----

----

| (Mark One) | FORM 10-K |
|------------|-----------|

| x      | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) |
|--------|-----------------------------------------------|
|   | OF THE SECURITIES EXCHANGE ACT OF 1934        |
|   | For the fiscal year ended December 31, 2010   |

|   o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE                         |   |
|----------|----------------------------------------------------------------------------------|--------|
|     | SECURITIES EXCHANGE ACT OF 1934                                                  |   |
|     | For the transition period from        to |   |

|   |  AXA EQUITABLE LIFE INSURANCE COMPANY                   |   |
|--------|--------------------------------------------------------------|--------|
|   |  (Exact name of registrant as specified in its charter) |   |

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

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

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

|                |   | Name of each exchange on |
|---------------------|--------|--------------------------|
| Title of each class |   | which registered         |
| None                |   | None                     |

|   | Common Stock (Par Value $1.25 Per Share) |   |
|--------|------------------------------------------|--------|

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

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

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

|   | Yes |   o |   | 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 |
|--------|-----|----------|--------|----|----------|

----

| Part I                                                  |                                                                               | Page      |   |
|---------------------------------------------------------|------------------------------------------------------------------------------------|-----------|--------|
|                                                    |                                                                               |      |   |
| Item 1.                                                 | Business                                                                           | 1-1       |   |
|                                                    | Overview                                                                           | 1-1       |   |
|                                                    | Segment Information                                                                | 1-1       |   |
|                                                    | Employees                                                                          | 1-7       |   |
|                                                    | Competition                                                                        | 1-7       |   |
|                                                    | Regulation                                                                         | 1-8       |   |
|                                                    | Parent Company                                                                     | 1-10      |   |
|                                                    | Other Information                                                                  | 1-11      |   |
| Item 1A.                                                | Risk Factors                                                                       | 1A-1      |   |
| Item 1B.                                                | Unresolved Staff Comments                                                          | 1B-1      |   |
| Item 2.                                                 | Properties                                                                         | 2-1       |   |
| Item 3.                                                 | Legal Proceedings                                                                  | 3-1       |   |
| Item 4.                                                 | Removed and Reserved                                                               | 4-1       |   |
|                                                    |                                                                               |      |   |
| Part II                                                 |                                                                               |      |   |
|                                                    |                                                                               |      |   |
| Item 5.                                            | Market for Registrant’s Common Equity, Related Stockholder Matters and  |      |   |
|                                                    | Issuer Purchases of Equity Securities                                              | 5-1       |   |
| Item 6.                                                 | Selected Financial Data*                                                           | 6-1       |   |
| Item 7.                                                 | Management’s Discussion and Analysis of Financial Condition and              |      |   |
|                                                    | Results of Operations (“Management Narrative”)                         | 7-1       |   |
| Item 7A.                                                | Quantitative and Qualitative Disclosures About Market Risk                         | 7A-1      |   |
| Item 8.                                                 | Financial Statements and Supplementary Data                                        | FS-1      |   |
| Item 9.                                                 | Changes In and Disagreements With Accountants on Accounting and                    |      |   |
|                                                    | Financial Disclosure                                                               | 9-1       |   |
| Item 9A.                                                | Controls and Procedures                                                            | 9A-1      |   |
| Item 9B.                                           | Other Information                                                                  | 9B-1      |   |
|                                                    |                                                                               |      |   |
| Part III                                                |                                                                               |      |   |
|                                                    |                                                                               |      |   |
| Item 10.                                                | Directors, Executive Officers and Corporate Governance*                            | 10-1      |   |
| Item 11.                                                | Executive Compensation*                                                            | 11-1      |   |
| Item 12.                                                | Security Ownership of Certain Beneficial Owners and Management                     |      |   |
|                                                    | and Related Stockholder Matters*                                                   | 12-1      |   |
| Item 13.                                                | Certain Relationships and Related Transactions, and Director Independence*         | 13-1      |   |
| Item 14.                                                | Principal Accountant Fees and Services                                             | 14-1      |   |
|                                                    |                                                                               |      |   |
| Part IV                                                 |                                                                               |      |   |
|                                                    |                                                                               |      |   |
| Item 15.                                                | Exhibits, Financial Statement Schedules                                            | 15-1      |   |
|                                                    |                                                                               |      |   |
| Signatures                                              |                                                                               |  S-1 |   |
| Index to Exhibits                                       |                                                                               |  E-1 |   |
|                                                    |                                                                               |      |   |
|                                                    |                                                                               |      |   |
| *Omitted pursuant to General Instruction I to Form 10-K |                                                                               |      |

----

----

| ·   | Financial Protection and Wealth Management.  This area focuses on life insurance product design, marketing, distribution and in-force management. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Retirement Savings.  This area focuses on annuity product design, marketing, distribution and in-force management. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------|

| ·   | Strategic Shared Services.  This area provides a variety of services which are shared by our operating areas, including information technology, central marketing, innovation and communications, external affairs, law and the management of Separate Account investment options. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Finance.  This area provides a variety of financial services which are shared by our operating areas, including actuarial, controllers, sourcing and procurement, reinsurance and hedging, distribution finance, expense management, internal audit, investments, treasurers, risk management and tax. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Human Resources. This area is responsible for developing and executing a business-aligned human capital management strategy focused on leadership development, talent management and total rewards for our operating areas. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

|                                |   | Amount                |   |   | % of Total |   |
|-------------------------------------|--------|-----------------------|--------|--------|------------|--------|
|                                |   | (Dollars in Millions) |   |
|                                |   |                  |   |   |       |   |
| Fixed maturities                    |   | $                     | 29,363 |   |       |   | 73.6 | % |
| Mortgages                           |   |                  | 3,956  |   |       |   | 9.9 |   |
| Equity real estate                  |   |                  | 142    |   |       |   | .4 |   |
| Other equity investments            |   |                  | 1,395  |   |       |   | 3.5 |   |
| Policy loans                        |   |                  | 3,966  |   |       |   | 9.9 |   |
| Cash and short-term investments (2) |   |                  | 1,080  |   |       |   | 2.7 |   |
| Total                               |   | $                     | 39,902 |   |       |   | 100.0 | % |

| (1)   | Net amortized cost is the cost of the General Account Investment Assets (adjusted for impairments in value deemed to be other than temporary, if any) less depreciation and amortization, where applicable, and less valuation allowances on mortgage and real estate portfolios. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Comprised of “Cash and cash equivalents” and short-term investments included within the “Other invested assets” caption on the consolidated balance sheet. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

----

----

| ·   | decrease the account values of our variable life and annuity contracts which, in turn, reduces the amount of revenue we derive from fees charged on those account and asset values.  At the same time, for annuity contracts that provide enhanced guarantee features, equity market declines and/or volatility increases the amount of our potential obligations related to such enhanced guarantee features and may increase the cost of executing product guarantee related hedges beyond what was anticipated in the pricing of the products being hedged.  This could result in an increase in claims and reserves related to those contracts, net of any reinsurance reimbursements or proceeds from our hedging programs; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | negatively impact the value of equity securities we hold for investment, including our investment in AllianceBernstein, thereby reducing our statutory capital; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | adversely impact the levels of surrenders and withdrawals of our variable life and annuity contracts or cause contract owners to reallocate a portion of their account balances to more conservative investment options (which may have lower fees), which could negatively impact our future profitability and/or increase our benefit obligations particularly if they were to remain in such options during an equity market increase; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | reduce demand for variable products relative to fixed products; |
|--------------------|-----------------------------------------------------------------|

| ·   | lead to changes in estimates underlying our calculations of deferred acquisition costs that, in turn, could accelerate our DAC amortization and reduce our current earnings; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | result in changes to the fair value of our GMIB reinsurance contracts, which could increase the volatility of our earnings; and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------|

| ·   | decrease the value of assets held to fund payments to employees from our qualified pension plan, which could result in increased pension plan costs. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | changes in interest rates may reduce the spread on some of our products between the amounts that we are required to pay under the contracts and the rate of return we are able to earn on our general account investments supporting the contracts. When interest rates decline, we have to reinvest the cash income from our investments in lower yielding instruments, potentially reducing net investment income. Since many of our policies and contracts have guaranteed minimum interest or crediting rates or limit the resetting of interest rates, the spreads could decrease and potentially become negative. When interest rates rise, we may not be able to replace the assets in our general account as quickly with the higher yielding assets needed to fund the higher crediting rates necessary to keep these products and contracts competitive, which may result in higher lapse rates; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | when interest rates rise, policy loans and surrenders and withdrawals of life insurance policies and annuity contracts may increase as policyholders seek to buy products with perceived higher returns, requiring us to sell investment assets potentially resulting in realized investment losses, or requiring us to accelerate the amortization of DAC; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | a decline in interest rates accompanied by unexpected prepayments of certain investments may result in reduced investment income and a decline in our profitability. An increase in interest rates accompanied by unexpected extensions of certain lower yielding investments may result in a decline in our profitability; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | changes in the relationship between long-term and short-term interest rates may adversely affect the profitability of some of our products; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | changes in interest rates may adversely impact our liquidity and increase our costs of financing; |
|--------------------|---------------------------------------------------------------------------------------------------|

| ·   | our mitigation efforts with respect to interest rate risk are primarily focused on maintaining an investment portfolio with diversified maturities that has a weighted average duration that is approximately equal to the duration of our estimated liability cash flow profile. However, our estimate of the liability cash flow profile may turn out to be inaccurate. In addition, there are practical and capital market limitations on our ability to accomplish this matching. Due to these and other factors we may need to liquidate investments prior to maturity at a loss in order to satisfy liabilities or be forced to reinvest funds in a lower rate environment. Although we take measures, including hedging strategies utilizing derivative instruments to manage the economic risks of investing in a changing interest rate environment, we may not be able to effectively mitigate, and we may sometimes choose based on economic considerations and other factors not to fully mitigate, the interest rate risk of our assets relative to our liabilities; and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | for certain of our products, a delay between the time we make changes in interest rate and other assumptions used for product pricing and the time we are able to reflect these assumptions in products available for sale may negatively impact the long-term profitability of products sold during the intervening period. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| ·   | licensing companies and agents to transact business; |
|--------------------|------------------------------------------------------|

| ·   | calculating the value of assets to determine compliance with statutory requirements; |
|--------------------|--------------------------------------------------------------------------------------|

| ·   | regulating unfair trade and claims practices, including through the imposition of restrictions on marketing and sales practices, distribution arrangements and payment of inducements; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | establishing statutory capital and reserve requirements and solvency standards; |
|--------------------|---------------------------------------------------------------------------------|

| ·   | fixing maximum interest rates on insurance policy loans and minimum rates for guaranteed crediting rates on life insurance policies and annuity contracts; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | restricting the payment of dividends and other transactions between insurance subsidiaries and affiliates; and |
|--------------------|----------------------------------------------------------------------------------------------------------------|

| ·   | regulating the types, amounts, concentrations and valuation of investments. |
|--------------------|-----------------------------------------------------------------------------|

----

----

----

----

----

----

----

| ·   | we could experience long-term interruptions in our service due to the vulnerability of our information and operation systems and those of our significant vendors to the effects of catastrophic events.  Some of our operational systems are not fully redundant, and our disaster recovery and business continuity planning cannot account for all eventualities.  Additionally, unanticipated problems with our disaster recovery systems could further impede our ability to conduct business, particularly if those problems affect our computer-based data processing, transmission, storage and retrieval systems and destroy valuable data; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the occurrence of a pandemic disease could have a material adverse effect on our liquidity and the operating results of the Insurance Segment due to increased mortality and, in certain cases, morbidity rates; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the occurrence of any pandemic disease, natural disaster, terrorist attacks or any other catastrophic event that results in our workforce being unable to be physically located at one of our facilities could result in lengthy interruptions in our service; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | a localized catastrophic event that affects the location of one or more of our COLI and/or employer sponsored life insurance customers could cause a significant loss due to the corresponding mortality claims; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | another terrorist attack in the United States could have long-term economic impacts, that may have severe negative effects on our investment portfolio and disrupt our business operations.  Any continuous and heightened threat of terrorist attacks could also result in increased costs of reinsurance. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

| ·   | GMIB reinsurance contracts.  GMIB reinsurance contracts are used to cede to affiliated and non-affiliated reinsurers a portion of the exposure on variable annuity products that offer the GMIB feature.  Under U.S. GAAP, the GMIB reinsurance contracts ceded to affiliated and non-affiliated reinsurers are accounted for as derivatives and are reported at fair value.  Gross reserves for GMIB, on the other hand, are calculated under U.S. GAAP on the basis of assumptions related to projected benefits and related contract charges over the lives of the contracts and therefore will not immediately reflect the offsetting impact on future claims exposure resulting from the same capital market and/or interest rate fluctuations that cause gains or losses on the fair value of the GMIB reinsurance contracts.  Because the changes in the fair value of the GMIB reinsurance contracts are recorded in the period in which they occur while offsetting changes in gross reserves for GMIB will be recognized over time, earnings will tend to be more volatile, particularly during periods in which equity markets and/or interest rates change significantly.  This continued to be the case during 2010 as the impact of the significant increase in equity markets and the decrease in long-term interest rates in addition to a change in assumptions during 2010, as described below, resulted in an increase in the fair value of the reinsurance contracts, which was more than offset by the increase in the gross reserves. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Hedging programs.  Hedging programs are used to hedge certain risks associated with the VA Guarantee Features.  These programs currently utilize various derivative instruments that are managed in an effort to reduce the economic impact of unfavorable changes in VA Guarantee Features’ exposures attributable to movements in the equity and interest rate markets.  Although these programs are designed to provide a measure of economic protection against the impact adverse market conditions may have with respect to VA Guarantee Features, they do not qualify for hedge accounting treatment under U.S. GAAP, meaning that as in the case of the GMIB reinsurance contracts, changes in the value of the derivatives will be recognized in the period in which they occur while offsetting changes in reserves will be recognized over time, which will contribute to earnings volatility. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                |   | 2010          |   |   | 2009   |   |
|---------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|
|                                                                |   | (In Millions) |   |
|                                                                |   |          |   |   |   |   |
| (Increase) decrease in GMDB, GMIB and GWBL reserves,                |   |          |   |   |   |   |
| net of related GMDB reinsurance (1)                                 |   | $             | (923   | )      |   | $      | 533 |   |
| Increase (decrease) in fair value of GMIB reinsurance contracts (2) |   |          | 2,350  |   |   |   | (2,566 | ) |
| Income (loss) on free-standing derivatives (3)                      |   |          | (284   | )      |   |   | (3,079 | ) |
| Total                                                               |   | $             | 1,143  |   |   | $      | (5,112 | ) |

| (1)   | Reported in Policyholders’ benefits in the consolidated statements of earnings (loss) |
|-----------------|---------------------------------------------------------------------------------------------|

| (2)   | Reported in Increase (decrease) increase in fair value of reinsurance contracts in the consolidated statements of earnings (loss) |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Reported in Net investment (loss) income in the consolidated statements of earnings (loss) |
|-----------------|--------------------------------------------------------------------------------------------|

----

|                                                                 |   | 2009          |   |
|----------------------------------------------------------------------|--------|---------------|--------|
|                                                                 |   | (In Millions) |   |
|                                                                 |   |          |   |   |
| Earnings (Losses) from Discontinued Operations, Net of Income Taxes: |   |          |   |   |
| Wind-up Annuities                                                    |   | $             | (9     | )  |
| Real estate held-for-sale                                            |   |          | 12     |   |
| Total                                                                |   | $             | 3      |   |
|                                                                 |   |          |   |   |
| Gains (Losses) on Disposal of Discontinued Operations,               |   |          |   |   |
| Net of Income Taxes:                                                 |   |          |   |   |
| Real estate held-for-sale                                            |   | $             | -      |   |
| Total                                                                |   | $             | -      |   |

----

----

|                                                            |   | 2010          |   |   | 2009   |   |
|-----------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|
|                                                            |   | (In Millions) |   |
|                                                            |   |          |   |   |   |   |
| Universal life and investment-type product policy fee income    |   | $             | 3,067  |   |   | $      | 2,918 |   |
| Premiums                                                        |   |          | 530    |   |   |   | 431 |   |
| Net investment (loss) income:                                   |   |          |   |   |   |   |   |   |
| Investment (loss) income from derivative instruments            |   |          | (269   | )      |   |   | (3,079 | ) |
| Other investment income                                         |   |          | 2,212  |   |   |   | 1,932 |   |
| Total net investment (loss) income                              |   |          | 1,943  |   |   |   | (1,147 | ) |
| Investment gains (losses), net:                                 |   |          |   |   |   |   |   |   |
| Total other-than-temporary impairment losses                    |   |          | (300   | )      |   |   | (169 | ) |
| Portion of loss recognized in other comprehensive income        |   |          | 18     |   |   |   | 6 |   |
| Net impairment losses recognized                                |   |          | (282   | )      |   |   | (163 | ) |
| Other investment gains (losses), net                            |   |          | 75     |   |   |   | 164 |   |
| Total investment gains (losses), net                            |   |          | (207   | )      |   |   | 1 |   |
| Commissions, fees and other income                              |   |          | 828    |   |   |   | 700 |   |
| Increase (decrease) in fair value of reinsurance contracts      |   |          | 2,350  |   |   |   | (2,566 | ) |
| Total revenues                                                  |   |          | 8,511  |   |   |   | 337 |   |
|                                                            |   |          |   |   |   |   |   |   |
| Policyholders’ benefits                                   |   |          | 3,082  |   |   |   | 1,298 |   |
| Interest credited to policyholders’ account balances      |   |          | 950    |   |   |   | 1,004 |   |
| Compensation and benefits                                       |   |          | 546    |   |   |   | 519 |   |
| Commissions                                                     |   |          | 1,044  |   |   |   | 1,033 |   |
| Amortization of DAC                                             |   |          | 168    |   |   |   | 115 |   |
| Capitalization of DAC                                           |   |          | (916   | )      |   |   | (975 | ) |
| Rent expense                                                    |   |          | 61     |   |   |   | 64 |   |
| Interest expense                                                |   |          | 106    |   |   |   | 106 |   |
| All other operating costs and expenses                          |   |          | 857    |   |   |   | 838 |   |
| Total benefits and other deductions                             |   |          | 5,898  |   |   |   | 4,002 |   |
|                                                            |   |          |   |   |   |   |   |   |
| Earnings (Loss) from Continuing Operations, Before Income Taxes |   | $             | 2,613  |   |   | $      | (3,665 | ) |

----

----

----

| ·   | features and pricing of various products, including but not limited to variable annuity products, continue to change rapidly, in response to changing customer preferences, company risk appetites, capital utilization and other factors, |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | various insurance companies, including one or more in the Insurance Group, have eliminated and/or limited sales of certain annuity and life insurance products or features, and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                 |   | 2010          |   |   | 2009   |   |
|------------------------------------------------------|--------|---------------|--------|--------|--------|--------|
|                                                 |   | (In Millions) |   |
|                                                 |   |          |   |   |   |   |
| Revenues:                                            |   |          |   |   |   |   |
| Investment advisory and services fees (1)            |   | $             | 2,052  |   |   | $      | 1,920 |   |
| Distribution revenues                                |   |          | 339    |   |   |   | 277 |   |
| Bernstein research services                          |   |          | 431    |   |   |   | 435 |   |
| Other revenues                                       |   |          | 112    |   |   |   | 107 |   |
| Commissions, fees and other income                   |   |          | 2,934  |   |   |   | 2,739 |   |
|                                                 |   |          |   |   |   |   |   |   |
| Investment income (losses)                           |   |          | 6      |   |   |   | 153 |   |
| Less: interest expense to finance trading activities |   |          | (4     | )      |   |   | (4 | ) |
| Net investment income (losses)                       |   |          | 2      |   |   |   | 149 |   |
|                                                 |   |          |   |   |   |   |   |   |
| Investment gains, net                                |   |          | 23     |   |   |   | 53 |   |
| Total revenues                                       |   |          | 2,959  |   |   |   | 2,941 |   |
|                                                 |   |          |   |   |   |   |   |   |
| Expenses:                                            |   |          |   |   |   |   |   |   |
| Compensation and benefits                            |   |          | 1,407  |   |   |   | 1,340 |   |
| Distribution plan payments                           |   |          | 287    |   |   |   | 234 |   |
| Amortization of deferred sales commissions           |   |          | 47     |   |   |   | 55 |   |
| Interest expense                                     |   |          | -      |   |   |   | 1 |   |
| Rent expense                                         |   |          | 183    |   |   |   | 194 |   |
| Amortization of other intangible assets, net         |   |          | 23     |   |   |   | 24 |   |
| Other operating costs and expenses                   |   |          | 612    |   |   |   | 505 |   |
| Total expenses                                       |   |          | 2,559  |   |   |   | 2,353 |   |
|                                                 |   |          |   |   |   |   |   |   |
| Earnings from Continuing Operations before           |   |          |   |   |   |   |   |   |
| Income Taxes                                         |   | $             | 400    |   |   | $      | 588 |   |

| (1)   | Included fees earned by AllianceBernstein totaling $30 million and $28 million in 2010 and 2009, respectively, for services provided to the Insurance Group. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                              |   | December 31,  |    |
|-----------------------------------|--------|---------------|---------|
|                              |   | 2010          |    |   | 2009 |   |
|                              |   | (In Millions) |    |
|                              |   |          |    |   |   |   |
| Third party(1)(3)                 |   | $             | 417,583 |   |   | $ | 427,028 |   |
| General Account and other(2)      |   |          | 50,320  |   |   |   | 51,383 |   |
| Insurance Group Separate Accounts |   |          | 92,014  |   |   |   | 84,054 |   |
| Total Assets Under Management     |   | $             | 559,917 |   |   | $ | 562,465 |   |

| (1)   | Included $45.83 billion and $40.02 billion of assets managed on behalf of AXA affiliates at December 31, 2010 and 2009, respectively.  Third party AUM includes 100% of the estimated fair value of real estate owned by joint ventures in which third party clients own an interest. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Included invested assets of the Company not managed by AllianceBernstein, principally cash and short-term investments and policy loans, totaling approximately $10.0 billion and $13.4 billion at December 31, 2010 and 2009, respectively, as well as mortgages and equity real estate totaling $4.0 billion and $4.07 billion at December 31, 2010 and 2009, respectively. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Previously reported third party AUM in 2009 was adjusted by removing the assets of an affiliated account for which AllianceBernstein serves in an advisory capacity and does not have discretionary trading authority. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

| ·   | At December 31, 2010, AXA Equitable had outstanding $650 million of 5.40% senior unsecured notes issued by AXA affiliates and a $400 million 8% mortgage note from a non-insurance subsidiary of AXA Financial. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | AllianceBernstein provides investment management and related services to AXA, AXA Financial and AXA Equitable and certain of their subsidiaries and affiliates.  AllianceBernstein and AXA Asia Pacific Holdings, Limited, an AXA affiliate, owns an investment management company and recognized management fees of $37 million, $41 million and $68 million in 2010, 2009 and 2008, respectively, of which approximately $13 million, $14 million and $20 million, respectively, were from AXA affiliates and $4 million, $4 million and $10 million, respectively, were attributed to noncontrolling interest. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | AXA Financial, AXA Equitable and AllianceBernstein, along with other AXA affiliates, participate in certain cost sharing and servicing agreements, which include technology and professional development arrangements.  Payments by AXA Equitable and AllianceBernstein to AXA under such agreements totaled approximately $55 million, $48 million and $45 million in 2010, 2009 and 2008, respectively.  Payments by AXA and AXA affiliates to the Company under such agreements totaled approximately $22 million, $18 million and $28 million in 2010, 2009 and 2008, respectively.  Included in the payments by AXA and AXA affiliates to the Company were $8 million, $8 million and $13 million from AXA Tech for 2010, 2009 and 2008, respectively.  AXA Equitable provided and paid for certain services at cost on behalf of AXA Tech; these costs which totaled $105 million, $107 million and $118 million for 2010, 2009 and 2008, respectively, offset the amounts AXA Financial Group were charged in those years for services provided by AXA Tech. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                 |   |                      |    |   | Payments Due by Period |   |
|------------------------------------------------------|--------|---------------------------|---------|--------|------------------------|--------|
|                                                 |   |                      |    |   | Less than              |   |   |   |   |   |   |   |   |  Over |   |
|                                                 |   | Total                     |    |   | 1 year                 |   |   | 1 – 3 years |   |   | 4 – 5 years |   |   | 5 years |   |
|                                                 |   |   (In Millions) |    |
| Contractual obligations:                             |   |                      |    |   |                   |   |   |   |   |   |   |   |   |   |   |
| Policyholders liabilities -                          |   |                      |    |   |                   |   |   |   |   |   |   |   |   |   |   |
| policyholders’ account                         |   |                      |    |   |                   |   |   |   |   |   |   |   |   |   |   |
| balances, future policy                              |   |                      |    |   |                   |   |   |   |   |   |   |   |   |   |   |
| benefits and other                                   |   |                      |    |   |                   |   |   |   |   |   |   |   |   |   |   |
| policyholders liabilities (1)                        |   | $                         | 95,550  |   |                   | $      | 2,297 |   |   | $ | 4,759 |   |   | $ | 5,427 |   |   | $ | 83,067 |   |
| Long-term debt                                       |   |                      | 200     |   |                   |   | - |   |   |   | - |   |   |   | 200 |   |   |   | - |   |
|     Interest on long-term debt        |   |                      | 77      |   |                   |   | 15 |   |   |   | 31 |   |   |   | 31 |   |   |   |  - |   |
| Loans from affiliates                                |   |                      | 1,325   |   |                   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,325 |   |
|     Interest on loans from affiliates |   |                      | 1,056   |   |                   |   | 91 |   |   |   | 181 |   |   |   | 181 |   |   |   | 603 |   |
| Operating leases                                     |   |                      | 2,983   |   |                   |   | 225 |   |   |   | 469 |   |   |   | 456 |   |   |   | 1,833 |   |
| Funding commitments                                  |   |                      | 36      |   |                   |   | 11 |   |   |   | 14 |   |   |   | 11 |   |   |   | - |   |
| Employee benefits                                    |   |                      | 1,922   |   |                   |   | 190 |   |   |   | 397 |   |   |   | 392 |   |   |   | 943 |   |
|                                                 |   |                      |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Contractual                                    |   |                      |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Obligations                                          |   | $                         | 103,149 |   |                   | $      | 2,829 |   |   | $ | 5,851 |   |   | $ | 6,698 |   |   | $ | 87,771 |   |

| (1)   | Policyholders liabilities represent estimated cash flows out of the General Account related to the payment of death and disability claims, policy surrenders and withdrawals, annuity payments, minimum guarantees on Separate Account funded contracts, matured endowments, benefits under accident and health contracts, policyholder dividends and future renewal premium-based and fund-based commissions offset by contractual future premiums and deposits on in-force contracts.  These estimated cash flows are based on mortality, morbidity and lapse assumptions comparable with the Company’s experience and assume market growth and interest crediting consistent with assumptions used in amortizing DAC.  These amounts are undiscounted and, therefore, exceed the Policyholders’ account balances and Future policy benefits and other policyholder liabilities included in the consolidated balance sheet included elsewhere herein.  They do not reflect projected recoveries from reinsurance agreements.  Due to the use of assumptions, actual cash flows will differ from these estimates (see “Critical Accounting Estimates – Future Policy Benefits”).  Separate Accounts liabilities have been excluded as they are legally insulated from General Account obligations and will be funded by cash flows from Separate Accounts assets. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|              | December 31, 2010 |   | December 31, 2009 |   |
|-------------------|-------------------|--------|-------------------|--------|
|              |              |   | Balance After     |   |   |   | Balance After |   |
|              | Fair              |   | +100 Base         |   | Fair |   | +100 Basis |   |
|              | Value             |   | Point Change      |   | Value |   | Point Change |   |
| Insurance Group:  |              |   |              |   |  (In Millions) |   |   |   |   |
| Fixed maturities: |              |   |              |   |   |   |   |   |   |   |   |   |
| Fixed rate        |              | $      | 29,475            |   |   | $ | 28,086 |   |   | $ | 27,955 |   |   | $ | 26,719 |   |
| Floating rate     |              |   | 405               |   |   |   | 399 |   |   |   | 234 |   |   |   | 233 |   |
| Mortgage loans    |              |   | 4,080             |   |   |   | 3,946 |   |   |   | 3,946 |   |   |   | 3,791 |   |

----

|            |   | December 31, 2010   |   |   | December 31, 2009                    |   |
|-----------------|--------|---------------------|--------|--------|--------------------------------------|--------|
|            |   | FairValue           |   |   | Balance After-10% EquityPrice Change |   |   | FairValue |   |   | Balance After-10% EquityPrice Change |   |
|            |   |  (In Millions) |   |
| Insurance Group |   | $                   | 49     |   |                                 | $      | 44 |   |   | $ | 67 |   |   | $ | 60 |   |

