Losses) from Discontinued Operations,Net      of Income Taxes:                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                    |    |
| Wind-up      Annuities                                                                                                                                                                                                                                                                           |   | $                       | — |   |   | $ | 1.0 |   |
| Real      estate      held-for-sale                                                                                    |   |                    | 1.0     |   |   |   | 2.7 |   |
| Disposal      of business -      Enterprise                                                                            |   |                    | — |   |   |   | .6 |   |
| Total                                                                                                                  |   | $                       | 1.0     |   |   | $ | 4.3 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                    |    |   |   |   |   |   |
| Gains      (Losses) on Disposal of Discontinued Operations,Net      of Income Taxes:                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                    |    |   |   |   |   |   |
| Real      estate      held-for-sale                                                                                    |   | $                  | 6.3     |   |   | $  | — |   |
| Disposal      of business -      Enterprise                                                                            |   |                    | — |   |   |   | (.4 | ) |
| Total                                                                                                                  |   | $                       | 6.3     |   |   | $ | (.4 | ) |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | March      31,     |    |   | December      31, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|-------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 2008               |    |   | 2007              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | (In      Millions) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |    |
| BALANCE      SHEETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |    |   |              |   |
| Fixed      maturities, available for sale, at estimated fair value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               |    |   |              |   |
| (amortized      cost of $681.0 and      $696.3)                                                                                                                                                                                                                                                                                                                                                                |   | $                  | 689.4   |   |              | $      | 705.0 |   |
| Equity      real      estate                                                                                                     |   |               | 164.0   |   |              |   | 165.0 |   |
| Mortgage      loans on real      estate                                                                                          |   |               | 1.8     |   |              |   | 2.2 |   |
| Other      invested      assets                                                                                                  |   |               | 1.8     |   |              |   | 1.8 |   |
| Total      investments                                                                                                                     |   |               | 857.0   |   |              |   | 874.0 |   |
| Cash      and cash      equivalents                                                                                              |   |               | 3.6     |   |              |   | — |   |
| Other      assets                                                                                                                |   |               | 30.6    |   |              |   | 27.3 |   |
| Total      Assets                                                                                                                |   | $                  | 891.2   |   |              | $      | 901.3 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |               |    |   |              |   |   |   |
| Policyholders      liabilities                                                                                                   |   | $                  | 747.7   |   |              | $      | 756.1 |   |
| Allowance      for future      losses                                                                                            |   |               | — |   |              |   | — |   |
| Other      liabilities                                                                                                           |   |               | 143.5   |   |              |   | 145.2 |   |
| Total      Liabilities                                                                                                           |   | $                  | 891.2   |   |              | $      | 901.3 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | Three      Months Ended |    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | March      31,          |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 2008                    |    |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | (In      Millions)      |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                    |    |
| STATEMENTS      OF EARNINGS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                    |    |   |   |   |
| Investment      income (net of investment expenses of $4.6 and $5.0)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $                       | 15.9    |   |   | $ | 16.4 |   |
| Investment      gains,      net                                                                                                                   |   |                    | .8      |   |   |   | 1.5 |   |
| Total      revenues                                                                                                                               |   |                    | 16.7    |   |   |   | 17.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                    |    |   |   |   |   |   |
| Benefits      and other      deductions                                                                                                           |   |                    | 19.3    |   |   |   | 18.7 |   |
| Losses      charged to allowance for future      losses                                                                                           |   |                    | (2.6    | ) |   |   | (.8 | ) |
| Pre-tax      earnings (loss) from      operations                                                                                                 |   |                    | — |   |   |   | — |   |
| Earnings      from strengthening the allowance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                    |    |   |   |   |   |   |
| for      future      losses                                                                                                                                      |   |                    | — |   |   |   | 1.1 |   |
| Income      tax      expense                                                                                                                      |   |                    | — |   |   |   | (.1 | ) |
| Earnings      from Wind-up      Annuities                                                                                                         |   | $                       | — |   |   | $ | 1.0 |   |