----

|                                |   |                                                  |         |   |     |   |      | Interest Rate Sensitivity |   |
|-------------------------------------|--------|-------------------------------------------------------|--------------|--------|----------|--------|-----------|---------------------------|--------|
|                                |   |                                                  |         |   | Weighted |   |      |                      |   |   |   |   |   |   |   |
|                                |   |                                                  |         |   | Average  |   |      | Balance After             |   |   |   |   |   | Balance After |   |
|                                |   | Notional                                              |         |   | Term     |   |      | -100 Basis                |   |   | Fair |   |   | +100 Basis |   |
|                                |   | Amount                                                |         |   | (Years)  |   |      | Point Change              |   |   | Value |   |   | Point Change |   |
|                                |   |  (In Millions, Except for Weighted Average Term) |         |
|  December 31, 2010   |   |                                                  |         |   |     |   |      |                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Floors                              |   | $                                                     | 9,000        |   |     |   | 4.0       |                      |   | $ | 453 |   |   | $ | 326 |   |   | $ | 241 |   |
| Swaps                               |   |                                                  |  5,352  |   |     |   |  8.6 |                      |   |   |  437 |   |   |   |  68 |   |   |   |  (266 | )  |
| Futures                             |   |                                                  |  5,151  |   |     |   |  .2  |                      |   |   |  290 |   |   |   | - |   |   |   |  (256 | )  |
| Swaptions                           |   |                                                  |  4,479  |   |     |   |  5.0 |                      |   |   |  427 |   |   |   |  171 |   |   |   |  65 |   |
| Total                               |   | $                                                     |  23,982 |   |     |   |      |                      |   | $ |  1,607 |   |   | $ |  565 |   |   | $ |  (216 | )  |
|                                |   |                                                  |         |   |     |   |      |                      |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2009                   |   |                                                  |         |   |     |   |      |                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Floors                              |   | $                                                     | 15,000       |   |     |   | 2.65      |                      |   | $ | 428 |   |   | $ | 300 |   |   | $ | 214 |   |
| Swaps                               |   |                                                  | 2,100        |   |     |   | 6.91      |                      |   |   | 274 |   |   |   | 61 |   |   |   | (132 | ) |
| Futures                             |   |                                                  | 3,791        |   |     |   | .22       |                      |   |   | 306 |   |   |   | - |   |   |   | (282 | )  |
| Swaptions                           |   |                                                  | 1,200        |   |     |   | 9.53      |                      |   |   | 88 |   |   |   | 45 |   |   |   | 23 |   |
| Total                               |   | $                                                     | 22,091       |   |     |   |      |                      |   | $ | 1,096 |   |   | $ | 406 |   |   | $ | (177 | ) |

|                                |   |   |        |   |   |   |      |   |   |   | Equity Sensitivity |   |
|-------------------------------------|--------|--------|-------------|--------|--------|--------|-----------|--------|--------|--------|--------------------|--------|
|                                |   |   |        |   |   |   |      |   |   |   |               |   |   | Balance After |   |
|                                |   |   |        |   |   |   |      |   |   |   | Fair               |   |   | -10% Equity |   |
|                                |   |   |        |   |   |   |      |   |   |   | Value              |   |   | Price Shift |   |
|                                |   |   |        |
|  December 31, 2010   |   |   |        |   |   |   |      |   |   |   |               |   |   |   |   |   |   |   |   |   |
| Futures                             |   | $      | 3,772       |   |   |   | .2        |   |   |   |               |   |   | $ | - |   |   | $ | 327 |   |
| Swaps                               |   |   | 734         |   |   |   | .9        |   |   |   |               |   |   |   | (27 | ) |   |   |  46 |   |
| Options                             |   |   |  1,070 |   |   |   |  3.0 |   |   |   |               |   |   |   | 4 |   |   |   |  3 |   |
| Total                               |   | $      |  5,576 |   |   |   |      |   |   |   |               |   |   | $ | (23 | )  |   | $ |  376 |   |
|                                |   |   |        |   |   |   |      |   |   |   |               |   |   |   |   |   |   |   |   |   |
| December 31, 2009                   |   |   |        |   |   |   |      |   |   |   |               |   |   |   |   |   |   |   |   |   |
| Futures                             |   | $      | 3,399       |   |   |   | .22       |   |   |   |               |   |   | $ | - |   |   | $ | 308 |   |
| Swaps                               |   |   | 801         |   |   |   | .13       |   |   |   |               |   |   |   | (18 | )  |   |   | 66 |   |
| Options                             |   |   | 11,650      |   |   |   | .28       |   |   |   |               |   |   |   | (219 | )  |   |   | (128 | )  |
| Total                               |   | $      | 15,850      |   |   |   |      |   |   |   |               |   |   | $ | (237 | )  |   | $ | 246 |   |

----

|                   |   | December 31, 2010 |      |   | December 31, 2009   |   |
|------------------------|--------|-------------------|-----------|--------|---------------------|--------|
|                   |   |              |      |   | Balance After       |   |   |   |   |   | Balance After |   |
|                   |   | Fair              |      |   | -100 Basis          |   |   | Fair |   |   | -100 Basis |   |
|                   |   | Value             |      |   | Point Change        |   |   | Value |   |   | Point Change  |   |
|                   |   |              |      |   |  (In Millions) |   |   |   |   |
| Continuing Operations: |   |              |      |   |                |   |   |   |   |   |   |   |
| Fixed rate             |   | $                 | 228  |   |                | $      | 238  |   |   | $ | 226 |   |   | $ | 237 |   |

|                         | December 31, 2010 |   | December 31, 2009 |                |
|------------------------------|-------------------|--------|-------------------|---------------------|
|                         |              |   | Balance After     |                |   |   | Balance After |   |
|                         | Fair              |   | +100 Basis Point  |                | Fair |   | +100 Basis Point |   |
|                         | Value             |   | Change            |                | Value |   | Change |   |
|                         |              |   |              |  (In Millions) |   |   |   |   |
| Fixed Income Investments:    |              |   |              |                |   |   |   |   |   |   |   |   |
| Trading                      |              | $      | 208               |                |   | $ | 198 |   |   | $ | 126 |   |   | $ | 120 |   |
| Available-for-sale and other |              |   |              |                |   |   |   |   |   |   |   |   |   |   |   |   |
| investments                  |              |   | 7                 |                |   |   | 6 |   |   |   | - |   |   |   | - |   |

----

|                         | December 31, 2010 |   | December 31, 2009 |                |
|------------------------------|-------------------|--------|-------------------|---------------------|
|                         |              |   | Balance After     |                |   |   | Balance After |   |
|                         | Fair              |   | -10% equity Price |                | Fair |   | -10% equity Price |   |
|                         | Value             |   | Change            |                | Value |   | Change |   |
| Equity Investments:          |              |   |              |  (In Millions) |   |   |   |   |
|                         |              |   |              |                |   |   |   |   |   |   |   |   |   |   |   |   |
| Trading                      |              | $      | 297               |                |   | $ | 268 |   |   | $ | 359 |   |   | $ | 323 |   |
| Available-for-sale and other |              |   |              |                |   |   |   |   |   |   |   |   |   |   |   |   |
| investments                  |              |   | 244               |                |   |   | 220 |   |   |   | 283 |   |   |   | 255 |   |

----

| Report of Independent Registered Public Accounting Firm                                             | F-1    |
|-----------------------------------------------------------------------------------------------------|--------|
|                                                                                                |   |
| Consolidated Financial Statements:                                                                  |   |
| Consolidated Balance Sheets, December 31, 2010 and 2009                                             | F-2    |
| Consolidated Statements of Earnings (Loss), Years Ended December 31, 2010, 2009 and 2008            | F-3    |
| Consolidated Statements of Equity, Years Ended December 31, 2010, 2009 and 2008                     | F-5    |
| Consolidated Statements of Comprehensive Income (Loss),Years Ended December 31, 2010, 2009 and 2008 | F-6    |
| Consolidated Statements of Cash Flows, Years Ended December 31, 2010, 2009 and 2008                 | F-7    |
| Notes to Consolidated Financial Statements                                                          | F-9    |
|                                                                                                |   |
| Report of Independent Registered Public Accounting Firm on Financial Statement Schedules            | F-87   |
|                                                                                                |   |
| Consolidated Financial Statement Schedules:                                                         |   |
| Schedule I - Summary of Investments - Other than Investments in Related Parties,                    |   |
| December 31, 2010                                                                                   | F-88   |
| Schedule II - Balance Sheets (Parent Company), December 31, 2010 and 2009                           | F-89   |
| Schedule II - Statements of Earnings (Loss) (Parent Company),                                       |   |
| Years Ended December 31, 2010, 2009 and 2008                                                        | F-90   |
| Schedule II - Statements of Cash Flows (Parent Company),                                            |   |
| Years Ended December 31, 2010, 2009 and 2008                                                        | F-91   |
| Schedule III - Supplementary Insurance Information,                                                 |   |
| Years Ended December 31, 2010, 2009 and 2008                                                        | F-93   |
| Schedule IV - Reinsurance, Years Ended December 31, 2010, 2009 and 2008                             | F-96   |

----

----

|                                                                                                                                                                                                   |   | 2010          |    |   | 2009   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|--------|--------|
|                                                                                                                                                                                                   |   | (In Millions) |    |
| ASSETS                                                                                                                                                                                                 |   |          |    |   |   |   |
| Investments:                                                                                                                                                                                           |   |          |    |   |   |   |
| Fixed maturities available for sale, at fair value                                                                                                                                                     |   | $             | 29,057  |   |   | $      | 27,470 |   |
| Mortgage loans on real estate                                                                                                                                                                          |   |          | 3,571   |   |   |   | 3,555 |   |
| Equity real estate, held for the production of income                                                                                                                                                  |   |          | 140     |   |   |   | 98 |   |
| Policy loans                                                                                                                                                                                           |   |          | 3,581   |   |   |   | 3,617 |   |
| Other equity investments                                                                                                                                                                               |   |          | 1,618   |   |   |   | 1,562 |   |
| Trading securities                               |   |          | 506     |   |   |   | 485 |   |
| Other invested assets                                                                                                                                                                                  |   |          | 1,413   |   |   |   | 1,483 |   |
| Total investments                                                                                                                                                                                      |   |          | 39,886  |   |   |   | 38,270 |   |
| Cash and cash equivalents                                                                                                                                                                              |   |          | 2,155   |   |   |   | 1,792 |   |
| Cash and securities segregated, at fair value                                                                                                                                                          |   |          | 1,110   |   |   |   | 986 |   |
| Broker-dealer related receivables                                                                                                                                                                      |   |          | 1,389   |   |   |   | 1,088 |   |
| Deferred policy acquisition costs                                                                                                                                                                      |   |          | 8,383   |   |   |   | 7,745 |   |
| Goodwill and other intangible assets, net                                                                                                                                                              |   |          | 3,702   |   |   |   | 3,676 |   |
| Amounts due from reinsurers                                                                                                                                                                            |   |          | 3,252   |   |   |   | 3,028 |   |
| Loans to affiliates                                                                                                                                                                                    |   |          | 1,045   |   |   |   | 1,048 |   |
| Other assets                                                                                                                                                                                           |   |          | 10,220  |   |   |   | 8,255 |   |
| Separate Accounts’ assets                                                                                                                                                                        |   |          | 92,014  |   |   |   | 84,016 |   |
|                                                                                                                                                                                                   |   |          |    |   |   |   |   |   |
| Total Assets                                                                                                                                                                                           |   | $             | 163,156 |   |   | $      | 149,904 |   |
|                                                                                                                                                                                                   |   |          |    |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                            |   |          |    |   |   |   |   |   |
| Policyholders’ account balances                                                                                                                                                                  |   | $             | 24,654  |   |   | $      | 24,107 |   |
| Future policy benefits and other policyholders liabilities                                                                                                                                             |   |          | 18,965  |   |   |   | 17,727 |   |
| Broker-dealer related payables                                                                                                                                                                         |   |          | 369     |   |   |   | 279 |   |
| Customers related payables                                                                                                                                                                             |   |          | 1,770   |   |   |   | 1,431 |   |
| Amounts due to reinsurers                                                                                                                                                                              |   |          | 75      |   |   |   | 81 |   |
| Short-term and long-term debt                                                                                                                                                                          |   |          | 425     |   |   |   | 449 |   |
| Loans from affiliates                                                                                                                                                                                  |   |          | 1,325   |   |   |   | 1,325 |   |
| Income taxes payable                                                                                                                                                                                   |   |          | 4,315   |   |   |   | 3,357 |   |
| Other liabilities                                                                                                                                                                                      |   |          | 3,075   |   |   |   | 3,002 |   |
| Separate Accounts’ liabilities                                                                                                                                                                   |   |          | 92,014  |   |   |   | 84,016 |   |
| Total liabilities                                                                                                                                                                                      |   |          | 146,987 |   |   |   | 135,774 |   |
|                                                                                                                                                                                                   |   |          |    |   |   |   |   |   |
| Commitments and contingent liabilities (Notes 2, 7, 10, 11, 12, 13, 18 and 19)                                                                                                                         |   |          |    |   |   |   |   |   |
|                                                                                                                                                                                                   |   |          |    |   |   |   |   |   |
| EQUITY                                                                                                                                                                                                 |   |          |    |   |   |   |   |   |
| AXA Equitable’s equity:                                                                                                                                                                          |   |          |    |   |   |   |   |   |
| Common stock, $1.25 par value, 2 million shares authorized, issued and outstanding                                                                                                                     |   |          | 2       |   |   |   | 2 |   |
| Capital in excess of par value                                                                                                                                                                         |   |          | 5,593   |   |   |   | 5,583 |   |
| Retained earnings                                                                                                                                                                                      |   |          | 8,085   |   |   |   | 6,312 |   |
| Accumulated other comprehensive income (loss)                                                                                                                                                          |   |          | (629    | )      |   |   | (1,036 | ) |
| Total AXA Equitable’s equity                                                                                                                                                                     |   |          | 13,051  |   |   |   | 10,861 |   |
| Noncontrolling interest                                                                                                                                                                                |   |          | 3,118   |   |   |   | 3,269 |   |
| Total equity                                                                                                                                                                                           |   |          | 16,169  |   |   |   | 14,130 |   |
|                                                                                                                                                                                                   |   |          |    |   |   |   |   |   |
| Total Liabilities and Equity                                                                                                                                                                           |   | $             | 163,156 |   |   | $      | 149,904 |   |

----

|                                                                       |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|----------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                       |   | (In Millions) |   |
|                                                                       |   |          |   |
| REVENUES                                                                   |   |          |   |   |   |   |   |   |   |
| Universal life and investment-type product                                 |   |          |   |   |   |   |   |   |   |
| policy fee income                                                          |   | $             | 3,067  |   |   | $      | 2,918  |   |   | $ | 2,952 |   |
| Premiums                                                                   |   |          | 530    |   |   |   | 431    |   |   |   | 759 |   |
| Net investment income (loss):                                              |   |          |   |   |   |   |   |   |   |   |   |   |
| Investment income (loss) fromderivative instruments                        |   |          | (284   | )      |   |   | (3,079 | )      |   |   | 7,302 |   |
| Other investment income                                                    |   |          | 2,260  |   |   |   | 2,099  |   |   |   | 1,752 |   |
| Total net investment income (loss)                                         |   |          | 1,976  |   |   |   | (980   | )      |   |   | 9,054 |   |
| Investment gains (losses), net:                                            |   |          |   |   |   |   |   |   |   |   |   |   |
| Total other-than-temporary impairment losses                               |   |          | (300   | )      |   |   | (169   | )      |   |   | (286 | ) |
| Portion of loss recognized in othercomprehensive income (loss)             |   |          | 18     |   |   |   | 6      |   |   |   | - |   |
| Net impairment losses recognized                                           |   |          | (282   | )      |   |   | (163   | )      |   |   | (286 | ) |
| Other investment gains (losses), net                                       |   |          | 98     |   |   |   | 217    |   |   |   | (53 | ) |
| Total investment gains (losses), net                                       |   |          | (184   | )      |   |   | 54     |   |   |   | (339 | ) |
| Commissions, fees and other income                                         |   |          | 3,702  |   |   |   | 3,385  |   |   |   | 4,549 |   |
|  Increase (decrease)  in fair value ofreinsurance contracts |   |          | 2,350  |   |   |   | (2,566 | )      |   |   | 1,567 |   |
| Total revenues                                                             |   |          | 11,441 |   |   |   | 3,242  |   |   |   | 18,542 |   |
|                                                                       |   |          |   |   |   |   |   |   |   |   |   |   |
| BENEFITS AND OTHER DEDUCTIONS                                              |   |          |   |   |   |   |   |   |   |   |   |   |
| Policyholders’ benefits                                              |   |          | 3,082  |   |   |   | 1,298  |   |   |   | 4,702 |   |
| Interest credited to policyholders’ account balances                 |   |          | 950    |   |   |   | 1,004  |   |   |   | 1,065 |   |
| Compensation and benefits                                                  |   |          | 1,953  |   |   |   | 1,859  |   |   |   | 1,990 |   |
| Commissions                                                                |   |          | 1,044  |   |   |   | 1,033  |   |   |   | 1,437 |   |
| Distribution related payments                                              |   |          | 287    |   |   |   | 234    |   |   |   | 308 |   |
| Amortization of deferred sales commissions                                 |   |          | 47     |   |   |   | 55     |   |   |   | 79 |   |
| Interest expense                                                           |   |          | 106    |   |   |   | 107    |   |   |   | 52 |   |
| Amortization of deferred policy acquisition costs                          |   |          | 168    |   |   |   | 115    |   |   |   | 3,485 |   |
| Capitalization of deferred policy acquisition costs                        |   |          | (916   | )      |   |   | (975   | )      |   |   | (1,394 | ) |
| Rent expense                                                               |   |          | 244    |   |   |   | 258    |   |   |   | 247 |   |
| Amortization of other intangible assets                                    |   |          | 23     |   |   |   | 24     |   |   |   | 24 |   |
| Other operating costs and expenses                                         |   |          | 1,438  |   |   |   | 1,309  |   |   |   | 1,161 |   |
| Total benefits and other deductions                                        |   |          | 8,426  |   |   |   | 6,321  |   |   |   | 13,156 |   |

----

|                                                                             |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|----------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                             |   | (In Millions) |   |
|                                                                             |   |          |   |   |   |   |   |   |   |
|  Earnings (loss)  from continuing operations, before income taxes |   | $             | 3,015  |   |   | $      | (3,079 | )      |   | $ | 5,386 |   |
| Income tax (expense) benefit                                                     |   |          | (707   | )      |   |   | 1,272  |   |   |   | (1,691 | ) |
|                                                                             |   |          |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss)  from continuing operations, net of income taxes       |   |          | 2,308  |   |   |   | (1,807 | )      |   |   | 3,695 |   |
| Earnings (loss) from discontinued operations, net of income taxes                |   |          | -      |   |   |   | 3      |   |   |   | (5 | ) |
| Gains (losses) on disposal of discontinued operations, net of income taxes       |   |          | -      |   |   |   | -      |   |   |   | 6 |   |
|                                                                             |   |          |   |   |   |   |   |   |   |   |   |   |
| Net earnings (loss)                                                              |   |          | 2,308  |   |   |   | (1,804 | )      |   |   | 3,696 |   |
| Less: net earnings (loss) attributable to noncontrolling interest                |   |          | (235   | )      |   |   | (359   | )      |   |   | (470 | ) |
|                                                                             |   |          |   |   |   |   |   |   |   |   |   |   |
| Net Earnings (Loss) Attributable to AXA Equitable                                |   | $             | 2,073  |   |   | $      | (2,163 | )      |   | $ | 3,226 |   |
|                                                                             |   |          |   |   |   |   |   |   |   |   |   |   |
|                                                                             |   |          |   |   |   |   |   |   |   |   |   |   |
| Amounts attributable to AXA Equitable:                                           |   |          |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) earnings from continuing operations, net of income taxes         |   | $             | 2,073  |   |   | $      | (2,166 | )      |   | $ | 3,225 |   |
| Earnings (loss) from discontinued operations, net of income taxes                |   |          | -      |   |   |   | 3      |   |   |   | (5 | ) |
| Gains (losses) on disposal of discontinued operations, net of income taxes       |   |          | -      |   |   |   | -      |   |   |   | 6 |   |
| Net Earnings (Loss)                                                              |   | $             | 2,073  |   |   | $      | (2,163 | )      |   | $ | 3,226 |   |

----

|                                                                     |   | 2010          |   |    | 2009   |   |   | 2008   |   |
|--------------------------------------------------------------------------|--------|---------------|--------|---------|--------|--------|--------|--------|--------|
|                                                                     |   | (In Millions) |   |
| EQUITY                                                                   |   |          |   |
| AXA Equitable’s equity:                                            |   |          |   |    |   |   |   |   |   |
| Common stock, at par value, beginning and end of year                    |   | $             | 2      |    |   | $      | 2      |   |   | $ | 2 |   |
|                                                                     |   |          |   |    |   |   |   |   |   |   |   |   |
| Capital in excess of par value, beginning of year                        |   |          | 5,583  |    |   |   | 5,184  |   |   |   | 5,265 |   |
| Sale of AllianceBernstein Units to noncontrolling interest               |   |          | -      |    |   |   | (54    | )      |   |   | - |   |
| Changes in capital in excess of par value                                |   |          | 10     |    |   |   | 453    |   |   |   | (81 | ) |
| Capital in excess of par value, end of year                              |   |          | 5,593  |    |   |   | 5,583  |   |   |   | 5,184 |   |
|                                                                     |   |          |   |    |   |   |   |   |   |   |   |   |
| Retained earnings, beginning of year                                     |   |          | 6,312  |    |   |   | 8,413  |   |   |   | 5,187 |   |
| Net earnings (loss) attributable to AXA Equitable                        |   |          | 2,073  |    |   |   | (2,163 | )      |   |   | 3,226 |   |
| Stockholder dividends                                                    |   |          | (300   | )       |   |   | -      |   |   |   | - |   |
| Impact of implementing new accounting guidance,net of taxes              |   |          | -      |    |   |   | 62     |   |   |   | - |   |
| Retained earnings, end of year                                           |   |          | 8,085  |    |   |   | 6,312  |   |   |   | 8,413 |   |
|                                                                     |   |          |   |    |   |   |   |   |   |   |   |   |
| Accumulated other comprehensive income (loss),beginning of year          |   |          | (1,036 | )       |   |   | (2,236 | )      |   |   | (268 | ) |
| Impact of implementing new accounting guidance,net of taxes              |   |          | -      |    |   |   | (62    | )      |   |   | - |   |
| Other comprehensive income (loss) attributable toAXA Equitable           |   |          | 407    |    |   |   | 1,262  |   |   |   | (1,968 | ) |
| Accumulated other comprehensive income (loss), end of year               |   |          | (629   | )       |   |   | (1,036 | )      |   |   | (2,236 | ) |
|                                                                     |   |          |   |    |   |   |   |   |   |   |   |   |
| AXA Equitable’s equity, end of year                                |   |          | 13,051 |    |   |   | 10,861 |   |   |   | 11,363 |   |
|                                                                     |   |          |   |    |   |   |   |   |   |   |   |   |
| Noncontrolling interest, beginning of year                               |   |          | 3,269  |    |   |   | 2,897  |   |   |   | 2,479 |   |
| Net earnings (loss) attributable to noncontrolling interest              |   |          | 235    |    |   |   | 359    |   |   |   | 470 |   |
| Other comprehensive income (loss)attributable to noncontrolling interest |   |          | (7     | )  |   |   | 66     |   |   |   | (70 | ) |
| Purchase of AllianceBernstein Units bynoncontrolling interest            |   |          | 5      |    |   |   | -      |   |   |   | 8 |   |
| Repurchase of AllianceBernstein Holding units                            |   |          | (148   | )       |   |   | -      |   |   |   | - |   |
| Purchase of AB Put                                                       |   |          | -      |    |   |   | 135    |   |   |   | 496 |   |
| Dividends paid to noncontrolling interest                                |   |          | (357   | )       |   |   | (320   | )      |   |   | (563 | ) |
| Capital contributions                                                    |   |          | -      |    |   |   | -      |   |   |   | 13 |   |
| Other changes in noncontrolling interest                                 |   |          | 121    |    |   |   | 132    |   |   |   | 64 |   |
|                                                                     |   |          |   |    |   |   |   |   |   |   |   |   |
| Noncontrolling interest, end of year                                     |   |          | 3,118  |    |   |   | 3,269  |   |   |   | 2,897 |   |
|                                                                     |   |          |   |    |   |   |   |   |   |   |   |   |
| Total Equity, End of Year                                                |   | $             | 16,169 |    |   | $      | 14,130 |   |   | $ | 14,260 |   |

----

|                                                                     |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|--------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                     |   | (In Millions) |   |
|                                                                     |   |          |   |   |   |   |   |   |   |
| COMPREHENSIVE INCOME (LOSS)                                              |   |          |   |   |   |   |   |   |   |
| Net earnings (loss)                                                      |   | $             | 2,308  |   |   | $      | (1,804 | )      |   | $ | 3,696 |   |
|                                                                     |   |          |   |   |   |   |   |   |   |   |   |   |
| Other comprehensive income (loss), net of income taxes:                  |   |          |   |   |   |   |   |   |   |   |   |   |
| Change in unrealized gains (losses), net ofreclassification adjustment   |   |          | 440    |   |   |   | 1,331  |   |   |   | (1,445 | ) |
| Defined benefit plans:                                                   |   |          |   |   |   |   |   |   |   |   |   |   |
| Net gain (loss) arising during year                                      |   |          | (121   | )      |   |   | (65    | )      |   |   | (620 | ) |
| Prior service cost arising during year                                   |   |          | -      |   |   |   | -      |   |   |   | - |   |
| Less: reclassification adjustment for:                                   |   |          |   |   |   |   |   |   |   |   |   |   |
| Amortization of net (gains) losses includedin net periodic cost          |   |          | 82     |   |   |   | 65     |   |   |   | 31 |   |
| Amortization of net prior service creditincluded in net periodic cost    |   |          | (1     | )      |   |   | (3     | )      |   |   | (4 | ) |
| Amortization of net transition asset                                     |   |          | -      |   |   |   | -      |   |   |   | - |   |
| Other comprehensive income (loss) - definedbenefit plans                 |   |          | (40    | )      |   |   | (3     | )      |   |   | (593 | ) |
|                                                                     |   |          |   |   |   |   |   |   |   |   |   |   |
| Total other comprehensive income (loss), net of income taxes             |   |          | 400    |   |   |   | 1,328  |   |   |   | (2,038 | ) |
|                                                                     |   |          |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income (loss)                                              |   |          | 2,708  |   |   |   | (476   | )      |   |   | 1,658 |   |
|                                                                     |   |          |   |   |   |   |   |   |   |   |   |   |
| Less: Comprehensive (income) loss attributable tononcontrolling interest |   |          | (228   | )      |   |   | (425   | )      |   |   | (400 | ) |
|                                                                     |   |          |   |   |   |   |   |   |   |   |   |   |
| Comprehensive Income (Loss) Attributable to AXA Equitable                |   | $             | 2,480  |   |   | $      | (901   | )      |   | $ | 1,258 |   |

----

|                                                                                      |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|-------------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                      |   | (In Millions) |   |
|                                                                                      |   |          |   |
| Net earnings (loss)                                                                       |   | $             | 2,308  |   |   | $      | (1,804 | )      |   | $ | 3,696 |   |
| Adjustments to reconcile net earnings (loss) to net cashprovided by operating activities: |   |          |   |   |   |   |   |   |   |   |   |   |
| Interest credited to policyholders’ account balances                                |   |          | 950    |   |   |   | 1,004  |   |   |   | 1,065 |   |
| Universal life and investment-type productpolicy fee income                               |   |          | (3,067 | )      |   |   | (2,918 | )      |   |   | (2,952 | ) |
| Net change in broker-dealer and customer related receivables/payables                     |   |          | 125    |   |   |   | (1,353 | )      |   |   | 619 |   |
| (Income) loss related to derivative instruments                                           |   |          | 284    |   |   |   | 3,079  |   |   |   | (7,302 | ) |
| Change in reinsurance recoverable with affiliate                                          |   |          | (233   | )      |   |   | 1,486  |   |   |   | (6,352 | ) |
| Investment (gains) losses, net                                                            |   |          | 184    |   |   |   | (54    | )      |   |   | 339 |   |
| Change in segregated cash and securities, net                                             |   |          | (124   | )      |   |   | 1,587  |   |   |   | (203 | ) |
| Change in deferred policy acquisition costs                                               |   |          | (747   | )      |   |   | (860   | )      |   |   | 2,091 |   |
| Change in future policy benefits                                                          |   |          | 1,136  |   |   |   | (755   | )      |   |   | 2,398 |   |
| Change in income taxes payable                                                            |   |          | 720    |   |   |   | (1,223 | )      |   |   | 1,135 |   |
| Contribution to pension plans                                                             |   |          | (202   | )      |   |   | (32    | )      |   |   | (36 | ) |
| Real Estate asset write-off charge                                                        |   |          | 26     |   |   |   | 3      |   |   |   | - |   |
| Change in fair value of contracts                                                         |   |          | (2,350 | )      |   |   | 2,566  |   |   |   | (1,567 | ) |
| Amortization of deferred compensation                                                     |   |          | 178    |   |   |   | 88     |   |   |   | 75 |   |
| Amortization of deferred sales commissions                                                |   |          | 47     |   |   |   | 55     |   |   |   | 79 |   |
| Amortization of reinsurance cost                                                          |   |          | 274    |   |   |   | 318    |   |   |   | 11 |   |
| Other depreciation and amortization                                                       |   |          | 161    |   |   |   | 156    |   |   |   | 140 |   |
| Amortization of other intangible                                                          |   |          | 23     |   |   |   | 24     |   |   |   | 24 |   |
| (Gains) losses on disposal of discontinued operations                                     |   |          | -      |   |   |   | -      |   |   |   | (6 | ) |
| Other, net                                                                                |   |          | 313    |   |   |   | 50     |   |   |   | (161 | ) |
|                                                                                      |   |          |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                       |   |          | 6      |   |   |   | 1,417  |   |   |   | (6,907 | ) |
|                                                                                      |   |          |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                                     |   |          |   |   |   |   |   |   |   |   |   |   |
| Maturities and repayments of fixed maturities andmortgage loans on real estate            |   |          | 2,753  |   |   |   | 2,058  |   |   |   | 1,728 |   |
| Sales of investments                                                                      |   |          | 3,398  |   |   |   | 6,737  |   |   |   | 796 |   |
| Sale of AXA Equitable Life and Annuity                                                    |   |          | -      |   |   |   | -      |   |   |   | 61 |   |
| Purchases of investments                                                                  |   |          | (7,068 | )      |   |   | (8,995 | )      |   |   | (2,107 | ) |
| Cash settlements related to derivative instruments                                        |   |          | (651   | )      |   |   | (2,564 | )      |   |   | 5,337 |   |
| Change in short-term investments                                                          |   |          | (53    | )      |   |   | 140    |   |   |   | 29 |   |
| Decrease in loans to affiliates                                                           |   |          | 3      |   |   |   | 1      |   |   |   | - |   |
| Increase in loans to affiliates                                                           |   |          | -      |   |   |   | (250   | )      |   |   | - |   |
| Change in capitalized software, leasehold improvements and EDP equipment                  |   |          | (62    | )      |   |   | (120   | )      |   |   | (163 | ) |
| Other, net                                                                                |   |          | (25    | )      |   |   | 9      |   |   |   | 155 |   |
|                                                                                      |   |          |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                       |   |          | (1,705 | )      |   |   | (2,984 | )      |   |   | 5,836 |   |

----

|                                                                 |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|----------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                 |   | (In Millions) |   |
|                                                                 |   |          |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                |   |          |   |   |   |   |   |   |   |
| Policyholders’ account balances:                               |   |          |   |   |   |   |   |   |   |
| Deposits                                                             |   | $             | 3,187  |   |   | $      | 3,395  |   |   | $ | 4,385 |   |
| Withdrawals and transfers to Separate Accounts                       |   |          | (483   | )      |   |   | (2,161 | )      |   |   | (2,603 | ) |
| Change in short-term financings                                      |   |          | (24    | )      |   |   | (36    | )      |   |   | (498 | ) |
| Change in collateralized pledged liabilities                         |   |          | (270   | )      |   |   | 126    |   |   |   | 569 |   |
| Change in collateralized pledged assets                              |   |          | 533    |   |   |   | (632   | )      |   |   | - |   |
| Proceeds from loans from affiliates                                  |   |          | -      |   |   |   | -      |   |   |   | 1,000 |   |
| Capital contribution                                                 |   |          | -      |   |   |   | 439    |   |   |   | - |   |
| Shareholder dividends paid                                           |   |          | (300   | )      |   |   | -      |   |   |   | - |   |
| Repurchase of AllianceBernstein Holding units                        |   |          | (235   | )      |   |   | -      |   |   |   | - |   |
| Distribution to noncontrolling interest in consolidated subsidiaries |   |          | (357   | )      |   |   | (320   | )      |   |   | (563 | ) |
| Other, net                                                           |   |          | 11     |   |   |   | 145    |   |   |   | 11 |   |
|                                                                 |   |          |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) financing activities                  |   |          | 2,062  |   |   |   | 956    |   |   |   | 2,301 |   |
|                                                                 |   |          |   |   |   |   |   |   |   |   |   |   |
| Change in cash and cash equivalents                                  |   |          | 363    |   |   |   | (611   | )      |   |   | 1,230 |   |
| Cash and cash equivalents, beginning of year                         |   |          | 1,792  |   |   |   | 2,403  |   |   |   | 1,173 |   |
|                                                                 |   |          |   |   |   |   |   |   |   |   |   |   |
| Cash and Cash Equivalents, End of Year                               |   | $             | 2,155  |   |   | $      | 1,792  |   |   | $ | 2,403 |   |
|                                                                 |   |          |   |   |   |   |   |   |   |   |   |   |
| Supplemental cash flow information:                                  |   |          |   |   |   |   |   |   |   |   |   |   |
| Interest Paid                                                        |   | $             | 19     |   |   | $      | 17     |   |   | $ | 34 |   |
| Income Taxes (Refunded) Paid                                         |   | $             | (27    | )      |   | $      | 44     |   |   | $ | 257 |   |

----

| 1)   | ORGANIZATION |
|----------------|--------------|

----

| 2)   | SIGNIFICANT ACCOUNTING POLICIES |
|----------------|---------------------------------|

----

----

| ·   | recharacterize minority interests, previously classified within liabilities, as noncontrolling interests reported as a component of consolidated equity on the balance sheet, and to |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | include total income in net income, with separate disclosure on the face of the consolidated income statement of the attribution of income between controlling and noncontrolling interests. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The acquirer will recognize 100% of the fair values of acquired assets and assumed liabilities (with few exceptions) upon initially obtaining control of the target company, and any noncontrolling interest; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Contingent consideration will be included in the purchase price consideration on a fair value basis while transaction costs will be expensed as incurred; and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Costs expected to be incurred to effect a restructuring plan will be recognized as post-combination expenses. |
|--------------------|---------------------------------------------------------------------------------------------------------------|

----

----

----

| ·   | incremental direct costs of the contract acquisition (i.e., would not have been incurred had the acquisition activity not occurred), |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------|

| ·   | a portion of the employee’s compensation and fringe benefits related to certain activities for successful contract acquisitions, or |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | direct-response advertising costs as defined in current accounting guidance for capitalized advertising costs. |
|--------------------|----------------------------------------------------------------------------------------------------------------|

----

----

| ·   | Loan-to-value ratio - Derived from current loan balance divided by the fair market value of the property.  An allowance for credit loss is typically recommended when the loan-to-value ratio is in excess of 100%.   In the case where the loan-to-value is in excess of 100%, the allowance for credit loss is derived by taking the difference between the fair market value (less cost of sale) and the current loan balance. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Debt service coverage ratio - Derived from actual net operating income divided by annual debt  service.  If the ratio is below 1.0x, then the income from the property does not support the debt. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Occupancy - Criteria varies by property type but low or below market occupancy is an indicator of sub-par property performance. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------|

| ·   | Lease expirations - The percentage of leases expiring in the upcoming 12 to 36 months are monitored as a decline in rent and/or occupancy may negatively impact the debt service coverage ratio.  In the case of single-tenant properties or properties with large tenant exposure, the lease expiration is a material risk factor. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Maturity - Loans that are not fully amortizing and have upcoming maturities within the next 12 to 24 months are monitored in conjunction with the capital markets to determine the borrower’s ability to refinance the debt and/or pay off the balloon balance. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Borrower/tenant related issues - Financial concerns, potential bankruptcy, or words or actions that indicate imminent default or abandonment of property. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Payment status - current vs. delinquent - A history of delinquent payments may be a cause for concern. |
|--------------------|--------------------------------------------------------------------------------------------------------|

| ·   | Property condition - Significant deferred maintenance observed during Lender’s annual site inspections. |
|--------------------|---------------------------------------------------------------------------------------------------------------|

----

| ·   | Other - Any other factors such as current economic conditions may call into question the performance of the loan. |
|--------------------|------------------------------------------------------------------------------------------------------------------------|

----

----

| 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. |

----

----

----

----

----

----

----

----

|  ● | Management having the authority to approve the action commits the organization to a plan to sell the property.                                           |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|  ● | The property is available for immediate sale in its present condition subject only to terms that are usual and customary for the sale of such assets.    |
|  ● | An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated and are continuing.            |
|  ● | The sale of the asset is probable and transfer of the asset is expected to qualify for recognition as a completed sale within one year.                  |
|  ● | The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value.                                       |
|  ● | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. |

----

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

|                              |   |          |   |   |  Gross      |   |   | Gross      |   |   |       |   |   |        |   |
|-----------------------------------|--------|---------------|--------|--------|------------------|--------|--------|------------|--------|--------|------------|--------|--------|-------------|--------|
|                              |   | Amortized     |   |   |  Unrealized |   |   | Unrealized |   |   |       |   |   | OTTI        |   |
|                              |   | Cost          |   |   | Gains            |   |   | Losses     |   |   | Fair Value |   |   | in AOCI (3) |   |
|                              |   | (In Millions) |   |
|                              |   |          |   |   |             |   |   |       |   |   |       |   |   |        |   |
| December 31, 2010:                |   |          |   |   |             |   |   |       |   |   |       |   |   |        |   |
| Fixed maturities:                 |   |          |   |   |             |   |   |       |   |   |       |   |   |        |   |
| Corporate                         |   | $             | 20,494 |   |             | $      | 1,348  |       |   | $      | 110        |   |   | $           | 21,732 |   |   | $ | - |   |
| U.S. Treasury, government         |   |          |   |   |             |   |   |       |   |   |       |   |   |        |   |   |   |   |   |   |
| and agency(4)                     |   |          | 1,986  |   |             |   | 18     |       |   |   | 88         |   |   |        | 1,916  |   |   |   | - |   |
| States and political subdivisions |   |          | 516    |   |             |   | 11     |       |   |   | 16         |   |   |        | 511    |   |   |   | - |   |
| Foreign governments               |   |          | 502    |   |             |   | 59     |       |   |   | 1          |   |   |        | 560    |   |   |   | - |   |
| Commercial mortgage-backed        |   |          | 1,473  |   |             |   | 5      |       |   |   | 375        |   |   |        | 1,103  |   |   |   | 19 |   |
| Residential mortgage-backed (1)   |   |          | 1,601  |   |             |   | 67     |       |   |   | -          |   |   |        | 1,668  |   |   |   | - |   |
| Asset-backed (2)                  |   |          | 245    |   |             |   | 13     |       |   |   | 12         |   |   |        | 246    |   |   |   | 7 |   |
| Redeemable preferred stock        |   |          | 1,364  |   |             |   | 23     |       |   |   | 66         |   |   |        | 1,321  |   |   |   | - |   |
| Total Fixed Maturities            |   |          | 28,181 |   |             |   | 1,544  |       |   |   | 668        |   |   |        | 29,057 |   |   |   | 26 |   |
|                              |   |          |   |   |             |   |   |       |   |   |       |   |   |        |   |   |   |   |   |   |
| Equity securities                 |   |          | 26     |   |             |   | -      |       |   |   | 3          |   |   |        | 23     |   |   |   | - |   |
|                              |   |          |   |   |             |   |   |       |   |   |       |   |   |        |   |   |   |   |   |   |
| Total at December 31, 2010        | $      | 28,207        |   |   | $                | 1,544  |   |       | $      | 671    |       |   | $      | 29,080      |   |   | $ | 26 |   |

| December 31, 2009                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Fixed maturities:                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate                         |   | $      | 19,438 |   |   | $      | 991    |   |   | $      | 235    |   |   | $      | 20,194 |   |   |   | 1 |   |
| U.S. Treasury, government         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and agency                        |   |   | 1,830  |   |   |   | 13     |   |   |   | 153    |   |   |   | 1,690  |   |   |   | - |   |
| States and political subdivisions |   |   | 389    |   |   |   | 7      |   |   |   | 14     |   |   |   | 382    |   |   |   | - |   |
| Foreign governments               |   |   | 270    |   |   |   | 32     |   |   |   | -      |   |   |   | 302    |   |   |   | - |   |
| Commercial mortgage-backed        |   |   | 1,980  |   |   |   | 2      |   |   |   | 492    |   |   |   | 1,490  |   |   |   | 2 |   |
| Residential mortgage-backed (1)   |   |   | 1,605  |   |   |   | 46     |   |   |   | 1      |   |   |   | 1,650  |   |   |   | - |   |
| Asset-backed (2)                  |   |   | 278    |   |   |   | 11     |   |   |   | 21     |   |   |   | 268    |   |   |   | 8 |   |
| Redeemable preferred stock        |   |   | 1,707  |   |   |   | 9      |   |   |   | 222    |   |   |   | 1,494  |   |   |   | - |   |
| Total Fixed Maturities            |   |   | 27,497 |   |   |   | 1,111  |   |   |   | 1,138  |   |   |   | 27,470 |   |   |   | 11 |   |
|                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity securities                 |   |   | 44     |   |   |   | 10     |   |   |   | -      |   |   |   | 54     |   |   |   | - |   |
|                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total at December 31, 2009        |   | $      | 27,541 |   |   | $      | 1,121  |   |   | $      | 1,138  |   |   | $      | 27,524 |   |   | $ | 11 |   |

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

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

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

| (4)   | Reflects $122 million of amortized cost of FDIC insured bonds that were reported as Corporate in 2009 and moved to U.S. Treasury, government and agency in 2010. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Amortized     |   |   |       |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Cost          |   |   | Fair Value |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |          |   |
| Due in one year or less                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $             | 2,234  |   |       | $      | 2,265 |   |
| Due in years two through five                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |          | 8,210  |   |       |   | 8,721 |   |
| Due in years six through ten                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |          | 8,612  |   |       |   | 9,155 |   |
| Due after ten years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |          | 4,442  |   |       |   | 4,578 |   |
| Subtotal                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |          | 23,498 |   |       |   | 24,719 |   |
| Commercial mortgage-backed securities                                                                            |   |          | 1,473  |   |       |   | 1,103 |   |
| Residential mortgage-backed securities                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          | 1,601  |   |       |   | 1,668 |   |
| Asset-backed securities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |          | 245    |   |       |   | 246 |   |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $             | 26,817 |   |       | $      | 27,736 |   |

|                                            | December 31,  |   |
|-------------------------------------------------|---------------|--------|
|                                            | 2010          |   | 2009 |   | 2008 |   |
|                                            | (In Millions) |   |
|                                            |          |   |   |   |   |   |   |   |   |
| Credit losses recognized in earnings (loss) (1) |          | $      | (282 | ) |   | $ | (168 | ) |   | $ | (286 | ) |
| Non-credit losses recognized in OCI             |          |   | (18 | ) |   |   | (6 | ) |   |   | - |   |
| Total OTTI                                      |          | $      | (300 | ) |   | $ | (174 | ) |   | $ | (286 | ) |

| (1)   | During 2010 and 2009, respectively, included in credit losses recognized in earnings (loss) were OTTI of $6 million and $3 million related to AFS fixed maturities as the Company intended to sell or expected to be required to sell these impaired fixed maturities prior to recovering their amortized cost. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                   |   |          |   |   |   |   |
|----------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|
|                                                                                   |   | 2010          |   |   | 2009   |   |
|                                                                                   |   | (In Millions) |   |
|                                                                                   |   |          |   |
| Balances at January 1, 2010 and March 31, 2009, respectively                           |   | $             | (146   | )      |   | $      | - |   |
| Cumulative adjustment related to implementing new accounting guidance on April 1, 2009 |   |          | -      |   |   |   | (122 | ) |
| Impact of consolidation of Wind-Up Annuities business                                  |   |          | -      |   |   |   | (6 | ) |
| Previously recognized impairments on securities that matured, paid, prepaid or sold    |   |          | 99     |   |   |   | 146 |   |
| Recognized impairments on securities impaired to fair value this period (1)            |   |          | (6     | )      |   |   | (3 | ) |
| Impairments recognized this period on securities not previously impaired               |   |          | (268   | )      |   |   | (143 | ) |
| Additional impairments this period on securities previously impaired                   |   |          | (8     | )      |   |   | (22 | ) |
| Increases due to passage of time on previously recorded credit losses                  |   |          | -      |   |   |   | - |   |
| Accretion of previously recognized impairments due to increases in expected cash flows |   |          | -      |   |   |   | - |   |
| Balances at December 31,                                                               |   | $             | (329   | )      |   | $      | (150 | ) |

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

|                          | December 31,  |   |
|-------------------------------|---------------|--------|
|                          | 2010          |   | 2009 |   |
|                          | (In Millions) |   |
|                          |          |   |
| AFS Securities:               |          |   |   |   |   |   |
| Fixed maturities:             |          |   |   |   |   |   |
| With OTTI losses              |          | $      | (16 | ) |   | $ | (11 | ) |
| All other                     |          |   | 892 |   |   |   | (16 | ) |
| Equity securities             |          |   | (3 | ) |   |   | 10 |   |
| Net Unrealized Gains (Losses) |          | $      | 873 |   |   | $ | (17 | ) |

----

|                                                   |          |   |   |   |          |   |        |   | AOCI Gain      |   |
|--------------------------------------------------------|---------------|--------|--------|--------|---------------|--------|-------------|--------|----------------|--------|
|                                                   | Net           |   |   |   |          |   | Deferred    |   | (Loss)         |   |
|                                                   | Unrealized    |   |   |   |          |   | Income      |   | Related to Net |   |
|                                                   | Gains         |   |   |   |          |   | Tax         |   | Unrealized     |   |
|                                                   | (Losses) on   |   |   |   | Policyholders |   | Asset       |   | Investment     |   |
|                                                   | Investments   |   | DAC    |   | Liabilities   |   | (Liability) |   | Gains (Losses) |   |
|                                                   | (In Millions) |   |
|                                                   |          |   |   |   |          |   |        |   |           |   |   |   |   |   |   |
| Balance, January 1, 2010                               |          | $      | (11    | )      |          | $      | 6           |   |           | $      | - |   |   | $ | 2 |   |   | $ | (3 | ) |
| Net investment gains (losses)                          |          |   |   |   |          |   |        |   |           |   |   |   |   |   |   |   |   |   |   |   |
| arising during the period                              |          |   | 3      |   |          |   | -           |   |           |   | - |   |   |   | - |   |   |   | 3 |   |
| Reclassification adjustment for OTTI losses:           |          |   |   |   |          |   |        |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Included in Net earnings (loss)                        |          |   | 9      |   |          |   | -           |   |           |   | - |   |   |   | - |   |   |   | 9 |   |
| Excluded from Net earnings (loss)(1)                   |          |   | (17    | )      |          |   | -           |   |           |   | - |   |   |   | - |   |   |   | (17 | ) |
| Impact of net unrealized investment gains (losses) on: |          |   |   |   |          |   |        |   |           |   |   |   |   |   |   |   |   |   |   |   |
| DAC                                                    |          |   | -      |   |          |   | (3          | )      |           |   | - |   |   |   | - |   |   |   | (3 | ) |
| Deferred income taxes                                  |          |   | -      |   |          |   | -           |   |           |   | - |   |   |   | 2 |   |   |   | 2 |   |
| Policyholders liabilities                              |          |   | -      |   |          |   | -           |   |           |   | 2 |   |   |   | - |   |   |   | 2 |   |
| Balance, December 31, 2010                             |          | $      | (16    | )      |          | $      | 3           |   |           | $      | 2 |   |   | $ | 4 |   |   | $ | (7 | ) |

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

----

|                                                   |          |   |   |   |          |   |        |   | AOCI Gain      |   |
|--------------------------------------------------------|---------------|--------|--------|--------|---------------|--------|-------------|--------|----------------|--------|
|                                                   | Net           |   |   |   |          |   | Deferred    |   | (Loss)         |   |
|                                                   | Unrealized    |   |   |   |          |   | Income      |   | Related to Net |   |
|                                                   | Gains         |   |   |   |          |   | Tax         |   | Unrealized     |   |
|                                                   | (Losses) on   |   |   |   | Policyholders |   | Asset       |   | Investment     |   |
|                                                   | Investments   |   | DAC    |   | Liabilities   |   | (Liability) |   | Gains (Losses) |   |
|                                                   | (In Millions) |   |
|                                                   |          |   |   |   |          |   |        |   |           |   |   |   |   |   |   |
| Balance, January 1, 2010                               |          | $      | (6     | )      |          | $      | (29         | )      |           | $      | - |   |   | $ | (3 | ) |   | $ | (38 | )  |
| Net investment gains (losses)                          |          |   |   |   |          |   |        |   |           |   |   |   |   |   |   |   |   |   |   |   |
| arising during the period                              |          |   | 680    |   |          |   | -           |   |           |   | - |   |   |   | - |   |   |   | 680 |   |
| Reclassification adjustment for OTTI losses:           |          |   |   |   |          |   |        |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Included in Net earnings (loss)                        |          |   | 198    |   |          |   | -           |   |           |   | - |   |   |   | - |   |   |   | 198 |   |
| Excluded from Netearnings (loss) (1)                   |          |   | 17     |   |          |   | -           |   |           |   | - |   |   |   | - |   |   |   | 17 |   |
| Impact of net unrealized investment gains (losses) on: |          |   |   |   |          |   |        |   |           |   |   |   |   |   |   |   |   |   |   |   |
| DAC                                                    |          |   | -      |   |          |   | (106        | )      |           |   | - |   |   |   | - |   |   |   | (106 | ) |
| Deferred income taxes                                  |          |   | -      |   |          |   | -           |   |           |   | - |   |   |   | (220 | ) |   |   | (220 | ) |
| Policyholders liabilities                              |          |   | -      |   |          |   | -           |   |           |   | (121 | ) |   |   | - |   |   |   | (121 | ) |
| Balance, December 31, 2010                             |          | $      | 889    |   |          | $      | (135        | )      |           | $      | (121 | ) |   | $ | (223 | ) |   | $ | 410 |   |

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

|                                                        |          |   |   |   |          |   |        |   | AOCI Gain      |   |
|-------------------------------------------------------------|---------------|--------|--------|--------|---------------|--------|-------------|--------|----------------|--------|
|                                                        | Net           |   |   |   |          |   | Deferred    |   | (Loss)         |   |
|                                                        | Unrealized    |   |   |   |          |   | Income      |   | Related to Net |   |
|                                                        | Gains         |   |   |   |          |   | Tax         |   | Unrealized     |   |
|                                                        | (Losses) on   |   |   |   | Policyholders |   | Asset       |   | Investment     |   |
|                                                        | Investments   |   | DAC    |   | Liabilities   |   | (Liability) |   | Gains (Losses) |   |
|                                                        | (In Millions) |   |
|                                                        |          |   |   |   |          |   |        |   |           |   |   |   |   |   |   |
| Balance, January 1, 2009                                    |          | $      | -      |   |          | $      | -           |   |           | $      | - |   |   | $ | - |   |   | $ | - |   |
| Cumulative impact of implementing new guidance              |          |   | (7     | )      |          |   | 1           |   |           |   | - |   |   |   | 2 |   |   |   | (4 | ) |
| Net investment gains (losses)arising during the period      |          |   | (21    | )      |          |   | -           |   |           |   | - |   |   |   | - |   |   |   | (21 | ) |
| Reclassification adjustment for OTTI losses:                |          |   |   |   |          |   |        |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Included in Net earnings (loss)                             |          |   | 22     |   |          |   | -           |   |           |   | - |   |   |   | - |   |   |   | 22 |   |
| Excluded from Net earnings (loss) (1)                  |          |   | (5     | )      |          |   | -           |   |           |   | - |   |   |   | - |   |   |   | (5 | ) |
| Impact of net unrealized investment gains (losses) on: |          |   |   |   |          |   |        |   |           |   |   |   |   |   |   |   |   |   |   |   |
| DAC                                                         |          |   | -      |   |          |   | 5           |   |           |   | - |   |   |   | - |   |   |   | 5 |   |
| Deferred income taxes                                       |          |   | -      |   |          |   | -           |   |           |   | - |   |   |   | - |   |   |   | - |   |
| Policyholders liabilities                                   |          |   | -      |   |          |   | -           |   |           |   | - |   |   |   | - |   |   |   | - |   |
| Balance, December 31, 2009                                  |          | $      | (11    | )      |          | $      | 6           |   |           | $      | - |   |   | $ | 2 |   |   | $ | (3 | ) |

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

----

|                                                   |   |          |   |   |   |   |   |          |   |   |        |   |   | AOCI           |   |
|--------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|---------------|--------|--------|-------------|--------|--------|----------------|--------|
|                                                   |   | Net           |   |   |   |   |   |          |   |   | Deferred    |   |   | (Loss)         |   |
|                                                   |   | Unrealized    |   |   |   |   |   |          |   |   | Income      |   |   | Related to Net |   |
|                                                   |   | Gains         |   |   |   |   |   |          |   |   | Tax         |   |   | Unrealized     |   |
|                                                   |   | (Losses) on   |   |   |   |   |   | Policyholders |   |   | Asset       |   |   | Investment     |   |
|                                                   |   | Investments   |   |   | DAC    |   |   | Liabilities   |   |   | (Liability) |   |   | Gains (Losses) |   |
|                                                   |   | (In Millions) |   |
|                                                   |   |          |   |   |   |   |   |          |   |   |        |   |   |           |   |
| Balance, January 1, 2009                               |   | $             | (2,385 | )      |   | $      | 554    |          |   | $      | -           |   |   | $              | 681    |   |   | $ | (1,150 | ) |
| Cumulative impact of implementing new guidance         |   |          | (108   | )      |   |   | 19     |          |   |   | -           |   |   |           | 31     |   |   |   | (58 | ) |
| Net investment gains (losses)arising during the period |   |          | 2,657  |   |   |   | -      |          |   |   | -           |   |   |           | -      |   |   |   | 2,657 |   |
| Reclassification adjustment for OTTI losses:           |   |          |   |   |   |   |   |          |   |   |        |   |   |           |   |   |   |   |   |   |
| Included in Net earnings (loss)                        |   |          | (115   | )      |   |   | -      |          |   |   | -           |   |   |           | -      |   |   |   | (115 | ) |
| Excluded from Net earnings (loss) (1)                  |   |          | 5      |   |   |   | -      |          |   |   | -           |   |   |           | -      |   |   |   | 5 |   |
| Impact of net unrealized investment gains (losses) on: |   |          |   |   |   |   |   |          |   |   |        |   |   |           |   |   |   |   |   |   |
| DAC                                                    |   |          | -      |   |   |   | (602   | )             |   |   | -           |   |   |           | -      |   |   |   | (602 | ) |
| Deferred income taxes                                  |   |          | -      |   |   |   | -      |          |   |   | -           |   |   |           | (715   | ) |   |   | (715 | ) |
| Policyholders liabilities                              |   |          | -      |   |   |   | -      |          |   |   | -           |   |   |           | -      |   |   |   | - |   |
| Impact of consolidation ofWind-up Annuities business   |   |          | (60    | )      |   |   | -      |          |   |   | -           |   |   |           | -      |   |   |   | (60 | ) |
| Balance, December 31, 2009                             |   | $             | (6     | )      |   | $      | (29    | )             |   | $      | -           |   |   | $              | (3     | ) |   | $ | (38 | ) |

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

----

|                              |   | December 31, 2010   |   |
|-----------------------------------|--------|---------------------|--------|
|                              |   | Less Than 12 Months |   |   | 12 Months or Longer |   |   | Total |   |
|                              |   |                |   |   | Gross |   |   |   |   |   | Gross |   |   |   |   |   | Gross |   |
|                              |   |                |   |   | Unrealized |   |   |   |   |   | Unrealized |   |   |   |   |   | Unrealized |   |
|                              |   | Fair Value          |   |   | Losses |   |   | Fair Value |   |   | Losses |   |   | Fair Value |   |   | Losses |   |
|                              |   | (In Millions)       |   |
|                              |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed maturities:                 |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate                         |   | $                   | 1,999  |   |   | $ | (68 | ) |   | $ | 394 |   |   | $ | (42 | ) |   | $ | 2,393 |   |   | $ | (110 | ) |
| U.S. Treasury,                    |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| government and                    |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| agency                            |   |                | 820    |   |   |   | (42 | ) |   |   | 171 |   |   |   | (46 | ) |   |   | 991 |   |   |   | (88 | ) |
| States and political subdivisions |   |                | 225    |   |   |   | (9 | ) |   |   | 33 |   |   |   | (7 | ) |   |   | 258 |   |   |   | (16 | ) |
| Foreign governments               |   |                | 77     |   |   |   | (1 | ) |   |   | 10 |   |   |   | - |   |   |   | 87 |   |   |   | (1 | ) |
| Commercial mortgage-backed        |   |                | 46     |   |   |   | (3 | ) |   |   | 936 |   |   |   | (372 | ) |   |   | 982 |   |   |   | (375 | ) |
| Residential mortgage-backed       |   |                | 157    |   |   |   | - |   |   |   | 2 |   |   |   | - |   |   |   | 159 |   |   |   | - |   |
| Asset-backed                      |   |                | 23     |   |   |   | - |   |   |   | 65 |   |   |   | (12 | ) |   |   | 88 |   |   |   | (12 | ) |
| Redeemable                        |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| preferred stock                   |   |                | 345    |   |   |   | (7 | ) |   |   | 689 |   |   |   | (59 | ) |   |   | 1,034 |   |   |   | (66 | ) |
|                              |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                             |   | $                   | 3,692  |   |   | $ | (130 | ) |   | $ | 2,300 |   |   | $ | (538 | ) |   | $ | 5,992 |   |   | $ | (668 | ) |

|                              |   | December 31, 2009       |   |
|-----------------------------------|--------|-------------------------|--------|
|                              |   | Less Than 12 Months (1) |   |   | 12 Months or Longer (1) |   |   | Total |   |
|                              |   |                    |   |   | Gross |   |   |   |   |   | Gross |   |   |   |   |   | Gross |   |
|                              |   |                    |   |   | Unrealized |   |   |   |   |   | Unrealized |   |   |   |   |   | Unrealized |   |
|                              |   | Fair Value              |   |   | Losses |   |   | Fair Value |   |   | Losses |   |   | Fair Value |   |   | Losses |   |
|                              |   | (In Millions)           |   |
|                              |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed maturities:                 |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate                         |   | $                       | 2,043  |   |   | $ | (54 | ) |   | $ | 2,023 |   |   | $ | (181 | ) |   | $ | 4,066 |   |   | $ | (235 | ) |
| U.S. Treasury,                    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| government and                    |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| agency                            |   |                    | 1,592  |   |   |   | (152 | ) |   |   | - |   |   |   | - |   |   |   | 1,592 |   |   |   | (152 | ) |
| States and political subdivisions |   |                    | 210    |   |   |   | (10 | ) |   |   | 23 |   |   |   | (4 | ) |   |   | 233 |   |   |   | (14 | ) |
| Foreign governments               |   |                    | 41     |   |   |   | - |   |   |   | 5 |   |   |   | - |   |   |   | 46 |   |   |   | - |   |
| Commercial mortgage- backed  |   |                    | 34     |   |   |   | (16 | ) |   |   | 1,349 |   |   |   | (476 | ) |   |   | 1,383 |   |   |   | (492 | ) |
| Residential mortgage-backed       |   |                    | 54     |   |   |   | - |   |   |   | 2 |   |   |   | - |   |   |   | 56 |   |   |   | - |   |
| Asset-backed                      |   |                    | 48     |   |   |   | (9 | ) |   |   | 69 |   |   |   | (13 | ) |   |   | 117 |   |   |   | (22 | ) |
| Redeemablepreferred stock         |   |                    | 51     |   |   |   | (7 | ) |   |   | 1,283 |   |   |   | (216 | ) |   |   | 1,334 |   |   |   | (223 | ) |
|                              |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                             |   | $                       | 4,073  |   |   | $ | (248 | ) |   | $ | 4,754 |   |   | $ | (890 | ) |   | $ | 8,827 |   |   | $ | (1,138 | ) |

|   | (1) | The month count for aging of unrealized losses was reset back to historical unrealized loss month counts for securities impacted by the adoption of new guidance. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                           |   | Mortgage Loans |   |
|------------------------------------------------|--------|----------------|--------|
|                                           |   | Commercial     |   |   | Agricultural |   |   | Total |   |
| Allowance for Credit Losses:         |   | (In Millions)  |   |
|                                           |   |           |   |   |   |   |   |   |   |   |   |   |
| Beginning balance, January 1                   |   | $              | -      |   |   | $ | - |   |   | $ | - |   |
| Charge-offs                                    |   |           | -      |   |   |   | - |   |   |   | - |   |
| Recoveries                                     |   |           | -      |   |   |   | - |   |   |   | - |   |
| Provision                                      |   |           | 18     |   |   |   | - |   |   |   | 18 |   |
| Ending Balance, December 31                    |   | $              | 18     |   |   | $ | - |   |   |   | 18 |   |
|                                           |   |           |   |   |   |   |   |   |   |   |   |   |
| Ending Balance, December 31:                   |   |           |   |   |   |   |   |   |   |   |   |   |
| Individually Evaluated for Impairment          |   | $              | 18     |   |   | $ | - |   |   | $ | 18 |   |
|                                           |   |           |   |   |   |   |   |   |   |   |   |   |
| Collectively Evaluated for Impairment          |   | $              | -      |   |   | $ | - |   |   | $ | - |   |
|                                           |   |           |   |   |   |   |   |   |   |   |   |   |
| Loans Acquired with DeterioratedCredit Quality |   | $              | -      |   |   | $ | - |   |   | $ | - |   |

|                                             |   | 2009          |   |   | 2008   |   |
|--------------------------------------------------|--------|---------------|--------|--------|--------|--------|
|                                             |   | (In Millions) |   |
|                                             |   |          |   |   |   |   |
| Balances, beginning of year                      |   | $             | -      |   |   | $      | 1 |   |
| Additions charged to income                      |   |          | -      |   |   |   | - |   |
| Deductions for writedowns and asset dispositions |   |          | -      |   |   |   | (1 | ) |
| Balances, End of Year                            |   | $             | -      |   |   | $      | - |   |
|                                             |   |          |   |   |   |   |   |   |
| Balances, end of year comprise:                  |   |          |   |   |   |   |   |   |
| Mortgage loans on real estate                    |   | $             | -      |   |   | $      | - |   |
| Total                                            |   | $             | -      |   |   | $      | - |   |