----

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

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

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

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

| ·   | Combo:      the benefit is the greater of the ratchet benefit or the roll-up benefit      which may include a five year or annualreset. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                     |   | GMDB               |   |   | GMIB   |   |   | Total  |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |   |
| Balance      at January 1, 2008                                                                                                                                                                                                                                                                                                                                                                                          |   | $                  | 253.1  |   |   | $      | 309.9  |   |   | $ | 563.0 |   |
| Paid      guarantee      benefits                                                                            |   |               | (17.6  | )      |   |   | (.6    | )      |   |   | (18.2 | ) |
| Other      changes in      reserve                                                                           |   |               | 55.6   |   |   |   | 42.6   |   |   |   | 98.2 |   |
| Balance      at March 31,      2008                                                                |   | $                  | 291.1  |   |   | $      | 351.9  |   |   | $ | 643.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |   |   |   |   |   |   |   |   |   |   |
| Balance      at January 1,      2007                                                               |   | $                  | 163.7  |   |   | $      | 228.3  |   |   | $ | 392.0 |   |
| Paid      guarantee      benefits                                                                  |   |               | (7.0   | )      |   |   | (.2    | )      |   |   | (7.2 | ) |
| Other      changes in      reserve                                                                 |   |               | 55.6   |   |   |   | 9.4    |   |   |   | 65.0 |   |
| Balance      at March 31,      2007                                                                |   | $                  | 212.3  |   |   | $      | 237.5  |   |   | $ | 449.8 |   |

----

|                                | Three      Months Ended |   |
|-------------------------------------|-------------------------|--------|
|                                | March      31,          |   |
|                                |                    | 2008   |   |   | 2007 |   |
|                                | (In      Millions)      |   |
|                                |                    |   |   |   |   |   |
| Balance      at beginning of period |                    | $      | 27.5 |   |   | $ | 23.6 |   |
| Paid      guarantee benefits        |                    |   | (3.1 | ) |   |   | (2.6 | ) |
| Other      changes in reserve       |                    |   | 6.7 |   |   |   | 10.8 |   |
| Balance      at End of Period       |                    | $      | 31.1 |   |   | $ | 31.8 |   |

|                                    |   | Return                           |   |   |    |   |   |    |   |   |   |   |   |   |    |
|-----------------------------------------|--------|----------------------------------|--------|--------|---------|--------|--------|---------|--------|--------|--------|--------|--------|--------|---------|
|                                    |   | Of                               |   |   |    |   |   |    |   |   |   |   |   |   |    |
|                                    |   | Premium                          |   |   | Ratchet |   |   | Roll-Up |   |   | Combo  |   |   | Total  |    |
|                                    |   |  (Dollars      In Millions) |   |
| GMDB:                                   |   |                             |   |   |    |   |   |    |   |   |   |   |   |   |    |
| Account      values invested in:        |   |                             |   |   |    |   |   |    |   |   |   |   |   |   |    |
| General      Account                    |   | $                                | 10,684 |   |    | $      | 356    |    |   | $      | 288    |   |   | $      | 808     |   |   | $ | 12,136 |   |
| Separate      Accounts                  |   | $                                | 26,514 |   |    | $      | 7,803  |    |   | $      | 6,486  |   |   | $      | 29,861  |   |   | $ | 70,664 |   |
| Net      amount at risk, gross          |   | $                                | 605    |   |    | $      | 832    |    |   | $      | 1,876  |   |   | $      | 3,172   |   |   | $ | 6,485 |   |
| Net      amount at risk, net of amounts |   |                             |   |   |    |   |   |    |   |   |   |   |   |   |    |   |   |   |   |   |
| reinsured                               |   | $                                | 605    |   |    | $      | 730    |    |   | $      | 1,180  |   |   | $      | 3,172   |   |   | $ | 5,689 |   |
| Average      attained age of            |   |                             |   |   |    |   |   |    |   |   |   |   |   |   |    |   |   |   |   |   |
| contractholders                         |   |                             | 49.3   |   |    |   | 61.6   |    |   |   | 65.4   |   |   |   | 61.7    |   |   |   | 52.9 |   |
| Percentage      of contractholders      |   |                             |   |   |    |   |   |    |   |   |   |   |   |   |    |   |   |   |   |   |
| over      age 70                        |   |                             | 7.4    | %      |    |   | 23.6   | %       |   |   | 37.7   | %      |   |   | 21.7    | % |   |   | 12.2 | % |
| Range      of contractually specified   |   |                             |   |   |    |   |   |    |   |   |   |   |   |   |    |   |   |   |   |   |
| interest      rates                     |   |                             | N/A    |   |    |   | N/A    |    |   |   | 3%-6   | %      |   |   | 3%-6.5  | % |   |   |   |   |
|                                    |   |                             |   |   |    |   |   |    |   |   |   |   |   |   |    |   |   |   |   |   |
| GMIB:                                   |   |                             |   |   |    |   |   |    |   |   |   |   |   |   |    |   |   |   |   |   |
| Account      values invested in:        |   |                             |   |   |    |   |   |    |   |   |   |   |   |   |    |   |   |   |   |   |
| General      Account                    |   |                             | N/A    |   |    |   | N/A    |    |   | $      | 55     |   |   | $      | 1,084   |   |   | $ | 1,139 |   |
| Separate      Accounts                  |   |                             | N/A    |   |    |   | N/A    |    |   | $      | 4,055  |   |   | $      | 40,032  |   |   | $ | 44,087 |   |
| Net      amount at risk, gross          |   |                             | N/A    |   |    |   | N/A    |    |   | $      | 433    |   |   |   | — |   |   | $ | 433 |   |
| Net      amount at risk, net of amounts |   |                             |   |   |    |   |   |    |   |   |   |   |   |   |    |   |   |   |   |   |
| reinsured                               |   |                             | N/A    |   |    |   | N/A    |    |   | $      | 115    |   |   |   | — |   |   | $ | 115 |   |
| Weighted      average years remaining   |   |                             |   |   |    |   |   |    |   |   |   |   |   |   |    |   |   |   |   |   |
| until      annuitization                |   |                             | N/A    |   |    |   | N/A    |    |   |   | 1.8    |   |   |   | 8.0     |   |   |   | 7.3 |   |
| Range      of contractually specified   |   |                             |   |   |    |   |   |    |   |   |   |   |   |   |    |   |   |   |   |   |
| interest      rates                |   |                             | N/A    |   |    |   | N/A    |    |   |   | 3%-6   | %      |   |   | 3%-6.5  | % |   |   |   |   |