----

|                    |   |           | Commercial Mortgage Loans (1) |
|-------------------------|--------|----------------|-------------------------------|
|                    |   |           |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Less |   |   | Total |
| Loan-to-Value Ratio (2) |   |           | Greater                       |   |   | 1.8x to |   |   | 1.5x to |   |   | 1.2x to |   |   | 1.0x to |   |   | than |   |   | Mortgage |
|                    |   | than 2.0x |                          |   | 2.0x |   |   | 1.8x |   |   | 1.5x |   |   | 1.2x |   |   | 1.0x |   |   | Loans |
|                    |   |           | (In Millions)                 |
|                    |   |           |                          |
| 0% - 50%                |   |  $        | 59                            |   |  $ | - |   |  $ | - |   |  $ | 52 |   |  $ | - |   |  $ | - |   |  $ | 111 |
| 50% - 70%               |   |           | 32                            |   |   | 109 |   |   | 111 |   |   | 467 |   |   | 55 |   |   | - |   |   | 774 |
| 70% - 90%               |   |           | 194                           |   |   | 35 |   |   | 406 |   |   | 402 |   |   | 124 |   |   | 50 |   |   | 1,211 |
| 90% plus                |   |           | -                             |   |   | - |   |   | 87 |   |   | 24 |   |   | 402 |   |   | 61 |   |   | 574 |
|                    |   |           |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Commercial        |   |           |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage Loans          |   |  $        | 285                           |   |  $ | 144 |   |  $ | 604 |   |  $ | 945 |   |  $ | 581 |   |  $ | 111 |   |  $ | 2,670 |

|                    |   |           | Agricultural Mortgage Loans (1) |
|-------------------------|--------|----------------|---------------------------------|
|                    |   |           |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Less |   |   | Total |
| Loan-to-Value Ratio (2) |   |           | Greater                         |   |   | 1.8x to |   |   | 1.5x to |   |   | 1.2x to |   |   | 1.0x to |   |   | than |   |   | Mortgage |
|                    |   | than 2.0x |                            |   | 2.0x |   |   | 1.8x |   |   | 1.5x |   |   | 1.2x |   |   | 1.0x |   |   | Loans |
|                    |   |           | (In Millions)                   |
|                    |   |           |                            |
| 0% - 50%                |   |  $        | 155                             |   |  $ | 80 |   |  $ | 162 |   |  $ | 243 |   |  $ | 186 |   |  $ | 5 |   |  $ | 831 |
| 50% - 70%               |   |           | 52                              |   |   | 13 |   |   | 134 |   |   | 150 |   |   | 107 |   |   | 24 |   |   | 480 |
| 70% - 90%               |   |           | -                               |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |
| 90% plus                |   |           | -                               |   |   | - |   |   | - |   |   | - |   |   | 3 |   |   | - |   |   | 3 |
|                    |   |           |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Agricultural      |   |           |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage Loans          |   |  $        | 207                             |   |  $ | 93 |   |  $ | 296 |   |  $ | 393 |   |  $ | 296 |   |  $ | 29 |   |  $ | 1,314 |

|                    |   |           | Total Mortgage Loans (1) |
|-------------------------|--------|----------------|--------------------------|
|                    |   |           |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Less |   |   | Total |
| Loan-to-Value Ratio (2) |   |           | Greater                  |   |   | 1.8x to |   |   | 1.5x to |   |   | 1.2x to |   |   | 1.0x to |   |   | than |   |   | Mortgage |
|                    |   | than 2.0x |                     |   | 2.0x |   |   | 1.8x |   |   | 1.5x |   |   | 1.2x |   |   | 1.0x |   |   | Loans |
|                    |   |           | (In Millions)            |
|                    |   |           |                     |
| 0% - 50%                |   |  $        | 214                      |   |  $ | 80 |   |  $ | 162 |   |  $ | 295 |   |  $ | 186 |   |  $ | 5 |   |  $ | 942 |
| 50% - 70%               |   |           | 84                       |   |   | 122 |   |   | 245 |   |   | 617 |   |   | 162 |   |   | 24 |   |   | 1,254 |
| 70% - 90%               |   |           | 194                      |   |   | 35 |   |   | 406 |   |   | 402 |   |   | 124 |   |   | 50 |   |   | 1,211 |
| 90% plus                |   |           | -                        |   |   | - |   |   | 87 |   |   | 24 |   |   | 405 |   |   | 61 |   |   | 577 |
|                    |   |           |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Mortgage Loans    |   |  $        | 492                      |   |  $ | 237 |   |  $ | 900 |   |  $ | 1,338 |   |  $ | 877 |   |  $ | 140 |   |  $ | 3,984 |

| (1)   | The debt service coverage ratio is calculated using the most recently reported net operating income results |
|-----------------|-------------------------------------------------------------------------------------------------------------|

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

----

|                  |   |          |   |   |   |   |   |    |   |   |   |   |   |    |   |   |        |   |   | Recorded     |   |
|-----------------------|--------|---------------|--------|--------|--------|--------|--------|---------|--------|--------|--------|--------|--------|---------|--------|--------|-------------|--------|--------|--------------|--------|
|                  |   |          |   |   |   |   |   | Greater |   |   |   |   |   |    |   |   |        |   |   | Investment   |   |
|                  |   |          |   |   |   |   |   | Than    |   |   |   |   |   |    |   |   | Total       |   |   | > 90 Days |   |
|                  |   | 30-59         |   |   | 60-89  |   |   | 90      |   |   |   |   |   |    |   |   | Financing   |   |   | and          |   |
|                  |   | Days          |   |   | Days   |   |   | Days    |   |   | Total  |   |   | Current |   |   | Receivables |   |   | Accruing     |   |
|                  |   | (In Millions) |   |
|                  |   |          |   |   |   |   |   |    |   |   |   |   |   |    |   |   |        |   |   |         |   |
| Total Mortgage Loans: |   |          |   |   |   |   |   |    |   |   |   |   |   |    |   |   |        |   |   |         |   |
| Commercial            |   | $             | -      |   |   | $      | -      |    |   | $      | -      |   |   | $       | -      |   |        | $      | 2,670  |         |   | $ | 2,670 |   |   | $ | - |   |
| Agricultural          |   |          | -      |   |   |   | -      |    |   |   | 5      |   |   |    | 5      |   |        |   | 1,309  |         |   |   | 1,314 |   |   |   | 3 |   |
| Total                 |   | $             | -      |   |   | $      | -      |    |   | $      | 5      |   |   | $       | 5      |   |        | $      | 3,979  |         |   | $ | 3,984 |   |   | $ | 3 |   |

| Impaired Mortgage Loans |   |
|-------------------------|--------|
|                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                    |   |   |   |   | Unpaid |   |   |   |   |   | Average |   |   | Interest |   |
|                    |   | Recorded |   |   | Principal |   |   | Related |   |   | Recorded |   |   | Income |   |
|                    |   | Investment |   |   | Balance |   |   | Allowance |   |   | Investment |   |   | Recognized |   |
|                    |   | (In Millions) |   |
| With no related         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| allowance recorded:     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial mortgage     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| loans- other            |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Agricultural mortgage   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| loans                   |   |   | 3 |   |   |   | 3 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total                   |   | $ | 3 |   |   | $ | 3 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |

| With related          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|-----------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| allowance recorded:   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commercial mortgage   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| loans- other          |   | $      | 122    |   |   | $      | 122    |   |   | $      | (18    | )      |   | $      | 24     |   |   | $ | 2 |   |
| Agricultural mortgage |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| loans                 |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | - |   |
| Total                 |   | $      | 122    |   |   | $      | 122    |   |   | $      | (18    | )      |   | $      | 24     |   |   | $ | 2 |   |

----

|                                                               |   | December 31,  |   |
|--------------------------------------------------------------------|--------|---------------|--------|
|                                                               |   | 2010          |   |   | 2009 |   |
|                                                               |   | (In Millions) |   |
|                                                               |   |          |   |
| BALANCE SHEETS                                                     |   |          |   |   |   |   |
| Investments in real estate, at depreciated cost                    |   | $             | 557    |   |   | $ | 547 |   |
| Investments in securities, generally at fair value                 |   |          | 40     |   |   |   | 34 |   |
| Cash and cash equivalents                                          |   |          | 4      |   |   |   | 20 |   |
| Other assets                                                       |   |          | 62     |   |   |   | 1 |   |
| Total Assets                                                       |   | $             | 663    |   |   | $ | 602 |   |
|                                                               |   |          |   |   |   |   |   |   |
| Borrowed funds - third party                                       |   | $             | 299    |   |   | $ | 310 |   |
| Other liabilities                                                  |   |          | 7      |   |   |   | 15 |   |
| Total liabilities                                                  |   |          | 306    |   |   |   | 325 |   |
|                                                               |   |          |   |   |   |   |   |   |
| Partners’ capital                                            |   |          | 357    |   |   |   | 277 |   |
| Total Liabilities and Partners’ Capital                      |   | $             | 663    |   |   | $ | 602 |   |
|                                                               |   |          |   |   |   |   |   |   |
| The Company’s Carrying Value inThose Entities Included Above |   | $             | 196    |   |   | $ | 155 |   |

|                                                                               |   | 2010          |   |   | 2009   |   |     | 2008   |   |
|------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|----------|--------|--------|
|                                                                               |   | (In Millions) |   |
|                                                                               |   |          |   |
| STATEMENTS OF EARNINGS (LOSS)                                                      |   |          |   |   |   |   |     |   |   |
| Revenues of real estate joint ventures                                             |   | $             | 110    |   |   | $      | 30       |   |   | $ | 60 |   |
| Net revenues of other limited partnership interests                                |   |          | 3      |   |   |   |  (5 | )      |   |   |  - |   |
| Interest expense - third party                                                     |   |          | (22    | )      |   |   | (7       | )      |   |   | (14 | ) |
| Other expenses                                                                     |   |          | (59    | )      |   |   | (17      | )      |   |   | (37 | ) |
| Net Earnings (Loss)                                                                |   | $             | 32     |   |   | $      | 1        |   |   | $ | 9 |   |
|                                                                               |   |          |   |   |   |   |     |   |   |   |   |   |
| The Company’s Equity in Net Earnings (Loss) of Those Entities Included Above |   | $             | 18     |   |   | $      | 2        |   |   | $ | 12 |   |

----

|                                |   |          |   |   |        |   |   | Gains (Losses)          |   |
|-------------------------------------|--------|---------------|--------|--------|-------------|--------|--------|-------------------------|--------|
|                                |   |          |   |   | Fair Value  |   |   | Reported In   |   |
|                                |   | Notional      |   |   | Asset       |   |   | Liability               |   |   | Net Earnings |   |
|                                |   | Amount        |   |   | Derivatives |   |   |  Derivatives       |   |   |  (Loss) |   |
|                                |   | (In Millions) |   |
| Freestanding derivatives:           |   |          |   |   |        |   |   |                    |   |   |   |   |
| Equity contracts (1):               |   |          |   |   |        |   |   |                    |   |   |   |   |
| Futures                             |   | $             | 3,772  |   |        | $      | -      |                    |   | $ | - |   |   | $ | (815 | ) |
| Swaps                               |   |          | 734    |   |        |   | -      |                    |   |   | 27 |   |   |   | (79 | ) |
| Options                             |   |          | 1,070  |   |        |   | 5      |                    |   |   | 1 |   |   |   | (49 | ) |
|                                |   |          |   |   |        |   |   |                    |   |   |   |   |   |   |   |   |
| Interest rate contracts (1):   |   |          |   |   |        |   |   |                    |   |   |   |   |   |   |   |   |
| Floors                              |   |          | 9,000  |   |        |   | 326    |                    |   |   | - |   |   |   | 157 |   |
| Swaps                               |   |          | 5,352  |   |        |   | 201    |                    |   |   | 134 |   |   |   | 250 |   |
| Futures                             |   |          | 5,151  |   |        |   | -      |                    |   |   | - |   |   |   | 289 |   |
| Swaptions                           |   |          | 4,479  |   |        |   | 171    |                    |   |   | - |   |   |   | (38 | ) |
|                                |   |          |   |   |        |   |   |                    |   |   |   |   |   |   |   |   |
| Other freestanding contracts (1,4): |   |          |   |   |        |   |   |                    |   |   |   |   |   |   |   |   |
| Foreign currency Contracts          |   |          | 133    |   |        |   | -      |                    |   |   | 1 |   |   |   | 1 |   |
| Net investment Income (loss)        |   |          |   |   |        |   |   |                    |   |   |   |   |   |   | (284 | ) |
|                                |   |          |   |   |        |   |   |                    |   |   |   |   |   |   |   |   |
|                                |   |          |   |   |        |   |   |                    |   |   |   |   |   |   |   |   |
| Embedded derivatives:               |   |          |   |   |        |   |   |                    |   |   |   |   |   |   |   |   |
| GMIB reinsurance contracts (2)      |   |          | -      |   |        |   | 4,606  |                    |   |   | - |   |   |   | 2,350 |   |
|                                |   |          |   |   |        |   |   |                    |   |   |   |   |   |   |   |   |
| GWBL and other features (3)         |   |          | -      |   |        |   | -      |                    |   |   | 38 |   |   |   | 17 |   |
|                                |   |          |   |   |        |   |   |                    |   |   |   |   |   |   |   |   |
| Balances, Dec. 31, 2010             |   | $             | 29,691 |   |        | $      | 5,309  |                    |   | $ | 201 |   |   | $ | 2,083 |   |

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

| (2)   | Reported in Other assets in the consolidated balance sheets. |
|-----------------|--------------------------------------------------------------|

| (3)   | Reported in Future policy benefits and other policyholder liabilities. |
|-----------------|------------------------------------------------------------------------|

| (4)   | Reported in Commissions, fees and other income. |
|-----------------|-------------------------------------------------|

----

|                              |   |     |   |   | Fair Value        |   |   | Gains (Losses) |   |
|-----------------------------------|--------|----------|--------|--------|-------------------|--------|--------|----------------|--------|
|                              |   | Notional |   |   | Asset             |   |   | Liability      |   |   | Reported In Net |   |
|                              |   | Amount   |   |   |  Derivatives |   |   | Derivatives    |   |   | Earnings (Loss) |   |
|                              |   |     |   |   | (In Millions)     |   |   |           |   |
| Freestanding derivatives:         |   |     |   |   |              |   |   |           |   |   |   |   |
| Equity contracts(1):              |   |     |   |   |              |   |   |           |   |   |   |   |
| Futures                           |   | $        | 3,399  |   |              | $      | -      |           |   | $ | - |   |   | $ | (1,142 | ) |
| Swaps                             |   |     | 801    |   |              |   | 1      |           |   |   | 19 |   |   |   | (271 | ) |
| Options                           |   |     | 11,650 |   |              |   | 920    |           |   |   | 1,139 |   |   |   | (818 | ) |
|                              |   |     |   |   |              |   |   |           |   |   |   |   |   |   |   |   |
| Interest rate contracts (1):      |   |     |   |   |              |   |   |           |   |   |   |   |   |   |   |   |
| Floors                            |   |     | 15,000 |   |              |   | 300    |           |   |   | - |   |   |   | (128 | ) |
| Swaps                             |   |     | 2,100  |   |              |   | 86     |           |   |   | 25 |   |   |   | (178 | ) |
| Futures                           |   |     | 3,791  |   |              |   | -      |           |   |   | - |   |   |   | (526 | ) |
| Swaptions                         |   |     | 1,200  |   |              |   | 44     |           |   |   | - |   |   |   | (17 | ) |
|                              |   |     |   |   |              |   |   |           |   |   |   |   |   |   |   |   |
| Other freestanding contracts (2): |   |     | -      |   |              |   | -      |           |   |   | - |   |   |   | - |   |
|                              |   |     |   |   |              |   |   |           |   |   |   |   |   |   |   |   |
| Net investment income (loss)      |   |     |   |   |              |   |   |           |   |   |   |   |   |   | (3,080 | ) |
|                              |   |     |   |   |              |   |   |           |   |   |   |   |   |   |   |   |
| Embedded derivatives:             |   |     |   |   |              |   |   |           |   |   |   |   |   |   |   |   |
| GMIB reinsurance contracts (2)    |   |     | -      |   |              |   | 2,256  |           |   |   | - |   |   |   | (2,566 | ) |
|                              |   |     |   |   |              |   |   |           |   |   |   |   |   |   |   |   |
| GWBL and other features (3)       |   |     | -      |   |              |   | -      |           |   |   | 55 |   |   |   | 218 |   |
|                              |   |     |   |   |              |   |   |           |   |   |   |   |   |   |   |   |
| Balances, Dec. 31, 2009           |   | $        | 37,941 |   |              | $      | 3,607  |           |   | $ | 1,238 |   |   | $ | (5,428 | ) |

| (1)   | Reported in Other invested assets in the consolidated balance sheets. |
|-----------------|-----------------------------------------------------------------------|
| (2)   | Reported in Other assets in the consolidated balance sheets. |
|-----------------|--------------------------------------------------------------|

| (3)   | Reported in Future policy benefits and other policyholder liabilities. |
|-----------------|------------------------------------------------------------------------|

| 4) | GOODWILL AND OTHER INTANGIBLE ASSETS |
|----|--------------------------------------|

----

----

| 5)   | CLOSED BLOCKS |
|----------------|---------------|

|                                                                                                                                                                |   | December 31,  |     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|----------|
|                                                                                                                                                                |   | 2010          |     |   | 2009 |   |
|                                                                                                                                                                |   | (In Millions) |     |
|                                                                                                                                                                |   |          |     |   |   |   |
| CLOSED BLOCK LIABILITIES:                                                                                                                                           |   |          |     |   |   |   |
| Future policy benefits, policyholders’ account balances and other                                                                                             |   | $             | 8,272    |   |   | $ | 8,412 |   |
| Policyholder dividend obligation                                                                                                                                    |   |          | 119      |   |   |   | - |   |
| Other liabilities                                                                                                                                                   |   |          | 142      |   |   |   | 70 |   |
| Total Closed Block liabilities                                                                                                                                      |   |          | 8,533    |   |   |   | 8,482 |   |
|                                                                                                                                                                |   |          |     |   |   |   |   |   |
| ASSETS DESIGNATED TO THE CLOSED BLOCK:                                                                                                                              |   |          |     |   |   |   |   |   |
| Fixed maturities, available for sale, at fair value (amortized cost of  $5,416 and $5,575)                                                                |   |          | 5,605    |   |   |   | 5,631 |   |
| Mortgage loans on real estate                                                                                                                                       |   |          | 981      |   |   |   | 1,029 |   |
| Policy loans                                                                                                                                                        |   |          | 1,119    |   |   |   | 1,158 |   |
| Cash and other invested assets                                                                                                                                      |   |          | 281      |   |   |   | 68 |   |
| Other assets                                                                                                                                                        |   |          | 245      |   |   |   | 264 |   |
| Total assets designated to the Closed Block                                                                                                                         |   |          | 8,231    |   |   |   | 8,150 |   |
|                                                                                                                                                                |   |          |     |   |   |   |   |   |
| Excess of Closed Block liabilities over assets designated to the Closed Block                                                                                       |   |          | 302      |   |   |   | 332 |   |
|                                                                                                                                                                |   |          |     |   |   |   |   |   |
| Amounts included in accumulated other comprehensive income (loss):                                                                                                  |   |          |     |   |   |   |   |   |
| Net unrealized investment gains (losses) net of deferred income tax (expense) benefit of $(28) and $(23) and policyholder dividend obligation of $(119) and $0 |   |          | 53  |   |   |   | 44 |   |
|                                                                                                                                                                |   |          |     |   |   |   |   |   |
|                                                                                                                                                                |   |          |     |   |   |   |   |   |
| Maximum Future Earnings To Be Recognized From Closed Block                                                                                                          |   |          |     |   |   |   |   |   |
| Assets and Liabilities                                                                                                                                              |   | $             | 355      |   |   | $ | 376 |   |

----

|                                                           |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|----------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                           |   | (In Millions) |   |
|                                                           |   |          |   |   |   |   |   |   |   |
| REVENUES:                                                      |   |          |   |   |   |   |   |   |   |
| Premiums and other income                                      |   | $             | 365    |   |   | $      | 382    |   |   | $ | 393 |   |
| Investment income (loss) (net of investment                    |   |          |   |   |   |   |   |   |   |   |   |   |
| expenses of $0, $1, and $0)                                    |   |          | 468    |   |   |   | 482    |   |   |   | 496 |   |
| Investment gains (losses), net:                                |   |          |   |   |   |   |   |   |   |   |   |   |
| Total OTTI losses                                              |   |          | (31    | )      |   |   | (10    | )      |   |   | (46 | ) |
| Portion of loss recognized inother comprehensive income (loss) |   |          | 1      |   |   |   | -      |   |   |   | - |   |
| Net impairment losses recognized                               |   |          | (30    | )      |   |   | (10    | )      |   |   | (46 | ) |
| Other investment gains (losses), net                           |   |          | 7      |   |   |   | -      |   |   |   | (2 | ) |
|     Total investment gains (losses), net        |   |          | (23    | )      |   |   | (10    | )      |   |   | (48 | ) |
| Total revenues                                                 |   |          | 810    |   |   |   | 854    |   |   |   | 841 |   |
|                                                           |   |          |   |   |   |   |   |   |   |   |   |   |
| BENEFITS AND OTHER DEDUCTIONS:                                 |   |          |   |   |   |   |   |   |   |   |   |   |
| Policyholders’ benefits and dividends                    |   |          | 776    |   |   |   | 812    |   |   |   | 819 |   |
| Other operating costs and expenses                             |   |          | 2      |   |   |   | 2      |   |   |   | 7 |   |
| Total benefits and other deductions                            |   |          | 778    |   |   |   | 814    |   |   |   | 826 |   |
|                                                           |   |          |   |   |   |   |   |   |   |   |   |   |
| Net revenues, before income taxes                              |   |          | 32     |   |   |   | 40     |   |   |   | 15 |   |
| Income tax (expense) benefit                                   |   |          | (11    | )      |   |   | (14    | )      |   |   | (5 | ) |
| Net Revenues                                                   |   | $             | 21     |   |   | $      | 26     |   |   | $ | 10 |   |

|                                 |          |   |
|--------------------------------------|---------------|--------|
|                                 | December 31,  |   |
|                                 | 2010          |   | 2009 |   |
|                                 | (In Millions) |   |
|                                 |          |   |
| Balances, beginning of year          |          | $      | - |   |   | $ | - |   |
| Unrealized investment gains (losses) |          |   | 119 |   |   |   | - |   |
| Balances, End of year                |          | $      | 119 |   |   | $ | - |   |

|                                                            |   | December 31,  |   |
|-----------------------------------------------------------------|--------|---------------|--------|
|                                                            |   | 2010          |   |   | 2009 |   |
|                                                            |   | (In Millions) |   |
|                                                            |   |          |   |   |   |   |
| Impaired mortgage loans with investment valuation allowances    |   | $             | 62     |   |   | $ | - |   |
| Impaired mortgage loans without investment valuation allowances |   |          | 3      |   |   |   | - |   |
| Recorded investment in impaired mortgage loans                  |   |          | 65     |   |   |   | - |   |
| Investment valuation allowances                                 |   |          | (7     | ) |   |   | - |   |
| Net Impaired Mortgage Loans                                     |   | $             | 58     |   |   | $ | - |   |

----

| 6)   | CONTRACTHOLDER BONUS INTEREST CREDITS |
|----------------|---------------------------------------|

|                                           | December 31,  |   |
|------------------------------------------------|---------------|--------|
|                                           | 2010          |   | 2009 |   |
|                                           | (In Millions) |   |
|                                           |          |   |
| Balance, beginning of year                     |          | $      | 795 |   |   | $ | 808 |   |
| Contractholder bonus interest credits deferred |          |   | 39 |   |   |   | 61 |   |
| Amortization charged to income                 |          |   | (62 | ) |   |   | (74 | ) |
| Balance, End of Year                           |          | $      | 772 |   |   | $ | 795 |   |

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

|                                     |   | Level 1       |   |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------|--------|---------------|--------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
|                                     |   | (In Millions) |   |
| Assets                                   |   |          |   |   |    |   |   |    |   |   |   |   |
| Investments:                             |   |          |   |   |    |   |   |    |   |   |   |   |
| Fixed maturities, available-for-sale:    |   |          |   |   |    |   |   |    |   |   |   |   |
| Corporate                                |   | $             | 7      |   |    | $      | 21,405 |    |   | $      | 320    |   |   | $ | 21,732 |   |
| U.S. Treasury, government                |   |          |   |   |    |   |   |    |   |   |   |   |   |   |   |   |
| and agency                               |   |          | -      |   |    |   | 1,916  |    |   |   | -      |   |   |   | 1,916 |   |
| States and political subdivisions        |   |          | -      |   |    |   | 462    |    |   |   | 49     |   |   |   | 511 |   |
| Foreign governments                      |   |          | -      |   |    |   | 539    |    |   |   | 21     |   |   |   | 560 |   |
| Commercial mortgage-backed               |   |          | -      |   |    |   | -      |    |   |   | 1,103  |   |   |   | 1,103 |   |
| Residential mortgage-backed (1)          |   |          | -      |   |    |   | 1,668  |    |   |   | -      |   |   |   | 1,668 |   |
| Asset-backed (2)                         |   |          | -      |   |    |   | 98     |    |   |   | 148    |   |   |   | 246 |   |
| Redeemable preferred stock               |   |          | 207    |   |    |   | 1,112  |    |   |   | 2      |   |   |   | 1,321 |   |
| Subtotal                                 |   |          | 214    |   |    |   | 27,200 |    |   |   | 1,643  |   |   |   | 29,057 |   |
| Other equity investments                 |   |          | 53     |   |    |   | -      |    |   |   | 13     |   |   |   | 66 |   |
| Trading securities                       |   |          | 425    |   |    |   | 81     |    |   |   | -      |   |   |   | 506 |   |
| Other invested assets:                   |   |          |   |   |    |   |   |    |   |   |   |   |   |   |   |   |
| Short-term investments                   |   |          | -      |   |    |   | 148    |    |   |   | -      |   |   |   | 148 |   |
| Swaps                                    |   |          | -      |   |    |   | 40     |    |   |   | -      |   |   |   | 40 |   |
| Futures                                  |   |          | -      |   |    |   | -      |    |   |   | -      |   |   |   | - |   |
| Options                                  |   |          | -      |   |    |   | 4      |    |   |   | -      |   |   |   | 4 |   |
| Floors                                   |   |          | -      |   |    |   | 326    |    |   |   | -      |   |   |   | 326 |   |
| Swaptions                                |   |          | -      |   |    |   | 171    |    |   |   | -      |   |   |   | 171 |   |
| Subtotal                                 |   |          | -      |   |    |   | 689    |    |   |   | -      |   |   |   | 689 |   |
| Cash equivalents                         |   |          | 1,693  |   |    |   | -      |    |   |   | -      |   |   |   | 1,693 |   |
| Segregated securities                    |   |          | -      |   |    |   | 1,110  |    |   |   | -      |   |   |   | 1,110 |   |
| GMIB reinsurance contracts               |   |          | -      |   |    |   | -      |    |   |   | 4,606  |   |   |   | 4,606 |   |
| Separate Accounts’ assets          |   |          | 89,647 |   |    |   | 2,160  |    |   |   | 207    |   |   |   | 92,014 |   |
| Total Assets                             |   | $             | 92,032 |   |    | $      | 31,240 |    |   | $      | 6,469  |   |   | $ | 129,741 |   |
|                                     |   |          |   |   |    |   |   |    |   |   |   |   |   |   |   |   |
| Liabilities                              |   |          |   |   |    |   |   |    |   |   |   |   |   |   |   |   |
| GWBL and other features’ liability |   | $             | -      |   |    | $      | -      |    |   | $      | 38     |   |   | $ | 38 |   |
| Total Liabilities                        |   | $             | -      |   |    | $      | -      |    |   | $      | 38     |   |   | $ | 38 |   |