----

| Investment      in Variable Insurance Trust Mutual Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | March      31, |   | December      31, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 2008 |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |
| GMDB:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |
| Equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $ | 43,832 |   |   | $ | 48,587 |   |
| Fixed      income                                                                                      |   |   | 4,275 |   |   |   | 4,392 |   |
| Balanced                                                                                               |   |   | 20,287 |   |   |   | 20,546 |   |
| Other                                                                                                  |   |   | 2,270 |   |   |   | 2,151 |   |
| Total                                                                                                  |   | $ | 70,664 |   |   | $ | 75,676 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
| GMIB:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |
| Equity                                                                                                 |   | $ | 25,604 |   |   | $ | 27,831 |   |
| Fixed      income                                                                                      |   |   | 2,612 |   |   |   | 2,687 |   |
| Balanced                                                                                               |   |   | 14,738 |   |   |   | 14,816 |   |
| Other                                                                                                  |   |   | 1,133 |   |   |   | 1,018 |   |
| Total                                                                                                  |   | $ | 44,087 |   |   | $ | 46,352 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Direct             |   |   | Reinsurance |   |   |    |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|-------------|--------|--------|---------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Liability          |   |   | Ceded       |   |   | Net     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   | (In      Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |   |   |        |   |   |    |   |
| Balance      at January 1,      2008                                                                                                                                                                                       |   | $                  | 135.0  |   |        | $      | (107.6 | )  |   | $ | 27.4 |   |
| Other      changes in      reserves                                                                               |   |               | 24.0   |   |        |   | (21.3  | )  |   |   | 2.7 |   |
| Balance      at March 31,      2008                                                                |   | $                  | 159.0  |   |        | $      | (128.9 | )  |   | $ | 30.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                     |   |               |   |   |        |   |   |    |   |   |   |   |
| Balance      at January 1,      2007                                                               |   | $                  | 66.8   |   |        | $      | (47.9  | )       |   | $ | 18.9 |   |
| Other      changes in      reserves                                                                |   |               | 8.2    |   |        |   | (7.0   | )       |   |   | 1.2 |   |
| Balance      at March 31,      2007                                                                |   | $                  | 75.0   |   |        | $      | (54.9  | )       |   | $ | 20.1 |   |

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

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

|                                                                                                                                                                                                                                                                                                                    |   |  Fair Value      Measurements |     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|----------|
|                                                                                                                                                                                                                                                                                                                    |   |  March 31,      2008          |     |
|                                                                                                                                                                                                                                                                                                                    |   |                               |     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                    |   | Level      1                       |     |   | Level      2 |   |   | Level      3 |   |   | Total |   |
|                                                                                                                                                                                                                                                                                                                    |   | (In      Millions)                 |     |
| Assets                                                                                                                                                                                                                                                                                                                  |   |                               |     |   |   |   |   |   |   |   |   |   |
| Investments:                                                                                                                                                                                                                                                                                                            |   |                               |     |   |   |   |   |   |   |   |   |   |
| Fixed      maturities available for sale                                                                                                                                                                                                                                                                                |   | $                                  | 234.3    |   |   | $ | 24,111.5 |   |   | $ | 2,169.9 |   |   | $ | 26,515.7 |   |
| Other      equity investments                                                                                                                                                                                                                                                                                           |   |                               | 183.3    |   |   |   | — |   |   |   | 2.2 |   |   |   | 185.5 |   |
| Trading      securities                                                                               |   |                               | 1,163.9  |   |   |   | — |   |   |   | .1 |   |   |   | 1,164.0 |   |
| Other      invested      assets                                                                       |   |                               | —  |   |   |   | 207.2 |   |   |   | 291.2 |   |   |   | 498.4 |   |
| Loans      to      affiliates                                                          |   |                               | —  |   |   |   | 631.2 |   |   |   | — |   |   |   | 631.2 |   |
| Cash      equivalents                                                                  |   |                               | 1,730.9  |   |   |   | — |   |   |   | — |   |   |   | 1,730.9 |   |
| Segregated      securities                                                             |   |                               | 1,941.4  |   |   |   | — |   |   |   | — |   |   |   | 1,941.4 |   |
| GMIB      reinsurance contracts                                                                                                                                                                                                                                                                                         |   |                               | —  |   |   |   | — |   |   |   | 530.9 |   |   |   | 530.9 |   |
| Separate      Accounts’      assets                                              |   |                               | 87,939.8 |   |   |   | 1,562.5 |   |   |   | 27.3 |   |   |   | 89,529.6 |   |
| Total      Assets                                                                                                    |   | $                                  | 93,193.6 |   |   | $ | 26,512.4 |   |   | $ | 3,021.6 |   |   | $ | 122,727.6 |   |