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

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

----

|                                     |   | Level 1       |   |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------|--------|---------------|--------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
|                                     |   | (In Millions) |   |
| Assets                                   |   |          |   |   |    |   |   |    |   |   |   |   |
| Investments:                             |   |          |   |   |    |   |   |    |   |   |   |   |
| Fixed maturities, available-for-sale:    |   |          |   |   |    |   |   |    |   |   |   |   |
| Corporate                                |   | $             | -      |   |    | $      | 19,728 |    |   | $      | 466    |   |   | $ | 20,194 |   |
| U.S. Treasury, government                |   |          |   |   |    |   |   |    |   |   |   |   |   |   |   |   |
| and agency                               |   |          | -      |   |    |   | 1,690  |    |   |   | -      |   |   |   | 1,690 |   |
| States and political subdivisions        |   |          | -      |   |    |   | 334    |    |   |   | 47     |   |   |   | 381 |   |
| Foreign governments                      |   |          | -      |   |    |   | 281    |    |   |   | 21     |   |   |   | 302 |   |
| Commercial mortgage-backed               |   |          | -      |   |    |   | -      |    |   |   | 1,490  |   |   |   | 1,490 |   |
| Residential mortgage-backed (1)          |   |          | -      |   |    |   | 1,651  |    |   |   | -      |   |   |   | 1,651 |   |
| Asset-backed (2)                         |   |          | -      |   |    |   | 51     |    |   |   | 217    |   |   |   | 268 |   |
| Redeemable preferred stock               |   |          | 191    |   |    |   | 1,291  |    |   |   | 12     |   |   |   | 1,494 |   |
| Subtotal                                 |   |          | 191    |   |    |   | 25,026 |    |   |   | 2,253  |   |   |   | 27,470 |   |
| Other equity investments                 |   |          | 90     |   |    |   | -      |    |   |   | 1      |   |   |   | 91 |   |
| Trading securities                       |   |          | 423    |   |    |   | 61     |    |   |   | 1      |   |   |   | 485 |   |
| Other invested assets                    |   |          | -      |   |    |   | (36    | )       |   |   | 300    |   |   |   | 264 |   |
| Cash equivalents                         |   |          | 1,367  |   |    |   | -      |    |   |   | -      |   |   |   | 1,367 |   |
| Segregated securities                    |   |          | -      |   |    |   | 986    |    |   |   | -      |   |   |   | 986 |   |
| GMIB reinsurance contracts               |   |          | -      |   |    |   | -      |    |   |   | 2,256  |   |   |   | 2,256 |   |
| Separate Accounts’ assets          |   |          | 82,102 |   |    |   | 1,684  |    |   |   | 230    |   |   |   | 84,016 |   |
| Total Assets                             |   | $             | 84,173 |   |    | $      | 27,721 |    |   | $      | 5,041  |   |   | $ | 116,935 |   |
|                                     |   |          |   |   |    |   |   |    |   |   |   |   |   |   |   |   |
| Liabilities                              |   |          |   |   |    |   |   |    |   |   |   |   |   |   |   |   |
| GWBL and other features’ liability |   | $             | -      |   |    | $      | -      |    |   | $      | 55     |   |   | $ | 55 |   |
| Total Liabilities                        |   | $             | -      |   |    | $      | -      |    |   | $      | 55     |   |   | $ | 55 |   |

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

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

----

|                                                                    |   | Corporate |   |   | U.S. Treasury, Govt and Agency |   |   | State and Political Sub-divisions |   |   | Foreign Govts |   |   | Commercial Mortgage-backed |   |   | Residential Mortgage-backed |   |   | Asset-backed |   |
|-------------------------------------------------------------------------|--------|-----------|--------|--------|--------------------------------|--------|--------|-----------------------------------|--------|--------|---------------|--------|--------|----------------------------|--------|--------|-----------------------------|--------|--------|--------------|--------|
|                                                                    |   |      |   |   |                           |   |   |                              |   |   |          |   |   |                       |   |   |                        |   |   |         |   |
| Balance, January 1, 2010                                                |   | $         | 466    |   |                           | $      | -      |                              |   | $      | 47            |   |   | $                          | 21     |   |                        | $      | 1,490  |         |   | $ | - |   |   | $ | 217 |   |
| Total gains (losses),realized and unrealized,included in:               |   |      |   |   |                           |   |   |                              |   |   |          |   |   |                       |   |   |                        |   |   |         |   |   |   |   |   |   |   |   |
| Earnings (loss) as:                                                     |   |      |   |   |                           |   |   |                              |   |   |          |   |   |                       |   |   |                        |   |   |         |   |   |   |   |   |   |   |   |
| Net investment income (loss)                                            |   |      | 4      |   |                           |   | -      |                              |   |   | -             |   |   |                       | -      |   |                        |   | 2      |         |   |   | - |   |   |   | - |   |
| Investment gains(losses), net                                           |   |      | 6      |   |                           |   | -      |                              |   |   | -             |   |   |                       | -      |   |                        |   | (271   | )            |   |   | - |   |   |   | 1 |   |
| Increase (decrease) in the fair value of the reinsurance contracts |   |      | -      |   |                           |   | -      |                              |   |   | -             |   |   |                       | -      |   |                        |   | -      |         |   |   | - |   |   |   | - |   |
| Subtotal                                                                |   |      | 10     |   |                           |   | -      |                              |   |   | -             |   |   |                       | -      |   |                        |   | (269   | )            |   |   | - |   |   |   | 1 |   |
| Other comprehensive income (loss)                                       |   |      | 3      |   |                           |   | -      |                              |   |   | 3             |   |   |                       | -      |   |                        |   | 119    |         |   |   | - |   |   |   | 14 |   |
| Purchases/issuances                                                     |   |      | 22     |   |                           |   | -      |                              |   |   | -             |   |   |                       | -      |   |                        |   | -      |         |   |   | - |   |   |   | - |   |
| Sales/settlements                                                       |   |      | (88    | )      |                           |   | -      |                              |   |   | (1            | )      |   |                       | -      |   |                        |   | (237   | )            |   |   | - |   |   |   | (40 | ) |
| Transfers into/out ofLevel 3 (2)                                        |   |      | (93    | )      |                           |   | -      |                              |   |   | -             |   |   |                       | -      |   |                        |   | -      |         |   |   | - |   |   |   | (44 | ) |
| Balance, Dec. 31, 2010                                                  |   | $         | 320    |   |                           | $      | -      |                              |   | $      | 49            |   |   | $                          | 21     |   |                        | $      | 1,103  |         |   | $ | - |   |   | $ | 148 |   |

| (1)   | Includes Trading Securities’ Level 3 amount. |
|-----------------|----------------------------------------------------|

| (2)   | Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. |
|-----------------|------------------------------------------------------------------------------------------------|

----

|                                                                                                                |   | Redeemable preferred stock |   |   | OtherEquity Investments(1) |   |   | Other Invested Assets |   |   | GMIB Reinsurance Asset |   |   | Separate Accounts Assets |   |   | GWBLand otherFeatures Liability |   |
|---------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|--------|----------------------------|--------|--------|-----------------------|--------|--------|------------------------|--------|--------|--------------------------|--------|--------|---------------------------------|--------|
|                                                                                                                |   |                       |   |   |                       |   |   |                  |   |   |                   |   |   |                     |   |   |                            |   |
| Balance, January 1, 2010                                                                                            |   | $                          | 12     |   |                       | $      | 2      |                  |   | $      | 300                    |   |   | $                        | 2,256  |   |                            | $      | 230 |   |   | $ | 55 |   |
| Total gains (losses),realized and unrealized,included in:                                                           |   |                       |   |   |                       |   |   |                  |   |   |                   |   |   |                     |   |   |                            |   |   |   |   |   |   |   |
| Earnings (loss) as:                                                                                                 |   |                       |   |   |                       |   |   |                  |   |   |                   |   |   |                     |   |   |                            |   |   |   |   |   |   |   |
| Net investment income (loss)                                                                                        |   |                       | -      |   |                       |   | -      |                  |   |   | -                      |   |   |                     | -      |   |                            |   | - |   |   |   | - |   |
| Investment gains (losses), net                                                                                      |   |                       | 4      |   |                       |   | -      |                  |   |   | -                      |   |   |                     | -      |   |                            |   | (22 | ) |   |   | - |   |
| Increase (decrease) in   the fair value of the        reinsurance contracts |   |                       | -      |   |                       |   | -      |                  |   |   | -                      |   |   |                     | 2,150  |   |                            |   | - |   |   |   | - |   |
|    Policyholders’ benefits                                                                          |   |                       | -      |   |                       |   | -      |                  |   |   | -                      |   |   |                     | -      |   |                            |   | - |   |   |   | (34 | ) |
|   Subtotal                                                                                                     |   |                       | 4      |   |                       |   | -      |                  |   |   | -                      |   |   |                     | 2,150  |   |                            |   | (22 | ) |   |   | (34 | ) |
| Other comprehensiveincome (loss)                                                                                    |   |                       | -      |   |                       |   | -      |                  |   |   | -                      |   |   |                     | -      |   |                            |   | - |   |   |   | - |   |
| Purchases/issuances                                                                                                 |   |                       | -      |   |                       |   | -      |                  |   |   | -                      |   |   |                     | 200    |   |                            |   | 2 |   |   |   | 17 |   |
| Sales/settlements                                                                                                   |   |                       | (14    | )      |                       |   | (2     | )                     |   |   | -                      |   |   |                     | -      |   |                            |   | (8 | ) |   |   | - |   |
| Transfers into/out ofLevel 3 (2)                                                                                    |   |                       | -      |   |                       |   | 13     |                  |   |   | (300                   | )      |   |                     | -      |   |                            |   | 5 |   |   |   | - |   |
| Balance, Dec. 31, 2010                                                                                              |   | $                          | 2      |   |                       | $      | 13     |                  |   | $      | -                      |   |   | $                        | 4,606  |   |                            | $      | 207 |   |   | $ | 38 |   |

| (1)   | Includes Trading securities’ Level 3 amount. |
|-----------------|----------------------------------------------------|

| (2)   | Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. |
|-----------------|------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                |   |      |   |   | U.S.      |   |   |    |   |   | State and |   |   | Commer-   |   |   | Residen- |   |   |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|--------|-----------|--------|--------|---------|--------|--------|-----------|--------|--------|-----------|--------|--------|----------|--------|--------|--------|--------|
|                                                                                                                                                                                                                |   |      |   |   | Treasury, |   |   |    |   |   | Political |   |   | cial      |   |   | tial     |   |   |   |   |
|                                                                                                                                                                                                                |   |      |   |   | Govt and  |   |   | Foreign |   |   | Sub-      |   |   | Mortgage- |   |   | Mortgage |   |   | Asset- |   |
|                                                                                                                                                                                                                |   | Corporate |   |   | Agency    |   |   | Govts   |   |   | divisions |   |   | backed    |   |   | backed   |   |   | backed |   |
|                                                                                                                                                                                                                |   |      |   |   |      |   |   |    |   |   |      |   |   |      |   |   |     |   |   |   |   |
| Balance, January 1, 2009                                                                                                                                                                                            |   | $         | 411    |   |      | $      | -      |    |   | $      | 64        |   |   | $         | 55     |   |     | $      | 1,587  |   |   | $ | - |   |   | $ | 304 |   |
| Total gains (losses),                                                                                                                                                                                               |   |      |   |   |      |   |   |    |   |   |      |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
| realized and unrealized,                                                                                                                                                                                            |   |      |   |   |      |   |   |    |   |   |      |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
| included in:                                                                                                                                                                                                        |   |      |   |   |      |   |   |    |   |   |      |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|     Earnings (Loss) as:                                                                                                                                                                              |   |      |   |   |      |   |   |    |   |   |      |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
| Net investment income (loss)                                                                                                                                                                                        |   |      | 2      |   |      |   | -      |    |   |   | -         |   |   |      | -      |   |     |   | 3      |   |   |   | - |   |   |   | (1 | ) |
|         Investment gains (losses), net                                                                                                                                           |   |      | (40    | )      |      |   | -      |    |   |   | -         |   |   |      | -      |   |     |   | (24    | )      |   |   | - |   |   |   | (20 | ) |
| Increase (decrease)                                                                                                                                                                                                 |   |      |   |   |      |   |   |    |   |   |      |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|  in the fair value of the                                                                                                                                                                                      |   |      |   |   |      |   |   |    |   |   |      |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
|  reinsurance contracts                                                                                                                                                                                         |   |      | -      |   |      |   | -      |    |   |   | -         |   |   |      | -      |   |     |   | -      |   |   |   | - |   |   |   | - |   |
|   Subtotal                                                                                                                                                                                                     |   |      | (38    | )      |      |   | -      |    |   |   | -         |   |   |      | -      |   |     |   | (21    | )      |   |   | - |   |   |   | (21 | ) |
|    Other comprehensive                                                                                                                                                                                    |   |      |   |   |      |   |   |    |   |   |      |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
| income (loss)                                                                                                                                                                                                       |   |      | 14     |   |      |   | -      |    |   |   | 3         |   |   |      | (7     | )      |     |   | 49     |   |   |   | - |   |   |   | 20 |   |
| Purchases/issuances                                 |   |      | 107    |   |      |   | -      |    |   |   | 1         |   |   |      | -      |   |     |   | -      |   |   |   | - |   |   |   | - |   |
| Sales/settlements                                                                                                                                                                                                   |   |      | (41    | )      |      |   | -      |    |   |   | -         |   |   |      | (1     | )      |     |   | (127   | )      |   |   | - |   |   |   | (48 | ) |
| Transfers into/out of                                                                                                                                                                                               |   |      |   |   |      |   |   |    |   |   |      |   |   |      |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
| Level 3 (2)                                                                                                                                                                                                         |   |      | 13     |   |      |   | -      |    |   |   | (47       | )      |   |      | -      |   |     |   | 2      |   |   |   | - |   |   |   | (38 | ) |
| Balance, Dec. 31, 2009                                                                                                                                                                                              |   | $         | 466    |   |      | $      | -      |    |   | $      | 21        |   |   | $         | 47     |   |     | $      | 1,490  |   |   | $ | - |   |   | $ | 217 |   |

| (1)   | Includes Trading securities’ Level 3 amount. |
|-----------------|----------------------------------------------------|

| (2)   | Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. |
|-----------------|------------------------------------------------------------------------------------------------|

----

|                                                                                                                                 |   | Redeem-   |   |   |           |   |   |     |   |   |        |   |   |     |    | GWBL   |      |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|--------|----------------|--------|--------|----------|--------|--------|-------------|--------|--------|----------|---------|--------|-----------|
|                                                                                                                                 |   | able      |   |   | Other          |   |   | Other    |   |   | GMIB        |   |   | Separate |    |   | and other |   |
|                                                                                                                                 |   | Preferred |   |   | Equity         |   |   | Invested |   |   | Reinsurance |   |   | Accounts |    |   | Features  |   |
|                                                                                                                                 |   | Stock     |   |   | Investments(1) |   |   | Assets   |   |   | Asset       |   |   | Assets   |    |   | Liability |   |
|                                                                                                                                 |   |      |   |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |
| Balance, January 1, 2009                                                                                                             |   | $         | 2      |   |           | $      | 2      |     |   | $      | 547         |   |   | $        | 4,822   |   |      | $ | 334 |   |   | $ | 273 |   |
| Total gains (losses),                                                                                                                |   |      |   |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| realized and unrealized,                                                                                                             |   |      |   |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| included in:                                                                                                                         |   |      |   |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| Earnings (Loss) as:                                                                                                                  |   |      |   |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
|        Net investment   income (loss)                                                        |   |      | -      |   |           |   | -      |     |   |   | (357        | )      |   |     | -       |   |      |   | - |   |   |   | - |   |
|            Investment gains       (losses), net |   |      | (45    | )      |           |   | -      |     |   |   | -           |   |   |     | -       |   |      |   | (95 | ) |   |   | - |   |
|    Increase (decrease)                                                                                                     |   |      |   |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| in the fair value of the                                                                                                             |   |      |   |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| reinsurance contracts                                                                                                                |   |      | -      |   |           |   | -      |     |   |   | -           |   |   |     | (2,746  | )      |      |   | - |   |   |   | - |   |
|    Policyholders’ benefits                                                                                           |   |      | -      |   |           |   | -      |     |   |   | -           |   |   |     | -       |   |      |   | - |   |   |   | (230 | ) |
| Subtotal                                                                                                                             |   |      | (45    | )      |           |   | -      |     |   |   | (357        | )      |   |     | (2,746  | )      |      |   | (95 | ) |   |   | (230 | ) |
|   Other comprehensive                                                                                                      |   |      |   |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
|        income (loss)                                                                                   |   |      | 34     |   |           |   | -      |     |   |   | -           |   |   |     | -       |   |      |   | - |   |   |   | - |   |
| Purchases/issuances                                                                                                                  |   |      | -      |   |           |   | -      |     |   |   | -           |   |   |     | 180     |   |      |   | 1 |   |   |   | 12 |   |
| Sales/settlements                                                                                                                    |   |      | -      |   |           |   | (1     | )        |   |   | 110         |   |   |     | -       |   |      |   | (7 | ) |   |   | - |   |
| Transfers into/out of                                                                                                                |   |      |   |   |           |   |   |     |   |   |        |   |   |     |    |   |      |   |   |   |   |   |   |   |
| Level 3 (2)                                                                                                                          |   |      | 21     |   |           |   | 1      |     |   |   | -           |   |   |     | -  |   |      |   | (3 | ) |   |   | -  |   |
| Balance, Dec. 31, 2009                                                                                                               |   | $         | 12     |   |           | $      | 2      |     |   | $      | 300         |   |   | $        | 2,256   |   |      | $ | 230 |   |   | $ | 55 |   |

| (1)   | Includes Trading securities’ Level 3 amount. |
|-----------------|----------------------------------------------------|

| (2)   | Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. |
|-----------------|------------------------------------------------------------------------------------------------|

----

|                                    |   | Earnings (Loss) |   |   |         |   |   |                 |   |
|-----------------------------------------|--------|-----------------|--------|--------|--------------|--------|--------|----------------------|--------|
|                                    |   |            |   |   |         |   |   | Increase             |   |   |   |   |   |   |   |
|                                    |   | Net             |   |   | Investment   |   |   | (Decrease) in        |   |   |   |   |   |   |   |
|                                    |   | Investment      |   |   | Gains        |   |   | Fair Value of        |   |   |   |   |   | Policy- |   |
|                                    |   | Income(Loss)    |   |   | (Losses),Net |   |   | ReinsuranceContracts |   |   | OCI |   |   | holders’Benefits |   |
|                                    |   | (In Millions)   |   |
| Level 3 Instruments                     |   |            |   |   |         |   |   |                 |   |   |   |   |   |   |   |
| Full Year 2010                          |   |            |   |   |         |   |   |                 |   |   |   |   |   |   |   |
| Still Held at December 31, 2010:        |   |            |   |   |         |   |   |                 |   |   |   |   |   |   |   |
| Change in unrealized                    |   |            |   |   |         |   |   |                 |   |   |   |   |   |   |   |
| gains (losses):                         |   |            |   |   |         |   |   |                 |   |   |   |   |   |   |   |
| Fixed maturities,                       |   |            |   |   |         |   |   |                 |   |   |   |   |   |   |   |
| available-for-sale:                     |   |            |   |   |         |   |   |                 |   |   |   |   |   |   |   |
| Corporate                               |   | $               | -      |   |         | $      | -      |                 |   | $ | - |   |   | $ | 10 |   |   | $ | - |   |
| U.S. Treasury, government               |   |            |   |   |         |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |
| and agency                              |   |            | -      |   |         |   | -      |                 |   |   | - |   |   |   | - |   |   |   | - |   |
| State and political                     |   |            |   |   |         |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |
| subdivisions                            |   |            | -      |   |         |   | -      |                 |   |   | - |   |   |   | 2 |   |   |   | - |   |
| Foreign governments                     |   |            | -      |   |         |   | -      |                 |   |   | - |   |   |   | 1 |   |   |   | - |   |
| Commercial                              |   |            |   |   |         |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |
| mortgage-backed                         |   |            | -      |   |         |   | -      |                 |   |   | - |   |   |   | 92 |   |   |   | - |   |
| Residential                             |   |            |   |   |         |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |
| mortgage-backed                         |   |            | -      |   |         |   | -      |                 |   |   | - |   |   |   | - |   |   |   | - |   |
| Asset-backed                            |   |            | -      |   |         |   | -      |                 |   |   | - |   |   |   | 13 |   |   |   | - |   |
| Redeemable preferred stock              |   |            | -      |   |         |   | -      |                 |   |   | - |   |   |   | - |   |   |   | - |   |
| Subtotal                                |   |            | -      |   |         |   | -      |                 |   |   | - |   |   |   | 118 |   |   |   | - |   |
| Equity securities,                      |   |            |   |   |         |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |
| available-for-sale                      |   |            | -      |   |         |   | -      |                 |   |   | - |   |   |   | - |   |   |   | - |   |
| Other equity investments                |   |            | -      |   |         |   | -      |                 |   |   | - |   |   |   | - |   |   |   | - |   |
| Other invested assets                   |   |            | -      |   |         |   | -      |                 |   |   | - |   |   |   | - |   |   |   | - |   |
| Cash equivalents                        |   |            | -      |   |         |   | -      |                 |   |   | - |   |   |   | - |   |   |   | - |   |
| Segregated securities                   |   |            | -      |   |         |   | -      |                 |   |   | - |   |   |   | - |   |   |   | - |   |
| GMIB reinsurance contracts              |   |            | -      |   |         |   | -      |                 |   |   | 2,350 |   |   |   | - |   |   |   | - |   |
| Separate Accounts’ assets         |   |            | -      |   |         |   | (21    | )                    |   |   | - |   |   |   | - |   |   |   | - |   |
| GWBL and otherfeatures’ liability |   |            | -      |   |         |   | -      |                 |   |   | - |   |   |   | - |   |   |   | 17 |   |
| Total                                   |   | $               | -      |   |         | $      | (21    | )                    |   | $ | 2,350 |   |   | $ | 118 |   |   | $ | 17 |   |

----

|                                    |   | Earnings (loss) |   |   |       |   |   |                   |   |
|-----------------------------------------|--------|-----------------|--------|--------|------------|--------|--------|------------------------|--------|
|                                    |   | Net             |   |   | Investment |   |   | Increase (Decrease) in |   |   |   |   |   |   |   |
|                                    |   | Investment      |   |   | Gains      |   |   | Fair Value of          |   |   |   |   |   | Policy- |   |
|                                    |   | Income          |   |   | (Losses),  |   |   | Reinsurance            |   |   |   |   |   | holders’ |   |
|                                    |   | (Loss)          |   |   | Net        |   |   | Contracts              |   |   | OCI |   |   | Benefits |   |
|                                    |   | (In Millions)   |   |
|                                    |   |            |   |   |       |   |   |                   |   |   |   |   |   |   |   |
| Level 3 Instruments                     |   |            |   |   |       |   |   |                   |   |   |   |   |   |   |   |
| Full Year 2009                          |   |            |   |   |       |   |   |                   |   |   |   |   |   |   |   |
| Still Held at December 31, 2009:        |   |            |   |   |       |   |   |                   |   |   |   |   |   |   |   |
| Change in unrealized                    |   |            |   |   |       |   |   |                   |   |   |   |   |   |   |   |
| gains (losses)                          |   |            |   |   |       |   |   |                   |   |   |   |   |   |   |   |
| Fixed maturities,                       |   |            |   |   |       |   |   |                   |   |   |   |   |   |   |   |
| available-for-sale:                     |   |            |   |   |       |   |   |                   |   |   |   |   |   |   |   |
| Corporate                               |   | $               | -      |   |       | $      | -      |                   |   | $ | - |   |   | $ | (2 | ) |   | $ | - |   |
| U.S. Treasury, government               |   |            |   |   |       |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |
| and agency                              |   |            | -      |   |       |   | -      |                   |   |   | - |   |   |   | - |   |   |   | - |   |
| State and political                     |   |            |   |   |       |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |
| subdivisions                            |   |            | -      |   |       |   | -      |                   |   |   | - |   |   |   | (7 | ) |   |   | - |   |
| Foreign governments                     |   |            | -      |   |       |   | -      |                   |   |   | - |   |   |   | 2 |   |   |   | - |   |
| Commercial                              |   |            |   |   |       |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |
| mortgage-backed                         |   |            | -      |   |       |   | -      |                   |   |   | - |   |   |   | 37 |   |   |   | - |   |
| Residential                             |   |            |   |   |       |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |
| mortgage-backed                         |   |            | -      |   |       |   | -      |                   |   |   | - |   |   |   | - |   |   |   | - |   |
| Asset-backed                            |   |            | -      |   |       |   | -      |                   |   |   | - |   |   |   | 7 |   |   |   | - |   |
| Redeemable preferred stock              |   |            | -      |   |       |   | -      |                   |   |   | - |   |   |   | 34 |   |   |   | - |   |
| Subtotal                                |   |            | -      |   |       |   | -      |                   |   |   | - |   |   |   | 71 |   |   |   | - |   |
| Equity securities,                      |   |            |   |   |       |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |
| available for sale                      |   |            | -      |   |       |   | -      |                   |   |   | - |   |   |   | - |   |   |   | - |   |
| Other equity investments                |   |            | -      |   |       |   | -      |                   |   |   | - |   |   |   | - |   |   |   | - |   |
| Other invested assets                   |   |            | (247   | )      |       |   | -      |                   |   |   | - |   |   |   | - |   |   |   | - |   |
| Cash equivalents                        |   |            | -      |   |       |   | -      |                   |   |   | - |   |   |   | - |   |   |   | - |   |
| Segregated securities                   |   |            | -      |   |       |   | -      |                   |   |   | - |   |   |   | - |   |   |   | - |   |
| GMIB reinsurance contracts              |   |            | -      |   |       |   | -      |                   |   |   | (2,566 | ) |   |   | - |   |   |   | - |   |
| Separate Accounts’ assets         |   |            | -      |   |       |   | (96    | )                      |   |   | - |   |   |   | - |   |   |   | - |   |
| GWBL and otherfeatures’ liability |   |            | -      |   |       |   | -      |                   |   |   | - |   |   |   | - |   |   |   | 218 |   |
| Total                                   |   | $               | (247   | )      |       | $      | (96    | )                      |   | $ | (2,566 | ) |   | $ | 71 |   |   | $ | 218 |   |

----

|                                | December 31,  |   |
|-------------------------------------|---------------|--------|
|                                | 2010          |   | 2009 |   |
|                                | Carrying      |   | Fair |   | Carrying |   | Fair |   |
|                                | Value         |   | Value |   | Value |   | Value |   |
|                                | (In Millions) |   |
|                                |          |   |
| Consolidated:                       |          |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage loans on real estate       |          | $      | 3,571 |   |   | $ | 3,669 |   |   | $ | 3,555 |   |   | $ | 3,547 |   |
| Other limited partnership interests |          |   | 1,451 |   |   |   | 1,451 |   |   |   | 1,308 |   |   |   | 1,308 |   |
| Policyholders liabilities:          |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment contracts                |          |   | 2,609 |   |   |   | 2,679 |   |   |   | 2,721 |   |   |   | 2,729 |   |
| Long-term debt                      |          |   | 200 |   |   |   | 228 |   |   |   | 200 |   |   |   | 226 |   |
| Loans to affiliates                 |          |   | 1,045 |   |   |   | 1,101 |   |   |   | 1,048 |   |   |   | 1,077 |   |
| Closed Blocks:                      |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage loans on real estate       |          | $      | 981 |   |   | $ | 1,015 |   |   | $ | 1,029 |   |   | $ | 1,021 |   |
| Other equity investments            |          |   | 1 |   |   |   | 1 |   |   |   | 2 |   |   |   | 2 |   |
| SCNILC liability                    |          |   | 7 |   |   |   | 7 |   |   |   | 8 |   |   |   | 8 |   |

| 8)  | GMDB, GMIB, GWBL AND NO LAPSE GUARANTEE FEATURES |
|----------|--------------------------------------------------|

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

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

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

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

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

----

|                         |   | GMDB          |   |   | GMIB   |   |   | Total  |   |
|------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                         |   | (In Millions) |   |
|                         |   |          |   |
| Balance at January 1, 2008   |   | $             | 253    |   |   | $      | 310    |   |   | $ | 563 |   |
| Paid guarantee benefits      |   |          | (73    | )      |   |   | (8     | )      |   |   | (81 | ) |
| Other changes in reserve     |   |          | 801    |   |   |   | 1,678  |   |   |   | 2,479 |   |
| Balance at December 31, 2008 |   |          | 981    |   |   |   | 1,980  |   |   |   | 2,961 |   |
| Paid guarantee benefits      |   |          | (249   | )      |   |   | (58    | )      |   |   | (307 | ) |
| Other changes in reserve     |   |          | 355    |   |   |   | (364   | )      |   |   | (9 | ) |
| Balance at December 31, 2009 |   |          | 1,087  |   |   |   | 1,558  |   |   |   | 2,645 |   |
| Paid guarantee benefits      |   |          | (208   | )      |   |   | (45    | )      |   |   | (253 | ) |
| Other changes in reserve     |   |          | 386    |   |   |   | 798    |   |   |   | 1,184 |   |
| Balance at December 31, 2010 |   | $             | 1,265  |   |   | $      | 2,311  |   |   | $ | 3,576 |   |

|                         |   | GMDB          |   |
|------------------------------|--------|---------------|--------|
|                         |   | (In Millions) |   |
|                         |   |          |   |
| Balance at January 1, 2008   |   | $             | 27     |   |
| Paid guarantee benefits      |   |          | (7     | ) |
| Other changes in reserve     |   |          | 307    |   |
| Balance at December 31, 2008 |   |          | 327    |   |
| Paid guarantee benefits      |   |          | (86    | ) |
| Other changes in reserve     |   |          | 164    |   |
| Balance at December 31, 2009 |   |          | 405    |   |
| Paid guarantee benefits      |   |          | (81    | ) |
| Other changes in reserve     |   |          | 209    |   |
| Balance at December 31, 2010 |   | $             | 533    |   |