----

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

|                                                                  |   | Fixed         |       |   | Other       |   |          |     |   |   |          |   |   |     |       |
|-----------------------------------------------------------------------|--------|---------------|------------|--------|-------------|--------|---------------|----------|--------|--------|---------------|--------|--------|----------|------------|
|                                                                  |   | Maturities    |       |   | Equity      |   |          | Other    |   |   | GMIB          |   |   | Separate |       |
|                                                                  |   | Available     |       |   | Investments |   |          | Invested |   |   | Reinsurance   |   |   | Accounts |       |
|                                                                  |   | For      Sale |       |   | (1)         |   |          | Assets   |   |   | Asset         |   |   | Assets   |       |
|                                                                  |   |          |       |   |        |   |          |     |   |   |          |   |   |     |       |
|                                                                  |   |          |       |   |        |   |          |     |   |   |          |   |   |     |       |
| Balance,      Dec. 31, 2007                                           |   | $             | 2,503.4    |   |        | $      | 3.0           |     |   | $      | 160.9         |   |   | $        | 124.7      |   |   | $ | 39.9 |   |
| Impact      of adopting                                               |   |          |       |   |        |   |          |     |   |   |          |   |   |     |       |   |   |   |   |   |
| SFAS No. 157,      included in earnings      |   |          | —    |   |        |   | —       |     |   |   | —       |   |   |     | 210.6      |   |   |   | — |   |
| Balance,      Jan. 1, 2008                                            |   |          | 2,503.4    |   |        |   | 3.0           |     |   |   | 160.9         |   |   |     | 335.3      |   |   |   | 39.9 |   |
| Total      gains (losses),                                            |   |          |       |   |        |   |          |     |   |   |          |   |   |     |       |   |   |   |   |   |
| realized      and unrealized, included      in:                       |   |          |       |   |        |   |          |     |   |   |          |   |   |     |       |   |   |   |   |   |
| Earnings      as:                                                     |   |          |       |   |        |   |          |     |   |   |          |   |   |     |       |   |   |   |   |   |
| Net      investment income                                            |   |          | .7         |   |        |   | —       |     |   |   | 130.3         |   |   |     | —    |   |   |   | — |   |
| Investment      gains (losses), net                              |   |          | (14.4      | )      |        |   | (.7           | )        |   |   | —       |   |   |     | —    |   |   |   | (5.2 | ) |
| Commissions,      fees and      other      income                |   |          | —    |   |        |   | —       |     |   |   | —       |   |   |     | 180.5      |   |   |   | — |   |
| Subtotal                                                    |   |          | (13.7      | )      |        |   | (.7           | )        |   |   | 130.3         |   |   |     | 180.5      |   |   |   | (5.2 | ) |
| Other      comprehensive      income                                  |   |          | (340.0     | )      |        |   | —       |     |   |   | —       |   |   |     | —    |   |   |   |   |   |
| Purchases/issuances and      sales/settlements, net              |   |          | (13.0      | )      |        |   | —       |     |   |   | —       |   |   |     | —    |   |   |   | (7.4 | ) |
| Transfers      into/out of Level 3                                    |   |          |  33.2 |   |        |   |  — |     |   |   |  — |   |   |     |  15.1 |   |   |   |  — |   |
| Balance,      March 31, 2008                                          |   | $             | 2,169.9    |   |        | $      | 2.3           |     |   | $      | 291.2         |   |   | $        | 530.9      |   |   | $ | 27.3 |   |

----

|                                                                                                                                                                                                                                                                                                              |               | Three Months Ended March 31,      2008 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|----------------------------------------|
|                                                                                                                                                                                                                                                                                                              |               | Earnings                               |   |   |
|                                                                                                                                                                                                                                                                                                              |               |                                   |   |   | Investment |   |   | Commissions |   | Other |
|                                                                                                                                                                                                                                                                                                              |               | Net                                    |   |   | Gains |   |   | Fees      and |   | Compre- |
|                                                                                                                                                                                                                                                                                                              |               | Investment                             |   |   | (Losses), |   |   | Other |   | hensive |
|                                                                                                                                                                                                                                                                                                              |               | Income                                 |   |   | Net |   |   | Income |   | Income |
|                                                                                                                                                                                                                                                                                                              | (In      Millions) |
| Level      3 Instruments                                                                                                                                                                                                                                                                                          |               |                                   |   |   |   |   |   |   |   |   |   |   |
| Still      Held at March 31, 2008:                                                                                                                                                                                                                                                                                |               |                                   |   |   |   |   |   |   |   |   |   |   |
| Change      in unrealized gains                                                                                                                                                                                                                                                                                   |               |                                   |   |   |   |   |   |   |   |   |   |   |
| or      losses                                                                                                                                                                                                                                                                                                    |               |                                   |   |   |   |   |   |   |   |   |   |   |
| Fixed      maturities,                                                                                                                                                                                                                                                                                            |               |                                   |   |   |   |   |   |   |   |   |   |   |
| available      for sale                                                                                                                                                                                                                                                                                           |               | $                                      | — |   |   | $ | — |   |   | $ | — |   |   | $ | (340.0 | ) |
| Other      equity investments                                                                                                                                                                                                                                                                                     |               |                                   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Other      invested assets                                                                                                                                                                                                                                                                                        |               |                                   | 130.3 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Cash      equivalents                                                                                                                                                                                                                                                                                             |               |                                   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Segregated      securities                                                                                                                                                                                                                                                                                        |               |                                   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| GMIB      reinsurance contracts                                                                                                                                                                                                                                                                                   |               |                                   | — |   |   |   | — |   |   |   | 180.5 |   |   |   | — |   |
| Separate      Accounts’      assets                                             |               |                                   | — |   |   |   | (4.9 | ) |   |   | — |   |   |   | — |   |
| Total                                                                                                                                                                                                                                                                                                             |               | $                                      | 130.3 |   |   | $ | (4.9 | ) |   | $ | 180.5 |   |   | $ | (340.0 | ) |