----

|                                                 |   | Return                |   |   |    |   |   |    |   |   |   |   |   |   |   |
|------------------------------------------------------|--------|-----------------------|--------|--------|---------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|
|                                                 |   | of                    |   |   |    |   |   |    |   |   |   |   |   |   |   |
|                                                 |   | Premium               |   |   | Ratchet |   |   | Roll-Up |   |   | Combo  |   |   | Total  |   |
|                                                 |   | (Dollars In Millions) |   |
| GMDB:                                                |   |                  |   |   |    |   |   |    |   |   |   |   |   |   |   |
| Account values invested in:                          |   |                  |   |   |    |   |   |    |   |   |   |   |   |   |   |
| General Account                                      |   | $                     | 11,588 |   |    | $      | 253    |    |   | $      | 141    |   |   | $      | 501    |   |   | $ | 12,483 |   |
| Separate Accounts                                    |   | $                     | 29,171 |   |    | $      | 7,591  |    |   | $      | 4,263  |   |   | $      | 34,802 |   |   | $ | 75,827 |   |
| Net amount at risk, gross                            |   | $                     | 1,114  |   |    | $      | 1,071  |    |   | $      | 2,607  |   |   | $      | 9,999  |   |   | $ | 14,791 |   |
| Net amount at risk, net ofamounts reinsured          |   | $                     | 1,114  |   |    | $      | 684    |    |   | $      | 1,737  |   |   | $      | 3,950  |   |   | $ | 7,485 |   |
| Average attained age of contractholders              |   |                  | 50.0   |   |    |   | 62.7   |    |   |   | 67.8   |   |   |   | 63.2   |   |   |   | 53.8 |   |
| Percentage of contractholdersover age 70             |   |                  | 7.7    | %      |    |   | 26.0   | %       |   |   | 44.5   | %      |   |   | 26.0   | % |   |   | 13.4 | % |
| Range of contractually specified interest rates      |   |                  | N/A    |   |    |   | N/A    |    |   |   | 3%-6   | %      |   |   | 3%-6.5 | % |   |   | 3%-6.5 | % |
|                                                 |   |                  |   |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| GMIB:                                                |   |                  |   |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Account values invested in:                          |   |                  |   |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| General Account                                      |   |                  | N/A    |   |    |   | N/A    |    |   | $      | 31     |   |   | $      | 607    |   |   | $ | 638 |   |
| Separate Accounts                                    |   |                  | N/A    |   |    |   | N/A    |    |   | $      | 2,862  |   |   | $      | 47,430 |   |   | $ | 50,292 |   |
| Net amount at risk, gross                            |   |                  | N/A    |   |    |   | N/A    |    |   | $      | 1,314  |   |   | $      | 1,330  |   |   | $ | 2,644 |   |
| Net amount at risk, net ofamounts reinsured          |   |                  | N/A    |   |    |   | N/A    |    |   | $      | 387    |   |   | $      | 313    |   |   | $ | 700 |   |
| Weighted average years remaining until annuitization |   |                  | N/A    |   |    |   | N/A    |    |   |   | .7     |   |   |   | 6.1    |   |   |   | 5.7 |   |
| Range of contractuallyspecified interest rates       |   |                  | N/A    |   |    |   | N/A    |    |   |   | 3%-6   | %      |   |   | 3%-6.5 | % |   |   | 3%-6.5 | % |

----

|         |   | December 31,  |   |
|--------------|--------|---------------|--------|
|         |   | 2010          |   | 2009 |   |
|         |   | (In Millions) |   |
|         |   |          |   |
| GMDB:        |   |          |   |   |   |   |
| Equity       |   | $             | 48,904 |   |   | $ | 41,447 |   |
| Fixed income |   |          | 3,980  |   |   |   | 3,957 |   |
| Balanced     |   |          | 22,230 |   |   |   | 20,940 |   |
| Other        |   |          | 713    |   |   |   | 2,246 |   |
| Total        |   | $             | 75,827 |   |   | $ | 68,590 |   |
|         |   |          |   |   |   |   |   |   |
| GMIB:        |   |          |   |   |   |   |   |   |
| Equity       |   | $             | 31,837 |   |   | $ | 27,837 |   |
| Fixed income |   |          | 2,456  |   |   |   | 2,514 |   |
| Balanced     |   |          | 15,629 |   |   |   | 15,351 |   |
| Other        |   |          | 370    |   |   |   | 618 |   |
| Total        |   | $             | 50,292 |   |   | $ | 46,320 |   |

----

|                         | Direct        |   | Reinsurance |   |   |   |
|------------------------------|---------------|--------|-------------|--------|--------|--------|
|                         | Liability     |   | Ceded       |   | Net    |   |
|                         | (In Millions) |   |
|                         |          |   |
| Balance at January 1, 2008   |          | $      | 135         |   |   | $      | (108 | ) |   | $ | 27 |   |
| Other changes in reserves    |          |   | 68          |   |   |   | (45 | ) |   |   | 23 |   |
| Balance at December 31, 2008 |          |   | 203         |   |   |   | (153 | ) |   |   | 50 |   |
| Other changes in reserves    |          |   | 52          |   |   |   | (21 | ) |   |   | 31 |   |
| Balance at December 31, 2009 |          |   | 255         |   |   |   | (174 | ) |   |   | 81 |   |
| Other changes in reserves    |          |   | 120         |   |   |   | (57 | ) |   |   | 63 |   |
| Balance at December 31, 2010 |          | $      | 375         |   |   | $      | (231 | ) |   | $ | 144 |   |

| 9)  | REINSURANCE AGREEMENTS |
|----------|------------------------|

----

|                                              |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|---------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                              |   | (In Millions) |   |
|                                              |   |          |   |
| Direct premiums                                   |   | $             | 903    |   |   | $      | 838    |   |   | $ | 848 |   |
| Reinsurance assumed                               |   |          | 213    |   |   |   | 202    |   |   |   | 194 |   |
| Reinsurance ceded                                 |   |          | (586   | )      |   |   | (609   | )      |   |   | (283 | ) |
| Premiums                                          |   | $             | 530    |   |   | $      | 431    |   |   | $ | 759 |   |
|                                              |   |          |   |   |   |   |   |   |   |   |   |   |
| Universal Life and Investment-type Product        |   |          |   |   |   |   |   |   |   |   |   |   |
| Policy Fee Income Ceded                           |   | $             | 210    |   |   | $      | 197    |   |   | $ | 169 |   |
| Policyholders’ Benefits Ceded               |   | $             | 536    |   |   | $      | 485    |   |   | $ | 1,222 |   |
| Interest Credited to Policyholders’ Account |   |          |   |   |   |   |   |   |   |   |   |   |
| Balances Ceded                                    |   | $             | -      |   |   | $      | -      |   |   | $ | 33 |   |

|                                      |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|-------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                      |   | (In Millions) |   |
|                                      |   |          |   |
| Incurred benefits related to current year |   | $             | 30     |   |   | $      | 38     |   |   | $ | 36 |   |
| Incurred benefits related to prior years  |   |          | 10     |   |   |   | 6      |   |   |   | 4 |   |
| Total Incurred Benefits                   |   | $             | 40     |   |   | $      | 44     |   |   | $ | 40 |   |
|                                      |   |          |   |   |   |   |   |   |   |   |   |   |
| Benefits paid related to current year     |   | $             | 12     |   |   | $      | 13     |   |   | $ | 11 |   |
| Benefits paid related to prior years      |   |          | 30     |   |   |   | 34     |   |   |   | 29 |   |
| Total Benefits Paid                       |   | $             | 42     |   |   | $      | 47     |   |   | $ | 40 |   |

----

| 10)  | SHORT-TERM AND LONG-TERM DEBT |
|-----------|-------------------------------|

|                                   |   | December 31,  |   |
|----------------------------------------|--------|---------------|--------|
|                                   |   | 2010          |   |   | 2009 |   |
|                                   |   | (In Millions) |   |
| Short-term debt:                       |   |          |   |   |   |   |
| AllianceBernstein commercial paper     |   |          |   |   |   |   |
| (with interest rates of 0.3% and 0.2%) |   | $             | 225    |   |   | $ | 249 |   |
| Total short-term debt                  |   |          | 225    |   |   |   | 249 |   |
|                                   |   |          |   |   |   |   |   |   |
| Long-term debt:                        |   |          |   |   |   |   |   |   |
| AXA Equitable:                         |   |          |   |   |   |   |   |   |
| Surplus Notes, 7.70%, due 2015         |   |          | 200    |   |   |   | 200 |   |
| Total long-term debt                   |   |          | 200    |   |   |   | 200 |   |
|                                   |   |          |   |   |   |   |   |   |
| Total Short-term and Long-term Debt    |   | $             | 425    |   |   | $ | 449 |   |

----

| 11)  | RELATED PARTY TRANSACTIONS |
|-----------|----------------------------|

----

|                                        |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|---------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                        |   | (In Millions) |   |
|                                        |   |          |   |   |   |   |   |   |   |
| Investment advisory and services fees       |   | $             | 809    |   |   | $      | 644    |   |   | $ | 864 |   |
| Distribution revenues                       |   |          | 339    |   |   |   | 277    |   |   |   | 378 |   |
| Other revenues - shareholder servicing fees |   |          | 93     |   |   |   | 90     |   |   |   | 99 |   |
| Other revenues - other                      |   |          | 5      |   |   |   | 7      |   |   |   | 7 |   |
| Institutional research services             |   |          | -      |   |   |   | 1      |   |   |   | 1 |   |

----

| 12)  | EMPLOYEE BENEFIT PLANS |
|-----------|------------------------|

----

|                           |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|--------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                           |   | (In Millions) |   |
|                           |   |          |   |
| Service cost                   |   | $             | 37     |   |   | $      | 38     |   |   | $ | 42 |   |
| Interest cost                  |   |          | 129    |   |   |   | 136    |   |   |   | 134 |   |
| Expected return on plan assets |   |          | (115   | )      |   |   | (126   | )      |   |   | (194 | ) |
| Curtailment gain               |   |          | -      |   |   |   | -      |   |   |   | (4 | ) |
| Net amortization               |   |          | 125    |   |   |   | 95     |   |   |   | 43 |   |
| Plan amendments and additions  |   |          | 13     |   |   |   | 2      |   |   |   | - |   |
| Net Periodic Pension Expense   |   | $             | 189    |   |   | $      | 145    |   |   | $ | 21 |   |

|                                            | December 31,  |   |
|-------------------------------------------------|---------------|--------|
|                                            | 2010          |   | 2009 |   |
|                                            | (In Millions) |   |
|                                            |          |   |
| Projected benefit obligation, beginning of year |          | $      | 2,241 |   |   | $ | 2,181 |   |
| Service cost                                    |          |   | 30 |   |   |   | 30 |   |
| Interest cost                                   |          |   | 129 |   |   |   | 136 |   |
| Actuarial (gains) losses                        |          |   | 171 |   |   |   | 69 |   |
| Benefits paid                                   |          |   | (170 | ) |   |   | (177 | ) |
| Plan amendments and additions                   |          |   | 23 |   |   |   | 2 |   |
| Projected Benefit Obligation, End of Year       |          | $      | 2,424 |   |   | $ | 2,241 |   |

|                                                 | December 31,  |   |
|------------------------------------------------------|---------------|--------|
|                                                 | 2010          |   | 2009 |   |
|                                                 | (In Millions) |   |
|                                                 |          |   |
| Pension plan assets at fair value, beginning of year |          | $      | 1,406 |   |   | $ | 1,460 |   |
| Actual return on plan assets                         |          |   | 106 |   |   |   | 104 |   |
| Contributions                                        |          |   | 202 |   |   |   | 32 |   |
| Benefits paid and fees                               |          |   | (185 | ) |   |   | (190 | ) |
| Pension plan assets at fair value, end of year       |          |   | 1,529 |   |   |   | 1,406 |   |
| PBO                                                  |          |   | 2,424 |   |   |   | 2,241 |   |
| Excess of PBO Over Pension Plan Assets               |          | $      | (895 | ) |   | $ | (835 | ) |

----

|                                     | December 31,  |   |
|------------------------------------------|---------------|--------|
|                                     | 2010          |   | 2009 |   |
|                                     | (In Millions) |   |
|                                     |          |   |
| Unrecognized net actuarial (gain) loss   |          | $      | 1,554 |   |   | $ | 1,493 |   |
| Unrecognized prior service cost (credit) |          |   | 8 |   |   |   | 7 |   |
| Total                                    |          | $      | 1,562 |   |   | $ | 1,500 |   |

|                            |   | December 31,  |   |
|---------------------------------|--------|---------------|--------|
|                            |   | 2010          |   |   | 2009 |   |
|                            |   | (In Millions) |   |
|                            |   |          |   |   |   |   |
| Fixed maturities                |   |          | 48.5   | % |   |   | 45.3 | % |
| Equity securities               |   |          | 37.0   |   |   |   | 37.0 |   |
| Equity real estate              |   |          | 11.8   |   |   |   | 11.6 |   |
| Cash and short-term investments |   |          | 2.7    |   |   |   | 6.1 |   |
| Total                           |   |          | 100.0  | % |   |   | 100.0 | % |

----

| December 31, 2010                    |   | Level 1       |   |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|--------------------------------------|--------|---------------|--------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Asset Categories                     |   | (In Millions) |   |
| Fixed maturities:                    |   |          |   |   |    |   |   |    |   |   |   |   |   |
| Corporate                            |   | $             | -      |   |    | $      | 564    |    |   | $      | -      |   |   | $ | 564 |   |
| US Treasury, government              |   |          |   |   |    |   |   |    |   |   |   |   |   |   |   |   |
| and agency                           |   |          | -      |   |    |   | 148    |    |   |   | -      |   |   |   | 148 |   |
| States and political subdivisions    |   |          | -      |   |    |   | 9      |    |   |   | -      |   |   |   | 9 |   |
| Foreign governments                  |   |          | -      |   |    |   | -      |    |   |   | -      |   |   |   | - |   |
| Commercial mortgage-backed           |   |          | -      |   |    |   | -      |    |   |   | -      |   |   |   | - |   |
| Asset-backed                         |   |          | -      |   |    |   | -      |    |   |   | -      |   |   |   | - |   |
| Other structured debt                |   |          | -      |   |    |   | -      |    |   |   | 6      |   |   |   | 6 |   |
| Common and preferred equity          |   |          | 410    |   |    |   | 2      |    |   |   | -      |   |   |   | 412 |   |
| Mutual funds                         |   |          | 115    |   |    |   | -      |    |   |   | -      |   |   |   | 115 |   |
| Hedge funds                          |   |          | -      |   |    |   |   |    |   |   | -      |   |   |   | - |   |
| Derivatives, net                     |   |          | 1      |   |    |   | 6      |    |   |   | -      |   |   |   | 7 |   |
| Private real estate investment funds |   |          |   |   |    |   | -      |    |   |   | 13     |   |   |   | 13 |   |
| Private investment trusts            |   |          | -      |   |    |   | 51     |    |   |   | 163    |   |   |   | 214 |   |
| Commercial mortgages                 |   |          | -      |   |    |   | -      |    |   |   |   |   |   |   |   |   |
| Cash and cash equivalents            |   |          | 6      |   |    |   | 2      |    |   |   | -      |   |   |   | 8 |   |
| Short-term investments               |   |          | 2      |   |    |   | 31     |    |   |   | -      |   |   |   | 33 |   |
| Total                                |   | $             | 534    |   |    | $      | 813    |    |   | $      | 182    |   |   | $ | 1,529 |   |

| December 31, 2009                    |   |   |   |
|--------------------------------------|--------|--------|--------|
| Asset Categories                     |   |   |   |
| Fixed maturities:                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate                            |   | $      | -      |   |   | $ | 415 |   |   | $ | - |   |   | $ | 415 |   |
| US Treasury, governmentand agency    |   |   | -      |   |   |   | 192 |   |   |   | - |   |   |   | 192 |   |
| States and political subdivisions    |   |   | -      |   |   |   | 9 |   |   |   | - |   |   |   | 9 |   |
| Foreign governments                  |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Commercial mortgage-backed           |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Asset-backed                         |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Other structured debt                |   |   | -      |   |   |   | - |   |   |   | 7 |   |   |   | 7 |   |
| Common and preferred equity          |   |   | 575    |   |   |   | 1 |   |   |   | - |   |   |   | 576 |   |
| Mutual funds                         |   |   | 5      |   |   |   | - |   |   |   | - |   |   |   | 5 |   |
| Hedge funds                          |   |   | -      |   |   |   | 7 |   |   |   | - |   |   |   | 7 |   |
| Derivatives, net                     |   |   | (96    | ) |   |   | - |   |   |   | - |   |   |   | (96 | ) |
| Private real estate investment funds |   |   | -      |   |   |   | - |   |   |   | 12 |   |   |   | 12 |   |
| Private investment trusts            |   |   | -      |   |   |   | 44 |   |   |   | 147 |   |   |   | 191 |   |
| Commercial mortgages                 |   |   | -      |   |   |   | - |   |   |   | 2 |   |   |   | 2 |   |
| Cash and cash equivalents            |   |   | 32     |   |   |   | 1 |   |   |   | - |   |   |   | 33 |   |
| Short-term investments               |   |   | 29     |   |   |   | 24 |   |   |   | - |   |   |   | 53 |   |
| Total                                |   | $      | 545    |   |   | $ | 693 |   |   | $ | 168 |   |   | $ | 1,406 |   |

----

|                                               |   | Fixed Maturities(1) |   |   | Private Real Estate Investment Funds |   |   | Private Investment Trusts |   |   | Commercial Mortgages |   |   | Total  |   |
|----------------------------------------------------|--------|---------------------|--------|--------|--------------------------------------|--------|--------|---------------------------|--------|--------|----------------------|--------|--------|--------|--------|
|                                               |   | (In Millions)       |   |
| Balance at December 31, 2009                       |   | $                   | 7      |   |                                 | $      | 12     |                      |   | $      | 147                  |   |   | $      | 2      |   |   | $ | 168 |   |
| Actual return on Plan assets:                      |   |                |   |   |                                 |   |   |                      |   |   |                 |   |   |   |   |   |   |   |   |   |
| Relating to assets still held at December 31, 2010 |   |                | (1     | )      |                                 |   | 1      |                      |   |   | 16                   |   |   |   | -      |   |   |   | 16 |   |
| Relating to assets sold during 2010                |   |                | -      |   |                                 |   | -      |                      |   |   | -                    |   |   |   | -      |   |   |   | - |   |
| Purchases, sales, issues and settlements, net      |   |                | -      |   |                                 |   | -      |                      |   |   | -                    |   |   |   | (2     | )  |   |   | (2 | )  |
| Transfers into/out of Level 3                      |   |                | -      |   |                                 |   | -      |                      |   |   | -                    |   |   |   | -      |   |   |   | - |   |
| Balance at December 31, 2010                       |   | $                   | 6      |   |                                 | $      | 13     |                      |   | $      | 163                  |   |   | $      | -      |   |   | $ | 182 |   |

|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|----------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Balance at January 1, 2009                         |   | $      | 6      |   |   | $      | 15     |   |   | $      | 224    |   |   | $      | 2      |   |   | $ | 247 |   |
| Actual return on Plan assets:                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Relating to assets still held at December 31, 2009 |   |   | 1      |   |   |   | (3     | )      |   |   | (77    | )      |   |   | -      |   |   |   | (79 | ) |
| Purchases, sales, issues and settlements, net      |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | - |   |
| Transfers into/out of Level 3                      |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | -      |   |   |   | - |   |
| Balance at December 31, 2009                       |   | $      | 7      |   |   | $      | 12     |   |   | $      | 147    |   |   | $      | 2      |   |   | $ | 168 |   |

|   | (1) | Includes commercial mortgage- and asset-backed securities and other structured debt. |
|--------|-----|--------------------------------------------------------------------------------------|

----

|                                                                      |   | 2010   |   |   | 2009   |   |
|---------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Discount rates:                                                           |   |   |   |   |   |   |
| Benefit obligation                                                        |   |   | 5.25   | %      |   |   | 6.00 | % |
| Periodic cost                                                             |   |   | 6.00   | %      |   |   | 6.50 | % |
|                                                                      |   |   |   |   |   |   |   |   |
| Rates of compensation increase:                                           |   |   |   |   |   |   |   |   |
| Benefit obligation and periodic cost                                      |   |   | 6.00   | %      |   |   | 6.00 | % |
|                                                                      |   |   |   |   |   |   |   |   |
| Expected long-term rates of return on pension plan assets (periodic cost) |   |   | 6.75   | %      |   |   | 6.75 | % |

|            |   | Pension       |   |
|-----------------|--------|---------------|--------|
|            |   | Benefits      |   |
|            |   | (In Millions) |   |
|            |   |          |   |
| 2011            |   | $             | 190    |   |
| 2012            |   |          | 199    |   |
| 2013            |   |          | 198    |   |
| 2014            |   |          | 197    |   |
| 2015            |   |          | 195    |   |
| Years 2016-2020 |   |          | 943    |   |

----

| 13)   | SHARE-BASED AND OTHER COMPENSATION PROGRAMS |
|-----------------|---------------------------------------------|

----

----

----

|                   |   | Options Outstanding |   |
|------------------------|--------|---------------------|--------|
|                   |   | AXA Ordinary Shares |   |   | AXA ADRs (3) |   |   | AllianceBernstein Holding Units |   |
|                   |   |                |   |   | Weighted |   |   |   |   |   | Weighted |   |   |   |   |   | Weighted |   |
|                   |   | Number              |   |   | Average |   |   | Number |   |   | Average |   |   | Number |   |   | Average |   |
|                   |   | Outstanding         |   |   | Exercise |   |   | Outstanding |   |   | Exercise |   |   | Outstanding |   |   | Exercise |   |
|                   |   | (In Millions)       |   |   | Price |   |   | (In Millions) |   |   | Price |   |   | (In Millions) |   |   | Price |   |
| Options outstanding at |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January 1, 2010        |   |                | 15.0   |   |   | € | 23.75 |   |   |   | 10.9 |   |   | $ | 19.95 |   |   |   | 12.1 |   |   | $ | 41.79 |   |
| Options granted        |   |                | 2.3    |   |   | € | 14.98 |   |   |   | - |   |   | $ | - |   |   |   | .4 |   |   | $ | 27.52 |   |
| Options exercised      |   |                | -      |   |   | € | - |   |   |   | (.6 | ) |   | $ | 16.69 |   |   |   | (.5 | ) |   | $ | 17.05 |   |
| Options forfeited, net |   |                | (1.0   | ) |   | € | 26.80 |   |   |   | (.3 | ) |   | $ | 27.10 |   |   |   | (1.0 | ) |   | $ | 46.68 |   |
| Options expired        |   |                | -      |   |   |   |   |   |   |   | - |   |   |   |   |   |   |   | (.8 | ) |   | $ | 51.39 |   |
| Options Outstanding at |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2010      |   |                | 16.3   |   |   | € | 22.34 |   |   |   | 10.0 |   |   | $ | 19.96 |   |   |   | 10.2 |   |   | $ | 41.24 |   |
| Aggregate Intrinsic    |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Value(1)               |   |                |   |   |   | € | - | (2) |   |   |   |   |   | $ | 10.5 |   |   |   |   |   |   | $ | - | (2) |
| Weighted Average       |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Remaining              |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Contractual Term       |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (in years)             |   |                | 6.47   |   |   |   |   |   |   |   | 2.39 |   |   |   |   |   |   |   | 6.9 |   |   |   |   |   |
| Options Exercisable at |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2010      |   |                | 8.7    |   |   | € | 25.36 |   |   |   | 10.0 |   |   | $ | 19.97 |   |   |   | 2.7 |   |   | $ | 44.94 |   |
| Aggregate Intrinsic    |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Value(1)               |   |                |   |   |   | € | - | (2) |   |   |   |   |   | $ | 10.4 |   |   |   |   |   |   | $ | - | (2) |
| Weighted Average       |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Remaining              |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Contractual Term       |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (in years)             |   |                | 5.17   |   |   |   |   |   |   |   | 2.36 |   |   |   |   |   |   |   | 4.7 |   |   |   |   |   |

|      (1)   | Intrinsic value, presented in millions, is calculated as the excess of the closing market price on December 31, 2010 of the respective underlying shares over the strike prices of the option awards. |
|------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | The aggregate intrinsic value on options outstanding, exercisable and expected to vest is negative and is therefore presented as zero in the table above. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | AXA ordinary shares generally will be delivered to participants in lieu of AXA ADRs at exercise or maturity. |
|-----------------|--------------------------------------------------------------------------------------------------------------|

----

|                            |   | AXA Ordinary Shares |   |   | AllianceBernstein Holding Units |   |
|---------------------------------|--------|---------------------|--------|--------|---------------------------------|--------|
|                            |   | 2010                |   |   | 2009                            |   |   | 2008 |   |   | 2010 |   |   | 2009 |   |   | 2008 |   |
|                            |   |                |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividend yield                  |   |                | 6.98   | %      |                            |   | 10.69 | % |   |   | 7.12 | % |   |   | 7.2-8.2 | % |   |   | 5.2 - 6.1 | % |   |   | 5.4 | % |
|                            |   |                |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expected volatility             |   |                | 36.5   | %      |                            |   | 57.5 | % |   |   | 34.7 | % |   |   | 46.2-46.6 | % |   |   | 40.0 - 44.6 | % |   |   | 29.3 | % |
|                            |   |                |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Risk-free interest rates        |   |                | 2.66   | %      |                            |   | 2.74 | % |   |   | 4.19 | % |   |   | 2.2-2.3 | % |   |   | 1.6-2.1 | % |   |   | 3.2 | % |
|                            |   |                |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expected life in years          |   |                | 6.4    |   |                            |   | 5.5 |   |   |   | 6.0 |   |   |   | 6.0 |   |   |   | 6.0-6.5 |   |   |   | 6.0 |   |
|                            |   |                |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average fair value per |   |                |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| option at grant date            |   | $                   | 3.54   |   |                            | $      | 2.57 |   |   | $ | 5.70 |   |   | $ | 6.18 |   |   | $ | 3.52 |   |   | $ | 10.85 |   |

----

|                             |       |   | Weighted   |    |
|----------------------------------|------------|--------|------------|---------|
|                             | Shares of  |   | Average    |    |
|                             | Restricted |   | Grant Date |    |
|                             | Stock      |   | Fair Value |    |
|                             |       |   |       |    |   |   |
| Unvested as of January 1, 2010   |       |   | 404,485    |    |   | $ | 31.74 |   |
| Granted                          |       |   | 87,055     |    |   | $ | 19.76 |   |
| Vested                           |       |   | (99,779    | )  |   | $ | 28.24 |   |
| Forfeited                        |       |   | -          |    |   |   |   |   |
| Unvested as of December 31, 2010 |       |   | 391,761    |    |   | $ | 29.97 |   |

----

----

| 14)   | NET INVESTMENT INCOME (LOSS) AND INVESTMENT GAINS (LOSSES), NET |
|-----------------|-----------------------------------------------------------------|

|                              |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|-----------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                              |   | (In Millions) |   |
|                              |   |          |   |
| Fixed maturities                  |   | $             | 1,616  |   |   | $      | 1,582  |   |   | $ | 1,669 |   |
| Mortgage loans on real estate     |   |          | 231    |   |   |   | 231    |   |   |   | 252 |   |
| Equity real estate                |   |          | 20     |   |   |   | 6      |   |   |   | 12 |   |
| Other equity investments          |   |          | 111    |   |   |   | (68    | )      |   |   | (111 | ) |
| Policy loans                      |   |          | 234    |   |   |   | 238    |   |   |   | 251 |   |
| Short-term investments            |   |          | 11     |   |   |   | 21     |   |   |   | 31 |   |
| Derivative investments            |   |          | (284   | )      |   |   | (3,079 | )      |   |   | 7,302 |   |
| Broker-dealer related receivables |   |          | 12     |   |   |   | 15     |   |   |   | 65 |   |
| Trading securities                |   |          | 49     |   |   |   | 137    |   |   |   | (344 | ) |
| Other investment income           |   |          | 36     |   |   |   | 14     |   |   |   | 28 |   |
|                              |   |          |   |   |   |   |   |   |   |   |   |   |
| Gross investment income (loss)    |   |          | 2,036  |   |   |   | (903   | )      |   |   | 9,155 |   |
|                              |   |          |   |   |   |   |   |   |   |   |   |   |
| Investment expenses               |   |          | (56    | )      |   |   | (73    | )      |   |   | (65 | ) |
| Interest expense                  |   |          | (4     | )      |   |   | (4     | )      |   |   | (36 | ) |
|                              |   |          |   |   |   |   |   |   |   |   |   |   |
| Net Investment Income (Loss)      |   | $             | 1,976  |   |   | $      | (980   | )      |   | $ | 9,054 |   |

|                           |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|--------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                           |   | (In Millions) |   |
|                           |   |          |   |
| Fixed maturities               |   | $             | (200   | )      |   | $      | (2     | )      |   | $ | (367 | ) |
| Mortgage loans on real estate  |   |          | (18    | )      |   |   | -      |   |   |   | 2 |   |
| Equity real estate             |   |          | -      |   |   |   | -      |   |   |   | (2 | ) |
| Other equity investments       |   |          | 34     |   |   |   | 53     |   |   |   | 12 |   |
| Other(1)                       |   |          | -      |   |   |   | 3      |   |   |   | 16 |   |
| Investment Gains (Losses), Net |   | $             | (184   | )      |   | $      | 54     |   |   | $ | (339 | ) |

| (1)   | In 2008, AllianceBernstein issued units to its employees under long-term incentive plans.  As a result of these transactions, the Company recorded non-cash realized gains of $10 million for 2008.  In 2009, the FASB issued new guidance in which a gain or loss will be recognized only when an entity loses control and deconsolidates a subsidiary.  As a result, in 2010 and 2009, no gain or loss was recorded on these transactions. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                          |   | 2010          |   |   | 2009   |   | 2008   |   |
|-----------------------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|
|                                                                                          |   | (In Millions) |   |
|                                                                                          |   |          |   |
| Balance, attributable to AXA Equitable,beginning of year                                      |   | $             | (68    | )      |   | $      | (1,271 | )      |   | $ | 104 |   |
| Changes in unrealized investment gains(losses) on investments                                 |   |          | 835    |   |   |   | 2,494  |   |   |   | (2,609 | ) |
| Impact of unrealized investment gains (losses) attributable to:                               |   |          |   |   |   |   |   |   |   |   |   |   |
| Participating group annuity contracts,Closed Block policyholder dividendobligation and other  |   |          | (68    | )      |   |   | 58     |   |   |   | (164 | ) |
| DAC                                                                                           |   |          | (110   | )      |   |   | (578   | )      |   |   | 582 |   |
| Deferred income tax (expense) benefit                                                         |   |          | (217   | )      |   |   | (705   | )      |   |   | 746 |   |
| Total                                                                                         |   |          | 372    |   |   |   | (2     | )      |   |   | (1,341 | ) |
| Less: Changes in unrealized investment (gains) losses attributable to noncontrolling interest |   |          | 7      |   |   |   | (66    | )      |   |   | 70 |   |
| Balance, Attributable to AXA Equitable,End of Year                                            |   | $             | 379    |   |   | $      | (68    | )      |   | $ | (1,271 | ) |

|                                                                                         |   |   |   |
|----------------------------------------------------------------------------------------------|--------|--------|--------|
| Balance, end of year comprises:                                                              |   |   |   |   |   |   |   |   |   |
| Unrealized investment gains (losses) on:                                                     |   |   |   |   |   |   |   |   |   |
| Fixed maturities                                                                             |   | $      | 875    |   |   | $ | 33 |   |   | $ | (2,450 | ) |
| Other equity investments                                                                     |   |   | 2      |   |   |   | 9 |   |   |   | (2 | ) |
| Total                                                                                        |   |   | 877    |   |   |   | 42 |   |   |   | (2,452 | ) |
| Impact of unrealized investment gains (losses)attributable to:                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Participating group annuity contracts,Closed Block policyholder dividendobligation and other |   |   | (139   | ) |   |   | (71 | ) |   |   | (129 | ) |
| DAC                                                                                          |   |   | (133   | ) |   |   | (23 | ) |   |   | 555 |   |
| Deferred income tax (expense) benefit                                                        |   |   | (218   | ) |   |   | (1 | ) |   |   | 704 |   |
| Total                                                                                        |   |   | 387    |   |   |   | (53 | ) |   |   | (1,322 | ) |
| Less: (Income) loss attributable tononcontrolling interest                                   |   |   | (8     | ) |   |   | (15 | ) |   |   | 51 |   |
| Balance, Attributable to AXA Equitable,End of Year                                           |   | $      | 379    |   |   | $ | (68 | ) |   | $ | (1,271 | ) |

----

| 15)  | INCOME TAXES |
|-----------|--------------|

|                          | 2010          |   | 2009   |   | 2008   |   |
|-------------------------------|---------------|--------|--------|--------|--------|--------|
|                          | (In Millions) |   |
|                          |          |   |
| Income tax (expense) benefit: |          |   |   |   |   |   |   |   |   |
| Current (expense) benefit     |          | $      | (34    | )      |   | $      | 81 |   |   | $ | 320 |   |
| Deferred (expense) benefit    |          |   | (673   | )      |   |   | 1,191 |   |   |   | (2,011 | ) |
| Total                         |          | $      | (707   | )      |   | $      | 1,272 |   |   | $ | (1,691 | ) |

|                                        |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|---------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                        |   | (In Millions) |   |
|                                        |   |          |   |
| Expected income tax (expense) benefit       |   | $             | (1,055 | )      |   | $      | 1,078  |   |   | $ | (1,885 | ) |
| Noncontrolling interest                     |   |          | 66     |   |   |   | 105    |   |   |   | 132 |   |
| Separate Accounts investment activity       |   |          | 53     |   |   |   | 72     |   |   |   | 67 |   |
| Non-taxable investment (income) loss        |   |          | 15     |   |   |   | 27     |   |   |   | (26 | ) |
| Adjustment of tax audit reserves            |   |          | (13    | )      |   |   | 7      |   |   |   | (10 | ) |
| State income taxes                          |   |          | (5     | )      |   |   | (12    | )      |   |   | (21 | ) |
| AllianceBernstein Federal and foreign taxes |   |          | (3     | )      |   |   | (6     | )      |   |   | 53 |   |
| Tax Settlement                              |   |          | 99     |   |   |   | -      |   |   |   | - |   |
| ACMC conversion                             |   |          | 135    |   |   |   | -      |   |   |   | - |   |
| Other                                       |   |          | 1      |   |   |   | 1      |   |   |   | (1 | ) |
| Income Tax (expense) benefit                |   | $             | (707   | )      |   | $      | 1,272  |   |   | $ | (1,691 | ) |

----

|                                             |   | December 31, 2010 |   |   | December 31, 2009 |   |
|--------------------------------------------------|--------|-------------------|--------|--------|-------------------|--------|
|                                             |   | Assets            |   |   | Liabilities       |   |   | Assets |   |   | Liabilities |   |
|                                             |   | (In Millions)     |   |
|                                             |   |              |   |
| Compensation and related benefits                |   | $                 | 229    |   |              | $      | - |   |   | $ | 438 |   |   | $ | - |   |
| Reserves and reinsurance                         |   |              | -      |   |              |   | 977 |   |   |   | - |   |   |   | 879 |   |
| DAC                                              |   |              | -      |   |              |   | 2,610 |   |   |   | - |   |   |   | 2,307 |   |
| Unrealized investment gains or  losses |   |              |   |   |              |   | 259 |   |   |   | 40 |   |   |   | - |   |
| Investments                                      |   |              | -      |   |              |   | 800 |   |   |   | - |   |   |   | 585 |   |
| Alternative minimum tax credits                  |   |              | 241    |   |              |   | - |   |   |   | - |   |   |   | - |   |
| Other                                            |   |              | 108    |   |              |   | - |   |   |   | 67 |   |   |   | - |   |
| Total                                            |   | $                 | 578    |   |              | $      | 4,646 |   |   | $ | 545 |   |   | $ | 3,771 |   |

|                                         |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|----------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                         |   | (In Millions) |   |
| Balance at January 1                         |   | $             | 577    |   |   | $      | 477    |   |   | $ | 376 |   |
| Additions for tax positions of prior years   |   |          | 168    |   |   |   | 155    |   |   |   | 97 |   |
| Reductions for tax positions of prior years  |   |          | (266   | )      |   |   | (50    | )      |   |   | (5 | ) |
| Additions for tax positions of current year  |   |          | 1      |   |   |   | 1      |   |   |   | 1 |   |
| Reductions for tax positions of current year |   |          | -      |   |   |   | -      |   |   |   | - |   |
| Settlements with tax authorities             |   |          | (46    | )      |   |   | (6     | )      |   |   | 8 |   |
| Balance, December 31                         |   | $             | 434    |   |   | $      | 577    |   |   | $ | 477 |   |

----

| 16) | DISCONTINUED OPERATIONS |
|-----|-------------------------|

|                                                   |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|--------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                   |   | (In Millions) |   |
|                                                   |   |          |   |   |   |   |   |   |   |
| Earnings (Loss) from Discontinued Operations,          |   |          |   |   |   |   |   |   |   |
| Net of Income Taxes:                                   |   |          |   |   |   |   |   |   |   |
| Wind-up Annuities                                      |   | $             | -      |   |   | $      | (9     | )      |   | $ | (28 | ) |
| Real estate held-for-sale                              |   |          | -      |   |   |   | 12     |   |   |   | 23 |   |
| Total                                                  |   | $             | -      |   |   | $      | 3      |   |   | $ | (5 | ) |
|                                                   |   |          |   |   |   |   |   |   |   |   |   |   |
| Gains (Losses) on Disposal of Discontinued Operations, |   |          |   |   |   |   |   |   |   |   |   |   |
| Net of Income Taxes:                                   |   |          |   |   |   |   |   |   |   |   |   |   |
| Real estate held-for-sale                              |   | $             | -      |   |   | $      | -      |   |   | $ | 6 |   |
| Total                                                  |   | $             | -      |   |   | $      | -      |   |   | $ | 6 |   |

----

| 17)  | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
|-----------|-----------------------------------------------|

|                                                                                        | December 31,  |   |
|---------------------------------------------------------------------------------------------|---------------|--------|
|                                                                                        | 2010          |   | 2009 |   | 2008 |   |
|                                                                                        | (In Millions) |   |
|                                                                                        |          |   |
| Unrealized gains (losses) on investments                                                    |          | $      | 387 |   |   | $ | 9 |   |   | $ | (1,322 | ) |
| Defined benefit pensions plans                                                              |          |   | (1,008 | ) |   |   | (968 | ) |   |   | (965 | ) |
| Impact of implementing new accounting guidance, net of taxes                                |          |   | - |   |   |   | (62 | ) |   |   | - |   |
| Total accumulated other comprehensiveincome (loss)                                          |          |   | (621 | ) |   |   | (1,021 | ) |   |   | (2,287 | ) |
| Less: Accumulated other comprehensive (income) loss attributable to noncontrolling interest |          |   | (8 | ) |   |   | (15 | ) |   |   | 51 |   |
| Accumulated Other Comprehensive Income (Loss) Attributable to AXA Equitable                 |          | $      | (629 | ) |   | $ | (1,036 | ) |   | $ | (2,236 | ) |

|                                                                           |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|--------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                           |   | (In Millions) |   |
|                                                                           |   |          |   |
| Net unrealized gains (losses) on investments:                                  |   |          |   |   |   |   |   |   |   |
| Net unrealized gains (losses) arising during                                   |   |          |   |   |   |   |   |   |   |
| the year                                                                       |   | $             | 646    |   |   | $      | 2,558  |   |   | $ | (2,972 | ) |
| (Gains) losses reclassified into net                                           |   |          |   |   |   |   |   |   |   |   |   |   |
| earnings (loss) during the year                                                |   |          | 189    |   |   |   | (2     | )      |   |   | 363 |   |
| Net unrealized gains (losses) on investments                                   |   |          | 835    |   |   |   | 2,556  |   |   |   | (2,609 | ) |
| Adjustments for policyholders liabilities,                                     |   |          |   |   |   |   |   |   |   |   |   |   |
| DAC and deferred income taxes                                                  |   |          | (395   | )      |   |   | (1,225 | )      |   |   | 1,164 |   |
| Change in unrealized gains (losses), net of adjustments                        |   |          | 440    |   |   |   | 1,331  |   |   |   | (1,445 | ) |
| Change in defined benefits pension plans                                       |   |          | (40    | )      |   |   | (3     | )      |   |   | (593 | ) |
| Total other comprehensive income (loss),net of income taxes                    |   |          | 400    |   |   |   | 1,328  |   |   |   | (2,038 | ) |
| Less: Other comprehensive (income) lossattributable to noncontrolling interest |   |          | 7      |   |   |   | (66    | )      |   |   | 70 |   |
| Other Comprehensive Income (Loss)Attributable to AXA Equitable                 |   | $             | 407    |   |   | $      | 1,262  |   |   | $ | (1,968 | ) |

| 18)  | COMMITMENTS AND CONTINGENT LIABILITIES |
|-----------|----------------------------------------|

----

|                       |   | December 31,  |   |
|----------------------------|--------|---------------|--------|
|                       |   | 2010          |   |   | 2009 |   |   | 2008 |   |
|                       |   | (In Millions) |   |
|                       |   |          |   |   |   |   |   |   |   |
| Balance, beginning of year |   | $             | 20     |   |   | $ | 60 |   |   | $ | 31 |   |
| Additions                  |   |          | 90     |   |   |   | 79 |   |   |   | 68 |   |
| Cash payments              |   |          | (94    | ) |   |   | (112 | ) |   |   | (34 | ) |
| Other reductions           |   |          | (5     | ) |   |   | (7 | ) |   |   | (5 | ) |
| Balance, End of Year       |   | $             | 11     |   |   | $ | 20 |   |   | $ | 60 |   |

----

| 19)  | LITIGATION |
|-----------|------------|

----

| 20)  | INSURANCE GROUP STATUTORY FINANCIAL INFORMATION |
|-----------|-------------------------------------------------|

----

|                                                                                                                                                                                                                                                                                                                                               |   | December 31,  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|
|                                                                                                                                                                                                                                                                                                                                               |   | 2010          |   |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                                               |   | (In Millions) |   |
|                                                                                                                                                                                                                                                                                                                                               |   |          |   |
| Net change in statutory surplus and                                                                                                                                                                                                                                                                                                                |   |          |   |   |   |   |   |   |   |
| capital stock                                                                                                                                                                                                                                                                                                                                      |   | $             | 685    |   |   | $ | (39 | ) |   | $ | (3,414 | ) |
| Change in AVR                                                                                                                                                                                                                                                                                                                                      |   |          | (291   | ) |   |   | 289 |   |   |   | (809 | ) |
| Net change in statutory surplus, capital stock                                                                                                                                                                                                                                                                                                     |   |          |   |   |   |   |   |   |   |   |   |   |
| and AVR                                                                                                                                                                                                                                                                                                                                            |   |          | 394    |   |   |   | 250 |   |   |   | (4,223 | ) |
| Adjustments:                                                                                                                                                                                                                                                                                                                                       |   |          |   |   |   |   |   |   |   |   |   |   |
| Future policy benefits and policyholders’                                                                                                                                                                                                                                                                                                    |   |          |   |   |   |   |   |   |   |   |   |   |
| account balances                                                                                                                                                                                                                                                                                                                                   |   |          | (61    | ) |   |   | (5,995 | ) |   |   | 3 |   |
| DAC                                                                                                                                                                                                                                                                                                                                                |   |          | 747    |   |   |   | 860 |   |   |   | (2,090 | ) |
| Deferred income taxes                                                                                                                                                                                                                                                                                                                              |   |          | (1,006 | ) |   |   | 1,167 |   |   |   | (4,116 | ) |
| Valuation of investments                                                                                                                                                                                                                                                                                                                           |   |          | 145    |   |   |   | (659 | ) |   |   | 3,695 |   |
| Valuation of investment subsidiary                                                                                                                                                                                                                                                                                                                 |   |          | 366    |   |   |   | (579 | ) |   |   | 5,046 |   |
| Change in fair value ofreinsurance contracts                                                                                                                                                                                                                                                                                                       |   |          | 2,350  |   |   |   | (2,566 | ) |   |   | 1,567 |   |
| Pension adjustment                                                                                                                    |   |          | 56     |   |   |   | 17 |   |   |   | 1,390 |   |
| Premiums and benefits ceded to AXA Bermuda                                                                                                                                                                                                                                                                                                         |   |          | (1,099 | ) |   |   | 5,541 |   |   |   | 2,847 |   |
| Issuance of surplus notes                                                                                                             |   |          | -      |   |   |   | - |   |   |   | (1,000 | ) |
| Shareholder dividends paid                                                     |   |          | 300    |   |   |   | - |   |   |   | - |   |
| Changes in non-admitted assets                                                                                                                                                                                                                                                                                                                     |   |          | (64    | ) |   |   | 29 |   |   |   | 137 |   |
| Other, net                                                                                                                                                                                                                                                                                                                                         |   |          | (55    | ) |   |   | (33 | ) |   |   | (13 | ) |
| U.S. GAAP adjustments for Wind-up Annuities                                                                                                                                                                                                                                                                                                        |   |          | -      |   |   |   | (195 | ) |   |   | (17 | ) |
| U.S. GAAP Net Earnings (Loss)   Attributable to AXA Equitable                                                                                                                                                                                                                                                                       |   | $             | 2,073  |   |   | $ | (2,163 | ) |   | $ | 3,226 |   |

----

|                                                                        |   | December 31,  |   |
|-----------------------------------------------------------------------------|--------|---------------|--------|
|                                                                        |   | 2010          |   |   | 2009 |   |   | 2008 |   |
|                                                                        |   | (In Millions) |   |
|                                                                        |   |          |   |
| Statutory surplus and capital stock                                         |   | $             | 3,801  |   |   | $ | 3,116 |   |   | $ | 3,155 |   |
| AVR                                                                         |   |          | 431    |   |   |   | 722 |   |   |   | 433 |   |
| Statutory surplus, capital stock and AVR                                    |   |          | 4,232  |   |   |   | 3,838 |   |   |   | 3,588 |   |
| Adjustments:                                                                |   |          |   |   |   |   |   |   |   |   |   |   |
| Future policy benefits and policyholders’account balances             |   |          | (2,015 | ) |   |   | (1,464 | ) |   |   | (1,487 | ) |
| DAC                                                                         |   |          | 8,383  |   |   |   | 7,745 |   |   |   | 7,482 |   |
| Deferred income taxes                                                       |   |          | (4,775 | ) |   |   | (3,705 | ) |   |   | (4,585 | ) |
| Valuation of investments                                                    |   |          | 1,658  |   |   |   | 673 |   |   |   | (2,312 | ) |
| Valuation of investment subsidiary                                          |   |          | (657   | ) |   |   | (1,019 | ) |   |   | 588 |   |
| Fair value of reinsurance contracts                                         |   |          | 4,606  |   |   |   | 2,256 |   |   |   | 4,822 |   |
| Deferred cost of insurance cededto AXA Bermuda                              |   |          | 2,904  |   |   |   | 3,178 |   |   |   | 3,496 |   |
| Non-admitted assets                                                         |   |          | 761    |   |   |   | 1,036 |   |   |   | 1,144 |   |
| Issuance of surplus notes                                                   |   |          | (1,525 | ) |   |   | (1,525 | ) |   |   | (1,525 | ) |
| Other, net                                                                  |   |          | (521   | ) |   |   | (152 | ) |   |   | 140 |   |
| U.S. GAAP adjustments for Wind-up Annuities                                 |   |          | -      |   |   |   | - |   |   |   | 12 |   |
| U.S. GAAP Total Equity    Attributable to AXA Equitable |   | $             | 13,051 |   |   | $ | 10,861 |   |   | $ | 11,363 |   |

| 21)  | BUSINESS SEGMENT INFORMATION |
|-----------|------------------------------|

|                      |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|---------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                      |   | (In Millions) |   |
|                      |   |          |   |   |   |   |   |   |   |
| Segment revenues:         |   |          |   |   |   |   |   |   |   |
| Insurance                 |   | $             | 8,511  |   |   | $      | 336    |   |   | $ | 15,075 |   |
| Investment Management (1) |   |          | 2,959  |   |   |   | 2,942  |   |   |   | 3,543 |   |
| Consolidation/elimination |   |          | (29    | )      |   |   | (36    | )      |   |   | (76 | ) |
| Total Revenues            |   | $             | 11,441 |   |   | $      | 3,242  |   |   | $ | 18,542 |   |

| (1)   | Intersegment investment advisory and other fees of approximately $62 million, $56 million and $93 million for 2010, 2009 and 2008, respectively, are included in total revenues of the Investment Management segment. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                     |   | 2010   |   |   | 2009          |   |   | 2008   |   |
|--------------------------------------------------------------------------|--------|--------|--------|--------|---------------|--------|--------|--------|--------|
|                                                                     |   |   |   |   | (In Millions) |   |   |   |   |
|                                                                     |   |   |   |   |          |   |   |   |   |
| Segment earnings (loss) from continuing operations, before income taxes: |   |   |   |   |          |   |   |   |   |
| Insurance                                                                |   | $      | 2,613  |   |          | $      | (3,666 | )      |   | $ | 4,454 |   |
| Investment Management (2)                                                |   |   | 400    |   |          |   | 589    |   |   |   | 932 |   |
| Consolidation/elimination                                                |   |   | 2      |   |          |   | (2     | )      |   |   | - |   |
| Total Earnings (Loss) from Continuing Operations,                        |   |   |   |   |          |   |   |   |   |   |   |   |
| before Income Taxes                                                      |   | $      | 3,015  |   |          | $      | (3,079 | )      |   | $ | 5,386 |   |

| (2)   | Net of interest expenses incurred on securities borrowed. |
|-----------------|-----------------------------------------------------------|

----

|                      |   | December 31,  |    |
|---------------------------|--------|---------------|---------|
|                      |   | 2010          |    |   | 2009 |   |
|                      |   | (In Millions) |    |
|                      |   |          |    |   |   |   |
| Segment assets:           |   |          |    |   |   |   |
| Insurance                 |   | $             | 152,032 |   |   | $ | 139,151 |   |
| Investment Management     |   |          | 11,136  |   |   |   | 10,771 |   |
| Consolidation/elimination |   |          | (12     | ) |   |   | (18 | ) |
| Total Assets              |   | $             | 163,156 |   |   | $ | 149,904 |   |

| 22)  | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) |
|-----------|---------------------------------------------|

|                                                            |   | Three Months Ended |   |
|-----------------------------------------------------------------|--------|--------------------|--------|
|                                                            |   | March 31           |   |   | June 30 |   |   | September 30 |   |   | December 31 |   |
|                                                            |   | (In Millions)      |   |
| 2010                                                            |   |               |   |   |   |   |   |   |   |   |   |   |
| Total Revenues                                                  |   | $                  | 2,133  |   |   | $ | 5,387 |   |   | $ | 5,115 |   |   | $ | (1,194 | ) |
|                                                            |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (Loss) from Continuing Operations, Net of Income Taxes |   | $                  | 396    |   |   | $ | 1,591 |   |   | $ | 1,567 |   |   | $ | (1,481 | ) |
|                                                            |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (Loss) Net, Attributable toAXA Equitable               |   | $                  | 396    |   |   | $ | 1,591 |   |   | $ | 1,567 |   |   | $ | (1,481 | ) |
|                                                            |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2009                                                            |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Revenues                                                  |   | $                  | 1,320  |   |   | $ | (1,034 | ) |   | $ | 1,685 |   |   | $ | 1,271 |   |
|                                                            |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (Loss) from Continuing Operations, Net of Income Taxes |   | $                  | (316   | ) |   | $ | (1,347 | ) |   | $ | (141 | ) |   | $ | (362 | ) |
|                                                            |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Earnings (Loss) Attributable to AXA Equitable               |   | $                  | (310   | ) |   | $ | (1,344 | ) |   | $ | (145 | ) |   | $ | (364 | ) |

----

----

|                                                            |   |          |   |   |       |   |   | Carrying |   |
|-----------------------------------------------------------------|--------|---------------|--------|--------|------------|--------|--------|----------|--------|
| Type of Investment                                              |   | Cost (A)      |   |   | Fair Value |   |   | Value    |   |
|                                                            |   | (In Millions) |   |
|                                                            |   |          |   |
| Fixed maturities:                                               |   |          |   |   |       |   |   |     |   |
| U.S. government, agencies and authorities                       |   | $             | 1,986  |   |       | $      | 1,916  |     |   | $ | 1,916 |   |
| State, municipalities and political subdivisions                |   |          | 516    |   |       |   | 511    |     |   |   | 511 |   |
| Foreign governments                                             |   |          | 428    |   |       |   | 473    |     |   |   | 473 |   |
| Public utilities                                                |   |          | 3,642  |   |       |   | 3,880  |     |   |   | 3,880 |   |
| All other corporate bonds                                       |   |          | 20,281 |   |       |   | 20,989 |     |   |   | 20,989 |   |
| Redeemable preferred stocks                                     |   |          | 1,328  |   |       |   | 1,288  |     |   |   | 1,288 |   |
| Total fixed maturities                                          |   |          | 28,181 |   |       |   | 29,057 |     |   |   | 29,057 |   |
| Equity securities:                                              |   |          |   |   |       |   |   |     |   |   |   |   |
| Common stocks:                                                  |   |          |   |   |       |   |   |     |   |   |   |   |
|     Industrial, miscellaneous and all other |   |          | 26     |   |       |   | 23     |     |   |   | 23 |   |
| Mortgage loans on real estate                                   |   |          | 3,571  |   |       |   | 3,699  |     |   |   | 3,571 |   |
| Real estate joint ventures                                      |   |          | 140    |   |       |   | N/A    |     |   |   | 140 |   |
| Policy loans                                                    |   |          | 3,581  |   |       |   | 4,428  |     |   |   | 3,581 |   |
| Other limited partnership interests and equity investments      |   |          | 1,595  |   |       |   | 1,595  |     |   |   | 1,595 |   |
| Trading securities                                              |   |          | 482    |   |       |   | 506    |     |   |   | 506 |   |
| Other invested assets                                           |   |          | 1,413  |   |       |   | 1,413  |     |   |   | 1,413 |   |
|                                                            |   |          |   |   |       |   |   |     |   |   |   |   |
| Total Investments                                               |   | $             | 38,989 |   |       | $      | 40,721 |     |   | $ | 39,886 |   |

| (A)   | Cost for fixed maturities represents original cost, reduced by repayments and writedowns and adjusted for amortization of premiums or accretion of discount; cost for equity securities represents original cost reduced by writedowns; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                          |   | 2010          |    |   | 2009   |    |
|---------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|--------|---------|
|                                                                                                          |   | (In Millions) |    |
|                                                                                                          |   |          |    |
| ASSETS                                                                                                        |   |          |    |   |   |    |
| Investment:                                                                                                   |   |          |    |   |   |    |
| Fixed maturities available for sale, at fair value (amortized cost of $28,134 and $27,457, respectively) |   | $             | 29,007  |   |   |  $ | 27,426 |   |
| Mortgage loans on real estate                                                                                 |   |          | 3,571   |   |   |    | 3,555 |   |
| Equity real estate, held for the production of income                                                         |   |          | 140     |   |   |    | 99 |   |
| Policy loans                                                                                                  |   |          | 3,580   |   |   |    | 3,617 |   |
| Investments in and loans to affiliates                                                                        |   |          | 2,434   |   |   |    | 1,924 |   |
| Other equity investments                                                                                      |   |          | 1,390   |   |   |    | 1,295 |   |
| Other invested assets                                                                                         |   |          | 1,404   |   |   |    | 1,475 |   |
| Total investments                                                                                             |   |          | 41,526  |   |   |    | 39,391 |   |
| Cash and cash equivalents                                                                                     |   |          | 1,413   |   |   |    | 1,080 |   |
| Deferred policy acquisition costs                                                                             |   |          | 8,383   |   |   |    | 7,745 |   |
| Amounts due from reinsurers                                                                                   |   |          | 3,252   |   |   |    | 3,028 |   |
| Other assets                                                                                                  |   |          | 9,676   |   |   |    | 8,030 |   |
| Separate Accounts’ assets                                                                               |   |          | 92,014  |   |   |    | 84,016 |   |
|                                                                                                          |   |          |    |   |   |    |   |   |
| Total Assets                                                                                                  |   | $             | 156,264 |   |   | $       | 143,290 |   |
|                                                                                                          |   |          |    |   |   |    |   |   |
| LIABILITIES                                                                                                   |   |          |    |   |   |    |   |   |
| Policyholders’ account balances                                                                         |   | $             | 24,654  |   |   | $       | 24,107 |   |
| Future policy benefits and other policyholders liabilities                                                    |   |          | 18,931  |   |   |    | 17,691 |   |
| Broker-dealer related payables                                                                                |   |          | 5       |   |   |    | - |   |
| Short-term and long-term debt                                                                                 |   |          | 200     |   |   |    | 200 |   |
| Income taxes payable                                                                                          |   |          | 3,712   |   |   |    | 2,608 |   |
| Loans from affiliates                                                                                         |   |          | 1,325   |   |   |    | 1,325 |   |
| Other liabilities                                                                                             |   |          | 2,372   |   |   |    | 2,482 |   |
| Separate Accounts’ liabilities                                                                          |   |          | 92,014  |   |   |    | 84,016 |   |
| Total liabilities                                                                                             |   |          | 143,213 |   |   |    | 132,429 |   |
|                                                                                                          |   |          |    |   |   |    |   |   |
| SHAREHOLDER’S EQUITY                                                                                    |   |          |    |   |   |    |   |   |
| Common stock, $1.25 par value, 2.0 million shares authorized, issued                                          |   |          |    |   |   |    |   |   |
| and outstanding                                                                                               |   |          | 2       |   |   |    | 2 |   |
| Capital in excess of par value                                                                                |   |          | 5,593   |   |   |    | 5,582 |   |
| Retained earnings                                                                                             |   |          | 8,085   |   |   |    | 6,312 |   |
| Accumulated other comprehensive income (loss)                                                                 |   |          | (629    | )      |   |    | (1,035 | ) |
| Total AXA Equitable’s equity                                                                            |   |          | 13,051  |   |   |    | 10,861 |   |
|                                                                                                          |   |          |    |   |   |    |   |   |
| Total Liabilities and AXA Equitable’s Equity                                                            |   | $             | 156,264 |   |   | $       | 143,290 |   |