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Three      Months EndedMarch      31, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 2008                                  |   |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | (In      Millions)                    |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                  |   |   |   |   |
| Service      cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $                                     | 10.1   |   |   | $ | 9.5 |   |
| Interest      cost on projected benefit      obligation                                                                                         |   |                                  | 33.4   |   |   |   | 31.9 |   |
| Expected      return on      assets                                                                                                             |   |                                  | (48.8  | ) |   |   | (47.9 | ) |
| Net      amortization and      deferrals                                                                                                        |   |                                  | 9.3    |   |   |   | 13.5 |   |
| Net      Periodic Pension      Expense                                                                                                          |   | $                                     | 4.0    |   |   | $ | 7.0 |   |

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

----

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

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

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Three      Months Ended |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | March      31,          |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2008                    |    |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | (In      Millions)      |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                    |    |   |   |   |
| Segment      revenues:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                    |    |   |   |   |
| Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | $                       | 2,778.6 |   |   | $ | 1,644.8 |   |
| Investment      Management      (1)                                                                                    |   |                    | 1,035.4 |   |   |   | 1,056.3 |   |
| Consolidation/elimination                                                                                              |   |                    | (21.4   | ) |   |   | (23.2 | ) |
| Total      Revenues                                                                                                    |   | $                       | 3,792.6 |   |   | $ | 2,677.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                    |    |   |   |   |   |   |
| (1)      Net of interest expense incurred on securities borrowed                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                    |    |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                    |    |   |   |   |   |   |
| Segment      earnings from continuing operations before                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                    |    |   |   |   |   |   |
| income      taxes and minority interest:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                    |    |   |   |   |   |   |
| Insurance                                                                                                              |   | $                       | 797.6   |   |   | $ | 320.1 |   |
| Investment      Management                                                                                             |   |                    | 274.2   |   |   |   | 292.3 |   |
| Consolidation/elimination                                                                                              |   |                    | (.5     | ) |   |   | — |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                    |    |   |   |   |   |   |
| Total      Earnings from Continuing Operations before                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                    |    |   |   |   |   |   |
| Income      Taxes and Minority      Interest                                                                                               |   | $                       | 1,071.3 |   |   | $ | 612.4 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | March      31,     |      |   | December      31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|-----------|--------|-------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 2008               |      |   | 2007              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | (In      Millions) |      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |      |   |              |   |
| Segment      assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |      |   |              |   |
| Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $                  | 139,006.5 |   |              | $      | 144,962.2 |   |
| Investment      Management                                                                                    |   |               | 14,302.7  |   |              |   | 14,962.7 |   |
| Consolidation/elimination                                                                                     |   |               | (11.8     | )      |              |   | 1.1 |   |
| Total      Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $                  | 153,297.4 |   |              | $      | 159,926.0 |   |

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

----

----

----

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | March      31, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 2008           |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |           |   |
| Third      party                                                                                                                            |           | $      | 672,878 |   |   | $ | 672,611 |   |
| General      Account and      other                                                                                                         |           |   | 51,802 |   |   |   | 51,652 |   |
| Insurance      Group Separate      Accounts                                                                                                 |           |   | 89,694 |   |   |   | 87,577 |   |
| Total      Assets Under      Management                                                                                                     |           | $      | 814,374 |   |   | $ | 811,840 |   |

----

----

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

----

| Date:  | May      14, 2008 |   | AXA      EQUITABLE LIFE INSURANCE COMPANY |
|--------|-------------------|--------|-------------------------------------------|
|   |              |   |                                      |

|   |              |   | By     | /s/      Richard S. Dziadzio |
|--------|-------------------|--------|--------|------------------------------|
|   |              |   |   | Name:                        | Richard      S. Dziadzio |
|   |              |   |   | Title:                       | Executive      Vice President and |
|   |              |   |   |                         | Chief      Financial Officer |
|   |              |   |   |                         |
| Date:  | May      14, 2008 |   |   | /s/      Alvin H. Fenichel   |
|   |              |   |   | Name:                        | Alvin      H. Fenichel |
|   |              |   |   | Title:                       | Senior      Vice President and Controller |

----