----

|                                                                         |   | 2010          |   |   | 2009   |   |   | 2008   |   |
|------------------------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                         |   | (In Millions) |   |
| REVENUES                                                                     |   |          |   |   |   |   |   |   |   |
| Universal life and investment-type product policyfee income                  |   | $             | 3,067  |   |   | $      | 2,918  |   |   | $ | 2,956 |   |
| Premiums                                                                     |   |          | 530    |   |   |   | 431    |   |   |   | 753 |   |
| Net investment income (loss):                                                |   |          |   |   |   |   |   |   |   |   |   |   |
| Investment income (loss) from derivative instruments                         |   |          | (269   | )      |   |   | (3,079 | )      |   |   | 7,302 |   |
| Other investment income (loss)                                               |   |          | 2,239  |   |   |   | 1,958  |   |   |   | 2,030 |   |
| Total net investment income (loss)                                           |   |          | 1,970  |   |   |   | (1,121 | )      |   |   | 9,332 |   |
| Investment gains (losses), net:                                              |   |          |   |   |   |   |   |   |   |   |   |   |
| Total other-than-temporary impairment losses                                 |   |          | (300   | )      |   |   | (168   | )      |   |   | (283 | ) |
| Portion of loss recognized inother comprehensive income (loss)               |   |          | 18     |   |   |   | 6      |   |   |   | - |   |
| Net impairment losses recognized                                             |   |          | (282   | )      |   |   | (162   | )      |   |   | (283 | ) |
| Other investment gains (losses), net                                         |   |          | 51     |   |   |   | 165    |   |   |   | (75 | ) |
| Total investment gains (losses), net                                         |   |          | (231   | )      |   |   | 3      |   |   |   | (358 | ) |
| Equity in earnings (loss) of subsidiaries                                    |   |          | 468    |   |   |   | 483    |   |   |   | 730 |   |
| Commissions, fees and other income                                           |   |          | 714    |   |   |   | 601    |   |   |   | 724 |   |
| Increase (decrease) in fair value of reinsurance contracts                   |   |          | 2,350  |   |   |   | (2,566 | )      |   |   | 1,567 |   |
| Total revenues                                                               |   |          | 8,868  |   |   |   | 749    |   |   |   | 15,704 |   |
|                                                                         |   |          |   |   |   |   |   |   |   |   |   |   |
| BENEFITS AND OTHER DEDUCTIONS                                                |   |          |   |   |   |   |   |   |   |   |   |   |
| Policyholders’ benefits                                                |   |          | 3,079  |   |   |   | 1,299  |   |   |   | 4,692 |   |
| Interest credited to policyholders’ account balances                   |   |          | 951    |   |   |   | 1,004  |   |   |   | 1,065 |   |
| Compensation and benefits                                                    |   |          | 463    |   |   |   | 755    |   |   |   | 675 |   |
| Commissions                                                                  |   |          | 1,056  |   |   |   | 1,074  |   |   |   | 1,518 |   |
| Interest expense                                                             |   |          | 106    |   |   |   | 106    |   |   |   | 40 |   |
| Amortization of deferred policy acquisition costs                            |   |          | 168    |   |   |   | 115    |   |   |   | 3,484 |   |
| Capitalization of deferred policy acquisition costs                          |   |          | (916   | )      |   |   | (975   | )      |   |   | (1,394 | ) |
| Rent expense                                                                 |   |          | 56     |   |   |   | 58     |   |   |   | 47 |   |
| Amortization and depreciation                                                |   |          | 2      |   |   |   | 63     |   |   |   | 63 |   |
| Premium taxes                                                                |   |          | 40     |   |   |   | 36     |   |   |   | 39 |   |
| Other operating costs and expenses                                           |   |          | 783    |   |   |   | 373    |   |   |   | 266 |   |
| Total benefits and other deductions                                          |   |          | 5,788  |   |   |   | 3,908  |   |   |   | 10,495 |   |
|                                                                         |   |          |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) from continuing operations, beforeincome taxes               |   |          | 3,080  |   |   |   | (3,159 | )      |   |   | 5,209 |   |
| Income tax (expense) benefit                                                 |   |          | (772   | )      |   |   | 1,352  |   |   |   | (1,514 | ) |
| Earnings (loss) from continuing operations                                   |   |          | 2,308  |   |   |   | (1,807 | )      |   |   | 3,695 |   |
| Equity in earnings (losses) from discontinued operations,net of income taxes |   |          | -      |   |   |   | 3      |   |   |   | (5 | ) |
| Equity in gains on sale of discontinued operations,net of income taxes       |   |          | -      |   |   |   | -      |   |   |   | 6 |   |
| Net Earnings (Loss)                                                          |   |          | 2,308  |   |   |   | (1,804 | )      |   |   | 3,696 |   |

| Less: net earnings (loss) attributable to the    noncontrolling interest                   |   |   | (235 | )  |   |   | (359 | )  |   |   | (470 | )  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------|---------|--------|--------|------|---------|--------|--------|------|---------|
| Net Earnings (Loss) Attributable to AXA Equitable |   |  $ | 2,073 |   |   |  $ | (2,163 | )  |   |  $ | 3,226 |   |
|--------------------------------------------------------|--------|---------|-------|--------|--------|---------|--------|---------|--------|---------|-------|--------|

----

|                                                          |   | 2010          |   |   | 2009   |   | 2008   |   |
|---------------------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|
|                                                          |   | (In Millions) |   |
| Net earnings (loss)                                           |   | $             | 2,308  |   |   | $      | (1,804 | )      |   | $ | 3,696 |   |
| Adjustments to reconcile net earnings (loss) to net cash      |   |          |   |   |   |   |   |   |   |   |   |   |
| provided by (used in) operating activities:                   |   |          |   |   |   |   |   |   |   |   |   |   |
| Interest credited to policyholders’ account balances    |   |          | 951    |   |   |   | 1,004  |   |   |   | 1,065 |   |
| Universal life and investment-type policy fee income          |   |          | (3,067 | )      |   |   | (2,918 | )      |   |   | (2,956 | ) |
| Investment (gains) losses, net                                |   |          | 231    |   |   |   | (3     | )      |   |   | 358 |   |
| Equity in net earnings of subsidiaries                        |   |          | (468   | )      |   |   | (482   | )      |   |   | (732 | ) |
| Dividends from subsidiaries                                   |   |          | 123    |   |   |   | 121    |   |   |   | 242 |   |
| Change in deferred policy acquisition costs                   |   |          | (748   | )      |   |   | (860   | )      |   |   | 2,090 |   |
| Change in future policy benefits and other policyholder funds |   |          | 1,136  |   |   |   | (755   | )      |   |   | 2,398 |   |
| (Income) loss related to derivative instruments               |   |          | 268    |   |   |   | 3,079  |   |   |   | (7,302 | ) |
| Change in reinsurance recoverable with affiliate              |   |          | (233   | )      |   |   | 1,486  |   |   |   | (6,351 | ) |
| Change in fair value of contracts                             |   |          | (2,350 | )      |   |   | 2,566  |   |   |   | (1,567 | ) |
| Change in income tax payable                                  |   |          | 830    |   |   |   | (1,150 | )      |   |   | 1,171 |   |
| Amortization of reinsurance cost                              |   |          | 274    |   |   |   | 318    |   |   |   | 11 |   |
| Amortization and depreciation                                 |   |          | 100    |   |   |   | 94     |   |   |   | 71 |   |
| Other, net                                                    |   |          | (8     | )      |   |   | 121    |   |   |   | 219 |   |
|                                                          |   |          |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities           |   |          | (653   | )      |   |   | 817    |   |   |   | (7,587 | ) |
|                                                          |   |          |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                         |   |          |   |   |   |   |   |   |   |   |   |   |
| Maturities and repayments                                     |   |          | 2,746  |   |   |   | 2,055  |   |   |   | 1,722 |   |
| Sales                                                         |   |          | 2,863  |   |   |   | 6,522  |   |   |   | 605 |   |
| Purchases                                                     |   |          | (6,529 | )      |   |   | (8,566 | )      |   |   | (2,034 | ) |
| Cash settlements related to derivative instruments            |   |          | (651   | )      |   |   | (2,565 | )      |   |   | 5,337 |   |
| Increase in loans to affiliates                               |   |          | -      |   |   |   | (250   | )      |   |   | - |   |
| Decrease in loans to affiliates                               |   |          | 3      |   |   |   | 1      |   |   |   | - |   |
| Sale of AXA Equitable Life and Annuity                        |   |          | -      |   |   |   | -      |   |   |   | 61 |   |
| Change in short-term investments                              |   |          | (53    | )      |   |   | 140    |   |   |   | 29 |   |
| Change in policy loans                                        |   |          | 37     |   |   |   | 84     |   |   |   | (8 | ) |
| Other, net                                                    |   |          | (97    | )      |   |   | (56    | )      |   |   | (30 | ) |
|                                                          |   |          |   |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) investing activities           |   |          | (1,681 | )      |   |   | (2,635 | )      |   |   | 5,682 |   |

----

|                                                |   | 2010          |   |   | 2009   |   | 2008   |   |
|-----------------------------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|
|                                                |   | (In Millions) |   |
| Cash flows from financing activities:               |   |          |   |   |   |   |   |   |   |
| Policyholders’ account balances:              |   |          |   |   |   |   |   |   |   |
| Deposits                                            |   | $             | 3,187  |   |   | $      | 3,395  |   |   | $ | 4,400 |   |
| Withdrawals and transfers to Separate Accounts      |   |          | (483   | )      |   |   | (2,161 | )      |   |   | (2,598 | ) |
| Shareholder dividends paid                          |   |          | (300   | )      |   |   | -      |   |   |   | - |   |
| Capital contribution                                |   |          | -      |   |   |   | 439    |   |   |   | - |   |
| Change in short-term financings                     |   |          | -      |   |   |   | -      |   |   |   | (249 | ) |
| Change in collateralized pledged liabilities        |   |          | (270   | )      |   |   | 126    |   |   |   | 569 |   |
| Change in collateralized pledged assets             |   |          | 533    |   |   |   | (632   | )      |   |   | - |   |
| Increase in loans from affiliates                   |   |          | -      |   |   |   | -      |   |   |   | 1,000 |   |
| Net cash provided by (used in) financing activities |   |          | 2,667  |   |   |   | 1,167  |   |   |   | 3,122 |   |
|                                                |   |          |   |   |   |   |   |   |   |   |   |   |
| Change in cash and cash equivalents                 |   |          | 333    |   |   |   | (651   | )      |   |   | 1,217 |   |
|                                                |   |          |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents, beginning of year        |   |          | 1,080  |   |   |   | 1,731  |   |   |   | 514 |   |
|                                                |   |          |   |   |   |   |   |   |   |   |   |   |
| Cash and Cash Equivalents, End of Year              |   | $             | 1,413  |   |   | $      | 1,080  |   |   | $ | 1,731 |   |
|                                                |   |          |   |   |   |   |   |   |   |   |   |   |
| Supplemental cash flow information:                 |   |          |   |   |   |   |   |   |   |   |   |   |
| Interest Paid                                       |   | $             | 19     |   |   | $      | 15     |   |   | $ | 23 |   |
| Income Taxes (Refunded) Paid                        |   | $             | (27    | )      |   | $      | (20    | )      |   | $ | 125 |   |

----

|           |   |          |   |                 |   | Future Policy        |   | Policy  |   |       |   |                 |   | Amortization |   |       |   |
|----------------|--------|---------------|--------|----------------------|--------|----------------------|--------|---------|--------|------------|--------|----------------------|--------|--------------|--------|------------|--------|
|           |   | Deferred      |   |                 |   | Benefits             |   | Charges |   | Net        |   | Policyholders’ |   | of Deferred  |   |       |   |
|           |   | Policy        |   | Policyholders’ |   | And Other            |   | and     |   | Investment |   | Benefits and         |   | Policy       |   | Other      |   |
|           |   | Acquisition   |   | Account              |   | Policyholders’ |   | Premium |   | Income     |   | Interest             |   | Acquisition  |   | Operating  |   |
| Segment        |   | Costs         |   | Balances             |   | Funds                |   | Revenue |   | (Loss) (1) |   | Credited             |   | Costs        |   | Expense(2) |   |
|           |   | (In Millions) |   |
|           |   |          |   |
| Insurance      |   |          | $      | 8,383                |   |                 | $      | 24,654  |   |       | $      | 18,965               |   |         | $      | 3,597      |   |   | $ | 1,943 |   |   | $ | 4,032 |   |   | $ | 168 |   |   | $ | 1,698 |   |
| Investment     |   |          |   |                 |   |                 |   |    |   |       |   |                 |   |         |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Management     |   |          |   | -                    |   |                 |   | -       |   |       |   | -                    |   |         |   | -          |   |   |   | 2 |   |   |   | - |   |   |   | - |   |   |   | 2,559 |   |
| Consolidation/ |   |          |   |                 |   |                 |   |    |   |       |   |                 |   |         |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| elimination    |   |          |   | -                    |   |                 |   | -       |   |       |   | -                    |   |         |   | -          |   |   |   | 31 |   |   |   | - |   |   |   | - |   |   |   | (31 | ) |
| Total          |   |          | $      | 8,383                |   |                 | $      | 24,654  |   |       | $      | 18,965               |   |         | $      | 3,597      |   |   | $ | 1,976 |   |   | $ | 4,032 |   |   | $ | 168 |   |   | $ | 4,226 |   |

| (1)   | Net investment income (loss) is based upon specific identification of portfolios within segments. |
|-----------------|---------------------------------------------------------------------------------------------------|

| (2)   | Operating expenses are principally incurred directly by a segment. |
|-----------------|--------------------------------------------------------------------|

----

|           |   |          |   |                 |   | Future Policy        |   | Policy  |   |       |   |                 |   | Amortization |   |       |   |
|----------------|--------|---------------|--------|----------------------|--------|----------------------|--------|---------|--------|------------|--------|----------------------|--------|--------------|--------|------------|--------|
|           |   | Deferred      |   |                 |   | Benefits             |   | Charges |   | Net        |   | Policyholders’ |   | of Deferred  |   |       |   |
|           |   | Policy        |   | Policyholders’ |   | And Other            |   | and     |   | Investment |   | Benefits and         |   | Policy       |   | Other      |   |
|           |   | Acquisition   |   | Account              |   | Policyholders’ |   | Premium |   | Income     |   | Interest             |   | Acquisition  |   | Operating  |   |
| Segment        |   | Costs         |   | Balances             |   | Funds                |   | Revenue |   | (Loss) (1) |   | Credited             |   | Costs        |   | Expense(2) |   |
|           |   | (In Millions) |   |
|           |   |          |   |
| Insurance      |   |          | $      | 7,745                |   |                 | $      | 24,107  |   |       | $      | 17,727               |   |         | $      | 3,349      |   |   | $ | (1,148 | ) |   | $ | 2,302 |   |   | $ | 115 |   |   | $ | 1,585 |   |
| Investment     |   |          |   |                 |   |                 |   |    |   |       |   |                 |   |         |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Management     |   |          |   | -                    |   |                 |   | -       |   |       |   | -                    |   |         |   | -          |   |   |   | 150 |   |   |   | - |   |   |   | - |   |   |   | 2,353 |   |
| Consolidation/ |   |          |   |                 |   |                 |   |    |   |       |   |                 |   |         |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| elimination    |   |          |   | -                    |   |                 |   | -       |   |       |   | -                    |   |         |   | -          |   |   |   | 18 |   |   |   | - |   |   |   | - |   |   |   | (34 | ) |
| Total          |   |          | $      | 7,745                |   |                 | $      | 24,107  |   |       | $      | 17,727               |   |         | $      | 3,349      |   |   | $ | (980 | ) |   | $ | 2,302 |   |   | $ | 115 |   |   | $ | 3,904 |   |

| (1)   | Net investment income (loss) is based upon specific identification of portfolios within segments. |
|-----------------|---------------------------------------------------------------------------------------------------|

| (2)   | Operating expenses are principally incurred directly by a segment. |
|-----------------|--------------------------------------------------------------------|

----

|           |   | Policy        |   |       |   |                 |   | Amortization |   |       |   |
|----------------|--------|---------------|--------|------------|--------|----------------------|--------|--------------|--------|------------|--------|
|           |   | Charges       |   | Net        |   | Policyholders’ |   | of Deferred  |   |       |   |
|           |   | and           |   | Investment |   | Benefits and         |   | Policy       |   | Other      |   |
|           |   | Premium       |   | Income     |   | Interest             |   | Acquisition  |   | Operating  |   |
| Segment        |   | Revenue       |   | (Loss) (1) |   | Credited             |   | Costs        |   | Expense(2) |   |
|           |   | (In Millions) |   |
|           |   |          |   |       |   |                 |   |         |   |       |   |   |   |   |   |   |
| Insurance      |   |          | $      | 3,711      |   |                 | $      | 9,325        |   |       | $      | 5,768 |   |   | $ | 3,485 |   |   | $ | 1,369 |   |
| Investment     |   |          |   |       |   |                 |   |         |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Management     |   |          |   | -          |   |                 |   | (288         | )      |       |   | - |   |   |   | - |   |   |   | 2,610 |   |
| Consolidation/ |   |          |   |       |   |                 |   |         |   |       |   |   |   |   |   |   |   |   |   |   |   |
| elimination    |   |          |   | -          |   |                 |   | 17           |   |       |   | - |   |   |   | - |   |   |   | (76 | ) |
| Total          |   |          | $      | 3,711      |   |                 | $      | 9,054        |   |       | $      | 5,768 |   |   | $ | 3,485 |   |   | $ | 3,903 |   |

| (3)   | Net investment income (loss) is based upon specific identification of portfolios within segments. |
|-----------------|---------------------------------------------------------------------------------------------------|

| (4)   | Operating expenses are principally incurred directly by a segment. |
|-----------------|--------------------------------------------------------------------|

----

|                    |   |                  |    |   |      |   |    | Assumed   |   |   |   |   |   | Percentage |    |
|-------------------------|--------|-----------------------|---------|--------|-----------|--------|---------|-----------|--------|--------|--------|--------|--------|------------|---------|
|                    |   |                  |    |   | Ceded to  |   |    | from      |   |   |   |   |   | of Amount  |    |
|                    |   | Gross                 |    |   | Other     |   |    | Other     |   |   | Net    |   |   | Assumed    |    |
|                    |   | Amount                |    |   | Companies |   |    | Companies |   |   | Amount |   |   | to Net     |    |
|                    |   | (Dollars In Millions) |    |
| 2010                    |   |                  |    |   |      |   |    |      |   |   |   |   |   |       |    |
| Life Insurance In-Force |   | $                     | 378,078 |   |      | $      | 124,959 |      |   | $      | 37,124 |   |   | $          | 209,243 |   |   | $ | 17.7 | % |
|                    |   |                  |    |   |      |   |    |      |   |   |   |   |   |       |    |   |   |   |   |   |
| Premiums:               |   |                  |    |   |      |   |    |      |   |   |   |   |   |       |    |   |   |   |   |   |
| Life insurance and      |   |                  |    |   |      |   |    |      |   |   |   |   |   |       |    |   |   |   |   |   |
| annuities               |   | $                     | 802     |   |      | $      | 517     |      |   | $      | 197    |   |   | $          | 482     |   |   |   | 40.9 | % |
| Accident and health     |   |                  | 101     |   |      |   | 69      |      |   |   | 16     |   |   |       | 48      |   |   |   | 33.3 | % |
| Total Premiums          |   | $                     | 903     |   |      | $      | 586     |      |   | $      | 213    |   |   | $          | 530     |   |   |   | 40.2 | % |
|                    |   |                  |    |   |      |   |    |      |   |   |   |   |   |       |    |   |   |   |   |   |
| 2009                    |   |                  |    |   |      |   |    |      |   |   |   |   |   |       |    |   |   |   |   |   |
| Life Insurance In-Force |   | $                     | 353,626 |   |      | $      | 142,588 |      |   | $      | 40,005 |   |   | $          | 251,043 |   |   |   | 15.9 | % |
|                    |   |                  |    |   |      |   |    |      |   |   |   |   |   |       |    |   |   |   |   |   |
| Premiums:               |   |                  |    |   |      |   |    |      |   |   |   |   |   |       |    |   |   |   |   |   |
| Life insurance and      |   |                  |    |   |      |   |    |      |   |   |   |   |   |       |    |   |   |   |   |   |
| annuities               |   | $                     | 730     |   |      | $      | 535     |      |   | $      | 183    |   |   | $          | 378     |   |   |   | 48.4 | % |
| Accident and health     |   |                  | 108     |   |      |   | 74      |      |   |   | 19     |   |   |       | 53      |   |   |   | 35.7 | % |
| Total Premiums          |   | $                     | 838     |   |      | $      | 609     |      |   | $      | 202    |   |   | $          | 431     |   |   |   | 46.9 | % |
|                    |   |                  |    |   |      |   |    |      |   |   |   |   |   |       |    |   |   |   |   |   |
| 2008                    |   |                  |    |   |      |   |    |      |   |   |   |   |   |       |    |   |   |   |   |   |
| Life Insurance In-Force |   | $                     | 336,300 |   |      | $      | 155,466 |      |   | $      | 40,939 |   |   | $          | 221,773 |   |   |   | 18.5 | % |
|                    |   |                  |    |   |      |   |    |      |   |   |   |   |   |       |    |   |   |   |   |   |
| Premiums:               |   |                  |    |   |      |   |    |      |   |   |   |   |   |       |    |   |   |   |   |   |
| Life insurance and      |   |                  |    |   |      |   |    |      |   |   |   |   |   |       |    |   |   |   |   |   |
| annuities               |   | $                     | 733     |   |      | $      | 204     |      |   | $      | 171    |   |   | $          | 700     |   |   |   | 24.4 | % |
| Accident and health     |   |                  | 115     |   |      |   | 79      |      |   |   | 23     |   |   |       | 59      |   |   |   | 39.2 | % |
| Total Premiums          |   | $                     | 848     |   |      | $      | 283     |      |   | $      | 194    |   |   | $          | 759     |   |   |   | 25.6 | % |

| (A)   | Includes amounts related to the discontinued group life and health business. |
|-----------------|------------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

|                                    |           |   |   |   |
|-----------------------------------------|----------------|--------|--------|--------|
|                                    | 2010           |   | 2009   |   |
|                                    | (In Thousands) |   |
| Principal Accounting Fees and Services: |           |   |
| Audit fees                              |           | $      | 11,892 |   |   | $ | 15,263 |   |
| Audit related fees                      |           |   | 3,175  |   |   |   | 2,662 |   |
| Tax fees                                |           |   | 2,701  |   |   |   | 2,270 |   |
| All other fees                          |           |   | 30     |   |   |   | 42 |   |
| Total                                   |           | $      | 17,798 |   |   | $ | 20,237 |   |

----

| (A)   | The following documents are filed as part of this report: |
|-----------------|-----------------------------------------------------------|

| 1.   | Financial Statements |
|----------------|----------------------|

| 2.   | Consolidated Financial Statement Schedules |
|----------------|--------------------------------------------|

| 3.   | Exhibits |
|----------------|----------|

----

| Date:  | March 10, 2011 |   | AXA EQUITABLE LIFE INSURANCE COMPANY |
|--------|----------------|--------|--------------------------------------|
|   |           |   |                                 |   |
|   |           |   |                                 |   |
|   |           |   | By:                                  | /s/ Mark Pearson |
|   |           |   | Name:                                | Mark Pearson |
|   |           |   |                                 | Chairman of the Board and Chief Executive Officer, Director |

|                    |   |                                |   |           |
|-------------------------|--------|-------------------------------------|--------|----------------|
| /s/ Mark Pearson        |   | Chairman of the Board and Chief     |   | March 10, 2011 |
| Mark Pearson            |   | Executive Officer, Director         |   |           |
|                    |   |                                |   |           |
| /s/ Richard S. Dziadzio |   | Senior Executive Vice President and |   | March 10, 2011 |
| Richard S. Dziadzio     |   | Chief Financial Officer             |   |           |
|                    |   |                                |   |           |
| /s/ Alvin H. Fenichel   |   | Senior Vice President and Chief     |   | March 10, 2011 |
| Alvin H. Fenichel       |   | Accounting Officer                  |   |           |
|                    |   |                                |   |           |
| /s/ Henri de Castries   |   | Director                            |   | March 10, 2011 |
| Henri de Castries       |   |                                |   |           |
|                    |   |                                |   |           |
| /s/ Denis Duverne       |   | Director                            |   | March 10, 2011 |
| Denis Duverne           |   |                                |   |           |
|                    |   |                                |   |           |
| /s/ Charlynn Goins      |   | Director                            |   | March 10, 2011 |
| Charlynn Goins          |   |                                |   |           |
|                    |   |                                |   |           |
| /s/ Danny L. Hale       |   | Director                            |   | March 10, 2011 |
| Danny L. Hale           |   |                                |   |           |
|                    |   |                                |   |           |
| /s/ Anthony J. Hamilton |   | Director                            |   | March 10, 2011 |
| Anthony J. Hamilton     |   |                                |   |           |
|                    |   |                                |   |           |
| /s/ Mary R. Henderson   |   | Director                            |   | March 10, 2011 |
| Mary R. Henderson       |   |                                |   |           |
|                    |   |                                |   |           |
| /s/ James F. Higgins    |   | Director                            |   | March 10, 2011 |
| James F. Higgins        |   |                                |   |           |
|                    |   |                                |   |           |
| /s/ Peter S. Kraus      |   | Director                            |   | March 10, 2011 |
| Peter S. Kraus          |   |                                |   |           |
|                    |   |                                |   |           |
| /s/ Scott D. Miller     |   | Director                            |   | March 10, 2011 |
| Scott D. Miller         |   |                                |   |           |
|                    |   |                                |   |           |
| /s/ Joseph H. Moglia    |   | Director                            |   | March 10, 2011 |
| Joseph H. Moglia        |   |                                |   |           |
|                    |   |                                |   |           |
| /s/ Lorie A. Slutsky    |   | Director                            |   | March 10, 2011 |
| Lorie A. Slutsky        |   |                                |   |           |
|                    |   |                                |   |           |
| /s/ Ezra Suleiman       |   | Director                            |   | March 10, 2011 |
| Ezra Suleiman           |   |                                |   |           |
|                    |   |                                |   |           |
| /s/ Peter J. Tobin      |   | Director                            |   | March 10, 2011 |
| Peter J. Tobin          |   |                                |   |           |
|                    |   |                                |   |           |
| /s/ Richard C. Vaughan  |   | Director                            |   | March 10, 2011 |
| Richard C. Vaughan      |   |                                |   |           |

----

|   |   |                                                                                                                                                      |   |                                                                                                                                                    |   | Tag    |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
| Number |   | Description                                                                                                                                               |   | Method of Filing                                                                                                                                        |   | Value  |
|   |   |                                                                                                                                                      |   |                                                                                                                                                    |   |   |
| 2.1    |   | Stock Purchase Agreement dated as of August 30, 2000 among CSG, AXA, Equitable Life, AXA Participations Belgium and AXA Financial                         |   | Filed as Exhibit 2.1 to AXA Financial’s Current Report on Form 8-K dated November 14, 2000 and incorporated herein by reference                   |   |   |
|   |   |                                                                                                                                                      |   |                                                                                                                                                    |   |   |
| 2.2    |   | Letter Agreement dated as of October 6, 2000 to the Stock Purchase Agreement among CSG, AXA, Equitable Life, AXA Participations Belgium and AXA Financial |   | Filed as Exhibit 2.2 to AXA Financial’s Current Report on Form 8-K dated November 14, 2000 and incorporated herein by reference                   |   |   |
|   |   |                                                                                                                                                      |   |                                                                                                                                                    |   |   |
| 3.1    |   | Restated Charter of AXA Equitable, as amended September 16, 2010                                                                                     |   | Filed as Exhibit 3.1 to registrant’s Form 10-Q for the quarter ended September 30, 2010 and incorporated herein by reference                      |   |   |
|   |   |                                                                                                                                                      |   |                                                                                                                                                    |   |   |
| 3.2    |   | Restated By-laws of Equitable Life, as amended November 21, 1996                                                                                          |   | Filed as Exhibit 3.2(a) to registrant’s Annual Report on Form 10-K for the year ended December 31, 1996 and incorporated herein by reference      |   |   |
|   |   |                                                                                                                                                      |   |                                                                                                                                                    |   |   |
| 10.1   |   | Cooperation Agreement, dated as of July 18, 1991, as amended among Equitable Life, AXA Financial and AXA                                                  |   | Filed as Exhibit 10(d) to AXA Financial’s Form S-1 Registration Statement (No. 33-48115), dated May 26, 1992 and incorporated herein by reference |   |   |
|   |   |                                                                                                                                                      |   |                                                                                                                                                    |   |   |
| 10.2   |   | Letter Agreement, dated May 12, 1992, among AXA Financial, Equitable Life and AXA                                                                         |   | Filed as Exhibit 10(e) to AXA Financial’s Form S-1 Registration Statement (No. 33-48115), dated May 26, 1992 and incorporated herein by reference |   |   |
|   |   |                                                                                                                                                      |   |                                                                                                                                                    |   |   |
| 10.3   |   | Amended and Restated Reinsurance Agreement, dated as of March 29, 1990, between Equitable Life and First Equicor Life Insurance Company                   |   | Filed as Exhibit 10(o) to AXA Financial’s Form S-1 Registration Statement (No. 33-48115), dated May 26, 1992 and incorporated herein by reference |   |   |
|   |   |                                                                                                                                                      |   |                                                                                                                                                    |   |   |
| 10.4   |   | Fiscal Agency Agreement between Equitable Life and The Chase Manhattan Bank, N.A.                                                                         |   | Filed as Exhibit 10.5 to registrant’s Annual Report on Form 10-K for the year ended December 31, 1995 and incorporated herein by reference        |   |   |

----

|   |   |                                                                                                                                               |   |                                                                                                                                                  |   | Tag     |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|
| Number |   | Description                                                                                                                                        |   | Method of Filing                                                                                                                                      |   | Value   |
|   |   |                                                                                                                                               |   |                                                                                                                                                  |   |    |
| 10.5   |   | Distribution and Servicing Agreement between AXA Advisors (as successor to Equico Securities, Inc.) and Equitable Life dated as of May 1, 1994     |   | Filed as Exhibit 10.7 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 1999 and incorporated herein by reference  |   |    |
|   |   |                                                                                                                                               |   |                                                                                                                                                  |   |    |
| 10.6   |   | Agreement for Cooperative and Joint Use of Personnel, Property and Services between Equitable Life and AXA Advisors dated as of September 21, 1999 |   | Filed as Exhibit 10.8 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 1999 and incorporated herein by reference  |   |    |
|   |   |                                                                                                                                               |   |                                                                                                                                                  |   |    |
| 10.7   |   | General Agent Sales Agreement between Equitable Life and AXA Network dated as of January 1, 2000                                                   |   | Filed as Exhibit 10.9 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 1999 and incorporated herein by reference  |   |    |
|   |   |                                                                                                                                               |   |                                                                                                                                                  |   |    |
| 10.8   |   | Agreement for Services by Equitable Life to AXA Network dated as of January 1, 2000                                                                |   | Filed as Exhibit 10.10 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 1999 and incorporated herein by reference |   |    |
|   |   |                                                                                                                                               |   |                                                                                                                                                  |   |    |
| 13.1   |   | AllianceBernstein Risk Factors                                                                                                                     |   | Filed herewith                                                                                                                                        |   | EX-13.1 |
|   |   |                                                                                                                                               |   |                                                                                                                                                  |   |    |
| 21     |   | Subsidiaries of the registrant                                                                                                                     |   | Omitted pursuant to General Instruction I of Form 10-K                                                                                                |   |    |
|   |   |                                                                                                                                               |   |                                                                                                                                                  |   |    |
| 31.1   |   | Section 302 Certification made by the registrant’s Chief Executive Officer                                                                   |   | Filed herewith                                                                                                                                        |   | EX-31.1 |
|   |   |                                                                                                                                               |   |                                                                                                                                                  |   |    |
| 31.2   |   | Section 302 Certification made by the registrant’s Chief Financial Officer                                                                   |   | Filed herewith                                                                                                                                        |   | EX-31.2 |
|   |   |                                                                                                                                               |   |                                                                                                                                                  |   |    |
| 32.1   |   | Section 906 Certification made by the registrant’s Chief Executive Officer                                                                   |   | Filed herewith                                                                                                                                        |   | EX-32.1 |
|   |   |                                                                                                                                               |   |                                                                                                                                                  |   |    |
| 32.2   |   | Section 906 Certification made by the registrant’s Chief Financial Officer                                                                   |   | Filed herewith                                                                                                                                        |   | EX-32.2 |

----